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Category: Taxation

  • MIL-OSI USA: ICYMI: Daily Caller Highlights Grassley’s Oversight of Wasteful DEI Spending at DOJ

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    EXCLUSIVE: GOP Sens Seek Answers For Taxpayers Who Picked Up Tab For Biden’s DEI InitiativesAdam PackMarch 31, 2025
    Senate Judiciary Republicans are seeking accountability for taxpayers who footed the bill for the Department of Justice’s (DOJ’s) diversity, equity and inclusion (DEI) initiatives under former President Joe Biden.
    Senate Judiciary Committee Chairman Chuck Grassley of Iowa and GOP Sens. Mike Lee of Utah, Ted Cruz of Texas and Ashley Moody of Florida wrote to the Government Accountability Office (GAO) Thursday to ask the nonpartisan watchdog to perform an audit of the DOJ’s DEI practices under the Biden-Harris administration. The senators asked that GAO investigate how much time and money were spent executing the Biden administration’s executive orders cementing DEI initiatives across the federal government, according to the letter obtained exclusively by the Daily Caller News Foundation.
    “The Biden-Harris EO [Executive Order] was a divisive bureaucratic burden on the Executive Branch,” the GOP senators wrote to GAO Comptroller General Gene Dodaro. “The taxpayer deserves to know how much time and money the Biden-Harris DOJ spent on these efforts.”
    “Specifically, the taxpayer has a right to know how many DOJ employees were hired to work on DEIA [Diversity, Equity, Inclusion and Accessibility] programs or initiatives and how much money the DOJ spent on these functions, including salaries, fringe benefits, rent for office space, and supplies for employees,” the senators said.
    Senate Republicans’ request for an audit of the Biden administration’s DEI initiatives comes as President Donald Trump’s administration has moved to roll back Biden’s DEI practices, which Trump has referred to as “illegal and immoral discrimination.”
    “[N]early every Federal agency and entity [under Biden] submitted ‘Equity Action Plans’ to detail the ways that they have furthered DEIs [sic] infiltration of the Federal Government,” Trump wrote in his executive order banning government DEI initiatives on Jan. 20. “The public release of these plans demonstrated immense public waste and shameful discrimination. That ends today. Americans deserve a government committed to serving every person with equal dignity and respect, and to expending precious taxpayer resources only on making America great.”
    The Senate Judiciary Committee Republicans are specifically requesting that the GAO probe the Biden administration’s EO 14035 titled, “Diversity, Equity, Inclusion and Accessibility in the Federal Workforce,” issued in June 2021.
    “As the Nation’s largest employer, the Federal Government must be a model for diversity, equity, inclusion, and accessibility, where all employees are treated with dignity and respect,” Biden wrote.
    The EO led to the creation of new DEI offices in the federal government and new federal spending on DEI initiatives. The GOP senators cited a Parents Defending Education analysis that found that the Biden-Harris DOJ alone spent more than $100 million on promoting DEI initiatives in K-12 school districts.
    The EO also required federal agencies to create individual “strategic plans” to advance DEI priorities. “GAO should review the time and money the DOJ dedicated to these efforts,” the senators wrote.
    Attorney General Pam Bondi has worked to undo the Biden DOJ’s DEI practices and carry out Trump’s EO prohibiting certain DEI practices in the private sector and in educational bodies that receive federal funds.
    The DOJ announced an investigation into four California universities Friday for allegedly using DEI practices in their admission policies.
    -30-

    MIL OSI USA News –

    April 3, 2025

  • MIL-OSI USA: Industry Support Grows Ahead of Vote on Kaine, Klobuchar & Warner’s Bill to Undo Trump’s Canada Tariffs

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Following an endorsement from the U.S. Chamber of Commerce, U.S. Senators Tim Kaine (D-VA), Amy Klobuchar (D-MN), and Mark R. Warner (D-VA) issued the following statement welcoming broad support for their bipartisan legislation to undo President Trump’s tariffs on Canadian goods, which amount to a 25 percent tax on goods imported from one of America’s top trading partners and closest allies. The legislation will be voted on today.

    “We welcome the strong support we continue to receive from both organized labor and businesses, including from the U.S. Chamber of Commerce, for our legislation to undo Trump’s new sales tax on Canadian goods,” said the senators. “The outpouring of endorsements for our effort highlights that these new taxes are bad for America’s businesses that need stability to thrive and for hardworking families who want prices to go down, not up. We are giving every Senator an opportunity today to put their constituents’ pocketbooks first by challenging a nonsensical trade war with one of America’s closest trading partners and allies.”

    “Tariffs are taxes—paid by Americans—and they will quickly increase prices at a time when many are struggling with the cost of living. These import taxes are also harming U.S. manufactures and drawing retaliatory duties, worsening their impact on our economy… It is appropriate for Congress to exercise its authority under IEEPA and pass SJ Res 37, which would terminate the national emergency and the imposition of tariffs under Executive Order 14193,” wrote Neil L. Bradley, U.S. Chamber of Commerce Executive Vice President, Chief Policy Officer, and Head of Strategic Advocacy, in the Chamber’s endorsement letter, which is available here.

    In addition to the Chamber, the senators’ bill is supported by the AFL-CIO, the United Steelworkers (USW), the International Association of Machinists and Aerospace Workers (IAM), International Federation of Professional and Technical Engineers (IFPTE), National Retail Federation (NRF), the North America’s Building Trades Unions, the Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA), the U.S. Conference of Mayors, Foreign Policy for America (FP4A), the National Taxpayers Union, the Taxpayers Protection Alliance, and Advancing American Freedom. Here’s what they’re saying:

    North America’s Building Trades Unions President Sean McGarvey: “The United States and Canada share far more than just a border—we share a deep, enduring economic and workforce partnership that has strengthened both our nations for generations… That partnership is enshrined in the United States-Mexico-Canada Agreement (USMCA), a comprehensive trade agreement that President Trump himself negotiated and enacted that already governs our economic relations in this hemisphere… By circumventing this agreement and imposing unilateral tariffs on Canada, the Administration is harmfully undermining a key foreign ally while also carelessly shooting holes in the credibility of its own signature economic policy.”

    The Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA) Executive Director for Legislative and Political Affairs Stanley E. Kolbe, Jr.: “On behalf of our membership, SMACNA would like to voice its strong support for S.J. Res. 37… Tariff penalties aimed at Canada for non-trade objectives have already caused harsh and unnecessary economic pain for US workers and harm to our nation’s construction and related metal fabricating as well as HVAC equipment manufacturing businesses. In fact, it will punish businesses, labor and economies on both sides of the border, and in direct contravention of the provisions featured in the existing USMCA.”

    The National Retail Federation (NRF) Executive Vice President for Government Relations David French: “While we strongly agree with the need to secure our borders, we do not believe using trade tools such as tariffs for non-trade purposes is the right approach to achieve this goal, especially without closest trading partner… U.S. retailers depend on Canada for a wide range of consumer goods under the United States-Mexico-Canada Agreement (USMCA), which Congress overwhelmingly approved. Canada represents a significant market for U.S. retailers that not only have operations in Canada but also rely on a robust cross-border consumer market, with Canadian consumers hopping in U.S. retail stores on a daily basis. These operations are all now being significantly disrupted because of the tariffs applied to Canada under the International Emergency Economic Powers Act and Canada’s retaliation against those tariffs.”

    The U.S. Conference of Mayors CEO and Executive Director Tom Cochran: “…We write to express our strong support for S.J. Res. 37, the joint resolution to terminate the national emergency declared on February 1, 2025, that launched a trade war with Canada and thus to terminate the tariffs on Canadian imports implemented as part of that unfounded emergency… This declaration has triggered a damaging and unnecessary trade conflict with Canada—our closest ally, largest trading partner, and critical collaborator in addressing economic and public safety challenges across North America… These actions are raising prices for consumers, disrupting key industries such as construction and manufacturing, and threatening jobs in communities large and small. They also risk increasing already high housing costs, as tariffs on Canadian lumber, steel, aluminum, and other critical building materials will make housing construction and infrastructure development significantly more expensive.”

    AFL-CIO Director of Government Affairs Jody Calemine: “On behalf of the AFL-CIO, I urge you to support S.J. Res. 37, a resolution introduced by Senator Tim Kaine to terminate the national emergency that was declared to justify tariffs on imports from Canada under the International Emergency Economic Powers Act (IEEPA)… However, imposing large, across the board tariffs on Canada aimed at non-trade objectives will only cause unnecessary economic pain for workers and businesses on both sides of the border.”

    International Association of Machinists and Aerospace Workers (IAM) International President Brian Bryant: “On behalf of the 600,000 active and retired members of the International Association of Machinists and Aerospace Workers (IAM), I write today in strong support of S.J. Res. 37… These new tariffs on Canada, one of our closest allies and largest trading partners, are unjust and will have lasting negative impacts on American and Canadian workers… The Trump administration’s erratic approach to tariffs is wreaking havoc on workers and businesses in the United States and Canada. Punishing one of our nation’s closest trading partners based on a false pretense is wrong and the action needs to be reversed.”

    International Federation of Professional and Technical Engineers (IFPTE) President Matthew S. Biggs and Secretary-Treasurer Gay Henson: “As the Executive Officers of the International Federation of Professional and Technical Engineers (IFPTE), representing 90,000 workers in the private, public, and federal sectors across North America, we are writing in support of S.J. Res. 37… Canada is America’s closest ally and number one trading partner. Our trading relationship uplifts American and Canadian working families alike. Imposing reckless tariffs on Canadian imports will harm both the U.S. and Canadian economies and do even greater harm to working families on both sides of the border. Congress must step in now to block this reckless and destructive policy.”

    National Taxpayers Union: “Canada is an important supplier of goods that strengthen U.S. security, including crude oil, natural gas, steel, and aluminum. Tariffs that restrict our access to these supplies and increase their cost will weaken our industrial base and undermine our ability to sustain our defense in the event of a national emergency.”

    Taxpayers Protection Alliance President David Williams: “TPA enthusiastically supports Sens. Tim Kaine and Rand Paul’s CRA to overturn President Trump’s February 1, 2025, national emergency declaration. This use of the International Emergency Economic Powers Act (IEEPA) is fraught with issues. The ensuing trade war will inevitably raise costs for consumers. Placing a 25 percent tariff on goods from Canada and Mexico will harm consumers and the vast majority of American businesses.”

    United Steelworkers (USW) International President David McCall: “On behalf of the 850,000 active members of the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (USW), I urge you to support S.J. Res. 37, a resolution introduced by Senator Tim Kaine to terminate the national emergency that was declared to impose duties on imports from Canada, under the International Emergency Economic Powers Act (IEEPA)… These new tariffs are misdirected, unsubstantiated by facts, and harmful to the very workers we represent.”

    Advancing American Freedom (AAF) President Tim Chapman: “Tariffs are a tax on American families and businesses. The first Trump administration cut an excellent deal with Canada with USMCA. The president should not abandon this agreement and lacks the authority to unilaterally do so.”

    MIL OSI USA News –

    April 3, 2025

  • MIL-OSI Asia-Pac: Indian Railways Achieves ₹2.56 Lakh Crore Revenue in 2023-24 with Net Profit of ₹3,260 Crore Amid Major Investments in Staff, Pension, and Energy

    Source: Government of India

    Indian Railways Achieves ₹2.56 Lakh Crore Revenue in 2023-24 with Net Profit of ₹3,260 Crore Amid Major Investments in Staff, Pension, and Energy

    Indian Railways Adopts Two-Pronged Strategy to Boost Profits by Increasing Revenue and Enhancing Operational Efficiency

    Freight Loading Surges 29% to 1,591 MT in 2023-24; Indian Railways Targets 1.6 Billion Tonnes in 2024-25 to Become World’s Third Largest Freight Carrier

    Railways Expands Freight Business with Private Investment in Terminals, Modern Wagons, Cargo Aggregation, and Competitive Tariff Policies

    Railways Strengthen Cost Management Through Electrification, Workforce Optimization, and Operational Efficiencies, Saving ₹4,700 Crore on Diesel in 2023-24

    Indian Railways Pioneers Green and Sustainable Initiatives with HOG Trains, Electrification, LED Adoption, Renewable Energy, and Hydrogen-Powered Trains

    Rail Network Speed Potential Expands to 80,000 km at 110 kmph, with 23,000 km Upgraded for 130 kmph Since 2014

    Posted On: 02 APR 2025 7:39PM by PIB Delhi

    During 2023-24, the earning of Indian Railways (IR) was ₹2,56,093 cr and revenue expenditure was ₹2,52,834 cr. The net Revenue has improved to Rs 3,260 crore in 2023-24. Major expenditure is done on Staff cost, Pension, energy consumption etc.

    To increase the profit, Indian Railways (IR) has adopted two-pronged approach i.e. increase the revenue and bring efficiency in operational expenditure. 

    Due to implementation of several freight revenue initiatives, the freight carried by IR during 2020-21 was 1,233 million tonnes which increased to 1,591 million tonnes during 2023-24 i.e. a growth of 29%. IR is set to achieve 1.6 billion tonnes freight loading in the FY 2024-25 making it the third largest freight handling railway system in the world. Some of the important measures to improve the freight include-

    • Encouraging private sector to develop the modern rail freight terminals under ‘Gati Shakti Multi- Modal Cargo Terminal (GCT)’ policy and augmenting/ upgrading the infrastructure at railway owned goods sheds.
    • Implementing various schemes for private sector to invest in wagons including the commodity focused specialized wagons such as wagons for cement, oil, steel, fly-ash, automobiles etc.
    • Facilitating cargo aggregation and thereby, expand the commodity basket by the schemes including the policy of “Cargo Aggregator Transportation Product” and “Joint Parcel Product-Rapid Cargo Services”.
    • Implementing the several tariff related measures to enhance the rail share by making rail mode competitive with respect to road. These include Short Lead Concession for traffic upto 90 Km, Liberalized Automatic Freight Rebate scheme for traffic loaded in empty flow direction, discounts on loading of bagged consignment in open and flat wagon, discount in freight to Fly ash/Bed ash traffic, operation of Mini Rake for Container train, fixation of special haulage rate for Bulk Cement (cement in loose form) when transported in normal containers.

    IR has also undertaken many initiatives to increase non-fare revenue such as measures to increase the advertisement earnings, implementing the NINFRIS (New and Innovative Ideas and Concepts Scheme for Generation for Non-fare Revenue) policy to encourage innovative revenue-generating ideas. Some examples of NINFRIS Contracts are Nursing pods, luggage wrapping and sanitization, digital cloakrooms, disposal linen kiosks, imitation jewellery kiosks, Khadi selling kiosks, handicraft kiosks, Kiosks for online education platforms, facilities for electric charging facilities, oxygen parlours, etc. An e-auction policy has been implemented to expedite the bidding for assets such as leased parcel space, parking lots, ATMs etc.  The benefits of e-Auction module include – realization of true earning potential of each asset, reduction the time taken in finalization of Tenders and prevent revenue loss on this account, re-award of contract in quick time in case of failure in commencing by any contractor etc.

    IR has also undertaken steps to improve the earning from passenger segments such as running of special trains, augmentation of on-board capacity, and introduction of new trains with higher facilities on appropriate fare.

    Similarly, various measures are being regularly taken in railways to ensure optimum expenditure.  Some of the expenditure management on railways includes manpower management, electrification of Railway tracks etc.  Measures like electrification of Railway tracks has led to savings of more than Rs 4700 crore under Diesel traction in FY 2023-24.    

    Cleanliness is a continuous process and various measures have been taken for maintaining cleanliness at stations and trains which include integrated housekeeping contracts at major stations & trains, mechanized cleaning, bio-toilets in passenger coaches, On Board Housekeeping Service (OBHS) scheme in long distance trains, Clean Train Station (CTS) scheme for identified trains en-routed at nominated stations, dustbins for bio-degradable and non-biodegradable wastes etc.

    IR has taken various steps to promote environment friendly & sustainable practices. Some of them are as under: –

    • Conversion of End on Generation (EOG) trains into Head on Generation (HOG) trains to reduce noise, air pollution and diesel consumption.
    • Construction of Eastern and Western Dedicated Freight Corridors (DFCs).
    • Procurement of renewable energy from different power procurement modes for its future energy requirements.
    • Provision of energy efficient Light Emitting Diode (LED) lighting in all Railway installations including stations, service buildings, residential quarters and coaches for reduction in electricity consumption.
    • Use of star rated appliances.
    • 98% of railway tracks have been electrified, resulting in saving in diesel consumption.
    • Harnessing hydrogen gas to drive train sets.
    • Green Certifications of railway establishments.
    • Proper waste management.

    Improvement/up-gradation of Rolling Stock to enhance safety and comfort of passengers is a continuous and ongoing process on IR. The initiatives include LHB coaches with operating speed of 160 Kmph, better riding index, improved aesthetics and safety features like Lightweight design, Anti-telescopic & Anti climbing features, Centre Buffer Coupler, Axle mounted disc brake system etc. as compared to the conventional ICF coaches of the 1960s.

    In its constant endeavor to provide faster service and better travel experience to the passengers, IR are introducing Vande Bharat trains and Namo Rapid Rail service, which have modern coaches, enhanced safety features and better amenities. Presently, 136 Vande Bharat services and 2 Namo Rapid Rail services are in operation on the IR network.

    IR have also introduced modern State-of the Art fully Non-AC Amrit Bharat trains. These trains have advanced features like Semi-Permanent couplers for jerk free travel, horizontal sliding windows, better aesthetics of Berths with enhanced look & feel on the lines of Vande Bharat Sleeper, improved crashworthiness in coaches, Emergency Talk Back Unit, improved LED Light fitting & Charging Sockets, foldable snack table and bottle holders, mobile holders etc. These trains comprise 12 Sleeper Class Coaches and 8 General Class coaches. Presently, 4 Amrit Bharat services are in operation.

    Besides the improvement in rolling stock, the following measures have been taken by IR to upgrade railway tracks:

    1. Using modern track components consisting of 60kg, 90 Ultimate Tensile Strength (UTS) rails, Pre-stressed Concrete Sleeper (PSC) Normal/Wide base sleepers with modern elastic fastenings.
    2. Laying of fan-shaped turnout on PSC sleepers with Thick Web Switches and Weldable CMS Crossings.
    3. Providing Steel Channel/H-beam Sleepers on girder bridges while carrying out primary track renewals.
    4. Using 130m/260m long rail panels for rail renewals to minimize weld- joints.
    5. Field-welding by mobile Flash Butt Welding Plant and advanced USFD Testing technique of Rail/ Welds by Phased array technology.
    6. Mechanization in Track renewal/ replacement using Track Relaying Trains, Points & Crossing Changing machines, Track laying Equipment etc.
    7. Deployment of Integrated Track Monitoring Systems (ITMS) and Oscillation Monitoring System (OMS) for comprehensive health assessment to project optimal maintenance requirements.
    8. Induction of advance modern machines for track maintenance i.e., high output tampers, high output Ballast Cleaning Machines and Rail Grinding machines etc.
    9. Adopting Self-propelled Ultrasonic Rail Testing Car (SPURT) and Rail Cum Road Vehicle (RCRV) based USFD system for testing of rails/welds.
    10. Using web enabled Track Management System (TMS) for integration and data analytics of the track inspection records received through various sources to enable precise maintenance inputs.

    As a consequence of above measures, speed potential of 110 kmph has now been improved significantly to about 80,000 km at present which was only about 31,000 km in 2014. In addition, upgradation and improvement of about 23,000 km track has been done from 2014-15 to 2024-25 (up to Feb’25) for speed potential of 130 kmph. 

    IR strives to provide affordable services to all strata of the society. IR gave a subsidy of Rs. 56,993 crores on passenger tickets in 2022-23. This amounts to concession of 46% on an average, to every person, travelling on Railways. In other words, if the cost of providing service is Rs. 100, then the price of ticket is Rs. 54 only. This subsidy is continuing for all passengers. Further, concessions beyond this subsidy amount are continuing for many categories like 4 categories of Persons with disabilities (Divyangjans), 11 categories of patients and 8 categories of students.

    This information was given by the Union Minister of Railways, Information & Broadcasting and Electronics & Information Technology Shri Ashwini Vaishnaw in a written reply in Lok Sabha today.

    *****

    Dharmendra Tewari/Shatrunjay Kumar

    (Release ID: 2118003) Visitor Counter : 42

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI Asia-Pac: Auction of Coal Mines

    Source: Government of India

    Posted On: 02 APR 2025 6:11PM by PIB Delhi

    Since year 2020, a total of 109 coal mines have been allocated through commercial coal mine auction, of which 15 mines are operational. Additionally, during the same period, 392 non-coal major mineral blocks have been auctioned, of which 32 are operational.

    No coal/lignite mine has been allocated by Ministry of Coal through commercial coal mine auction in state of Rajasthan.

    Since the launch of Commercial coal mining in 2020 till January 2025, revenue of about Rs. 4149.76 crores has been realized in the form of Upfront amount and Monthly Payments (excluding royalty, cess, DMF, NMET etc.) to the State Govts. of coal/ lignite bearing areas for further utilization. State wise revenue generated from commercial mining in the form of Upfront amount and Monthly Payments (excluding royalty, cess, DMF, NMET etc.) is as under:

    S.No.

    State

    Revenue till Jan 2025 (Rs in Cr.)

    1

    Chhatisgarh

    1722.85

    2

    Jharkhand

    579.07

    3

    Maharashtra

    143.07

    4

    Madhya Pradesh

    549.21

    5

    Odisha

    1061.78

    6

    West Bengal

    93.60

    7

    Assam

    0.18

    Grand Total

    4149.76

    The Ministry of Coal is actively addressing delays in coal mine operationalization including from environmental clearances and land acquisition through several key measures. A Monitoring Committee has been constituted under the Chairmanship of Secretary (Coal) with Chief Secretaries from respective Host States, Secretary (MoEF& CC), Coal Controller Organization (CCO) & CMPDIL as members of the Committee to conduct regular reviews and to expedite the development of blocks.

    This information was given by Union Minister of Coal and Mines Shri G. Kishan Reddy in a written reply in Lok Sabha today.

    ****

    Sunil Kumar Tiwari

    (Release ID: 2117930) Visitor Counter : 61

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI Asia-Pac: Mozambique Delegation Explores India’s Decentralized Governance Framework

    Source: Government of India

    Posted On: 02 APR 2025 6:40PM by PIB Delhi

    On April 1, 2025, the Ministry of Panchayati Raj hosted an interactive session on Decentralized Governance & Public Administration for a distinguished delegation from Mozambique. The delegation was hosted by Shri Sushil Kumar Lohani, Additional Secretary, Ministry of Panchayati Raj (MoPR), and Shri Alok Prem Nagar, Joint Secretary, MoPR. The Mozambique delegation was headed by Prof. Benigna Zimba, Coordinator of Commission of Reflection on the Model of Decentralisation (CREMOD), established by the Government of Mozambique. This delegation is visiting India specifically to study the country’s decentralization framework and the Panchayati Raj system in India.

    During the interaction, Shri Sushil Kumar Lohani, Additional Secretary, MoPR shared a comprehensive overview of the Panchayati Raj system in India.  He emphasized upon the constitutional framework that supports local self-governance in India and elaborated upon the journey of decentralization since the 73rdConstitutional Amendment. Shri Lohani also highlighted the significant role and representation of women in the Panchayati Raj system. He underlined the activities and transformative changes in the governance mechanism during the last ten years, which have brought about positive transformation at grassroots level.

    Shri Alok Prem Nagar, Joint Secretary, MoPR shared his valuable insights on the operational aspects of Panchayati Raj Institutions and the various initiatives undertaken by the Ministry to strengthen local governance across the country. He particularly emphasized on the role of digital transformation in enhancing transparency and efficiency in PRIs.

    Issues of Capacity Building & Training (CB&T) of PRIs, good practices adopted by various States and Union Territories, e-Governance at the Panchayat level, digital governance, integration of e-GramSwaraj with Government e-Market place (GeM) were also elaborated upon. The session also emphasized how digital platforms have improved service delivery and reduced bureaucratic hurdles. Citizen Charter of PRIs was another focal point of the discussion, highlighting its significance in establishing clear expectations between citizens and PRIs.  Key themes like Own Source Revenue mobilization, Finance Commission Grants, localization of SDGs, and PESA Act etc. were also discussed during the session.

    Prof. Benigna Zimba and other members of the Mozambique delegation actively participated in the interactive session, sharing the distinct features of the Decentralized Governance model in Mozambique,  providing insights into their country’s governance structure, ongoing reforms, and future prospects. The delegation expressed particular interest in India’s digital governance initiatives and capacity-building programs, recognizing their potential applicability in the Mozambican context.

    The Mozambique delegation included Prof. Benigna Zimba (Member and Coordinator, CREMOD), Mr. Francisco Eliseu de Sousa (Member), Mr. Flavio Mulamdo (Secretariat), and Mr. Tuarique Abdala (Secretariat). Mr. Orlando Rodolfo, Minister Counsellor, High Commission of Mozambique, New Delhi.

    ***

    Aditi Agrawal

    (Release ID: 2117959) Visitor Counter : 45

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI Africa: Parliament adopts 2025 budget framework

    Source: South Africa News Agency

    Wednesday, April 2, 2025

    Parliament has voted to adopt the 2025 Fiscal Framework and Revenue Proposals, following a debate in the house.

    Parliament also debated on and adopted the report of the Standing Committee on Finance related to the national budget, on Wednesday afternoon.

    Members of Parliament voted as follows:
    •    182 members voted against
    •    194 voted in favour
    •    there were no abstentions.

    “The question that the 2025 Fiscal Framework and Revenue Proposals and the report of the Standing Committee is thus adopted,” Presiding officer Cedric Frolick said after the votes were counted.

    Earlier in the debate, Chairperson of the Standing Committee on Finance Mkhacani Maswanganyi outlined the steps taken since Finance Minister Enoch Godongwana delivered the Budget Speech in March.

    “The Minister, together with the commissioner of SARS [South African Revenue Service], briefed the committee on the 14th of March. On 18 March…the committees of Finance, both in the NCOP [National Council of Provinces] and the NA [National Assembly] received the post-budget input from the Parliamentary budget office and the financial and fiscal commission.

    “The committee issued adverts for public hearings…on websites, social channels and print media. The committees held public hearings on 25 March 2025 [and] we received 51 submissions – 29 written and 22 orally.

    “National Treasury and SARS responded to the issues raised during the public hearings and engaged with the committees and stakeholders on the 28th of March 2025,” he said.

    Following that, the committee secretariat sent out a draft report and set an agenda meeting for both the Standing and Select committees on Finance to consider and adopt the report.

    “The report…is a result of an extensive process,” Maswangayi explained. – SAnews.gov.za

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    MIL OSI Africa –

    April 3, 2025

  • MIL-OSI Security: Third Defendant Pleads Guilty to Scheme to Bribe Feeding Our Future Juror

    Source: Office of United States Attorneys

    MINNEAPOLIS – Abdulkarim Farah, a Minneapolis man, has pleaded guilty to his role in providing a cash bribe to a juror in the Feeding Our Future trial, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    On April 22, 2024, seven defendants went to trial before U.S. District Judge Nancy E. Brasel for their roles in the Feeding Our Future fraud scheme.  Two of the defendants on trial were brothers of Abdulkarim Shafii Farah, 25.  During the trial, Abdulkarim Farah conspired with his brothers and others to provide a cash bribe to one of the jurors—Juror 52—in exchange for returning a not guilty verdict in the trial.

    According to court documents, after his co-defendants identified and decided to target Juror 52, Abdulkarim Farah conducted surveillance of Juror 52 and Juror 52’s house.  Abdulkarim Farah sent a map of where Juror 52 parked while serving on the jury. Co-defendant Ladan Ali was recruited to deliver the bribe money to Juror 52, and Abdulkarim Farah was instructed to drive Ali to Juror 52’s house and record a video of Ali delivering the bribe.  After meeting Ali in the vicinity of Juror 52’s house, Abdulkarim Farah drove to a Target store to purchase a screwdriver.  Abdulkarim Farah used the screwdriver to remove the license plate from Ali’s rental car in order to avoid detection by law enforcement.

    On June 2, 2024, at approximately 8:50 p.m., Abdulkarim Farah drove Ali to Juror 52’s house and recorded her delivering a gift bag containing the bribe money. As Ali handed the money to a relative of Juror 52, she explained that there would be more money if Juror 52 voted to acquit the defendants.  After the bribe money was delivered, Abdulkarim Farah sent the video he had taken to his brother, Abdiaziz Farah. After the bribe had been disclosed in court, on June 3, 2024, Abdulkarim Farah uninstalled and deleted the Signal encrypted messaging app from his iPhone in order to destroy the messages he and his co-defendants exchange concerning the bribery attempt.

    Abdulkarim Farah pleaded guilty today in U.S. District Court before Judge David S. Doty to one count of bribery of a juror.  A sentencing hearing will be scheduled at a later time.

    “The attempted bribery of Juror 52 is a shameful chapter in Minnesota history,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “Juror bribery strikes at the heart of the criminal justice system.  It is unacceptable—in Minnesota and in the United States—and can never be repeated. In contrast to the reprehensible behavior of the defendants, I am grateful for Juror 52, who is the true hero of this story.  Juror 52—who could not be corrupted and immediately alerted law enforcement—represents the best of Minnesota.”

    “Attempting to corrupt the judicial process through bribery strikes at the very foundation of our justice system,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “The FBI and our law enforcement partners will not tolerate efforts to undermine the rule of law and the fair administration of justice.”

    This case is the result of an investigation conducted by the FBI with assistance from IRS – Criminal Investigation, the U.S. Postal Inspection Service, and the Minnesota Bureau of Criminal Apprehension.

    Assistant U.S. Attorneys Joseph H. Thompson, Matthew Ebert, Harry Jacobs, and Daniel Bobier are prosecuting the case.

    MIL Security OSI –

    April 3, 2025

  • MIL-OSI: Kvika banki hf.: Announcement regarding reduction in share capital

    Source: GlobeNewswire (MIL-OSI)

    At Kvika’s AGM held on 26 March 2025 the meeting approved to reduce the company’s share capital by ISK 91,073,340 nominal value, or the equivalent of 91,073,340 shares, from ISK 4,722.073,340 to ISK 4,631,000,000 nominal value, by cancelling own shares held by the company in the said amount.

    These are shares that the company purchased under a formal buy-back programme in 2024 and under current buy-back programme.

    The share capital reduction has now been registed by the register of undertakings of the Directorate of internal Revenue and the share capital amounts to nominal value of ISK 4,631,000,000. 

    Following the reduction the bank holds 19,467,963 own shares.

    The MIL Network –

    April 3, 2025

  • MIL-OSI USA: Congressman Nick Langworthy Introduces Bill to Support the Wellbeing of Family Caregivers

    Source: US Congressman Nick Langworthy (NY-23)

    WASHINGTON, D.C. – Today, Congressman Nick Langworthy (NY-23) introduced the bipartisan H.R. 2560, the Lifespan Respite Care Reauthorization Act, which would extend funding for programs that provide short-term relief to unpaid caregivers who look after people with disabilities or chronic conditions. Congressman Langworthy is joined by co-lead Rep. Tokuda (D-HI) in introducing this bill. Senators Susan Collins (R-ME) and Tammy Baldwin (D-WI) introduced the companion to this bill in the Senate. 

     

    “Too often we see family members who are full time caregivers on top of the other responsibilities of life. While this is selfless and heroic work, it is often financially and emotionally taxing on the entire family,” said Congressman Langworthy. “Respite care helps to reduce mental stress and physical health issues that family caregivers may experience, keeping them healthy and families intact.”

     

    Specifically, the bill reauthorizes funding for the Lifespan Respite Care Program through fiscal year 2029. The Lifespan Respite Care Program plays a crucial role in supporting caregivers and enhancing the overall quality of life for individuals with chronic conditions or disabilities, such as Alzheimer’s or dementia. By providing funding opportunities to states and programs, these programs offer caregivers a temporary break from the heavy physical, mental, and financial tolls associate with caregiving that, all too often, go unnoticed. This can, in turn, improve the quality of life for both caregivers and individuals living with chronic illness. 

     

    “In rural areas, where access to healthcare and respite services can be very limited, caregivers go above and beyond to provide essential care to loved ones with disabilities and chronic conditions. The Lifespan Respite Care Reauthorization Act provides much-needed support to the unsung heroes of our communities,” said Rep. Tokuda. “I’m proud to join Rep. Langworthy in introducing this bill to ensure caregivers continue to receive the resources and relief they deserve. By reauthorizing this program, we are helping to keep families together, reduce caregiver burnout, and strengthen our rural health safety net.”

     

    This legislation has also received support from thirty-five organizations, including: AARP, Access Ready Inc., ACCSES, Aging Life Care Association, Alzheimer’s Association, ALS Association, American Academy of Pediatrics, American Association of Caregiving Youth, American Association on Health and Disability, American Music Therapy Association, American Therapeutic Recreation Association, Autism Society of America, Autistic Self Advocacy Network, Autism Speaks, Christopher & Dana Reeve Foundation, CommunicationFIRST, Elizabeth Dole Foundation, Epilepsy Foundation of America, Generations United Inc., Lakeshore Foundation, National Academy of Elder Law Attorneys, National Adult Day Services Association, National Alliance for Caregiving, National Council on Aging, National Down Syndrome Congress, National Federation of Families, National Military Family Association, National Multiple Sclerosis Society, National Respite Coalition, The Arc of the United States, The Sibling Leadership Network, United Spinal Association, United States International Council on Disabilities, USAging, Well Spouse Association.

     

    Christopher Banks, President and CEO of the Autism Society, said that the organization,“supports the reauthorization of the Lifespan Respite Care Act, recognizing it as a crucial step toward ensuring families in the autism community have access to essential respite services. By offering caregivers the opportunity to rest and recharge, this legislation not only honors the tireless efforts of those supporting individuals with autism but also plays a vital role in preventing caregiver burnout. Sustaining access to respite care is fundamental to the well-being of both families and the individuals they care for, ultimately contributing to the creation of stronger, healthier communities for all.” 

     

    “Over 11 million Americans are providing unpaid care for loved ones living with Alzheimer’s, providing an estimated 18.4 billion hours of care valued at nearly $350 billion. The bipartisan Lifetime Respite Care Reauthorization Act will provide our nation’s caregivers with necessary relief and support, helping care for these individuals who care for others,”said Robert Egge, AIM president and Alzheimer’s Association chief public policy officer.“Thank you to Reps. Langworthy and Tokuda for introducing this critical bipartisan legislation and supporting America’s caregivers.”

     

    “Respite is a lifeline for millions of family caregivers who provide essential support for loved ones across the country. The Lifespan Respite Care Reauthorization Act of 2025 is a step towards recognizing the critical role caregivers play in our communities and economy, ensuring they have the resources needed to sustain their well-being,”said Jason Resendez, President and CEO, National Alliance for Caregiving.

     

    “Caregivers play an essential role in the lives of many autistic people—often providing around-the-clock support that goes unpaid and under-recognized,” said Keith Wargo, President & CEO of Autism Speaks. “We’re grateful to Representatives Nick Langworthy and Jill Tokuda for championing the reauthorization of the Lifespan Respite Care Program. By offering caregivers a break from the physical, emotional, and financial demands they face, this legislation helps protect their well-being—and, in turn, the well-being of the people they care for.”

     

    “Everyone needs a break sometimes. That is especially true for caregiving. Caregiving can take its toll,”said Alexandra Bennewith, Vice President, Government Relations, United Spinal Association.“The Lifespan Respite Care Program helps ensure we keep caregivers healthy with appropriate rest.  United Spinal represents the nation’s 5.5 million wheelchair users who most often require caregivers in order to lead a fuller quality of life. That number is projected to grow and the graying of America is only going to increase the need for this program.  Already, 5 million children, those under 18, are serving as caregivers for their parents or grandparents. These numbers are just the tip of the iceberg. We need to give caregivers some space and supports to be able to recuperate before the whole system breaks. Congress should pass and fund the Lifespan Respite Care Reauthorization Act now.” 

    ###

    MIL OSI USA News –

    April 3, 2025

  • MIL-OSI Security: New Kensington Man Sentenced to Six Years in Prison for Cocaine Trafficking

    Source: Office of United States Attorneys

    JOHNSTOWN, Pa. – A resident of New Kensington, Pennsylvania, was sentenced in federal court to 72 months in prison, to be followed by four years of supervised release, on his conviction of conspiracy to distribute and possession with intent to distribute cocaine, Acting United States Attorney Troy Rivetti announced today.

    United States District Judge Marilyn J. Horan imposed the sentence on Keith Hurst, 48.

    According to information presented to the Court, from in and around August 2022 to in and around March 2023, in the Western District of Pennsylvania, Hurst conspired with others to distribute and possess with intent to distribute 500 grams or more of cocaine. Hurst was intercepted on a federal wiretap obtaining quantities of cocaine that he distributed to others.

    Assistant United States Attorney Arnold P. Bernard Jr. prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Federal Bureau of Investigation’s Laurel Highlands Resident Agency and Homeland Security Investigations for the investigation leading to the successful prosecution of Hurst. Additional agencies participating in the investigation included the Bureau of Alcohol, Tobacco, Firearms and Explosives, Internal Revenue Service – Criminal Investigation, United States Postal Inspection Service, and other local law enforcement agencies.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

    April 3, 2025

  • MIL-OSI United Kingdom: Another chance to win £1,000 off your Council Tax bill

    Source: City of Derby

    Derby residents are getting another chance to win £1000 off their Council Tax bill if they sign up for paperless billing.

    Five winners are now celebrating after their names were drawn at random from hundreds of successful entries in a recent prize draw that closed in February.

    Venkata Inguva from Mickleover won first prize of a £1000 off his Council Tax bill for the 2025/26 year. Four runner-up prizes of up to £500 went to Katrina Borrington of Huntingdon Green, Megan Gregory of Alvaston, Sam Inziria of Chellaston and Yasmin Ihugba of Chaddesden.

    Electronic billing is another way to receive your Council Tax bill. Instead of getting a paper bill in the post, you can view your bill online. Those who make the switch by 30 April 2025 will be entered in to a new prize draw.

    The first prize is £1000 off your Council Tax bill for the 2025/26 year.

    The Council’s secure online portal lets you check your Council Tax around the clock. Day or night, seven days a week, you can log in to view your bill, manage your Direct Debit, make a payment arrangement, or keep your contact details up to date.

    To be in with a chance to win, you need first to register for myAccount. As soon as your account is activated, you can select the electronic billing option.

    How to enter

    • Sign in or Register to myAccount
    • Select the option to “Manage Council Tax and Benefits”
    • Then select “Manage Your Services”
    • If you’re already subscribed to the Council Tax online service, choose “Show Account Details” then select the “Paperless Ebilling Sign Up” option.
    • If you haven’t subscribed to the Council Tax online service before, choose “Add Service” and then “Council Tax”. You will need to enter your 9-digit Council Tax reference number (you can find this on your Council Tax bill) and answer a few questions about your bill to confirm your identity.
    • Once you’ve linked your Council Tax account you’ll be asked “Would you like to go Paperless?” Follow the link to complete your e-billing sign up.
    • That’s it! If you’re already registered for Ebilling, you’re automatically entered!

    Councillor Hardyal Dhindsa, Cabinet Member for Digital and Organisational Transformation, said:

    I’d like to congratulate our winners. The previous prize draw helped to raise awareness that we’re a digital council and encouraged a significant number of residents sign up to eBilling. This will save time for them and keep costs down and reduce paper waste for us.

    I’m thrilled to confirm that we’re running the competition again so would encourage residents to sign up for eBilling now, if they haven’t already, to be in with a chance of winning £1000 off their Council Tax.

    Terms and Conditions apply.  See the prize draw details

    MIL OSI United Kingdom –

    April 3, 2025

  • MIL-OSI Security: Father and Son Executives Charged with Defrauding Sports Park Bondholders

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

    Former Chairman and CEO Raised More Than $280 Million Using Forged Documents and Fake Revenue Projections

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, and Christopher G. Raia, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging RANDY MILLER, former Chairman and President of Legacy Sports, and his son, CHAD MILLER, former CEO of Legacy Sports, with engaging in a scheme to defraud investors of more than $280 million in two municipal bond offerings. RANDY MILLER and CHAD MILLER were arrested today and will be presented tomorrow in the U.S. District Court for the District of Arizona. The case has been assigned to U.S. District Judge Lewis A. Kaplan. 

    Acting U.S. Attorney Matthew Podolsky said: “As alleged, Randy Miller and Chad Miller swindled investors out of over a quarter of a billion dollars by selling municipal bonds they knew were backed by forgeries and lies. Municipal bonds fund critical public projects and investors rely on accurate financial disclosures to make informed decisions. This Office is committed to protecting the integrity of the public finance system. When individuals abuse that system and investors’ trust, we will hold them accountable.”

    FBI Assistant Director in Charge Christopher G. Raia said: “Fathers and sons have found shared bonds in sports for generation. Randy and Chad Miller allegedly chose to use a planned sports complex as a means to exploit and defraud investors.  The Millers allegedly executed the scheme using fraudulent documents to lie about the status of the proposed project in order to raise hundreds of millions of dollars which they used to enrich themselves.  The FBI will continue to ensure a level playing field by holding fraudsters accountable in the criminal justice system.”

    According to the allegations contained in the Indictment:[1]

    From November 2019 through May 2023, RANDY MILLER and CHAD MILLER engaged in a scheme to defraud investors in municipal bonds used to fund the development of a major sports complex in Mesa, Arizona called Legacy Park. The defendants worked together and with others to lie to potential bond investors about the interest sports organizations and other potential customers had in using or relocating to Legacy Park. The defendants and their associates forged and altered purported “binding” letters of intent and other documents from those potential customers to make it appear that the customers were committing to holding many events at Legacy Park, with a significant number of spectators, and agreeing to pay large fees – all far beyond what the organizations were considering, if they were considering Legacy Park at all. In some instances, RANDY MILLER and CHAD MILLER signed and directed others to sign customers’ names without the customers’ knowledge or permission. At other times the defendants copied and directed others to copy the signatures of other customers onto the fabricated letters, again without the customers’ knowledge or permission. As part of their scheme, the defendants forged documents on behalf of numerous persons and organizations, including an organization that promotes sports for disabled athletes.

    RANDY MILLER and CHAD MILLER presented the fraudulent documents to prospective bond investors and incorporated them into their solicitation materials by claiming that Legacy Park would be 100% occupied at opening and would generate nearly $100 million in revenue in its first year of operations, more than enough to cover the bond payments. 

    After the Legacy Park bonds were sold to investors, RANDY MILLER and CHAD MILLER used some of the proceeds to pay for personal expenses such as a home and SUVs. The defendants also paid themselves inflated salaries and withdrew hundreds of thousands of dollars in addition to their salaries.

    While the defendants enriched themselves, Legacy Park struggled to survive. The park opened in 2022, but within months failed to generate enough revenue to make the monthly bond payments, and by October 2022 it was in default. On May 1, 2023, the project filed for bankruptcy and was later sold for less than $26 million. Of those proceeds, less than $2.5 million went to repay the approximately $284 million owed to Legacy Park bondholders. Accordingly, because of the defendants’ fraud, bondholders were left with near total losses.

    *               *                *

    RANDY MILLER, 70, and CHAD MILLER, 41, both of Phoenix, Arizona, were both charged in the Indictment with one count of conspiracy to commit wire fraud and securities fraud, which carries a maximum term of five years in prison; one count of securities fraud and one count of wire fraud, each of which carries a maximum term of 20 years in prison; and one count of aggravated identity theft, which carries a mandatory minimum sentence of two years in prison.

    The mandatory minimum and maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge. 

    Mr. Podolsky praised the outstanding work of the FBI. Mr. Podolsky also thanked the U.S. Securities and Exchange Commission, which has filed a parallel civil action. 

    The case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Courtney L. Heavey and Matthew R. Shahabian are in charge of the prosecution.

    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the descriptions of the Indictment constitute only allegations, and every fact described should be treated as an allegation. 

    MIL Security OSI –

    April 3, 2025

  • MIL-OSI Security: All Three Defendants Plead Guilty in Multimillion-Dollar Scheme to Defraud Automobile Auction

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

    NASHVILLE – On Monday, March 31, 2025, defendant Brian Baker, 53, of Mount Juliet, Tenn., pled guilty to all charges against him for a wire fraud and money laundering scheme to defraud an automobile auction business in Murfreesboro, Tennessee. The other co-defendants, Stephanie Louise Baker, 54, of Mount Juliet, Tenn. and Jerry W. Hutchins, 50, of Dowelltown, Tenn., each pled guilty last week to all charges against them stemming from their involvement in the same wire fraud and money laundering scheme.

    “I commend the effort of the prosecutors from our office who are holding these thieves accountable for their crimes,” said Robert E. McGuire, Acting United States Attorney for the Middle District of Tennessee. “We will continue to tirelessly seek justice for those affected by economic crimes here in our community.”

    “IRS Criminal Investigation is committed to unraveling intricate financial transactions and money laundering schemes where individuals attempt to conceal the original source of their money,” said Special Agent in Charge Donald “Trey” Eakins, Charlotte Field Office, Internal Revenue Service Criminal Investigation. “IRS Criminal Investigation, along with our law enforcement partners and the United States Attorney’s Office, will vigorously pursue those individuals who willfully try to enrich themselves by fraudulent means.”

    “These defendants used fake transactions to operate a wire fraud and money laundering scheme to illegally enrich themselves,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “The FBI remains vigilant in the fight against fraud and will bring those who cheat and steal to justice.”

    The federal indictment, returned by the grand jury in October 2023, had charged Stephanie Baker and Brian Baker, who are married, and Hutchins with a wire fraud conspiracy and money laundering conspiracy. The indictment also charged all three defendants with substantive offenses for acts of money laundering.  According to the indictment, between February 2017 and November 2018, Stephanie Baker was the General Manager of the Dealers Auto Auction Group’s Murfreesboro auction location. Brian Baker and Jerry Hutchins each owned and operated used car dealerships and did business at the auction. The defendants devised a scheme to defraud Dealers Auto Auction Group, LLC by creating fake transactions to make it appear that the defendants’ businesses had sold cars at the auction and were entitled to receive funds from Dealers Auto Auction Group, when in fact the defendants had not sold vehicles at the auction. Based on the fake transactions, Stephanie Baker caused Dealers Auto Auction Group to issue checks to Brian Baker’s and Hutchins’ businesses. Then, on a rolling basis each month, the defendants would create additional fake transactions using the same vehicles in order to conceal the original fraud and avoid detection. Brian Baker and Hutchins then converted proceeds of the fraud scheme for their own personal use and benefit.

    As a result of this scheme, the defendants defrauded Dealers Auto Auction Group of more than $2 million.

    The three defendants are scheduled to be sentenced on September 11, 2025. The defendants face up to 20 years in prison for the wire fraud conspiracy, the money laundering conspiracy, and the concealment money laundering offenses, and up to 10 years in prison for domestic transaction money laundering. The indictment also contains a forfeiture allegation in which the government seeks to forfeit any property derived from the proceeds of the crimes, including a money judgment in the amount of at least $2,041,170 from Stephanie Baker, $1,357,310 from Brian Baker, and $683,830 from Jerry Hutchins.

    This case was investigated by the IRS-Criminal Investigation and the Federal Bureau of Investigation. Assistant U.S. Attorneys Chris Suedekum and Nani M. Gilkerson are prosecuting the case.

    # # # # #

    MIL Security OSI –

    April 3, 2025

  • MIL-OSI USA: Feenstra Introduces Legislation to Make Pell Grants Tax-Free

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) introduced legislation – the Tax-Free Pell Grants Act – to make federal Pell Grants tax-free.

    Specifically, this legislation expands the use of Pell Grants on a tax-free basis, improves coordination with the American Opportunity Tax Credit (AOTC), and ensures that students do not lose out on any AOTC benefits. Increasing compatibility with the AOTC ensures that Pell Grants are not treated as taxable income, even if they are used for non-tuition education expenses.

    U.S. Reps. Lloyd Doggett (D-TX), Mike Kelly (R-PA), and Danny Davis (D-IL) are co-leads.

    “I have long supported Pell Grants because they offer academic opportunities to our students and ensure that Iowans who might otherwise skip higher education because of the cost can pursue advanced studies. These grants are an important investment in the next generation of leaders, farmers, innovators, and entrepreneurs who will support our communities and power our economy forward,” said Rep. Feenstra. “However, current law still requires some students to pay taxes on their Pell Grants, reducing the financial support that these grants are intended to provide. That’s why I’m glad to help introduce legislation to make Pell Grants completely tax-free so that our kids can focus on their studies without worrying about the cost.”

    While Pell Grant awards used to pay for tuition and fees are already treated as tax-free income, any portion of a Pell Grant used for other education-related items like living expenses is taxed. Currently, using Pell Grants to cover tuition reduces potential AOTC eligibility and creates complications for students in maximizing their educational benefits. As a result, many students simply forgo the AOTC, leaving an estimated hundreds of millions of dollars unclaimed each year. 

    The AOTC covers up to $2,500 in annual college tuition, fees, and other education-related expenses — 40% of the credit, up to $1,000, is refundable. 

    With more than 3 million undergraduate students in the United States being parents – nearly one in five college students – access to affordable childcare can be the difference between completing a degree program or not. The Tax-Free Pell Grants Act meets this need by adding childcare and computer costs as qualifying expenses for the AOTC.

    ###

    MIL OSI USA News –

    April 3, 2025

  • MIL-OSI: Nextvestment Named One of 2025’s Most Innovative WealthTech Companies for Reinventing Mass-Affluent Financial Advice

    Source: GlobeNewswire (MIL-OSI)

    Singapore , April 02, 2025 (GLOBE NEWSWIRE) — Nextvestment, an AI-native platform redefining how mass-affluent individuals receive financial advice, has been named one of the 2025 WealthTech100’s Most Innovative WealthTech Companies—a global list spotlighting firms that are transforming the wealth and asset management landscape.

    Michael Davies, Founder and CEO of Nextvestment

    Curated annually by FinTech Global, the WealthTech100 identifies standout companies shaping the future of client engagement, personalization, and regulatory innovation. Now in its seventh year, the list highlights 100 firms selected from over 1,200 global contenders and is referenced by senior leaders at banks, asset managers, and family offices worldwide.

    Many investors today face a choice between low-cost, do-it-yourself platforms and premium advisory services built for the ultra-wealthy—leaving a growing segment underserved.

    “It’s like being stuck between economy and first class on a flight,” said Michael Davies, CEO of Nextvestment. “These clients want more than basic service, but there’s nothing in between. That’s why we built Nextvestment—to create a personalized, ‘premium plus’ experience that’s both scalable and accessible.”

    A Missing Middle in Wealth Advice

    The wealth management industry is undergoing a generational shift as trillions of dollars move into the hands of younger, more digitally native investors. While high-net-worth clients receive bespoke service and entry-level investors turn to robo-advisors, individuals with $100k–$1M in investable assets often fall through the cracks.

    Nextvestment addresses this gap with a platform that analyzes real-time data, integrates house views from financial institutions, and nudges users toward timely, relevant decisions—while enabling human advisors to focus on deeper, higher-value conversations.

    Built to Fit, Not Overhaul

    Designed to integrate with the existing infrastructure of financial institutions, Nextvestment plugs into CRMs, portfolio management systems, and compliance workflows—minimizing the lift required for deployment.

    Platform Highlights:

    • Plug-and-Play Integration with enterprise systems and tools

    • Real-Time Copilot that identifies opportunities, risks, and client needs

    • Advisor Mode that supports seamless handoffs and deepens client relationships

    Early traction across institutions in Asia and Europe reflects rising demand for scalable, advisor-enhancing solutions that serve the mass-affluent market without compromising on personalization.

    Looking Ahead

    Nextvestment is enhancing its generative AI capabilities with a focus on long-term memory, behavioral context, and deeper personalization. These upgrades will allow the platform to better understand clients over time and deliver more relevant, timely insights.

    “We’re making conversations feel more natural, more intuitive—and more valuable,” said Davies.

    Upcoming features will include:

    • Proactive recommendations aligned with client goals and timing

    • Continuous learning from interactions to improve long-term advice

    • Advisor tools that highlight key opportunities across entire client books

    These enhancements aim to simplify decision-making for clients while helping financial institutions deliver more meaningful engagement at scale.

    About Nextvestment

    Founded in 2024 and headquartered in Singapore, Nextvestment builds AI-powered copilots for modern wealth management—empowering financial institutions to deliver personalized, proactive insights at scale. The platform combines cutting-edge technology with a human-first approach to improve advice delivery for the mass-affluent segment.

    Learn more or request a demo at: www.nextvestment.com

    About the WealthTech100

    Curated by FinTech Global, the WealthTech100 is an annual list of the world’s most innovative technology providers transforming investment, advice, and wealth management. Now in its seventh edition, the list highlights solutions addressing the industry’s biggest challenges—from personalization and engagement to compliance and digital transformation.

    More at: www.wealthtech100.com

    Media Contact

    Annabelle Lin

    Chief Revenue Officer

    annabelle@nextvestment.com

    The MIL Network –

    April 3, 2025

  • MIL-OSI United Kingdom: Ukraine Donor Platform confirms support for Ukraine’s recovery and reconstruction

    Source: United Kingdom – Executive Government & Departments

    World news story

    Ukraine Donor Platform confirms support for Ukraine’s recovery and reconstruction

    The Ukraine Donor Platform’s Steering Committee held its thirteenth meeting today, gathering for the second time in person in Ukraine’s capital Kyiv.

    The meeting brought together senior representatives of Platform members, observers and international financial institutions. 

    The UK reiterated our absolute commitment to securing a just and lasting peace in Ukraine and is engaging with key allies in support of this effort. The UK reaffirmed our unwavering support for Ukraine and our determination to contribute to Ukraine’s long-term economic stability, resilience, and recovery. 

    Budget financing needs 

    Finance Minister Marchenko confirmed Ukraine’s external financing needs for 2025, projected at USD 39.3 billion. Through joint efforts, including the financing being mobilised by the Extraordinary Revenue Acceleration (ERA) loan initiative, resources have been secured to cover its external budget financing needs for 2025. 

    Since the start of the full-scale invasion of Ukraine, the UK’s total military, economic and humanitarian support for Ukraine amounts to £15 billion: £10 billion in military support (including our £2.26 billion ERA Loan contribution), and £5 billion in non-military support. The UK’s non-military support comprises £4.1 billion in fiscal support through World Bank loan guarantees to bolster Ukraine’s economic stability and support vital public services, and £977million in bilateral support, including £477million in humanitarian assistance to Ukraine and the region since the start of the full-scale invasion.  

    Recovery and reconstruction of Ukraine 

    Ukraine presented its top recovery and reconstruction priorities for 2025, based on the fourth Rapid Damage and Needs Assessment and the Single Project Pipeline established by the Government of Ukraine: energy, heating, water supply and sanitation, housing and transport. Delivering effective support for Ukraine’s recovery and reconstruction is a key priority for the Platform and donors committed to further strengthen their engagement on this track. The UK emphasised the importance of long-term planning for recovery and reconstruction, including efforts to support social recovery which will be vital for underpinning economic recovery. 

    Ukraine has withstood the winter season, surmounting the impact of Russia’s attacks on energy infrastructure, with the strong support of the donor community. The UK will continue to support Ukraine in realising its vision of a cleaner, more modern, decentralised energy system.  

    The UK and other partners noted the importance of insurance for Ukraine’s recovery and reconstruction and for supporting international trade and investment. Work continues on facilitating a return of global reinsurance businesses to Ukraine. 

    Reforms driving sustainable growth and progress towards EU accession 

    Many participants welcomed Ukraine’s strong and continuing progress on reforms, including on the implementation of the Ukraine Plan, which are essential to improve the business climate, attract foreign direct investment and support economic development, and support Ukraine’s Euro-Atlantic trajectory.  

    Enhancing public investment management for recovery and reconstruction 

    Ukraine updated on its progress towards an effective, transparent and well-coordinated public investment management system, which is crucial for its successful recovery and reconstruction. An integral part will be the two project preparation facilities under development – the Ukraine PPF, to be administered by the Government of Ukraine with support from the World Bank, and Ukraine FIRST, to be administered by the European Investment Bank and the European Bank for Reconstruction and Development. The facilities are expected to be operational by the 2025 Ukraine Recovery Conference (URC 2025), which will take place in Rome on 10-11 July, hosted by the Governments of Italy and Ukraine. 

    Stakeholder engagement 

    The Steering Committee discussed the Business Advisory Council’s latest input and commended its members’ efforts to identify concrete steps to boost private sector investment in Ukraine. It also held a productive exchange of views with representatives of Ukrainian civil society, with a focus on human capital. This discussion also served as a preparatory event for the human dimension of URC 2025.

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    Published 2 April 2025

    MIL OSI United Kingdom –

    April 3, 2025

  • MIL-OSI USA: Attorney General Alan Wilson fights Biden-era rule that forces federal funds to pay for prison inmates’ transgender surgeries, hormonesRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) — South Carolina Attorney General Alan Wilson joined a coalition of 24 state attorneys general in filing a friend-of-the-court brief opposing efforts to force the federal government to provide sex-change surgeries and cross-sex hormone treatments to prison inmates. 

    “We cannot allow woke ideology passed down by activist judges or self-interest groups to dictate every aspect of our society,” said Attorney General Wilson. “Taxpayers should not be forced to foot the bill for policies that promote a radical agenda. These are matters that should be determined by the people and their elected leaders, not imposed through cultural or political pressure. The integrity of our institutions and the well-being of our communities must come before the divisive and costly agenda that undermines them.” 

    Attorney General Wilson argues that the allowance of this rule will set a dangerous precedent and urges the U.S. District Court for the District of Columbia to rule against it for the main reason that the Constitution grants policymakers the authority to determine whether to allow controversial and unproven medical interventions. Additionally, the Eighth Amendment does not prevent policymakers from making categorical decisions on disputed medical issues. 

    Attorney General Wilson defends the constitutional authority of states to regulate medical treatment, especially controversial and experimental procedures, and affirms that inmates are not entitled to demand taxpayer-funded gender-transition surgeries. 

    The brief emphasizes that medical policy decisions, especially when involving unresolved scientific debates and significant ethical concerns, are rightly left to the judgment of state lawmakers, not interest groups or activist judges. The brief also points to numerous studies showing serious risks associated with gender-transition procedures, including complications, regret, infertility, and elevated suicide rates.  

    Attorney General Wilson joins the brief with Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Texas, Utah, Virginia, West Virginia, and Wyoming.  

    You can read the full brief here. 

    MIL OSI USA News –

    April 3, 2025

  • MIL-OSI: Tenable Achieves FedRAMP Authorization for Tenable One and Tenable Cloud Security

    Source: GlobeNewswire (MIL-OSI)

    COLUMBIA, Md., April 02, 2025 (GLOBE NEWSWIRE) — Tenable®, the exposure management company, today announced that it achieved Federal Risk and Authorization Management Program (FedRAMP®) authorization at the Moderate impact level for its Tenable One Exposure Management Platform as well as Tenable Cloud Security, underscoring its commitment to strengthening government infrastructure and reducing cybersecurity risk to support national security.

    Tenable released Tenable One FedRAMP and Tenable Cloud Security FedRAMP to enable U.S. federal agencies to unify security visibility, insight and action from IT to the cloud to OT and everywhere in between. Tenable is a long-time trusted government partner with a deep understanding of the public sector’s unique needs and requirements. The new authorizations come just months after the availability of Tenable Enclave Security was announced. This solution supports the needs of customers operating in highly secure environments, such as those that are classified or otherwise air-gapped, and is built to support the strictest security requirements, including FedRAMP High and Impact Level 5.

    Tenable One FedRAMP is a revolutionary cloud-based exposure management platform that unifies discovery and visibility into ​​all types of assets and assesses their exposures and vulnerabilities across the entire attack surface. The platform unifies one view of risk across all assets, connects the dots between the lethal risk relationships that span solution silos, and brings together disparate teams with the intelligence they need to protect against attacks.

    Tenable Cloud Security FedRAMP, the actionable cloud security platform, enables federal agencies to strengthen their cloud infrastructure by rapidly exposing and closing security gaps caused by cloud misconfigurations, risky entitlements and vulnerabilities. Tenable Cloud Security FedRAMP is a leading Cloud Native Application Protection Platform (CNAPP) solution that isolates and minimizes these risks at scale across infrastructure, workloads, identities and data in the cloud.

    “As a trusted provider to the federal government, Tenable is dedicated to helping agencies advance their mission and modernize their approach to security,” said Bob Huber, chief security officer and president of Tenable Public Sector, LLC. “This FedRAMP authorization reinforces our commitment to continued innovation and accelerated adoption of cloud technologies in the U.S. government. We’re eager to work with federal agencies to evolve their approach to security and eliminate exposures that drive up cyber risk.”

    More information on Tenable One FedRAMP and Tenable Cloud Security FedRAMP are available at: https://www.tenable.com/solutions/government/us-fed

    About Tenable
    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Media Contact:
    Tenable
    tenablepr@tenable.com

    The MIL Network –

    April 3, 2025

  • MIL-OSI USA: Law Library Publishes New Report, “Israel: Tax Exemptions for Churches”

    Source: US Global Legal Monitor

    The Law Library of Congress recently published a legal report, Israel: Tax Exemptions for Churches, which provides information on tax exemptions enjoyed by churches under Israeli law. The report addresses conditions for the grant of exemptions under legislation on municipal tax, income tax, value added tax, real estate tax, and property improvement levies. These include characteristics of religious organizations for qualification under the various laws, and types of qualifying properties and activities that are exempted from taxation.

    Church interior (Church of Annunciation, Nazareth) [Between 1898 and 1946]. Library of Congress, Prints and Photographs Division. https://hdl.loc.gov/loc.pnp/matpc.09024

    We invite you to review the information provided in our report, here.

    The report is an addition to the Law Library’s Legal Reports (Publications of the Law Library of Congress) collection, which includes over 4,000 historical and contemporary legal reports covering a variety of jurisdictions, researched and written by foreign law specialists with expertise in each area. To receive alerts when new reports are published, you can subscribe to email updates and the RSS feed for Law Library Reports (click the “subscribe” button on the Law Library’s website). The Law Library also regularly publishes articles related to taxation in the Global Legal Monitor.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

    April 3, 2025

  • MIL-OSI: POET Expands Global Reach as It Teams with South Korea’s Lessengers To Develop 800G DR8 Transceivers for AI and Hyperscale Markets

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 02, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for artificial intelligence networks, today announced it has partnered with Lessengers, an innovative optical solution provider based in South Korea, to offer a differentiated 800G DR8 transceiver. The transceiver will include POET’s transmit and receive optical engines and Lessenger’s “Direct Optical Wiring” (DOW) technology for a cost-effective solution for AI and hyperscale data center applications.

    POET will supply the highly integrated POET Infinity™ transmit and receive optical engines configured in an 800G DR8 architecture, which includes electronic and photonic components.

    Lessengers expects to have transceiver samples ready for its customers to review in the second half of 2025.

    “Like POET, Lessengers is bringing cutting-edge innovation to the market. It is a perfect partnership of companies that are finding new solutions by unlocking the vast abilities of optical technology. We’re thrilled to continue our growth in the industry through a co-development arrangement with a likeminded and truly inventive company,” commented Raju Kankipati, POET’s Chief Revenue Officer.

    Lessengers Chief Marketing Officer Taeyong Kim added: “POET’s production-ready optical engines provide Lessengers with a high-quality component that allows us to bring more value to our transceiver customers. POET offers a complementary technology to Lessengers’ direct optical coupling that saves on costs and improves efficiency.”

    The two companies’ booths are situated next to each other at the Optical Fiber Communications (OFC) Conference at the Moscone Center in San Francisco, California. POET is at Booth 5315 through the show, which ends on Thursday, April 3.

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers.  POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems.  POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore.  More information about POET is available on our website at www.poet-technologies.com.

    About Lessengers

    Lessengers is an innovative optical solution provider, powered by its patent DOW technology, which enables cost effective direct optical coupling without the use of lens optics. This provides the most suitable solution for data center applications such as 800G/1.6T optical transceivers, active optical cables (AOCs), on-board, near packaged, or co-packaged optics.

    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b54b7e2-2d7c-4795-bae5-90e693fc854c

    The MIL Network –

    April 3, 2025

  • MIL-OSI: Cautious Optimism for Building Products Distribution Rising as Sustained Demand for New Residential Construction Expected

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 02, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Global and north American building products distribution market has been steadily increasing in past years and is expected to continue for the years to come. A building product report said that: “Looking forward to 2025 and beyond, there is cautious optimism for the building products sector following a year of foundational growth in 2024. The Federal Reserve has heeded data indicating lower inflation and a cooling labor market, opting to cut the benchmark interest rate by 50 basis points in mid-September. This was the FOMC’s first decision to ease monetary policy in four years, which, overlaid with market expectations for an additional 50 basis points of cuts by year-end 2024, has improved the outlook for construction spending and activity in both residential and non-residential markets moving forward.” It continued saying that; “The building products distribution market in North America and Europe is massive, topping $800 billion, and is expected to grow 5-9% through 2031, driven by private and public investment and economic growth. The building materials distribution market in North America and Europe is a massive market, topping $800 billion.”  Active companies active in the markets include: Capstone Holding Corp. (NASDAQ: CAPS), QXO, Inc. (NYSE: QXO), CEMEX, S.A.B. de C.V. (NYSE: CX), Masco Corporation (NYSE: MAS), Titan America SA (NYSE: TTAM).

    The report added: “Through mid-October 2024, the residential building products market has been characterized by muted demand resulting in continued underperformance. The rapid rise in mortgage rates in 2022 and 2023 has created “gridlock” in the housing market – whereby existing homeowners, who would be sellers in a lower interest rate environment, have deferred transacting due to the historic differential between their existing mortgage rate (sub-4% for most), and current market rates (~6.5%). This “gridlock” has limited the supply of homes available-for-sale, keeping prices elevated. Record-high prices of homes available-for-sale, combined with higher mortgage rates, continues to put homeownership out of reach for many prospective first-time buyers, forcing them to remain on the sidelines until conditions improve. This has resulted in lower home sale activity, which has driven down renovation spending – much of which is performed in connection with the purchase or sale of a home. However, there is optimism on the horizon – September’s rate cut has the market on the precipice of a seismic shift, supported by structural long-term demand. As of the end of 2023, the shortage of single-family housing was estimated at more than 7.2 million units. With over 100 million individuals set to cross the median homebuying age of thirty-four by 2040, there is likely to be strong, sustained demand for new residential construction. “

    Capstone Holding Corp. (NASDAQ: CAPS) Targets $100M Run Rate Increases Q4 Revenue and Executes Strategic Brand Expansion – Revenue Up over 8% in Q4 Year-Over-Year – Toro Stone Launched in 6 New States – Capstone Holding Corp. (the “Company” or “Capstone”), a national building products distribution company that has successfully grown its business organically and through well-timed acquisitions, announced financial results for the full year ended December 31, 2024.

    Matt Lipman, CEO of Capstone, said, “I’m proud of the team’s execution and focus on growth in the second half of the year. As the parent company, our mission is clear: double the size of the business through targeted, strategic acquisitions – and we believe we’re well on our way. We remain focused on scaling efficiently.”

    The Company is targeting an operating company revenue run rate by the end of 2025 of $100 million and Adjusted Instone EBITDA of at least $10 million. (The $100 million revenue and $10 million Adjusted Instone EBITDA numbers are targets for 2025 that include anticipated acquisitions. As these targets are dependent on closing acquisitions during 2025, the Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable effort due to the uncertainties regarding the future identification and closing of acquisition targets.)

    Kevin Grotke, CEO of TotalStone, LLC (dba “Instone”), a wholly owned operating subsidiary of Capstone and its primary business activity, said, “I’m incredibly proud of our team’s execution and their sharp focus on customer acquisition and top-line growth. Their efforts have laid a strong foundation for continued success, and I’m excited to see the momentum carry into 2025 as we work toward achieving our ambitious goals – particularly the growth of our proprietary brands.”

    Capstone continues to position itself as a premier, national platform in the building products space. The Company is expanding its geographic footprint, strengthening its portfolio of proprietary brands, and delivering exceptional value to customers and stakeholders alike.

    FY 2024 Corporate and Operational Highlights – Set Acquisition Strategy for 2025:

    • Focused on Tuck-In Acquisitions, Sister Companies, and Platform Acquisitions
    • Deal environment and structures remain favorable
    • Acquisition multiples of 4-6x EBITDA
    • 20%- 45% of consideration as non-cash
    • Majority of activity centers around strategic Tuck-In Acquisitions to accelerate Instone’s earnings. Multiple sister company opportunities currently under review

    Q4 Revenue and Unit Volume Growth:

    • Instone delivered over 8% year-over-year revenue growth in the fourth quarter of 2024

    Successful Launch of Toro Stone:

    • Installed 90 displays across 6 new states
    • Received orders from over 50 customers

    Operational Efficiencies:

    • Completed targeted cost reduction initiatives
    • Achieved improved gross margins

    For more details, see Capstone’s annual report on the Form 10-K, available online, here. A detailed power point presentation of the Fiscal 2024 Update and targets for 2025 can be found online, here. Matt Lipman has also recorded a discussion of the presentation that is available at the same website.   CONTINUED… Read this and more news for Capstone Holding Corp. at: https://capstoneholdingcorp.com/news/.

    In other developments and happenings in the markets recently include:

    QXO, Inc. (NYSE: QXO) announced recently that it is extending its all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc. (BECN) and amending the terms of its pending tender offer to reflect the terms of the previously announced definitive merger agreement between Beacon and QXO, including to increase the offer price to $124.35 per share in cash and reflect such other changes as contemplated by the merger agreement.

    Beacon’s board of directors unanimously recommends that all shareholders tender their shares into the offer, and has amended its recommendation statement on Schedule 14D-9 in support of the amended offer. The tender offer will remain open until 5:00 p.m. (New York City time) on April 14, 2025.

    CEMEX, S.A.B. de C.V. (NYSE: CX) presented its 2024 Integrated Report recently, titled Our Future in Action: Accelerating a Sustainable World, showcasing its operational and strategic performance in 2024. The year 2024 was marked by solid financial results, the recovery of Cemex’s investment-grade rating, and progress in its decarbonization agenda in alignment with Cemex’s 2030 targets.

    In 2024, Cemex achieved the second-strongest sales and Operating EBITDA in its recent history, alongside the highest free cash flow after maintenance capital expenditures since 2017. The company also made significant progress on its decarbonization targets through its Future in Action program, continuing to lead the industry in profitable decarbonization efforts.

    “Our global team’s focused and committed efforts have advanced a business model with sustainable attributes, seeking to ensure both environmental progress and long-term value creation for Cemex,” said Fernando A. González, CEO of Cemex. “This year’s report demonstrates strategic progress in executing our growth strategy, reinforces our commitment to our Future in Action program, and underscores the power of going beyond traditional social responsibility to support our climate action goals.”

    Masco Corporation (NYSE: MAS) announced recently that it will hold a conference call regarding 2025 first quarter results on Wednesday, April 23, 2025, at 8:00 a.m. ET. The conference call will be hosted by Masco President and Chief Executive Officer Keith Allman. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing 800-549-8228 or 289-819-1520. Please use the conference identification number 30320.

    The 2025 first quarter results and supplemental material will be distributed at 7:00 a.m. ET on April 23 and will be available on the Company’s website at www.masco.com.

    The conference call will be webcast simultaneously and in its entirety through the Masco Corporation website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.

    Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, recently announced its fourth-quarter and full-year 2024 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as “Titan America.”

    “In our first earnings announcement as a public company, we are pleased to report strong full-year financial results, while continuing to invest in Titan America’s future growth,” said Bill Zarkalis, President & CEO of Titan America. “Our uniquely vertically integrated business model, comprehensive logistics network, and strategic positioning led to record full-year 2024 results, with our sales volumes outperforming the broader market. We’re confident about the long-term secular trends in our markets, including infrastructure modernization, resilient urbanization, and manufacturing reshoring along the Eastern Seaboard of the United States. Looking ahead, we are poised for another solid year of growth and enhanced profitability in 2025.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated twenty five hundred dollars for news coverage of the current press releases issued by Capstone Holding Corp. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

    April 3, 2025

  • MIL-OSI: Cerence AI Honored with 2025 ECARX Best Contribution Award

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI and BURLINGTON, Mass., April 02, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, today announced that it has received a Best Contribution Award at the 2025 ECARX Partnership Conference, held on March 11, 2025, in Hangzhou, China. ECARX, a global automotive technology provider partnering with OEMs to accelerate the future of software-defined vehicles, presented the award in recognition of Cerence AI’s extensive contributions as a trusted, long-term partner delivering cutting-edge, AI-driven solutions to ECARX and its OEM customers. This is the second consecutive year that Cerence AI has been recognized with this award.

    ECARX and Cerence AI are long-term partners, having collaborated since ECARX’s founding in 2017 on automotive programs across a range of Geely brands, including innovative Audio AI solutions and multilingual support in vehicle infotainment systems – all contributing to Geely’s global expansion. This joint effort has also delivered advanced AI-powered voice assistants to enhance the driving experience in Geely’s Proton-, smart-, and Lotus-brand vehicles, as well as equip the entire Lynk & Co lineup with AI capabilities to appeal to the European market.

    Most recently, the companies expanded their partnership to enable ECARX to deploy Cerence’s generative AI-powered solutions to create a more intuitive and integrated experience for smart drivers. In addition, leveraging Cerence AI’s extensive global language capabilities, the ECARX Antora 1000 platform – deployed in the Hongqi 007/009 models – featured enhanced voice functionalities, including English language speech recognition and text-to-speech capabilities in 17 languages, supporting Hongqi’s expansion into global markets.

    “It’s an honor to be acknowledged for the second year in a row by our long-term partners at ECARX for our continuous effort and innovation,” said Christian Mentz, Chief Revenue Officer, Cerence AI. “Cerence’s AI-powered, intuitive solutions are a core component of ECARX’s innovative computing platforms. Together, we aim to consistently deliver unparalleled value to automakers, fostering the evolution of AI-driven user experiences across China and in global markets.” 

    To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

    About Cerence Inc.
    Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

    About ECARX
    ECARX (Nasdaq: ECX) is a global automotive technology provider with capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to central computing platforms, and software. As automakers develop new electric vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.

    Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has over 1,800 employees based in 12 major locations in China, UK, USA, Sweden, Germany and Malaysia. To date, ECARX products can be found in over 7.3 million vehicles worldwide.

    The MIL Network –

    April 3, 2025

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: IMPACT OF FTAS AND PTAS ON EXPORTS

    Source: Government of India

    Posted On: 02 APR 2025 1:03PM by PIB Delhi

    The details of India’s export of Cotton, Man-made, Wool, Silk and Technical Textiles during the last three years is attached at below.

    India has signed 14 Free Trade Agreements (FTAs) and 6 Preferential Trade Agreements (PTAs) with its trading partners to give boost to India’s exports.

    The Government is implementing various schemes/initiatives to promote Indian textiles sector and enhance its competitiveness. The major schemes/initiatives include PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks Scheme to create a modern, integrated, world class textile infrastructure; Production Linked Incentive (PLI) Scheme focusing on MMF Fabric, MMF Apparel and Technical Textiles to boost large scale manufacturing and enhancing competitiveness; National Technical Textiles Mission focusing on Research Innovation & Development, Promotion and Market Development; SAMARTH – Scheme for Capacity Building in Textile Sector with the objective providing demand driven, placement oriented, skilling program.

    Further, Government is also implementing Rebate of State and Central Taxes and Levies (RoSCTL) scheme for Apparel/Garments and Made-ups in order to enhance competitiveness by adopting principle of zero rated exports. Further, textiles products not covered under the RoSCTL scheme are covered under Remissions of Duties and Taxes on Exported Products (RoDTEP) along with other products. In addition, Government provides financial support to various Export Promotion Councils and Trade Bodies under Market Access Initiative Scheme implemented by Department of Commerce for organising and participating in trade fairs, exhibitions, buyer-seller meets etc at national and international levels.

    Ministry of Textiles through Office of Development Commissioner (Handlooms) promotes Handloom products of the country by implementing following schemes:

    1. National Handloom Development Programme;
    2. Raw Material Supply Scheme;

     

    • Under the above schemes, financial assistance is provided to eligible handloom agencies/weavers for raw materials, procurement of upgraded looms & accessories, solar lighting units, construction of workshed, skilling, product & design development, technical and common infrastructure, marketing of handloom products in domestic & international markets, concessional loans under weavers’ MUDRA scheme and social security etc.
    • Assistance in establishing international marketing linkages to suitable Apex/Primary handloom cooperative societies, corporations, producers’ companies, handloom awardees, exporters, other talented weavers etc. who are producing exclusive exportable handloom products.
    • Market penetration through organisation/participation in international fairs/exhibitions, big ticket events, Buyer Sellers Meet, Reverse Buyer Sellers Meet etc., for export promotion of handloom products. Publicity and brand development through India Handloom Brand (IHB), Handloom Mark (HLM) and other measures.
    • Raw Material Supply Scheme (RMSS) is being implemented throughout the country to make available yarn to handloom weavers. Under the scheme, fright charges are reimbursed for all types of yarn; and component of 15% price subsidy is there for cotton hank yarn, domestic silk, wool and linen yarn and blended yarn of natural fibres.

    Around 2,600 handicrafts exporters registered with Export Promotion Council for Handicrafts (EPCH) were supported through participation in International trade fairs and Buyer Seller Meets organized in India and abroad under MAI Scheme of Department of Commerce. Around 582 member exporters of the Handloom Export Promotion Council (HEPC) were provided marketing support during 2024-25 (upto February 2025) under various schemes of the ministries.

    Ministry of Textiles promotes the provision of Geographical Indication (GI) of Goods (Registration & Protection) Act 1999, in respect of handloom & handicrafts products of pan India under the scheme, National Handloom Development Programme (NHDP) & National Handicrafts Development Programme (NHDP) respectively. Under the above scheme, financial assistance is provided for meeting the expenses in registering the designs/products, imparting training to personnel of implementing agencies and effective enforcement of G.I. registration. So far, a total no. of 214 handicrafts products and 104 handloom products, out of a total no. of 658 GI tagged products have been registered under the GI Act.

    To increase more marketing opportunities, the office of Development Commissioner (Handicrafts) implementing various domestic & international marketing events under National Handicraft Development Programmes (NHDP) across the country wherein artisans are being provided a platform to sell their products. Further, an e-commerce portal (www.Indiahandmade.com) has been launched specifically for artisans & weavers where they can sell their products to buyers from all over the country. Artisans are being also onboarded on GeM portal where they can sell their products to government offices/PSU etc. 

     

    India’s export of Cotton, Man-made, Wool, Silk during the last three years:

    Value in USD Million

    Commodity

    FY 2021-2022

    FY 2022-2023

    FY 2023-2024

    Cotton Yarn

    5,498

    2,752

    3,780

    Other textile yarn, fabrics, madeups etc

    650

    730

    731

    Cotton Raw Incld. Waste

    2,816

    781

    1,117

    Cotton Fabrics, Madeups Etc.

    8,201

    6,821

    6,630

    Cotton Textiles

    17,166

    11,085

    12,258

    Manmade Staple Fibre

    680

    463

    402

    Manmade Yarn, Fabrics, Madeups

    5,615

    4,949

    4,679

    Man-made textiles

    6,294

    5,412

    5,081

    Wool Raw

    0

    1

    1

    Wollen Yarn, Fabrics, Madeups Etc.

    166

    204

    192

    Wool & Woolen textiles

    166

    205

    192

    Natural Silk Yarn, Fabrics, Madeup

    79

    72

    79

    Silk Raw

    2

    0

    2

    Silk Waste

    28

    22

    38

    Silk Products

    109

    95

    119

         Source: DGCIS provisional data

      

       India’s export of Technical Textiles during the last three years:

                                                                                                  Value in Rs. crore

    Commodity

    FY 2021-2022

    FY 2022-2023

    FY 2023-2024

    Technical Textiles

    21,194.62

    20,095.52

    21,407.38

              Source: Ministry of Commerce

     

    This information was provided by THE MINISTER OF STATE FOR TEXTILES SHRI PABITRA MARGHERITA in a written reply to a question in Lok Sabha today.

    ******

    DHANYA SANAL K

    (Lok Sabha US Q4961)

    (Release ID: 2117660) Visitor Counter : 61

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI Asia-Pac: LCQ12: Promoting the setting up of family offices in Hong Kong

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Jeffrey Lam and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (April 2):
     
    Question:
     
         The Government has proposed in the latest Budget that it will formulate proposals on the preferential tax regimes for funds, single family offices and carried interest, and develop a vibrant ecosystem for family offices. In this connection, will the Government inform this Council:
     
    (1) given that the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 was passed by this Council in 2023, which sought to provide profits tax concessions for family-owned investment holding vehicles managed by single family offices in Hong Kong, whether the authorities have assessed the adequacy of such tax concession measures and their effectiveness in encouraging family offices to establish a business presence in Hong Kong; if so, of the details; if not, the reasons for that;
     
    (2) as it is learnt that a single family office is not required to apply for any licence under the Securities and Futures Ordinance (Cap. 571) if it does not carry on a business of regulated activity in Hong Kong, whether the Government has estimated the number of family offices in Hong Kong which have not applied for such licence; if so, of the details; if not, the reasons for that;
     
    (3) of the progress and details of the Government’s formulation of proposals on the preferential tax regimes for funds, single family offices and carried interest this year; and
     
    (4) whether it will study encouraging more Mainland high-net-worth individuals to make cross-border investments through family offices set up in Hong Kong; if so, of the details; if not, the reasons for that?

    Reply:
     
    President,
     
         Family office (FO) business is an important segment of the asset and wealth management sector. According to the Asset and Wealth Management Activities Survey 2023 published by the Securities and Futures Commission, the size of private banking and private wealth management business attributed to FOs and private trusts clients reached $1,452 billion as of end-2023, providing huge business opportunities for the asset and wealth management sector and other related professional services. In consultation with Invest Hong Kong (InvestHK), the reply to various parts of the question is as follows:
     
    (1) and (3) The Legislative Council passed the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 in May 2023, under which family-owned investment holding vehicles managed by single FOs in Hong Kong fulfilling the minimum asset threshold of HK$240 million and substantial activities requirement can enjoy profits tax exemption for qualifying transactions. The Government have maintained communication with the industry to evaluate the effectiveness of the tax concession regime, and announced in the 2025-26 Budget the proposals to further enhance the preferential tax regimes for funds, single FOs and carried interest, including expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single FOs, enhancing the tax concession arrangement on the distribution of carried interest by private equity funds. The Government have completed the industry consultation on the enhancement measures on the preferential tax regimes. The Government are formulating the relevant enhancement measures with financial regulators based on the feedback received. The Government target to work out the details of the proposals by this year and submit the legislative proposals to the Legislative Council for consideration in 2026. If approved, the relevant measures will take effect from the year of assessment 2025/26.
     
    (2) and (4) A single FO is not required to apply for a licence under the Securities and Futures Ordinance if it does not carry on a business of regulated activity in Hong Kong. According to the research findings of the consultant commissioned by InvestHK and publicised in March 2024, there were around 2 700 single FOs operating in Hong Kong as of end-2023, with over half of them set up by ultra-high-net-worth individuals having a wealth of US$50 million or above. Meanwhile, since its establishment in June 2021 up to end-February 2025, the dedicated FamilyOfficeHK team of InvestHK has assisted over 160 FOs to set up or expand their business in Hong Kong (including 135 FOs having set up or expanded their business in Hong Kong after the profits tax exemption regime for single FOs has taken effect), including 98 single FOs and 63 multi-FOs. Currently, around 150 FOs have indicated that they are preparing or have decided to set up or expand their business in Hong Kong as tabulated below by geographical region:
     

    Region FOs preparing or having decided to set up or expand business in
    Hong Kong
    Mainland and Taiwan, China 82
    Europe and Americas 34
    Asia Pacific and Oceania 22
    Middle East 9
    Total 147

     
         InvestHK will continue to conduct diversified investment promotion activities (e.g. roundtables, seminars, meetings with investors, media interviews and external visits) to proactively reach out and encourage more high-net-worth individuals (including high-net-worth individuals from the Mainland) to set up FOs in Hong Kong. Furthermore, investors from the Mainland currently can make investment in Hong Kong through various mutual access arrangements. The Government has been actively exploring opportunities to introduce further expansion initiatives, including enhancements to the Cross-boundary Wealth Management Connect has been further enhanced since February 2024 to increase individual investor quota, lower the threshold for participating in the Southbound Scheme, expand the scope of participating institutions, the scope of eligible investment products, and enhance the promotion and sales arrangements. The Government will continue to discuss with financial regulatory authorities in the Mainland on various cross-boundary remittance arrangements, including how to provide more facilitation arrangements while ensuring that the risks are manageable.

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI Asia-Pac: LCQ16: Employees’ compensation insurance

    Source: Hong Kong Government special administrative region

    LCQ16: Employees’ compensation insurance 
    Question:
     
         Regarding employees’ compensation insurance (commonly known as labour insurance), will the Government inform this Council:
     
    (1) of the number of cases recorded by the Labour Department (LD) in which employees died as a result of accidents arising out of and in the course their employment in each of the past seven years and this year to date, together with a breakdown by industry;
     
    (2) among the cases mentioned in (1), ︀of the number of cases in which employers were prosecuted by the authorities for failing to take out labour insurance policies for their employees as required under the Employees’ Compensation Ordinance (Cap. 282); among such prosecuted cases, ︀of the following information on each of the convicted cases: (i) the date of the accident, (ii) the industry and occupation to which the workers involved belonged, (iii) the date on which the judgment was handed down by the court and (iv) the penalties imposed;
     
    (3) in respect of the penalties imposed on the convicted cases mentioned in (2), whether the authorities have applied for reviews or appeals; if so, of the details; if not, the reasons for that;
     
    (4) given that under the Employees Compensation Assistance Ordinance (Cap. 365), any employer who contravenes the requirements of Cap. ‍282 on taking out labour insurance policies shall be liable to pay a surcharge to the Employees Compensation Assistance Fund Board, of the highest, lowest and average amounts of surcharge paid by the employers in the convicted cases mentioned in (2);
     
    (5) of the respective numbers of insurance applications from the employers of the 22 ‍high-‍risk industries specified under the Employees’ Compensation Insurance Residual Scheme (ECIRS) which were received, approved and rejected by the Employees’ Compensation Insurance Residual Scheme Bureau Limited in each of the past seven years and this year to date, ︀as well as the number of employees involved in the approved applications, ︀together with a breakdown by industry; the main reasons for rejecting such applications under the Scheme;
     
    (6) as it is learnt that the Occupational Safety and Health (OSH) Council and the LD have jointly launched the OSH Star Enterprise – Repair, Maintenance, Alteration and Addition Safety Accreditation Scheme (the Accreditation Scheme) to assist the insurance industry in considering offering discounts on labour insurance premium under ECIRS to enterprises satisfying the safety accreditations, of the number of enterprises which have (i) applied, (ii) have been approved and (iii) have been rejected to participate in the Accreditation Scheme in each of the past seven years and this year to date, and set out in the table below a breakdown by type of enterprise (i.e. (I) small and medium enterprises (SMEs) and (II) ‍non-SMEs) and business nature of enterprise (i.e. (a) erection, dismantling and use of truss-out bamboo scaffolds, (b) repair to external walls or pipings, (c) air-conditioning works and (d) interior fitting-out works); the main reasons for rejecting the applications under the Scheme;

    Type of
    enterprisenature of
    enterprise(7) whether it has compiled statistics on the percentage of the number of enterprises approved under the Accreditation Scheme in the total number of enterprises of the same business nature in Hong Kong at present, together with a tabulated breakdown by type of enterprise (i.e. (I) SMEs and (II) non-SMEs) and business nature of enterprise (i.e. (a) erection, dismantling and use of truss-out bamboo scaffolds, (b) repair to external walls or pipings, (c) air-conditioning works and (d) ‍interior fitting-out works); of the measures in place to step up publicity and promotion of the Accreditation Scheme, so as to encourage more enterprises to participate in the Scheme; and

    (8) as there are views that the existing penalties for not taking out labour insurance policies are too light, and some employers may be prompted to take the risk of not taking out labour insurance policies for their employees as required by the law, whether the authorities will consider amending Cap. 282 to raise the relevant penalties, so as to enhance the deterrent effect; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         My reply to the Hon Chau Siu-chung’s question is as follows:
     
    (1) From 2018 to February 2025, the numbers of fatal cases reported under the Employees’ Compensation Ordinance (ECO) (Cap. 282) and received by the Labour Department (LD) each year, with a breakdown by industry, are at Annex 1.
     
    (2) Among the cases mentioned in (1), 14 employers were prosecuted by the LD for failing to take out employees’ compensation insurance (EC insurance) for their employees as required by the ECO. All the 14 cases were convicted. The details are at Annex 2.
     
    (3) In accordance with the Prosecution Code of the Department of Justice (DoJ), the Secretary for Justice may apply to the court in exceptional cases for the review of a sentence on the basis that it has proceeded on an error of law or of principle or that it is manifestly inadequate or excessive. In general, apart from the factors such as the circumstances of a case, the maximum penalty of an offence and the level of sentence imposed on the offence in the past, the court will also consider a defendant’s guilty plea and mitigations when sentencing. The LD will examine the sentence imposed by the court on each case. If the sentence of an individual case is manifestly inadequate or excessive, or has proceeded on an error of law or of principle, the LD will request the DoJ to consider applying for a review of the sentence. In line with the above principles, the LD has not applied for the review or appeal against the sentence of the convicted cases mentioned in (2). 
    (5) The Employees’ Compensation Insurance Residual Scheme (ECIRS) serves as a market of last resort to assist employers who cannot procure the EC insurance in the market, with a view to ensuring that employers can acquire the EC insurance. The applications received and approved by the Employees’ Compensation Insurance Residual Scheme Bureau Limited (ECIRSB) from 2018 to February 2025, with a breakdown by the High Risk Groups, are at Annex 3. During the period, the ECIRSB did not reject any applications submitted by employers.
     
    (6) The LD has collaborated with the Occupational Safety and Health Council (OSHC) to launch the OSH Star Enterprise – Repair, Maintenance, Alteration and Addition (RMAA) Safety Accreditation Scheme (Accreditation Scheme) to provide subsidies to small and medium-sized enterprises (SMEs) in the RMAA sector for purchasing fall prevention devices, assisting them in establishing a safety management system, and offering training on work-at-height safety as well as conducting safety audits. We adopt a multi-pronged approach to enhance the safety standard of relevant enterprises and assist users in identifying those RMAA enterprises with recognised safety standards. According to the OSHC, the number of applications for the Accreditation Scheme and the number of Star Enterprises accredited in the past seven years (up to March 20, 2025) are at Annex 4.
     
         As OSHC has enhanced the OSH Star Enterprise List under the Accreditation Scheme since September 2024 and added the category of “nature of business” (including erection and dismantling of truss-out scaffolding works, repair of external wall and pipe works, air-conditioning works and interior renovation works) to the list, a breakdown by nature of business of the enterprises before the date of enhancement is not available. 
     
         The number of Star Enterprises accredited in 2024-2025 (as at March 20, 2025) is eight. A breakdown of their business nature (Note) is as follows:
     

    Erection and dismantling of truss-out scaffolding works     At present, there are 66 SME Star Enterprises under the Accreditation Scheme and their business nature (Note) is categorised as follows:
     

    CategoriesMIL-OSI

    Post navigation

    Erection and dismantling of truss-out scaffolding worksNote: Accredited Star Enterprise may offer more than one type of business.

    (7) The OSHC does not keep statistics on the percentage of the number of accredited Star Enterprises among the total number of enterprises of the same business nature in Hong Kong, and it does not have a breakdown of the figures by the nature of business of the enterprises.
     
         To enhance the awareness of the RMAA industry and the community at large on the Accreditation Scheme, the LD and the OSHC have been publicising and promoting the Accreditation Scheme through various channels, including promotion on mass media such as television, radio and e-‍newspapers; dissemination of video clips, text and graphic information through social media; and collaboration with the Home Affairs Department and District Councils to promote the Accreditation Scheme to property owners, property management companies, etc, and to educate them on the key points and importance of choosing suitable scaffolding and the RMAA contractors. For newly completed public housing estates and buildings with more the RMAA works, the LD and the OSHC, in collaboration with trade unions, regularly set up information kiosks in the districts to publicise and promote the Accreditation Scheme to community members, owners’ corporations and local organisations. In addition, more than 1 300 organisations have signed the Charter on Preferential Appointment of OSH Star Enterprise, pledging to give priority to Star Enterprises in carrying out RMAA works, so as to encourage more RMAA enterprises to upgrade their safety standards through market force.
     
    (8) In accordance with section 40 of the ECO, no employer shall employ any employee in any employment unless there is in force a policy of insurance to cover his liabilities under the ECO and common law. Employers failing to comply with the ECO to secure an insurance cover are liable to prosecution and, upon conviction, to a maximum fine of $100,000 and imprisonment for two years. Among the past prosecution cases, there have been cases where the convicted employers were sentenced to imprisonment or with higher levels of fines. 
         The LD will continue to monitor employers’ compliance with the requirement of taking out EC insurance and will consider whether to amend the relevant penalties under the ECO as and when required.
    Issued at HKT 11:45

    NNNN

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI: AGF Investments Announces Additional Ad Hoc Distributions for AGF Systematic Global Multi-Sector Bond ETF, AGF Systematic International Equity ETF and AGF Systematic US Equity ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 02, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced additional ad hoc distributions for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS), which usually pay quarterly/annual distributions.

    These ad hoc distributions are the result of previously announced proposed terminations of these three ETFs effective close of business on or about April 29, 2025 (the “ETF Termination Date”). Unitholders of record on April 9, 2025 will receive cash distributions payable on April 15, 2025.

    Please note: Final distributions will be announced on or about April 17, 2025.

    Details regarding the ad hoc “per unit” distribution amounts are as follows:

    ETF Ticker Exchange Cash Distribution Per
    Unit ($)
    AGF Systematic Global Multi-Sector Bond ETF  QGB Cboe Canada Inc. $ 0.036985
    AGF Systematic International Equity ETF  QIE Toronto Stock Exchange $ 0.309045
    AGF Systematic US Equity ETF  QUS Toronto Stock Exchange $ 0.098268

    Further information about the AGF ETFs can be found at AGF.com.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Disclaimer

    ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

    April 3, 2025

  • MIL-OSI Asia-Pac: Umbrella organization for urban co-operative banks

    Source: Government of India

    Posted On: 02 APR 2025 3:35PM by PIB Delhi

    A need was felt to establish an organization to resolve the difficulties being faced by the Urban Cooperative Banks (UCBs). UCBs are operating in a fragmented and uncoordinated environment, hindering their growth, stability and competitiveness. The lack of regulatory clarity, operational inefficiencies and limited access to resources and expertise left many UCBs vulnerable to financial instability, poor governance and market pressures.

    An Umbrella Organization (UO) named National Urban Co-operative Finance and Development Corporation (NUCFDC) has been established as a long-term solution to transform India’s UCB sector to make them financially resilient, enhance their depositor’s confidence and establish them as a major player in the country’s financial system.

    The UO will provide various fund-based as well as non-fund-based services to UCBs. The fund-based services include extending Capital support, Loans and advances, Refinance facilities, Liquidity support against excess SLR securities through Repo, and Accepting deposits from UCBs.

    The non-fund-based services include Setting up IT Infrastructure for use of member banks; Fund Management/ Treasury Management Services; Consultancy services in various operational areas; Capacity building services such as training, seminars, and conferences; and Research & Development

    Within a short period of time, the UO has commenced business and has started rolling out certain services to meet the urgent needs of UCBs.

    The UO has launched the following services:

    1. Legal Advisory: UO’s legal resource is providing free templates & free vetting for few basic agreements required by Banks. Preparation of large/ complicated agreements is chargeable but much below market rates.
    2. Sahakar Compliance Monitoring Service: Automation of all the Regulatory Compliances for Banks, by integrating with Core-Banking System (CBS) of Banks on one side and with Daksh portal of RBI on other side.
    3. Technology Consulting: UO’s resources are providing technology related advisory to Banks on all aspects like CBS, Cybersecurity, IT Compliance etc.

    The UO has also published Expression of Interest (EOI) for setting up and implementation of;

    1. Sahakar Cloud: to create Cloud/ Data Centre for the sector and reduce overall cost by achieving economies of scale.
    2. Sahakar CBS: for providing industry-best, standardized Core Banking Solution for all UCBs, specially the Tier1, Tier2 and Unit Banks.
    3. SahakarBox: innovative offering by UO to ensure that even small UCBs can achieve cybersecurity, resiliency, disaster recovery and backup services at quite affordable cost.
    4. Sahakar Council – Expert Panel: UCBs need advice of various external experts in areas like Direct/ Indirect Tax, Audit, Treasury, Compliance and Business Development etc.

    This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha.

    ****

    RK/VV/ASH/RR/PR/PS

     

    (Release ID: 2117771) Visitor Counter : 12

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI Africa: Critical services continue amid budget consideration

    Source: South Africa News Agency

    National Treasury has moved to assure the public that critical government services will not be affected as Parliament continues to consider the 2025 budget.

    This year, the budget was tabled on 12 March, instead of the customary February – eliciting questions and comments on government’s ability to deliver services while budget approval is still being considered.

    In a statement issued on Wednesday, National Treasury referred to Section 29 of the Public Finance Management Act (PFMA), which allows funds to be withdrawn from the National Revenue Fund if the national annual budget is not passed before the start of the financial year. 

    “The funds withdrawn from the Revenue Fund may be utilised only for services for which funds were appropriated in the previous annual budget or adjustments budget. Up to 45 percent of the total amount appropriated in the previous annual budget, may be withdrawn from the Revenue Fund.

    “During each month thereafter, up to 10 percent of the total amount appropriated in the previous annual budget, may be withdrawn. In aggregate, the amount withdrawn may not exceed the total amount appropriated in the previous annual budget,” the department explained. 

    It added that these funds are not additional to funds appropriated for the relevant financial year, and “any funds withdrawn must be regarded as forming part of the funds appropriated in the annual budget for that financial year.”

    Although the financial year starts on 1 April, the department noted that the Appropriation Bill is always passed later.

    “This situation means that every year, departments incur spending before the Appropriation Act takes effect. Therefore, as in previous years, government departments will continue to spend as normal because funds may be withdrawn from the National Revenue Fund for the requirements of departments, from 1 April 2025 until the Appropriation Bill for the 2025/26 financial year is passed by Parliament,” the department said.

    “Although expenditure may be incurred, it may not be for new requirements. [This means] requirements not funded in the 2024/25 financial year. Any new spending programmes, projects or policy adjustments may only commence after the Appropriation Act is enacted,” the department said.

    The department emphasised that the public should not be concerned about the delivery of critical government services, including among others, the payment of social grants, while the Parliamentary process for the 2025 Budget is ongoing. 

    “Despite the flexibility allowed by the Public Finance Management Act, the National Treasury is committed to supporting Parliament in its consideration and timely passage of the 2025 Budget,” the department said. – SAnews.gov.za

    MIL OSI Africa –

    April 3, 2025

  • MIL-OSI Asia-Pac: LAUNCHING OF FIFTH 25T BOLLARD PULL TUG OJAS (YARD 339)

    Source: Government of India

    Posted On: 02 APR 2025 4:39PM by PIB Delhi

    Launching of fifth 25T Bollard Pull (BP) Tug Ojas was held on 31 Mar 25 at M/s TRSL, Kolkata in presence of Cmde Sanjay Kumar, President SSB, Kolkata as the Chief Guest.

    These Tugs are a part of the contract for construction of six (06) 25T BP Tugs concluded with M/s Titagarh Rail Systems Limited (TRSL), Kolkata on 12 Nov 21. The Tugs have been indigenously designed and built in accordance with relevant Naval Rules and Regulation of Indian Register of Shipping (IRS). The Shipyard had successfully delivered four of these Tugs which are utilised by Indian Navy to provide assistance to Naval ships and submarines during berthing, un-berthing and manoeuvring in confined waters. The Tugs will also provide afloat firefighting support to ships alongside or at anchorage and will also have the capability to conduct limited Search and Rescue Operations.

    These Tugs are proud flag bearers of Make in India and Aatmanirbhar Bharat initiatives of Government of India.

    *****

    VM/SKY  

    (Release ID: 2117821) Visitor Counter : 57

    MIL OSI Asia Pacific News –

    April 3, 2025

  • MIL-OSI: Marex Group plc provides preliminary Q1 results range and hosts Investor Day in New York

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 02, 2025 (GLOBE NEWSWIRE) — Marex Group plc (Nasdaq: MRX) (‘Marex’), the diversified global financial services platform, provides a Q1 trading update at its Investor Day, being held today at the Nasdaq Marketsite in New York City.

    Marex reports a strong start to the year with positive momentum and supportive market conditions continuing through the first quarter of 2025. Client activity has remained strong across the platform with high levels of exchange volumes driven by volatility. Agency and Execution has benefited from strong performance in the Prime Services business and continued progress in the Energy business.

    As a result, first quarter 2025 revenues are expected to be in a range of $449.3 to $464.3 million (Q1 2024: $365.8 million) and Adjusted Profit Before Tax2 in a range of $92.3 to $97.3 million (Q1 2024: $67.7 million).

    Ian Lowitt, CEO, stated: “Very robust levels of client activity across our businesses and positive market conditions have continued into 2025 and led to a strong performance in the first quarter of the year, building on our performance in 2024. These benefits more than outweighed the impact of lower net interest income partly arising from the interest rate environment, compared to the fourth quarter of 2024. This demonstrates the successful execution of our strategy to diversify our business and deliver sustainable growth through a variety of market conditions by expanding our geographic footprint and product capabilities, increasing our relevance to a growing client base.”

    Preliminary Q1 2025 results range

    We have not yet completed our closing procedures for the three months ended March 31, 2025. The table below are certain estimated preliminary unaudited financial results for the three months ended March 31, 2025:

      3 Months ended March 31, 20251   3 Months ended March 31, 2024
    Unaudited ($m) Estimated Low Estimated High   Actuals
    Revenue 449.3 464.3   365.8
    Reported Profit Before Tax 94.4 102.1   58.9
    Tax 24.5 26.5   15.3
    Reported Profit After Tax 69.9 75.6   43.6
    Adjusted Profit Before Tax2 92.3 97.3   67.7
             
    Profit After Tax Margin 16% 16%   12%
    Adjusted Profit Before Tax Margin2 21% 21%   19%
             
    Basic Earnings per Share ($)3 0.94 1.02   0.60
    Diluted Earnings per Share ($)3 0.88 0.96   0.56
    Adjusted Basic Earnings per Share ($)2,3 0.94 0.99   0.74
    Adjusted Diluted Earnings per Share ($)2,3 0.88 0.93   0.69
    1. Figures reflect certain estimated preliminary unaudited financial results for the three months ended March 31, 2025. Estimates represent results that are preliminary and subject to change. Actual results will not be finalized until after we complete our normal quarter-end accounting procedures, including the execution of our internal control over financial reporting. These estimates reflect our management’s best estimate of the impact of events during this quarter.
    2. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non-IFRS measure.
    3. Weighted average number of shares have been restated as applicable for the Group’s reverse share split (refer to Appendix 1 for further detail).

    Investor Day

    Marex is hosting an Investor Day today, April 2, 2025 starting at 9:30am E.T. The event will feature presentations from Marex’s business heads, to provide a greater understanding of Marex’s operations and growth strategy, as well as a question and answer session with senior leadership including Ian Lowitt, CEO, Rob Irvin, CFO and Paolo Tonucci, Chief Strategist and CEO Capital Markets.

    An audio livestream of the event will be available under the ‘events and presentations’ section on ir.marex.com. The webcast will also be available for replay, after the completion of the event.

    https://edge.media-server.com/mmc/p/qbimzrae/

    About Marex Group:

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

    Enquiries please contact:

    Marex

    Investors – Robert Coates
    +44 7880 486 329 / rcoates@marex.com

    Media – Nicola Ratchford, Marex / FTI Consulting US / UK
    + 44 7786 548 889 / nratchford@marex.com / +1 919 609 9423 / +44 7776 111 222 | marex@fticonsulting.com

    Forward Looking Statements

    This press release contains forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected outlook regarding Q1 2025 financial results. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine or the on-going conflicts in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) and our other reports filed with the SEC.

    The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    Appendix 1

    Non-IFRS Financial Measures and Key Performance Indicators

    In addition to our results determined in accordance with IFRS Accounting Standards (IFRS), we believe the following non-IFRS measures provide useful information both to management and investors in measuring our financial performance for the reasons outlined below. These measures may not be comparable to similarly titled measures presented by other companies, and they should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Group changed the labelling of its non-IFRS measures during 2024 to simplify the naming to better align to the equivalent IFRS reported metric for better understanding and communication and enhance transparency and comparability.

    Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)

    We define Adjusted Profit Before Tax as profit after tax adjusted for (i) taxation charge (ii) acquisition costs, (iii) bargain purchase gains, (iv) owner fees, (v) amortisation of acquired brands and customer lists, (vi) activities in relation to shareholders, and (vii) IPO preparation costs. Items (i) to (vii) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is an important measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance and hence it is our segments performance measure presented under IFRS Accounting Standards. Adjusted Profit Before Tax is also presented on a consolidated basis because our management believes it is important to consider our profitability on a basis consistent with that of our operating segments. When presented on a consolidated basis, Adjusted Profit Before Tax is a non-IFRS measure.  The most directly comparable IFRS measure is profit after tax.

    Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)

    We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is profit after tax divided by revenue.

    Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to AT1 note holders, which is the coupons on the AT1 issuance and accounted for as dividends adjusted for the tax benefit of the coupons. Common equity is a non-IFRS measure and we define Common Equity as being the equity belonging to the holders of the Group’s share capital.

    Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

    Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS metric is diluted earnings per share.

    Reconciliation

    The following table reconciles: (1) Adjusted Profit Before Tax and Adjusted Profit after Tax Attributable to Common Equity from the most directly comparable IFRS Accounting Standards measure, which is profit after tax, (2) Adjusted Profit Before Tax Margin from the most directly comparable IFRS Accounting Standards measure, which is profit margin (which is profit after tax divided by revenue), (3) Adjusted Basic Earnings per Share from the most directly comparable IFRS measure, which is basic earnings per share, and (4) Adjusted Diluted Earnings per Share from the most directly comparable IFRS measure, which is diluted earnings per share, in each case, for the periods presented below.

    Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:

      3 months ended March 31, 2025   3 months ended March 31, 2025   3 months ended March 31, 2024
      Estimated Low   Estimated High   Actuals
      $m   $m   $m
    Profit After Tax 69.9   75.6   43.6
    Taxation charge 24.5   26.5   15.3
    Profit Before Tax 94.4   102.1   58.9
    Bargain purchase gains1 (3.4)   (6.1)   —
    Acquisition costs2 —   —   0.2
    Amortisation of acquired brands and customer lists3 1.3   1.3   0.8
    Activities relating to shareholders4 —   —   2.4
    Owner fees5 —   —   1.7
    IPO preparation costs6 —   —   3.7
    Adjusted Profit Before Tax 92.3   97.3   67.7
    Tax and the tax effect on the Adjusting Items7 (22.8)   (24.1)   (15.5)
    Profit attributable to AT1 note holders8 (3.3)   (3.3)   (3.3)
    Adjusted Profit after Tax Attributable to Common Equity 66.2   69.9   48.9
               
    Profit After Tax Margin 16%   16%   12%
    Adjusted Profit Before Tax Margin9 21%   21%   19%
               
    Basic Earnings per Share ($)10 0.94   1.02   0.60
    Diluted Earnings per Share ($)11 0.88   0.96   0.56
               
    Adjusted Basic Earnings per Share($)10 0.94   0.99   0.74
    Adjusted Diluted Earnings per Share ($)11 0.88   0.93   0.69
               
    1. A bargain purchase gain is expected to be recognised as a result of the Group’s acquisition of Darton Group Limited.
    2. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions.
    3. This represents the amortisation charge for the period of acquired brands and customers lists.
    4. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes.
    5. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses.
    6. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses.
    7. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period.
    8. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends.
    9. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) divided by revenue for the period.
    10. The weighted average numbers of shares used in the calculation for the three months ended March 31, 2025 range estimates and three months ended March 31, 2024 actuals were 70,541,771 and  65,683,374 respectively.  Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    11. The weighted average numbers of diluted shares used in the calculation for the three months ended March 31, 2025 range estimates and three months ended March 31, 2024 actuals were 74,942,291 and  70,383,309 respectively.  Weighted average number of shares have been restated as applicable for the Group’s reverse share split.

    The MIL Network –

    April 3, 2025
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