NewzIntel.com

Category: Politics

  • MIL-Evening Report: Indonesian military operations spark concerns over displaced indigenous Papuans

    By Caleb Fotheringham, RNZ Pacific journalist

    A West Papua independence leader says escalating violence is forcing indigenous Papuans to flee their ancestral lands.

    It comes as the Indonesian military claims 18 members of the West Papua National Liberation Army (TPNPB) were killed in an hour-long operation in Intan Jaya on May 14.

    In a statement, reported by Kompas, Indonesia’s military claimed its presence was “not to intimidate the people” but to protect them from violence.

    “We will not allow the people of Papua to live in fear in their own land,” it said.

    Indonesia’s military said it seized firearms, ammunition, bows and arrows. They also took Morning Star flags — used as a symbol for West Papuan independence — and communication equipment.

    The United Liberation Movement for West Papua (ULMWP) interim president Benny Wenda, who lives in exile in the United Kingdom, told RNZ Pacific that seven villages in Ilaga, Puncak Regency in Central Papua were now being attacked.

    “The current military escalation in West Papua has now been building for months. Initially targeting Intan Jaya, the Indonesian military have since broadened their attacks into other highlands regencies, including Puncak,” he said.

    Women, children forced to leave
    Wenda said women and children were being forced to leave their villages because of escalating conflict, often from drone attacks or airstrikes.

    ULMWP interim president Benny Wenda . . . “Indonesians look at us as primitive and they look at us as subhuman.” Image: RNZ Pacific/Kelvin Anthony

    Earlier this month, ULMWP claimed one civilian and another was seriously injured after being shot at from a helicopter.

    Last week, ULMWP shared a video of a group of indigenous Papuans walking through mountains holding an Indonesian flag, which Wenda said was a symbol of surrender.

    “They look at us as primitive and they look at us as subhuman,” Wenda said.

    He said the increased military presence was driven by resources.

    President Prabowo Subianto’s administration has a goal to be able to feed Indonesia’s population without imports as early as 2028.

    Video rejects Indnesian plan
    A video statement from tribes in Mappi regency in South Papua from about a month ago, translated to English, said they rejected Indonesia’s food project and asked companies to leave.

    In the video, about a dozen Papuans stood while one said the clans in the region had existed on customary land for generations and that companies had surveyed land without consent.

    “We firmly ask the local government, the regent, Mappi Regency to immediately review the permits and revoke the company’s permits,” the speaker said.

    Wenda said the West Papua National Liberation Army (TPNPB) had also grown.

    But he said many of the TPNPB were using bow and arrows against modern weapons.

    “I call them home guard because there’s nowhere to go.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Chinese, Afghan, Pakistani FMs hold informal meeting in Beijing

    Source: People’s Republic of China – State Council News

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar and Afghan Acting Foreign Minister Amir Khan Muttaqi hold an informal meeting in Beijing, capital of China, May 21, 2025. [Photo/Xinhua]

    Chinese Foreign Minister Wang Yi, Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar and Afghan Acting Foreign Minister Amir Khan Muttaqi held an informal meeting in Beijing on Wednesday.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, chaired the meeting.

    The foreign ministers spoke highly of the outcomes of the China-Afghanistan-Pakistan trilateral dialogue, and engaged in in-depth discussions on further tapping the potential of the trilateral mechanism and advancing mutually beneficial cooperation.

    Summarizing the outcomes of the meeting, Wang said the foreign ministers agreed that the three countries should enhance political mutual trust and uphold friendly relations among neighbors.

    China supports Afghanistan and Pakistan in pursuing development paths suitable to their national conditions and defending their sovereignty, security and dignity, Wang said.

    The ministers agreed on convening the sixth China-Afghanistan-Pakistan Trilateral Foreign Ministers’ Dialogue in Kabul at an early date, Wang said.

    According to him, Afghanistan and Pakistan expressed willingness to elevate bilateral diplomatic relations, with both sides agreeing in principle to exchange ambassadors expeditiously.

    China welcomes this progress and stands ready to continue facilitating improvements in Afghanistan-Pakistan relations, Wang said.

    On deepening Belt and Road cooperation, the ministers agreed to promote the extension of the China-Pakistan Economic Corridor into Afghanistan and enhance regional connectivity infrastructure development.

    China and Pakistan support Afghanistan’s reconstruction and development, and are willing to increase trade with Afghanistan to help enhance its self-development capabilities, Wang said.

    The three countries agreed on opposing terrorism in all forms, carrying out law enforcement and security cooperation, combating terrorist forces of respective concern, and remaining vigilant against external interference in regional countries’ internal affairs, according to Wang.

    The foreign ministers called for efforts to safeguard regional peace and stability in order to create an external environment conducive to the three countries’ development. 

    MIL OSI China News –

  • MIL-OSI China: Russia-China Forum concludes in Khabarovsk with 34 cooperation agreements

    Source: People’s Republic of China – State Council News

    The two-day Russia-China Forum concluded on Tuesday, seeing the signing of 34 cooperation agreements worth over 100 billion rubles (about 1.24 billion U.S. dollars), spanning economy, tourism, culture and ecology.

    The forum focused on strengthening economic partnerships, fostering cross-border dialogue, and advancing joint innovation and cultural ties. A key topic was the joint development of Bolshoy Ussuriysky Island (known as Heixiazi Island in China).

    Governor of Khabarovsk Territory Dmitry Demeshin emphasized the importance of enriching the island with economic projects while preserving its natural environment and cultural heritage.

    A major focus was the establishment of a year-round cargo and passenger checkpoint on the island, which is expected to boost passenger traffic to 1.5 million annually and cargo flow to 1.3 million tons.

    A key highlight of the forum was the plenary session titled “Russia and China: Uniting Efforts for Shared Prosperity,” where representatives from both nations’ governments and businesses discussed economic partnerships, border region development, investments, trade, industrial cooperation and cultural ties.

    Cross-border economic cooperation has brought tangible success to businesses in Khabarovsk. Roman Degtyarev, manager of the Khabarovsk Baltika Breweries, said at the Russia-China Forum that his company has focused on developing the Chinese market. Over the past 14 years, the export volume of Baltika beer from Khabarovsk to China has increased 15-fold.

    Thanks to close cooperation with Chinese suppliers, the Khabarovsk-based company BEEZONE uses Chinese parts to assemble bulldozers for the Russian and Belarusian markets. Today, BEEZONE has developed into the fourth-largest heavy-duty bulldozer manufacturer in Russia, according to Maxim Shubin, head of the company.

    The Russia-China Forum included over 30 thematic sessions and cultural events, drawing more than 3,000 participants from governments, businesses and creative industries from both countries. 

    MIL OSI China News –

  • MIL-OSI China: Pakistani president hails China’s role in socio-economic development

    Source: People’s Republic of China – State Council News

    Pakistani President Asif Ali Zardari on Wednesday lauded China’s vital role in Pakistan’s socio-economic and defense development as the two countries marked the 74th anniversary of diplomatic relations.

    In a statement issued by the media wing of the President’s Secretariat, Zardari congratulated the governments and people of both nations, calling the Pakistan-China relationship “historic and time-tested,” and reaffirmed that it remains a cornerstone of Pakistan’s foreign policy.

    Extending best wishes to the leadership and people of China on the anniversary, Zardari added that bilateral ties had evolved over the past 74 years into an all-weather strategic cooperative partnership, describing the two countries as “iron brothers.”

    “Pakistan is a staunch supporter of the one-China policy and will continue to stand firmly with China on its core national interests,” the president said.

    Zardari deeply appreciated China’s consistent support to Pakistan in times of need. He cited the China-Pakistan Economic Corridor as a flagship project of bilateral cooperation that has significantly improved Pakistan’s economy and connectivity.

    The president also emphasized that Pakistan-China relations are grounded in mutual trust, respect, and goodwill, and reaffirmed Pakistan’s commitment to further deepen cooperation in the fields of economy, technology, defense, education, and trade. 

    MIL OSI China News –

  • MIL-OSI China: Trump confronts South African president with conspiracy claims

    Source: People’s Republic of China – State Council News

    U.S. President Donald Trump confronted visiting South African President Cyril Ramaphosa on Wednesday with conspiracy theories on “white genocide” in South Africa, which Ramaphosa firmly denied.

    During their meeting in the Oval Office, Trump accused South Africa of “white genocide” and unfair land seizures, and then unexpectedly presented a video and a stack of printed news articles which he said proved his allegations.

    Ramaphosa, who arrived in Washington in hopes of improving trade terms and easing bilateral tensions, rejected Trump’s assertions during the meeting. He refuted the notion that white South Africans are fleeing the country due to racist policies. He said there was crime in South Africa and the majority of victims were Black.

    News outlets were shocked by Trump’s rudeness, saying most of the information that he used during the meeting to try to prove that “white genocide” was happening in South Africa had “repeatedly been disproven.”

    “Of the laundry list of conspiracy theories brought out at Trump’s meeting with South African President Cyril Ramaphosa today, almost everything has been debunked. Some South Africans have said that they believe that the information is ‘AfriForum propaganda’ — a White Afrikaner lobby group criticized as being a White nationalist group,” the CNN reported.

    The clash came at a time of strained relations between the two countries. Since Ramaphosa signed the Expropriation Act into law in January, Trump has criticized the land reform law for “discriminating” against the country’s white people.

    In recent months, Trump has repeatedly criticized South Africa, most notably by canceling the U.S. President’s Emergency Plan for AIDS Relief funding and claiming that a “genocide” against white South Africans is underway, an allegation denied by the South African government.

    In March, the United States expelled then South African Ambassador Ebrahim Rasool, further straining their relations. The expulsion came after Rasool addressed a webinar organized by the Mapungubwe Institute for Strategic Reflection, commenting on the Trump administration.

    “What Donald Trump is launching is an assault on incumbency, those who are in power, by mobilizing a supremacism against the incumbency at home and I think I’ve illustrated abroad as well,” Rasool said during the webinar.

    U.S. Secretary of State Marco Rubio said Tuesday that Trump would not participate in the upcoming meeting of the Group of 20 (G20) leaders in South Africa later this year.

    “We decided not to participate in this year’s G20 hosted by South Africa, either at the level of the Ministry of Foreign Affairs or at the level of the president, and this was largely due to some of these issues that they put on their agenda and which, as we think, they do not reflect the priorities of this administration,” Rubio told a Senate Foreign Relations Committee hearing.

    South Africa has pushed back against the Trump administration’s accusations, saying the executive order of freezing aid “lacks factual accuracy and fails to recognize South Africa’s profound and painful history of colonialism and apartheid.”

    “We are concerned by what seems to be a campaign of misinformation and propaganda aimed at misrepresenting our great nation. It is disappointing to observe that such narratives seem to have found favor among decision-makers in the United States of America,” said the country’s Ministry of International Relations and Cooperation in a statement in February. 

    MIL OSI China News –

  • MIL-OSI China: Hong Kong passes Stablecoins Bill to support digital asset ecosystem

    Source: People’s Republic of China – State Council News

    The Legislative Council of the Hong Kong Special Administrative Region (HKSAR) passed the Stablecoins Bill on Wednesday, formulating a licensing regime for fiat-referenced stablecoins (FRS) issuers in Hong Kong.

    This bill, rolled out to further enhance Hong Kong’s regulatory framework on virtual-asset activities, thereby fostering financial stability and encouraging financial innovation, is expected to come into effect in 2025.

    Upon implementation of the Stablecoins Ordinance, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong, will need to obtain a licence from the Hong Kong Monetary Authority (HKMA).

    The relevant persons must satisfy requirements in areas such as reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilization mechanism, and processing stablecoin holders’ requests for redemption at par value with reasonable conditions.

    Christopher Hui, secretary for financial services and the treasury of the HKSAR government, said the ordinance adheres to the “same activity, same risks, same regulation” principle, with a focus on a risk-based approach to promote a robust regulatory environment.

    This is not only in line with international regulatory requirements, but also lays a solid foundation for Hong Kong’s virtual asset market, Hui noted.

    Eddie Yue, chief executive of the HKMA, said that “We believe that a robust and fit-for-purpose regulatory environment would provide favourable conditions to support the healthy, responsible, and sustainable development of Hong Kong’s stablecoin and the broader digital asset ecosystem.”

    MIL OSI China News –

  • MIL-OSI China: China’s e-bike trade-in program fuels over 6M new sales

    Source: People’s Republic of China – State Council News

    Customers apply for trade-in subsidy from the government at a cashier in Fuyang, Hangzhou, east China’s Zhejiang Province, Oct. 31, 2024. [Photo/Xinhua]

    China’s electric bicycle trade-in program has generated robust sales since the start of 2025, with about 6.08 million vehicles traded in as of Tuesday, the Ministry of Commerce said on Wednesday.

    New vehicle sales worth 17.82 billion yuan (about 2.48 billion U.S. dollars) were recorded during the period, the ministry said.

    China’s e-bike trade-in scheme renewed its momentum after five government departments, including the ministry, issued a joint notice in January extending the program.

    So far, the initiative has attracted participation from about 79,000 retail outlets, primarily individual businesses and small enterprises, indicating growing market enthusiasm.

    The program has gathered pace nationwide, with both Jiangsu and Hebei provinces seeing their new vehicle sales top 1 million units, the ministry said.

    MIL OSI China News –

  • MIL-Evening Report: Australia’s knowledge of Russia is dwindling. We need to start training our future experts now

    Source: The Conversation (Au and NZ) – By Jon Richardson, Visiting Fellow, Centre for European Studies, Australian National University

    Shutterstock

    Russia’s possible interest in basing long-range aircraft at an Indonesian airbase not far from Australian shores shook up a relatively staid election campaign last month.

    The news, which Jakarta immediately dismissed, caught many by surprise in Australia. It shouldn’t have. While Indonesia’s non-aligned stance makes granting such a request highly unlikely, Russia’s defence and political ties with Southeast Asia have actually been deepening over the last decade, at least.

    All of this has gone largely unnoticed in Australia. And this highlights a significant problem: Australia has something of a knowledge deficit when it comes to Russia. This is in part due to the fact our expertise on the country has been hollowed out since the Cold War ended.

    Russia’s power plays are expanding globally

    The Soviet Union loomed large in Australia’s consciousness during the Cold War, if not high on its list of priorities.

    Today, Russia remains a major, albeit slightly diminished, power. It is a nuclear weapons state (it has more than 5,500 nuclear warheads, the most of any nation) and a permanent member of the United Nations Security Council. It is also active in other forums of importance to Australia, such as the G20 and APEC, as well as in issues like arms control and climate change.

    Most worryingly, under President Vladimir Putin, Russia will no doubt continue to be a disruptor on the international stage.

    Russia’s political and security elite perceive the country to be a great power with interests and a right to influence in every part of the world. Just to drive that message home, a giant sign quoting Putin last year read: “Russia’s borders do not end anywhere”.

    Even before its full-scale invasion of Ukraine in 2022, Moscow perpetuated an ideology that it is at war with the West. This idea is a key source of legitimacy for Putin’s regime. Russia’s hostile actions against Western democracies continue to proliferate. These include disinformation campaigns, cyber attacks, election interference and, in some regions, sabotage and assassinations.

    This isn’t focused entirely on Europe and the US, either. Russia has an active – and expanding – military presence in the Asia-Pacific. Russia’s Pacific Fleet, based in Vladivostok, now has more than 20 nuclear and conventional submarines and frequently engages in training exercises with the Chinese navy.

    More “normal” relations with Russia will not return soon. A lasting peace in Ukraine seems unlikely if any interim ceasefire deal leaves large swathes of the country under a brutal Russian occupation regime. Putin is unlikely to let go of his ambitions to subjugate Ukraine and limit its independence.

    While sanctions have made it harder for Moscow to conduct the war, the Russian economy also does not appear in danger of imminent collapse.

    Meanwhile, Southeast Asia has proven susceptible to Russia’s anti-Western narratives, particularly when it comes to the claim that the Russian invasion was provoked by Western policies and threats. Most regional governments have been loathe to criticise the invasion and the leaders of Indonesia and Malaysia have made state visits to Moscow despite it.

    Russia has had similar success in pushing disinformation through orchestrated social media campaigns across the Global South, including in parts of Africa where Australian companies have made significant investments in the mining sector.

    Reviving Russia literacy

    All these trends point to the need to enhance Australia’s modest level of Russia literacy, both in language skills and broader country expertise.

    This was the key message of a recent conference on “Russian activities and Australian interests in the Indo-Pacific”, hosted by the ANU’s Centre for European Studies. It was attended by a wide range of government officials, academics, analysts and foreign diplomats.

    Australia once had strong Russian-language departments at several universities. It also boasted numerous Russian and Soviet scholars of global repute, such as Harry Rigby, Sheila Fitzpatrick, Graeme Gill, Stephen Wheatcroft, Geoffrey Jukes and Stephen Fortescue.

    Today, the number of university departments teaching Russian language, history or politics has dwindled, with only the University of Melbourne offering a major in Russian language and literature. That university has also added a much-welcomed fellowship in Ukrainian studies.

    And Australia has few lecturers or researchers in international relations, history or social sciences with Russia expertise, including language skills.

    We can – and should – return our university Russian offerings to the levels we had 30 years ago. This can be done without cutting back on the existing expansive focus on other countries and regions. There is also scope for greater focus on Russia and the former Soviet countries in government.

    It will hard for Russia to shake off the pattern of failed government reform efforts defaulting to strong, centralised rule with imperial ambitions and an anti-Western posture.

    But moves towards reform could eventually bear fruit (again) when Putin leaves the stage. If this were to happen, Russia would remain a major power with a rich cultural legacy and many common interests with Australia in areas such as natural resources. There is also a significant Russian diaspora in Australia.

    For Australia, it is a mistake to think of Russia as somewhere far away. Both in simple geography – all state capitals except Perth are closer to Vladivostok than to New Delhi – and in terms of the interplay of global interests.

    Or, as British commentator Keir Giles puts it: “You may not be interested in Russia, but Russia is interested in you.”

    Jon Richardson 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. Australia’s knowledge of Russia is dwindling. We need to start training our future experts now – https://theconversation.com/australias-knowledge-of-russia-is-dwindling-we-need-to-start-training-our-future-experts-now-256445

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Senator Marshall Champions the Benefits of Community Colleges During HELP Committee Hearing

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) participated in a hearing today on the state of higher education in the Senate Committee on Health, Education, Labor, & Pensions (HELP).
    As someone who attended a community college, Senator Marshall spoke about his own experience that allowed him to receive an excellent education while making smart financial decisions. Senator Marshall touched on the importance of financial literacy and using high school years to obtain college credits to get ahead.
    Senator Marshall’s firsthand experience is one of the many success stories of Americans attending a community college. The Senator was the first in his family to attend college and worked part-time jobs throughout his education to pay his own way instead of borrowing money. After graduating from Butler County Community College, he went on to receive his bachelor’s degree from Kansas State University and his Medical Doctorate from the University of Kansas, spending more than 25 years practicing medicine as an OB-GYN.
    Senator Marshall also questioned Dr. Russell Lowery-Hart, Chancellor of the Austin Community College District, about how community colleges compare to traditional universities and Pell Grant flexibility.
    [embedded content]
    Click HERE or on the image above to watch Senator Marshall’s full line of questioning.
    Highlights from the hearing include:
    On Senator Marshall’s higher education story:
    Senator Marshall: “I was the student that graduated first in a class of 200; had ACT scores that were really good. I applied to Kansas State, Kansas University, thinking this is where I’m going to go, but I would have had to borrow money to do it. So instead, I chose a community college. Near as I could tell, calc one was calc one. Comp one was comp one. And you know, my point I’m trying to make is everybody makes decisions, and part of it should be financial…
    “… You know, I made decisions through my whole life on whether to borrow money or to work. So, I worked part-time jobs in high school, community college, college, med school, and even residency. I worked part-time jobs rather than borrow money. When we had our first child in medical school, I chose to join the Army Reserve as opposed to borrowing money. And I understand that… some people are going to do better in a private college. You know, knock your socks off. Some people are going to do better. I just can’t imagine that a student… couldn’t do just as good at a community college. And somehow, financial literacy should be important to making that decision.”
    On the cost of community colleges versus traditional universities:
    Senator Marshall: “… The tuition at a community college on average, $5,000 a year. A State University, $12,000. If you’re going to an out-of-state university, it’s $30,000 and a private school is $43,000. So that first year in community college… today you’d spend $5000 versus $43,000, and I would note that the cost of living, typically in community college cities, is a lot less than the big university cities as well. So, I think the question is, at what point should the federal government reward people for making financial decisions that they should be responsible for?
    “But it’s a lot more than just choosing the school. Students today, they’re told to take five years to go to college, when it should easily be done in four years. One way you can do that is to rack up some credits in high school. It’s why we support the Perkins grants as well… a lot of students today had the opportunity to enter that first year of college and already have a semester underneath their belt. So, I think that’s a false narrative out there that it should take five years.” 
    On the advantages of attending a community college:
    Senator Marshall: “Dr. Lowery Hart, you’re my community college person here. Do your kids struggle when they go on to universities and on to med school, or was it okay that they started there at a community college? How much money did they save?”
    Dr. Lowery-Hart: “Well, depending on where they went, the level of savings will vacillate, but they all saved money, starting at a community college, and the data is pretty clear. My colleagues will affirm, if they go back to their [Institutional Research] IR shops, community colleges that transfer to universities, perform at or better than students that originated in those universities, they’re well prepared, and it’s because of what you just mentioned, Calc, one, comp, one, are the same. The difference at a community college is they’re being taught by a Master’s or PhD-prepared, experienced teacher, not a graduate assistant. I think the instructions in those basic courses are better at a community college because our faculty are more experienced in teaching in those areas.
    “The dual enrollment piece, Senator Marshall, is really critical. It can be a solution for making college more affordable. It was for my own three kids, all of which went to a community college before University. The challenges for the millions of adults that need to come back and up-skill … and how they can afford it while still working, is why I think Pell eligibility is particularly important.”
    On Pell Grant flexibility:
    Senator Marshall: “Just speak a little bit more about the flexibility of a Pell Grant. More and more, the great-paying jobs. If we can just get them in the door for six or eight hours at a time, how important would that be to you?”
    Dr. Lowery-Hart: “Really important. There are level-one certifications that can lead to a family-sustaining wage. Those students can enter that profession, whether it’s at Tesla or Samsung, work for six months, come back, and get the next level of certification.
    “Those stackable credentials are what will change their families’ generations to come but also ensure that our communities are able to meet the moment that we’re in, an economic challenge that we have.” 
    Senator Marshall: “… You see time and time again, the story of a person that came back in a year or two and continued that education, and that particular person ends up being just a superstar on the job site.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Micro-credentials funding and fees

    Source:

    Funding for micro-credentials
    We want to invest in micro-credentials that meet the needs of industries and communities, and support government priorities delivered by highly capable TEOs. To be funded, micro-credentials need to have a clearly established industry or community need, be tightly focused on a set of skills and have stand-alone value.
    Not all quality-assured micro-credentials can be funded by the Tertiary Education Commission (TEC) as we have to prioritise how we distribute funding. Our investment in micro-credentials will complement rather than replace existing privately funded training. Alongside the micro-credentials we fund, we expect employers, industries, and learners will cover the full cost of others themselves. 
    We are open to funding micro-credentials at any level of the New Zealand Qualifications and Credentials Framework (NZQCF), but we want to ensure that learners are supported to make good choices, including enrolling in full qualifications where appropriate.
    For more information on the micro-credential funding conditions, see the DQ1-2, DQ3-7 and DQ7-10 funding conditions for the relevant year.
    Eligible organisations
    All TEOs eligible for Delivery on the NZQCF funding at any level (DQ1-2, DQ3-7 (non-degree), and DQ7-10) can apply for funding to deliver micro-credentials.
    If your organisation is not currently approved to receive any funding from us via an Investment Plan, you will first need to apply for funding as a new provider. For more information about this process, see Application to receive TEC funding.
    Talk to us early
    If you are a TEO creating a new micro-credential, we encourage you to discuss your ideas with us in the early stages of your micro-credential’s development, before submitting it to the New Zealand Qualifications Authority (NZQA), if you hope to receive TEC funding for its delivery. We will advise you if it is something we could potentially fund before you invest resources into developing it.
    How to apply
    The current TEC criteria and guidelines for the approval of TEO-developed micro-credentials came into effect on 1 November 2022. All applications must meet the approval criteria and use the form below: 

    How to submit your application
    Please read the criteria and guidelines carefully and submit your completed application using DXP Ngā Kete. Notify us by emailing micro-credentials@tec.govt.nz.  
    You can apply at any time. We expect to advise outcomes within six weeks. It may take longer than this in some circumstances or if we require additional information.
    WDC-developed micro-credentials
    The criteria and guidelines outlined on this page do not apply to Workforce Development Council (WDC)-developed micro-credentials as those are not subject to specific TEC approval. Where a TEO wishes to gain accreditation to deliver a micro-credential developed by a WDC, the TEO needs to apply to NZQA. If granted accreditation by NZQA, the TEO can then follow the standard TEC process for new qualifications by entering the micro-credential in Services for Tertiary Organisations (STEO).
    If you have any questions about this, please call us on 0800 601 301 or email customerservice@tec.govt.nz.
    Fee limit on micro-credentials
    Information on fee limits to micro-credentials, including exception criteria, can be found at Fee cap for micro-credentials.
    Re-prioritising funding from existing allocation
    If we approve a micro-credential for funding, we expect that in most cases TEOs will re-prioritise funding from within their existing allocation. To do this, you will need to make an in-year Plan Amendment via a MoP change in DXP Ngā Kete.
    You can increase the number of learners you enrol in the micro-credential over time (and make any necessary changes to the MoP) but you would need to ensure that the micro-credential continues to meet the priorities set out in the Tertiary Education Strategy, Plan Guidance and Supplementary Plan Guidance in force at the time of the proposed increase.

    If we approve your micro-credential for funding and you would like to seek additional funding for it, you can submit an additional funding request either at the time of your micro-credential application, or after it is approved. You will need to follow the standard process for additional funding. You can do that as part of the annual investment round or as an in-year additional funding request.
    We may consider investing additional funding to support micro-credentials if there is an exceptionally compelling case for strong employer or community demand and a clear contribution to government priorities.
    In considering further funding, we will look at the performance of existing provision by the TEO, including whether their existing allocation can be reprioritised from lower performing provision to the micro-credential.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Murray Slams Secretary Burgum’s Plans to Fire National Park Staff, Sell Off Public Lands, & Slash Funding for Tribes

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray: “Our public lands are not for sale. Protecting our wilderness, living up to our tribal obligations, keeping our communities safe—it’s just not negotiable. It’s actually a core reason your Department does exist—and these have been places with strong, bipartisan support.”
    NEW REPORT: President Trump’s Attacks on National Park Service are Hurting Communities Across Washington State
    ***WATCH: Senator Murray’s remarks and questioning***
    Washington, D.C. — Today, at a Senate Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on the fiscal year 2026 budget request for the Department of Interior (DOI), U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, slammed Secretary Doug Burgum’s efforts to fire staff across the Department, sell off our public lands and abandon the National Park Service’s conservation mission, and betray the United States’ obligation to Tribes with devastating proposed funding cuts. Also today, Senator Murray released a new report on how President Trump’s attacks on the National Park Service are hurting communities in Washington state.
    In opening comments, Vice Chair Murray said:
    “Washington state is home to a number of pristine public lands—people travel from all over the world to experience my state, and Oregon.
    “Secretary Burgum, our public lands are not for sale. Protecting our wilderness, living up to our tribal obligations, keeping our communities safe—it’s just not negotiable. It’s actually a core reason your Department does exist—and these have been places with strong, bipartisan support.
    “So, I’m really concerned that one of the first things you did was make deep, painful cuts at our national parks, and start talking about our public lands kind of like they are a piggy bank.
    “I do not want to tell future generations: ‘See that that river of sludge—it used to be clear, it used to have salmon. See that charred mountainside—it used to be a forest with campgrounds and trails. See that smokestack? That used to be a National Park.’
    “I worry because it feels to me like your vision could lead to that with your budget cuts, and mass firings, and reorganization.
    “And I’m deeply concerned about the proposed cuts to programs and funding that our Tribes rely on, the mass firing of park rangers—they’re the people who help visitors, they clear trails, they clean the bathrooms, and they respond to emergencies.
    “As I watch this and hear from folks, and see what’s happening, on top of gutting bedrock environmental protections, I just don’t see how your Department can execute the law without staff in place.”
    [HURRICANE RIDGE REBUILD]
    Senator Murray began by her questioning by discussing the rebuild of Hurricane Ridge Day Lodge in Washington State: “I wanted to start by touching briefly on Hurricane Ridge, a place that as you know is very special to people in my home state of Washington and visitors who come from all over the world. I know that you visited Olympic National Park last week—and you saw how scenic it is, and a hint of how brutal the weather can be. It’s called Hurricane Ridge for a reason. The Hurricane Ridge Day Lodge burned down in a tragic fire two years ago. Congress delivered the emergency funding necessary to rebuild it last year. In the execution report that you delivered to the Committee in February—the disaster funding spend plan—you included the money for Olympic National Park, which I understand is for Hurricane Ridge. Do you have any updates on the next steps for that project?”
    Secretary Burgum said, “No, but I did have an opportunity with a park superintendent and some of the lead people who actually work at hurricane ridge and thankfully there was not 70 mile-per-hour wind, it was beautiful, sunny, calm, gorgeous. But I got to see the site where the fire had happened and was able to meet with them regarding the plans they have. It looks like a great project.”
    “Good, and can you just keep my staff and me updated on that project as it moves forward, it’s really important to all of us,” Senator Murray replied.
    [SWEEPING STAFF CUTS AT NATIONAL PARKS]
    Senator Murray turned her questioning to the sweeping staffing reductions taking place under Secretary Burgum’s leadership at DOI, “In your short tenure, you have overseen significant staffing reductions—over 10 percent—and reorganization efforts across the Department of the Interior, with I understand more firings to come. The National Park Service has lost 18 percent of its staff. You managed to fire the only plumber at Mount Rainier National Park. There is just nothing efficient about that kind of management. You’ve also decided that what few staff remain at our National Parks will focus solely on visitor services—that really abandons the conservation mission, which no doubt will lead to the degradation of our natural resources and our parks. On May 8th, five former NPS directors—from Republican and Democratic administrations alike—raised really grave concerns about these decisions. They wrote that the National Park Service’s founding statute requires conservation at our parks so they will be ‘unimpaired for the enjoyment of future generations.’ We need trail guides and biologists. We need EMTs and geologists. We need snow plow drivers and historians. Mr. Secretary, do you acknowledge that you have a statutory obligation to conserve our national parks? A simple yes or no here please.”
    Secretary Burgum responded, “Yes.”
    “Well, it just feels to me watching this that you are abandoning that obligation with your staffing cuts. Your job is to carry out the laws that Congress has passed, not as you wish they were written. Let me ask you, how many people do you plan to fire from the National Park Service?” Senator Murray pressed.
    “Let me respond by saying I’m going to repeat myself, that there is an opportunity to have more people working in our parks in all the positions that you described, Senator, and to have less people working for the National Park Service. We just have to accept that this math, that if you have a situation where slightly less than 50% of the people actually work in the park, that everything you said, I can increase the number of people in the park but still decrease the number of people on payroll at the National Park Service because we are eliminating overhead back office, IT, and HR roles,” answered Secretary Burgum in part.
    Senator Murray pushed back, “It’s huge cuts. The people you’re talking about are actually the support staff, and when you cut support staff, that’s not efficient. How does someone drive a snowplow if you don’t have a staffer that makes sure that the government gets the best deal to buy that snowplow? There is many, many detailed people that you are talking about that actually make sure that the spending is efficient, that the people are efficient. We all know how important staff is, you can’t survive without them. Those are the people that you are letting go. We can’t be efficient if they are not there.”
    Secretary Burgum tried to change the subject, “Are you suggesting that the National Park Service today is operating at peak efficiency?”
    “I would suggest that I welcome any suggestions to us about how to be efficient, but just mass across-the-board cuts and firing is really going to not increase efficiency at our parks. And that, I think, we all should be very concerned about,” Senator Murray responded, emphasizing that mass firings are not the answer.
    “But if the goal is for us to have more people working in the parks, you’re comfortable if I could get to a spot where I have more people working—” Secretary Burgum again avoided the question.
    Senator Murray said, “You show me what employees you are leaving behind that don’t support someone that makes sure that they have the equipment that they need that is up to date, it is running. Those kinds of things, you can’t just cut those people and expect people to be out in the national park without somebody who is making sure that their equipment is safe, that their hours are maintained, all the things that it takes to run a place. Our national parks are huge. They take a lot of people to run.”
    Secretary Burgum again dodged, failing to state the number of employees he expects to lose at NPS.
    Senator Murray then followed up to state: “One thing that I’m really concerned about, and everyone should be, is our national wildland firefighting efforts and countless staff who provide the necessary support there. For example, firefighters put their lives at risk. Without the support they need in many different roles, it just gets more dangerous. Those are the kinds of people I’m extremely concerned about, that without thought or really smart moves, that we are going to be putting our parks at risk.”
    [DEVASTATING PROPOSED FUNDING CUTS FOR TRIBES]
    Senator Murray then asked about proposed budget cuts at DOI, such as cuts of $617 million from core programs at the Bureau of Indian Affairs, $107 million from the BIA’s law enforcement office, and $187 million—nearly eliminating—funds to build Tribal schools, “You have a role in fulfilling the Federal Government’s trust and treaty responsibilities to our Tribes. I see numerous cuts across the budget that defunds Tribal police, the Bureau of Indian Affairs. How many Tribes have you personally consulted with on your budget request?”
    “I’ve been meeting with tribes every week since I’ve been here. I’ve got a deep understanding of our challenges and shortage in law enforcement,” replied Secretary Burgum.
    “There’s 574 Tribe—which ones have you consulted or met with?” Senator Murray asked again.  
    Secretary Burgum said, in part: “I’m happy to provide you a list, but I just recently had the Interior Secretary Tribal Advisory Committee, we had 24 representatives from tribes from across the country actually meeting in my office just a couple weeks ago.”
    Senator Murray and Secretary Burgum discussed the funding, and Murray concluded: “I just want to say that my tribes in Washington state are deeply concerned, they’re telling us that these layoffs will eliminate natural resource management, basic social services and they are horrified. So, I hope that in your list you will provide me, that I see some of their names.”
    [NEW MURRAY REPORT ON NATIONAL PARK SERVICE]
    Also today, Senator Murray released a new report on how the Trump administration’s cuts and planned cuts of National Park staff will reduce access to our public lands, harm Washington state’s gateway communities, jeopardize natural resources, and make National Parks less safe for visitors.
    The full report is available HERE and below:
    Report: President Trump’s Attacks on National Park Service are Hurting Communities Across Washington State
    This report is part of a series detailing the harm President Trump and Elon Musk’s reckless and devastating attacks on the federal workforce are causing on the ground in Washington state. The Trump administration’s mass firings and harmful actions have real consequences for Washington state residents and their communities.
    This report focuses on how the Trump administration’s cuts and planned cuts of National Park staff will reduce access to our public lands, harm Washington’s gateway communities, jeopardize natural resources, and make National Parks less safe for visitors.
    National Park Service is Critical to Ensuring All Americans Can Safely Visit Our Most Iconic Public Lands This Summer and Beyond
    Across the country, National Park Service rangers work hard to keep visitors safe, protect natural resources, and create an inspiring and educational experience for visitors. For over a decade, the National Park Service has had to operate at low staffing levels, despite significant increases in visitation.[1] Yet, under the Trump Administration, the National Park Service has frozen hiring, rescinded seasonal employment offers, pushed employees to resign, and laid off 1,000 permanent employees.[2] The National Park Service has also been ordered to submit a restructuring plan, and the Department of the Interior plans “additional massive layoffs” in the coming months. Without sufficient staff, visitor centers and campgrounds may close, bathrooms will not be properly maintained, emergency response times will drop, and important ranger services from interpretation to providing safety advice will be unavailable.
    Layoffs at the National Park Service Will Reduce Access to Washington’s National Parks.
    The National Park Service has a significant footprint in Washington, home of the iconic Mount Rainier, Olympic, and North Cascades National Parks, along with historically significant sites across the state—like Fort Vancouver, the Manhattan Project National Historical Park, the Bainbridge Island Japanese American Exclusion Memorial, and more. At the Lake Roosevelt National Recreation Area, Sam Peterson was one of the National Park Service staff fired on February 14, after accepting a promotion to become a park ranger just three months prior.
    “Americans aren’t getting what they’ve paid for—they’re not operating under a new budget. The Park Service is supposed to have a park ranger in my position at Lake Roosevelt, so there’s going to be fewer visitors who get important safety messaging, fewer visitors who can have their questions answered, and fewer kids that can go on a field trip led by a ranger. There may be safety impacts during the busy season, if we aren’t able to get out safety messaging as effectively. There’s supposed to be a team of nine interpreters at Lake Roosevelt—now there are only three,” said Peterson.
    In response to court orders, the National Park Service offered many fired employees, including Peterson, their positions back.[3]
    “I want to return to the Park Service someday, but right now, it doesn’t feel stable for either myself or my family, because we just don’t know what the next couple of months—and certainly the next couple of years—will bring. I turned down my job when it was offered back to me, because I was living in government housing at the time of my termination—I was given 60 days to leave. I signed a new lease and started a new job six hours away just before I was offered my job back. Even though it was tempting to accept my job back, I couldn’t do it,” said Peterson.
    Washington state’s outdoor recreation community has a front row seat to the local impacts of cutting staff at the National Park Service. Last year, the Mountaineers—an outdoor recreation group—led 727 trips, activities, and courses in Washington’s National Parks, serving 3,456 students.
    “We got word that the only plumber at Mount Rainier National Park was fired. That’s the kind of thing that you don’t see when you’re visiting the parks. But if a wastewater system goes down then they’re going to have to close bathrooms, that’s a public safety issue. You can’t have people visiting our parks if there are no sanitary facilities,” said Betsy Robblee, Conservation and Advocacy Director for the Mountaineers.
    “We’re also concerned about campgrounds opening up. There’s a lot of staff that are needed to open campgrounds, whether that’s removing hazardous trees from areas near campsites or opening up and testing the water system. If you don’t have staff to do that, that’s going to either delay or maybe prevent many campsites from opening. Hurricane Ridge, in Olympic National Park, lost one of their road crew members as part of the firing of probationary employees. If you don’t have enough road crew members to clear the road up to Hurricane Ridge, that area just can’t open,” said Robblee.
    In addition to the critical work conducted by National Park Service staff, Washington state has a uniquely strong volunteer community. The Washington Trails Association contributes thousands of volunteer hours to critical trail maintenance projects in places like Mount Rainier National Park.
    “We have had a decades-long relationship with Mount Rainier, but it’s built on working with National Park Service staff to plan projects so that we can leverage volunteers and bring them to the Park to help steward those places. The fear is that the public side of that public-private partnership is being eroded. We won’t be able to complete our mission to take care of these places without the Park Service being there as our partner,” said Michael DeCramer, Policy and Planning Manager for the Washington Trails Association.
    DeCramer is keenly aware of how reduced staffing will impact visitor experience.
    “There are just enough people at Mount Rainier National Park in the winter to keep the roads open and if somebody calls out sick, the gate doesn’t open,” said DeCramer, highlighting how vital staff are for providing access to our public lands.
    Following public outcry, the National Park Service proposed expanding their hiring of seasonal workers to meet the needs of increased visitation during the high season.
    “While that’s great in theory, a lot of parks haven’t been allowed to repost seasonal job postings, so they’re having to use the candidate pool from when the job was posted in October or November of last year. That’s now almost six months ago—a lot of the people who applied have already moved on,” said Peterson.
    “Seasonal employees do great work, and they’re absolutely necessary, but you also need stability year-over-year through permanent employees to train those seasonal employees and maintain institutional integrity, especially in the off season. Even though we think of parks as places we go to in the summer, staff are still needed for visitors during the off season and shoulder season. The off season is also when a lot of maintenance and repair work takes place, so that parks are ready for their high season. It’s not efficient to just say, ‘oh, we will fire all of these people and then hire a bunch of part time workers instead,’” said Peterson.
    Reduced Park Access Will Hurt Local Economies in Washington’s Gateway Communities
    In 2023, outdoor recreation contributed $22.5 billion to Washington’s economy and made up 3.2% of the state’s total jobs.[4] This economic impact is particularly important for gateway communities—those located closest to Washington’s National Parks. 
    The American Alpine Institute is a mountain climbing school and guide service with 60 employees and a significant presence in Washington state. Executive Director Jason Martin is also a mountain rescue volunteer, a former president of the Bellingham Mountain Rescue Council, and has worked extensively with the American Mountain Guides Association. After the initial round of layoffs, he reached out to people working in the National Park Service to try to understand how the layoffs may impact outdoor recreation.
    “Throughout the outdoor industry—which I represent in a couple of different ways: as a commercial operator, as a volunteer rescuer, and as an outdoor recreationalist—in many cases, we just don’t know what’s going on right now. We don’t know who to talk to. We don’t know who to ask about things,” said Martin.
    The Mount Rainier Business Alliance is a coalition of local business owners in Ashford, Elbe, Alder, and Mineral, Washington, whose members deeply understand the economic impacts of staffing cuts to the National Park Service.
    “In Ashford, which is the main town right outside of Mount Rainier National Park, everything is closely tied to the National Park—from our economy to our safety. So these cuts, while perhaps just seen as being cuts to the National Park, in some ways are really cuts to our community,” said Nickolas Neville, President of the Mount Rainier Business Alliance.
    For small business owners near Mount Rainier National Park, reductions in staffing at the National Park Service could make it impossible for them to keep their doors open.
    “This whole part of our county relies entirely on the people that decide to make the trip out to Mount Rainier. Making that more difficult, especially with how challenging access to the mountain has been because of lack of staffing—I could see causing businesses to shut down, businesses that are already struggling. I could see it impacting how often we get tourists here renting out properties and short-term rentals. This part of Pierce County is already on life support,” said Cat Larrow, head of the Community Advocacy Committee of the Mount Rainier Business Alliance.
    Layoffs at the National Park Service Will Reduce Emergency Services at Washington’s National Parks
    In addition to maintaining the parks and educating visitors, park rangers ensure that visitors are safe and serve as first responders when emergencies arise. 
    “The Golden West Visitor Center at North Cascades National Park on Lake Chelan has struggled to stay open because they just haven’t had the staff they need to operate. That’s a key entry point for the Steven Mather Wilderness and the southern end of North Cascades National Park. My fear is that there’s just no slack at the Park Service. These folks are already doing everything they can. And you’re still going to have people wanting to visit the parks, but services are going to suffer,” said Michael DeCramer, Policy and Planning Manager for the Washington Trails Association. 
    “If there is a search and rescue operation needed, they might not be able to provide the staff for the level of service that we expect. Things might have to close if there’s a wildfire in the Park. We may not have the staff with the skills needed to respond in the way that we’re used to. And I see a lot of potential risk to the public. Not to be dire, but these cuts will be felt both in terms of loss of services but also decreased safety for the public, because park rangers are first responders,” said DeCramer.
    In addition to search and rescue and wildfire response, park rangers provide valuable safety information to visitors to prevent emergencies from happening in the first place.
    “Even just the rangers who sit at Artist Point handing out information to people about mountain rescues are important. I’ve done dozens and dozens of rescues in that area, mostly people who have broken bones. But if there’s nobody sitting there to warn someone that they’re actually walking into the wilderness. There’s a lot of concern,” said Jason Martin, the Executive Director of the American Alpine Institute, and a mountain rescue volunteer.
    Across Washington’s Parks, decreased staff creates safety concerns for visitors.
    “We are a very outdoor engaged state and people just go up to visit the woods constantly. I love that people are engaged, but the Park Service is putting people at risk on any given day by not having enough staff to maintain these parks,” said David Beard, Director of Policy & Government Affairs for the Children & Nature Network.
    Layoffs at the National Park Service Will Harm Washington’s Natural Resources for Future Generations
    Washington’s National Parks contain some of America’s most precious natural resources and iconic landscapes. When people visit these special places, it often has a lasting impact.
    “We all have memories of a visit to our National Parks. My three kids have more than 50 Junior Ranger badges they have earned over the years. Are there going to be people there to raise their hand and swear in the six-year-old to be a Junior Ranger? All those things are likely going to be in question,” said Tom Uniack, Executive Director for Washington Wild.
    “If people aren’t able to visit our Parks, or they have negative experiences, then we’re losing out on those amazing connections that people have to the natural world that can change their lives. They develop a stewardship ethic. They want to care for these places, and they want to advocate to protect these places. And looking towards future generations, if this continues, future generations may not get to have the same experiences in these places as we are fortunate to have today,” said Betsy Robblee, Conservation and Advocacy Director for the Mountaineers.
    “Washington is a beautiful state. I was born and raised here. My dad was a climber. I really worry that whether it’s the National Park Service or the Forest Service or the Bureau of Land Management, not having the funding and staff to clean bathrooms, keep the gates open, and haul out trash. Garbage piling up can have lasting impacts on wildlife like bears and ravens and mountain lions,” said Jonathan Spitzer, Director of Operations for Alpine Ascents.
    As the summer season approaches, cuts to the National Park Service will be acutely felt across Washington state—from small businesses in gateway communities to the safety and quality of visitor experiences in Olympic, North Cascades, and Mount Rainier National Parks. Washingtonians understand that these iconic public lands belong to the public, and that it takes a strong National Park Service to steward them for visitors today and tomorrow.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Opening Remarks at Hearing on the Department of Energy’s Budget

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***WATCH: Senator Murray’s opening remarks***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and Ranking Member of the Energy and Water Development Subcommittee, kicked off a hearing on the fiscal year 2026 budget request for the Department of Energy (DOE), emphasizing in her opening remarks how important the Department’s work is—and how this administration’s illegal funding freeze, mass reductions in staffing, and steep proposed budget cuts jeopardize essential efforts to drive innovation, reduce dependence on foreign energy sources, and lower Americans’ monthly energy bills.
    Senator Murray’s opening remarks, as delivered, are below:
    “Thank you, Chair Kennedy. I am pleased to serve as Ranking Member of this important Subcommittee, and I hope we can continue our track record of writing bipartisan spending bills that make crucial investments in our communities that we need.
    “DOE’s work is far reaching with major implications for how much families spend on their energy bills, the reliability of our energy grid, whether we lead the world in clean energy, AI, and quantum computing, and our national security and nuclear waste cleanup program. In my home state of Washington, we see this firsthand at the Bonneville Power Administration, which provides power to families across the region. At the Pacific Northwest National Lab, which is pioneering cutting edge research, and at Hanford, where we have the biggest nuclear clean-up site in the country—a moral and legal obligation we must never shortchange.
    “So, we must give the programs DOE manages their due in terms of funding, and in terms of the oversight necessary to ensure that funding actually gets to our communities. But these goals are in jeopardy because of your actions over the last few months like a truly sweeping funding freeze, unprecedented contract cancellations, mass staffing reductions, and uncertainty that is hurting communities across our country.
    “Now, Secretary Wright, my colleagues and I have been pressing you for information on staffing, funds signed into law you are holding up or straight up cancelling, and more. I’ve only received two responses so far, both of them yesterday—clearly to get ahead of today’s hearing. And ‘response’ is being charitable, since you failed to provide any real answers. Last week, you told the House you have ignored basic inquiries from lawmakers because you are apparently too busy, and you mentioned you don’t want to spend time on false premises. So, I thought we could save some time today by debunking a few false premises.
    “It is false for you to say less than a thousand people have left since you took over when we know over 3,500 DOE employees have taken the so-called buyout you offered and we know you fired 500 more. It is false for you to say no contracts have been cancelled when you have plainly cancelled electric vehicle and low-income energy assistance grants in Colorado, to give one example. And it is false for you to say there are no unpaid invoices when we have heard from organizations still waiting on payments—including Hydrogen Hubs, which have unpaid invoices.
    “Now, in addition to ignoring requests from Congress, your FY25 spend plan which is required by law is completely inadequate. That is a critical document for us to understand how you are spending—or illegally blocking and cancelling—billions of dollars Congress has provided for critical projects across the country. I’ve heard you say you are merely conducting a review as if that magically makes it okay. Call it whatever you want, the bottom line is the money isn’t moving. And as a former businessman, you know perfectly well that uncertainty alone has a massive cost.
    “Jobs are already being lost because of your actions. Private investment in critical energy projects is being cancelled, delayed, or threatened to the tune of $71 billion so far this year. And as electric prices hit record highs, you are halting progress on investments that would lower people’s bills. Meanwhile, you are letting thousands of critical staff go—encouraging folks to leave—with no regard for if they do their work well, or if the work is important.
    “I still don’t know how you could do something as crazy as try to fire Bonneville Power Administration workers, in the name of efficiency! I mean these are literally the people who keep the lights on and they aren’t even paid by taxpayer dollars! Eventually, you reversed those firings, but the fact they happened at all was the first in a parade of red flags.
    “Now, we are here to talk about another red flag—a budget that completely guts the non-defense half of your mission. Overall, you want to slash $20 billion from DOE’s science and energy programs. Your budget proposes ripping 75% out of the energy efficiency and renewable energy program and shuttering important clean energy and manufacturing programs. I don’t know who is telling you people want to pay higher electric bills?
    “Your budget slashes $1.1 billion from the Office of Science. Who is telling you we should cede ground to China in the race for innovation, and layoff scientists at our national labs? Your budget cuts $15 billion from programs we created in the bipartisan infrastructure law—hydrogen hubs, battery storage, advanced manufacturing and supply chains, and other programs to lower energy costs. Who told you we don’t want those manufacturing jobs? Who told you we don’t want to strengthen our energy production and reduce our dependence on foreign oil?
    “Here is what I will tell you, if you were to follow through with this disaster of a budget the only energy you are going to save is from the lights that go out at factories across the country. Those lights are going to go off, as China swoops in to take the lead in the technologies that will define the 21st century. I don’t see any efficiency in this budget—but there is a heavy cost.
    “There is the cost you are going to pass on to our constituents in the form of higher electric bills, higher gas bills, more power outages. Not to mention the cost when manufacturing moves elsewhere, and we have to pay Trump’s absurd tariffs for technology we could, and should, be making right here. Or the cost to our country. Discoveries we could be making here, jobs we could be creating here, goods we could be making here and selling across the world. Instead, it feels like you want to gift wrap the future and hand it to China.
    “Your budget also flat-funds the Hanford clean-up. That has serious repercussions. They recently finalized milestones they have to meet on the High Level Waste mission. Flat funding means the only way to hit those targets is to pull funding from other priorities which would have ripple effects for workers carrying out critical projects across the site and ultimately would delay remediation along the Columbia River. That is unacceptable. We cannot rob Peter to pay Paul.
    “Secretary, I know you talk about energy abundance, but talk is cheap. Doing this work takes investments—investments you are ripping to shreds. So, I want to see less talk and more money getting out the door the way Congress wrote and intended. There is common ground in this space. I know because we have found it before. The very last bill Chair Kennedy and I wrote together passed out of this committee unanimously, and I want to see us do it again. Because this is genuinely important work.
    “Now, before I conclude, I would be remiss if I did not address the outrageously corrupt news we got last week on the Army Corps work plan. This administration is ripping away hundreds of millions of dollars from projects that were in the House bill and Senate Energy and Water FY25 bills and funding other projects which were not funded in any bill that we approved!
    “This includes scrapping funds for the Howard Hanson Dam in Washington state. This is a vital project that has to get done and I will keep working with you Mr. Chairman to get this done because this Committee and this Subcommittee have long come together to fund projects vital to communities across this country and I know no member appreciates any administration playing games with our communities for political reasons—as is the case with the work plan released last week. It’s brazen abuse—pure and simple. I am going to keep digging into how that decision was made, demanding answers, speaking out about this, and fighting for my state of Washington.
    “Thank you, and now I will turn it back to Chair Kennedy.”

    MIL OSI USA News –

  • MIL-OSI USA: At Hearing on Murray’s Bill to Expand Menopause Research at VA and DOD, Senator Murray Presses VA Witness on Resources for Women Veterans, Harmful Pause on Clinical Trials at VA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI: Murray Calls Out VA for Stonewalling Congress, Grills VA Secretary Collins on How Trump Administration Mass Firings are Increasing Wait Times for Veterans, Further Jeopardizing EHR Rollout & VA Research
    ***VIDEO of Senator Murray’s Q&A HERE***
    Washington, D.C. — Today, at a Senate Veterans’ Affairs Committee hearing to consider pending legislation, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Veterans’ Affairs Committee, spoke with Dr. Thomas O’Toole, Acting Assistant Under Secretary for Health for Clinical Services for the Veterans Health Administration at the U.S. Department of Veterans Affairs (VA), about her bipartisan Servicewomen and Veterans Menopause Research Act that would require VA and the Department of Defense (DoD) to coordinate on research studying the effects of menopause and perimenopause on women servicemembers and women veterans to close treatment gaps and help ensure women veterans receive appropriate, high-quality gender-specific health care throughout their lives.
    Senator Murray also questioned Dr. O’Toole about VA’s 90-day pause on clinical trials—which is delaying important research right now—and on progress toward establishing permanent in-house mammography services for veterans in VISN-20, which covers veterans in Washington state, Oregon, Alaska, most of Idaho, and parts of Montana and California.
    “Women veterans, particularly those who have suffered from PTSD or sexual assault, tend to experience menopause much earlier than women who did not serve in the military. One VA study found that 15 percent of women veterans experience menopause before the age of 40—that is 10 years earlier than most women,” Senator Murray said. “It is really important that we strengthen menopause research at the VA and DoD so we can provide better care for women servicemembers and our veterans. That is why I was very proud to join Representative Houlahan and Senator Ernst in introducing the Servicewomen and Veterans Menopause Research Act last month to do that.”
    “Can you tell me today what resources are available right now, at the VA, for women veterans who are experiencing menopause? Are there any plans to expand that—what do you have right now?” SenatorMurray asked.
    “I acknowledge and fully appreciate and agree with what you’re saying there,” said Dr. O’Toole. “I do not have that information readily available in terms of what resources are currently being dedicated. I would have to get it for the record.”
    “How long will that take you to get to me?” SenatorMurray asked.
    “We will get it as quickly as we can,” Dr. O’Toole replied. “We strongly support the bill.”
    SenatorMurray continued her questioning: “During a hearing earlier this month, I actually asked Secretary Collins about the Trump administration’s 90-day ‘pause’ on VA clinical trials, which is right now delaying planned trials and putting a halt to ongoing clinical trials at VA, everything from predicting stroke risks to addressing substance abuse. Now, Secretary Collins said at the time, there was no decision regarding what would happen to VA researchers and trials when that pause ended.”
    “Do you have an answer to the question I asked a few weeks ago—what will happen after this this 90-day ‘pause’ ends?,” Murray asked. “Where will you direct the patients whose clinical trials were canceled or delayed?” asked Senator Murray.
    “I do not have that information available to me, I would have to take it for the record,” Dr. O’Toole replied.
    SenatorMurray followed up: “Can you provide my office with a list of clinical trials that were canceled?”
    “I don’t have that available, but we can get that information to you,” Dr. O’Toole responded.
    Senator Murray pushed back, “Well, the VA has to have this information. Certainly, if you care about transparency, which we keep hearing, I see no reason why this information would be secret. When can you get that information to us? These are people who were in trials, these are researchers, they—just for the next 10 years, they’re not supposed to know? When are you going to get that to us?”
    “We will get it to you as soon as we can,” said Dr. O’Toole.
    “What does that mean? I’ve heard that from so many people in the last couple weeks,” SenatorMurray said.
    Dr. O’Toole said, “I would, obviously, defer to our legislative team and our research office on those specifics, but—”
    “It’s a disappointing response, I have to tell you,” SenatorMurray interjected.
    “I would imagine we would be able to get it to you within the next few weeks, 1-2 weeks, hopefully,” Dr. O’Toole finally answered.
    Murray continued by asking about services for women veterans, in particular the lack of in-house mammography services for veterans at Puget Sound VA—an issue Senator Murray has taken up with VA before. “In my home state of Washington, Puget Sound VA saw a seven percent increase in women veterans utilizing their services over the past two years. I am appreciative of the mobile mammography centers that were made available for our Puget Sound veterans, but it’s  a temporary fix. Can you provide me any update today on the progress in establishing permanent in-house mammography services for veterans in VISN-20? Or a timeline?” SenatorMurray asked.
    Dr. O’Toole replied that he did not have the specifics but would get back to Senator Murray with a response to her questions.
    “I would appreciate answers to those questions as soon as you can, this is critical information we need,” Senator Murray said.
    Senator Murray was the first woman to join the Senate Veterans’ Affairs Committee and the first woman to chair the Committee—as the daughter of a WWII veteran, supporting veterans and their families has always been an important priority for Murray. Advocating for women veterans in particular has been a longtime focus for Senator Murray. As Chair of the Senate Veterans’ Affairs Committee in 2010, Senator Murray passed her landmark Women Veterans Health Improvement Act into law. Murray has worked to permanently authorize the VA child care pilot program to increase access to free, quality child care for veterans during their appointments, make much-needed improvements to the women veterans call center, and fix a loophole that left veterans footing the bill for medically-necessary emergency newborn transportation that VA should be covering. Murray introduced and helped pass the Deborah Sampson Act, legislation to address gender disparities at VA that established a dedicated Office of Women’s Health at VA and required every VA health facility to have a dedicated women’s health primary care provider, among other things. Murray also helped to pass the MAMMO Actto expand access to high-quality breast cancer screening and treatment services for veterans. Last year, as Chair of the Senate Appropriations Committee, Senator Murray delivered a record $900 million investment in women veterans’ health care.
    Also last Congress, Senator Murray introduced the Advancing Menopause Care and Mid-Life Women’s Health Act, comprehensive bipartisan legislation that would be the most expansive effort so far to boost federal research on menopause and would—for the first time—coordinate the federal government’s existing programs related to menopause and mid-life women’s health.
    Senator Murray has been a leading voice in the Senate speaking out forcefully against President Trump and Elon Musk’s mass firing of VA employees and VA researchers across the country and Elon Musk and DOGE’s infiltration of the VA, including accessing veterans’ sensitive personal information. Earlier this month in an oversight hearing with VA Secretary Doug Collins, Senator Murray pressed Secretary Collins on how the Trump administration’s mass firing of VA employees is hurting veterans’ ability to get the health care they need—from jeopardizing VA research, to creating new risks around the deployment of the Electronic Health Record (EHR) system to additional VA Medical Centers—and on new policies the Trump administration recently rolled out that severely limit Congressional engagement with veterans and VA for no legitimate reason. Last month, Senator Murray released a report on how Trump’s mass firings at VA are already hurting veterans’ services and health care in Washington state and across the country.
    The full text of the Servicewomen and Veterans Menopause Research Act is available here. 

    MIL OSI USA News –

  • MIL-OSI USA: Murray Grills Secretary Wright on Illegal Funding Freeze, Mass Firings, Devastating Proposed Funding Cuts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray highlights how DOE’s actions and proposals undermined American innovation and will raise energy costs for American families
    ***WATCH AND READ: Senator Murray’s opening remarks***
    ***WATCH: Senator Murray questioning Secretary Wright***
    ***WATCH: Senator Murray’s closing remarks***
    Washington, D.C. — Today, at a Senate Appropriations Energy and Water Development Subcommittee hearing on the fiscal year 2026 budget request for the Department of Energy (DOE), U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and Ranking Member of the Subcommittee, called out Secretary Chris Wright for creating chaos by forcing out thousands of critical employees, undermining American innovation and raising consumers’ costs by illegally blocking funds, blatantly ignoring Congress, and more.
    [MASS LAYOFFS]
    Senator Murray turned her questioning to how Secretary Wright is pushing out employees at DOE, “Secretary Wright, despite your claims to the contrary, more than 3500 employees have taken the deferred resignation offer—that’s over 20 percent of your staff. And we know that you fired several hundred probationary employees as well. This has meant some offices are now gutted, there’s nobody there, and others are in turmoil. For example, the Office of Clean Energy Demonstrations, which manages $20 billion in grants from the bipartisan infrastructure law, has lost more than 77 percent of its staff. It will be nearly impossible for that Office to accomplish its basic functions, let alone oversee any massive and complex energy construction projects. Your firings have been really arbitrary even firing some of our grid operators and linemen at the Bonneville Power Administration—which are not paid for by taxpayer dollars. I know you scrambled to get those people back. Several weeks ago, you said no more firings will occur at Bonneville—these positions are absolutely critical to the reliability of the grid in Washington state and the Pacific Northwest. Will you commit to exempting BPA from your hiring freeze, so they can bring on mission critical staff and keep the Northwest grid running?”
    Secretary Wright refused to make that commitment but replied: “We are very concerned about the power marketing agencies. They are critical to our country, Bonneville being one of them. We have been careful that their operations have not been disrupted. They were short-staffed when I arrived in this chair, and we will continue to treat them as the critical assets they are. Headcount is one input, it’s an important input, but it’s not the only input in running a successful business or a successful agency and again you brought up people that have provisionally elected to do a deferred resignation program and many of them still have the option to decide whether they really are staying or they really are leaving, they are in transition, we are engaged with them, they are not fired, they are not gone from the Department of Energy yet—”
    “There are a lot of folks still on the payroll at the expense of the taxpayer. We were told that over $70 million worth that are on administrative leave now. They are at home, they are not working, they are not processing anything, they are not doing any work, and as a result, offices across the department are not able to function because those people are not there. Even though taxpayers are still telling them to. On BPA, in terms of that, I do look forward to DOE hiring back sufficient staff. We have got to cover these critical responsibilities,” said Senator Murray.
    [PROPOSED BUDGET CUTS]
    Senator Murray then asked about Secretary Wright’s sweeping proposed budget cuts at DOE: “President Trump’s skinny budget really doubles down on cuts DOGE has already made to the Department. You propose cutting $2.5 billion from the Office of Energy Efficiency and Renewable Energy—74% of its overall budget—eliminating programs that reduce energy prices for businesses and families. On the one hand: you and the President say you support U.S. dominance in emerging technologies, but then, on the other, you propose cutting over $1 billion in funding to the Office of Science—undermining critical research programs for AI, fusion, quantum computing, nuclear energy, and critical minerals. Typically, new administrations craft budget requests that actually reflect their alleged priorities. You talk a lot about lowering costs for consumers and creating the ‘next Manhattan Project’ for AI, but this budget request includes across the board cuts to the very programs that would help you achieve your stated goals. I want to get this straight, you are asking Congress to cut the budget for the Office of Science by more than a billion dollars—that will help advance AI research and quantum computing?”
    Secretary Wright responded, “It [the over $1 billion plus proposed cut] won’t inhibit them at all. In fact, I think that on the margin it will help. Cause of course all the things you listed like fusion, quantum computing, fundamental basic science, none of those things will be cut. The problem is the labs drifted into things that are not fundamental basic science—that are political science. That is just not the missions of the labs.”
    Senator Murray pressed, “Do you have examples of those that you’d like to share with us?”
    “We have a crazy range of things on climate change. There is science around climate change that I write about and have studied for two decades, there’s real science there, but it has become a political game more than a real science game. That’s not the business of the national labs, and we’re going to shrink that activity,” said Secretary Wright, in part, admitting to planning to cut projects related to critical renewable energy research and climate science.
    Senator Murray continued: “You talk about the importance of nuclear power and small modular reactors. Just yesterday, you said you were in favor of ‘every incentive we can get from the federal government to restart this industry.’ Yet, in your budget you’re proposing you cut the Office of Nuclear Energy by $408 million. How are investors and companies supposed to have confidence in partnering with you, when what you say and what your budget says are two different things?”
    Secretary Wright replied, “Each individual line item does not indicate a policy. I think the nuclear industry is quite enthusiastic and quite confident they are going to have the best environment ever for commercial nuclear power under this administration, under my leadership at the DOE. What we are doing is mobilizing tens of billions of dollars of private capital using the government—”
    “The private capital is counting on us to make that investment; otherwise, we see them pull out. We have actually seen companies in the country now pulling out of projects because of the chaos in your department. As a businessman, you said that you should know more than anyone the importance of certainty. When they see the chaos and they see them pulling back, then they’re not going to invest their private money either,” Senator Murray pushed back.
    Secretary Wright again stood by the proposed budget cut for the Office of Nuclear Science.
    [LACK OF FULL BUDGET REQUEST]
    “We are having a budget hearing today. We have not seen your full budget request. We need that in front of us. It is required. It is critical information. When are we going to see your full budget request?” inquired Senator Murray.
    Secretary Wright was unable to provide details and responded, “I’m working with OMB right now to get that out as soon as we can. I understand your urgency.”
    [CLOSING COMMENTS]
    Senator Murray concluded by saying, “You have heard from my side, one after the other, of contracts that were canceled or frozen. These are real. You said no grants are frozen, no invoices unpaid. I don’t know if you’re not paying attention or you haven’t seen it, but I just want to remind you, it is illegal to ignore the clear directions of Congress. These are programs, spending bills that we passed through this committee. They were signed into law, and if you’re canceling them or freezing them or whatever, that is impoundment, and it is illegal. And I don’t raise that concern lightly. I am deeply concerned, and we are hearing the same stories over and over again. I do have a list, you said you hadn’t seen any. I will submit it for the record of canceled and frozen grants. These are just a handful that we know about. So, we expect your office to follow through and to do it quickly.
    “Secondly, on the CR spend plan, that was required within 45 days, that’s by law. Your department still has not given that to us. And again, I don’t raise this lightly, this committee, all of our committees, need to know where that money is going, where it’s being spent. Hanford Site is on the brink of having to lay off subcontractors and restart an entire procurement process on an important project because they are being directed now to hold off on implementing projects at FY 25 spend levels. So, this is not efficient, and Congress requires that, and we need those fixed. So that is really critical, and we expect a real response, not, you know, a nice little phrase.
    “And finally, on communication, you’ve heard it from several people. I appreciate that you’re telling everybody, ‘Call my office, we’ll call you back.’ But two-way communication is two-way communication. You told me you’d pick up the phone whenever, but we’re not getting calls back. People are not getting calls back. And I think it’s really important that you know that. I know you told some people that you were too busy, but you told me to call whenever. I have tried to get in touch with you. It took us a month and a half to get a call scheduled. Communication is not someday I’ll call you back. It’s unacceptable. And I do want to enter seven letters into the record that I have sent with colleagues over the past several months requesting information about what is going on at DOE—radio silence until yesterday—that was convenient. So, we need to get responses back to those letters, and I want to be on record saying that communication is not ignoring us.”

    MIL OSI USA News –

  • MIL-OSI USA: Reed: Trump Admin’s Decision to Accept Luxury Jet from Qatar is a National Embarrassment

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Today, after the U.S. Department of Defense announced it has accepted a luxury commercial aircraft donated by Qatar for use as the new Air Force One for President Donald Trump while he is in office and then plans to transfer it to Trump’s presidential library when he leaves office, U.S. Senator Jack Reed (D-RI), the Ranking Member of the Senate Armed Services Committee, slammed the decision, stating:

    “This is a national embarrassment that raises serious security and ethics questions.

    “President Trump is outsourcing a core symbol of American sovereignty, power, and ingenuity.  He is forcing U.S. taxpayers to shell out potentially hundreds of millions of dollars to refurbish this so-called gift which will likely only be in official service for a short time.

    “Refurbishing a Qatari-gifted plane with the responsibilities of Air Force One isn’t just costly – it’s a serious national security risk. Potentially exposing the President’s communications and safety to a foreign government is reckless and would create unacceptable vulnerabilities for our nation.

    “Today’s announcement is not the end of the story, and I expect my colleagues to join me in exercising oversight over this outrageous move. There must be transparency and accountability about the costs of retrofitting this plane, the counterintelligence risks involved, and how it will be used once President Trump leaves office.”

    MIL OSI USA News –

  • MIL-OSI China: Key trade expo to open in central China to boost China-Africa ties

    Source: People’s Republic of China – State Council News

    BEIJING, May 21 — The fourth China-Africa Economic and Trade Expo is set to take place in Changsha, the capital of central China’s Hunan Province, from June 12 to 15, with more than 12,000 participants expected to attend, organizers said at a press conference on Wednesday.

    The event, co-hosted by China’s Ministry of Commerce and the Hunan provincial government, is one of the most important events in the field of economy and trade between China and Africa this year. Over 2,800 enterprises, business associations and financial institutions from China and Africa have registered, along with representatives from 44 African countries, six international organizations and 23 Chinese provincial-level regions.

    Themed “China and Africa: Together Toward Modernization,” the biennial expo will feature exhibitions on sectors including smart mining technology and equipment, clean energy, modern agricultural machinery and construction equipment. More than 20 economic and trade events have been scheduled to take place during the expo.

    Shen Yumou, head of the Hunan provincial commerce department, said 128 cooperation projects with a total value exceeding 7 billion U.S. dollars have been proposed for signing or matchmaking during the expo, spanning areas including manufacturing, power and energy, transportation, information services, culture and healthcare.

    Launched in 2019, the expo has evolved into a major platform for enhancing China-Africa economic cooperation. Shen Xiang, director of the West Asia and Africa Department under the Ministry of Commerce, said the event is expected to inject fresh momentum into practical collaboration between the two sides.

    China has been Africa’s largest trading partner for 16 consecutive years, said Tang Wenhong, assistant minister of commerce. In 2024, trade between China and African countries hit a record high of 295.6 billion U.S. dollars, up 4.8 percent year over year; while imports from Africa reached 116.8 billion U.S. dollars, up 6.9 percent year over year.

    MIL OSI China News –

  • MIL-OSI USA: Klobuchar Opening Remarks and Questions at Antitrust Subcommittee Hearing on AI-Generated Deepfakes

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WATCH KLOBUCHAR’S FULL REMARKS AND QUESTION HERE
    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, held a hearing titled “The Good, the Bad, and the Ugly: AI-Generated Deepfakes in 2025.” 
    Testifying at the hearing was Country Music Singer-Songwriter, Martina McBride; CEO of the Recording Industry Association of America, Mitch Glazier; Senior Legal Counsel at the National Center on Sexual Exploitation (NCOSE), Christen Price; Director of Technology Policy at Consumer Reports, Justin Brookman; and Head of Music Policy at Youtube, Suzana Carlos.
    “AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources, said Klobuchar at the hearing. “We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together.”
    “That’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy.” 
    A rough transcript of Klobuchar’s opening remarks and questions is available below. Video is available HERE.
    Senator Klobuchar: Thank you very much, Senator Blackburn, I’m very excited about this subcommittee and the work we’ve already done together for years on this issue and similar issues when it comes to tech.
    I share your hopes for AI and see that we’re on this cusp of amazing advancements if this is harnessed in the right way, but I’m also concerned if things go the wrong way. I think it was David Brooks, a columnist, that said he has trouble writing about it because he doesn’t know if it will take us to Heaven or Hell. So it’s our job to head to heaven, and it’s our job to put some rules in place, and this is certainly one of them. 
    We want this to work for children, for consumers, for artists, and not against them. And you brought up the example Chair, of Randy Travis who was at the event that we recently had with you, and Senator Coons and myself about the bill and how he used AI in such a positive way. But then we know there are these risks. 
    And one of the things that I think is really exciting about this week is that, in fact, on Monday, the President signed my bill with Senator Cruz, the TAKE IT DOWN Act, into law. This was a bill I discussed with him and the First Lady at the inaugural lunch. 
    It’s an example of “use-every-moment-you-have” to advance a cause. And then she supported the bill and helped to get it passed in the House. Senator Cruz and I had already passed it in the Senate, and we were having some trouble getting it done over in the House. So we’re really pleased, because it actually does set some track moving forward, even though this bill, that bill, is about nonconsensual porn, both AI created and non AI created, it’s had huge harmful effects, about 20 some suicides a year of young kids who think they’re sending a picture innocently to a girlfriend or a potential boyfriend, and then it gets sent out on their school internet. It gets sent out to people they know, and basically, they believe their life is in ruins, and don’t have any other context, and take their own lives. And that’s just the most obvious and frightful part of this, but there’s others as well. So I’m hoping this is going to be a first step to some of the work that we can do, including with the bill that we’re going to be discussing today. 
    AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources. 
    Just last week, the FBI was forced to put out an alert about scams using AI-cloned voices of FBI agents and officials asking people for sensitive payment information.
    Jamie Lee Curtis was forced to make a public appeal to Mark Zuckerberg to take down an unauthorized, deepfake ad that included her digital replica endorsing a dental product. While Meta removed the ad after her direct outreach, most people don’t have that kind of influence. 
    We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together. 
    When I recently met with Cory Wong, a Grammy-nominated artist from Minnesota, he talked about how unauthorized digital replicas threaten artists’ livelihoods and undermine their ability to create art. 
    So this is not just a personal issue. It’s also an economic issue. One of the reasons our country, one of our best exports to the world, is music and movies. When you look at the numbers and how we’ve been able to captivate people around the world, that’s going to go away if people can just copy everything that we do. 
    And one of the keys to our success as a nation in innovation has been the fact, and Senator Coons does a lot of work in this area, [that] we’ve been able to respect copyrights and patents and people’s own right to their own products. 
    So that’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy. 
    I also am working in the space on AI to put some base rules in place in my role on the Commerce Committee. Senator Thune and I have a bill that we’re reintroducing on this to set some rules for NIST to be able to put out there for companies that are using AI. And then I’m always concerned about its effect on democracy, but that is for a different day and in a different committee. 
    But I do want to thank Senator Blackburn for her willingness to come out on doing something about tech, including the work she does with Senator Blumenthal, the work that we’ve done together on commerce. And if Monday is any sign with the first bill getting through and there in that Rose Garden signing ceremony, there’s more to come, and so thank you and look forward to hearing from the witnesses.
    …
    Klobuchar: All right. Thank you very much. I guess I’ll start with Mr. Brookman, the non-Grammy winner. I want to talk to you just a little bit about this consumer angle here, which I think is interesting to people. And I think at its core, all of us involved in this legislation have made it really clear that’s not just people who are well known that will be hurt by this eventually, and that getting this bill passed as soon as possible is just as important for everyone, but I do so appreciate Ms. McBride being willing to come forward, because those stories and the stories that we’ve heard from, like I mentioned, Jamie Lee Curtis, or the stories that we’ve heard from many celebrities, are very important to getting this done. So you just did a report on AI-generated voice cloning scams, including that, AI voice cloning applications, in the words of the report, presents a clear opportunity for scammers, and we need to make sure our consumer protection enforcers are prepared to respond to the growing threat of these scams. I had this happen to my state director’s husband, who their kid is in the Marines, and they got a call. They figured out that it wasn’t really him asking for stuff and money. They knew he couldn’t call from where he was deployed to. This is just going to be happening all over the place, and the next call will be to a grandma who thinks it’s real, and she sends her life savings in. So I have called on the FTC and the FCC to step up their efforts to prevent these voice cloning scams. And what are some of the tools that agencies need to crack down on these scams, even outside of this bill?
    Justin Brookman: Yeah, absolutely, so I think the first thing the Federal Trade Commission probably needed is more resources. They only have like 1200 people right now for the entire economy. That’s down from like seven, that’s down from like 100 just in the past couple of months.
    Klobuchar: Down from way down from even during like, the Nixon Era.
    Brookman: Yeah, like 1700 it used to be and the economy has grown like three or four times. Chairman Ferguson has, Chairman Ferguson has said more cuts are coming, which I think is the wrong direction. I worked for the Federal Trade Commission for a couple of years. We could not do, like, a fraction of all the things that we wanted to do to protect consumers, so more people, more capacity, more technologists. Like, there’s just not enough technology capacity in government. I was in the office of technology research and investigation there, that was like five people. That’s just not enough, obviously, with all these very sophisticated, I mean, just deep fakes alone, let alone the rest of the tech economy, the ability to get penalties and even injunctive relief, right if someone, if someone gets caught stealing something, the FTC often doesn’t have the ability to make them give the money back. I know this, under this committee has tried to restore that authority, but that would be important. And also, like again, maybe the FTC could have rule-making authority. But also this, I would like to see Congress consider legislative authority to address tools like again, if you are offering a tool that can be used only for harm, voice impersonation, deepfake pornographic images, maybe there should, there should be responsibilities to make sure it’s not being used for harm.
    Klobuchar: Okay, thank you. Ms. Carlos, can you talk about what YouTube is doing to ensure it’s not facilitating these scams?
    Suzana Carlos: Sure, and thank you for the question, Senator.
    Klobuchar: And thanks for your support for the bill
    Carlos: Of course. So, just to primarily consider, we obviously see great and tremendous opportunity coming from AI, but we also acknowledge that there are risks, and it is our utmost responsibility to ensure that it is deployed responsibly. So we’ve taken a number of efforts to protect against unharmful contact on our platform. Primarily, we have uploaded, we have updated our privacy policies last year to ensure that all individuals can now submit a notice to YouTube when their unauthorized voice or likeness has been used on our platform, and once reviewed, if it is applicable, and we’ve confirmed that that content should be removed, we will take it down. We’ve additionally implemented watermarks on our AI products. We originally began with both image and watermarks using our SynthID technology, and we’ve recently expanded it to also be applied to text generated from our Gemini app and web experience. And most recently, as part of our VO video tool. We’ve also taken the additional step to become a member of C2PA, the Coalition for Content Provenance and Authenticity, and there, we’re serving as a steering member to work with the organization to create indicators and markings that will allow the content provenance that was created off platforms to additionally be recognized, and we’re deploying those technologies across our platform.
    Klobuchar: Okay, thank you. We mentioned the TAKE IT DOWN Act, and thank you for the support for that. Mr. Glazer, you talked about how this is the first federal law related to generative AI, and that it’s a good first step. And could you talk about how, if we don’t move on from there and we just stop and don’t do anything for years, which seems to be what’s been going on, what’s going to happen here, and why it’s so important to do this.
    Mitch Glazier: I think there’s a very small window, and an unusual window, for Congress to get ahead of what is happening before it becomes irreparable. The TAKE IT DOWN Act was an incredible model. It was done for criminal activity, you know, …
    Klobuchar: Yeah, I know. 
    Glazier:  Yeah, right. You know, you wrote it, but it was a great model, but it only goes so far. But we need to use that model now, and we need to expand it carefully in a balanced way to lots of other situations, which is exactly what the NO FAKES Act does. And I think, you know, we have a very limited amount of time in order to allow people and platforms to act before this gets to a point where it’s so far out of the barn that instead of encouraging responsible AI development, instead, we allow investment and capital to go into AI development that hurts…
    Klobuchar: Stealing things…
    Glazier: So let’s encourage investment the right way to boost great AI development and be first. Let’s not be the folks that encourage investment in AI technologies that really harm us.
    Klobuchar: And Ms. Price, you’ve expressed concerns about this 10-year moratorium on state rules. I’m very concerned, having spent years trying to pass some of these things, and I think that one of the ways we pass things quickly, like Mr. Glazier was talking about, is if people actually see a reason that they don’t want to patch work, they want to get it done. But if you just put a moratorium, and you look at, like, the Elvis law coming out of Tennessee, Ms. McBride, and some of the other things that would stop all of that. Could you, my last question here before we go to another round, could you talk about why you’re concerned about what is right in front of us now, which is this 10-year moratorium?
    Christen Price: Yes, thank you for the question, Senator. We’re concerned about the moratorium because it’s basically signaling to the AI companies that they can kind of do whatever they want in the meantime, and it inhibits States’ ability to adapt their laws to this form of technology that’s changing very quickly and then has this potential to cause great harm. 
    Klobuchar: Thank you.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office recovers approximately $450,000 for victims of Missoula fraudster

    Source: Office of United States Attorneys

    BILLINGS  — The U.S. Attorney’s Office recently recovered approximately $450,000 from a Missoula man who defrauded his victims out of almost $1 million by fraudulently inducing them to invest in his transportation and logistics companies, U.S. Attorney Kurt Alme said today.

    The defendant, Jason L. Matheny, was convicted of wire fraud under 18 U.S.C. § 1343 on November 22, 2019. The court sentenced him to five years of probation, subject to several conditions, and ordered him to pay $994,521.16 in restitution to his victims. In late 2024, Matheny sold a commercial property in Missoula and, because of its restitution lien, the government secured $448,965.36 to be paid to his victims.

    “The collection of restitution for victims of fraud is an essential part of the criminal justice system and a priority for the Department of Justice. Collection from convicted felons can be exceedingly difficult because money is often spent, invested, and moved around. Through the dedication and hard work of the Financial Litigation Program, the U.S. Attorney’s Office was able to execute against Mr. Matheny’s business property. This allowed the proceeds of that sale to be routed to Mr. Matheny’s victims rather than to him.” U.S. Attorney Alme said.

    In September 2024, U.S. Probation requested a summons for revocation of Matheny’s term of probation, alleging he had violated the terms of his sentence by failing to provide requested financial information. Matheny admitted the violation in November 2024 and the Court extended his probation for an additional year.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

    Source: Office of United States Attorneys

    MIAMI – Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

    According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

    On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

    On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender. 

    Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

    FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Former Defense Contractor Pleads Guilty to Tax Crimes

    Source: Office of United States Attorneys

    Defendant Admits to Concealing 50% Ownership of $7B Defense Contracting Business to Evade Taxes

               WASHINGTON – Douglas Edelman, 73, a former defense contractor, pleaded guilty today to tax crimes related to a scheme to defraud the United States and evade taxes on income he earned from his contracts with the U.S. Department of Defense.

               The sentence was announced U.S. Attorney Jeanine Ferris Pirro, Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, and Special Agent in Charge Kareem A. Carter with IRS-Criminal Investigation (IRS-CI) Washington, D.C. Field Office. 

               Edelman pleaded guilty to 10 felony counts: conspiracy to defraud the United States, seven counts of tax evasion, and two counts of making a false statement.  U.S. District Court Judge Colleen Kollar-Kotelly scheduled a hearing on issues related to sentencing on Nov. 17, 2026. Trial on the remaining counts of the indictment will be in 2026.

               According to court documents and statements made in court, Edelman founded and owned 50% of Mina Corp. and Red Star Enterprises (Mina/Red Star), a defense contracting business that received more than $7 billion from contracts with the U.S. Department of Defense to provide jet fuel in the United States’ post-9/11 military efforts in Afghanistan and the Middle East. 

               Working with others, Edelman engaged in a lengthy scheme to hide his Mina/Red Star profits to evade U.S. taxes, including by concealing his income in undisclosed foreign bank accounts, creating false documents and making false statements that one of his co-conspirators — a French citizen residing abroad and without U.S. tax obligations — founded and owned Mina/Red Star. 

               For example, when the company became profitable in 2005, Edelman began taking distributions which he deposited into Swiss bank accounts, primarily at Credit Suisse, in the name of other companies he owned. In 2008, Credit Suisse informed Edelman that he had to either close his accounts or disclose them to U.S. authorities. Rather than come into compliance with his tax and reporting obligations, Edelman closed his accounts and opened new ones at Bank Julius Baer in Singapore in the name of a nominee entity, the beneficiaries of which were purportedly Edelman’s daughters. He then directed the subject income he earned from Mina/Red Star to those bank accounts. 

               In 2010 the U.S. House of Representatives Committee on Oversight and Government Reform’s Subcommittee on National Security and Foreign Affairs began investigating allegations of corruption in connection with Mina/Red Star’s contracts with the Department of Defense. As part of this inquiry, the subcommittee became interested in the identity of Mina/Red Star’s owners. At this time, Edelman had not filed U.S. tax returns to report the millions of dollars he had earned from Mina/Red Star and had not paid U.S. taxes on his income. 

               Rather than disclose his ownership, Edelman caused his attorneys to tell Congress a false story that a French co-conspirator who had no U.S. tax or reporting obligations founded and co-owed Mina/Red Star with another individual. To corroborate the false story, Edelman and a co-conspirator caused false and backdated paperwork to be created. 

               To continue the scheme, Edelman conveyed the false story about Mina/Red Star’s ownership to other arms of the U.S. government, including to the Department of Defense during contract negotiations in 2010 and 2011, to the IRS in a 2016 application to the Offshore Voluntary Disclosure Program, and to the Justice Department in a 2018 presentation. 

               In conjunction with his 2016 application to the IRS’s Voluntary Disclosure Program, Edelman filed false tax returns for several prior years that only reported income from gifts or purported consulting payments, continuing to conceal the millions he had earned from his company. On the returns, he also concealed profits he had earned from a separate business to provide internet service to members of the armed forces at Kandahar Air Base in Afghanistan. 

               Instead of paying the taxes that he knew he owed, Edelman used the money to fund his lifestyle and additional investments. He invested in a music television franchise in Eastern Europe, a land venture in Tulum, Mexico, and a farm in Kenya, and purchased property around Europe, including a home in Ibiza, Spain, and a townhouse in London.

               Edelman faces a maximum penalty of five years in prison for each of the 10 counts to which he has pleaded. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

               This case is being investigated by special agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., that is dedicated to uncovering international tax crimes, along with the Special Inspector General for Afghanistan Reconstruction. The Justice Department’s Office of International Affairs assisted in the investigation. His Majesty’s Revenue & Customs of the United Kingdom also provided assistance, as did the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States. The Guardia Civil of Spain assisted with the arrest. 

               This case is being prosecuted by Assistant U.S. Attorney Joshua Gold for the District of Columbia and Assistant Chief Sarah Ranney and Trial Attorney Ezra Spiro of the Tax Division.

    24cr239

    MIL Security OSI –

  • MIL-OSI Security: Chief Executive Officer of Digital Asset Company Found Guilty in Multi-Million Dollar Crypto-Fraud Scheme

    Source: Office of United States Attorneys

    Defendant Misappropriated Millions of Dollars of Investors’ Funds for His Own Use Including to Purchase Real Estate and Luxury Vehicles

    Earlier today, at the federal courthouse in Brooklyn, a federal jury convicted Braden John Karony on all counts of a three-count indictment charging him with conspiracy to commit securities fraud, wire fraud, and money laundering.  The charges arose from the defendant’s and his co-conspirators’ roles in defrauding investors in a decentralized finance digital asset called “SafeMoon,” issued by their company SafeMoon LLC.  As alleged, the defendant agreed with his co-conspirators to lie to SafeMoon investors about whether SafeMoon executives could access the liquidity pool and whether they were using the assets from the liquidity pool for their personal benefit.  As SafeMoon’s market capitalization grew to more than $8 billion, the defendant fraudulently diverted and misappropriated millions of dollars’ worth of  liquidity from the SafeMoon liquidity pool for their personal benefit.  The verdict followed a 12-day trial before United States District Judge Eric R. Komitee.  When sentenced, Karony faces up to 45 years in prison.  The jury also issued a verdict to forfeit one residential property and the proceeds from the sale of another residential property, amounting to approximately $2 million.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York;   Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI); and Darren B. McCormack, Acting Special Agent in Charge, Homeland Security Investigations, New York (HSI New York) announced the verdict. 

    “As proven at trial, the SafeMoon digital asset was anything but safe and turned out to be pie in the sky for investors who were deliberately misled by Karony, a man who sought to get rich quick by stealing and diverting millions of dollars,” stated United States Attorney Nocella.  “Karony used his scheme to purchase multiple homes, sports cars, custom trucks, and other luxury goods.  Today’s guilty verdict should serve as a warning to all would-be fraudsters that my Office will vigorously prosecute individuals like the defendant who victimize digital asset investors and undermine investor confidence in digital assets markets, thereby threatening the stability and growth of these emerging technologies.”

    Mr. Nocella expressed his appreciation to the U.S. Securities and Exchange Commission for its work on the case. 

    “Braden Karony, the CEO of SafeMoon, exploited his company’s digital portfolio with fictional success stories and stole millions of dollars in crypto-assets to finance luxury purchases,” stated FBI Assistant Director in Charge Raia.  “Along with his co-conspirators, Karony violated his clients’ trust and wallets while attempting to conceal his misconduct through discreet transactions.  May today’s conviction emphasize the FBI’s commitment to securing all markets and protecting the American people from individuals who abuse their position to satisfy personal greed.”

    “Braden Karony misled investors; intentionally diverted and misappropriated millions in cryptocurrency for his personal benefit; and lined the driveways of his million dollar homes with luxury cars.  While the name of his company is SafeMoon, there was nothing safe about this investment that was just a front for theft.  By following the money with complex cryptocurrency tracing, IRS-CI New York’s Cyber and J5 groups worked with our investigative partners to see that this conman is held accountable for his greedy acts,” stated IRS-CI New York Special Agent in Charge Chavis.  “The Joint Chiefs of Global Tax Enforcement (J5) is a global partnership that works together to gather information, share intelligence, and conduct coordinated operations against transnational financial crimes.  The J5 includes the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Intelligence and Investigation Service, His Majesty’s Revenue and Customs from the U.K. and IRS-CI from the U.S.”

    “Steered by his selfish desires and insatiable greed, Braden John Karony treated millions of dollars in investors’ funds as his own personal bank account,” stated HSI New York Acting Special Agent in Charge McCormack.  “The defendant will soon be trading his sprawling real estate and luxury vehicles for a jail cell within the four walls of a federal penitentiary.  As reflected by today’s conviction, whether it involves fiat or crypto, HSI New York’s El Dorado Task Force will relentlessly pursue individuals intent on exploiting investors and the American financial system for their own gain.”

    Background on SafeMoon

    As proven at trial, SafeMoon tokens were digital assets first issued in March 2021 by SafeMoon LLC on a public blockchain.  Through the operation of SafeMoon’s smart contract, every transaction in SafeMoon was automatically subject to a 10% tax, meaning, for example, that if a holder of SafeMoon transferred 10 SafeMoon to another user, 1 SafeMoon would automatically be retained from the transfer as a tax and the remaining 9 SafeMoon would be received by the other party.  As marketed to SafeMoon investors, the proceeds of SafeMoon’s 10% tax were split into two 5% tranches, the proceeds of which were supposed to benefit holders of SafeMoon in specific ways.  The first 5% tranche of the tax proceeds would be “reflected” back to, and distributed among, all SafeMoon holders in proportion to their current SafeMoon holdings and thereby increase the total quantity of SafeMoon held by every SafeMoon investor automatically.  The remaining 5% tranche of SafeMoon tax proceeds would be deposited into designated SafeMoon liquidity pools.  The larger the SafeMoon liquidity pool, the greater the liquidity in the market for SafeMoon.  In the months after its launch in March 2021, SafeMoon grew to have millions of holders and a market capitalization of more than $8 billion.

    The Defendants’ Fraudulent Scheme

    Karony and his co-conspirators misrepresented various material aspects of the SafeMoon offering to investors.  Such misrepresentations included that SafeMoon relied on “locked” liquidity pools that would automatically increase in size due to a 10% tax imposed on every SafeMoon transaction; that the “locked” SafeMoon liquidity pool prevented the defendants and other insiders at SafeMoon from being able to “rug pull”—a type of crypto fraud— SafeMoon investors by removing liquidity from the SafeMoon liquidity pool; that tokens in the liquidity pool would only be used for limited pre-defined business purposes, not personal enrichment; that the defendants would manually add token pairs to the SafeMoon liquidity pool when transactions of SafeMoon occurred on specific centralized exchanges; and that the developers were not and had not been holding and trading SafeMoon for their benefit.

    In reality, Karony and his co-conspirators retained access to the SafeMoon liquidity pools and used that access to intentionally divert and misappropriate millions of dollars’ worth of tokens for their personal benefit.  In addition, although they publicly denied that they personally held or traded SafeMoon, they repeatedly bought and sold SafeMoon, sometimes at the height of SafeMoon market price, which generated millions of dollars in profits.  Karony and his co-conspirators masked their movement of the fraudulent proceeds via numerous private un-hosted crypto wallet addresses, complex transaction routing, and pseudonymous centralized exchange accounts.  Karony acquired over $9 million in crypto assets from the scheme and used some of the proceeds to purchase luxury vehicles and real estate, including a $2.2 million home in Utah, additional homes in Utah and Kansas, a $277,000 Audi R8 sports car, another Audi R8, a Tesla, and custom Ford F-550 and Jeep Gladiator pickup trucks.

    Co-conspirator Thomas Smith previously pleaded guilty and is awaiting sentencing. Co-conspirator Kyle Nagy remains at large. 

    The government’s case is being handled by the Office’s Business and Securities Fraud Section.  Assistant United States  Attorneys Dana Rehnquist, Sara K. Winik, and Jessica K. Weigel are in charge of the prosecution, with assistance from Paralegal Specialists Asher Martin-Rosenthal and Madison Bates. Assistant United States Attorney Laura Mantell is handling forfeiture matters.

    The Defendant:

    BRADEN JOHN KARONY
    29
    Provo, Utah

    E.D.N.Y. Docket No. 23-CR-433 (EK)

    MIL Security OSI –

  • MIL-OSI: LexinFintech Holdings Ltd. Reports First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 21, 2025 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

    Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, commented, “The continued improvement across key performance indicators marks the success of our transformation towards a business model driven by data analytics, risk management, and refined operations.

    In the first quarter, key risk metrics continued to trend strongly, validating the effectiveness of our risk management revamp initiatives. Thanks to the ongoing improvements in risk performance, net income for the first quarter exceeded RMB430 million, sustaining its strong growth trajectory and returning to the highest level for the past 13 quarters. 

    Looking ahead, we will focus on prioritizing customer-centric approaches, elevating customer experience and boosting the competitiveness of our offers, strengthening the business synergies across our ecosystem, and driving technological innovation—particularly in the application of AI. Through operational excellence and strategic agility, we aim to build long-term resilience and competitiveness in a dynamic environment. 

    Despite the challenging macroeconomic environment, evolving industry landscape, and geopolitical uncertainties, the management remains confident in achieving a significant year-over-year growth in net income, reaffirming our full-year net income guidance. 

    The management has consistently attached great importance to delivering value to shareholders through various approaches. In November 2024, the board raised the cash dividend payout ratio from 20% to 25% of total net income. We are pleased to announce that the board of directors has approved to further increase the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025.”

    Mr. James Zheng, Chief Financial Officer of Lexin, commented, “Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase. Net profit take rate was 1.58%, calculated as net income divided by average loan balance, advancing by 27 basis points compared to the previous quarter. The strong net income growth was underpinned by sustained improvements in asset quality, alongside a further reduction in funding costs.

    Looking ahead, we’re committed to a prudent operating strategy, ecosystem synergy enhancement and operational refinement. For the full year 2025, we expect our net income to deliver strong year-over-year growth.”

    First Quarter 2025 Operational Highlights:

    User Base

    • Total number of registered users reached 232 million as of March 31, 2025, representing an increase of 8.1% from 215 million as of March 31, 2024, and users with credit lines reached 46.2 million as of March 31, 2025, up by 7.8% from 42.8 million as of March 31, 2024.
    • Number of active users1 who used our loan products in the first quarter of 2025 was 4.8 million, representing an increase of 6.0% from 4.5 million in the first quarter of 2024.
    • Number of cumulative borrowers with successful drawdown was 34.5 million as of March 31, 2025, an increase of 7.6% from 32.0 million as of March 31, 2024.

    Loan Facilitation Business

    • As of March 31, 2025, we cumulatively originated RMB1,376.7 billion in loans, an increase of 17.6% from RMB1,171.1 billion as of March 31, 2024.
    • Total loan originations2 in the first quarter of 2025 was RMB51.6 billion, a decrease of 11.0% from RMB58.0 billion in the first quarter of 2024.
    • Total outstanding principal balance of loans3 reached RMB107 billion as of March 31, 2025, representing a decrease of 11.7% from RMB122 billion as of March 31, 2024.

    Credit Performance4

    • 90 day+ delinquency ratio was 3.3% as of March 31, 2025, as compared with 3.6% as of December 31, 2024.
    • First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2025.

    Tech-empowerment Service

    • For the first quarter of 2025, we served over 95 business customers with our tech-empowerment service.
    • In the first quarter of 2025, the business customer retention rate5 of our tech-empowerment service was over 80%.

    Installment E-commerce Platform Service

    • GMV6 in the first quarter of 2025 for our installment e-commerce platform service was RMB1,126 million, representing an increase of 24.7% from RMB903 million in the first quarter of 2024.
    • In the first quarter of 2025, our installment e-commerce platform service served over 310,000 users and 200 merchants.

    Other Operational Highlights

    • The weighted average tenor of loans originated on our platform in the first quarter of 2025 was approximately 13.4 months, as compared with 12.5 months in the first quarter of 2024.
    • Repeated borrowers’ contribution7 of loans across our platform for the first quarter of 2025 was 86.1%.

    First Quarter 2025 Financial Highlights:

    • Total operating revenue was RMB3,104 million, representing a decrease of 4.3% from the first quarter of 2024.
    • Credit facilitation service income was RMB2,191 million, representing a decrease of 17.3% from the first quarter of 2024. Tech-empowerment service income was RMB625 million, representing an increase of 72.8% from the first quarter of 2024. Installment e-commerce platform service income was RMB288 million, representing an increase of 24.4% from the first quarter of 2024.
    • Net income attributable to ordinary shareholders of the Company was RMB430 million, representing an increase of over 100% from the first quarter of 2024. Net income per ADS attributable to ordinary shareholders of the Company was RMB2.39 on a fully diluted basis.
    • Adjusted net income attributable to ordinary shareholders of the Company8 was RMB472 million, representing an increase of over 100% from the first quarter of 2024. Adjusted net income per ADS attributable to ordinary shareholders of the Company8 was RMB2.62 on a fully diluted basis.

    __________________________

    1. Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
    2. Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
    3. Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
    4. Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
    5. Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
    6. GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
    7. Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
    8. Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    First Quarter 2025 Financial Results:

    Operating revenue was RMB3,104 million in the first quarter of 2025, as compared to RMB3,242 million in the first quarter of 2024.

    Credit facilitation service income was RMB2,191 million in the first quarter of 2025, as compared to RMB2,648 million in the first quarter of 2024. The decrease was due to the decrease in guarantee income and loan facilitation and servicing fees-credit oriented, partially offset by the increases in financing income.

    Loan facilitation and servicing fees-credit oriented was RMB1,136 million in the first quarter of 2025, as compared to RMB1,417 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of off-balance sheet loans.

    Guarantee income was RMB548 million in the first quarter of 2025, as compared to RMB744 million in the first quarter of 2024. The decrease was primarily due to the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Financing income was RMB507 million in the first quarter of 2025, as compared to RMB487 million in the first quarter of 2024. The increase was primarily driven by the increase in the average outstanding balance of the on-balance-sheet loans.

    Tech-empowerment service income was RMB625 million in the first quarter of 2025, as compared to RMB362 million in the first quarter of 2024. The increase was primarily driven by the increase of loan facilitation volume through ICP and the increase of referral services.

    Installment e-commerce platform service income was RMB288 million in the first quarter of 2025, as compared to RMB232 million in the first quarter of 2024. The increase was primarily driven by the increase in transaction volume in the first quarter of 2025.

    Cost of sales consisted of cost of inventory sold and other costs. Cost of sales was RMB262 million in the first quarter of 2025, as compared to RMB236 million in the first quarter of 2024, which was consistent with the increase in installment e-commerce platform service income.

    Funding cost was RMB83.0 million in the first quarter of 2025, as compared to RMB90.7 million in the first quarter of 2024. The decrease was primarily driven by the decrease in the funding rates to fund the on-balance sheet loans.

    Processing and servicing costs was RMB551 million in the first quarter of 2025, as compared to RMB588 million in the first quarter of 2024. The decrease was primarily driven by a decrease in risk management expenses.

    Provision for financing receivables was RMB182 million for the first quarter of 2025, as compared to RMB137 million for the first quarter of 2024. The increase was primarily due to the increase of the outstanding loan balances of on-balance sheet loans and reflects the most recent performance in relation to on-balance sheet loans.

    Provision for contract assets and receivables was RMB130 million in the first quarter of 2025, as compared to RMB166 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of the outstanding loan balances of off-balance sheet loans.

    Provision for contingent guarantee liabilities was RMB677 million in the first quarter of 2025, as compared to RMB828 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Gross profit was RMB1,219 million in the first quarter of 2025, as compared to RMB1,197 million in the first quarter of 2024.

    Sales and marketing expenses was RMB493 million in the first quarter of 2025, as compared to RMB418 million in the first quarter of 2024. This increase was primarily due to an increase in online advertising costs.

    Research and development expenses was RMB156 million in the first quarter of 2025, as compared to RMB135 million in the first quarter of 2024. The increase was primarily due to increased investment in technology development.

    General and administrative expenses was RMB101 million in the first quarter of 2025, as compared to RMB89.8 million in the first quarter of 2024. The increase was primarily due to the increase in personnel related costs.

    Change in fair value of financial guarantee derivatives and loans at fair value was a gain of RMB74.6 million in the first quarter of 2025, as compared to a loss of RMB316 million in the first quarter of 2024. The change was primarily driven by the fair value gains realized as a result of the release of guarantee obligation as loans are repaid, partially offset by the fair value loss from the re-measurement of the expected loss rates.

    Income tax expense was RMB101 million in the first quarter of 2025, as compared to income tax benefit of RMB53.4 million in the first quarter of 2024. The increase was primarily due to the increase in income before income tax expense.

    Net income was RMB430 million in the first quarter of 2025, as compared to RMB202 million in the first quarter of 2024.

    Recent Development

    Updated Dividend Policy

    In the third quarter of 2024, the Board of the Company approved to raise the cash dividend payout ratio to 25% of total net income, effective from January 1, 2025. On May 19, 2025, the Board has further approved an updated dividend policy, under which the cash dividend payout will be increased to 30% of total net income, to be paid semi-annually starting from the second half of 2025.

    Business Outlook

    Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Based on our preliminary assessment, we expect net income for the full year 2025 to achieve a significant year-over-year growth driven by continued improvements in asset quality. The forecast is subject to the impact of macroeconomic factors, and we may adjust the performance outlook as appropriate based on evolving circumstances.

    Conference Call

    The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 21, 2025 (10:00 AM Beijing/Hong Kong time on May 22, 2025).

    Participants who wish to join the conference call should register online at:

    https://register-conf.media-server.com/register/BI0dc0f8f7695c4583bd50587c8b103490

    Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

     Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

     A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.lexin.com.

    About LexinFintech Holdings Ltd.

    We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

    For more information, please visit http://ir.lexin.com.

    To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

    Use of Non-GAAP Financial Measures Statement

    In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

    These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information Statement

    This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “ expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    LexinFintech Holdings Ltd.
    IR inquiries:
    Will Tan
    Tel: +86 (755) 3637-8888 ext. 6258
    E-mail: willtan@lexin.com

    Media inquiries:
    Ruifeng Xu
    Tel: +86 (755) 3637-8888 ext. 6993
    E-mail: media@lexin.com

    SOURCE LexinFintech Holdings Ltd.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Balance Sheets    		  
      As of  
    (In thousands) December 31, 2024   March 31, 2025  
      RMB   RMB   US$  
    ASSETS            
    Current Assets            
    Cash and cash equivalents   2,254,213     3,173,298     437,292  
    Restricted cash   1,638,479     1,545,269     212,944  
    Restricted term deposit and short-term investments   138,497     218,490     30,109  
    Short-term financing receivables, net(1)   4,668,715     4,743,393     653,657  
    Short-term contract assets and receivables, net(1)   5,448,057     5,009,319     690,303  
    Deposits to insurance companies and guarantee companies   2,355,343     2,203,109     303,597  
    Prepayments and other current assets   1,321,340     1,347,805     185,732  
    Amounts due from related parties   61,722     77,239     10,644  
    Inventories, net   22,345     19,341     2,665  
    Total Current Assets   17,908,711     18,337,263     2,526,943  
    Non-current Assets            
    Restricted cash   100,860     80,464     11,088  
    Long-term financing receivables, net(1)   112,427     92,087     12,690  
    Long-term contract assets and receivables, net(1)   317,402     350,993     48,368  
    Property, equipment and software, net   613,110     636,939     87,773  
    Land use rights, net   862,867     854,267     117,721  
    Long-term investments   284,197     244,193     33,651  
    Deferred tax assets   1,540,842     1,589,522     219,042  
    Other assets   500,363     433,738     59,772  
    Total Non-current Assets   4,332,068     4,282,203     590,105  
    TOTAL ASSETS   22,240,779     22,619,466     3,117,048  
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   74,443     63,294     8,722  
    Amounts due to related parties   10,927     9,124     1,257  
    Short-term borrowings and current portion of long-term borrowings   690,772     781,324     107,669  
    Short-term funding debts   2,754,454     3,207,177     441,961  
    Deferred guarantee income   975,102     1,158,164     159,599  
    Contingent guarantee liabilities   1,079,000     769,397     106,026  
    Accruals and other current liabilities   4,019,676     3,909,239     538,708  
    Total Current Liabilities   9,604,374     9,897,719     1,363,942  
    Non-current Liabilities            
    Long-term borrowings   585,024     505,408     69,647  
    Long-term funding debts   1,197,211     891,390     122,837  
    Deferred tax liabilities   91,380     102,617     14,141  
    Other long-term liabilities   22,784     14,006     1,930  
    Total Non-current Liabilities   1,896,399     1,513,421     208,555  
    TOTAL LIABILITIES   11,500,773     11,411,140     1,572,497  
    Shareholders’ equity:            
    Class A Ordinary Shares   205     205     30  
    Class B Ordinary Shares   41     41     7  
    Treasury stock   (328,764 )   (305,025 )   (42,034 )
    Additional paid-in capital   3,314,866     3,331,382     459,077  
    Statutory reserves   1,178,309     1,178,309     162,375  
    Accumulated other comprehensive income   (29,559 )   (31,818 )   (4,385 )
    Retained earnings   6,604,908     7,035,232     969,481  
    Total shareholders’ equity   10,740,006     11,208,326     1,544,551  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   22,240,779     22,619,466     3,117,048  

    __________________________
    (1)  Short-term financing receivables, net of allowance for credit losses of RMB102,124 and RMB118,804 as of December 31, 2024 and March 31, 2025, respectively.

    Short-term contract assets and receivables, net of allowance for credit losses of RMB409,590 and RMB287,845 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term financing receivables, net of allowance for credit losses of RMB1,820 and RMB1,471 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term contract assets and receivables, net of allowance for credit losses of RMB30,919 and RMB20,519 as of December 31, 2024 and March 31, 2025, respectively.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Operations    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Operating revenue:            
    Credit facilitation service income   2,648,478     2,190,866     301,910  
    Loan facilitation and servicing fees-credit oriented   1,417,248     1,136,229     156,577  
    Guarantee income   744,251     547,814     75,491  
    Financing income   486,979     506,823     69,842  
    Tech-empowerment service income   361,543     624,850     86,107  
    Installment e-commerce platform service income   231,909     288,383     39,740  
    Total operating revenue   3,241,930     3,104,099     427,757  
    Operating cost            
    Cost of sales   (235,747 )   (262,032 )   (36,109 )
    Funding cost   (90,738 )   (83,004 )   (11,438 )
    Processing and servicing cost   (587,731 )   (551,141 )   (75,949 )
    Provision for financing receivables   (136,683 )   (182,149 )   (25,101 )
    Provision for contract assets and receivables   (165,942 )   (129,685 )   (17,871 )
    Provision for contingent guarantee liabilities   (828,377 )   (677,180 )   (93,318 )
    Total operating cost   (2,045,218 )   (1,885,191 )   (259,786 )
    Gross profit   1,196,712     1,218,908     167,971  
    Operating expenses:            
    Sales and marketing expenses   (417,617 )   (493,128 )   (67,955 )
    Research and development expenses   (134,982 )   (155,626 )   (21,446 )
    General and administrative expenses   (89,760 )   (100,753 )   (13,884 )
    Total operating expenses   (642,359 )   (749,507 )   (103,285 )
    Change in fair value of financial guarantee derivatives and loans at fair value   (315,923 )   74,639     10,286  
    Interest expense, net   (3,904 )   (4,702 )   (648 )
    Investment income/(loss)   90     (11,699 )   (1,612 )
    Others, net   20,425     3,832     528  
    Income before income tax expense   255,041     531,471     73,240  
    Income tax expense   (53,418 )   (101,147 )   (13,938 )
    Net income   201,623     430,324     59,302  
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
                 
    Net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.61     1.27     0.18  
    Diluted   0.60     1.20     0.16  
                 
    Net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.22     2.55     0.35  
    Diluted   1.21     2.39     0.33  
                 
    Weighted average ordinary shares outstanding            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   333,650,104     359,646,902     359,646,902  
    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Comprehensive Income
      For the Three Months Ended March 31,  
    (In thousands) 2024   2025  
      RMB   RMB   US$  
    Net income   201,623     430,324     59,302  
    Other comprehensive income            
    Foreign currency translation adjustment, net of nil tax   2,323     (2,259 )   (311 )
    Total comprehensive income   203,946     428,065     58,991  
    Total comprehensive income attributable to ordinary shareholders of the Company   203,946     428,065     58,991  
    LexinFintech Holdings Ltd.
    Unaudited Reconciliations of GAAP and Non-GAAP Results    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company            
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
    Add: Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense associated with convertible notes   5,322     –     –  
    Investment (income)/loss   (90 )   11,699     1,612  
    Adjusted net income attributable to ordinary shareholders of the Company   230,129     471,564     64,985  
                 
    Adjusted net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.70     1.39     0.19  
    Diluted   0.68     1.31     0.18  
                 
    Adjusted net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.39     2.79     0.38  
    Diluted   1.35     2.62     0.36  
                 
    Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   339,997,043     359,646,902     359,646,902  
                 
    Reconciliations of Non-GAAP EBIT to Net income            
    Net income   201,623     430,324     59,302  
    Add: Income tax expense   53,418     101,147     13,938  
    Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense, net   3,904     4,702     648  
    Investment (income)/loss   (90 )   11,699     1,612  
    Non-GAAP EBIT   282,129     577,413     79,571  


    Additional Credit Information

    Vintage Charge Off Curve1

    Dpd30+/GMV by Performance Windows1

    First Payment Default 30+1

    1. Loans facilitated under ICP are excluded from the chart.

    The MIL Network –

  • MIL-Evening Report: NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth

    Source: The Conversation (Au and NZ) – By Adrian Sawyer, Professor of Taxation, University of Canterbury

    Hagen Hopkins/Getty Images

    Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests.

    This is a big change from last year’s tax announcements, which were largely focused on individuals.

    So far this year, the government has announced tax policies to encourage overseas investment and to make employee share schemes for start-ups and unlisted companies more attractive.

    This week, the government also announced the demise of the Digital Services Tax – which Treasury estimated would be worth more than NZ$100 million a year – after threats of retaliation from US President Donald Trump.

    But each of these policies would result in a drop in tax revenue. That raises a key question: where will the money to run the government come from when two successive budgets have included tax revenue cuts?

    Overseas money for investment

    This month, the government announced a commitment of $75 million over the next four years to encourage foreign investment in infrastructure and make it easier for startups to attract and retain high quality staff.

    Broken down, this would be $65 million for a change to the rules around “thin capitalisation”, pending the outcome of consultation on the details. At a basic level, this policy is targeting how much debt companies with overseas subsidiaries can have when investing in New Zealand infrastructure.

    The other $10 million is earmarked as a deferral of tax liability for some employee share schemes to help startups and unlisted companies.

    The goal of both policies seems to be to encourage international investment in New Zealand to boost growth in our otherwise sluggish economy.

    The government’s ‘Growth Budget’ is set to include policy changes that will see drops in tax revenue.
    Hagen Hopkins/Getty Images

    No digital services tax

    The demise of the digital services tax is the other big tax policy to be announced ahead of today’s budget.

    Left over from the previous Labour government, the policy would have applied a 3% tax on digital services revenue earned from New Zealand customers by global tech giants such as Meta, X and Google (many of which are based in the US).

    But Donald Trump has been highly critical of these sorts of levies, describing them as overseas extortion. Revenue Minister Simon Watts has admitted Trump’s objections were part of the decision to scrap the tax.

    While the government will save the money set aside in last year’s budget for administrative costs, the potential tax revenue will be a big loss. Treasury had previously forecast New Zealand would gain $479m in tax revenue from the levy between 2027 and 2029.

    But Watts said, “the forecast revenues from the introduction of a Digital Services Tax no longer meet the criteria for inclusion in the Crown accounts”.

    A hole in revenue

    When it comes to tax, the pre-budget announcements will all involve costs to the government or drops in revenue.

    There are rumours the budget will include changes to the companies tax. But, if anything, this will be a drop in the amount of tax companies pay. So again, a drop in tax revenue.

    The challenge facing the government is where the money to operate comes from. And the choices it has are limited.

    Firstly, it could increase tax elsewhere. But that would require either a reversal of last year’s income tax cuts, or the long-standing policy not to target wealth – such as with a capital gains tax.

    Or, the government could make drastic cuts to spending. And, considering the announcement that this year’s budget would be tight, with over a $1 billion cut from the government’s discretionary operating spending (known as an operating allowance), this seems to be the path they have taken, at least partially.

    The final option would be to borrow now to boost infrastructure and business investment in the hope that resulting economic growth will generate greater revenue later.

    We won’t know the answers to these questions until Budget 2025 is released, and there have been a lot of mixed messages. Considering Finance Minister Nicola Willis has dubbed this a “Growth Budget”, however, it seems likely the focus will be on encouraging investment and growth through business activity, rather than any tax increases.

    Adrian Sawyer 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. NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth – https://theconversation.com/nz-budget-2025-tax-cuts-and-reduced-revenues-mean-the-government-is-banking-on-business-growth-257229

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.21.25
    As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities
    NEW: 23 Republican WA state legislators join letter to full WA federal delegation, urging them to protect Medicaid
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined Washington state health care professionals to highlight statewide alarm and opposition to proposed Medicaid cuts.
    “The House Republicans are now trying to cobble together what I believe is a serious attack on Medicaid, and these will have impacts across our economy,” said Sen. Cantwell. “It undermines the program by shifting the burden to the states and making the entire healthcare system more expensive.”
    “If you cut Medicaid, and you cut people on Medicaid, they’re not going to stop having health care needs,” added Sen. Cantwell. “They’re just going to go to a more expensive, unfunded setting to get that care. Medicaid provides the critical financial support for the healthcare sector and for our economies to keep going every day.”
    Matt Kollman, CEO of Skyline Hospital in White Salmon, warned that the cuts would endanger the survival of rural hospitals, and ultimately the health of rural residents.
    “You don’t just have the opportunity, when you live in White Salmon, to drive a few blocks extra and go to the next hospital,” Kollman said. “You’re talking about a drive that in the best of conditions might be 60 or 90 minutes. That is a disruptive burden for many families, and it would lead to their delay, or possible just outright deferral of health care altogether. And to me, that’s not acceptable.”
    “I also know that it’s not acceptable to other members of our community,” added Kollman. “Recently, I was able to present Senator Cantwell and Representative Newhouse with a letter that was signed by many elected officials and community members, including Republicans, elected Republicans in my district and throughout the state, who are asking Congress to be very careful about what they do with Medicaid. To consider the consequences, to be very thoughtful, and to understand that you’re messing with something that is a very intimate and relied on part of people’s lives every day.”
    Also today, 23 Republican members of the Washington state legislature sent a letter to the entire Washington state federal Congressional delegation, urging the delegation to “protect Medicaid funding for Washington State.”
    This week, the Republican-led U.S. House Budget Committee held a rare weekend meeting late Sunday night as part of the effort to rush to the floor a reconciliation bill containing over $700 billion in cuts and significant changes to Medicaid, the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Then, early this morning, the House Rules Committee began a meeting at 1 a.m. – when most Americans were asleep – since GOP House leadership have indicated their intent to bring the reconciliation bill and its draconian cuts to the floor for a final vote as soon as later today.   
    Republican proposals include imposition of work requirements and new restrictions on who can receive long-term care support from Medicaid.
    Other participants at the virtual presser were
    •            Rashad Collins, CEO, Neighborcare Health (Community Health Center with over 20 Seattle-area clinics)
    •            Kym Clift, CEO, TriState Health (Clarkston, WA)
    •            Lynn Kimball, Executive Director at Aging & Long Term Care of Eastern Washington
    •            Dr. Rachel Issaka, gastroenterologist and clinical researcher, Fred Hutchinson Cancer Center
    •            Jacquiline Blanco, RN, a Seattle-area perinatal obstetric nurse and Public Policy Committee member at the Association of Women’s Health, Obstetric, and Neonatal Nurses
    Video of the event is available HERE and a transcript of Sen. Cantwell’s opening remarks is available HERE.
    Also today, Sen. Cantwell delivered a speech on the Senate floor, warning of the impacts to state economies and budgets if the Republican proposal becomes law. Video of her floor speech is available HERE and a transcript is available HERE.
    Medicaid, known as Apple Health in Washington state, covers over 1.9 million Washingtonians. On May 2, Sen. Cantwell released a snapshot report highlighting the impact that Medicaid cuts would have on Washington state’s highly-ranked long-term care system for seniors and people with disabilities. In February, she additionally released a snapshot report that demonstrated how cuts would harm health care access in Washington state, and followed up with a report in March that dove into impacts on the Puget Sound region.
    Highlights of those snapshot reports include:
    In Washington state, WA-04 (Central Washington) and WA-05 (Eastern Washington) have the highest proportions of adults and total population on Medicaid (Apple Health). In District 4, 70% of children are on Medicaid.
    In the Puget Sound, children in Seattle’s blue-collar strongholds would feel the deepest pain from Medicaid cuts. More than half of children in Burien, SeaTac, Kent, Federal Way, Auburn, Renton, and Rainier Valley depend on Medicaid.
    In an exclusive new survey of 68 WA nursing homes, 67 of 68 would cut services if Medicaid were cut by 5% or more, and 65% would consider closing.
    Over the past two months, Sen. Cantwell also took a tour around the state to hear from folks who would be directly impacted by cuts to Medicare. Doctors, patients, and health care providers in Seattle, Spokane, the Tri-Cities, and Wenatchee warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care.

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi on House Floor: “This is Robin Hood in Reverse”

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    Washington, D.C. – Tonight, Speaker Emerita Nancy Pelosi delivered remarks on the Floor of the House of Representatives in opposition to the Republicans’ bill that cuts Medicaid by $700 billion, which she condemned as a cruel attack on working families, vulnerable children and Americans with disabilities.

    Speaker Emerita Pelosi highlighted how the Republican Reverse Robin Hood plot would rip health care away from millions of Americans—including seniors, veterans and low-income families—just to finance tax breaks for billionaires and add trillions to the national debt while devastating communities across the country.

    Watch Speaker Emerita Pelosi’s remarks here. 

    Read Speaker Emerita Pelosi’s full remarks below:

    Speaker Emerita Pelosi. Thank you very much. Mr. Speaker, I’m pleased to receive time from the distinguished Congresswoman from Washington state. She is a pediatrician. We have all learned a lot about how public policy has a direct impact on the good—the health and well-being—of the American people.

    And when I hear them talk about cutting over $700 billion in Medicaid and it’s just ‘waste, fraud and abuse’… this beautiful child is not waste, fraud and abuse. I will talk about a little child in my remarks who is not waste, fraud and abuse.

    This Special Order comes together to shine a bright light on the Republican plan to fund tax breaks for billionaires by making huge cuts to Medicaid. Now, that’s what it looks like. But the fact is, they will still—with their tax bill—be adding over nearly $4 trillion to the national debt to cover their tax break for the wealthiest people in our country.

    This is fiscal engineering to reduce the role of government in the lives of the American people—where it is most needed. Where it is most needed.

    This is Robin Hood in reverse. Taking resources from where it is most needed—the people who need it most—and giving it to those who need it least: the billionaires in America.

    This is shameful. And it is a fraud. And it’s a shame.

    Now, President Johnson reminded the American people when he signed Medicare and Medicaid. He traveled to Independence, Missouri, to be in the presence of President Truman—former President Truman—who had worked on this when he was President. But it came to fruition under President Johnson. And he went there, and he signed the bill in the presence of Harry Truman.

    And he said – the President reminded the American people of a shared tradition: ‘Never to be indifferent toward despair. Never to turn away from helplessness. Never to ignore or spurn those who suffer unattended in a land that is bursting with abundance.’

    Indeed, Medicare and Medicaid save lives as a pillar of health security and justice for tens of millions of Americans.

    People often think of Medicaid as health care for poor children. That would be justification enough—health care for poor children.

    But it also is a middle-income benefit for nursing home residents, and people needing it for long-term care services. They get that largely through Medicaid. And it’s also a benefit for people with disabilities.

    The Republicans’ devastating budget plan would push about 14 million Medicaid recipients off life-saving health care, and leave countless vulnerable families exposed to catastrophic medical bills.

    This is terrible. Because this is about health, and financial health, that is being devastated.

    Working families and children in low-income households would face ruinous consequences—as would rural hospitals, as the distinguished Congresswoman has mentioned, families seeking opioid addiction treatment for their loved ones and middle-class Americans with long-term care needs.

    Mr. Speaker, I ask unanimous consent to insert a statement from the California Medical Association into the record. This is what they have said—the California Medical Association President issued the following statement regarding House Republicans’ proposed care cuts in Medicaid:

    ‘The latest federal proposal to gut Medicaid is reckless. Physicians and hospitals will be pushed to the brink, forced to close their doors and unable to continue care for their patients.’

    Because you know, when this funding leaves those rural hospitals—not only do the Medicaid patients lose—but all of the patients in that area lose. That’s my objection here.

    Back to the statement:

    ‘These would be the largest Medicaid cuts in history and will leave veterans, seniors, the disabled, children and working families without health care coverage.’

    As the distinguished physician colleague has said, making emergency rooms the only point of care for millions of people. Communities will be devastated. Lives will be lost.

    This is the CMA: ‘Congress must reject these cuts and instead focus on strengthening the safety net that protects us all. Otherwise, at least 13.7 million people will lose health care coverage.’

    Republican attacks on health care impact real people—including little children.

    My guest at the President’s State of the Union address was Elena Hung, mother of Xiomara, a courageous little lobbyist—11 years old.

    She has complex medical needs—including chronic lung disease, chronic kidney disease, and global developmental delays. She has a tracheostomy, uses a ventilator, is oxygen-dependent, and uses a feeding tube.

    Access to quality, affordable care ensured that Xiomara received the care she needed during extended hospitalization, and can now live at home with her family.

    Medicaid has helped Xiomara receive the therapies she needs to catch up with her developmental milestones—including physical therapy, occupational therapy, feeding therapy and speech therapy.

    But these very lifelines from Medicaid and more are what Republicans are working to destroy—to give a tax cut for billionaires.

    Democrats are standing strong against the Administration’s many attacks against family health care. This is just one of them.

    And with this Special Order—thank you, doctor, colleague—we are calling out Republicans to either vote to protect their constituents’ health care or vote to take it away.

    That’s the choice.

    In stark contrast to the President and Republicans in Congress, Democrats will always fight to lower health care costs. We are unified and ready to use every tool to stop this GOP scheme.

    And we will always work to strengthen pillars of health and financial security in America. That includes Social Security, Medicare, and Medicaid. We will always fight for Medicaid.

    I just want to go back to that one thing: they’re still adding nearly $4 trillion to the national debt to give tax breaks to their wealthy billionaire friends.

    In the bill that they passed when Trump was president—oh, there, I said his name—and the Republicans were in power. When the Republicans passed that bill and the President signed it into law, 83% of the benefits went to the top 1%, adding $2 trillion to the national debt.

    They’re doubling down on that—getting to almost $4 trillion to the national debt—and saying, ‘We’ve got to give all this money to billionaires,’ and calling children ‘waste, fraud, and abuse’ in our Medicaid system.

    It’s really sinful. It’s really sad.

    And it is something that I hope the Republicans will reject. And I hope their constituents will call them. Because these Medicaid people are in Republican districts.

    One of our colleagues in California has, out of all of our constituents, he has nearly 500,000 people on Medicaid—and yet he voted with the Republicans on this.

    Well, you can be sure he’ll be hearing from his constituents. Because people know.

    And I’ll close by saying—Lincoln said: ‘Public sentiment is everything. With it, you can accomplish almost anything. Without it, practically nothing.’

    But for public sentiment to prevail, people have to know.

    And we are making sure that your constituents know—and that they are informing you of their knowledge of what you are doing.

    Reverse Robin Hood. Republican Reverse Robin Hood.

    Thank you very much for the opportunity to share some thoughts about this—and for sharing the story of this beautiful little girl.

    Thank you. I yield back.

    MIL OSI USA News –

  • MIL-OSI: CORRECTION — LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

    Q4 Revenue up 10% year-over-year

    FY25 Operating Cash Flow increases 46% year-over-year

    FY25 Share Repurchases totaled $101 million

    LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

    Q4 Financial Highlights1

    • Total revenue was $189 million, up 10%.
    • Subscription revenue was $145 million, up 9%.
    • Marketplace & Other revenue was $44 million, up 14%.
    • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
    • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
    • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
    • Net cash provided by operating activities was $63 million compared to $28 million.
    • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $746 million, up 13%.
    • Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
    • Marketplace & Other revenue was $177 million, up 21%.
    • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
    • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
    • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
    • Net cash provided by operating activities was $154 million compared to $106 million.
    • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569   — —
    YoY change 9% 11%   — —
    Marketplace & Other revenue $44 $177   — —
    YoY change 14% 21%   — —
    Total revenue $189 $746   — —
    YoY change 10% 13%   — —
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154   — —
    Free cash flow — —   $62 $153
               
    Totals may not sum due to rounding.
     
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
    • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
    • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
    • On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
    • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
    • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
    • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
    • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
    • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2026, LiveRamp expects to report:

    • Revenue of $191 million, an increase of 9%
    • GAAP operating income of $6 million
    • Non-GAAP operating income of $33 million

    For fiscal 2026, LiveRamp expects to report:

    • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
    • GAAP operating income of between $85 million and $89 million
    • Non-GAAP operating income of between $178 million and $182 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp® and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    ________________________
    1 Unless otherwise indicated, all comparisons are to the prior year period.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax –     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax –     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative) —     —     —     1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756     –   – %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock –     –     –   n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax —     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received —     (170,281 )
    Purchases of investments —     (24,509 )
    Proceeds from sales of investments —     25,000  
    Proceeds from sale of strategic investment 763     —  
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations —     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities —     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )   —  
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 64     —  
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill —     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763     —  
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )   —  
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 128     —  
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax   –     387     598     805     1,790       –     –     1,688     –     1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875   —   —   —   1,875     —     —   —   —  
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax –   387 598 805   1,790   –   – 1,688 –   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875   – – –   1,875   –   – – –   –  
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     

     

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025    		   March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

    PDF available: http://ml.globenewswire.com/Resource/Download/d38f8ec4-85ab-47f8-b916-e99c4789ac26 

    The MIL Network –

  • MIL-OSI USA: Duckworth, Cramer, Welch Renew Bipartisan Push to Help Families Experiencing Diaper Need

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    May 20, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senators Tammy Duckworth (D-IL), Kevin Cramer (R-ND) and Peter Welch (D-VT) re-introduced bipartisan legislation to make it easier for low-income families to afford the diapers they need. The End Diaper Need Act of 2025 would help assist low-income families address diaper need by providing targeted funding for states, territories, diaper banks and other eligible entities who help provide diapers and diapering supplies at no cost to those in need. A companion version of this bill is being introduced in the House by U.S. Representatives Rosa DeLauro (D-CT-03) and Bonnie Watson Coleman (D-NJ-12).
    “No parent should have to choose between paying the bills and buying something as basic as diapers that are essential to the health and well-being of their children,” said Senator Duckworth. “After working for years to secure major funding that is supporting our nation’s diaper banks, I’m proud to have Senators Cramer and Welch on my side reintroducing this bipartisan bill so we can help end diaper need for all families.”
    “Diapers are a basic necessity for all babies and toddlers, but many families struggle to afford enough diapers for their children,” said Senator Cramer. “Our bipartisan bill will increase access to diapers for children in need and deliver a commonsense tax policy update to ensure families can use their health savings in a way that works for them.” 
    “At a time when Republicans are trying to cut services working families rely on, and in the midst of an affordability crisis, it is important parents have access to the essentials they need,” said Senator Welch. “That’s why I’m proud to support this commonsense, bipartisan bill.”
    Diapers are critical not only for those who wear them but also for the economic and emotional health of a family as a whole. However, in this country, 1 in 2 families has reported not having enough diapers. It’s estimated that infants require up to 12 diapers a day. At the same time, toddlers need up to 8 per day, costing $80 to $100 or more per month per baby. Despite the unsafe medical conditions that can occur from rationing diapers, such as skin infections, open sores, urinary tract infections and other conditions that may require medical attention, there is currently little to no federal assistance for purchasing diapers and diapering supplies.
    To address this problem, the bipartisan End Diaper Need Act of 2025 would:
    Appropriate $200 million per year for fiscal years 2026 to 2029 for the Social Services Block Grant Program, to be used to provide diapers and diapering supplies; and
    Make medically necessary diapers and diapering supplies qualified medical expenses so that families can purchase them using their HSAs or HRAs.
     A copy of the bill text can be found on Senator Duckworth’s website.
    Along with Duckworth, Cramer and Welch, the legislation is co-sponsored in the Senate by U.S. Senator Mark Kelly (D-AR).
    Along with DeLauro and Coleman, this legislation is co-sponsored in the House by U.S. Representative Valerie Foushee (D-NC-04).
    “Families across the United States are struggling with the high cost of living. They are living paycheck to paycheck and struggling to keep up with their expenses. Sadly, one in three families do not have enough diapers to keep their children clean and healthy,” said Congresswoman DeLauro. “We cannot allow that to continue. If families do not have diapers, they cannot send their children to daycare. And if they cannot send their children to daycare, they cannot work. That is why I introduced the End Diaper Need Act with Congresswoman Bonnie Watson Coleman, and Senators Duckworth and Cramer, to provide families with reliable access to clean diapers that help keep their children safe and comfortable. I am also proud to join them in expressing our gratitude to local diaper banks and distribution programs that help support children and families nationwide. I will always fight to ensure families have the resources they need to thrive.”
    “When families are forced to stretch their dollars by forgoing diapers it can put babies’ health at serious risk,” said Congresswoman Watson Coleman. “This legislation will help struggling families afford diapers and diapering supplies for their little ones. It’s time we do more to support working families trying to make ends meet – this bill will help us do that.”
    The bipartisan End Diaper Need Act is endorsed by National Diaper Bank Network, Aeroflow, Center for Baby and Adult Hygiene Products, Center for Law and Social Policy, Child Welfare League of America, Coalition for Human Needs, First Focus for Children, HDI Wholesale, HIPPY US, JSL, Kimberly-Clark, MomsRising, National Women’s Law Center Action Fund and ZERO TO THREE.
    “Our more than 240 member diaper banks are keeping babies healthier and helping parents access child care,” said National Diaper Bank Network CEO Joanne Samuel Goldblum. “But our research shows that diaper need has become much more widespread in the years that we have been tracking it. Unmet diaper need is pervasive in all of our communities throughout the country. A public health issue of this scale cannot be solved without our government investing in the proven solution to end diaper need.”
    Duckworth also reintroduced the End Diaper Need Act in 2019, 2021 and 2023. She successfully secured $20 million in the final fiscal year (FY) 2023 appropriations package—and $10 million in the FY2022 appropriations package—dedicated to expanding diaper distribution programs. Duckworth also successfully secured provisions that mirrored her bipartisan End Diaper Need Act in the Democrat-passed American Rescue Plan that helped provide many low-income families with diapers and diapering supplies throughout the pandemic.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA News: President Trump is Right About What’s Happening in South Africa

    Source: The White House

    Today, President Donald J. Trump showed the world the shocking treatment of white farmers in South Africa — including with a video montage that highlighted the discrimination and violence targeted at the innocent minority victims.

    President Trump was exactly right.

    • “We left because of the attacks. You can’t stay on a farm as a white person in South Africa. You know you’ll be killed,” said one South African refugee.
    • New York Post: White South African couple say they’re victims of racial attacks — and can’t wait to be in Trump’s America
    • The Daily Mail: Why white South Africans are fleeing surging violence and ‘racist’ laws for new lives in America
    • BBC: ‘I didn’t come here for fun’ – Afrikaner defends refugee status in US
    • Breitbart: Trump Vindicated as South Africa Considers Bill to Redistribute Land on Racial Lines
    • BBC: South African president signs controversial land seizure law
      • The law is vague, stating that expropriation is allowed in circumstances where it is “just and equitable and in the public interest” to do so.
    • BBC: “Close to 70,000 South Africans have expressed interest in moving to the US following Washington’s offer to resettle people from the country’s Afrikaner community, a business group has said.”
    • The New York Times: ‘Kill the Boer’ Song Fuels Backlash in South Africa and U.S.
      • “The political rally was winding down when the brash leader of a leftist South African party grabbed the microphone and began to stomp and chant. Thousands of supporters joined in, and when he reached the climax, they pointed their fingers in the air like guns. ‘Kill the Boer!’ Julius Malema chanted, referring to white farmers. The crowd in a stadium in Johannesburg on Saturday roared back in approval.”
    • The New York Times: Killing of White Farmer Becomes a Flash Point in South Africa
    • Sky News: ‘Anti-white racism’: Farmers being targeted in South Africa
    • news.com.au: South Africans trapped ‘like frogs in boiling water’ as racial violence escalates
    • The Independent: South Africa: Taking farms from whites is justified because ‘it’s not really their land’, says EFF spokesman
    • New York Sun: From Murdered White Farmers to ‘Racially Disfavored Landowners’: Why Trump and Musk Are Targeting South Africa
    • The Independent: Farmers in South Africa claim they are being targeted in ‘horrific’ attacks
    • news.com.au: South Africa farm attacks: Brutal crimes landowners face
    • The Daily Mail: There’s been a murder a week on farms in South Africa this year. Now a race-baiting Marxist who loves singing Kill the Boer is set to become Vice President
    • Fox News: South African political leader calls for violence against White citizens at rally: ‘Kill the Boer, the farmer’

    MIL OSI USA News –

  • MIL-OSI Submissions: Solomon Islands – MRD officially welcomes new Minister of Rural Development

    Source: Government of the Solomon Islands – Ministry of Rural Development (MRD)

    The Ministry of Rural Development (MRD) officially welcomed its new Minister, Honourable Daniel Waneoroa, on May 14, 2025, with assured support and a commitment to drive the ministry’s key priorities and policies forward.

    Honourable Minister Waneoroa, MP for North Malaita Constituency, assumed the helm of Rural Development and the ministerial portfolio following his swearing-in on May 2, 2025, before the Governor-General, His Excellency Sir Reverend David Tiva Kapu.

    He replaced former Honourable Minister Rollen Seleso.

    During the introductory and welcome ceremony, Permanent Secretary John Niroa Misite’e acknowledged Hon. Waneoroa for accepting the responsibility of leading the ministry.

    PS Misite’e stated that the senior management and staff are pleased to have him as their new Minister.

    He assured that the ministry is ready to provide the necessary support to advance its key priorities and ensure services are delivered to our rural communities.

    Meanwhile, Hon. Minister Waneoroa expressed his appreciation to PS Misite’e, management, and staff for the warm welcome extended to him.

    Hon. Waneoroa said he is pleased to join MRD as Minister and to be part of a young and vibrant team that continues to deliver services to our rural people and support development initiatives across the country.

    He added that he looks forward to working closely with everyone to achieve the best outcomes for our rural communities through the ministry’s plans and key priorities for this year and beyond.

    The Minister also reaffirmed his political commitment to driving the ministry’s important policies and development initiatives for the benefit of every citizen of Solomon Islands.

    “MRD is a small ministry but with a significant footprint, and I am happy to join the ministry to help our country develop in our rural communities,” he said.

    The Minister also thanked PS Misite’e for his leadership and staff for their ongoing commitment and dedication to serving the nation over the years.

    He further stated that, as a new Minister, he is devoted to supporting the ministry’s ongoing legislative reforms and the implementation of the new CDF legislation for better governance.

    In response, PS Misite’e confirmed that the Ministry and its staff look forward to working with the Minister to continue the legislative and policy initiatives already underway.

    Honourable Minister Waneoroa is the current MP for North Malaita Constituency.

    Prior to his successful election to Parliament in the 2024 national election, Waneoroa, a university graduate, worked as a Planning Specialist for the Ministry of Provincial Government based in Auki, Malaita Province.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Finland – Modirum Partners with State Networks Finland to Deliver Real-Time Group Video Services for Finland’s Nationwide Public Safety Network

    Source: Modirum

    Helsinki, Finland, 21.5.2025 – Modirum and State Networks Finland (Erillisverkot) have announced a strategic partnership to deploy real-time group video services on Virve 2, Finland’s next-generation nationwide public safety network. This collaboration introduces a cutting-edge video platform designed to improve situational awareness, operational coordination, and decision-making for authorities and organizations operating in safety-critical environments.

    Enhancing Situational Awareness and Operational Readiness with Secure, Mission-Critical Video Solutions

    Modern public safety operations demand fast and secure access to live information from the field. Modirum’s NSC3 Group Video Service enables the secure transmission of live video, audio, and location data between field units and command centers — empowering faster response, better coordination, and ultimately, saving lives.

    Already in operational use by several Finnish public safety organizations, the platform supports various video inputs, including body-worn cameras, vehicle-mounted systems, drones, and fixed surveillance units. Purpose-built for harsh operational environments, NSC3 ensures reliable, real-time collaboration for first responders and other mission-critical actors.

    “For data security reasons, videos captured by public authorities cannot travel through commercial networks. Together with Modirum, we’ve built a centralized, secure Group Video Service tailored for safety-critical organizations. It provides a highly reliable and encrypted way to transfer live video from the field to command centers.”
    — Tuomas Ahlfors, Product Manager, State Networks (Erillisverkot)

    “The Group Video Service has proven to be a critical operational tool, significantly enhancing situational awareness and resource coordination. It enables more agile deployments and better crisis response.”
    — Mauri Kataja, Account Manager, State Networks (Erillisverkot)

    “We are proud to partner with State Networks, a recognized European leader in secure public safety infrastructure. Their commitment to innovation and national resilience aligns closely with Modirum’s mission to deliver AI-driven, mission-critical platforms that strengthen operational capabilities in demanding conditions.”
    — Tero Silvola, CEO, Modirum

    About State Networks – Erillisverkot

    State Networks Finland is a government-owned special-purpose entity under the Prime Minister’s Office, responsible for safeguarding mission-critical communication and infrastructure services in all circumstances. Through its Virve 2 broadband network, it delivers secure communications and situational awareness solutions for emergency services, public authorities, and other essential actors in Finnish society.

    Learn more: https://www.erillisverkot.fi

    About NSC3 by Modirum

    NSC3 is Modirum’s advanced platform for real-time situational awareness and secure communications. Supporting input from drones, body cams, dash cams, and IP cameras, NSC3 delivers seamless video sharing and features the industry’s fastest patented video engine, integrated Push-to-Talk and messaging, and is optimized for low-latency performance in all network conditions.

    Learn more: https://modirumplatforms.com/platforms/critical-communication/nsc3

    Modirum

    Modirum is a leading innovator in delivering secure, AI-driven solutions for Critical Communications, Telecom, Finance, Public & Government, Health Care and Energy sectors. With a focus on platform development, our mission is to empower public safety organizations and businesses by enabling them to launch, deliver, and scale services more efficiently while maintaining trust, reliability, and innovation.

    With 27 years of experience and a team of 250+ experts, we’ve successfully executed 500+ projects across 30 countries. Our expert team partners with organizations to deliver cutting-edge solutions tailored to the unique needs of the industries we serve.

    MIL OSI – Submitted News –