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How SMEs are coping with the cost of doing business crisis –


As Nigeria faces a new crisis in the cost of doing business, many of the country’s 41.5 million small and medium-sized enterprises (SMEs) are adapting to survive today’s business realities.

Production costs have more than doubled for businesses in Africa’s biggest economy since Russia invaded Ukraine in February amid currency shortages and worsening insecurity.

BusinessDay, in its usual fashion, interviewed some entrepreneurs who shared how they are coping with the recent spike in diesel prices and input costs. And here are their answers:

Paul Akingbola

Akingbola is CEO of Protransl8, a translation agency, and co-founder of Transcript dot NG, a technology startup.

How do you cope with rising input costs?

I believe that there is almost nothing that individuals can cope with the rising cost of entry. At best, we can only find ways to lessen the severity of its impact on our business. I often see things from a half-full state of mind. That way, instead of lamenting what isn’t working, I focus on the part that is working.

A major coping mechanism that comes to mind was to start charging in dollars. That way, whatever happens to the naira doesn’t have much of an impact on my thoughts. We also continue to review our business plans and strategy to ensure alignment with the realities of the operating environment.

Do you earn much more money than before?

For events, yes, because there are more and more daily events. Nor have we restarted the backlog of events from the Covid-19 lockdown. With organizing events being one of my thoughts, I see that there is so much money on the table in the event industry. This is why I often say that event money is sweet. That’s why I also advocated for many more people to join the industry.

For Transcript point NG, activities have been stalled for months due to strike actions by ASUU and NASU as public higher education institutions have been closed. And these happen to be a majority market. No way to get transcripts for students resulting in loss of income. We also had to stall the application process to avoid stacks and backlogs.

Are people buying your products?

We do not sell tangible products. I think the second answer can solve this problem. But for Transcript point NG, people want to buy; because more and more alumni want their transcripts out of the Alma Mater. But we cannot sell because the schools have been closed for several months. Well, everything is opening up now and it can only get better. We also hope that NASU will not resume the strike, as the halting/resumption of the strike was meant to be temporary.

How does deteriorating power supply affect your cost of production?

Not Applicable.

What strategy have you adopted as a business to survive the covid-19 pandemic and how are you managing the cost of the business crisis?

The main strategies were also to stay safe. For the costs of doing crisis business, we fell back on our savings, reduced our budget and expenses, and finally, we focused on more important things to deal with.

Is the Nigerian business environment improving?

Anyone who answers yes to this question will be a liar. The sad answer is no. But then, we Nigerians are honest, so incredibly resilient. Thus, businessmen or women and entrepreneurs are those who are getting stronger in the face of the hardening of the business environment.

Gladys Bosu

Bosu is the founder of Gladyskitchen – a catering company that operates in Lagos, Ogun and Oyo states.

How do you cope with rising input prices?

I don’t think I have a choice when it comes to dealing with rising production costs. I have to find a way or another to adapt to the economy. For my part, a small increase in the price of my products is what I sought.

For example, I usually sell a bowl of soup for N7000 before, however, I increased it to N9000. For my cakes, I increased each size by N1500.

Do you earn much more money than before?

Am I making more money? No. It’s because the things we get for a given price back then are four times as much now. Record inflation and the exchange rate are limiting my company’s investments.

With higher investment, we don’t even catch up the old profit we made.

Are customers buying your products?

Despite the unbearable Nigerian economy, my local customers continue to buy my products.

How does deteriorating power supply affect your cost of production?

In my area, Ipaja, Lagos, poor power supply is affecting my business productivity as I stick to a gasoline generator. The more stable the power, the more profit I can make, compared to using a generator.

Also Read: How Nigerians are coping with the rising cost of living

What strategy have you adopted as a business to survive the covid-19 pandemic and how are you managing the cost of the business crisis?

When supplying my products to my customers, I had to ensure that social distancing and the use of nose marks are used by the people supplying the products, so that my customers do not shrink. It helped through the pandemic era.

For the cost of the business crisis, we are cutting our budgets and prioritizing our spending.

Is the Nigerian business environment improving?

I don’t think doing business in Nigeria is getting better because inflation keeps going up. This development demotivates business leaders, especially start-ups.

Sharon Samo

Samo is the founder of Adetutu brand – a clothing brand that manufactures women’s clothing, operating in the metropolis of Lagos.

How do you cope with rising input prices?

The current inflation has affected our production efficiency. The materials are more expensive, which makes it difficult to purchase them in large quantities. Materials that were once 1000N per meter are now sold at 1500N per meter. This leads us to use lower quality materials that are more affordable.

Do you earn much more money than before?

No. We don’t make money compared to before because of the high cost of production. Most of the time, we end up with little or no profit.

Are customers buying your products?

When it comes to sales, the situation is frustrating. Inflation has affected both our business and our customers. The increase in production expenses forced us to increase the price of our products.

Unfortunately, most of our customers end up leaving because they can’t afford to buy my products.

How does deteriorating power supply affect your cost of production?

The poor power supply affects our production costs, because as a fashion brand, we use a lot of electronics like sewing machines, iron and weaving machines, among others. However, we have no choice but to use our gasoline generator, which is another expense.

What strategy have you adopted as a business to survive the covid-19 pandemic and how are you managing the cost of the business crisis?

Luckily for me, my business started after the covid-19 pandemic. For the cost of business crisis, we source locally now and reduce costs.

Is the Nigerian business environment improving?

In my opinion, I don’t think the Nigerian business environment is improving, as there are different factors that negatively affect business growth in Nigeria, such as foreign exchange, inflation, unstable light, and financing.

Ugah Chukwuemeka

Chukwuemeka is the Executive Director of Legacy Building Solutions, an aluminum composite panel supplier, operating in Ibadan, Oyo State.

How do you cope with rising input prices?

The current cost of doing business is as difficult as getting started. Last year, we experienced four price increases from our suppliers. This has created some pressure on our finances and reduced our profit margin since we have to add cash to redeem.

In order to manage these regular price increases, we are more vigilant in the market, follow economic trends and make a price increase when necessary.

Do you earn much more money than before?

Compared to last year, we are making around 40% less profit per asset.

Are customers buying your products?

At the moment, customers continue to patronize. They understand the general situation.

How does deteriorating power supply affect your cost of production?

Our business does not depend on the use of energy, as we only supply aluminum composite panels.

What strategy have you adopted as a business to survive the covid-19 pandemic and how are you managing the cost of the business crisis?

We mainly deal with supplies and we had to maintain a good relationship with our suppliers and the logistics company. Construction workers were still going, so customers needed goods. We have increased the prices of our products to meet the cost of the business crisis.

Is the Nigerian business environment improving?

The Nigerian business environment is deteriorating as many 2020 start-ups could not survive. It would take solid capital with a good business strategy to deal with now.

GM delays back-to-office mandate after employee backlash


General Motors CEO Mary Barra speaks to reporters as they await the arrival of President Joe Biden during the North American International Auto Show media day in Detroit, Michigan on September 14 2022.

Rebecca Cook | Reuters

DETROIT — General Motors is doing some damage control around its return-to-work plans after a Friday afternoon message to employees sparked backlash and confusion.

The company’s management team said on Friday that company employees would be required to return to physical locations at least three days a week, starting at the end of the year, in what the company called for an evolution of its current remote work policies.

On Tuesday, a second post returned to that schedule and clarified that the company would not mandate specific workdays, instead leaving that decision to individual teams.

“Our plan has always been, and still is, to collaboratively design the solution that best balances the needs of the business with the needs of each of you,” reads the memo, which was signed by CEO Mary Barra and other executives, a copy of which was viewed by CNBC.

The follow-up message says no workers will be required to return to their offices until the first quarter of next year.

“While we have maintained a highly collaborative culture over the past two years during a very challenging time, the intangible benefits of in-person collaboration are going to be a critical success factor as we enter a period of rapid launches,” said said Tuesday’s message. . “This development aims to be ready for the next phase of our transformation.”

A GM spokesperson confirmed the authenticity of the post, saying it was “seeking to provide further clarity to help address some of the questions and concerns we have received.” She said the timing of the return to power has changed, but “the overall plan hasn’t really changed”.

Both messages are a step change from the automaker’s flexible “work appropriately” rules that were announced by Barra and welcomed by the company in April 2021. GM described it as a flexible and scalable policy that will differ by employee, week and project.

GM apologized on Tuesday for the timing of the original post and its vagueness. Executives said the previous communication was sent after some information about the company’s plan was shared prematurely with certain departments.

“We chose to communicate company-wide before we had the opportunity to collaborate more broadly on the implementation plan. We believe the benefits of being transparent – ​​even with a sub-optimal timeline and partial details – outweigh the risk of creating mistrust by having you hear the information at second hand,” the Tuesday post read.

GM said it will release more information late next month, as the company intends to spend the “next few weeks continuing to listen to your feedback so that we incorporate it into our implementation plans. “.

Shipping costs drop as demand for goods from Asia slumps


The cost of transporting goods from China has fallen to its lowest level in more than two years as the global economy stumbles, clouding the outlook for container carriers which have made record profits during the pandemic.

A 40ft shipping box from the world’s largest port of Shanghai to Los Angeles fetched $3,779 last week, the first time the spot price was below $4,000 since September 2020 and half the level three months ago, according to maritime research consultancy Drewry.

While the value of Chinese exports increased further in August, it is expected to continue to slow. It’s a symptom of the headwinds hitting developed and developing economies, from soaring inflation and a soaring dollar to central bank interest rate hikes and trade disruptions blamed on the war of Russia in Ukraine.

“It’s fair to say that the demand outlook for transpacific and container shipping in general is rapidly receding,” said Simon Heaney, senior director of container research at Drewry.

In what is usually the peak season for maritime trade, global demand for Chinese goods is on the contrary declining as consumers cut back on spending due to inflation and shift away from goods in favor of services.

Factories in Europe and the rest of Asia are also reducing production. China’s economic slowdown is also reducing import demand, with companies in Asia and Europe seeing weaker growth or lower orders from Chinese companies.

For the world’s shipping lines, it takes some relief from their busy sailing schedules, while threatening to slow a blistering profitability driven during the pandemic by stronger-than-normal consumer demand for household items.

“While it is more clear that the second quarter of 2022 will be a peak in earnings, I think any discussion of the collapse and return to pre-pandemic earnings levels – or lack thereof – is premature,” said John McCown, an industry veteran and founder of Blue Alpha Capital.

On Friday, shares of Copenhagen-based AP Moller-Maersk hit their lowest since March 2021, and Germany’s Hapag-Lloyd fell to the lowest since June last year. Cosco Shipping Holdings, China’s largest carrier, hit a 17-month low. Shares of Honolulu-based Matson, a smaller player that operated an Asia-U.S. express service across the Pacific, are worth about half the record they set in March.

About two years ago, import demand from the United States began to increase, causing a queue of freighters off the coast of southern California until 2021, which eventually peaked at 109 in January of this year. On Friday, the line to enter the ports of Los Angeles and Long Beach had eight ships.

US container imports are not falling off a cliff, but they are slowing to more normal levels seen before Covid-19.

A container ship docked at the Port of Oakland in California.  Getty Images

Steadily falling container spot rates are putting pressure on carriers who have been pushing to sign longer-term contracts with their customers as these prices soared in early 2022. Maersk, for example, recently said that he held around 72% of his contracts long-term. transport volume on contracts.

Walmart, Amazon.com and Ikea were among the companies that signed deals when spot prices were at near record highs, according to analytics firm Xeneta, but as inflation bites, importers in the states States and Europe want to ship less goods from Asia, he said. .

Many carrier customers want to renegotiate discounts.

Agents and freight forwarders in Asia have recently received calls from freight owners asking to reduce their shipping costs, with some exporters complaining of the unfairness of paying almost twice as much on contracts as on the spot market. Shipping companies want exporters to increase their volumes, but many are refusing to do so due to the weaker economic outlook.

“We surveyed customers and 50% of them successfully negotiated lower rates on fixed-term contracts,” said Peter Sand, chief analyst at Xeneta.

“Lower freight rates are due to lower demand globally, and port congestion has eased, allowing for more efficient vessel operations.”

Economists predict the value of China’s exports will rise 9% this year, down from the 13.5% expansion in the first eight months of the year and well below the 30% jump in l ‘last year.

While exports rose 7.1% in August from a year earlier, higher prices rather than increased volumes could play a bigger role in pushing the numbers higher. According to an estimate by the Macquarie Group, around half of the overall export growth in July was the result of price effects.

Some of the weaker demand reflects an earlier than usual peak season for U.S. businesses to import their goods. Historically, Chinese exports have risen sharply in the second half of the year, with US and European companies stocking up ahead of the holiday season, but this year there has been a surge in shipments in May. and in July, which then fell slightly in August. .

The port of Shanghai handled 8.4% less cargo in August compared to a year earlier, with the number of containers down 3.4%, the port said this month. This follows the drop in boxes arriving in the US – the number of containers arriving at the busiest US port of Los Angeles last month fell the most since the early days of the Covid-19 pandemic.

With no available capacity just six months ago, container lines are now scrambling to reduce excess capacity to meet demand. According to a report by Drewry on Friday, 117 of 744 crossings were canceled over the next month on major trade routes, and about 68% of those masked trips were to be eastbound trans-Pacific journeys.

The weakening outlook doesn’t just come from mainland China – Taiwan’s exports grew at the slowest pace in more than two years in August, while South Korea’s exports fell 8.7% over the past two years. first 20 days of this month.

Bloomberg Intelligence logistics analyst Lee Klaskow said the shipping industry could still have its third-best year in 2023, but the good times may not continue beyond that given all the new ships – ordered during this period of prosperity – which will begin to be launched. Next year.

Updated: September 27, 2022, 3:30 a.m.

Bank CEOs interviewed on consumer protection and social issues


From left, Wells Fargo & Company CEO and Chairman Charles Scharf, Bank of America Chairman and CEO Brian Thomas Moynihan, JPMorgan Chase & Co. Chairman and CEO Jamie Dimon, Citigroup CEO Jane Fraser , the chairman and CEO of Truist Financial Corp. William Rogers Jr., US Bancorp Chairman and CEO Andy Cecere and PNC Financial Services Group Chairman and CEO William Demchak attend an annual Senate Banking Committee Wall Street oversight hearing on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

NEW YORK (AP) — CEOs of the nation’s largest banks who recently met with lawmakers on Capitol Hill have been urged by Senate Democrats to do more to help and protect their customers.

Bank executives have been called to testify before Congress at a time when prices for food and other basic necessities are at their highest in decades. JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and five others told lawmakers the US consumer is in relatively good shape but faces threats of high inflation and rising interest rates.

The senators’ early comments reflected lingering populist anger toward Wall Street more than a decade after the financial crisis as well as the looming election.

“You are among the most powerful players in our economy,” said U.S. Senator Sherrod Brown, D-Ohio and Chairman of the Senate Banking Committee. “Your entire industry and its important safety net are supported by American taxpayers. It is high time that the financial sector was as good for the American people as the country has been for you.

Although billed as day-to-day finance and industry oversight hearings, CEOs have also been given a healthy dose of electoral politics in both houses of Congress.

“Ms. Fraser, good to see you because you’re about the only diversity we’ve seen in this industry,” said U.S. Sen. Bob Menendez, D-New Jersey.

Menendez focused on overdraft fees, acknowledging that banks have made progress in reducing them, but also pushing CEOs to eliminate these fees altogether. Most CEOs said they now generally offer no overdraft fee products and expect to see their overdraft fee revenue continue to decline. Bank of America recently said its revenue from overdraft fees fell 90% from a year ago.

One of the most contentious discussions concerned Zelle, the private peer-to-peer payment network jointly owned by the banks. Zelle has come under scrutiny due to the growing number of complaints from bank customers unknowingly authorizing payments to scammers through Zelle and unable to recover their funds. Credit card fraud and scams, on the other hand, are usually covered by credit card companies.

Elizabeth Warren, D-Mass., pressed Banks on Zelle’s safety issue. While acknowledging that there are ways to improve Zelle, CEOs have attempted to differentiate Zelle from other peer-to-peer payment networks. CEOs have said that services such as Cash App, Venmo or PayPal have significantly higher fraud cases than Zelle.

“The problem is if a customer authorizes a transaction and it later turns out it was a scam, the banks shouldn’t be responsible for that,” said Brian Moynihan, CEO of Bank of America. He also said that scams make up a very small percentage of transactions made through Zelle.

Republicans have focused on social issues, including banks making the decision to pay employee abortion costs, gun rights and funding for the oil and gas industry. Several senators also referred to the influence that large asset managers like BlackRock and Vanguard have on companies when it comes to social policies, as asset managers are often the largest shareholder in many of these companies.

“I can’t help but observe that when the banks weigh in on highly charged social and political issues, they always seem to fall on the liberal side,” said Sen. Pat Toomey, R-Pennsylvania, the committee’s top Republican. . .

Dimon seemed to agree with Toomey’s assertion that federal regulators as well as asset managers have the power to influence banks on issues such as climate change or lending to oil and gas companies.

“As far as I’m concerned, (the regulators) are my judge, my jury and my executioner,” Dimon said. “They can do whatever they want unless they have to,” referring to Congress.

In response to a question about asset managers, Dimon joked, “This is causing a lot of consternation among companies.”

Alongside the CEOs of the big Wall Street megabanks were the CEOs of three regional banking giants: US Bank, Truist and PNC Financial. These three banks, with over $500 billion in assets, were appearing before the House and Senate for the first time.

Regional banks merged and grew rapidly, leading some leading Democrats in Congress to question whether they should be more tightly regulated like “too big to fail” banks such as JPMorgan and Citi.

“They’re more like Wall Street than Main Street these days,” Brown told reporters after the hearing ended. Her counterpart in the House — U.S. Rep. Maxine Waters, D-California — also called for tougher scrutiny of regionals.

Guardians of the property: companies accused of doubling rents | Property rental


Businesses that house residents in buildings that would otherwise be empty have been accused of raising costs during the cost-of-living crisis, with one company apparently raising some fees by more than 100%.

This means property custodians – those living in empty buildings such as old factories, offices, nursing homes and condemned housing – face steep increases. Some fear becoming homeless.

They pay less than the market rent, but the counterpart is that they have fewer rights and, often, poorer living conditions.

Property guardian companies act as intermediaries between landlords and those looking for cheap accommodation, and are used by councils and housing associations to provide affordable accommodation.

Residents sign licenses that offer fewer protections than a rental agreement and pay monthly license fees rather than rent. They must agree to vacate the property with only 28 days notice, and no warning should be given before an inspection of their home.

Activists say some people live in properties rented by the Dot Dot Dot security company were hit with fee increases of up to 113%.

The company describes itself as an ethical custodial business and tenants are required to complete 16 hours of volunteer work per month as part of their license agreement.

However, residents at its site in Abbey Wood, south-east London, say they were told in January they had six weeks to accept the increases.

The London Tenants’ Union, as well as some of the guardians, are contesting the hikes and calling for a boycott of the business.

Protesters are calling on the public to boycott Dot Dot Dot. Photograph: London Tenants Union

An Abbey Wood tenant, who has been a caretaker of the property for six years, said she asked Dot Dot Dot for more time to sign the new agreement as she was battling health issues and had to consider whether she could afford to pay £425 an extra month. The amount has since been reduced to a further £230.

She said she received a resignation notice – the equivalent of an eviction notice – in April and was threatened with legal action unless she moved by November, although she agreed to sign the new contract and start paying the additional fees.

She said: “I was in shock – I was absolutely touched and it made me really sick.

“I’ve always paid my fees, I’ve always volunteered, I’ve been a tutor for over six years.

“I don’t know what I’m going to do if they take me out – I have nowhere to go. I will be homeless.

A spokesperson for Dot Dot Dot denied that guardians who agreed to increased licensing fees after the deadline were at risk of homelessness, but confirmed it was taking legal action against some residents.

“Guardians who accepted pricing changes after our deadline are not subject to legal action. They continue to be hosted by us,” the spokesperson said.

“In a small number of cases, we take legal action against property guardians who have refused to honor the terms of their guardianship. We cannot comment on individual cases for confidentiality reasons.

The company said it suspended licensing fee reviews in 2020 due to the coronavirus pandemic, before resuming plans in 2022.

“This is partly for our own financial viability as a business, and partly because we need to bring older, lower fees in line with newer ones so that tutors pay similar fees for similar properties,” said Dot Dot Dot.

He said guardians were initially given six weeks’ notice of the changes, which was extended to 10 weeks, and most accepted the increase. Under the previous Dot Dot Dot structure, fees ranged between £185 and £860 per month. This rose to between £325 and £895, including council tax and utilities.

Private rents have also skyrocketed, making it harder for property custodians to join the mainstream rental market. The latest Zoopla data released this month shows an average annual increase of 12.3%, with typical London rents up 17.8%.

This is pushing some tenants into property guardianship as they seek cheaper options, and housing campaigners say this surge in demand is partly to blame for the rising license fees.

The Property Guardian Providers Association (PGPA) expects the number of people applying to be guardians to reach 50,000 this year, up from around 30,000 in 2021.

Robert Taylor, an organizer with the Camden Federation of Private Tenants in London, says some of these businesses see the cost of living crisis “not as a very difficult time to help and support people, but as an opportunity to get even more out of it, knowing full well that if they don’t like it, there are plenty of others who will pay, because they’re so desperate to put a roof over their heads.”

Graham Sievers, president of the PGPA, which represents three parent companies (not including Dot Dot Dot), said most licensing fees include utility bills, meaning prices have risen to reflect the huge increases in energy costs.

However, the Guardian has seen evidence of another firm raising charges by over £100 a month where tenants have to cover their own gas and electricity. Dot Dot Dot caretakers at Abbey Wood also pay their own utility bills.

Sievers also attributes the increases in the sector to rising maintenance and repair costs.

“The license fees have increased – some would say closing the gap with the private rental sector, but I disagree,” Sievers said.

He admits there has been ‘bad publicity over license fee increases’ but said: ‘I did a quick check of the custodian properties available today, and I can still see some significant stuff. . savings for this type of accommodation.

“The PGPA does not set or recommend dues levels within the association, but we do insist on good communication between member companies and their custodians, to give sufficient notice and justification for any increases,” it adds. -he.

However, Al Mcclenahan, from the group Justice For Tenants, said: ‘The crisis in the cost of living means that many of the poorest in our society simply cannot afford basic housing.

“It increases the demand for cheaper housing. The increase in demand means that the guardianship companies can raise their prices and make more money.

“It’s hard to see what reason a parent company could have for raising prices above the rate of inflation, other than to make more money.”

Landian Metaverse Live Auction Launches With Record


ALEXANDRIA, Va., Sept. 23, 2022 (GLOBE NEWSWIRE) — Austin Yavorsky, CEO and Founder of Landian (LNDA), announces that he has built the world’s largest working metaverse that is years ahead of anything that currently exists. The Landian Metaverse eliminates the shortcomings of existing metaverse marketplaces, makes participation more accessible to everyone, and is the future of Web3.

Landian Metaverse Level 1

“Landian is not a game,” Yavorsky said. “We are a platform to build the next iteration of the Internet where all the tools and resources are provided. Think of us as Web 3.0, child of WordPress, Shopify, Upwork and Instagram, all integrated into a remarkable experience where users develop meaningful solutions.”

The Landian Metaverse Tier 1 live auction sold a record 98,463,595 square meters of land equivalent to hundreds of thousands of NFTs. Over a four-day period, almost 400,000 transfers took place, topping the BSC charts. Landian is capable of accommodating millions of users simultaneously.

The Landian Metaverse is built in Unreal Engine 5 and uses the Binance Smart Chain (BSC). Smart contracts are integrated into immersive real-world experiences and graphics are delivered at speeds that far exceed anything currently available on the market. Users can purchase plots, construct buildings, and create unique experiences in the Landian Metaverse.

Plots are sold as NFTs and have actual value based on location, land mass and intended future use. Holders can develop their plots into unique homes, businesses, education centers, and experiences. Development is limited only by the imagination. Payment is made via crypto-commerce or traditional methods such as credit cards.

Web3 integrates decentralization, blockchain technologies and the token economy. The Landian Metaverse provides a hyper-realistic world that is functional and profitable for real-world individuals, businesses, and governments.

“Landian has succeeded in changing traditional perceptions of metaverse and blockchain technology.” Said Yavorsky. “While it’s unclear what Web 3.0 will look like in the future, the future of the Landian Metaverse looks bright.”

About Landian

Founded in 2019, its base of over 440 local and international employees supports the world’s most advanced metaverse for real-world solutions. Landian.io exists for people, businesses, organizations and cultures to engage seamlessly and without limits, making virtual worlds more interactive, accessible and easier to navigate. Featuring compelling incentives that drive user engagement and commerce, Landian is governed by a shared value system that benefits founders and users alike. The ability to evolve and thrive in Landian depends solely on effort, and becoming anyone or anything is limited only by imagination. With its top-notch centralized network for streaming services and a decentralized network, Landian.io is designed to counter the shortcomings of the common market, e-commerce and engagement in the existing metaverse market.

For the latest updates and information, join Landian’s Discord channel, follow on Twitter, or visit Landian.io

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THE SOURCE: Landian Metavers

New UK Finance Minister Kwarteng seeks to end ‘cycle of stagnation’


Kwasi Kwarteng arrives at number 10 Downing Street in London, Britain September 6, 2022. REUTERS/Phil Noble/File Photo

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  • Kwarteng will make a statement to the UK Parliament at 08:30 GMT
  • Tax cuts, urban planning reforms and energy on the agenda
  • Plan could cost up to £200bn, economists say
  • British pound weakest against dollar since 1985

LONDON, Sept 23 (Reuters) – Britain’s new finance minister Kwasi Kwarteng will detail nearly 200 billion pounds ($225 billion) in tax cuts, energy subsidies and planning reforms on Friday, in the as part of Prime Minister Liz Truss’ attempt to end “Treasury orthodoxy”. ” and drive growth.

Truss beat former finance minister Rishi Sunak to the leadership of the Conservative Party – and with him, to the post of prime minister – largely while campaigning against tax hikes announced by Sunak in the wake of the coronavirus pandemic. COVID-19.

After a delay caused by the death of Queen Elizabeth – which came just hours after Truss set up an expensive grant scheme to tackle soaring energy costs – Kwarteng will present the new government’s program to parliament to 9:30 a.m. / 8:30 a.m. GMT.

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Financial markets will also receive an upfront price for the proposals as the UK’s Debt Management Office will publish new borrowing plans after Kwarteng finishes his speech.

The market environment could hardly be more hostile for Kwarteng. The pound fell to its lowest level against the dollar since 1985 on Thursday, while British government bonds recorded their biggest one-day drop since the start of the pandemic. Read more

Much of the drop reflects the US Federal Reserve’s rapid hike in interest rates to tame inflation – which sent markets tumbling – but some investors are also wary of Truss’ willingness to borrow big to fund the growth.

Asked on Friday how Britain would fund spending while cutting taxes, a cabinet minister said economic growth was the answer. Read more

A Reuters poll this week showed that 55% of international banks and economic consultancies surveyed believed UK assets were at high risk of losing confidence. Read more

Consumer sentiment figures on Friday underscored the challenge facing Kwarteng, with household sentiment falling to its lowest level since records began in 1974. read more

The Bank of England on Thursday said the Truss energy price cap would limit short-term inflation, but government stimulus was likely to add to inflationary pressures, at a time when it is struggling against inflation approaching a 40-year high.

Paul Johnson, director of the Institute for Fiscal Studies (IFS) think tank, said the Truss and Kwarteng tax cuts could be the biggest since 1988 and risk putting Britain’s public debt on an unsustainable path .

The IFS, together with US bank Citi, estimates household energy subsidies will cost around £120bn over two years, while six months of business energy subsidies will cost £40bn. Read more

It is a one-off measure, and the biggest concern for the IFS is around £30bn in permanent tax cuts – starting with £14bn in payroll tax cuts, confirmed on Thursday, and £15bn in billion pounds of corporate tax cuts. Read more

A property tax cut on home purchases is also likely, according to the Times. Read more

However, despite the sweeping tax and spending measures, the government had decided not to release new growth and borrowing forecasts from the Office for Budget Responsibility, a government watchdog, until a more official budget. late this year.

For Kwarteng, tax cuts and deregulation are a way to end what he calls “a cycle of stagnation” that has driven tax rates to their highest levels since the 1940s.

“We are determined to break this cycle. We need a new approach for a new era of growth,” he is expected to tell parliament, according to speech excerpts released by his office.

One of the measures he plans to announce are “investment zones” which offer businesses generous but temporary tax breaks, as well as relaxed planning rules, to encourage the construction of shopping malls, apartment and office buildings.

“We will liberalize planning regulations on agreed specified sites, freeing up land and accelerating development,” Kwarteng is expected to say.

The British Chambers of Commerce (BCC) welcomed the proposal but said it should be more widespread.

“We need to see this reform across the country because it is currently too slow, complex and uncertain. It stifles business investment, expansion and growth,” said BCC chief executive Shevaun Havilland.

($1 = 0.8872 pounds)

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Reporting by David Milliken; Editing by Kirsten Donovan and Catherine Evans

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Clear Sky begins work on Project Halo


VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Clear Sky Lithium Corp. (CSE: POWR) (FRA: K4A / WKN: A3DM2W) (OTC: CSKYF) (“Clear Sky” or the “Company”), a mining exploration and development company focused on U.S. lithium deposits to support the Domestic Demand, is pleased to announce that it has commenced work on the Halo Project property.

Clear Sky has begun a Phase 1 work plan for the Halo project which will be undertaken by Tigren Inc. of Reno Nevada and is mobilizing for the start of work in October. Tigren Inc. is controlled by Marco Montecinos, director of the Company. The objective of the program is to develop an understanding of the alluvial cover of the Big Smoky Valley Basin throughout the Halo Project lands via full surface point sampling (if applicable) as well as surficial mapping of the claim area. The resulting data will be used to refine geological and metallurgical assessments to support Phase 2 drilling targeting.

Patrick Morris, CEO of Clear Sky Lithium, notes: “To be directly between two projects that continuously produce such positive results confirms that Clear Sky is in the right place with the Halo project. We are excited to have our team on hand to drive the project forward through fundamental fieldwork and metallurgy. So far, it’s just great to see our neighbors enjoying positive results, and we look forward to joining them as we collectively move forward to unlock asset value across the region.

The Halo Project (see Figure 1) comprises ninety-eight mining claims, located in Esmeralda and Nye counties, and is considered prospective for clay-hosted lithium mineralization. Positive news regarding exploration and development on properties adjacent to the north and southwest of the Halo project has recently fueled enthusiasm for regional lithium exploration activities in the region.

Figure 1 – Clear Sky Lithium Halo project map showing assay values ​​of adjacent properties (American Lithium’s TLC project to the northeast and American Battery Technology Company’s Tonopah Flats project to the southwest).

North of Project Halo, July 14e 2022, American Lithium Corp. (market cap: US$546 million) announced the results of its resource expansion and infill drilling program. This release included 5 holes that returned their best result to date of 2,900 ppm Li with an average of 1,550 ppm Li over 50.3 meters. Please see American Lithium’s website for full disclosure of exploration results.

In the southwest, June 21st In 2022, American Battery Technology Company (market cap: US$461 million) announced highlights from a 16-hole Phase 1 drill program that returned up to 1,700 ppm Li.

Clear Sky Lithium advises the public that as part of its disclosure obligations as a public issuer, all filings and regulatory filings may be viewed at www.sedar.com. We also invite the public to visit our website at www.clearskylithium.com and sign up for our “News Alerts” to be notified of future press releases and related company information. Also be sure to watch our video which is available on the website.

On behalf of the Board of Directors,

~Patrick Morris~

patrick morris
Chief executive officer
Clear Sky Lithium Corp.

About Clear Sky Lithium Corp. (CSE: POWR) (FRA: K4A / WKN: A3DM2W) (OTC: CSKYF)
Clear Sky Lithium is an exploration and development company dedicated to advancing North American lithium deposits to support domestic demand. The Company holds interests in the Halo and Eli properties in Nevada. The Company is also focused on developing clay mining and processing technologies aimed at delivering scalable efficiencies across the value chain in a sustainable manner. To learn more, visit www.clearskylithium.com and watch our video.

Disclaimer Regarding Forward-Looking Information

This press release contains statements and information which, to the extent that they are not historical facts, may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may include financial and other projections, as well as statements regarding future economic plans, objectives or performance, or assumptions underlying any of the foregoing. In some instances, forward-looking statements may be identified by words such as “may”, “would”, “could”, “will”, “likely”, “unless”, “anticipate”, “believe”, “have the ‘intention’, ‘plan’, ‘forecast’, ‘project’, ‘estimate’, ‘prospect’, or their negative form or other similar expressions relating to matters which are not historical facts. Examples of such statements include, but are not limited to, statements regarding the commencement of work on the Halo project.

Forward-looking information is based on management’s assumptions, estimates, analyzes and opinions made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances as of the date such statements are made, but which may prove to be incorrect. Important factors and assumptions used to develop the forward-looking information contained in this press release include, but are not limited to, key personnel and qualified employees who continue their involvement with the company; the Company’s ability to obtain additional financing on reasonable terms; the competitive conditions of the industry in which the Company operates; and the laws and their amendments applicable to the Company.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the information. forward-looking, including, without limitation, risks related to the Company’s future business plans; the risks that the Company may not be able to retain its key personnel; the risks that the Company may not be able to obtain financing on reasonable terms or at all, as well as all other risks described in the Company’s final long form prospectus dated May 31, 2022, under the heading “Factors of risk”. Accordingly, readers should not place undue reliance on such forward-looking information. Further, any forward-looking information speaks only as of the date such statement is made. New factors emerge from time to time, and it is not possible for the management of the Company to predict all of these factors and to assess in advance the impact of each of these factors on the Company’s business or the extent to which any factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking information. The Company undertakes no obligation to update forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unforeseen events, except as required by law, including securities laws.

The CSE has neither approved nor disapproved of the content of this press release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.


Clear Sky Lithium Corp.
Investor Relations
Email: [email protected]
Phone: +1 (778) 383-7240

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ac467bd-70f2-41d8-8505-05816c2cdb23

Global Fund private sector partners pledge record levels of support to end AIDS, TB and malaria and strengthen health systems – Global

  • Over $1.23 billion in pledges, up from $1.13 billion in the Sixth Replenishment.
  • $136 million for catalytic initiatives designed to accelerate progress in a range of critical areas, from digital health to laboratory systems to community health workers.
  • US$250 million in innovative financial investments to support access to innovation and increase national capacity.
  • Over US$30 million in vital non-financial resources and capacity to support digital health, build stronger supply chains, and improve behavior change approaches and prevention programs.

NEW YORK — At the Seventh Global Fund Replenishment Conference, private sector partners committed more funding, in-kind support and catalytic investments than ever before to end the three killer diseases. This pledge and call to action for other partners to join us was led by the Bill & Melinda Gates Foundation, which committed a record $912 million, and (RED), which pledged $150 million. With 11 private sector partners continuing their support and 16 new partners committing for the first time, total funding pledged increased to $1.23 billion, an increase of $108 million from the Sixth Replenishment.

The pledges included financial support from:

  • Rotary Australia World Community Service ($4.8 million)
  • AIDS Healthcare Foundation ($10 million)
  • Comic Relief US ($6 million)
  • Nu Thuy Duong ($3 million)
  • Catholic Relief Services ($3 million)
  • Takeda (JPY 376 million)
  • Plan International ($2.3 million)
  • GSK and ViiV Healthcare (GBP 2 million)
  • JC Flowers Foundation ($1 million)
  • SMJR Foundation ($1 million)

The Eka Tjipta Foundation ($2 million), Kalbe ($1.5 million), the Paloma Foundation ($1 million), and the Tanoto Foundation ($1 million) have also pledged to support the Indonesian government’s commitment, and Anglo American ($0.5 million) and ABSA ($0.15 million) also supported the South African government.

The Global Fund partnership announced catalytic investments to accelerate growth and drive innovation adoption across a number of critical pillars of change in its strategy, including:

  • The Children’s Investment Fund Foundation, which has pledged US$33 million to accelerate progress in the fight against HIV transmission by increasing equitable access to medications like pre-exposure prophylaxis.
  • Johnson & Johnson (J&J) and the Skoll Foundation will together provide $25 million as a base investment in a fund to accelerate the professionalization of community health workers, the backbone of last-mile healthcare.
  • The Rockefeller Foundation and the Abbott Fund have committed a total of US$20 million in a catalytic fund to strengthen laboratory systems in countries, strengthen regional collaboration, and strengthen information systems for data sharing.
  • A fund designed to accelerate countries’ digital health transformation will be backed by Anglo American and the Anglo American Foundation with US$15 million, plus co-investment commitments worth at least US$23 million. US dollars from Dimagi, Medic Mobile, Medtronic LABS, Novartis Foundation, Orange and Zenysis.
  • SC Johnson and J&J, alongside Project Last Mile, celebrating 10 years of partnership, are committed to using their expertise and best practices from the private sector to dramatically improve and accelerate the impact of precision behavior change in programs of prevention. Roche will provide technical assistance to improve laboratory sample transport systems and waste management. Thomson Reuters is committed to increasing efforts to reduce human rights barriers to health.
  • Malaria No More and the Health Finance Coalition (HFC) launched the Outcomes Fund for Fevers (OFF) in partnership with The Global Fund, Global Citizen, NPX and the Clinton Health Access Initiative (CHAI). The Fund aims to raise an initial amount of US$25 million to improve the quality of digital fever testing, treatment and reporting through the private sector in sub-Saharan Africa.

“To beat HIV, TB and malaria, we need innovation, and we need to make sure it reaches the people who need it most. This scale of funding and the commitment of private sector expertise will help us transform millions of lives,” said Peter Sands, Executive Director of the Global Fund. “Our partners are showing incredible leadership. We will not beat these diseases without the private sector continuing to step in.”

In New York, the event> September 19 showcased the range of private sector partnerships designed to address critical issues and bottlenecks in the fight against the three diseases, with support spanning a wide range of industries – including digital health , telecommunications, marketing, finance, pharmaceuticals and life sciences, as well as fast moving consumer goods (FMCG). He also highlighted the importance of the voice of civil society, especially young women and girls, in designing solutions and deploying private sector resources.

“The Global Fund is leveraging the power of private sector innovation and expertise and rapidly expanding access to new solutions for the most vulnerable people, accelerating progress in key priority areas and strengthening national capabilities in the countries in which we invest,” said Sherwin. Charles, a Global Fund board member representing the private sector and CEO of Goodbye Malaria, who also pledged $5.5 million.

Two partnerships recognized the need to mobilize other forms of investment to accelerate innovation and build national capacity. In line with the Global Fund’s mission to eliminate HIV, TB and Malaria, MedAccess will deploy at least US$150 million of its capital to secure price and volume agreements to accelerate patient access to affordable new products, and HFC intends to launch a US$100 million investment fund program to scale innovative healthcare models in Africa.

Closing the event, Dr. Donald Kaberuka, Chair of the Global Fund Board, said, “I would like to thank the private sector for responding to our call to action. We must reinvigorate the world to defeat AIDS, tuberculosis and malaria. We will not defeat these diseases alone, we will defeat them together with the public, private and civil society movement embodied in the Global Fund. This unprecedented set of resources will allow us to save millions more lives and even more livelihoods. , we will need to mobilize even more action, and we invite more philanthropists, foundations and corporations to join our movement.”

Hong Kong Court of Appeal Upholds Dismissal of Improper Selling Claim Filed Against Major Bank


September 21, 2022

Click for PDF

The Court of Appeal (the “California”) recently delivered judgment CACV 483, 484 & 485/2018 (Shine Grace Investment Ltd v Citibank, NA and Anor), affirming the District Court’s decision to dismiss plaintiffs’ claims for alleged misuse of stock accumulation contracts by Citibank, NA (the “Bank”).

The CA decision reaffirms the principle that, in determining the extent of a bank’s duty of care to a customer, the Court places significant weight on the relevant factual circumstances (including the nature of the parties’ transactions and the relative sophistication of the client) as well as the terms of the contractual documentation. It should be noted in particular that the mere fact that the bank advises a client voluntarily cannot be interpreted as meaning that it has assumed the legal obligation to advise on the suitability of investments.

  1. Background

The litigation involved three related actions. The main action related to claims made by Shine Grace Investment Ltd (“shine grace”), an investment vehicle owned and controlled by Ms. Anita Chan (“Ms Chan”) until his sudden death on October 17, 2007, that the Bank had mis-sold nine equity accumulation contracts (the “CA disputed”) to Shining Grace on October 15 and 16, 2007. The other two actions were brought by Shinning Grace’s two guarantors, Shinning International Holdings Limited (“bright”) and Bonds & Sons International Limited (“BSI”), seeking to challenge the Bank’s transfer of funds from Shinning and BSI’s accounts to meet Shine Grace’s outstanding debt.

Three of the nine disputed CAs were eliminated in October/November 2007. Since November 20, 2007, the Bank had required Shine Grace to post additional margin collateral, but Shine Grace (then controlled by Ms Chan’s children after her death ) waived Challenged the NOCs and asserted that they were invalid and unenforceable. The remaining six disputed CAs were closed and settled by the Bank in January 2008. Shine Grace incurred losses totaling approximately HK$478 million, which included the costs of unwinding the disputed CAs (over HK$427 million) and losses of approximately HK$51 million from the sale of accumulated shares in connection with the disputed CAs.

The trial of the three actions took place before the Honorable Judge Ng (“Ng J”) in November and December 2017, lasting 13 days. On July 30, 2018, Ng J rendered judgment dismissing the three actions, holding that (i) the Bank did not owe Shine Grace the alleged duty to advise, (ii) even if such a duty existed, the Bank did not did not have the breach and (iii) the alleged breach of duty did not cause Shine Grace’s losses. Shine Grace, Shinning and BSI appealed the judgment of Ng J.

  1. The judgment of the CA

The CA dismissed the appeal on September 9, 2022, upholding Ng J’s findings regarding each element of Shine Grace’s claims.

2.1 Duty of care

The CA confirmed that the Bank was under no obligation to advise Shine Grace on the suitability and risks of disputed CAs, regardless of any recommendations or suggestions that may have been made to Shine Grace during their relationship.

With reference to Chang Pui Yin v Bank of Singapore Ltd [2017] 4 HKLRD 458, the CA noted that the starting point is that banks are not normally required to advise customers on the prudence or risks of their investments. However, the scope of a bank’s duty of care is very fact-sensitive and depends on the precise nature of its relationship with the customer.

The CA observed that a huge body of evidence (including no less than 680 pieces of audio recordings) was available before the trial judge as to the relationship between the parties, and it would not be appropriate for the CA to go into its own findings of fact in an unfocused review of such evidence. The trial judge was entitled to conclude from the evidence that Ms. Chan, being a shrewd and experienced investor, had her own investment strategy and did not rely on any investment advice from the Bank; the Bank mainly followed Ms. Chan’s instructions to facilitate the execution of transactions.

The CA also agreed with Ng J’s interpretation of clause 4.12 of the Master Derivatives Agreement, which clearly had the effect of disclaiming any obligation on the part of the Bank to give advice or make recommendations to Shine Grace. The substantive parts of the clause provided the following:

“You understand and agree that:

(a) the above brief statement cannot disclose all the risks and other important aspects of the derivatives market and you should therefore consider derivatives transactions carefully before trading;

(b) in respect of services we render on a non-discretionary basis,

(i) you make your own judgment regarding transactions;

(ii) we assume no obligation to give advice or make recommendations;

(iii) if we make suggestions, we assume no responsibility for your portfolio or for any investment or transaction made;

d) in either of the above cases,

(i) we and our affiliates may fill positions for ourselves or for other clients that may not be consistent with suggestions from our officers or employees or with discretionary management for you; and

(ii) all associated risks and losses incurred as a result of our entering into transactions for you are for your account. »

The CA pointed out that the mere fact that the bank volunteered to give advice cannot be interpreted to mean that the bank must have assumed legal responsibility to advise a client on the suitability of their investment.

The AC also rejected the argument that the Code of Conduct for Persons Licensed or Registered with the Securities and Futures Commission (the “SFC code”) should illuminate the common law obligations to which the Bank was subject. The SFC Code cannot “create” a duty of care that does not exist under common law.

2.2 Breach of duty

Having concluded that the Bank was under no obligation to advise Shine Grace on the disputed CAs, it was not strictly necessary to consider the issue of breach of duty. Nevertheless, the CA considered that there was no breach of duty on the part of the Bank.

The CA upheld Ng J’s evaluative conclusion that the disputed CAs were not unsuitable for Shine Grace. Ms. Chan was a knowledgeable investor and had her own team to monitor her investments and compile regular reports. It is not for the Bank to “micro-manage” Ms. Chan’s financial affairs and she cannot be considered to have failed in her duty by not advising her in these circumstances.

The CA also rejected the argument that there was inadequate or unsatisfactory disclosure of the material risks of the challenged CAs in the contract documentation.

2.3 Causality

The CA held that Ng J was entitled to conclude, based on the available evidence, that Ms. Chan would have entered into the contested CAs anyway; to suggest that the Bank could have somehow dissuaded Ms. Chan from participating in the disputed CAs by advising her that they were unsuitable was highly speculative. Accordingly, Shine Grace failed to establish causation.


The CA decision reaffirms the long-established legal principle that the appellate court will only interfere with findings of fact if there are manifest errors identified that are material enough to undermine the conclusion of the appeal. trial judge. Here, the trial judge’s task was to review voluminous audio recordings and receive days of oral evidence, and he was entitled to draw the evaluative conclusions he did. The CA found that Shine Grace did not identify any manifest error made by the trial judge to interfere with his findings of fact.

It should be noted that since the reform of the Professional Investor Regime by the Securities and Futures Commission (entry into force on June 9, 2017), when a written client agreement is required, it must include an adequacy clause. following effect:

“If we [the intermediary] solicit the sale or recommend any financial product to you [the client], the financial product must be reasonably suitable for you, taking into account your financial situation, your investment experience and your investment objectives. No other provision of this agreement or any other document which we may ask you to sign and no statement which we may ask you to make derogates from this clause.

Requiring a mandatory adequacy clause would undermine the effect of non-dependency provisions such as that of the derivatives master agreement mentioned above.

In any case, shine grace remains an important case that illustrates the value of having clear contractual documentation and contemporaneous records of transactions, which would illuminate the scope of any legal obligations assumed by a bank to its customers.

Gibson Dunn attorneys are available to answer any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer you usually work with, or the following authors and lawyers in the firm’s Hong Kong Litigation Practice Group:

Brian Gilchrist (+852 2214 3820, [email protected])
Elaine Chen (+852 2214 3821, [email protected])
Alex Wong (+852 2214 3822, [email protected])
Andrew Cheng (+852 2214 3826, [email protected])

© 2022 Gibson, Dunn & Crutcher LLP

Publicity for Lawyers: The attached materials have been prepared for general information purposes only and are not intended to be used as legal advice.

Juva Life Announces Flōs, a New Line of Branded Cannabis Flower Products


Juva Life Inc.

New line of branded cannabis products diversifies company’s product offerings; Complete pharmaceutical research

VANCOUVER, British Columbia, Sept. 21, 2022 (GLOBE NEWSWIRE) — Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV) (“Juva Life”, “Juva” or the “Company”) , a life sciences company with pharmaceutical research and development and consumer cannabis production and distribution, today announced the launch of the company’s new product line, Flōs, a brand line of flower and pre-rolled cannabis products.

“Our Flōs line provides consumers with high-quality cannabis products without paying the highest prices, and further expands our product category to capitalize on the massive market growth in California,” said Doug Chloupek, CEO and founder of Juva. “We are delighted that the completion of construction of our Stockton cultivation facility has doubled our production capacity, enabling us to offer new consumer packaged products that our customers demand.”

Flōs is the Latin word for flower or bloom, and the unique beauty of the cannabis flower is on full display with Juva’s new product line. With eight-ounce quantities, pre-rolls in one-gram quantities, and half-ounce florals, these meticulously selected cultivars are economical without sacrificing quality.

The Flōs line of flowers is available for distribution statewide in California, and is also available through Juva Delivery, which is a vertically integrated division of Juva Life, Inc.. Juva Delivery also offers contactless prepayment options through Paytender, a secure, free online payment service. The Flōs line of flowers will also be featured in the future at the company’s upcoming retail store, which has been approved for licensing by the City of Redwood City and is currently under construction.

Every Flōs product starts with the highest quality cannabis cultivars grown in the company’s 30,000 square foot cannabis cultivation facility in Stockton, California. Once harvested and dried, the material is then transferred to Juva’s distribution division for final processing and distribution throughout the state. To find locally available products in the San Francisco Peninsula area, visit here.


-Doug Chloupek-

Doug Chloupek, CEO and Founder

Juva Life Inc.

[email protected]

About Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (ENG: 4VV)

Juva Life uses cutting-edge science to discover, develop and market safe and effective pharmaceutical and wellness products, both in the cannabis consumer segment and in the non-cannabinoid medical industry. The company is successfully executing on its 2018 roadmap, initially starting with the standardization of cultivation, extraction and formulation to deliver repeatable benefits to consumers. Juva is building on these skills in natural product process chemistry, to now include discovery pharmacology. The Company will leverage revenues from its retail operations to advance its clinical development and consumer efforts of Juva-019 and Juva-041, as well as other potentially valuable non-cannabinoid bioactives with important applications in consumer products and pharmaceuticals. Juva strives to challenge the cannabis market with the industry’s investment-grade, next-generation business model. Learn more about: https://juvalife.com/.

For more information, please contact:

Juva Life Investor Relations

Such : +1 833-333-5882 (JUVA)

E-mail: [email protected]

Forward-looking statement

This press release contains statements and information which, to the extent that they are not historical facts, may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may include financial and other projections, as well as statements regarding future economic plans, objectives or performance, or assumptions underlying any of the foregoing. In some instances, forward-looking statements may be identified by words such as “may”, “would”, “could”, “will”, “likely”, “unless”, “anticipate”, “believe”, “have the ‘intention’, ‘plan’, ‘forecast’, ‘project’, ‘estimate’, ‘prospect’, or their negative form or other similar expressions relating to matters which are not historical facts. Examples of such statements include, but are not limited to, statements regarding the Company’s objectives and business plans; product development, marketing strategy and future collaborations.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the information. forward-looking, including, without limitation, risks related to the Company’s future business plans; the risks that the Company may not be able to retain its key personnel; the risks that the Company may not be able to obtain financing on reasonable terms or at all, as well as all other risks described in the Company’s management report for the financial year ended December 31, 2020 under the section “Risks and uncertainties”. Accordingly, readers should not place undue reliance on such forward-looking information. Further, any forward-looking information speaks only as of the date such statement is made. New factors emerge from time to time, and it is not possible for the management of the Company to foresee all of these factors and assess in advance the impact of each of these factors on the Company’s business or the extent to which any factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking information. The Company undertakes no obligation to update forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unforeseen events, except as required by law, including securities laws.

CSE does not accept responsibility for the adequacy or accuracy of this release.

Poor Data Management Could Cost You Millions

  • Missed renewals can typically result in a 20% to 30% increase in rents
  • Ensuring people have the right skills can help improve data quality
  • Ideally, data should only be entered once

Data seems like a double-edged sword – a blessing if understood, but a costly burden in terms of time and money if not. As a business grows, keeping tabs on all the necessary information becomes more complicated – and more important.

JLL’s new Garbage In, Garbage Out: The Importance of Data Governance report found that real estate is the second largest cost for most organizations after staffing costs. So it’s no surprise that better real estate management can lead to welcome efficiencies.

A significant cost

In one example, the JLL report noted that if one forgets to renew a lease well in advance because the information could not be found, a last-minute new contract could see rents increase by millions of dollars. JLL said a single missed lease renewal typically results in a 20% to 30% increase in rental rates.

In other examples, the report highlighted the importance of long-term solutions:

“Often times, companies spend time and expense cleaning up data and neglect to address ongoing data governance.”

Garbage In, Garbage Out: The Importance of Data Governance, JLL

Due to this negligence, data quality issues plague the system.

Four problems leading to bad data

The four issues highlighted in the report are:

  1. Treat,
  2. Technology
  3. Employee skills, and
  4. Governance

The process can include things like inefficient procedures such as data re-entry.

Technology is more multifaceted, but one of the key takeaways was to take note of the move towards integrated workplace management systems.

“A key principle of data quality is that any information should only be entered once, and IWMS solutions generally follow this practice.”

While it may seem obvious, ensuring people have the right and relevant knowledge is another piece of the puzzle. Without the right skills, data entry or errors may go undetected through the process.

Finally, the report recommends that there be “data stewards” or persons responsible for data within each functional area of ​​CRE. Together they can establish quality control procedures, audits, etc.

JLL Sales Manager, Work Dynamics Nick Moore said, “Some organizations don’t trust the quality of data in their system. They are unsure of the timeliness and accuracy of their data, even though for most non-manufacturing businesses in Australia, data systems are their second biggest cost after payroll.

“As property managers, we hear a lot of exasperated complaints about ‘useless reporting’ and ‘why can’t there be only one version of the truth?’

“With a tidy and well-integrated data system, created by a specialist and then managed by ‘data stewards’ among your staff, efficiency gains will occur, money will be saved and many of those headaches will go away. .”

Mr. Moore suggested a four-point plan:

  1. Start with a business process review and try to identify data gaps.
  2. Check reports and screen queries for errors. If none are found initially, go back to trace the origin of the data.
  3. Improve the skills of your employees. Not everyone is a data entry wizard. Additionally, it can be difficult for employees to know the importance of certain data if they cannot see the big picture. A clear context can help prevent inconsistencies.
  4. Good data governance: for each of the functional areas of your business, identify an employee who can serve as a data steward, responsible for reviewing and managing data to high quality standards and organizing audits regular.

Information is the intangible wealth of a business, so keep it clean and treat it like gold.

China digs deep to boost coal production to record high (Kemp)


Content of the article

LONDON — China’s coal output has surged this year as the government seeks to improve energy security by reducing import dependence and hoarding stocks at power plants.

The increase in domestic coal production is in line with Beijing’s broader efforts to indigenize supplies of essential energy sources, raw materials and technologies.

Content of the article

Production hit a record 2,929 million tonnes in the first eight months of 2022, according to China’s National Bureau of Statistics (“Monthly Output of Energy Products”, NBS, September 16).

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Mining production increased by 332 million tonnes (13%) compared to the same period in 2021 and by 520 million tonnes (22%) compared to the last pre-pandemic year in 2019.

Generation has increased faster than coal-fired power generation as the government attempts to increase fuel stocks and reduce import dependency (https://tmsnrt.rs/3qQFZPd).

Thermal power generation, almost entirely from coal, set a new record of 3.883 billion kilowatt hours (kWh) in the first eight months of the year.

But thermal production only increased by 10 billion kWh (0.3%) compared to 2021 and by 497 billion kWh (15%) compared to 2019.

Large increases in wind farms, solar farms and, until this summer’s drought, hydroelectric plants have also reduced the need to burn more coal.

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As a result, the share of coal-fired generators in total electricity generation fell to 69% in the first eight months of 2022, from 72% in 2021 and 2019.

This has translated into improved coal stocks held by power generators after they became dangerously depleted last year.

Coal and lignite imports also fell to 168 million tonnes in the first eight months of 2022, from 198 million tonnes in 2022 and 220 million tonnes in 2019.

Part of the reduction is due to disruption caused by repeated shutdowns to control the coronavirus outbreak that has hit iron and steel production.

Coal imports include both high quality coking coal for blast furnaces and low quality coal for power stations.

But the massive expansion of domestic production has allowed China to increase production and replenish stocks without having to source more fuel from exporters.

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Since late June, however, the severe drought that has hit the Yangtze basin has reversed some of these favorable trends and rekindled energy security concerns.

Low levels of hydropower generation have forced China to rely more on coal-fired power plants and draw more on coal supplies since the start of July.

If the drought persists, the electricity supply is likely to be particularly tight during the winter peak, when hydro and solar generation will be lower while heating and lighting loads will increase significantly.

The country is still plagued by transmission constraints, despite massive construction of very high voltage transmission corridors from west to east and north to south, causing power shortages at the provincial level.

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But without the sharp increase in mining production at the start of this year and the build-up of stocks in the spring and summer, energy supplies would be even more strained.

As a result, the overall coal and power supply situation looks more comfortable than at the same time last year, when coal inventories fell to critical levels.

In recent days, more normal seasonal rainfall in the Yangtze basin has eased some pressure on water levels, which should also relieve some of the pressure on coal stocks.

Futures prices for coal delivered in December 2022 fell to $131 a ton from $148 at the start of the month, although they are still up from $116 at the start of this year.

Associated columns:

– Drought in China heightens fears of global coal shortage (Reuters, September 6)

– Global coal-fired power generation in 2021 hits record high (Reuters, July 21)

– Closures and heavy rains in China ease coal shortage (Reuters, June 21)

John Kemp is a market analyst at Reuters. The opinions expressed are his own (Editing by Alexander Smith)



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Assaults Top Killeen-Fort Hood Weekend Crime List | Crime


Police reports from the area said:

No state broke treasury with freebies – TN Finance Minister Thiaga Rajan on Modi’s caution


Chennai: Returning to Prime Minister Narendra Modi’s targeting of opposition parties over the giveaway issue in recent months, Tamil Nadu Finance Minister Palanivel Thiaga Rajan said on Saturday that no Indian state had yet caused the breach of the Treasury.

Asking on what basis the union government tells the states how to spend money as long as borrowing (by the states) is within the limit, Rajan also asserted that people elect governments on the basis of how whose money they spend.

“I have yet to see a state where the provision of gifts has broken the treasury or the balance (the financial balance of the state)…I don’t think there is a state that has violated the borrowing limit and went bankrupt,” Rajan said.

The Tamil Nadu Finance Minister was speaking at a conference in memory of the famous literature enthusiast, chartered accountant and co-founder of the Manthan public forum, the late Ajay Gandhi, in Hyderabad.

This is not the first time that Rajan has hit out at the union government and Prime Minister Narendra Modi over the latter’s criticism of ‘revadi’ culture.

In July, Modi, at the inauguration of the Bundelkhand highway in Uttar Pradesh, warned of the “revadi culture” of giving gifts for votes, and also said the practice was “very dangerous” for the country.

The following month, Rajan lashed out at the comments and asked on what constitutional basis or special expertise the Center was advising states on this, and why should states change their policy.

On Saturday, Tamil Nadu’s finance minister said state borrowings are often assessed under the Fiscal Responsibility and Fiscal Management (FRBM) Act 2003, which sets limits on debt and fiscal deficit under certain conditions.

Read also: Rajinikanth to Dhanush, how Tamil stars portrayed the ‘free’ policy

“Tamil Nadu contributes enormously to the national treasury”

“Why should the Union government or anyone else tell us how we should spend our money while borrowing is under the limits?” Rajan asked, adding on what basis should states listen to the union government without a proven track record of effective Center debt management.

At a meeting in April, senior officials had warned the Prime Minister of the drain on resources caused by the culture of giveaways, citing the possibility that a crisis similar to that in Sri Lanka could emerge in some of these states.

Rajan questioned whether the Center had performed better than any state in dealing with debts, adding that every year states received two letters from the union government warning against borrowing.

He also pointed out how Tamil Nadu was a huge net contributor to the national treasury.

Calling the complex GST (goods and services tax) models, with tariff structures and multiple exemptions, Rajan said GST Board meetings have never had conversations based on the data submitted by the States.

Rajan also underscored the importance of decentralization of power and local governance in the country, adding that the capacity for execution suffers if governance is done at the same time.

(Editing by Poulomi Banerjee)

Read also: ‘Gifts aren’t bribes, but shake the root of fair polls’ – what SC said in 2013 to consider reviewing

National logistics policy to facilitate the conduct of business and reduce transport costs: Industry


The National Logistics Policy, unveiled by Prime Minister Narendra Modi, will further improve the ease of doing business and drastically reduce transport costs, according to Indian industry.

The policy aims to address the challenges facing the transport sector and reduce the logistics cost for businesses by 13-14% of GDP to single digits in the coming years.

“Reducing logistics costs and increasing logistics efficiency will boost the economy in all sectors in multiple ways and bring us several steps closer to emerging as a global manufacturing powerhouse,” said the CEO of CII, Chandrajit Banerjee, in a statement.

He said that in addition to improving the ease of doing business, it would help ensure faster and smoother movement of goods and people across modes of transport – water, air, roads, railways.

Sharing similar views, Assocham said the policy will significantly reduce transaction costs along the supply chain.

“Enabled by different technologies, the policy focuses on unified measures across different logistics modes, including roads, railways, ports, airports and warehousing, which will give decisive advantage to the ease of doing business in India,’ the chamber said.

Jagannarayan Padmanabhan, Director and Practice Leader – Transport and Logistics, CRISIL, said it was a holistic effort to increase efficiency in all aspects of the logistics value chain.

Over the past five fiscal years, the government has invested nearly Rs 15 lakh crore in increasing hard infrastructure such as roads, railways, ports and airports, he said.

“Its proper implementation and widespread adoption will help to structurally reduce logistics costs and make a significant difference in the growth of manufacturing and service sectors in India,” Padmanabhan said.

Arindam Guha, Manager and Partner, Government and Public Sector, Deloitte, India, said the policy represents a set of ongoing initiatives aimed at making India’s logistics sector more cost-competitive, environmentally friendly, formalized, transparent, with reduced and predictable delivery times.

He added that some of the key pillars of the policy include ensuring quality logistics infrastructure, with particular emphasis on first and last mile connectivity; and using digital technologies and analytics through initiatives such as the Unified Logistics Interface Platform to match demand and supply.

“The policy should facilitate a modal shift in logistics from the current overreliance on roads (over 60% currently compared to 25% globally) to railways (30% currently) and waterways (currently only 5%). ), thereby reducing average logistics costs as well as the carbon footprint,” he added.

It should also lead to a significant improvement in India’s ranking in global studies such as the World Bank’s Logistics Performance Index, where India was ranked 47th out of 160 countries in 2018, Guha said.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Park Record publisher set to retire

After 35 years as publisher of The Park Record, Andy Bernhard will retire on September 30.
Photo by Andy Bernhard

During his first week as editor of The Park Record in January 1987, Andy Bernhard learned what it was like to offend a reader who happened to be a prominent member of the community.

Then-editor Teri Orr wrote a critical column about the outfits the Park City High School cheerleaders wore as they entertained the crowd.

“After the column was published, I got a call from Jack Dozier, who was the high school principal at the time, and this guy ripped my face off,” Bernhard said with a laugh. “It was a pretty cold introduction to the realities of publishing a community newspaper in a well-educated, very noisy town.”

Bernhard will carry this and other memories of his 35 years at The Park Record when he retires as publisher and hands over to Valerie Spung, the newspaper’s longtime advertising director, who will take on the additional role. editor on September 30.

I think the reason I felt so comfortable here was because it was a run down ski town…” Andy Bernhard, Park Record Editor

“I’m retiring from The Park Record, but I don’t know if I’m necessarily retiring,” he said. “I’m going to take a little time, let the cobwebs fly away, and take it one day at a time. I have no other job. Life is short and it’s time to move on.

Bernhard deserved this break. During his 35 years in office, he led the award-winning newspaper through peaceful and stormy waters, including the 2002 Winter Olympics, the acquisition of Park City Mountain Resort by Vail Resorts, a series of changes ownership and the novel coronavirus pandemic.

“From my perspective, the Olympics were some of our best hours in terms of generating revenue and delivering great content, even though it was right after 9/11, and everyone was pretty worried about what was going to happen,” Bernhard said. “We posted three times a week during this period and released many special sections.”

The ownership changes were a mix of calm and fast waters in and of themselves, according to Bernhard.

During his time as publisher, The Park Record was owned by Diversified Suburban Newspapers, which was run by Dean Singleton and Bernhard’s brother, Peter Bernhard, MediaNews Group, which owned The Salt Lake Tribune, Digital First Media and Swift Communications.

Ownership of Park Record changed again in 2022, when Swift sold its local media and publishing business to West Virginia-based Ogden Newspapers.

Throughout these changes, Bernhard worked with editors Orr, Sena Flanders, Nan Chalat Noaker and Bubba Brown.

“They helped maintain the newspaper’s continuity and stability in the community,” he said.

Noaker, editor of The Park Record from 1996 to 2016, said Bernhard understands the importance of journalism and the delicate balance it takes to run The Park Record as a business.

She fondly remembers the debates she had with Bernhard about the editorials she wanted to write for each edition.

“It was this wonderful joust between me as a publisher wanting to shake the cages and question authority, and him as a publisher not wanting to alienate the business world because that would hurt his bottom line,” she said.

These arguments would typically have Noaker on one side arguing the case for whatever cause it was at the time, and Bernhard on the other side, teasing her about being a “bleeding-heart liberal,” a- she declared.

“We fought, but it was with great respect, and it seemed to me that we were always able to find a way to make mutually agreeable decisions,” she said.

Brown, the 2017-2022 editor, reflected on Bernhard’s example of leadership, which came to a head at the onset of COVID-19.

“It was a pretty tough time for everyone in the newsroom, but Andy provided that consistent leadership and made sure we were committed to serving the community the best we could,” Brown said. “With all the financial uncertainty and advertisers pulling out of the paper, Andy was always candid in explaining the way forward.”

The pandemic has proven to be one of Bernhard’s biggest challenges.

“We had to fire a lot of people and shut down the rhythm of the sport for a while,” he said. ” It was hard. In fact, staffing issues are one of the hardest things I’ve had to deal with.

As Bernhard steered with confidence, he also felt the pressure his job could put on friendships, especially since the newspaper has a duty to report something that isn’t always complimentary to a friend or to the business of a friend. a friend, said Bernhard.

“It’s stressful knowing that you have to write a story that will negatively affect your relationships,” he said. “And there were a lot of them.”

Bernhard knew very little about The Park Record and publishing in general when he arrived in Park City.

“I had only been in the newspaper industry for just under two years,” he said. “I was selling advertisements and working for my brother Peter at the time who ran Green Sheet Newspapers at Murray Printing.”

Although Bernhard learned a great deal from his brother, he cites the fifth edition of Herbert Lee Williams’ 1978 book “Newspaper Organization and Management” as a useful source of teaching.

Bernhard borrowed the book from the library and still hasn’t returned it.

“I think it was planned for 1987,” he laughed.

Bernhard also learned about The Park Record’s role in the community by personally meeting residents and visiting local businesses.

“When I got here, there were a lot of characters, you know, interesting people,” he said. “I think the reason I felt so comfortable here was because it was a run down ski resort. And that seemed to suit me well.

One of the things Bernhard is most proud of is The Park Record’s opinion pages, which feature letters to the editor, guest op-eds, and the paper’s own op-eds.

“The letters and opinions are anyone’s interpretations, and the community knows they can voice their opinions on these pages without us changing what they mean,” he said.

Bernhard will miss working with his staff and has enjoyed seeing former employees find successful careers after they leave.

These former employees include Dave Fields, who is now president and general manager of Snowbird Ski and Summer Resort, and Josh Chin, deputy bureau chief of the Wall Street Journal, based in Taipei, Taiwan.

“To some degree I understand that the amount of money we’re able to afford doesn’t often lead to longevity, but I’m also very proud that some people come for four to six years and are able to put together a very strong portfolio,” he said.

Bernhard is also grateful to longtime employees like Jay Hamburger, who pounded the Park City beat for 25 years, and columnists Orr and Tom Clyde.

“We’ve been very lucky with these writers, who I think are the most important in my mind as leaders here in the community,” he said.

Hamburger praised Bernhard’s leadership skills.

“Andy has been successful in consistently attracting bright and talented staff to an industry notorious for turnover,” Hamburger said. “Former members of the newsroom, some who have gone on to metropolitan or national publications and others who have worked their way into a wide range of industries outside of journalism, have taken with them important lessons that are taught in community newspapers like The Park Record.”

Another longtime employee Bernhard appreciates is Valerie Spung, The Park Record’s publicity director, who will take on the role of editor.

“Val has been my partner in running this place, and I’ve been so lucky to have someone so dedicated to the business side of this publication,” he said.

Spung, whom Bernhard hired in 1998, said he always embraced progress and increased the number of magazines and specials published under The Park Record brand.

“When I started, we had the Real Estate Weekly and some special sections,” she said. “Today we have The Park Record newspaper, 22 magazines, three special sections, parkrecord.com and a cross-platform digital division.”

Spung said she was ready for her new duty as an editor.

“I don’t think I can replace him, and I don’t want to either, but I take this very seriously,” she said. “Andy and I have worked together for so long, so I understand what I’m getting into.”

Bernhard said he was honored to lead The Park Record at a time when Park City experienced unprecedented growth into a vibrant, well-educated community.

“The Park Record has a life of its own, and it’s my best intention to leave it in the best possible condition for the next steward,” he said. “The Park Record is part of the fabric of the community, and it will continue to be that vibrant and important part.”

What is breaking democracy? by William H. Janeway


The internationalization of economic and financial relations has undermined the authority of the nation-state and created the conditions for the current confluence of global crises. Worse, the dismantling of neoliberalism has not led to incremental renewal, but to something more politically contingent and uncertain.

CAMBRIDGE — My colleagues Gary Gerstle and Helen Thompson share an academic home at the University of Cambridge, and their new books share a common goal: how to understand the dysfunction that has beset Western democracies. They explore this question in very different but complementary ways, offering deep insight into the disequilibrium dynamics of democratic capitalism. When read together, it is clear how the dissolution of Gerstle’s neoliberal Order fueled the disorder analyzed by Thompson.

The contrast between the two books owes a lot to the paths of the authors. Gerstle, a historian of political ideas, ideologies, and cultures, writes from an American perspective. In The Rise and Fall of the Neoliberal Order: America and the World in the Age of the Free Market, he follows how initially radical political programs become institutionalized as global “orders” when the opposition agrees to their terms. Thus, the New Deal Order was established when the Republican Eisenhower administration chose not to try to repeal the central institutional reforms of the Democratic Roosevelt administration.

Similarly, after its failed attempt to renew the New Deal order through health care reform, the Clinton administration embraced the liberated markets of the Reagan Revolution and thus prolonged the neoliberal order until it died out in the “eternal wars” after 2001 and the wars of 2008. financial crisis. Gerstle presents Donald Trump’s ethno-populist appeal as signaling the exhaustion of the neoliberal Order, whose disintegration has left the United States polarized and paralyzed in the face of long-standing racial issues and the inescapable challenge of climate change.

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Here’s How Intermittent and Firm Renewable Sources Are Factored Into Hawaii’s Power Grid


Hawaiian Electric is looking to bring more firm renewable energy to the grid over the next decade. But as new solar and storage projects come online, the definition and role of enterprise generation remains up for debate.

On Oʻahu, Kapolei Energy Storage by Plus Power is still under construction, but it will be the largest storage facility in the state when completed, according to Polly Shaw, director of policy and communications for Plus Power.

“This large-scale Kapolei energy storage facility will provide great absorption of midday solar energy to be ready when the evening peak arrives,” she told HPR.

Battery storage is an important piece of the energy puzzle because it adds stability to variable energy sources, like wind and solar. Traditionally, these resources provided power only when the wind was blowing or the sun was shining.

Renewables generally fall into two camps: intermittent or firm. Intermittent sources such as solar and wind are weather dependent and energy limited. Firm sources can produce electricity 24 hours a day, 7 days a week, whenever needed.

The waste-powered H-POWER on Oʻahu is considered a renewable business, under state law, as would a biomass, biodiesel, or geothermal power plant. But storage technology like Kapolei Energy Storage complicates these definitions.

Savannah Harriman Mate



The Kapolei Energy Storage facility is expected to be completed by spring 2023.

“Battery plus solar is a pretty reliable resource. If you just bought a battery, well, it’s not renewable at all. But if you’re going to power it with solar, and solar plus batteries, is it a renewable business? Well, that depends on your definition,” said Matthias Fripp, associate professor of electrical engineering at the University of Hawaii at Mānoa.

He also serves on the technical advisory board for Hawaiian Electric’s integrated grid planning process. Fripp pushes any hard line in the sand between what is and isn’t a renewable business.

“I would say there’s no clear definition. Every time someone comes to you using that kind of terminology – firm, revolving – you have to dig a little deeper and ask how they define it?” Fripp said.

Hawaiian Electric argues that solar and wind power combined with battery storage does not meet its definition of firm power. This year, HECO launched the tender for 500 to 700 megawatts of next-generation farm on Oʻahu.

“Storage is typically limited to about four hours and that’s what we’re looking for in our RFP,” said Rebecca Dayhuff-Matsushima, vice president of resource procurement at Hawaiian Electric. “Long-term storage, things that would last for days or weeks, is very expensive and still in its infancy in technology development. So there’s always this need for a 24-hour enterprise generation. and 7 days a week.”

Fripp agrees that this kind of corporate power has a role to play, but thinks people should be careful not to overestimate the power needed. Even though the main advantage of solid energy is that it can be used 24 hours a day, 7 days a week, Fripp says that it would be incredibly expensive to permanently use a new renewable energy production plant.

“I don’t even want to imagine how much energy that would cost. That would be bad. But again, if you only use it 3-5% of the year, it won’t have a big effect on invoices,” Fripp said. “If you use my definition of what they need, which is something that you can activate when you need it, but it won’t work all the time, then it seems to me that we need something like 150 megawatts.”

Unlike Hawaii’s current fossil-fuel plants, Dayhuff-Matsushima says HECO does not plan to use new, 24-hour, firm renewable plants.

“What we’re looking for is flexible, firm, renewable generation that we can ramp up and down, that we can turn off when it’s not needed, but is there when it’s needed so we can make sure that we are able to provide safe, resilient and reliable energy for the island,” she told HPR.

Solar and wind will still be in the lead, says Dayhuff-Matsushima, but enterprise generation may take over.

Clearway Energy Group's Mililani I Solar Project, Oʻahu's first large-scale solar power plant and storage solar power renewable energy

Office of Governor David Ige


FILE – Clearway Energy Group’s large-scale solar and storage facility near Mililani on Oʻahu.

But some say Hawaiʻi has to wonder if that role can be filled by battery storage technology.

“Battery technology is already very functional, and it is improving and evolving rapidly. And battery technology can store energy from any source, including sources that are affected by weather conditions like wind and the sun. And they can turn what we normally call intermittent energy into steady energy,” said Colin Yost, chief operating officer of RevoluSun, a solar battery and battery installation company. locally owned and operated and specializing in rooftop solar.

Kapolei Energy Storage can capture solar energy during the day for use in the early hours of the night. Yost asks, why should he stop there?

“At this time, we don’t believe the batteries work 24/7. They’re generally considered a four-hour battery or some other amount of guaranteed storage,” Yost said. “When you connect thousands of batteries to a grid, some of that power may still be available 24/7.”

“So it’s really a question of scale and a question of technology and how you integrate those resources into the larger network. And that’s where I think more discussion is needed. A bit of imagination is needed in terms of how we’re really going to make it work,” he told HPR.

Dayhuff-Matsushima says the storage just isn’t there yet. If something went really wrong, like a natural disaster, companies’ traditional generation facilities could work better and deliver electricity sooner.

The introduction of new firm renewables addresses other concerns, such as the limits of the amount of land we have available for new solar and wind farms. But Dayhuff-Matsushima says solar power and storage still have an important role to play in Hawaii’s energy strategy.

“Being able to use these facilities, solar plus storage, or any type of intermittent plus storage facility, allows us to reduce the amount of firm generation we have to use. And that’s why even if we go out and we’re looking for a new generation of renewable business, we’re going to take more fossil fuel generation out of it,” Dayhuff-Matsushima said.

Firm versus intermittent is not just semantic. These definitions are important because they shape what the grid will fundamentally look like as Hawaii tries to meet its clean energy goals. Dayhuff-Matsushima says it can be a bit of a stretch trying to measure the needs of the future against today’s technologies.

“I think a lot of people think about this 2045 goal of 100% renewable energy that we’re just going to hit – like we’re going to have all these systems in place,” she said. “But really, it will be constant because the facilities that we are putting in place today with 20-year contracts will expire in 2045. These are either going to have to be renegotiated or they are going to have to be replaced.

“It will be an ever-evolving journey, like any electrical system. It’s just that we’re moving from what was traditionally an ever-evolving journey from fossil fuels to new forms of renewable technologies,” he said. she adds. “Right now we also have to plan what is available.”

Can solar and wind power be considered as firm energy? HPR’s Savannah Harriman-Pote takes a closer look.

Extended segment on The Conversation – September 14, 2022

BP in line for huge payday from Putin’s energy company despite pledging to sell stake


BP is in line for dividends worth hundreds of millions of pounds from Russian oil and gas giant Rosneft, even after pledging to give up his stake in the company.

Oil and gas giant FTSE 100 still owns just under 20% of Rosneft and is therefore entitled to its share of Rosneft’s 441 billion ruble (£6.4 billion) payment for 2021, worth around £1.2 billion.

Just before Russia invaded Ukraine, BP received a $464 million dividend from Rosneft to cover the first half of 2021, but is still entitled to the second half payment.

However, it is unclear whether he will ever get the second payment, as Russia hits back at sanctions imposed on the West for its war on Ukraine.

Russia first banned companies from paying dividends to foreign shareholders, then blocked payments to companies from “hostile” countries, including Britain and the United States.

The funds are instead placed in restricted accounts, with Russian approval to withdraw the money from Russia. BP does not count this as dividend income.

BP announced in February that it would sell Rosneft’s stake and reduced it to zero in its accounts.

He has limited options, however, with Russia preventing the sale of some assets and a limited pool of buyers.

Credit Clear Continues Profitability Trajectory with Record August Monthly Revenue

Credit Clear’s annual revenue rate reached $39.4 million.

Credit Clear (ASX:CCR) has achieved four consecutive months of profitability after reporting record monthly revenue of $3.28 million in August.

This brought Credit Clear’s annual revenue rate to $39.4 million.

Underlying the record high of $3.28 million for August are “strong contributions” from large onboarded customers in recent months, as well as increased debt referrals from existing customers.

The top five contributors to the record monthly revenue were: a financial services consumer who joined this year; a large education provider, which submitted more late cases; an energy supplier that signed in 2022; operator of toll motorways which has experienced an upturn in traffic activity; and a water utility, which reduced its collection panel from four to two suppliers.

Digital Collections

In addition to the monthly revenue record for August, the month also heralded an all-time high for payments collected through the digital platform and broke the previous three consecutive monthly records.

Payments from digital platforms topped $5 million for the first time, hitting $5.64 million for the month.

New customers

Also in August, 38 new customers were onboarded, which is expected to generate a total of $418,000 in additional revenue over the next 12 months.

Credit Clear noted that new clients also brought a wider scope of work with an integrated finance, investment and leasing specialist.

Total incremental revenue from customers who signed up since January 1 this year reached $10.77 million.

Additionally, Credit Clear’s new deal pipeline grew “significantly stronger” in August, with “multiple opportunities with blue-chip companies progressing” to final or contract negotiation stages.

“Progress in the insurance industry has been particularly notable and the company expects to be able to announce significant new insurance customers in the coming months,” added Credit Clear.

As part of this, Paul Dwyer was appointed to the company’s board earlier this month as a non-executive director. Mr. Dwyer founded PSC Insurance Group (ASX: PSI) and brings to Credit Clear “an exceptional experience in the insurance industry”.

Technology Award

Credit Clear’s technology continues to attract attention.

The company won the “Best Use of AI by a Fintech” award at the 7th Australian Fintech Awards.

It was the second consecutive year that Credit Clear has received the award, which recognizes its “advanced use of AI” in the collections industry.

Credit Clear has highlighted that its AI-powered software led to a 35% increase in collections for one of Australia’s largest toll road operators in May and June this year.

At the 2022 Australian and New Zealand Institute of Insurance and Finance Awards, Credit Clear was named an Insurtech Start-up of the Year finalist.

Solution Financial Reports Q3 2022 Financial Results


Calgary, Alberta–(Newsfile Corp. – September 13, 2022) – Financial Solution Inc. (TSX: SFI) (OTCQX: SLNFF) (there “Company), one of Canada’s leading luxury automobile and yacht charter providers, today announced its financial results for the third quarter ending July 31, 2022.

Highlights of results for the quarter:

  • Margins increased 36% from 26% in the prior year quarter, with revenue driven primarily by high-margin leasing versus lower-margin vehicle sales.

  • Net earnings were $376,928 compared to $406,455 in the prior year quarter

  • Adjusted net income(1) was $526,797, down slightly from $557,545 in the comparative quarter.

  • The total lease portfolio increased to $27,317,077 compared to $26,025,286 in the previous quarter.

“This quarter really showed the resilience of our business model as we remained focused on our core rental services despite the ongoing economic challenges,” said Bryan Pang, CEO of Solution. “In 2021, we capitalized on vehicle resale opportunities caused by the supply chain impact on the luxury automotive sector, while this past quarter we have been more focused on helping to our network of luxury dealerships to finance vehicle sales despite generally slower sales volumes.Our recently announced $15 million financing facility with ATB Financial is a significant milestone, giving us access to more resources to support more dealers in our existing and expanding markets. Our goals remain focused on growth in the luxury market using a disciplined approach that has been proven over the past 18 years – delivering market competitive rates at good customers, focusing on leasing the right vehicles, backed by good warranties, and proactively supporting customers and caring for them. shareholders well beyond the initial fundraising event. Revenues may remain lower during these economic downturns, but we remain committed to focusing on profitable operations and building long-term shareholder value,” concluded Bryan.

Solution reports net earnings of $376,928 or $0.004 per share for the quarter ending July 31, 2022. This compares to net earnings of $406,455 or $0.005 per share for the quarter ending July 31, 2021.

Adjusted net income, which is more reflective of actual cash earnings, for the quarter ending July 31, 2022 was $526,797(1) or $0.006 per share compared to $531,092 or $0.006 per share for the quarter ending July 31, 2021. Adjusted net income excludes non-cash accretion expense related to convertible debentures and right-of-use assets of $55,807, the provision for income taxes of $80,000 and amortization expense of $14,062.

Solution’s operating cash flow for the nine months ending July 31, 2022 decreased to $126,863 (net of operating lease asset disposals) compared to $3,109,803 in the comparative quarter of 2021. With the increase in prime interest rates over the past few months, the Company used excess cash to repay the operating line of financing to minimize interest expense.

Rental portfolio

As of July 31, 2022, Solution had 323 vehicles in its rental portfolio, a net decrease of 3 vehicles to bring the total rental portfolio to $27 million.

As of July 31, 2022, the average residual term of the leases in the portfolio is 1.9 years, weighted by the net book value of each vehicle. As of July 31, 2022, Solutions’ 323 leases generated annualized gross rental and lease revenues of approximately $7.5 million.

About the Solution

Solution Financial Inc. was founded in 2004 and is headquartered in Richmond, BC and Calgary, Alberta. Solution specializes in sourcing and leasing luxury and ultra luxury vehicles, yachts and other limited edition assets that tend to retain their value over time. The company launched an innovative rental program that has helped make Metro Vancouver the luxury car capital of North America. The solution uses a streamlined leasing model specializing in assets with limited supply and high resale value. This rental alternative has proven extremely popular with affluent immigrants, international students, and business owners who may have limited credit history in Canada or who prefer more flexible vehicle ownership options.

Note 1- Financial indicators not in accordance with IFRS

Solution provides all financial information in accordance with International Financial Reporting Standards (“IFRS”). To supplement our consolidated financial statements presented in accordance with IFRS, we are also providing with this press release certain non-IFRS financial measures, including Adjusted Net Income. In calculating these non-IFRS financial measures, we have excluded certain transactions that are not necessarily indicative of our ongoing operations or do not impact cash flow. These measures are not recognized measures under IFRS and do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for analyzing our financial information reported in accordance with IFRS.

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking information” as defined by applicable Canadian securities laws. Such information includes, but is not limited to, statements regarding our objectives, our strategies for achieving those objectives, as well as statements regarding management’s beliefs, plans, estimates, projections and intentions, and similar statements regarding events anticipated futures, results, circumstances, performances or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “should”, “expect”, “intend”, ” estimates”, “anticipates”, “believes”, “should”, “plans” or “continues”, or similar expressions suggesting future results or events. This forward-looking information reflects management’s current beliefs and is based on information currently available to management. Although the forward-looking information contained in this press release is based on what management believes to be reasonable assumptions, there can be no assurance that actual results will be consistent with such forward-looking information. Certain statements included in this press release may be considered “financial outlook” for purposes of applicable Canadian securities laws and, as such, the financial outlook may not be appropriate for purposes other than this press release. .

The forward-looking information contained in this press release is made as of the date of this press release and should not be relied upon to represent the opinions of Solution as of any date subsequent to the date of this press release. Except as required by applicable law, Solution’s management and Board of Directors undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

For more information, please contact Sean Hodgins at (778) 318-1514.


(sign) “Bryan Pan
Brian Pan
President, CEO and Director

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


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137060

Case Study: Azimut and Salt Edge Boost the Investment World with Open Banking

Andrei ScutariCountry Manager Italy at salt edgetalks about their partnership with Azimuthfocusing on their personal investing mobile app, Beewise.

Azimut, one of the largest independent asset managers in Italy and one of the largest in Europe, has been increasing the wealth of individuals for 30 years. Having helped millions of people to invest and believing that everyone has the right to invest, Azimut created the personal investment mobile application – Beewise to make the world of investments accessible even to those who do not know where to start. , including millennials and technology. knowledgeable people.

The founders of Beewise decided to provide an easy to use application with a simplified user integration which, in addition to being a personal finance manager, would allow setting goals and achieving them by taking advantage of Azimut’s long experience. in terms of investment. Users do not need to be financial experts, Azimut helps and guides them with its experience via Beewise.

The challenge of making investing transparent for everyone

According to Capgemini research, only wealth or asset management companies that leverage AI/ML and digital technologies will be well positioned to personalize the client experience. Effective engagement throughout the customer lifecycle starts with the data ecosystem and adopting a digital-first strategy. This is where Open Banking is king.

Manual insertion of transaction data by users has never been an option for Beewise. Their goal of combining expense and investment tracking in a single app was far too ambitious to rely solely on the human factor. The key to the success of this mission is to automatically import financial data from various sources, standardize and unify this information and instantly categorize transactions. Also, an important factor in providing users with a seamless investment experience would be to enable instant investments. Via a usual simple top-up from a bank account or ewallet to a Beewise account, the funds would only be available in the account after two days. So a faster alternative was needed.

The silver lining brought by Open Banking

Since the Beewise app sought maximum security and convenience, Azimut chose Salt Edge to provide data aggregation and payment initiation within Italian banks for app users. Salt Edge has broad banking connectivity from over 5,000 banks worldwide, allowing Beewise users to connect their bank accounts and invest and transfer funds directly into Azimut. Without these features, the proper user experience would simply be impossible.

“Salt Edge was instrumental in our mission to create an easy-to-use mobile app that would simplify what we think is a complicated subject: investments. We bring Azimut’s investment experience and knowledge to Beewise users and it takes a partner who shares the same trusted approach to deliver the best and safest customer journey possible. Salt Edge has technical expertise and a strong reputation in the open banking market,” commented Giorgio Medda, Co-CEO and Global Head of Asset Management at Azimut.

Thanks to the payment initiation function, Beewise users can easily and securely transfer the requested amount to the Beewise application, for each investment they wish to make, without sharing card credentials. The Account Information Element, a sophisticated financial data aggregation and enrichment API that quickly and continuously extracts raw data from multiple sources and turns it into insights, helps Beewise enable its customers to track expenses, set savings goals and receive investment recommendations all in one app. Aggregated banking data also greatly simplifies the entire customer onboarding process, reducing it to minutes.

According to Matthias Van Den Eede, Founder of Beewise and Head of Digital Business Development at Azimut, by leveraging Salt Edge’s account information and payment initiation APIs combined with AI and ML algorithms, users of the application obtain in-depth financial information and must invest in various themes. investment projects, developed by Azimut’s global team. “We are bringing young people closer to smart money management and investing and we are happy to have Salt Edge alongside us on this exciting journey,” added Van Den Eede.

Combining Azimut’s investment expertise with Open Banking elements in a smart app has debunked the myth that investing is only accessible to finance gurus. To learn more about Open Banking and how you can innovate with it, visit www.saltedge.com.

About Andrei Scutari

Andrei is Country Manager Italy at Salt Edge. Over the past 3 years, he has been actively involved in establishing a strong position for the company in Italy. Additionally, as a Sales Manager and Open Banking expert, Andrei has helped dozens of companies define winning Open Banking strategies and create exciting use cases.

About Salt Edge

Salt Edge – a financial API platform with PSD2 and Open Banking solutions for every business. The company has two main business vectors: enabling third parties to access banking channels through a unified gateway and developing the technology necessary for banks to comply with the requirements of the directive. ISO 27001 certified and AISP licensed under PSD2, the company uses the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with more than 5,000 financial institutions in more than 50 countries.

Household debt is on the rise according to Statistics Canada


Canadian households have more debt relative to their income than at the start of the year, according to Statistics Canada data released Monday.

According to the federal agency, household debt as a percentage of disposable income rose to 181.7% in the second quarter of this year, from 179.7% in the first quarter. This means that for every dollar of disposable income, the average household owes about $1.82 in debt.

The change signals an increase in debt levels similar to rates seen before the pandemic, said André Bolduc, a partner at BDO Canada and a licensed insolvency trustee. The increase is not unexpected given inflationary pressures and rising interest rates, he said, and those influences are likely to mean the ratio will continue to rise.

During the COVID-19 lockdowns, Canadians had more money because they had less money to spend their disposable income. Now that people are back to their normal spending habits, their debts are rising, as are interest rates and the cost of living, Bolduc said. At the same time, there has been little upward movement for wages.

“It costs people more to live, and for people in debt, it also costs them more to carry that debt,” Bolduc said.

On a seasonally adjusted basis, households added $56.3 billion in debt in the second quarter, including $48.7 billion in mortgages, according to Statistics Canada data.

The household debt service ratio was 13.63% in the second quarter compared to 13.34% in the first quarter.

David Macdonald, senior economist at the Canadian Center for Policy Alternatives, said while there is an increase in household debt service levels, the current rate is in line with what has been seen for some time.

The rate has been relatively stable since around 2016, Macdonald said, adding that it is expected to fluctuate to some degree.

Meanwhile, Canadians are facing a rapid reversal in interest rates “to rock bottom” because, in an attempt to calm inflation, the Bank of Canada has raised its key interest rates, Macdonald said. .

The impact of these rate hikes is now reflected in the debt and diminished borrowing power of Canadians seeking high-cost loans, such as new mortgages.

“What we see … is the policy objective of the Bank of Canada,” he said. Since people now feel poorer overall, they will spend less in the economy, Macdonald said.

Further increases in the debt-to-equity ratio over the next few quarters are likely since Statistics Canada data is an average and slightly lagging, Bolduc said. While the ratio is certainly not a surprise, Bolduc is concerned about the average Canadian’s debt load.

For people who are heavily in debt and making only minimum monthly payments, the cost of living and further expected interest rate hikes could push them over the edge, he said.

People renewing their mortgages will pay more given the rate changes, Bolduc said.

“When this happens, there’s less room left in the budget for living expenses, and we know people who struggle with this use credit to make ends meet,” he said. “At one point, people hit the wall.”

With files from The Canadian Press


Conversations are opinions of our readers and are subject to the Code of conduct. The Star does not share these opinions.

Partnership between DHS and CBK continues to bear fruit | Company


Citizens Bank of Kansas recently announced that Jessica Fuller has joined its staff to lead the branch located at Derby High School. Fuller serves as director of the business department at DHS and will continue to teach while serving as education officer for CBK within the high school. She is currently in her 19th year teaching at DHS.

“As Head of Education at Derby High School, Jessica is actively involved in the day-to-day running of the CBK-DHS branch, which is made up of students. She embraces the real-world application of the concepts she teaches in the classroom,” said Stacy Gear, director of development for Citizens Bank of Kansas.

Cowboys vs. Buccaneers: Each team’s X-factor player for Sunday


New season, new start, and with that, the Dallas Cowboys are looking to put all the talk and intrigue of the offseason to bed. That process may intensify Sunday night when Tom Brady and the Tampa Bay Buccaneers come to town. We talked nauseously about the offensive line position and lack of preparation that led us to Tyler Smith starting his first NFL game at left tackle after practicing at left guard all training camp. We can’t forget how badly we felt the Cowboys missed a piece in the wide reception room as they looked to see how the youngsters served them before they did.

However, as the Cowboys head into week one, we’re all fascinated to see how it’s going on the field. Tampa comes in with its own issues and seems oddly familiar with what the Cowboys are currently dealing with themselves. They have question marks over a star receiver and his availability, and will also play a rookie and backups on the offensive line. In the end, these two teams will dress up and battle it out for 60 minutes and the most complete and prepared team will emerge victorious and feel good about their decisions for at least a week.

You can look at the three phases of these two teams and make a convincing case that there is an X factor on all three units. However, these two individuals, a Cowboy, a member of the Buccaneers, will have the biggest impact on Sunday’s game.

Kirby Lee – USA TODAY Sports

When we talk about X-Factors, it’s not necessarily the best players in the team each week, but rather the players who play that week who will affect the game the most. It’s hard to think of a player a Cowboy whose debut and performance will be watched more closely than the young rookie from Tulsa. Making his NFL debut against a tough and respected Bucs front seven is no small feat. To do so with minimal offensive tackle reps in training and none in position in a live pre-season setting is quite alarming.

The Cowboys are placing a lot of trust and faith in the first-round pick to go out there and protect Dak Prescott and his blind side. We’ve seen players from that organization go there and man that position so bad it impacted the game of football deeply and scarred us all for life. Ultimately, Smith is a much more talented player than Chaz Green. Expectations for him aren’t to be All-Pro at the gate, nobody expects that, but it’s safe to say with a healthy dose of confidence that Smith’s debut won’t be that low either. Either way, Tyler Smith’s performance will absolutely be the X-Factor for this Dallas Cowboys team and however that turns out will be a good indicator of how we all feel on Monday morning.

NFL: Tampa Bay Buccaneers Training Camp

Kim Klement-USA TODAY Sports

Although Julio Jones may not be the Julio Jones of old, he could find himself playing a pivotal role in the outcome of Sunday night’s game. Chris Godwin was very uncertain heading into week one and while it looks like Godwin will be playing on Sunday night, there will definitely be limited reps as they bring him back. Not having Godwin go all out is a success for this Bucs offense, a unit that looks to improve on their second ranked offense from 2021 heading into the new season.

That void will be filled by a wide receiver who was widely considered one of the league’s best just a few years ago. Although it’s a few unfortunate teams and injuries ago, Jones still commands respect on the pitch. If Jones is able to come in Sunday night and put together some production and get the attention of the Cowboys secondary on his Tampa Bay debut, it could very well change the complexion of this offense and the game in his together. If Jones isn’t on the same page as Tom Brady, or just doesn’t have a glimpse of who we knew him to be, the options Brady has to offer as well aren’t as daunting as in years past. Look for Dan Quinn and company to keep a close eye on Julio Jones as they try to figure out how to limit Brady and attack him on the way to a Week One victory.

Snowboard Equipment Market Size, Share and Forecast 2029 |


Pune, Sep 11, 2022 (GLOBE NEWSWIRE) — The Global snowboard equipment market (2022-2029) The research report represents a detailed overview of the current market situation and forecast to 2029. The study is perhaps a perfect blend of qualitative and quantitative information highlighting key developments in the market, challenges and competition faced by the industry, along with gap analysis and new available opportunities and trends in the Snowboard Equipment market. Additionally, this report gives Snowboard Equipment market size, recent trends, growth, share, development status, market dynamics, cost structure and competitive landscape. The research report also includes the current market and its growth potential over the given forecast period. An exhaustive and professional study of the global Snowboard Equipment market report has been carried out by industry professionals and presented in the most particular manner to showcase only the details that matter most. The report mainly focuses on the most dynamic information in the global market.

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Additionally, the research report provides in-depth data on the major factors influencing the Snowboard Equipment market growth at country and local levels, market size forecast, in terms of value, market share by region and market size. segment, regional market positions, segment. and growth opportunities by country, key company profiles, SWOT, product portfolio and growth strategies.

Impact of Covid-19 on the snowboard equipment industry:

The Covid-19 pandemic has had a negative impact on the snowboard equipment market. with industrialists. Major companies have suspended operations in different locations due to lockdown and social distancing norms. After the pandemic, the industry expects a lot of requirements and demands due to the rapid urbanization and the increasing need for rational use of the present area.

COVID-19 (Coronavirus) Global Market Conditions and Competitors:- In this report, analysts compile existing research on COVID-19, share key insights and help the reader spot new market opportunities related to the pandemic. Topics include product development pipelines, diagnostic testing approaches, vaccine development programs, regulatory approvals and more.

Get Sample Copy of Snowboard Equipment Market Research Report 2022

This report gives a detailed description of all the factors influencing the growth of these market players along with their company profiles, product portfolios, marketing strategies, technology integrations and more information about these market players. Some of the major players are:

Leading companies reviewed in the Snowboard Equipment Market‎ report are:

  • LibTech
  • Emsco
  • Lay boards
  • Burton
  • Stroll
  • Rome MSDS
  • Academy
  • Wildebeest
  • Nightingale
  • Zion Snowboards
  • Newell Brands
  • Solomon
  • Arbor
  • American sports
  • Head
  • Ski Rossignal

Global snowboard equipment market: Conductors and stresses

The research report has integrated the analysis of different factors which are increasing the growth of the market. It constitutes trends, restraints and drivers that transform the market either positively or negatively. This section also provides the scope of different segments and applications that can potentially influence the market in the future. Detailed information is based on current trends and historical milestones. This section also provides an analysis of the production volume in the global market and each type.

A thorough assessment of the constraints included in the report portrays the contrast with the drivers and leaves room for strategic planning. Factors that overshadow the growth of the market are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into the opinions of market experts have been taken to better understand the market.

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Overall, the report is proven to be an effective tool that players can utilize to gain a competitive edge over their competitors and ensure sustainable success in the global Snowboard Market. All conclusions, data and information provided in the report are validated and revalidated using reliable sources. The analysts authoring the report have adopted a unique and industry-leading research and analytical approach for an in-depth study of the global Snowboard Equipment market.

Global Snowboard Equipment Market: Segment Analysis

The research report includes specific segments by region (country), company, type and application. This study provides information on sales and revenue over the historical and forecast period. Understanding the segments helps to identify the importance of different factors contributing to market growth.

By type:

  • Divided council
  • snowboard binding
  • Snowboard Boots
  • Others

Per application:

Geographic segment covered in the report:

The Snowboard Equipment report provides information on the market area, which is sub-divided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region over the estimated period.

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

The research objectives of this report are:

  • To study and analyze the global Snowboard Equipment market size (value & volume) by company, key regions/countries, products and application, historical data and forecast.
  • To understand the structure of Snowboard market by identifying its various subsegments.
  • Share detailed information on key factors influencing market growth (growth potential, opportunities, drivers, industry-specific challenges and risks).
  • Focuses on the key global Snowboard manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans during the coming years.
  • To analyze the Snowboard Equipment with respect to individual growth trends, future prospects, and their contribution to the total market.
  • To project the value and volume of Snowboarding submarkets, with respect to key regions (along with their respective key countries).
  • Analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
  • Establish a strategic profile of key players and analyze in depth their growth strategies.

This Snowboard Equipment Market Research/Analysis Report Contains Answers to the Following Questions

  • What are the ongoing developments in this technology? What trends are driving these developments?
  • Who are the Global Key Players in this Snowboard Equipment Market? What are their company profiles, product information and contact details?
  • What Was Global Market Status of Snowboard Equipment Market?
  • What Is The Current Market Status Of Snowboard Equipment Industry? What is the market competition in this industry, both at company and country level? What’s Market Analysis of Snowboard Equipment Market Taking in Consideration Applications and Types?
  • What will be the estimate of cost and profit?
  • What is the economic impact on the snowboard equipment industry? What are the results of the analysis of the global macroeconomic environment? What are the development trends of the global macroeconomic environment?
  • What Are Market Dynamics of Snowboard Equipment Market? What are the challenges and opportunities?

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Detailed TOC of Global Snowboard Equipment Market Report 2022

1 Snowboard Equipment Market Overview

1.1 Snowboard Product Overview and Market Scope
1.2 Snowboard Equipment Market Segment by Type
1.2.1 Global Snowboard Equipment Market Sales and CAGR Comparison by Type (2017-2029)
1.3 Global Snowboard Equipment Market Segment by Application
1.3.1 Snowboard Equipment Market Consumption (Sales) Comparison by Application (2017-2029)
1.4 Global Snowboard Equipment Market, by Region (2017-2029)
1.4.1 Global Snowboard Equipment Market Size (Revenue) and CAGR Comparison by Regions (2017-2029)
1.4.2 United States Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.3 Europe Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.4 China Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.5 Japan Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.6 India Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.7 Southeast Asia Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.8 Latin America Snowboard Equipment Market Status and Outlook (2017-2029)
1.4.9 Middle East & Africa Snowboard Equipment Market Status and Outlook (2017-2029)
1.5 Global Market Size (Revenue) of Snowboarding (2017-2029)
1.5.1 Global Snowboard Equipment Market Revenue Status and Outlook (2017-2029)
1.5.2 Global Snowboard Equipment Market Sales Status and Prospect (2017-2029)
1.6 Influence of regional disputes on the snowboard equipment industry
1.7 Impact of Carbon Neutrality on the Snowboard Equipment Industry

2 Upstream and Downstream Analysis of Snowboard Equipment Market

2.1 Snowboard Equipment Industry Chain Analysis
2.2 Major Raw Materials Suppliers and Price Analysis
2.3 Supply and Demand Analysis of Key Raw Materials
2.4 Commodity Market Concentration Rate
2.5 Analysis of Manufacturing Process
2.6 Manufacturing Cost Structure Analysis
2.6.1 Labor cost analysis
2.6.2 Energy Cost Analysis
2.6.3 R&D cost analysis
2.7 Major Downstream Buyers of Snowboard Equipment Analysis
2.8 Impact of COVID-19 on Upstream and Downstream Industry


Browse full TOC at – https://www.industryresearch.biz/TOC/21026756

About Us: –

The market is changing rapidly with the continuous expansion of the industry. Technological advancements have provided today’s businesses with multi-faceted benefits driving daily economic changes. Thus, it is very important for a business to understand the patterns of market movements in order to strategize better. An effective strategy gives companies a head start in planning and an advantage over their competitors. Industry research is a credible source for getting the market reports that will give you the head start your business needs.


Foreign institutional investors record net outflows of funds in August


Taipei, Sep 10 (CNA) Foreign institutional investors saw net outflows of funds for the third consecutive month in August, according to the Financial Supervisory Commission (FSC), Taiwan’s top financial regulator.

Data compiled by the FSC showed that foreign institutional investors recorded net outflows of $5.45 billion in August, bringing total net outflows to $13.07 billion or NT$401.2 billion. during the June-August period.

The sharp outflows were attributed to the widening interest rate differential between Taiwan and the United States, and FSC officials said any decision by the US Federal Reserve to adjust its monetary policy will dictate without no doubt the movements of funds in the world.

Since the Fed launched a rate-hike cycle in March to address soaring inflation, foreign institutional investors have seen $11.58 billion in net outflows of funds from March to April, before to pass to the other side by registering a slight net inflow of funds worth almost 2.7 dollars. billion in May.

Rising rates, inflation

However, foreign institutional investors saw net outflows of funds again in June and acted more aggressively in the following two months, according to the FSC.

Since March, the Fed has raised its key interest rates by 225 basis points, while the central bank of Taiwan has only raised interest rates by 37.5%.

Taiwan’s central bank argued that although the local consumer price index topped the 2% alert, inflation rates were still dwarfed by those seen in the United States.

In August, Taiwan’s CPI rose 3.36% from a year earlier in July before moderating to 2.66% in August.

Meanwhile, CPI growth in the United States was 8.5% in July, down from 9.1% in June.

US inflation data for August is expected to be released next week.

The market widely anticipated that the Fed would hike rates another 75 basis points after the conclusion of a policy-making meeting on Sept. 21.

Meanwhile, Taiwan’s central bank is expected to raise rates by 12.5 to 25 basis points at its quarterly policymaking meeting scheduled for September 22.

In the first eight months of this year, foreign institutional investors recorded net outflows of $16.7 billion. During the same period, the Taiex, the weighted index of the Taiwan Stock Exchange, plunged 3,213.40 points, or 17.14%.

Since the government lifted the ban on foreign institutional investment in the local stock exchange in late 1990, foreign institutional investors have accumulated 212.86 billion U.S. dollars in net inflow of funds into Taiwan in August, data shows. of the FSC.

From January to August, foreign institutional investors sold NT$1 trillion net in the local equity market as they rushed to put their money into dollar-denominated assets due to rising market yields American, said the FSC.

The FSC said the sharp selloff was the result of volatility in global markets, but added the commission was confident foreign investors would refocus on Taiwan’s sound longer-term fundamentals.

Related News

September 9: BERI ranks Taiwan 6th among global investment destinations

September 7: The US dollar hits its highest level in 3 years on the Taipei foreign exchange market

September 6: Foreign exchange reserves continue to fall after central bank intervention in the market

Recent Trading Sessions

September 8: Taiwan shares close up 1.20%

September 7: Taiwan shares fall 1.89% as bad news hits TSMC

September 6: Taiwan stocks lose first gains amid hawkish Fed fears

September 5: Taiwan stocks end slightly lower in consolidation mode

September 2: Taiwan stocks extend losses on concerns over US rate hikes

September 1: Taiwan stocks fall nearly 300 points after US losses

August 31 : Taiwan stocks end above 15,000 as tech sector rebounds

Credit card code that would allow financial institutions to flag unusually large gun sales approved


A credit card categorization code that could improve tracking of gun sales has been approved by an international panel that sets standards for the payments industry, according to New York City Comptroller Brad Lander and Amalgamated Bank.

The International Organization for Standardization, based in Geneva, Switzerland, has approved the bank’s request for a merchant category code for arms and ammunition stores to be used when processing transactions, according to news releases. Amalgamated and Lander press. A merchant category code is a four-digit number used by credit card companies to classify businesses. It usually indicates the types of services or goods sold to consumers.

The group’s decision came after a pressure campaign from officials at Amalgamated, New York City and state, as well as the California teachers’ pension fund. The city’s pensions for teachers, civil servants and school administrators last week filed shareholder proposals with Mastercard Inc. and American Express Co. urging credit card companies to create the new code.

The California Teachers’ Retirement System sent similar letters to Mastercard, American Express and Visa Inc.

Creating the new code would be a key step in allowing financial institutions to flag unusually large purchases at stores over a short period of time or multiple purchases at different retailers, Lander said. In his role, he is an investment advisor to New York City’s $250 billion pension fund.

“I am pleased that ISO has voted to advance a key step to avert the next tragedy,” Lander said in a press release. “American Express, Mastercard, Visa and other credit card companies are now responsible for implementing the new Merchant Category Code, so financial institutions can do their part to report suspicious activity and save lives. .”

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The high cost of living is not unique to Ghana – Dr Bawumia


The Vice President, Dr. Mahamudu Bawumia, said the rising cost of living was not a Ghana specific phenomenon but a global one.

He attributes the situation to the COVID-19 pandemic and the Russian-Ukrainian war.

“The cost of living has increased all over the world. Wherever it’s hot, the city is hot, and it’s not just Ghana. The same goes for the UK, America, Japan and Germany.

Dr Bawumia, addressing a rally at Kadjebi in Oti region to commission the 56.4 kilometer (km) Jasikan-Dodo Pepesu section of the Eastern Corridor Road, said the Director General of the International Monetary Fund (IMF) has attested to the fact that the pandemic and the war and its effects have caused Ghana’s problems.

“So you see we in the midst of this pandemic are doing everything to keep the economy going.”

Dr Bawumia said one thing the government had done for Ghanaians and people in the Oti region was to ensure that they had free secondary education for all to ease their burden.

He said the government was digitizing and changing the future of Ghana’s economy which would be one of the most digitized economies in the world.

Dr Bawumia said the Year of Roads was not a ‘Green Book’ but ‘Fili fili roads’, adding that ‘we have never seen roads built and completed by a government as much as we have. We have seen under the government of Nana Addo Dankwa Akufo-Addo and the leadership of Kwasi Amoako-Atta as Minister of Roads and Highways.

He said that the Jasikan-Dodo Pepesu road is part of the Eastern Corridor road project which started from the Tema highway interchange with a component of the construction of the 67 km road from Tema to Akosombo with interchanges in Ashaiman and Akuse.

Dr Bawumia said this included the reconstruction of the Asikuma to Kpeve junction which was 40% complete, 53.5km Have to Hohoe which was 60% complete and 30km Hohoe to Jasikan which was 80% complete.

He said the section also has 50.3 km from Nkwanta with Oti Damanko to Kpassa being 50% complete, 94 km from Oti Damanko to Yendi which is 97% complete and 113 km from Yendi to Gbintiri which is 85% complete. , adding that the government was working on almost all sections of the east. Corridor road.

Dr. Bawumia said 8 road lots are currently in various stages of completion under the first phase of the Sinohydro road project.

He said the government had completed 109 km of trunk roads under the authority of the Ghana Highway Authority in the Volta and Oti regions since 2017, including the upgrading of 21 km of the Nkonya Wurupong road. in Kwamikrom.

Dr. Bawumia said that under urban roads, a total of 31 km of roads had been completed during the same period, such as asphalt surfacing of 14.7 km in Hohoe while 27.5 km of roads have been rehabilitated in the category of feeder roads.

Mr. Kwasi Amoako-Atta, Minister of Roads and Highways, said the ministry, through the Ghana Highways Authority, will ensure that adequate provision is made in its annual budget to meet the maintenance roads built are taken year after year.

He said the maintenance was necessary to protect the huge investment made by the government.

Mr. Amoako-Atta urged all beneficiary communities to protect their roads and road furniture.

He urged them to refrain from cutting through their roads, establishing wash bays along the roads, damaging traffic signs and avoiding dumping construction materials on the roads.

Mr Amoako-Atta instructed city and district managers to make sure people adhere to road maintenance measures and cracked the whip on the culprits.

He asked religious and traditional leaders not to entertain culprits and unpatriotic citizens who engaged in activities to damage roads.

Mr. Amoako-Atta commended Sinohydro Corporation Limited for doing a great job.

Oti Regional Minister Dr Joshua Makubu said the contractor working on Jasikan Road to Worawora, Nkwanta Road to Dambai and Dambai Township Road had given assurances to resume work.

He expressed his gratitude to the government for the road infrastructure in the Oti region and its commitment to infrastructure development and the humanity of the region.

Source: GNA

Ken Griffin sets record with $109 million Miami home purchase


Finance kingpin Ken Griffin has been revealed as the most expensive residential real estate transfer buyer in Miami history.

The Citadel boss – who recently announced the move of his crime-ridden Chicago business to Miami – bought the four-acre resort in Coconut Grove for $106,875,000 last week, according to the real deal.

The lavish beachfront spread was put on the market by businesswoman and philanthropist Adrienne Arsht for $150 million in January.

As Palm Beach’s hot real estate market has seen its nine-figure share of transfers, Griffin’s purchase marks the first time a Miami property has crossed the threshold.

The city’s previous sales record was $93 million for three adjacent homes bought by tech titan Phil Ragon earlier this year.

Arsht said she plans to donate the proceeds from the sale to charity.

“As manager of this beautiful property, I am proud to leave its legacy to future generations. guardians,” she said in a statement. “May they also enjoy the breathtaking view!”

Citadel CEO Ken Griffen has been revealed as the buyer of a $109 million Miami home.
REUTERS/Mike Blake
Businesswoman and philanthropist Adrienne Arsht put the mansion up for sale in January for $150 million.
Businesswoman and philanthropist Adrienne Arsht put the mansion up for sale in January for $150 million.
Photo by Patrick McMullan/PMC via Getty Images

Griffin has gobbled up South Florida properties for hundreds of millions of dollars in recent years.

After issuing several warnings to Chicago city leaders about spiraling crime, Griffin announced Citadel’s move to Miami in June.

According to Bloomberg, he is worth and is estimated at $29 billion.

Griffin’s latest trophy consists of two homes totaling 25,000 square feet.

Overlooking Biscayne Bay, the property features over 400 feet of water frontage and views of the Miami skyline.

Ashley Cusack of Berkshire Hathaway HomeServices EWM Realty brokered the deal.

Non-fungible cash and financial risk


Someone decided to give Zoltan Pozsar a hard time during the catastrophic announcement of the structure of the Treasury market.

Bank of America strategist Ralph Axel published an article on Wednesday saying the risk of liquidity problems in the $23 billion Treasury market – which has relatively standardized securities – is “the greatest systemic financial risk today. ‘today’. To the extent that the post-GFC reforms have all but eliminated the default risk of major global US banks, we suspect Axel might be right.

To support his case, he cites a July 2021 article from the Group of 30, which appears to be a non-profit organization funded by the financial industry and should not be confused with the Groups of 20 or 10. Axel also points out that Primary dealers are making a smaller share of Treasury trades even as this market has grown, a trend that has been covered here and elsewhere, at length, for years:

On a more interesting note, he argues that the relative decline in volumes happened after the financial crisis, but before the imposition of capital requirements. Banks have always been keen to blame these regulations for the (relative) withdrawal of their primary trader weapons in the Treasury market making business:

Clearly, a regime shift occurred immediately after the Great Financial Crisis – even before Dodd-Frank and Basel III came into force – during which primary dealer trading fell sharply from baseline. size of the market and have only declined since then. While Dodd-Frank and Basel III are generally blamed for this, it is important to note that it started long before the change in capital regulations.

Axel describes the Armageddon that would occur “if the Treasury market fails to trade for a while.” We won’t go too far here, because it is difficult to imagine why such a blockage would occur, unless there was an all-out strike by the primary dealers (which would surely have disastrous consequences for the primary dealers) or some sort of geopolitical crisis catastrophe or nuclear attack (which would have disastrous consequences for everyone).

Regardless of the likelihood of such an event, we agree that it would not be good for the Treasury market to go haywire for more than a few weeks, or to completely freeze for any significant period of time.

So Axel calls on a “dealer of last resort”, a position that Alphaville’s friend Zoltan has already entrusted to the Federal Reserve, to deal with this risk:

A dealer of last resort could have a number of different structures that we think could work. The most sensible would be a government sponsored enterprise (GSE) with a utility type structure. Such a GSE could be capitalized by banks and insurance companies (as FHLB is capitalized) and perhaps other institutions like clearinghouses, brokers, etc., and partly capitalized by the government. GSE capital expenditures could be offset by relaxing specific capital requirements in the banking system, for example by removing cash and treasury bills from all capital measures. In this way, the banks’ total capital (including the capital held in the GSE) would effectively remain unchanged but would be redistributed and would not create a new burden on the banking system.

Other structures are possible, but imply that the banking system comes together to capitalize an entity that would ensure the continuity of the markets in the most severe stress scenarios. The incentive for banks to do so would be 1) capital relief in other areas, 2) profit sharing with taxpayers in ongoing operations (buying in distressed markets is historically rewarding), 3) reducing the tail risks in their own market-making or market-facing businesses, 4) reducing the tail risk that market disruption might have on consumers who conduct the banking business. Like other GSEs, the concessionaire of last resort would be regulated by existing federal agencies, report regularly to Congress, and provide a social good.

We just need Congress to be proactive and create one! Easy, right?

Axel follows with a much less ambitious request to reduce the size of the Treasury market. And he doesn’t mean that in a fiscally responsible way. Rather, he argues that the problem could be solved by making it easier to substitute different Treasury securities for each other in accounting rules and other regulations:

Today, each bill, note and bond is treated as a separate item for accounting and risk. This is unnecessary, in our view, and leads to significantly reduced liquidity and broker capacity. One way to reduce the size of the Treasury market is to allow the fungibility of Treasury issues. This would allow for significant position netting and allow the dealer community to regain some of the buffer role it played before the 2008 crisis. If loans and short-term loans with close maturities could be treated as the same risk for accounting purposes, this would effectively make the Treasury market much smaller relative to venture capital. We think this could be set up in addition to a reseller of last resort to put the threat of major market disruptions behind us.

Forget non-fungible tokens: the future is in ultra-fungible Treasuries.

Leading healthcare supply provider in Saudi Arabia


MADRID, Spain and WALL, NJ, Sept. 07, 2022 (GLOBE NEWSWIRE) — BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions with Identity-Bound Biometrics (IBB), today announced that its business EMEA (Europe, Middle East and Africa) (formerly Swivel Secure Europe) has deployed AuthControl Sentry for one of Saudi Arabia’s leading healthcare supply providers in Riyadh, Saudi Arabia. The authentication solution will protect approximately 15,000 employee and vendor users with secure multi-factor access (MFA) with single sign-on (SSO) capabilities for all of its web and legacy applications. The client is the largest, value-driven, centralized sourcing, re-exporting, warehousing and distribution of pharmaceuticals, medical equipment and medical supplies company in the Kingdom of Saudi Arabia.

The goal of this project was to centralize all web and legal applications into a unified portal to provide employees and vendors across the Middle East with secure access to applications. Using the AuthControl Sentry solution will reduce password reset requests by removing the need for authentication for four or five different applications typically required to send a pharmaceutical or medical package through a courier.

“We are proud to help streamline the procurement process for one of the largest and most trusted suppliers to hospitals, clinics and pharmacies in Saudi Arabia and the Middle East. Secure and reliable authentication is essential for delivering urgent medication to patients in need. the time and friction in the authentication process can improve health service delivery and even save lives. For example, authentication for four popular software applications that previously took an average of four minutes has been reduced to just one minute with our AuthControl Sentry solution. saves time and increases the productivity and reliability of healthcare supply processes,” said Alex Rocha, Managing Director, BIO-key EMEA.

About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in delivering authentication technologies for thousands of organizations and millions of users and is revolutionizing authentication with multi-factor Identity and Access Management (IAM) solutions focused on biometrics, including its PortalGuard IAM solution that provides security and secure access to high-value devices, information, applications and transactions. BIO-key’s patented software and hardware solutions with state-of-the-art biometric capabilities enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions and customized enterprise solutions. Swivel Secure Europe, SA, is a 100% owned BIO-key IAM solutions provider based in Madrid, Spain, serving the European, Middle Eastern and African markets.

BIO-key Safe Harbor Statement
All statements in this press release other than statements of historical fact are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate”, “project”, “intend”, “expect”, “anticipate”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are made based on the beliefs of management, as well as assumptions made by management and information currently available to it pursuant to the “safe harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, our limited loss and revenue history; our ability to raise additional capital; our ability to protect our intellectual property; changes in trading conditions; changes in our sales strategy and product development plans; market changes; the continued services of our senior management team; security failures; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, people and the geographic markets in which we operate; delays in product development and statements of assumptions underlying any of the above and other factors set forth under “Risk Factors” in our Annual Report on Form 10-K for fiscal year ended December 31, 2021 and others filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to disclose any revisions to these forward-looking statements. forward-looking statements, whether as a result of new information, future events or otherwise. In addition, there may be other factors not currently known to the Company that may affect the matters addressed in the forward-looking statements and may also cause actual results to differ. materially from those discussed, in particular the consequences of the coronavirus outbreak on economic conditions and the industry generally and the financial condition and operations The results of our Company, in particular, have been significant, are changing rapidly and do not can be predicted.

Engage with BIO-key:
Facebook – Company: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Company: https://www.linkedin.com/company/bio-key-international
Twitter – Company: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

BIO-key media contact:
Erin Knapp
Communication of the subject
[email protected]

Investor contacts:
William Jones David Collins
IR catalyst
[email protected]

Boots launches budget range as UK shoppers ease cost of living crisis | Boots


Boots has launched a new budget brand which includes toiletries such as shampoo, body wash and toothpaste for less than £1 as the worsening cost of living crisis forces UK shoppers to cut even the essential items.

The high street health and beauty chain said it had created the new ‘everyday’ brand to make it easier for customers to find the cheapest toiletries on its shelves as the cost of life continues to increase.

Jenna Whittingham-Ward, head of beauty for Boots brands and exclusives, said the economy brand would allow customers to make “small daily changes to help save money” while leaving them “clean and looking their best.” feel good”.

“At a time when many people are faced with choices between heating and eating, and when we are all preparing for a winter that feels more felt than ever, we offer an uncompromising range to help customers,” she said. .

As UK inflation tops 10% for the first time in 40 years, driven by soaring food and fuel prices, Boots said shoppers were looking for deals and promotions.

Everything in the 60-product range will cost £1.50 or less, including large bottles of shampoo and conditioner for 75p and vintage products from 70p. The range also includes toothbrushes, cleaning wipes and hand soap.

Retailers are being forced to adapt to tough times as retail sales data shows shoppers are cutting back on spending and switching to cheaper own brand products.

Boots has already frozen the price of more than 1,500 products until at least the end of the year to ensure they remain affordable for customers.

In May, Asda launched the ‘Just Essentials’ food brand aimed at shoppers facing pressure on their household finances, with the supermarket recently reporting that one in three shoppers regularly buy the label.

Boots said the budget mango and papaya shampoo and 85p raspberry and pomegranate ‘zingy’ shower gel would not disappoint, with Whittingham-Ward saying it had stayed true to its tagline, ” if there are boots on it, he did our best”.

Makeup sales often thrive in tough economic times, as small luxuries become a way for cash-strapped consumers to indulge themselves. This idea is known as the “lipstick effect” and Boots said she sees evidence of the trend, with overall beauty sales up 14% from last year and a demand for perfumes up by almost a fifth.

“Beauty sales at Boots continue to rise, suggesting that customers still want to treat themselves to new makeup, fragrance or skincare, despite cost of living pressures,” said Seb James, Director General of Boots UK.

“During the last recession, we experienced two things: one, the ‘lipstick effect’, i.e. the willingness to keep buying small treats, and two, the increase spending on own brands and promotions,” he added. “These trends are back, with 500,000 new registrations for our Advantage card [Boots’ loyalty scheme] within six months – the highest number of new entrants in some time.

BWTS service and support is “a vital factor” for the reliability of vessel operations, says Optimarin


“Service is the backbone of the ballast water treatment industry and is vital to the smooth operation of vessels,” says Optimarin’s Vice President of Services, Arild Stølen.

Installing a well-functioning Ballast Water Treatment System (BWTS) on board has become a hot issue after commissioning tests became mandatory from 1 June this year under the rules of IMO.

These tests, which require sampling of ballast water at the discharge line after treatment by the system to ensure that it meets the so-called D-2 standard, are necessary to obtain an international ballast water management certificate. .

And that document will essentially be an operating license once the IMO’s Ballast Water Management Convention comes into force from September 2024, according to Stølen.

Additionally, testing is also mandatory with an additional commissioning survey after a major change, replacement or repair of the BWTS to achieve full compliance with the D-2 standard.

Risk of non-compliance

“It’s one thing to install a compliant system and quite another to have it working properly wherever a ship is ballasting, including in ports with variable water quality,” says Stølen. .

“To date, few vessels have operated their BWTS consistently over time. Therefore, a system may not perform properly or as expected for several reasons, which may result in non-compliance. »

So what are the key factors to mitigate non-compliance risk and ensure maximum BWTS availability to minimize costly outages and delays at ports? “It’s all about system reliability and consistent support through a global service network,” he explains.

Norwegian ballast water treatment specialist Optimarin, a pioneer in this sector with approximately 1400 systems sold to date worldwide, has recognized this need by establishing a global network of service partners with dedicated engineers trained by BWTS and specialized in maintenance of its systems.

Global Service Network

This service network truly spans the globe with locations in the United States, Brazil, United Kingdom, Norway, Germany, Spain, Netherlands, Romania, United Arab Emirates, China, Japan, South Korea, Singapore and Taiwan.

Additionally, the company has training centers in Norway, Manila and Mumbai with a full-scale BWTS as part of the Optimarin Academy to train the crew to ensure the system operates safely. and efficient on board.

Specialized certified engineers are readily available to provide round-the-clock support to Optimarin customers, wherever a vessel is and whenever help is needed.

This underpins the company’s service-oriented approach and good communication with customers, which means 24/7 availability to provide a quick response, combined with a comprehensive warranty program that gives customer peace of mind throughout the life cycle of BWTS.

Fast parts delivery

Optimarin has a centralized service center at the head office in Stavanger, Norway, which maintains regular dialogue with customers to provide after-sales support.

The center manages the worldwide distribution of spare parts, with satellite warehouses in several locations outside of Norway to allow faster response time for parts shipments, and coordinates service and commissioning work to be carried out by Optimarin engineers worldwide.

The so-called Optimarin ballast system is based on a simple and reliable design with few moving parts and a self-cleaning UV chamber combined with self-rinsing filters, thus requiring minimal maintenance and guaranteeing operational reliability.

The system uses standardized components for all throughput configurations and all UV spare parts can be used for any capacity of the system, allowing for simple supply and logistics, especially for large fleet operators, with easy access to spare parts such as UV lamps and filter elements.

Additionally, the component-based system’s modular design makes it highly configurable and flexible for different vessel configurations and easy on-board installation.

Digital support

Optimarin has recently enhanced its service offering with OptiLink™, a cloud-based digital solution for BWTS monitoring and management that enables 24/7 remote support and over-the-air software updates so that the system continues to operate effectively.

“A service is no longer an option with a BWTS but an essential factor in keeping your fleet compliant and on track. You will not be able to operate efficiently without it,” concludes Stølen.

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Small business association warns 2023 budget must tackle cost of doing business in Ireland General, Ireland, news for Ireland, Ireland,


The Small Firms Association (SFA) today released a report which looks at the cost of doing business in 2022 for the Irish small business community.

The report finds that the total average cost of doing business for all small (20-49 employees) micro (less than 10 employees) businesses is €138,814 per month. The average for micro enterprises is €66,426 and €193,535 for small enterprises. On average, labor costs represent 82% of the company’s total monthly costs. Bank and other charges (5.6%) come second, followed by transportation/insurance (5.1%), all property charges (4.9%) and all utility charges (2. 4%).

Additionally, half (52%) of all businesses with less than 50 employees currently manage debt. Bank loans (63%), other financing loans (28%) and tax debt (22%) are the three main forms of corporate debt.

The average debt for micro and small enterprises is €80,903, the lowest for micro enterprises at €56,774 and the highest for small enterprises at €107,149. The report finds that rising business costs are the biggest challenge facing small businesses.

For small businesses with rental or lease costs, more than half (55%) either had a rent increase or were approached by their landlord about a need for a rent increase. Small businesses are under pressure to increase employee wages (56%), provide additional employee benefits (26%) and more support for remote work (18%).

In Budget 2023, the SFA is calling for measures to support staff retention and development to help small businesses survive these difficult times. The association wants capital gains tax to be reduced to 20% and the lifetime cap of CGT Entrepreneur Relief to be raised to €15 million and increased investment in digitalisation, business practices. he circular economy and energy security enable the transition to a green economy.

Speaking at the launch of the report, SFA Director Sven Spollen-Behrens said: “Irish micro and small businesses face cost challenges across all areas of business, whether covers labour, transportation, insurance, banking and utilities. Many operate with a low margin. environments, making it difficult for them to absorb cost increases and the demand for value making it impossible for many to pass on the increase to customers. »

He added: “At a time of high inflation and relentlessly rising input prices, especially energy prices, the SFA is concerned that this could lead to the closure of viable businesses due to their inability to absorb rising trade costs. To avoid this and protect our national businesses, Budget 2023 must provide cost certainty and maintain competitiveness. »

Source: www.businessworld.ie

Madison Board of Education Approves Strategic Plan – The Madison Record


MADISON — The Madison Board of Education has approved the district’s strategic plan, the result of months of feedback from teachers, staff, parents, students and residents from surveys, work sessions and meetings.

Dr. Ed Nichols, superintendent of schools in Madison City, said the plan sets goals for the next five years in the areas of academics, special services, operations and facilities, communications, support services, technology, and faculty and personnel.

In great detail, the 28-page document explains the tools, assigned personnel, and action items for the goals. For each action item, the document indicates the timeline for implementation, the MCS employee as responsible, the data marker for sources such as a survey or a report written by the employee, and the date when the school board will receive an update.

* Academics – Emphasis will be placed on student success; academic and extracurricular activities; and quality professional development.

One of the academics’ tasks is to consider extending elementary “specials” to 30 minutes per week and year-round for Spanish, Music, Art and STEM. Teachers will promote dual enrollment opportunities with local community colleges for academics or industrial sites for professional skills.

* Special Services – This area will focus on quality professional development for teachers of students with disabilities. The district will confirm consistency of programs, services and supports for students with disabilities and the staff who support and teach them.

In addition, MCS will expand its ability to support learner instruction in English.

* Operations and Facilities – Documents required financial strength to always grow and fund the needs of students, faculty and staff. District employees should consider sources of funding, extended day provisions, summer school fees, and ongoing tax revenue.

This section indicates that the capital plan will include items with security priorities over $50,000. The school’s budget or maintenance budget will include needs less than $50,000.

* Communications – The district can expand and improve stakeholder participation in various initiatives. MCS should organize leadership teams, release an annual stakeholder survey, pursue Teacher of the Year and Staff Member of the Year, and identify expectations for school and district recognition.

* Support Services – Continue to study the growing mental health needs of students by providing high quality training and lessons to all stakeholders. Action steps will include adding a platform for K-12 students to support mental health.

In addition, teachers will continue training instructions in “first aid” for the mental health of young people. Administrators will monitor the Academy and the placement of students with non-traditional needs.

* Technology – MCS will increase its cybersecurity presence to protect data sources and build a more secure infrastructure for the district. The district wants to replace outdated hardware, including servers, computers, access points, switches, routers, and other outdated technology solutions.

MCS will provide a device (computer) to all students, as well as increased support.

* Faculty/Staff – The district is committed to hiring top quality employees using consistent procedures. Related needs are assessing the salary scale, reviewing the interview process, and identifying creative ways to achieve certification.

To view the strategic plan, visit madisoncity.k12.al.us. Click on the “District” drop-down menu, then click on “Strategic Plan”.

Biden’s student loan debt forgiveness is outrageous


President Joe Biden’s student loan forgiveness program isn’t just bad policy, it’s bad policy, which I guess is good for my side of the aisle.

Biden, on his own, “forgave” $10,000 in federal student loan debt and $20,000 for students who received Pell grants, for anyone earning less than $125,000. Sounds nice and generous, doesn’t it? It’s not. This is both very unfair to the majority of Americans and probably not legal.

It appears President Biden has embraced his former boss’s theory that “we’re not just going to wait for legislation…I’ve got a pen and I’ve got a phone.” —Barack Obama, 2014

Sorry, guys, you’re supposed to “wait for the legislation”. This is how the US government is supposed to work. Congress is supposed to hamper your actions if they don’t like your ideas. This little thing called the Constitution is packed full of rules that the three branches of government check each other, so that no one becomes too powerful. It seems that over the past two decades, this concept has been kicked out with an all-too-often-used stroke of the pen. Yes, Trump misused his pen too. They all lately.

More from Alicia Preston Xanthopoulos:Standing with our Maine friends against a New York snob

Moreover, the debt is not “forgiven”, the person who does not repay it has just transferred it to the taxpayers. This is the unfair part. Imagine being a family that saved and sacrificed for 18 years to send their child to college, and now you have to pay for someone else’s child’s education? Twenty million of them? What about the student who worked full time during the day and went to night school, paying his own fees all the time? Now this person has to pay the student who partied every night and took his spring break in Cancun? Imagine being a hard-working plumber earning $65,000 a year and being told you have to pay for the higher law degree earning $124,000 a year?

What about those who went to college on the GI Bill? These students had to pay back their education by doing things like serving in combat zones in Afghanistan and Iraq. Many have sacrificed their body and their spirit. Some their life. This is how they paid their debt for a college degree. Now they, and the families of those who made the greatest sacrifice, must shoulder the financial responsibility of a 22-year-old graduate in “Memeology” from the University of Texas at Austin (real degree), as they still suffer the consequences of the war? It’s not unfair, it’s outrageous.

All of this is what Biden’s “quill stroke” just did.

More from Alicia Preston Xanthopoulos:For the 1st time — probably the last — I agree with Nancy Pelosi

We absolutely have a higher education problem in this country. To begin with, it costs way too much. On average, over the past 30 years, tuition has outpaced inflation by nearly double. That’s almost 200% above inflation. It’s obscene. Why? Probably because colleges and universities have figured out that if someone can get a student loan, backed by the federal government, they can charge whatever they want and do things like buy a table for the dining room that costs $17,000, like UNH did a few years ago. They can just pass it on through tuition because everyone has a student loan.

Why are they allowed to get away with this? Because students and their parents did not pay attention when they enrolled them in school and in a student loan program. Knowing that they could afford tuition, people stopped paying attention to what they could actually afford, even through loans, and did not consider tuition when choosing a school. For too many people, it’s just free money they’ll worry about later. Then later they realized that a 1st century Venetian art degree wouldn’t get you a job that would pay off the loan you took on.

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That’s the other thing, why are degrees like “Leisure Studies” (Southern Illinois University) and “Pop Culture” (Bowling Green University) even offered, let alone enrolled? Because for four decades we’ve been telling high school students, you need a four-year degree. Not everyone does. How many of us have had difficulty finding a plumber, electrician or other skilled worker when we need one? There is a known shortage in New Hampshire of people working in the trades. For reasons I don’t understand, we’ve downplayed the value of trading jobs and ignored the very good income you can earn working there. There are 25-year-old plumbers who own their own house, have no school debt, and earn more than the 32-year-old with a degree in “puppet arts” (University of Connecticut), but this guy has to repay his student loan?

Of course, there is also the problem of predatory loans. Student loan rates can reach 13.95%. It should be illegal.

So, as someone with a senior in high school, I agree, we have a problem with the cost of higher education. The answer is certainly not to perpetuate the problem, by erasing part of the debt. He tells universities to keep buying $17,000 dining tables, a $40,000 eSports arena for video games, and many other ways colleges and universities waste your money…now, thanks to Joe Biden, your tax money. He says to people who have worked hard to get a job or pay for their education, your efforts don’t count, why did you bother? He tells students to keep taking loans they can’t afford to repay because they’re getting degrees in a field that only 46% of them will actually work in because a money fairy will forgive him a day.

As to why this is politically an issue, as I mentioned at the start? Less than half of the country agrees with this “forgiveness program”. Why ? Just read above.

Alicia Preston Xanthopoulos is a former political consultant and member of the media. She is originally from Hampton Beach where she lives with her family and three poodles. Email him at [email protected]

Xometry is the industry’s top winner, while Zim sinks to review the loser tag


shaunl/E+ via Getty Images

The week ending September 2 saw marginal gains, with the exception of Xometry (in this segment) which led the winners, as the broader market saw red. Meanwhile, ZIM extended their losses and once again took the top spot.

The sp 500 saw losses for the third consecutive week (-3.22%), the 11 sectors being in the red. Since the start of the year, the SPDR S&P 500 Trust ETF (TO SPY) is -17.42%. The Select Industrial Sector SPDR (XLI) also fell for the third consecutive week (-3.52%). Since the beginning of the year, XLI is –12.90%.

The top five gainers in the industrials sector (stocks with a market capitalization of over $2 billion) all gained more than +1% everyone this week. However, since the beginning of the year, only one of these five titles is in the green.

Xometry (NASDAQ: XMTR) +13.30%. Shares of the Derwood, Md.-based company rose throughout the week except Aug. 31 (-4.05%). Xometry, which provides a market for manufactured goods, is the only stock among the top five gainers this week, which is in the YTD green, +2.24%. The SA quantitative rating on stocks is Hold, which takes into account factors such as valuation and profitability, among other things. The rating contrasts with the average buy rating from Wall Street analysts, in which 3 out of 8 analysts rate it as a strong buy.

Ryanair (RYAAY) +4.30%. The Ireland-based airline’s August traffic hit a record high with 16.9 million passengers. Since the beginning of the year, RYAAY has paid -28.89% the most among this week’s top five gaienrs. The SA quantitative rating on the stock is Buy, with profitability having a factor rating of B+, while valuation has a factor rating of B-. The average Wall Street analyst rating indicates that RYAAY is a Strong Buy, in which 4 out of 4 analysts give the stock a Strong Buy rating.

The chart below shows the year-to-date price-yield performance of the five worst declines and XLI:

LPN (LPN) +3.49%. The Westchester, Ill.-based market operator for used cars may have posted minor gains this week, but year-to-date the stock has fallen -26.23%. The SA quantitative rating on the stock is Hold, with profitability carrying a factor rating of B+ and growth with an F score. The average Wall Street analyst rating differs and labels IAA as Strong Buy, where 5 out of 8 analysts consider the stock a Strong Buy.

ZTO Express (Caymans) (ZTO) +2.61%. The Chinese logistics service provider has an average Strong Buy rating from Wall Street analysts, with an average price target of $36.17, with 16 out of 22 analysts considering it a Strong Buy. Quantitative SA rating on ZTO is Buy, with valuation having a factor rating of D+ and growth with a score of B. Year-to-date, the shares have fallen -5.77%.

GFL Environment (GFL) +1.52%. The Canadian company has an average buy rating from Wall Street analysts, with 8 out of 14 analysts labeling the stock as long. The rating contrasts with Hold’s quantitative SA rating, with profitability carrying a factor rating of B+ and valuation with a factor rating of F. Year-to-date, the stock has fallen -24.17%.

This week’s top five declines among industrial stocks (market cap over $2 billion) all lost more than -11% each. Since the start of the year, four out of five of these stocks have been in the red.

ZIM Integrated Shipping Services (NYSE: ZIM) -16.37%. The Israeli shipping company was the first to decline for the second week in a row, after going ex-dividend on August 26, and has been declining throughout this week. Investors appear to have shifted lower to higher on container stock as shipping rates may be heading for a slowdown. Since the beginning of the year, ZIM has paid -41.68% and was among the five worst declines in June. Earlier in the week, ZIM signed a 10-year deal with Shell worth over $1 billion to supply 10 liquefied natural gas-powered ships.

The SA quantitative rating on the stock is Hold, with a valuation having a factor rating of A+ but growth with a factor rating of F. The average Wall Street analyst rating agrees and marks the stock like Hold, where 5 out of 7 analysts see it. like Hold.

AeroVironment (AVAV) -14.63%. Shares of the Arlington, Va.-based drone maker also fell throughout the week amid a tough week for the broader market. AVAV, however, was among the top five gainers two weeks ago and was among the top five performing industry stocks (in this segment) in the first half (+32.90%). Since the beginning of the year, AVAV has won +33.66%the only title among this week’s five worst that is in the green for this period.

The SA quantitative rating on the stock is Hold, with Valuation and Growth both carrying a D factor rating. The average Wall Street analyst rating differs, labeling AVAV as Buy, where 2 out of 6 analysts consider it a Strong Buy.

The chart below shows the year-to-date price-yield performance of the five worst declines and XLI:

Enovix (ENVX) -13.68%. The Fremont, Calif.-based battery maker pared gains made last week when it was the top earner. The stock has seen some major ups and downs – having posted gains following its quarterly results, but traded places in the top five gainers and losers since then. Since the beginning of the year, ENVX has lost -28.78%. The average Wall Street analyst rating on ENVX is Strong Buy, in which 5 out of 6 analysts rate the stock as a Strong Buy. The SA Quant rating matches its own Strong Buy rating, with Growth having a factor rating of B+ and Momentum with an A+ rating.

Nikola (NKLA) -12.17%. The stock declined throughout the week and returned to the bottom five performers after three weeks. Earlier this week, the Phoenix-based electric vehicle maker unveiled an exchange offer to buy all outstanding shares of Romeo Power, following the August 1 acquisition announcement, a week when the action had won.

NKLA was among the five worst industrial stocks (in this segment) in the first half (-51.82%) and the #1 decline in Q2 and June. Since the beginning of the year, the title has fallen -46.61%, the most among the five worst performers this week. The SA quantitative rating and the average Wall Street analyst rating agree, with a Hold rating on NKLA.

Spirit AeroSystems (SPR) -11.38%. The Wichita, Kansas-based aerodefense company also saw its shares tumble throughout the week. Since the beginning of the year, the title has fallen -33.16%. The SA quantitative rating on the stock is Strong Sell, with Profitability having a D+ factor rating and Growth with an F score. The average Wall Street analyst rating differs completely with a Strong Buy rating, in which 8 out of 14 analysts identify it. as a strong buy.

$400 million Shaquille O’Neal’s dodgy TV show cost him $500,000 in damages alone!


Legendary Los Angeles Lakers center Shaquille O’Neal made terrible trade decision and lost half a million dollars

Shaquille O’Neal is a lovely big man. Since retiring from the NBA, the legendary center has followed a career trajectory that may have propelled him to even more famous heights.

The Inside the NBA host topped the league as a player. At 7’1″, well over 300 pounds, meeting him on the court was definitely scary.

It moved like a freight train aiming for the jugular. Agile but ruthlessly strong and precise. Once an unstoppable force, Shaq is no longer an athlete.

In fact, his playing days were well over in 2010. He should never have played that last season with the Boston Celtics. Not only did he average just 9.2 points and 4.8 rebounds per game, but he also played with the perennial rivals the Lakers.

But his decision to join the 17-championship-winning team wasn’t the only bad one. In fact, he was at least making money with the Celts. But a bad decision cost the Great Aristotle dearly.

Also Read: LeBron James’ $97 Million Puts Him Way Above Shaquille O’Neal’s $400 Million, Here’s Why

Shaquille O’Neal lost half a million dollars from an apparently stolen show

Shaq is a perfectionist. He is someone who seeks challenges and likes to learn something new every day. He is an NBA legend, TV host, actor, Sherrif and DJ, and holds a doctorate in education.

Pretty cool for a guy who started his professional career smashing blackboards and competing with big men.

But even the best of the best have their own mistakes. They can’t always be perfect. For example, take the time that Alex Rodriguez thought it was a good idea to date Jennifer Lopez.

In Shaq’s case, luckily he didn’t date a megastar who married his ex. In Shaq’s case, he went overboard and made a show go wrong.

The show in question, “Shaq Vs.”, came out in 2009. O’Neal, then 36, was a member of the Phoenix Suns team. His fading ability and aging body were clearly apparent. And though he made it to All-Stars, he was never himself again.

The premise of the show was that the $400 million Shaq would compete with other sports stars but with certain disabilities.

The show was only canceled after two seasons with the final episode featuring Justin Beiber and Jimmy Kimmel. Not to question Shaq, but these two aren’t even athletes, so the premise of the show falls apart.

However, the unsuccessful show was not only a failed fire but also caused O’Neal money. An author named Todd Gallagher alleged that ‘Shaq Vs.’ was stolen from his book “Andy Roddick Beat Me with a Frying Pan”.

Todd and the creators reached an out-of-court settlement and the author won $500,000. The studio also named Todd a producer on several episodes. What do you think? Did Shaq actually steal the idea from Todd?

Also Read: The $60 Million Pistons Star Hated Playing With 40-Year-Old Michael Jordan on Wizards

FMCG Stock at New 52-Week High Sets Record Date for 250% Dividend


With a market value of Rs. 45,471.98 crore, Patanjali Foods Ltd. is a large-cap company that operates in the Fast Moving Consumer Goods (FMCG) industry. Shares of Patanjali Foods Limited hit a new 52-week high on Friday from 1,266 then closed with a bullish gap of 4.50% at 1,259.95 each. On the trading day, the total stock volume was 1,282,012 shares, which is well below the 20-day average volume of 351,933 shares.

The company’s board of directors had recommended a dividend of 5 per share or 250% at a par value of Rs. 2 per share for the financial year ended 31 March 2022. For this purpose, the record date has been announced by the Board of Directors to determine the eligibility of shareholders to the payment of the dividend. According to available BSE data, September 23, 2022 has been set as the ex-dividend date for dividend purposes, so potential investors are suggested to buy the stock before the ex-ex-date due to T trading regulations. + 2.

The board said in a regulatory filing that “pursuant to Regulation 42 of the SEBI (Registration and Disclosure Requirements) Regulations, 2015, the company’s register of members and share transfer books will remain closed. from Tuesday September 27, 2022 to Thursday September 29, 2022 (both days inclusive) for the purposes of payment of the dividend for the 2021-22 financial year, if declared at the AGM. determine the right of the members of the Company to receive the dividend is Monday, September 26, 2022.”

On Wednesday, Patanjali Foods Limited (formerly Ruchi Soya Industries Limited) announced the construction of a palm oil factory in Niglok industrial growth hub, East Siang district, Arunachal Pradesh. “In Arunachal Pradesh state, we are planning to undertake an oil palm plantation in an area of ​​38,000 ha spread over 9 districts. We have already established 2 nurseries in Pasighat and Holangi and are in the process of establishing 3 more nurseries in Lower Siang district in Kherram, FTC and Dipa. This will give a boost to the economy of the state and bring huge job creation as well as increased income for local farmers,” said the company in an official press release.

“Patanajali Foods has engaged with the government’s NMEO-OP program and factory to undertake large-scale cultivation of oil palm plantations over an area of ​​5 lakh ha in India; of which 3.2 lakh hectare will be in the North East region. Patnajali’s NE Oil Palm program will greatly benefit the state’s economy over the next 30 years, major benefits include: average annual production of around 7.5 lakh MT of palm oil, cost saving ‘about Rs. 10,500 crore in foreign exchange outflows every year and job creation for almost 5.8 lakh people,’ the company said in a regulatory filing.

The stock had hit a 52-week low of 1,021.00 on (25-Jul-22) and at the current market price the stock is trading 23.40% above the low.

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Some Alabama dispensaries are hesitant to apply for medical marijuana licenses


HUNTSVILLE, Ala. (WHNT) – While some dispensary companies are eager to apply for a medical marijuana license, others are not. With heavy financial regulations, some CBD companies are considering providing the alternative.

With the option of paying a $40,000 annual fee regulated by the Alabama Medical Cannabis Commission (AMCC) to maintain a license to sell medical marijuana, some CBD dispensaries are a little hesitant to complete an application.

“We’re a little reluctant to jump in just because of the $2,500 application fee which is non-refundable whether or not you get the license, as well as the license fee and annual renewal fee,” Jason said. Rodgers, a budtender at The Green Lady CBD Dispensary.

Even with the need for medical marijuana suppliers, some local businesses do not have the financial means to bear the costs.

“Once you get approval, you’ll have to move on, you’ll have to have the infrastructure to set up a store to grow medical marijuana and then distribute it properly,” Rodgers explained.

Another factor that local businesses take into consideration is the sustainability of selling medical marijuana. If they don’t have enough people to buy the product, they won’t have the money to cover the cost of the sale, which could create other financial burdens.

Companies like RX Connections jumped on the demand for an integrated license. If approved, it could cost $50,000 a year.

“I think the state here very wisely decided not to give these licenses to the rich and powerful, but to give them to people who have the financial means to undertake something so expensive and so complicated. than that,” Troy said. King, attorney for RX Connections and former attorney general of Alabama.

King says the company understands the financial responsibility and strength it takes to maintain a supply for those who need it.

“It’s medical care for people with very serious chronic conditions and chronic pain that people can’t get relief from,” King said. “It’s going to provide an alternative that Alabama people can’t get right now.”

“It’s not going to be easy at all for anyone to get medical marijuana or grow it and sell it,” Rodgers concluded.

According to the SMAC website, only those who submit a “business application request” will receive a business application form. These forms will be given to anyone who requests them on October 24th.

The SMAC also put a cap on the number of licenses for dispensaries in the state. This limit is maintained at four.

Stay ahead of the biggest stories, breaking news and weather in Mobile, Pensacola and the Gulf Coast and Alabama. Download the WKRG News 5 news app and make sure to enable push alerts.

Ultragenyx Stock: Downward Trajectory Likely to Continue (NASDAQ: RARE)


cturtletrax/iStock via Getty Images

This is my first look at Ultragenyx Pharmaceuticals (NASDAQ: RARE), a small biotech with a long name and an active business. Its specific niche of orphan and ultra-orphan diseases presents additional challenges for the company and its shareholders, as I will discuss below.

Ultragenyx has significant reliable sources of income

The initial challenge presented by Ultragenyx is to understand its area of ​​specialization. The following excerpt from the company profile describing its therapies is illustrative:

  1. Crysvita (burosumab), an antibody targeting fibroblast growth factor 23 for the treatment of X-linked hypophosphatemia, as well as tumor-induced osteomalacia;
  2. Mepsevii [VESTRONIDASE ALFA]enzyme replacement therapy for the treatment of children and adults with mucopolysaccharidosis VII [Sly Syndrome] and;
  3. Dojolvi [UX007/TRIHEPTANOIN] for the treatment of long chain fatty acid oxidation disorders [LC-FAOD]…

The FDA first approved Mepsevii in 11/2017. Fewer than 100 cases have been reported in the United States; the worldwide prevalence is estimated at ~1:250,000 births. The FDA awarded it a Priority Review Voucher for Rare Pediatric Diseases [PRV]which he quickly sold to Novartis (NVS) for $130 million.

Shortly after, Crysvita was first approved by the FDA in 04/2018 to treat X-linked hypophosphatemia [XLH]. XLH is a rare (prevalence ~1:20,000) inherited form of rickets for which vitamin D therapy is ineffective. In his latest 10-Q, he estimates that there are around 48,000 XLH patients in the developed world.

Later in 06/2022, the FDA approved Crysvita to treat tumor-induced osteomalacia [TIO]. TIO is exceptionally rare. One article notes that approximately 1,000 cases of TIO have been reported worldwide. Its extreme rarity contributes to the likelihood of misdiagnosis.

The FDA approved Dojolvi for the treatment of LC-FAOD in 06/2020. Ultragenyx estimates that it affects between 2,000 and 3,500 people in the United States.

Ultranyx 10-Q Q2 2022 lists the following disaggregated revenue over its 3 and 6 month periods ending 06/30/2021 and 2022:

Ultragenyx Disaggregated Revenues


Ultragenyx’s interest in Crysvita (KRN23) grew out of a 2013 collaboration with Kyowa Hakko Kirin Co., Ltd. (OTCPK: KYKOY) to develop and commercialize KRN23. At the time, Kyowa Hakko Kirin was completing a Phase 1/2 study in adults with XLH in the United States and Canada.

During its second quarter 2022 earnings call (the “Call”), CCO Harris indicated that Crysvita’s revenue to date gives it confidence to guide Crysvita’s full-year 2022 revenue from $250 million to $260 million. dollars in the territories of Ultragenyx. He further confirmed earlier forecasts of $55-65 million in Dojolvi revenue. He offered no guidance to Mepsevii.

Ultragenyx’s expenses far exceed his income.

Ultragenyx’s balance between revenue from customers and operating expenses is unfortunately skewed. Its quarterly expenses are shown below:



Ultragenyx Operating Expenses by Q2, 2022 10-Q


A simple glance shows how its handsome quarterly revenue of around $89 million mentioned above is totally dwarfed by operating expenses of around $231 million. All three expense categories soared in Q2 2022 compared to Q2 2021, cost of sales around 164%, R&D around 36%, general and administrative expenses around 28%. In total, expenditure increased by approximately 36%.

You can’t go to the grocery store without lamenting inflation; the problem seems to have hit Ultragenyx with extra force. CFO Dier’s presentation on the call provides helpful insight into the expected shape of future spending, although it does not provide guidance on spending.

She noted:

… 2022 is a peak year for us, as we have launched several late-stage clinical programs under license from Evkeeza [Evinacumab-dgnb] completed the acquisition of [GeneTx] and complete the construction of our gene therapy manufacturing facility.

In 2023, we do not anticipate any additional one-time events of this nature or significant capital expenditures and expect general and administrative expenses to decrease from 2022 as we transfer US and Canadian commercialization responsibilities from Crysvita to KKC .

We will continue to invest in our clinical and preclinical programs, as indicated, and the overall net effect across the business will then be a decrease in net cash burn.

The referenced Evkeeza license refers to its agreement dated 01/2022 with Regeneron (REGN) to develop, commercialize and clinically distribute Evkeeza (evinacumab-dgnb) in the United States. The deal was for $30 million upfront with $63 million in milestones.

The acquisition of GeneTx refers to the initial $75 million exercise by Ultragenyx in 07/2022 of its option to acquire its partner GeneTx; GeneTx has just published encouraging interim data from its Phase 1/2 open-label, dose-escalating study of GTX-102 for the treatment of Angelman syndrome [AS].

During the call, there were a variety of questions showing great interest in the AS program. CEO Kakkis did not mince words in expressing his support for this program. He said Ultragenyx was “all in” on it. He enthused:

…the excellent data we have seen in the Phase I/II study to date. It is rare to see a significant improvement in developmental function as we have seen recently. This is something I haven’t seen in 30 years of drug development.

Ultragenyx has a big pipeline and strong liquidity to build it.

Ultragenyx lists its programs in its second quarter 2022 results presentation as follows:

Ultragenyx Pipeline


Its four late-stage molecules include its setrusumab (UX143), UX111 (ABO-102), DTX401 and DTX301. Setrusumab is the subject of two studies with estimated completion dates of 2026, so it may be some time before it becomes a revenue driver. DTX301 is also a study whose completion dates suggest it is more likely to be a revenue driver in the medium term than in the short term.

With the estimated primary completion of 04/2023 and the estimated study completion date of 04/2024 for its Phase 3, DTX401 is likely to be a shorter-term factor. As for UX111, during the call, CEO Kakkis hinted that an early filing was possible “based on compelling biomarker data.”

Ultragenyx’s clinical milestone slide (below) from its Q2 2022 presentation shows no clear near-term revenue opportunity:

Ultragenyx Catalysts


Regarding the cash with which to grow his extensive pipeline, CFO Dier said the following on the call:

We ended the quarter with approximately $706 million in cash, cash equivalents and marketable securities. Subsequent to quarter-end, in July, we raised $500 million in dilutive non-crowd capital through dilutive non-crowd capital transactions with OMERS Capital Markets for the sale of a portion of our North American Crysvita royalty .

…We are well capitalized with over $1 billion in the bank and we are making operational decisions to phase out spending on our development programs and slow headcount growth in order to manage our consumption.


Ultragenyx appears to be a well-run biotech with a viable plan and proven expertise in its chosen niche of rare and ultra-rare disease therapies. Its chart below illustrates its current appeal to investors:

RARE data by YCharts

For Ultragenyx to be more powerful, it needs fuel. For Ultragenyx, the most powerful fuel is new approvals. Its pipeline has no current compelling catalysts. The only molecule looking to offer new revenue opportunities is its ex-US rights to Evkeeza. The slide below from Ultragenyx’s Q2 2022 earnings presentation gives a sense of the opportunity here:

Evkeeza Opportunity


Frustratingly, Ultragenyx barely mentions Evkeeza during the call; certainly, it offers no indication of Evkeeza’s earnings. It is difficult to anticipate that Evkeeza will be able to generate sufficient revenue outside of the United States to make a difference for Ultragenyx anytime soon.

As a result, I view Ultragenyx as likely to generate lackluster trade over the next few years. In a difficult market, I expect its trajectory to continue its pessimistic trajectory.

The Treasury prepares emergency options on the cost of living for the next Prime Minister | UK cost of living crisis


The Treasury is working on a menu of options to tackle Britain’s cost of living crisis ahead of an emergency mini-budget set to take place within two weeks if Liz Truss replaces Boris Johnson as deputy Prime Minister.

With opinion polls and bookmakers’ odds showing Truss the clear favorite to move into 10 Downing Street next week, officials are drawing up plans that would see the new government move quickly on bills and longer-term energy market reforms.

Truss said she wanted to announce a package by the end of September, but Parliament will go into recess on September 22 for the party’s conference season. That would leave the Chancellor, who is expected to be Kwasi Kwarteng, just over a fortnight to choose from a range of measures.

The Treasury admits the £15billion support package announced by Rishi Sunak in May will be insufficient given the subsequent increase in the cap on average household energy bills and the likelihood of a further large increase in January. He’s picked up signals from Camp Truss that she intends to do more to help households facing soaring gas and electric bills this winter.

The new Chancellor will receive a detailed briefing which will include forecasts for the cap, the likely impact on bills, the impact on different groups of households and ways to target support.

The mini-package of measures would include reductions in national insurance contributions, the scrapping of planned increases in corporation tax and the temporary abolition of green levies on energy bills – all of which figured prominently in the Truss campaign – along with further action deemed necessary in view of the 80% increase in the energy price cap to over £3,500 due on October 1. Truss’ tax liabilities alone cost £30bn.

Sources said the civil service was considering the proposals of the two Tory leadership candidates, with the government machine ready to respond “very quickly” once the new prime minister was chosen.

Options will be to make the program announced by Sunak in May more generous and more narrowly focused on low-income households. Choices also include changes to Universal Credit and a scheme proposed by Stephen Fitzpatrick, the director of Ovo, Britain’s third-largest energy supplier, that would lower household energy bills for limited use. Under this plan, energy consumption above a certain level would be charged at a higher price; Fitzpatrick said the program would channel support to poorer consumers because higher-income households typically used more energy.

The need for speed will likely mean that a full budget will be drafted for later in the fall, by which time the Independent Office for Budget Responsibility will be ready with new forecasts for the economy and public finances.

The date for the emergency budget has not yet been set, but September 21 has been mooted. If Truss wins the leadership race, she would return from New York that day after attending a meeting of the United Nations General Assembly.

Kwarteng, currently business secretary, has recently been in close contact with UK energy companies and has been looking for ways to address some of the structural problems in UK wholesale energy markets. Two possible reforms have been launched by the Chancellor, Nadhim Zahawi.

Energy regulator Ofgem announced this month that it is changing its price cap methodology to allow suppliers to recoup wholesale energy hedging costs sooner – a move that will add several hundreds of pounds to bills to prevent energy suppliers from going bankrupt.

Zahawi said he was working with the Bank of England to “provide better liquidity in the wholesale energy market”, which could help lower the price cap by £400-500.

Kwarteng is believed to be backing this initiative and a separate plan that would involve renegotiating contracts with some renewable energy providers to reflect the fact that their profit margins have soared during the crisis.

Some industry observers have suggested renegotiating existing “revolving bond certificates” for nuclear power plants, wind farms and biomass projects in favor of contracts for difference, which would reduce prices and provide stable income for long term to electricity producers. Industry body Energy UK said such a proposal could reduce energy bills for homes and businesses.

In an interview with Sky, Zahawi said he was considering the option of a deal with companies developing power from other sources, such as renewables, for “a voluntary contract for difference… at a lower price”, but said it would be “not ready”. until next winter. Zahawi said: “There are no easy options. It’s the only thing we know.

Boris Johnson defends his record as Prime Minister and Covid lockdowns


Boris Johnson said the NHS would be ‘in an even worse position’ if the UK government hadn’t implemented lockdowns throughout the coronavirus pandemic, in a strong defense of his three-year term as prime minister .

In his final speech, Johnson defended his record as prime minister on Thursday, saying he had not ‘escaped the big decisions’ on issues such as climate change or social care, as he announced a £700 million financing for the Sizewell C. nuclear power station in Suffolk, England.

Asked about his handling of the pandemic, which is the subject of a public inquiry, Johnson said the health service would have been “overwhelmed” without action to reduce the spread of Covid-19.

“People are now saying too much lockdown has caused the current problems in the NHS,” he told reporters. “I’m afraid to say the opposite is the case, in that if we hadn’t locked down, the problems we are facing now in the NHS would be even worse.”

Rishi Sunak, a Conservative leadership candidate and former chancellor, was sharply critical of the government’s handling of the pandemic this month. He told The Spectator magazine that too little consideration was given to trade-offs when deciding to lock down, including the effect on children.

Johnson’s successor, to be announced next week after voting closes in the Conservative leadership race on Friday, will face a beleaguered health service.

In addition to widespread vacancies in the health and social care sector, around 6.7 million people are waiting for non-emergency hospital treatment – the highest number in NHS history.

As well as defending his case, Johnson confirmed the government would invest £700m to take a 20% stake in French energy group EDF’s new nuclear project at Sizewell on England’s east coast – on a stipend existing £1.7bn deal made last year. .

Johnson, who has made cutting the UK’s carbon emissions and improving energy independence a priority during his tenure, issued a warning to his colleagues, including Tory leader Liz Truss, regarding the restart of hydraulic fracturing.

He said while he was “not at all intellectually or morally opposed to it”, it was “doubtful” that extracting shale gas would be easy and would not cause environmental damage unlike energy cheap wind turbine.

During the latest leadership contest roundups on Wednesday, Truss said she would ease the cost of living crisis by reducing the tax burden and increasing the national energy supply.

But she declined to outline specific additional measures she would implement as Prime Minister, saying: ‘I don’t sort things in and out. . . I’m not sitting here writing a budget or a tax event.

Johnson also warned on Thursday that soaring energy bills would mean “a very difficult winter” for households, but said his successor would be able to add to the government’s existing £37billion support package.

Johnson said he was “proud” of his administration’s work, adding that it has continuously taken a long-term approach to policy issues.

“At every stage of the last three years, what we have tried to do is put in the things that this country will need in the long term, to try to see what future generations will need for their prosperity, for their productivity and quality of life.”

How ESG-linked lending helps hold companies accountable


Virtue can bring rewards, as more and more businesses are discovering when applying for a loan. Some banks offer rebates to borrowers if they meet targets for reducing pollution, reducing food waste, or even helping job seekers. To give the incentives some teeth, there are penalties for missed goals. Global issuance of loans linked to borrowers’ environmental, social and governance performance jumped to nearly $500 billion in 2021, from $4.9 billion in 2017 when the first such agreement was created, the companies looking for options to present themselves as socially responsible.

1. How do loans work?

The agreements are set up like normal loans or revolving credit facilities, often with a group of banks providing funds to the borrower. Traditional loans are priced against a benchmark rate used in interbank lending, such as Euribor or the Secured Overnight Funding Rate (SOFR), and borrowers pay a premium, or spread, in plus the reference rate, depending on factors such as credit ratings and the transaction. length. A sustainability-linked loan has an additional twist, discount or spread penalty that depends on the borrower achieving specific ESG goals. For example, the interest rate of a loan can be 100 basis points above Euribor and can be adjusted according to the ESG performance of the borrower.

A loan can be tied to an overall ESG score or to specific sustainability goals called key performance indicators. KPIs can be quite varied, as long as both parties agree on the goals. Turkish lender Akbank TAS secured a $660 million loan in April 2022 with pricing tied to the amount of energy from renewable resources and progress in renewing expiring plastic credit cards with recycled cards. An infrastructure loan for Rubis Terminal Infra SAS which was in syndication in August included as objectives the reduction of its carbon intensity, waste and work accidents. Telefonica SA modified its main facility in January 2022 to commit to reducing carbon emissions and increasing the number of women in management positions. If a borrower is looking to link their performance to an overall ESG rating, they can obtain scores or ratings from a company that independently assesses ESG standards.

3. Is the idea making headway?

Since their inception in 2017, sustainability-linked lending, or SLL, has become the second-largest and fastest-growing segment of ESG debt instruments, and the idea has spread to other parties. of the credit market, in particular bonds and the Schuldschein. The sustainability-linked structure has been widely adopted by the bond and Schuldschein market, posting record sales in 2021.

4. How important are ESG incentives?

It’s hard to know for sure because the market is still developing and borrowers don’t always reveal the details of their loans. It is still possible to get an idea. Turkey’s Yapi ve Kredi Bankasi AS can potentially cut a 240 basis point spread for dollar borrowing by up to 3 basis points, while pulp and paper producer Asia Pacific Resources International Ltd. negotiated a discount of up to 5 basis points on a spread of 200 basis points. interest rate in basis points.

5. What other forms can they take?

In the United States, where most corporate revolving facilities are undrawn, borrowers like HP Inc. have agreed to impose the sustainability price adjustment on commitment fees paid on undrawn amounts. In recent years, there have been instances where borrowers waive discounts and will only be penalized if targets are not met. And some borrowers have pledged to use any savings from rebates for ESG projects. Similarly, some lenders have also contributed ESG pricing adjustment profits to sustainable causes.

6. What about lenders?

The main benefit for banks could be customer retention and a clearer view of companies’ extra-financial performance, such as diversity and workplace safety. Many ESG-indexed loans were traded as replacements for older maturing facilities, meaning borrowers could have sought a deal elsewhere. Loans can also help reduce banks’ risk exposures, as companies with strong ESG policies tend to have a good track record of profitability and debt repayment.

7. What about regulations?

Regulators and policymakers are pushing banks to pay more attention to the environmental and social impact of transactions. This has led more than 270 banks representing more than 45% of banking assets worldwide to adopt responsible banking principles developed with the United Nations. Europe has led the way in this area, helping to make it by far the largest region for ESG-related lending.

8. What challenges does the market face?

As with other efforts to link environmental and social objectives to financing, such as green bonds, a big challenge for ESG-linked lending is to ensure that transactions actually have a positive impact, and to prove it. In an attempt to prevent the sector from becoming a mere marketing tool for lenders and borrowers, the three major global lending associations have developed a framework for the agreements. The main criteria are that borrowers are transparent in their corporate social responsibility strategy; set more ambitious goals than they have already achieved; and that their actions are evaluated by independent evaluators. Even then, there is a lack of agreement on how to objectively assess corporate social responsibility. The European Commission adopted in April 2022 technical standards to be used by financial market participants when disclosing sustainability information.

9. How do loans fit into the wider ESG financial market?

There is a plethora of green and socially responsible financing options, and the variety is constantly growing. Green bonds make up the largest portion of the sustainable finance market at over $600 billion for all of 2021, according to BloombergNEF. ESG-related lending has been the fastest growing part of the entire ESG financial sector, albeit from a much lower starting point. The main differences between the two products include how the money can be used and the price. Green bond funds must be spent on projects designed to be environmentally friendly. Prices are also set for sale, with no potential discounts or penalties. Sustainability-linked loans offer much more flexibility as there is no need to use the funds only for investments directly related to achieving the ESG objective. Any pricing incentive is purely based on whether the borrower hits or misses the target.

10. What are the latest developments?

The SLL market is still evolving, with innovations such as “dormant” transactions where ESG objectives or metrics are only disclosed at a later date during a loan agreement. This “dormant” SLL has raised questions about eligibility to be classified as an ESG debt. Meanwhile, the German Schuldschein market has developed a so-called ESG gateway giving companies time to build their ESG reporting, which can potentially be included in financing agreements. Borrowers will be penalized if ESG reporting deadlines are not met, and the instrument is designed for companies that want to commit to a sustainability framework but are not yet ready to have debt-related targets.

More stories like this are available at bloomberg.com

TikoMed’s ILB® mobilizes and modulates key growth factors that trigger a cascade of neuroprotective mechanisms capable of targeting all diseases mediated by neuroinflammation, including ALS


VIKEN, Sweden, August 31, 2022 /PRNewswire/ — TikoMed, a biopharmaceutical company focused on harnessing the medical potential of the body’s ability to self-repair and regenerate, today announced the publication in Frontiers in Phamacology of peer-reviewed research peers supporting the unique broad-spectrum mechanism of action of TikoMed ILB® Neuroprotective Drug Platform. In multiple preclinical and clinical studies involving a variety of neuroinflammation-induced diseases, the low molecular weight dextran sulfate compound has both mobilized and modulated natural tissue repair mechanisms and restored homeostasis and function. cells by releasing heparin-binding growth factors. TikoMed believes this approach to enhancing the body’s self-repair and regenerative abilities has the potential to transform current cell and gene therapy paradigms.

“These studies show that ILB® releases, redistributes and modulates the bioactivity of endogenous heparin-binding growth factors that target disease-compromised nerve tissue to initiate a cascade of transcriptional, metabolic and immunological effects that play a key role in controlling glutamate toxicity, normalizing tissue bioenergetics and resolving inflammation to improve tissue function.ILB®’s unique mechanism of action supports the treatment potential of various acute and chronic neurodegenerative diseases, including sTBI and ALS”, said Ann Logan, scientific director at Axolotl Consulting and professor of regenerative medicine at the University of Warwick.

In summary, the studies have provided evidence that ILB® has a profound therapeutic effect on the molecular and cellular dysfunctions underlying neurodegenerative diseases. Gene expression analysis demonstrated substantial similarities in functional dysregulation induced by severe traumatic brain injury (sTBI) and various human neurodegenerative conditions, including ALS. Changes in gene expression after ILB® treatment supported a beneficial cascading effect of ILB® on growth factor activation, resulting in the observed therapeutic effect. The transcriptional signature after ILB® treatment is relevant to cell survival, inflammation, glutamate signaling, metabolism and synaptogenesis, and is consistent with the activation of neuroprotective growth factors. The ability of ILB® to elevate circulating levels of heparin-binding growth factors in animal models and humans also supports its neuroprotective and regenerative effects in vivo.

ILB® is currently being developed both as a therapeutic and as an enabling technology for advanced therapies, and this peer-reviewed research indicates even broader potential. We have initiated development programs for amyotrophic lateral sclerosis (ALS), traumatic brain injury (TBI) and islet cell transplantation and will now consider broader use in a wider range of diseases,” said Anders KristenssonCEO of TikoMed.

Contact: [email protected] or +46 42 23 84 40


International: Richard Hayhurst [email protected] or +44 7711 821527

Nordics: Ola Bjorkman [email protected] or +46 70 245 7497

This information was brought to you by Cision http://news.cision.com



Lower costs and strong revenues boost HF Group’s half-year net profit to 50 million shillings



Lower costs and strong revenues boost HF Group’s half-year net profit to 50 million shillings

HF Group Headquarters in Nairobi. FILE PHOTO | NMG

HF Group Plc posted a net profit of 49.8 million shillings in the six months to June on lower expenses and higher loan and transaction income. The company wrote off a net loss of 346 million shillings a year earlier.

Non-interest income increased from 325.1 million shillings to 498 million shillings, while total interest income reached 2.07 billion shillings from 1.98 billion shillings.

HF operating expenses fell to 1.46 billion shillings from 1.56 billion shillings. The mortgage financier’s lending and investments in government securities barely changed, indicating that it benefited from higher returns on the debt portfolio.

Interest rates on commercial bank loans, treasury bills and bonds have risen in recent months amid rising government borrowing and runaway inflation.

HF’s return to profitability comes as its parent company Britam Holdings plans to sell its stake in the mortgage financier as part of its strategy to reduce its portfolio of listed shares.

Britam recently said it could sell all or part of its 48.2% stake in HF within a year. The process of divestment from the Nairobi Stock Exchange-listed company, which intends to transform into a traditional bank, began last year.

Britam, which has canceled a substantial part of the investment it made in HF, says it acquired the stake with the aim of expanding into the property and mortgage business.

Financial holding companies post record latent losses

  • By Kao Shih-ching / Staff Reporter

The country’s financial holding companies posted record unrealized losses of NT$873.2 billion ($28.66 billion) in the second quarter as the value of their investment assets plunged amid market routs triggered by the US Federal Reserve’s cycle of rate hikes, according to data from the Financial Supervisory Commission (FSC) showed on Monday.

The combined unrealized losses in the first half of this year amounted to NT$827.76 billion – NT$661 billion from overseas investments and NT$166 billion from domestic investments, according to the data.

The majority of their losses came from investments in the United States, which totaled NT$256.5 billion at the end of June, compared to unrealized losses of NT$38.4 billion at the end of March, the data showed.

Photo: Kelson Wang, Taipei Times

Investments by financial holding companies in the United States increased by NT$503 billion in the second quarter, mainly because local life insurance companies bought more U.S. fixed income products, the data showed.

China was the second largest source of losses, with financial holding companies reporting total losses of NT$53.1 billion, followed by France with losses of NT$31.7 billion, Russia with losses of NT$31.4 billion and Mexico with losses of NT$27.5 billion. show.

Firms also slightly increased investment in France, Russia and Mexico, but reduced investment in China by NT$88 billion during the second quarter, the data showed.

Overall, the overseas exposure of financial holding companies stood at NT$23.95 trillion at the end of June, up about 3% from the previous quarter, the data showed.

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Venzee Technologies Announces Second Quarter Financial Results

CHICAGO, August 29, 2022 /PRNewswire/ – Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) (“Venzee” or the “Company“), the artificial intelligence platform for product data transfer, today announced its financial results for the three and six months ended June 30, 2022.

The results reflect expense reductions related to changes in the Company’s approach to sales and marketing. According to Venzee COO Pierre Montross“Maturing go-to-market plans with key partners has allowed us to build more reliable sales and revenue plans with significantly fewer in-house sales and marketing staff.”

Driven by capital market challenges, during the quarter the Company also implemented a number of cost reduction measures. These measures were put in place from March 2022 and were fully effective in May. The reduction in cash burn is shown in the statement of cash flows when comparing “cash used in operating activities” from Q1F2022 to Q2F2022.

Q1F2022 had a use of cash on $900,000 and Q2F2022 was below $400,000. The Company expects a further reduction in cash usage in Q3F2022.

Revenue for the quarter reflects continued use of the company’s Mesh Connector™ product by two key partners progressing operational testing with major retailers.

According to the CEO of Venzee John Abrams“Although user acceptance testing took longer than expected, our AI-powered content syndication advantage proved to be highly functional and provided the concrete validation we needed to accelerate growth. revenue. With deeply invested partners and strong associated go-to-market plans, we expect consistent revenue growth in the coming quarters.”

The company reports – as combined revenue – both a one-time implementation fee and a recurring monthly fee for its Mesh Connector™ product. The results reflect minor revenue reductions associated with the end of one-time implementation fees. Financial results for the second quarter ended June 30, 2022 are the following:

  • Revenues for the three and six month period were $13,000 and $23,375 compared to $13,595 and $22,345 of the previous year;
  • The net loss for the three and six month period was $707,528 and $1,710,586 compared to $889,109 and $1,538,281 of the previous year;
  • The loss per share for the three and six month period was $0.00 and $0.01 compared to $0.00 and $0.01 of the previous year.

In addition, the Company continued to receive financial support through its previously announced convertible debenture. Regarding debenture financing, Mr. Abrams commented: “As global capital markets have experienced unprecedented challenges this year, Venzee has continued to attract investment to support operations and seize growth opportunities from income available to us.

The unaudited condensed interim financial statements and related MD&A can be viewed on SEDAR at www.sedar.com.

About Venzee Technologies, Inc.

Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to accelerate time to market and create competitive advantages in the supply chain. Venzee’s smart platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.

Venzee believes that smart supply chain functionality is inevitable and will significantly benefit producers, manufacturers, brands, sellers, regulators and consumers. Venzee is laying the foundation for a future where transparent, accurate and automated data flow simplifies processes, eliminates friction and creates value for everyone who depends on the myriad of data and information surrounding any product. , anywhere.

Venzee unlocks shareholder value by fulfilling its mission to create smart technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and replaces inefficient manual processes in favor of integrated machine-driven solutions.

To learn more about the Venzee platform, visit venzee.com

Twitter: @usevenzee
LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the terms of the offer, the completion of the offer and the intended use of the net proceeds received by the company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information, including but not limited to: business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information on these assumptions as well as on the risks and uncertainties can be found under the heading “Risk factors and uncertainties” in the Company’s management report for the financial year ended. December 31, 2018and the quarter ended August 29, 2019which are available under the Company’s SEDAR profile at www.sedar.com, and in other documents that the Company has filed and may file with applicable securities authorities in the future.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.

The Company does not undertake to update any forward-looking information except as required by applicable securities laws.

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

SOURCE Venzee Technologies Inc.

Smartwatch Market Size Will Reach USD 156.3 Billion By


LOS ANGELIS, Aug. 29, 2022 (GLOBE NEWSWIRE) — LOS ANGELIS, August 292022 (GLOBE NEWSWIRE) – The Global Smartwatch market is expected to grow at a CAGR of around 20.1% over the forecast period 2022 to 2030 and reach around USD 156.3 billion by 2030.

Key Highlights of the Smart Watches Market Report

  • The global smartwatch market size was USD 30.4 billion in 2021 and is expected to grow at a CAGR of 20.1% from 2022 to 2030
  • North America Smartwatch Market Expected to Lead with Over 38% Market Share
  • The Asia-Pacific Smartwatch Market is expected to grow with a CAGR of around 23% during the forecast period from 2022 to 2030
  • Among the products, Standalone Smartwatch occupied more than 55% of the total market share
  • Over 500 million units of smart wearables were shipped in 2021

Free Sample Report Request @


Report cover:

Market Smartwatch market
Smartwatch market Size 2021 $30.4 billion
Smartwatch market Forecast 2030 $156.3 billion
Smartwatch market CAGR from 2022 to 2030 20.1%
Smartwatch market Analysis period 2018 – 2030
Smartwatch market Year of reference 2021
Smartwatch market Forecast data 2022 – 2030
Segments Covered By product, by application, by operating system and by geography
Smartwatch market Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled Key Companies Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International and Amazfit.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis

Growing demand for wearable devices with advanced smart features is the major factor that is expected to drive the growth of the global smartwatch market over the forecast period 2022 to 2030.

Government spending on the development of smart cities and easy availability of advanced infrastructure to connect to the internet and various applications are expected to fuel the smartwatch market share. Consumer spending on healthcare is increasing with the gradual increase in geriatric population with various old age problems and increase in heart disorders among the young population, resulting in demand for smart watches.

An increase in the approach to home health care among consumers is reflected in the adoption of watches that help share health data with professionals and alert the emergency service when needed, these are factors that are expected to impact the growth of the target market. In addition, the major player’s approach to improve the business through mergers and strategic partnerships is expected to increase the growth of the smartwatch market.

Impact of COVID-19 on Global Smartwatches Market Revenue

According to our recent report on the smartwatch industry, the demand for smartwatches has increased during COVID-19 as they help detect viruses in the human body. Consumer wearable gadgets that continuously assess vital signs have been used to track the progress of infectious diseases. We show how data from consumer smartwatches can be used to detect coronavirus disease 2019 before symptoms appear. Smartwatches and other wearable devices are already used by tens of millions of individuals around the world to monitor various physiological characteristics such as heart rate, skin temperature and sleep. The large number of human studies conducted during the pandemic allowed researchers to gather important data on the health of participants. Because most smartwatches recognized early signs of coronavirus in people, the market value of smartwatches quickly dominated. Hence, the increased awareness of these devices will fuel the expansion of the market in the coming years.

Dynamics of the smartwatch market

Growing penetration of sensor technology across various industry verticals, rapid technological advancements in electronic devices, and growing consumer demand for wireless fitness and sports devices are the major factors expected to drive the growth. of the global smartwatch market.

In addition, high spending capacity and growing health awareness are driving demand for smart wearable devices, which is expected to augment the growth of the global smartwatch market. Factors such as high cost of devices and heavy competition for low profit are expected to hinder the growth of the global smartwatch market. Additionally, technological glitches are expected to challenge the growth of the target market.

However, high investments of major players in product development activities and introduction of innovative solutions are expected to create new opportunities for players operating in the target market. In addition, increasing partnerships and agreements among regional and international players are expected to support the growth in smartwatch market size.

View the report’s detailed table of contents @


Segmentation of the smartwatch market

The global smartwatch market is segmented into product, application operating system and region. The product segment is divided into extension, standalone and classic. Among the product types, the standalone segment is expected to account for a major share of revenue in the global market.

The application segment is divided into personal assistance, wellness, healthcare, sports and others. Among the applications, the personal assistance segment is expected to account for a significant portion of the target market’s revenue. The operating system segment is divided into WatchOS, Android, RTOS, Tizen and others. Among the operating systems, the Android segment is expected to account for a significant share of revenue in the target market.

Regional Outlook of the Smartwatches Market

North America, Latin America, Europe, Asia-Pacific, Middle East and Africa are the regional categorizations of the smartwatch industry.

The North American market is expected to account for a major share of the global smartwatch market revenue owing to a gradual increase in the number of consumers adopting smart devices. The inclination of consumers towards the use of smart devices that facilitate health monitoring, finding a phone, etc. With increasing technological advancements, manufacturers are focusing on introducing devices that emphasize various modes of operation.

The Asia-Pacific region market is expected to witness faster growth in the target market due to high internet and smartphone penetration. Increasing consumer spending capacity, increasing demand for smart devices and introduction of innovative solutions are factors that are expected to increase the growth of the regional smartwatch market.

Buy this premium research report –


Smartwatch market players

Some of the major smartwatch companies covered in the industry include Apple Inc., Fitbit Inc., Garmin, Huawei Technologies, Fossil Group, Motorola, Sony Corporation, Samsung Electronics, LG Electronics, TomTom International, and Amazon. The market is highly competitive due to the presence of a large number of players operating globally.

In 2020, Xiaomi, a device manufacturing company, has launched a smartwatch called Mi Watch Color in China, which comes with a 1.39-inch AMOLED screen. This product launch is expected to help the company strengthen its business in the Chinese market.

Besides, the company is also expected to launch another smartwatch in the Indian market. The product launch is expected to help the company increase its customer base in the country.

In 2020, boAt, a company providing wearable devices in India, has launched boAt Enigma featuring a 1.54-inch square-shaped color display with support for touch and AOD (Always-on Display) inputs in the Indian market. This product launch is expected to help the company strengthen its business in the country and increase its customer base.

Questions this report answers

  • What was the market size of Smartwatch Market in 2021?
  • What will be the CAGR of the Smartwatch Market during the forecast period from 2022 to 2030?
  • Who are the key players in the global smartwatch market?
  • Which region held the largest Smartwatch market share in 2021?
  • What are the key market drivers of Smartwatch Market?
  • Who is the biggest end user of the Smartwatch market?
  • What will be the value of the Smartwatch market in 2030?

Browse more research topics on Technology To research:

The Global smart speaker market taken into account $7,245 million in 2020 and is expected to reach $29,021 million by 2028 with a considerable number CAGR of 19.4% during the projected period of 2021 to 2028.

The Global Smart Sensors Market should grow to a CAGR of around 19.5% from 2020 to 2027 and is expected to reach market value of approximately $88.9 billion by 2027.

The Global Smart mobility market should grow to a CAGR of around 20.5% from 2020 to 2027 and is expected to reach market value of approximately $70.5 billion by 2027.

About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of information and consulting services in the information technology, investment, telecommunications, manufacturing and consumer technology markets. ARC helps investment communities, IT professionals, and business leaders make fact-based decisions about technology purchases and develop business growth strategies to compete in the marketplace . With a team of over 100 analysts and a collective industry experience of over 200 years, Acumen Research and Consulting ensures to provide a combination of industry knowledge with global and national level expertise.

For the latest update, follow us on Twitter and, LinkedIn

Contact us:

Mr. Richard Johnson

Acumen Research and Consulting

USA: +13474743864

India: +918983225533

E-mail: [email protected]

Netflix ad-supported plan could cost as little as $7 – TechCrunch


Netflix’s next ad-supported plan could cost between $7 and $9 per month according to a Bloomberg report released over the weekend. For comparison, the streaming service offers a basic single-screen plan in the US for $9.99 per month, while its most popular plan, which offers Full HD streaming on two screens, costs $15. $99 per month.

The Bloomberg report noted that Netflix plans to air approximately four minutes of commercials for every hour of programming, which is equal to or less than its competitors. He also said the company may run ads before and during a show, but won’t show anything after an episode ends.

In April, the streaming giant announced plans to roll out its ad-supported plan next year. But since then, several reports have pointed out that the company could launch this plan by the end of the year. The new report indicates that Netflix could launch its ad-powered tier in at least half a dozen markets in the last quarter of the calendar year.

During its recent earnings call, Netflix confirmed that users subscribing to the ad-supported plan won’t have access to its entire catalog initially – this could be due to its licensing agreement with various studios. Recent reports also revealed that Netflix may now allow offline viewing in its next plan.

Additionally, a Bloomberg report last week suggested that Netflix may not run ads on children’s content, even on the ad-supported plan. The report noted that the company may initially refrain from running ads on its original movie lineup.

The streaming giant has tried to attract more users by experimenting with cheaper plans, such as mobile plans only available in India, Malaysia, Nigeria, Kenya and South Africa. However, the ad-supported plan might become available worldwide after its launch. Estimates suggest that ads on Netflix will generate $8.5 billion in revenue by 2027. A study published by Digital TV Research in May suggests that the global ad-supported video-on-demand (AVOD) market will reach $70 billion by 2027, with the United States generating $31 billion.

Netflix isn’t the only streaming service looking to build on an ad-supported plan to expand its user base. In March, Disney+ confirmed that it plans to introduce a similar tier by the end of the year. Earlier this month, the company confirmed to launch for December with a price of $7.99 per month. During its second quarter 2022 earnings call, Warner Bros. Discovery also said it was exploring an ad-fueled plan for the new service – due to launch in 2023 – created by the merger of HBO Max and Discovery+.

India Post Financial Services Records Strong Growth; 12.25 lakh savings accounts opened in Tiruchy – The New Indian Express


Express press service

TIRUCHY: The financial services offered by India Post including various programs and initiatives are witnessing exponential growth in central Tamil Nadu and many people especially from rural areas are opting for the banking services offered by the postal department.

In the financial year 2021-2022, about 12.25 lakh savings accounts were opened in the Tiruchy Postal Region (TPR). With that, it became the region with the highest number of savings accounts opened in the country last year, officials said. The TPR comprises approximately 3,507 post offices in 13 districts in central TN.

The second and third positions were secured by Kolkata Postal Region and South Bengal Postal Region respectively with the opening of Postal Savings Accounts of 11 lakh and 9.5 lakh.

Schemes like Selva Magal Semippu Account (SSA) – a savings scheme for girls – are also seeing significant growth in the region, with around 75 lakh accounts opened in July. The scheme offers 7.6 percent interest per annum. An officer said, “In the last fiscal year, about 1.04 lakh SSA accounts were opened in the central region. In the current fiscal year (2022-23), through July, approximately 30,745 SSA accounts have been opened,” an officer said.

Sources believed that the Tamil name given to the program played a crucial role in popularizing it in the state. “The original name of the system is ‘Sukanya Samriddhi Accounts’. However, in order to popularize it among citizens, the state postal service has replaced the name with Tamil words, which has increased its reach,” a woman said. source.

Following the popularity of the system, the department is ready to consider a similar strategy with the Senior Citizen Savings Scheme (SCSS), which is now called “Agavai 60, Anjal 20” in the state.

One officer, speaking from SCSS, said: “Citizens over 60, retired civilians between 55 and 60, retired defense employees over 50 and under 60, can open this account. The postal service offers about 7.4% interest per annum for SCSS. Previously, at TPR, we had organized special camps from July 21 to August 18 and more than 50,000 accounts had been opened. We expect to open approximately 1,000 senior accounts at TPR this year.”

According to sources, another India Post initiative that is gaining popularity among residents of the central region of TN is the Aadhaar Enabled Payment System (AePS). In the financial year 2021-22, about 6.44 lakh of transactions amounting to about Rs 169.84 crore were recorded in the region, which is one of the highest recorded in the country, have indicated sources.

According to the officials, any citizen with a bank account and Aadhaar linked to the same mobile number can benefit from the scheme. “With this system, banking transactions can be performed using thumbprints and OTPs received on mobile phones,” an official said.

TPR Postmaster General A Govindarajan said, “Efforts are being made to further increase the popularity of the financial services offered by the Postal Service.” Our main objective is to ensure that financial services are accessible to everyone and our team does its best to achieve this. .”

TIRUCHY: The financial services offered by India Post including various programs and initiatives are witnessing exponential growth in central Tamil Nadu and many people especially from rural areas are opting for the banking services offered by the postal department. In the financial year 2021-2022, about 12.25 lakh savings accounts were opened in the Tiruchy Postal Region (TPR). With that, it became the region with the highest number of savings accounts opened in the country last year, officials said. The TPR comprises approximately 3,507 post offices in 13 districts in central TN. The second and third positions were secured by Kolkata Postal Region and South Bengal Postal Region respectively with the opening of Postal Savings Accounts of 11 lakh and 9.5 lakh. Schemes like Selva Magal Semippu Account (SSA) – a savings scheme for girls – are also seeing significant growth in the region, with around 75 lakh accounts opened in July. The scheme offers 7.6 percent interest per annum. An officer said, “In the last fiscal year, about 1.04 lakh SSA accounts were opened in the central region. In the current fiscal year (2022-23), through July, approximately 30,745 SSA accounts have been opened,” an officer said. Sources believed that the Tamil name given to the program played a crucial role in popularizing it in the state. “The original name of the system is ‘Sukanya Samriddhi Accounts’. However, in order to popularize it among citizens, the state postal service has replaced the name with Tamil words, which has increased its reach,” a woman said. source. Following the popularity of the system, the department is ready to consider a similar strategy with the Senior Citizen Savings Scheme (SCSS), which is now called “Agavai 60, Anjal 20” in the state. One officer, speaking from SCSS, said: “Citizens over 60, retired civilians between 55 and 60, retired defense employees over 50 and under 60, can open this account. The postal service offers about 7.4% interest per annum for SCSS. Previously, at TPR, we had organized special camps from July 21 to August 18 and more than 50,000 accounts had been opened. We expect to open about 1,000 senior citizen accounts at TPR this year.” According to sources, another India Post initiative that is gaining popularity among residents of the central TN region is the Aadhaar Enabled Payment System (AePS ). In the financial year 2021-22, about 6.44 lakh of transactions amounting to about Rs 169.84 crore were recorded in the region, which is one of the highest recorded in the country, have indicated sources. According to the officials, any citizen with a bank account and Aadhaar linked to the same mobile number can benefit from the scheme. “With this system, banking transactions can be performed using thumbprints and OTPs received on mobile phones,” an official said. TPR Postmaster General A Govindarajan said, “Efforts are being made to further increase the popularity of the financial services offered by the Postal Service.” Our main objective is to ensure that financial services are accessible to everyone and our team does its best to achieve this. .”

Why reducing governance costs has remained elusive since 2012 — Nigeria — The Guardian Nigeria News – Nigeria and World News

Lack of synergy between NASS and the executive undermines its implementation
• Legislature creates more than 200 additional agencies and commissions
• FG undecided, insincere – Legislator
• Non-implementation of the report hampers governance costs — SGF

Reducing Nigeria’s enormous cost of governance in the face of dwindling economic fortunes may remain a mirage or, at best, mere platitudes, passing through the antennae at the seat of power in Abuja and its corridors across the country.

For some time now, sustained campaigns for cost-cutting measures in governance at all levels have been led by concerned Nigerians, consisting mainly of economists, financial analysts, public sector stakeholders and commentators. .

Following unsuccessful attempts by successive administrations to reduce the number of federal government ministries, departments, and agencies (MDAs) as a cost-cutting measure, former President Goodluck Jonathan in 2011 established the Presidential Committee on Restructuring and Streamlining parastatals of the federal government, commissions and Agencies, under the chairmanship of Steve Oronsaye.

The Oronsaye committee submitted an 800-page report on April 16, 2012, which recommended the abolition and merger of 102 government and parastatal agencies, while some were listed as self-funded.

The committee revealed a high level of competition between several overlapping agencies, which had not only created resentment among government agencies, but also led to unnecessary waste of public spending.

The committee also recommended, among other things, the cessation of government funding of professional orders and councils. The measures consisted mainly of free funds for much-needed capital projects across the country.

Oronsaye’s report was met with mixed feelings as the dismissal was imminent, but many felt that despite the implications on agencies and individuals who might be affected by the exercise (if implemented ), the public service would be strengthened and made more productive.

Following the submission of the white paper on the report in March 2014, an implementation committee was set up two months later. Eight years later, the government, rather than reducing, harmonizing or merging certain agencies as recommended in the report, decided to create others.

Ten years later, there has been a lull in actions to implement the report’s recommendations.

Some commentators have identified a major impediment to the implementation of the report as being that most of the agencies involved were legislative creations. They said the enabling laws must be repealed before the agencies cease to exist.

However, and unfortunately, the actions and, in some cases, the inaction of the administration of President Muhammadu Buhari and the members of the National Assembly do not indicate any commitment to reduce unnecessary public expenditure or even to implement the report recommendations. Rather, what has happened over the past 10 years is the issuance of directives and the establishment of new committees to write a white paper or to review the entire report.

Specifically, among a number of non-motion back and forths by the government since 2012 was the establishment of the Bukar Aji committee to review Mohammed Adoke’s white paper on the Steve Oronsaye report. There had been the Amal Pepple Committee to review new parastatal agencies, agencies and commissions (PACs) created between 2012 and October 2021; just as there had been the Ebele Okeke committee to write a white paper on the report of the Amal Pepple committee on the new parastatals, agencies and commissions created between 2012 and 2021.

Findings from The Guardian revealed that in complete disregard of the recommendations contained in the Oronsaye Committee report, no less than 250 additional agencies, commissions and parastatals were created through new bills in the National Assembly.

Some of the bills creating these agencies have either been passed and assented to by the President or have reached very advanced stages of legislative processing, raising questions about the FG’s commitment to implementing the Oronsaye report.

The National Assembly, however, has also proven guilty of increasing the overall cost of governance. Audits revealed that between 2015 and 2019, some 213 of the 311 bills introduced in the 8th Senate were bills to create more federal agencies and commissions! However, only 80 of these bills received presidential assent. Duplicating the functions of existing agencies was also a key reason the president vetoed 53 National Assembly bills between 2017 and 2019.

More telling is that of the 742 bills tabled in both chambers of the National Assembly between June 2019 and June 2021, more than 262 are establishment bills, that is, bills aiming to create one or the other agency. In addition, some of the bills have been introduced to seek legal recognition of already existing federal agencies.

The bills, many of which have been passed and approved by the President, include the National Commission for the Coordination and Control of the Proliferation of Small Arms and Light Weapons (Creation), 2022; the Nigerian Peace Corps Bill; North Central Development Commission (East, etc.) Bill 2019; Electoral Offenses Commission (Est., etc.) Bill, 2019; North West (Eastern, etc.) Development Commission Bill 2019; National Sports Commission (Est., etc.) Bill 2019; and Social Intervention Programs Agency (Est., etc.) Bill, 2019.

Also included are the National Food Reserves Agency (Est., etc.) Bill 2019; Police Academy (Est., etc.) Bill 2019; North Central Development Commission Bill (East, etc.), 2019; and South West (Eastern, etc.) Development Commission Bill, 2019.

Others are the South East Development Commission Bill 2019 (East, etc.); Fiscal Responsibility Commission (Est., etc.) Bill, 2019; National Road Fund (Est., etc.) Bill, 2019; National Assembly Office of Budget and Research (Est., etc.) Bill, 2019; National Commission for the Eradication of Childhood Destitution (Est., etc.) Bill, 2019; Dormant Accounts Funds Management (Est., etc.) Bill, 2019; and the Constituency Development Fund (Eastern etc.) Bill, 2019.

Bills, which seek to create a new agency or institution, make up a significant percentage of the total bills sponsored in a particular assembly.

Meanwhile, it has been revealed that the lack of synergy between the National Assembly and the executive of the government is a key factor in the delay in the implementation of the Oronsaye report.

While the president criticizes the National Assembly for ignoring the Oronsaye report and continues to produce legislation creating more agencies, the parliament says it has received no communication from the executive regarding serious action on the Oronsaye report .

A senior National Assembly official blasted criticism of the lawmaker over the delay in implementing the report.

“For example, the presidency knows that in order to effect meaningful change and reduce the number of agencies and commissions, it is necessary to take serious legislative action, in particular to repeal the laws that created the existing agencies. Has the executive sent a communication to the National Assembly in this regard? The answer is no! So why blame the National Assembly? It may interest you to note that some of the legislative bills to create more agencies and commissions are executive bills.

Among the most important recommendations in the report are the merger of the Code of Conduct Bureau (CCB), the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) in a single agency; abolition of the Budget Responsibility Commission (FRC) and the National Salaries, Incomes and Wages Commission (NSIWC), whose functions will be consolidated under the Revenue Mobilization, Allocation and Taxation Commission (RMAFC).

In addition, the Oronsaye committee recommended that laws supporting educational agencies such as the National Examinations Council (NECO) and the National Business and Technical Council (NABTEB) be repealed to give the West African Examinations Council (WAEC) the functions of both.

In broadcasting, the Federal Radio Corporation of Nigeria (FRCN), Voice of Nigeria and the Nigerian Television Authority (NTA) will be consolidated under the Federal Broadcasting Corporation of Nigeria (FBCN).

Just last week, a new drafting committee of the white paper on the review of new parastatals, agencies and commissions (PACs) which was created following the report of the Oronsaye group proposed engagement and dialogue with the National Assembly to generate understanding to streamline the creation of new agencies and commissions.

The chairperson of the committee, Ms. Ebele Okeke, former head of the civil service of the Federation, made the suggestion when the committee presented the draft white paper on the review of new parastatals, agencies and commissions to the Secretary to the Government of the Federation. (SGF), Mr. Boss Mustapha.

The committee made observations almost similar to those of the Oronsaye report. According to Okeke, the law establishing certain agencies was rather ambiguous in its structure, management and supervision. He blamed the indiscriminate use of agency, commission and board interchangeably.

He also noted that most of the agencies that have been created, especially under the Ministries of Education and Health, have been through bills from the National Assembly.

She said her committee had also discovered that the legal framework and enabling law for some of the PACs was ambiguous about their structure, management and oversight, as most laws used agency, commission and council interchangeably.

Mustapha, while receiving the Okeke Committee report, admitted that the creation of new agencies will further increase government expenditure.

He noted that the federal government’s failure to implement Oronsaye’s report has serious implications for the cost of running government.

LCI) Revenues are threatened


Market forces rained on the parade of Lannet Company, Inc. (NYSE:LCI) shareholders today when analysts lowered their guidance for this year. Both revenue and earnings per share (EPS) forecasts have been lowered as analysts see gray clouds on the horizon.

Following the downgrade, the consensus of twin analysts covering Lannett Company is for revenue of US$289 million in 2023, implying a steep 15% drop in sales from the past 12 months. Losses are expected to drop significantly, narrowing 72% to US$1.54. However, prior to this estimate update, the consensus was expecting revenue of $344 million and losses of $1.40 per share. So there has been quite a shift in sentiment after recent consensus updates, with analysts seriously cutting their earnings forecasts while expecting higher losses per share.

Check out our latest analysis for Lannett Company


The consensus price target fell 56% to US$1.00 as analysts were clearly concerned about the company following weaker revenue and earnings outlook.

Looking at the big picture, one way to make sense of these forecasts is to see how they compare to both past performance and industry growth estimates. Something else that stood out to us about these estimates, and that was the idea that Lannett Company’s decline is set to accelerate, with revenue expected to fall at an annualized rate of 15% through the end of 2023. This caps a historic decline of 11%. % per year over the last five years. Compare that to analyst estimates for companies in the broader industry, which suggest revenue (in total) is expected to grow 3.8% annually. So it’s pretty clear that while it has declining revenue, analysts also expect Lannett Company to suffer more than the industry as a whole.

The essential

The most important thing to note from this downgrade is that the consensus has raised its loss forecast this year, suggesting that all may not be well at Lannett Company. Unfortunately, analysts have also lowered their revenue estimates, and industry data suggests that Lannett Company’s revenue is expected to grow more slowly than the broader market. After such a drastic shift in sentiment from analysts, we would understand if readers were now a bit wary of the Lannett Company.

Even so, the longer-term trajectory of the company is far more important to the creation of shareholder value. We have analyst estimates for Lannett Company going out to 2025, and you can view them for free on our platform here.

Another way to search for interesting businesses that might be reach an inflection point is to track whether management is buying or selling, with our free list of growing companies insiders are buying.

Feedback on this article? Concerned about content? Get in touch with us directly. You can also email the editorial team (at) Simplywallst.com.

This Simply Wall St article is general in nature. We provide commentary based on historical data and analyst forecasts only using unbiased methodology and our articles are not intended to be financial advice. It is not a recommendation to buy or sell stocks and does not take into account your objectives or financial situation. Our goal is to bring you targeted long-term analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price-sensitive companies or qualitative materials. Simply Wall St has no position in the stocks mentioned.

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Green Bay entrepreneurs aim to take their clients on a ‘Joy Journey’


Karla Brooks and Jessie Coffman-Riewe (also known as “Nurse Jessie”) of Green Bay are on a mission to bring happiness. They have separate, but connected businesses.

Coffman-Riewe owns Nurse Jessie LLC; Brooks owns Makes Me Happy LLC.

“I formed Nurse Jesse LLC with a mission to change the way health care interacts with the people we serve,” Coffman-Riewe said. “I’m also a business facilitator for It Makes Me Happy LLC. Karla is the founding creator of the business and loves creating content and programs, and I love bringing that content to life.”

The result of their collaboration is a program that changes the face of corporate culture by acknowledging the burnout and dissatisfaction that many workers face.

“We like to say, ‘Who doesn’t want to be happy?'” Brooks said. “We help people answer two questions, ‘Who are you? What makes you happy?’ And, rather than just talking about it in theory, we offer practical, science-backed tools to improve happiness levels.

She cites research from iOpener Institute in Oxford which compares the happiest employees with their least happy colleagues. The happiest take one-tenth the number of sick days; are six times more energetic; stay twice as long in their organization; and are twice as productive.

Statistics like these have HR departments trying to find ways to combat discontent. Brooks created a program called “Take the Trek Joy Journey, Impact Emotional Health and Culture” to meet this need.

The 12-month proprietary program includes three different “Joy Journeys” that businesses can choose from depending on how much support they want with program implementation. All include the use of “team champions”, employees within a company who are identified by human resources to bring the program to life.

RELATED:Women leaders in northeastern Wisconsin feel drained from the stresses of work and family life, UWGB survey finds

“We’ve identified 12 areas of happiness and focus on one of them each month, from scents and scents to pets and hobbies,” Coffman-Riewe commented. “Participants receive videos, a workbook, emails, and prompts to identify their personal happiness and collaborate as a team each month.”

She says the program builds authentic relationships to help people connect with each other on a deeper level. This, in turn, leads to better workplace engagement and increased productivity.

The program and focus on corporate well-being, rather than small groups and individuals, shows how far they have come since one of their first encounters with Green Bay SCORE mentors about seven years. They continued to stay in touch with SCORE, especially mentor Bob Jahnke, and had other mentors as well.

Karla Brooks of Green Bay is the owner of It Makes Me Happy LLC.

Brooks has benefited from the help of Brand Builders Group and follows some of the wellness superstars. With this inspiration and the experience she acquired working full-time in strategic development, her vision for the company is one of strong growth.

“As the number of companies we work with grows, we will add more enablers,” Brooks said.

“Mental health is one of the top medical expenses for employers these days due to depression and anxiety,” she said. “And, going further, employers have a hard time recruiting people, so once they have them, they have to keep them. Employees select a company based on company culture.

Coffman-Riewe echoed this comment: “People are exhausted and alone. Important data is emerging on the power of emotions and human connection and their impact on health. As a nurse, it’s fascinating to see the mind-body-spirit connection play out in health outcomes and to be part of a positive solution in a world that can seem overwhelming.

Both believe the pandemic has heightened feelings of anxiety and heightened the need for intervention. Brooks says that if 50% of a person’s attitude is genetic and 10% is environmental, 40% is our attitude towards them and that’s the part that can be changed, regardless of negative events such as Covid crisis.

She gives an example of something she invented called the “15 second rule”. It is one of many techniques used by the program and is based on the Velcro/Teflon theory which says that our brain treats positive thoughts like Teflon and they disappear right away while negative thoughts tend to stick like Velcro.

“I used this science and came up with the 15-second rule to get people into a positive mode,” Brooks explained. “Focus on something that makes you happy for 15 seconds, and doing that consistently makes people happier. Stop and smell the lilacs; kiss him for 15 seconds. We can train our brain.

After:Go girl! Life Coaching Empowers Women Through Confidence and Goal Setting

After:Pickup Truck Restoration Leads to Menasha’s Entrepreneur Invention and Business

Tina Dettman-Bielefeldt is co-owner of DB Commercial Real Estate in Green Bay and former district manager of SCORE, Wisconsin.

Why gold is lagging behind its record prices


Gold prices are down so far this year, unable to reach their high two years ago.

David Gray/AFP/Getty Images

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Two years after gold climbed to its highest price on record, the metal has little to show for it. It failed to regain ground above the $2,000 level, prompting investors to question its ability to serve as a safe-haven asset.

However, as some analysts point out, gold remains a key asset for long-term portfolio diversification and has outperformed the US stock market.

Although gold prices have been volatile and have fallen from their highs this year, “many investors are surprised to learn that gold has served as a relative safe haven in 2022,” says Steven Schoenfeld, CEO of the MarketVector index provider. Gold prices are down 3.1% this year as of August 25, but the


the index lost almost 12%.

Gold futures saw their most active contract settle at $2,069.40 per ounce on August 6, 2020, the highest on record. They fell to trade below the $2,000 mark consistently until March of this year when they saw settlements above that level. On August 25, prices stood at $1,771.40.

Gold prices had two “powerful surges,” in the summer of 2020 and another in early winter 2022, matching Russia’s invasion of Ukraine, according to Schoenfeld. “Gold has since corrected significantly,” he notes, attributing the pullback to a steady rise in interest rates and the “vocal articulation” of the Federal Reserve’s monetary tightening policies, which have also strengthened the US dollar.

In a speech to central bankers at the Jackson Hole retreat on Aug. 26, Fed Chairman Jerome Powell implied further interest rate hikes as the Fed continues its efforts to control inflation.

The dollar, as measured by the ICE US dollar index, is up 13% this year. It hit a 20-plus-year closing high on August 22.

The dollar’s exceptional strength against other currencies has bolstered investor confidence in the currency’s safe haven role “to the detriment of gold,” said George Milling-Stanley, chief gold strategist at State Street. Global Advisors.

Despite this, he believes that investors are “exaggerating the potential negative impact of higher interest rates” on gold prices. He points out that over the past two periods of sustained Fed tightening, gold prices have actually risen sharply, “contrary to the conventional wisdom that higher rates hurt gold investing. because they increase the opportunity cost of investing in them”. For example, in the two years from June 2004 to July 2006, when the Fed raised rates 17 times, gold rose 42%, Milling-Stanley says.

While he doesn’t rule out another test of support for gold around the $1,700 level, he points out that State Street’s base case scenario is for prices this year to be between $1,800 and $2,000. . “Current uncertainties on the macroeconomic and geopolitical fronts could bring prices back into this trading range before the end of the year,” Milling-Stanley said.

Central banks, meanwhile, continued to buy gold. This matches the trend following the 2008 financial crisis, says Steve Land, senior portfolio manager of the

Franklin Gold and Precious Metals

funds (symbol: FKRCX).

Global central banks added 180 metric tons to official gold reserves in the second quarter compared to the first quarter, according to the World Gold Council.

“Growing geopolitical uncertainty has caused central banks to hold more gold and less currency or debt from other countries,” Land says.

Still, gold markets are “difficult to predict,” he adds. Gold is a financial instrument that tends to profit from periods of economic uncertainty or fear of inflation, and it is a “luxury good”, with most of the world’s annual gold production being sold like jewelry, “which may feel pressure during economic downturns.”

“There’s usually a lot of countervailing pressure in the gold market, giving it unique price moves relative to other assets,” he says. This helps make it a “compelling addition to a diversified portfolio.”

E-mail: [email protected]

Who Gets Student Loan Forgiveness? Relief arouses joy, anguish | State

For Nick Marcil, forgiving $10,000 of his student loans could mean finally leaving his parents’ house.

Marcil, 24, attended a Pennsylvania state college, won scholarships and worked while pursuing a degree in education, but still owed $18,000 before Wednesday’s action by the Biden administration to erase some student loans.

“I feel like if I didn’t have that burden, I would be more likely to, you know, try to move — try to have, you know, my own house,” Marcil said, who lives in a suburb of Philadelphia. .

For borrowers like Marcil – including millions whose entire debt will be erased – the decision means new freedom to move around, start a family or hold down a low-paying but fulfilling job. But for many others, the long-awaited plan brings bitterness and frustration.

Many student borrowers feel left out, perhaps because they did not qualify for federal loans and had to rely on private loans, which will not be forgiven. Other Americans are unhappy with the break current debtors will receive because they have already paid off debt, worked to avoid college loans or opposed the decision on philosophical grounds.

Then there are the systemic effects. Some inflation watchers fear that the new purchasing power of borrowers will drive prices up even further. The loan forgiveness is estimated to cost the government more than $300 billion, according to an analysis of Penn Wharton’s budget model. And the relief does nothing to address the skyrocketing cost of college.

The frustration may be greater for the more than half a million people who owe more than $200,000 in federal loans. For these borrowers, $10,000 to $20,000 seems disconnected from the exorbitant cost of American higher education. Last year, the average state college tuition cost more than $10,000, and the average private college charged $37,000 per year.

Christian Smith, 32, will owe more than $60,000 when she completes her undergraduate degree at the University of Colorado at Denver next year. This is roughly equivalent to his annual household income. “It’s overwhelming,” she said.

Smith, who works full-time in student outreach for the Young Invincibles, a nonprofit that advocates for students and youth, estimates she and her partner will both pay $900 a month to repay their loans students once she graduates.

“We’re talking about buying a house, but that just doesn’t seem like something I’ll ever be able to do,” she said.

Having a child also feels painfully out of reach. Smith plans to postpone motherhood until she has paid off her school debt.

“I was poor growing up, and I don’t want that for my child,” she says. “I don’t mean that you can’t attend this field trip or that you have to wear used clothes that the other kids make fun of.”

If President Joe Biden had chosen to provide further student debt relief, it would have a bigger impact, she said, especially for black women like her. Statistics show they hold a larger share of student debt than white graduates because they lack family wealth to help fund their education.

“If he had cleared my debt, I would take out my Mirena tomorrow,” she said, referring to her contraceptive device.

Dallas attorney Adwoa Asante borrowed $147,000 in federal loans to attend law school at Emory University. She graduated in 2015 and has since repaid around $15,000. With interest, she still owes $162,000 – a debt that she says has limited her career options.

Asante, who is black, said a $10,000 pardon is “better than nothing,” but a full pardon would go much further to improve the wealth gap between black and white Americans.

“If the Biden administration or any other government administration is concerned about fairness, it just doesn’t make sense to force people who can’t afford it to withdraw money so they can go to school,” she said.

While $10,000 or even $20,000 may not seem like enough for many debt-ridden Americans, it’s too much for some student borrowers who see the plan as an unnecessary burden on taxpayers.

“It took both my parents years to pay off their college debt, and now they’re being told that if they had waited a bit it would have just gone away,” said Jackson Hoppe, 19, a college student. GeorgeWashington.

Hoppe has his own federal student loans and expects to owe about $18,000 by the time he graduates. But he does not want forgiveness.

A bailout “places an additional burden on Americans, many of whom haven’t even gone to college,” Hoppe said. “Don’t take on debt you can’t repay, and don’t ask others to pay your own debts.”

Borrowing money has been the only way for many Americans to get to college or university, steps seen as necessary to join and stay in the middle class or progress beyond it.

For Catari Giglio, financing college and joining the middle class is more difficult than for most Americans. Giglio’s parents are from Chile and the family moved to Boston from Italy when she was 13.

Giglio, 20, is in the country without legal permission and does not qualify for federal loans because she does not have a Social Security number. She will not receive any benefits from Biden’s debt cancellation plan.

Giglio, who plans to borrow a total of $150,000 in private loans by the end of his four years of studying graphic design at Suffolk University, is already paying nearly $400 a month to repay the 12% interest on the money she borrowed to finance her first two years of school.

“It’s frustrating. It’s 10 times harder for me to go to school, to earn money,” she says. “There’s no help for us.”

Giglio has applied for lawful permanent residence in the United States and hopes to have more options for paying for her education once she receives a green card.

She regrets the obligations she has assumed and wonders about the American education system that allowed her to accumulate a mountain of debt.

“Putting such financial responsibility on an 18-year-old fresh out of high school is not a responsible thing to do,” she said. “Society and schools don’t prepare us to make these kinds of financial decisions.”

The decision brought joy to the many people whose entire debt is forgiven.

Emily Taylor, a single mother of three in Louisiana, owes $12,000 in student loans even though she never finished school. As a Pell Grant recipient, she expects everything to be eliminated.

Taylor, who works in customer service, said the cancellation would allow her to start saving for her children’s education, ages 14, 12 and 10.

“Knowing that I can help my kids do things differently and help fund their education in a way that my parents couldn’t help fund mine is so important,” she said. .


Associated Press writers Claire Savage in Chicago, Heather Hollingsworth in Mission, Kansas, and Arleigh Rodgers in Indianapolis contributed to this report. Savage and Rodgers are members of the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places reporters in local newsrooms to report on underreported issues.


The Associated Press education team receives support from the Carnegie Corporation of New York. The AP is solely responsible for all content.

Twilio and Cloudflare among Oktapus’ 135 phishing targets • The Register


The criminals behind attempted cyberattacks on Twilio and Cloudflare earlier this month had cast a much wider net in their phishing expedition, targeting up to 135 organizations – mostly IT service providers, software development and US-based cloud services.

The gang went after employees of Okta customers, sending victims text messages containing malicious links to sites spoofing their company’s login page to harvest their work login credentials and passcodes multifactorial. For this reason, Group-IB analysts named the campaign Oktapus.

In a study released on Thursday, the Threat Intelligence Team found that Oktapus’ phishing journey, which began in March, stole 9,931 user credentials and 5,441 multi-factor authentication codes. .

“The attackers’ initial goal was clear: to obtain Okta credentials and two-factor authentication (2FA) codes from users of the targeted organizations,” wrote Group-IB researchers Roberto Martinez and Rustam. Mirkasymov.

“With this information in hand, attackers could gain unauthorized access to any company resources that victims have access to.”

The crooks then used the stolen credentials and 2FA codes to carry out several supply chain attacks. They broke into the marketing company Klaviyo and the email service Mailchimp, which then allowed the criminals to harvest the email addresses of DigitalOcean customers to phish those people.

And, of course, the attackers tried and failed to hit Cloudflare, and managed to break into Twilio, which then allowed them to target Twilio Signal client users and obtain phone numbers and passwords. registration of 1,900 users of the encrypted messaging service.

Group-IB’s research includes a screenshot of some of the phishing sites that mimicked Okta’s authentication pages, and based on that, companies targeted include AT&T, Verizon, T-Mobile and the messaging service Mailgun.

In total, the researchers found 169 unique domains involved with Oktapus, and they noted that the phishing kit used by the attackers included a legitimate image used by sites requiring Okta authentication.

The phishing sites, which looked a lot like the real authentication pages of organizations, asked employees to enter their username and password, then asked them for a 2FA code. These stolen credentials were then sent to a Telegram channel controlled by the attacker, and the criminals used them to access company data, emails and internal documents, we are told.

While most of the companies targeted can be categorized as tech companies – this includes 53 software companies, 22 telecommunications companies and 21 enterprise service providers – the attackers are also hitting organizations in finance (13 ), education (9), retail (7), logistics. (4), video games (2), legal services (2) and power supply (2).

“Seeing financial companies in the compromised list gives us the idea that the attackers were also trying to steal money,” the researchers noted. “In addition, some of the targeted companies provide access to crypto assets and markets, while others develop investment tools.”

The bulk of the targeted organizations are headquartered in the United States (114), and those in other countries have US-based employees who were targeted, according to Group-IB.

However, they warned, we are unlikely to know the scale of the attack for some time. ®

RSPCA shelters ‘drowned’ animals amid cost of living crisis | UK cost of living crisis


The RSPCA has recorded a 24 per cent rise in the number of abandoned animals this year, with shelters reporting they are ‘drowning in animals’ amid the cost of living crisis.

Workers are inundated with calls from owners struggling to feed and care for their pets. Between January and July this year, the charity received 22,908 animal abandonment reports, compared to 18,375 in the same period last year, while in the first five months of 2022, 49 % more rabbits, 14% more cats and 3% more dogs were abandoned. .

A Worcestershire animal sanctuary said it was ‘absolutely stuffed with animals’ as bills soared. In July, the centre’s busiest month so far this year, total running costs came to £7,500, double its average monthly bill.


“I worked in animal rescue for 12 years and we are always busy, but this is different. It’s like our nose is right above the water and you’re like, God, this is almost too much,” said Ned Cotton, director of The Holdings rescue center in Kempsey.

“We now really see the problem of the cost of living crisis. People have to choose between feeding themselves and feeding their pets. It’s a horrible situation for a lot of people. »

The charity has seen a 9% increase in calls to its emergency helpline this year, many of them from people struggling with vet bills, and their latest investigation revealed 19% of pet owners worried about how they would afford to feed their pets.

“I get several phone calls a day from struggling members of the public and now I definitely hear money as a big factor,” Cotton said. “And it’s difficult from our point of view because sometimes we can help, but often we don’t have the space.”

He added: “There is a huge backlog, we have animals in private boarding schools waiting for places to become available in rescue centers like ours. At the moment we have two cat spaces, but they will be filled in the next few days. »


On a single day in August, the shelter took in nine abandoned cats and three rabbits.

Claire Wood, a volunteer at the centre, said: ‘Sometimes it feels like we are drowning and fighting to save, care for and relocate the endless stream of animals we see.

As abandoned animals increase, the number of people showing up for rehoming has slowed. In 2019, the association welcomed an average of 753 animals per week. That figure fell to 518 per week in 2021, and rates are still slow.

“Because of the cost of living crisis, people are going to make judgments, they are going to make calls about how their money is being spent. We noticed that repatriation slowed down in July and people are not donating either; so many people just can’t afford it anymore,” Cotton said.

The RSPCA recently launched its Undo cruelty campaign to help raise funds for deployed rescue teams rescuing animals on the front lines.

The charity is also concerned that the cost of living crisis will lead to more pets not being neutered, not microchipped and not receiving medical care when they need it.

“We’re seeing people not getting pet insurance, and we’ve seen a trend over the past few months where people haven’t been giving prompt care to their pets. We had a dog who had to have his entire ear canal removed, probably because there was a seed in it and it got progressively worse because he wasn’t being treated,” Cotton said.

His main concern was how the shelter would cope over the next few months, as energy bills were expected to climb further.

“A lot of times people think ‘how can people give up on their pets, how could someone do that? “, He said. “But often there are very genuine reasons behind it and I think with the cost of living crisis, I’m scared to think about what’s going to happen over the the next few months.”

Attorney General James and Governor Hochul announce $2 million fine against company that illegally operated oil wells

James Lee was ordered to plug hundreds of oil wells that
Drinking water at risk in Steuben and Cattaraugus counties

The decision includes the largest financial penalty ever imposed for violations of plugging well

NEW YORK – New York Attorney General Letitia James and Governor Kathy Hochul today announced a $2 million judgment in a lawsuit against James R. Lee and his affiliates for gross violations of immigration regulations. Status of Oil and Gas Wells and Community Endangerment in Steuben and Cattaraugus Counties. . Lee and his companies were ordered by a state Supreme Court judge to pay the fine – the heaviest financial penalty imposed in an oil and gas well case – and put his oil wells in full swing. compliance with state laws. For years, Lee and his companies failed to properly cap the wells they operated, which posed a significant hazard to drinking water supplies and methane release in areas surrounding the wells.

“This is a critical victory for our efforts to protect New York’s air and water. These illegally operated oil wells were threatening drinking water for countless families in southern and western New York and causing significant environmental damage,” said Attorney General James. “This case should make it clear that New York will stand up to anyone who threatens the health of our communities or our natural resources. I am grateful to Governor Hochul, Commissioner Seggos and our partners at DEC for their partnership in stopping polluters and protecting people.

“My administration is focused on taking decisive action to protect drinking water in communities across the state, and the record financial penalty announced today is a major victory for New York,” said Governor Hochul. “We remain steadfast in our efforts to hold accountable anyone who endangers the health and safety of New Yorkers. I thank Attorney General Letitia James for her partnership in taking action to protect public health and the environment in Steuben and Cattaraugus counties.

“This judgment is a significant judgment day for Lee and his companies after years of blatant disregard of New York State’s strict requirements at hundreds of oil well sites in Steuben and Cattaraugus counties,” said DEC Commissioner Seggos. “I thank Attorney General James, his team and my staff for their tireless work in bringing this persistent offender to justice. This unprecedented case demonstrates that New York State will spare no effort to aggressively pursue polluters and hold them accountable for the damage they cause to our environment and our communities.

For many years, Lee and its fictitious subsidiaries – Lee Oil Company, Inc., Whitesville Producing Corporation, Whitesville Production Corp., Allegro Oil & Gas Inc. and Allegro Investments Corporation – owned or operated hundreds of oil wells in Steuben and Cattaraugus. counties. These illegal operations have been the subject of numerous enforcement actions brought by the Office of the Attorney General (OAG) and the DEC. After failing to follow environmental laws and properly plug more than 400 of the wells, OAG and DEC filed a lawsuit against Lee and his companies to force them to comply, including properly plugging their wells, as well as to pay fines for their flagrant and long-standing violations. .

The court ruled in favor of OAG and DEC in their case against Lee and determined that:

  • Defendants failed to plug over 400 oil wells;
  • The defendants did not submit more than 10 years of required annual reports for the wells;
  • Defendants failed to file required DEC organizational reports for well operators;
  • The defendants did not provide an adequate financial guarantee intended to ensure the clogging of the wells;
  • James Lee is personally responsible for the sanctioning and compliance of wells and is not protected by its defunct affiliates; and
  • Responsibility for plugging pits may be transferred to successor owners of the affected mining property.

The $2 million fine was imposed on Lee and his affiliates, in part on the fact that the state proved that Lee benefited financially – at least $1 million – by failing to comply. state environmental law and returning judgments against them. In its decision, the court found that Mr. Lee and his companies violated these laws for years and ignored repeated attempts by the state to bring Mr. Lee and his companies into compliance.

Disconnected oil and gas wells pose serious threats to drinking water supplies and the environment in general. Several of Lee’s wells have already spilled oil into surrounding waters and pose ongoing threats to public health. Additionally, these sinks can emit methane, a potent greenhouse gas that is a major contributor to climate change.

The court said its decision should send a strong message to discourage other well operators from considering abandoning their own obligations on oil and gas wells around New York State and letting taxpayers pay for their clogging. The decision also sets an important real estate law precedent that can be used to require owners of properties with unplugged wells to fully comply with state well plugging requirements.

DEC will continue to rigorously monitor Lee’s wells and ensure that the court order is followed by bringing all wells into compliance. Mr. Lee has alleged an inability to pay for the patching, but DEC will seek to recover any assets it has that could be used to meet the obligations imposed by the judgment.

The case was handled by Assistant Attorneys General Meredith Lee-Clark and Brian Lusignan, overseen by Senior Enforcement Counsel Andrew Gershon and Bureau Chief Lem Srolovic of the OAG’s Environmental Protection Office. . The Environmental Protection Bureau is part of the Social Justice Division, which is led by Chief Deputy Attorney General Meghan Faux and overseen by Senior Deputy Attorney General Jennifer Levy. For DEC, the case was handled by the office of General Counsel David Keehn, with support from Mineral Resources Section Chief Ted Loukides, overseen by Lisa Wilkinson and Scott Crisafulli, with Deputy Commissioner and Counsel General of the DEC, Thomas S. Berkman.

Sophisticated BEC Scammers Bypass Microsoft 365 Multi-Factor Authentication


and hackers have developed ways to circumvent multi-factor authentication (MFA) on cloud productivity services like Microsoft 365 (formerly Office 365).

A BEC attack recently analyzed by cloud incident response firm Mitiga used an adversary-in-the-middle (AitM) phishing attack to bypass Microsoft Office 365 MFA and gain access to a business executive’s account, then successfully added a second account authentication device for persistent access. According to the researchers, the campaign they analyzed is generalized and targets large transactions of up to several million dollars each.

Initial access for BEC attack

The attack began with a well-crafted phishing email posing as a notification from DocuSign, a widely used cloud-based electronic document signing service. The email was crafted for the targeted business executive, suggesting the attackers did reconnaissance work. The link in the phishing email led to a website controlled by the attacker which then redirects to a Microsoft 365 single sign-on login page.

This fake login page uses an AitM technique, where attackers run a reverse proxy for two-way authentication requests between the victim and the real Microsoft 365 website. The victim has the same experience as on the real login page. Microsoft login, along with the legitimate MFA request that they must complete using their authenticator app. After the authentication process is successfully completed, the Microsoft service creates a session token that is flagged in its systems as MFA-compliant. The difference is that since the attackers acted as a proxy, they now also have that session token and can use it to access the account.

This reverse proxy technique is not new and has been used for several years to circumvent MFA. In fact, easy to use open source attack frameworks have been created for this purpose.

Secondary authenticator app provides persistence

According to logs analyzed by Mitiga, the attackers used the active session to add a secondary authentication application to the compromised account, giving them persistence even if that session token later expired. Because they had already intercepted user credentials, they now had their own method of generating MFA codes.

“Adding an additional MFA device to an Azure AD user does not require any additional verification, such as MFA reapproval for the session,” the researchers said in their report. “This means the attacker can add an MFA device to the victim’s account even a full week after the session was stolen without invoking any further user interaction, such as a new MFA approval request.”

The researchers believe this to be a design weakness in Microsoft’s authentication system because, in their view, security-sensitive actions such as changing MFA options, including adding a new MFA device, should trigger a new MFA dispute. In fact, it’s not the only sensible action where this doesn’t happen. According to the researchers, using Azure AD’s Privileged Identity Management (PIM) feature, which allows administrators to temporarily elevate their privileges, also does not require MFA challenge.

“PIM is designed so that administrative users can work with non-administrative rights and only elevate their permissions to an administrator using this portal,” the researchers said. “Microsoft however does not allow the customer to require an MFA rechallenge for this activity despite its high risk. This means that even if you have PIM enabled, if the account is compromised, the attacker can become an administrator by going to PIM portal themselves (although, at least in this case, the user will receive a notification that someone has enabled this privilege).”

Another issue highlighted by Mitiga is that customers do not have the ability to configure when a new MFA challenge occurs if they consider the default behavior not strict enough. The best they can do is set the session token timeout to the lowest possible value to limit the window of time the attacker has, but that’s not practical because the attacker has need a few seconds to perform such an action.

In this incident, the attackers used the session token from an IP address in Dubai, a location the victim has never been to or logged in from before. Such a change of location should also prompt a new challenge from the AMF.

“Microsoft Identity Protection identified some of these as risky logins,” the researchers said. “However, unless an organization can withstand some of the false positives generated by Identity Protection, the default behavior is to require an MFA rechallenge, which is not effective at this point because the attacker has already configured the ‘App Authenticator.”

Recognition and hacking of email threads

After gaining access to the executive’s Microsoft 365 account, the attackers began going through his Outlook correspondence and SharePoint files. This allowed them to identify a thread about an upcoming transaction between the victim’s company and another. The discussion was copied by several people, including company executives and attorneys from the law firm representing the organization, as well as executives from the third-party firm believed to be sending the fund and its attorneys.

The attackers searched for files related to the transaction, including contracts and other financial documents. They then registered fake domain names for the victim’s company and his law firm and drafted an email in the name of one of the lawyers, informing the third party company that the victim’s company had update its transfer instructions and account due to an ongoing audit freeze. their regular account.

The reason the fake domains, which were similar to the real ones, were needed was to give the impression of keeping all previous parties in the thread, but using fake email addresses instead so that they don’t actually receive the new email. Only representatives of the third-party company supposed to initiate the transaction have seen the malicious email.

Fortunately, one of the recipients mistrusted the email, so the transaction did not go through, but there are many cases where employees act on carefully crafted emails and forward l money in accounts controlled by attackers. According to the FBI’s Internet Crime Complaint Center (IC3), BEC attacks resulted in more than $43 billion in losses between June 2016 and December 2021.

“Given the accelerated growth of AitM attacks (even without the persistence allowed by an attacker adding a new compromised authentication method), it is clear that we can no longer rely on multi-factor authentication as our primary line of defense against attacks. identity attacks,” the researchers said. “We strongly recommend implementing another layer of defense in the form of a third factor tied to a physical device or the employee’s authorized laptop and phone. Microsoft 365 offers this as part of the conditional access by adding an authentication requirement via registrant and compliant device only, which would completely prevent AitM attacks.”

Mitiga has also released a security advisory on the BEC campaign.

Copyright © 2022 IDG Communications, Inc.

Coles reveals inflations are weighing on his prices and cost of doing business


Coles revealed that the price of its products rose 4.3% over the past financial year as Australia’s cost of living crisis continued to hit consumers.

The supermarket giant revealed in its financial results on Wednesday that the price of its products and its cost of operation were both negatively impacted by inflation in the 2021-22 financial year.

“In July, we saw further inflation in commodity costs due to recent flooding, bakery due to wheat prices, and packaged grocery due to various chain cost increases. procurement, including wages, packaging, raw materials and freight,” Coles said. in a report.

“In line with our suppliers and customers, we are also seeing inflationary pressures impacting our own cost base with rising wages, rent, fuel, supply chain and capital costs.

Camera iconThe cost of living continues to hit consumers, with Coles revealing how inflation has affected his prices. NCA NewsWire/James Gourley Credit: News Corp Australia

“Additionally, Covid and the flu have seen increased absenteeism costs for team members continue to impact the business.”

Coles revealed that total supermarket price inflation of 1.7% had been recorded over the past financial year.

But in the fourth quarter, this inflation rose to 4.3%, which was particularly felt with fresh produce.

“In the fourth quarter, new inflation was 4.7% and was driven by both bakery, reflecting higher wheat prices, and fresh produce, due to flooding in Queensland and New -South Wales which has had an impact on supply, particularly in vine and soft vegetables such as tomatoes, peppers and broccoli,” Coles said.

“Raw material, commodity, shipping and fuel costs remained the primary driver of supplier input cost requests received in the fourth quarter, impacting packaged goods inflation. .”

The supermarket giant’s cost of running, as a percentage of sales, rose 50 basis points to 21.4% in the past financial year, partly due to underlying cost inflation.

He noted that one of his biggest challenges in today’s market was rising food inflation, which had led to an increasing number of suppliers raising prices and customers’ “more value-driven choices”. impacted by cost of living pressures.

Camera iconInflation has a negative impact on prices and the cost of doing business at Coles. NCA NewsWire/Jeremy Piper Credit: News Corp Australia

But in some worrisome news for consumers, Coles signaled his inflation troubles aren’t going to end any time soon.

In his outlook for fiscal 2023, Coles said rising inflation and rising interest rates will continue to put pressure on many households.

He also said inflationary costs, including salaries, rent, fuel, supply chain and capital costs, would impact his cost of doing business.

To counter these issues, Cole said he is focusing on promoting initiatives and exclusive products that will entice customers to shop at his stores.

“With rising inflation and rising interest rates putting pressure on many households, Coles will continue to focus on delivering trusted value to customers through our differentiated Exclusive to Coles range. , our exclusive liquor brands and our Flybuys loyalty program,” he said.

“We have also locked the price of 1,168 products in supermarkets and online until at least January 31, 2023, and started lowering the price of an additional 500 products.”

Coles Group chief executive Steven Cain also said its “smarter selling program” would help reduce inflationary costs of doing business.

“We have now delivered the third year of our transformation strategy, including significant growth in our e-commerce operations coupled with additional efficiencies through our Smarter Selling program,” he said.

“The continued headwind of rising inflation underscores the importance of our Smarter Selling cost reduction program, and the start of commissioning of three of our four Witron automated distribution centers and processing centers Ocado customers in FY24 will allow us to improve future efficiency while delivering an improved offering to inspire customers,” he said.

Coles posted net income of $1.048 billion for the 2021-22 fiscal year, an increase of 4.3% over the previous year.

It also recorded $39.75 billion in annual revenue, a 2% increase from the prior fiscal year.

Ready, set, go: Claremont City Council races heat up

by Steven Felschundneff | [email protected]

What a difference a day makes.

In our Friday, August 12 edition, we reported that as the deadline approached, only one incumbent City Council member had a challenger in the November election. But by the Monday, August 15 deadline, the three starters had a race on their hands.

In a flurry of activity on Deadline Day, Aundre Johnson and Maura Carter became qualified candidates for the council, meaning they had collected all 20 nomination signatures and submitted the forms to the city clerk.

On Wednesday, Johnson had taken the next step by forming a committee and providing the city with the necessary paperwork that will allow him to spend or raise more than $2,000 for his campaign. Carter had not yet filed those documents.

Pro Tem Mayor Ed Reece will run against former City Councilman Peter Yao in District 2, Councilwoman Jennifer Stark will face Carter in District 3 and Mayor Jed Leano will face Johnson in District 4.

Councilwoman Jennifer Stark’s opponent in the Nov. 8 election is Maura Carter.

Pro-Tem Mayor Ed Reece will face former council member Peter Yao in the Nov. 8 election.

While the incumbents, and Yao, are household names to COURIER readers, less is known about Johnson and Carter.

Johnson works as a television and film director and has provided Covid security management on Hollywood studio grounds throughout the global pandemic. He is married and has two sons who currently attend Claremont Elementary Schools.

He was a member of the Claremont Police Station Citizens’ Advisory Committee formed after the failure of the first bond measure to fund and build a new police station. He was also a member of the No on Measure CR committee, which in November 2019 succeeded in defeating the ordinance that would have raised sales tax in Claremont by 0.75% with money paid into the general fund.

“I’m running for office to make sure the city council is focused on increasing transparency with issues that impact our community,” Johnson said. “Likewise, I want to emphasize that the city council exists to serve all constituencies. I want to make Claremont a safe place for everyone to live while preserving Claremont’s sense of place by maintaining the unique quality of our neighborhoods.

Carter grew up in Claremont, attending local public schools and Claremont colleges. She has “worked, volunteered and participated in community events in Claremont”, including taking an active role in the “Keep La Puerta Public” campaign, which opposes Trumark Homes’ proposed development of the former site of school at 2475 N. Forbes Avenue.

“I want to continue the diversity, inclusiveness and accessibility of this beautiful city. I have many longtime friends, neighbors and associates in Claremont and enjoy a strong sense of community. I have great respect for the intergenerational voices of Claremont. I will serve Claremont with integrity, dedication to fiscal responsibility and commitment to safety, inclusiveness and sustainability,” she said.

Yao quit his job on Claremont City Council in 2010 so he could serve on the Citizens Redistricting Committee. His 10-year commitment to this organization is now over, so he is refocusing his efforts on serving Claremont.

“I am seeking another role on Claremont City Council after my previous term in 2010 to address some outstanding issues in our community. There are significant opportunities to showcase the partnership between the city and Claremont Colleges, and strengthening the town-gown relationship remains critical to ensuring Claremont’s growth. Claremont Colleges provide a world-class academic environment, and strengthening the city’s contribution to that atmosphere will be a boon for both parties. I’m also looking to tackle Claremont’s employee pension to ensure our dedicated public servants are financially protected once they retire,” Yao said.

A full profile of each candidate will be released ahead of the November 8 election, however, in the interest of giving incumbents an equal voice, each has submitted the following statements for release:

“I am delighted to continue to serve Claremont on the City Council. Claremont is in a much stronger position than when I took office in 2018. I will continue to do what I do best in this campaign and in a second term: providing a positive vision of progress, dignified and accessible leadership , and a renewed focus on our greatest challenges over the next four years,” said Leano.

“Despite the pandemic, I am proud to have delivered on my election promises of four years ago regarding public safety, financial stability, housing, sustainability and transportation. I recognize that there is still much to do, including managing our urban forest, maintaining fiscal stability, improving public safety, thoughtful affordable housing, and more. I look forward to another four years of fruitful collaboration with Claremont staff, fellow councilors and the community to advance our shared vision for our hometown,” said Reece.

“I am running to continue serving Claremont because I feel a deep sense of responsibility and gratitude to our community – a community with a heritage rooted in intentional and managed planning for organized evolution and development. My hope is to learn from our past successes while seizing the challenges and opportunities that come with living in a complex world. By balancing the gifts of our heritage with courageous change management and forward-thinking leadership, we will be prepared for uncertainty. I believe that the democratic process is a collaborative and cooperative process, and that by centering our values ​​on fairness, sustainability and community, we all get a more rational chance to prosper and grow towards a healthy future,” said said Stark.

ForgeRock Announces Strategic Partnership with Secret Double Octopus to Expand Passwordless and Multi-Factor Authentication Capabilities Across the Enterprise


SAN FRANCISCO–(BUSINESS WIRE)–ForgeRock (NYSE:FORG) today announced a strategic partnership with Secret Double Octopus (SDO) to extend ForgeRock’s rich passwordless, multi-factor authentication (MFA) capabilities to desktops and computers. business infrastructure.

Initially, ForgeRock will leverage SDO’s technology to enable a unified MFA experience for employees, contractors, and vendors. The new solution, called ForgeRock Enterprise Connect, integrates seamlessly with any ForgeRock deployment option, providing enterprises with the ability to improve the security of workstations, databases, VPNs and servers. The new solution will be showcased this week at the Gartner IAM Summit in Las Vegas at the ForgeRock booth.

The initial product release includes:

  • MFA Workstation – Provides secure access to Windows and Mac workstations with the ForgeRock Authenticator app, with push notifications and a one-time password

  • Desktop Single Sign-On (SSO) – Leverages the same desktop login credentials to connect to the rest of the enterprise for a seamless user experience

  • Remote Desktop MFA – Ensure secure access for virtual and remote Windows desktops with powerful MFA

  • Enterprise Infrastructure MFA – Eliminate unnecessary friction with seamless connection experiences to VPNs, databases, and Unix/Linux servers

“Fighting unauthorized access and credential-based attacks is essential for organizations to protect sensitive data,” said Fran Rosch, CEO of ForgeRock. “This strategic partnership will help accelerate our plans to more comprehensively secure the enterprise against major threats.”

“Secret Double Octopus is thrilled to enter into this strategic partnership with ForgeRock,” said Raz Rafaeli, CEO of Secret Double Octopus. “We look forward to exploring future opportunities to bring new solutions to market that make authentication more seamless and possibly passwordless.”

ForgeRock Enterprise Connect will be available exclusively from ForgeRock.

Going forward, the two companies will share additional information when it becomes available.

About ForgeRock

ForgeRock® (NYSE: FORG) is a global leader in digital identity that helps people simply and securely access the connected world. The ForgeRock Identity Platform provides enterprise-grade identity solutions at scale for customers, employees, and connected devices. More than 1,300 organizations depend on ForgeRock’s comprehensive platform to manage and secure identities with identity orchestration, dynamic access controls, governance, and APIs in any cloud or hybrid environment. For more information, visit www.forgerock.com or follow ForgeRock on social media: Facebook ForgeRock | Twitter @ForgeRock | LinkedIn ForgeRock.

About Secret Double Octopus

Secret Double Octopus is the global leader in next-generation workforce authentication solutions. Its industry-leading Octopus Authentication Platform offers midsize to Fortune 100 companies the ability to transition to a more secure, frictionless and unified authentication solution for MFA and passwordless authentication. From leveraging legacy MFA authenticators to supporting legacy on-premises applications, no other passwordless desktop and enterprise MFA platform offers as much robustness and flexibility as the Octopus solution. The company was named Gartner “Cool Vendor” and most recently named “Best-in-Class” passwordless solution by AITE Group in 2021. Learn more at https://doubleoctopus.com or follow us on social networks: Twitter @double_octopus | LinkedIn secret-double-octopus.

What It Costs To Educate A Child In India And How To Plan For It


Educating a child in a private school in India costs Rs 30 lakh.

In India, raising a child in a private school is expensive.

Although inflation has reached uncomfortably high levels, experts say these figures do not adequately reflect the suffering caused by rising college costs, as this is not part of the mix considered to measure price change on a period.

Educating a child in a private school in India from the age of 3 to 17 costs an incredible Rs 30 lakh, according to ET Online research.

According to the analysts of this research, the expenditure linked to the expansion of private education, which weighs only 4.5% in the consumer price index based on a ten-year-old formula, has not been correctly taken into account in the inflation figures.

According to ET Online research, educating a child in a private school in India from the age of 3 to 17 costs an incredible Rs 30 lakh.

A report in Economic period states that according to EduFund, between 2012 and 2020, the cost of education in India has increased by around 10-12%. Periodic increases not only in tuition, but also in the cost of transportation and exams impact parents’ overall expenses.

The calculations, according to the Economic Times report, were made assuming the students were enrolled in a private school.

Admission fees are a one-time cost associated with enrolling a child in school.

Most schools in Tier I cities have an entrance fee ranging from Rs 25,000 to Rs 75,000. If a second child is enrolled in school simultaneously, some institutions grant parents discounts ranging from Rs 10,000 to Rs 20,000.

Kindergarten and crèche are included in preschool. In most schools in Tier I and Tier II cities, annual tuition fees can range from Rs 60,000 to Rs 1.5 lakh.

The children are enrolled in day care centers where both parents work. In some metros, professional daycare centers charge between Rs 5,000 and 8,500 per day.

Primary school tuition fees range from Rs 1.25 lakh to Rs 1.75 lakh. Parents should budget Rs 5.50 lakh for their children’s primary education.

The average annual tuition fee for the college is between Rs 1.6 lakh and Rs 1.8 lakh, and the total cost is almost Rs 9.5 lakh.

Starting from Class XI, many schools require parents to make separate monthly payments for books of Rs 4,000 to Rs 7,000. It is suggested to budget around Rs 9 lakh for the whole school. secondary education, says the ET report.

Most institutions charge an additional Rs 1,500 to Rs 2,500 per month for transportation. Parents typically spend Rs 25,000 on transport per year, but as fuel prices rise this may change.

Most middle-class parents now start saving early for a college education, which costs even more than school.

The cost of elite higher education is also high. It costs around Rs 4 lakh to Rs 20 lakh to enroll in a top-tier institution for a four-year BTech or a three-year BSc.

Coaching costs for entrance exams like JEE and other tests can cost between Rs 30,000 to Rs 5 lakh.

A professional chartered accountant course costs around Rs 86,000, not including the coaching fee. According to experts, the ET report indicates that parents should start planning for their children’s education as soon as possible.

To properly allocate their savings, parents can allocate their short-term and long-term goals.

Guest comment: Fixed record on paid family leave for teachers


By Joseph DiPasquale

Joseph DiPasquale is Delaware’s nonpartisan candidate for state representative in the 41st district. He resides in Millsboro.

Recently, my opponent in the 41st District, Republican Rep. Rich Collins, criticized Delaware teachers for taking 12 weeks of paid family leave when giving birth or adopting a child. child (“Wisdom of paid family leave questioned,” August 5). Calling it a “financial incentive for teachers to stay home,” he twists the statistics, ostensibly to arouse “concern (that) paid family leave is further handicapping Delaware students who were already disadvantaged after nearly two years of forced distance learning. ”

For example, Rep. Collins treats the 1,184 “school workers” in his discussion of lost instruction time as if they were all teachers. That’s wrong: Delaware’s 9,900 teachers represent less than 52% of public school employees eligible for paid family leave. If all ‘school workers’ and ‘state employees’ take paid family leave at the same rate (an assumption he makes), then only 616 teachers took leave in the fiscal year 2021, i.e. a fraction greater than 6.5%.

Did these new parents cause a significant increase in wasted instructional time? It is prohibitively unlikely. Why? Because Delaware state employees can already bank paid sick leave and take advantage of unpaid time under the federal family medical leave law. In other words, many Delaware teachers already had the potential ability to take those 12 weeks without paid family leave. There is no evidence that the existence of paid family leave for teachers has significantly increased lost teaching hours.

What paid family leave has done is eliminate the specter of financial hardship that causes many women to continue working too late into their third trimester or return to work too soon after giving birth. Current research suggests that pregnancy typically requires four to 16 weeks off work, depending on age and the flexibility of the employment situation.

Often young teachers who have not worked long enough to accumulate substantial sick leave; those susceptible to complications such as gestational diabetes or cervical incompetence; or those who give birth to premature or disabled babies risk missing out on paid sick leave altogether. Their families are placed in the position of deciding between health risks and unsustainable loss of income, and so many may never be able to return to their classrooms.

It is adding insult to injury to characterize these teachers by innuendo as being pedagogically “inferior” and making excuses to “stay at home”, seemingly indifferent to the fact that they are inflicting “stress increased to employees without children.

The legitimate question regarding paid family leave for state and school district employees is how we pay for it, which has obvious answers.

Delaware could have generated more than enough funding to guarantee paid family leave by legalizing cannabis and taxing its sale, as many other states have done. To their credit, a large majority in the General Assembly voted for it, but Governor John Carney and Rep. Collins, in a bizarre display of negative bipartisanship, united to scuttle it.

The overall tone of Representative Collins’ article is tinged with unintended irony. In other forums, he argued that abortion should be banned because American women “just don’t have enough babies” and we “remove” fetuses “before they have the chance to become those people we need to support”. we.”

Nor does it dispute the state’s assertion that “newborns of mothers on paid leave were more likely to be breastfed, receive medical exams, and receive essential vaccinations” and “ increased the likelihood that women would return to work after childbirth.

As an “average Joe,” I struggle to demand a commitment to having more babies, while arguing against allowing them to receive the best pre and postnatal care.

I’m also deeply skeptical that, if you really think most teachers are mediocre failures, you think forcing them back into the classroom as soon as possible after giving birth will improve academic outcomes.

We have a teacher crisis: Too many of the best are leaving the profession because of appalling working conditions, politicized ‘accountability’ measures and politicians who believe students will get better at math and reading if we need cameras in the classrooms, while making them pass a course on “the evils of communism”.

Paid family leave for teachers is one of the few positive steps the General Assembly has taken to stem the bleeding, while treating them as if their health and that of their children matter.

We need to keep looking for more sensible and fiscally responsible initiatives that “average Joes” like me can understand and support.

Business Insights: Back-to-School Insurance Tips | Local business news

Summer is coming to an end and the start of the school year is fast approaching.

As the parent of two college students and a recent graduate student, I understand how exciting this time is for students and parents.

Whether you’re a fresh high school graduate heading into college or a nervous parent preparing for your child’s first day, it’s important to review your insurance policies to make sure your entire family is properly covered.

During this busy time of year, I want to remind Oklahoma residents that having the right insurance can provide them with greater peace of mind throughout the year and protect their families from a financial disaster.

Here are some insurance tips that parents and students should consider before going to school.


People also read…

If your student is moving into a dorm, your home insurance policy will likely cover their belongings in case of loss.

Ask your child to let you know if they are buying a new computer or other expensive items. You will need to check with your insurance company to make sure your coverage will take care of these things.

Students living off campus should consider tenant insurance. This coverage will protect student property and protect them if someone is injured on the property.

Renters insurance premiums range between $15 and $30 per month, depending on the location and size of the rental unit and the value of the property. Whether they live on campus or off campus, a home inventory is a good idea. The list of items will make a future insurance claim faster and easier to settle.


Oklahoma requires every car to have automobile liability coverage or meet the financial responsibility requirements of Oklahoma law.

Automobile liability insurance pays for property damage and bodily injury to someone else if you are found at-fault in an accident, up to policy limits.

If the title of the car is in your student’s name, it will need to have its own policy. If your student drives a vehicle you own, your child can probably stay on your policy.

If your student travels to college without a vehicle, you may be eligible for a discount on “student absent from school” car insurance. Check with your insurance agent or insurance company and let them know where the car will be stored if the address differs from the one on the policy.


Students have several health insurance coverage options while in college. If your children are covered by your insurance now, chances are they will still be covered while they are in school. Any insurance plan that provides coverage for dependents must make it available until the dependent turns 26.

Many colleges and universities also offer their own student health insurance plan. Bonuses and features vary widely from school to school. Check with your student’s school health center to see what coverage options are available.

Insurance claims denied

If your family is facing a claim denial or settlement disagreement, you can file a complaint at oid.ok.gov. The Oklahoma Department of Insurance Consumer Assistance Team mediates claims between policyholders and insurance companies.

If you have questions about other insurance issues, please contact the Oklahoma Department of Insurance at 1-800-522-0071 or visit the website.

Glen Mulready is Okahoma’s insurance commissioner.

Encore Wire Elevates to Top Industry Winners, Rocket Lab Replaces Winner Tag with #1 Loser


MicroStockHub/iStock via Getty Images

The week saw no outlandish gains among industrial stocks with Encore Wire leading the way as winners, while Rocket Lab and two others in last week’s top five list landed among this week’s losers.

The S&P 500 collapsed off a four-week winning streak and saw six of 11 S&P 500 sectors in the red. For the week ending August 19, the SPDR S&P 500 Trust ETF (TO SPY) has been -1.16%. Since the beginning of the year, SPY has -11.12%. The Select Industrial Sector SPDR (XLI) also decreased (-1.00%) ending four consecutive weeks of gains. Since the start of the year, XLI has been -6.59%.

The top five gainers in the industrials sector (stocks with a market capitalization of over $2 billion) all gained more than +3% everyone this week. However, since the beginning of the year, only three of these five titles are in the green.

Again Yarn (NASDAQ: WIRE) +7.35%. The Texas-based company was back in the top 5 gainers after three weeks, having also slipped into the bottom five two weeks ago. The title gained the most on August 18 (+6.84%) this week. SA’s quantitative rating on stocks is Strong Buy, which takes into account factors such as valuation and profitability, among other things. Wall Street’s average analyst rating is consistent with its own strong buy rating, in which 2 out of 2 analysts rate it as strong buy. Since the beginning of the year, WIRE is –1.70%one of two stocks in this week’s top five that are in the red for the period.

NV5 Global (NVEE) +5.86%. The Hollywood, Fla.-based company, which provides engineering and consulting solutions, saw its stock gain for six consecutive trading days (August 10 – August 17). Since the beginning of the year, the NVEE has increased +2.86%. The SA quantitative rating on the stock is Strong Buy, with profitability having a factor rating of B and growth with a rating of C-. The average Wall Street analyst rating is Buy, in which 2 each mark its strong Buy and Buy while 3 see the stock as Hold.

The chart below shows the year-to-date price-yield performance of the top five winners and the SP500:

AeroVironment (AVAV) +4.79%. The Arlington, Virginia-based drone maker has won a contract with the U.S. military for a JUMP 20 unmanned aircraft and also acquired air navigation solutions provider Planck Aerosystems this week. AeroVironment was among the top five performing industrial stocks (in this segment) in H1 (+32.90%). Since the beginning of the year, AVAV has won +65.44%, the most among the top 5 winners this week. The average Wall Street analyst rating for AVAV is Buy, with an average price target of $96.25. The rating contrasts with the SA Quant Rating of Hold, with Valuation having a factor rating of D- and Growth having a rating of D.

FTI Council (FCN) +4.28%. The Washington, DC-based company was back among the top gainers after being among the five worst-performing stocks about three weeks ago following its second-quarter results. Since the beginning of the year, the title has increased +11.56%. the SA Quant rating on FTI is Hold, which differs from Strong Buy’s average Wall Street analyst rating.

Aerojet Rocketdyne (AJRD) +3.81%. The California-based company gained following a report that Elliott Investment Management took a new stake by acquiring 3M shares in the defense systems maker. The SA Quant rating on the stock is Hold, which contrasts with the average buy rating from Wall Street analysts. Since the beginning of the year, the AJRD has paid -5.69%the only other title apart from WIRE which is in the red over this period.

This week’s top five declines among industrial stocks (market cap over $2 billion) all lost more than -14% each. Since the start of the year, three of these five stocks have been in the red.

Rocket Lab USA (NASDAQ: RKLB) -19.15%. The California-based launch services provider could not stem its stock decline despite being called outstanding among its launch peers by Morgan Stanley, which remained bullish on the stock. RKLB was among three stocks of last week’s top 5 gainers that landed among this week’s losers. The SA quantitative rating on the stock is Strong Sell, with profitability having a D- factor and valuation with a D-factor. The average Wall Street analyst rating differs from a Buy rating, in which 4 analysts on 8 qualify it as a purchase. Since the beginning of the year, RKLB has fallen -53.26%the most among the five worst this week.

Enovix (ENVX) -16.22%. The Fremont, Calif.-based lithium-ion battery maker pared some gains made during the six-day trading rally (August 9 – August 16). For the week ending August 12, the stock had soared +57.88%but since the beginning of the year, ENVX has lost -30.13%. The SA quantitative rating on stocks is Hold, with profitability having a D factor rating and growth with a B rating. view the stock as a strong buy.

The chart below shows the year-to-date price-yield performance of the five worst declines and XLI:

Bloom Energy (BE) -16.15%. The San Jose, Calif.-based company – which provides a power generation platform – ended its winning streak by breaking into the top five for three weeks in a row. The stock fell the most this week on August 16 -14.30% after the company launched a common stock offering to raise approximately $338 million. The title won +26.39% last week, and YTD increased +16.46%. Wall Street analysts’ rating on BE is Buy, where 6 out of 18 analysts consider it a strong buy. The SA Quant rating differs with a Hold rating, profitability having a D factor rating and valuation with a D- score.

Ballard Power Systems (BLDP) -16.05%. The Canadian fuel cell system developer’s stock fell throughout the week, the most on August 19 (-8.17%). The average Wall Street analyst rating for BLDP is Hold, where 14 out of 23 analysts backed the stock as Hold. The rating contrasts with the Quantitative Rating SA of Selling, with Valuation getting a factor rating of C and Profitability with a factor rating of D-. Since the beginning of the year, BLDP has paid -40.05%.

Elbit Systems (ILEC) -14.13%. The Israeli aerodefense company’s stock fell to its lowest level in 5 weeks after its second quarter results. ILEC fell throughout the week despite winning two contracts worth $240 million to upgrade main battle tanks for an international client. ILEC was among the top five winners in June and for the first six months of 2022 (in this segment). Since the beginning of the year, the title has won +20.46%, the only stock outside of BE on this week’s list of decliners that is in the green for this time frame. The SA quantitative rating and the average Wall Street analyst rating, on ILEC, are Hold.

Cost of living: Grim new forecast predicts energy bills of £6,000 a year

Experts warn of household energy bills of £6,000 a year from next April

Energy prices could soar by up to £6,000 a year for the average household from next April, experts have warned

Consultancy Auxilione has predicted the bill price cap will gradually increase by more than £4,000 over the next eight months.

They said the cap is expected to hit £3,576 in October, rise to £4,799 in January and eventually hit £6,089 in April.

The new forecast is an increase of £96 in January and £233 in April from the last one.

The cap is currently £1,971 for the average household.

Households that consume more than the average pay more for their energy bill.

The forecast, based on Friday’s petrol prices, is another blow to families across Britain and will put further pressure on the government to act.

About 45 million people are expected to be in fuel poverty this winter.

Millions of homes are likely to be kept freezing cold as people try to save what little they can on their energy bills.

The increase in the ceiling is due to the surge in the price of gas on the European markets following the limitation of Russian supply following the invasion of Ukraine.

It was triggered about a year ago as demand for gas soared as economies emerged from Covid-19 lockdowns.

Auxilione predicts bills will slowly decline in the second half of next year, to £5,486 in July and £5,160 in October 2023.

Tech stocks lead Wall Street lower, breaking winning streak | app


Ap Business Writers

Wall Street capped off a choppy week of trading on Friday with a broad decline in stocks that left major indexes in the red for the week.

The S&P 500 closed down 1.3%, snapping a four-week winning streak. Shares of more than 80% of companies in the benchmark fell, with tech stocks driving much of the pullback.

The tech-heavy Nasdaq composite fell 2% and also ended four weeks of gains. The Dow Jones Industrial Average fell 0.9%, ending slightly in the red for the week. Small company stocks also lost ground, driving the Russell 2000 Index down 2.2%.

Friday marked the market’s biggest sell-off, including the S&P 500’s biggest drop in more than seven weeks, after a strong run of weekly gains. The strong market rally in July and early August followed better-than-expected corporate earnings and signs of a slowing economy, perhaps paving the way for less aggressive rate hikes, the main policy tool. the Federal Reserve to control soaring inflation.

Minutes of the central bank’s interest rate policy meeting last month and recent statements from Fed officials seem to indicate that the Fed may not yet be ready to abandon its rate hike pace, said Quincy Krosby, chief equity strategist for LPL Financial.

“It put the market on notice that it may have to deal with a Fed that continues to raise rates at a steady pace and may not stop and let up the pedal,” he said. she declared.

This gave traders “the perfect excuse to finally start burning” some of the market’s recent gains.

The S&P 500 fell 55.26 points to 4,227.48. It ended with a loss of 1.2% for the week and is now down 11.3% so far this year.

The Dow Jones lost 292.30 points to 33,706.74, while the Nasdaq slipped 260.13 points to 12,705.22. The Russell 2000 gave up 43.38 points at 1,957.35.

Tech stocks suffered some of the biggest losses, and the sector’s decline weighed heavily on the market as a whole. Microsoft fell 1.4%.

Retailers, banks and communications companies also fell sharply amid the general decline.

meme stock Bed bath and beyond fell 40.5% after top activist investor Ryan Cohen confirmed he had sold his stake in the company.

Cryptocurrencies fell sharply as Bitcoin fell 8.5% to $21,370, according to CoinDesk.

Positives included General Motors, which rose 2.5% after restoring its dividend. Foot Locker soared 20% after replacing its CEO and reporting earnings above Wall Street estimates.

Bond yields gained ground, reflecting expectations of further interest rate hikes. The 10-year Treasury yield rose to 2.97% from 2.89% on Thursday evening.

Traders had no shortage of business and economic data to review this week, including the latest batch of retailer earnings and updates on spending, home sales and the job market.

Major retailers, including walmart and Target warned investors that inflation is dampening consumer spending. The owner of the Macy’s department store will release its results next week.

A retail sales report this week has shown that spending remains resilient as gasoline prices fall and help ease some inflationary pressures.

Wall Street is trying to gauge how stubbornly high inflation is affecting businesses and consumers and whether the economy can remain resilient and avoid a recession.

Data from government and corporate reports are also being closely watched as investors try to determine how the Federal Reserve will continue its plan to fight inflation by raising interest rates. The objective is to raise rates and slow economic growth to calm inflation. But the central bank is drawing a fine line between controlling inflation in an already slowing economy and braking too hard and tipping the economy into a recession.

Minutes from the Fed’s July meeting released this week indicate that inflation is still too high and make it clear that the central bank will continue to raise interest rates. The central bank has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Forecasters are currently expecting a hike of half a percentage point at the next board meeting.

Wall Street will be closely watching Federal Reserve Chairman Jerome Powell’s speech next week at an annual conference in Jackson Hole, Wyoming.

“The question is does he engage the market with his assessment of the direction of inflation, the progress the Fed is making and does he offer any suggestion on the direction of rate hikes?” said Crosby.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Republican candidates want to turn Florida’s District 23 from blue to red

Republicans are hoping for a red wave in November and seven candidates are in the August 23 primary ballot to try to overthrow the Democratic seat in District 23.

US Representative Ted Deutch leaves Congress after six terms to become the executive director of the American Jewish Committee, an advocacy organization. Republicans want to flip that seat as part of the party’s effort to take control of the US House.

The fight for District 23 includes one of the largest pools of candidates this election cycle. After the redistricting, the district traded some votes in Deerfield Beach for more in Parkland; both are towns in northern Broward County.

Voting Guide: The Ultimate Palm Beach County Voters Guide to the 2022 Primary Elections

Amendments: Key Endorsements from the Palm Beach Post Editorial Board in Florida

Elections 2022: Why mail-in voting in Florida is more complicated, constrained in 2022

Most candidates are involved in Republican party politics. Joe Budd is the founder of Club 45, a non-profit organization dedicated to supporting former President Donald Trump. Christy McLaughlin was a grassroots organizer for the party and interned for a Republican U.S. Representative.

At a July 26 Republican candidates forum, with an audience of about 100, organizers conducted a straw poll that resulted in a tie between Budd and Jim Pruden, a former attorney who also ran in 2020 for a position in Congress.

Another rival, Darlene Swafar, racked up more endorsements in her campaign than most of her competitors. She and Pruden both raised a campaign contribution exceeding $220,000.

Steven Chess, a retired chiropractor, raised nearly $100,000 to $135,000 less in contributions than Pruden and Swafar.

The other two candidates are Ira Weinstein and Myles Perrone.

The Palm Beach Post conducted a criminal background check on each candidate. The Post reports all criminal charges filed and the outcome of cases since January 2012, even when they did not result in a conviction.

Joe Budd, 2022 Republican primary candidate for the 23rd congressional race

Joe Bud

Age and residence: 59, Boca Raton.

Main campaign priorities: Budd underlined his belief in returning to energy independence to “solve much of the economic problems caused by the policies of the Democratic Party”. He suggested drilling at Anwar in northern Alaska, finishing and opening the Keystone XL pipeline, opening up more federal lands for oil and gas leases, and stopping “EPA foolishness and environmentalists’ overreach.”

Employment history: Budd has owned a business, Health and Wealth Partners, since 2015. He has also been a Registered Representative of Lincoln Financial Securities Corporation since 1993.

Political context: Budd is the president and founder of Club 45, a nonprofit dedicated to supporting Trump’s agenda. He is currently a member of the Palm Beach County Republican State Committee.

Education: Budd’s highest education is a high school diploma.

Criminal history: None.

Amendments: Budd is supported by Florida Family Action, the Broward County Police Benevolent Association, former Congressman Allen West and Andrew Pollack, the father of Parkland Meadow student Pollack, who died in a high school mass shooting Marjory Stoneman Douglas in 2018.

Finance: Budd’s contribution receipts total over $103,000, including approximately $54,000 in individual contributions and $49,500 in loans.

Darlene Swafar, Republican candidate in the 2022 primary for the 23rd congressional district

Darlene Cerezo Swafar

Age and residence: 55, Deerfield Beach

Main campaign priorities: Swafar’s top campaign priorities include reforming or removing Section 230, which grants legal immunity to online platforms; promote financial and fiscal responsibility in Congress; and give more power back to the states.

Employment history: Swafar has been a Medicare insurance broker and owner of Sunshine Insurance Associates for nearly 12 years.

Political context: Swafar won the Hispanic Republican National Assembly Speaker’s Award for Conservative Excellence in October 2021.

Education: Swafar received her associate’s degree in business administration from St. John’s University and took classes at Florida International University, where she said she was one class away from graduating.

Criminal history: None.

Amendments: Swafar is endorsed by Veterans for America First, Latinos for America First, United Christians for America, Restore Liberty, Florida Hispanic Republican National Assembly and Lt. Gen. Michael Flynn, retired U.S. Army general and former Trump’s national security adviser who was convicted on charges of investigating Trump’s campaign ties to Russia.

Finance: Swafar’s campaign contributions topped $221,000 as of July 27. Its largest donation is a $35,000 donation from Nancy Layman to Ellijay, Georgia, owner of Zyvax, Inc., a chemical manufacturing company.

Steven Chess, 2022 Republican primary candidate for the 23rd congressional district.

Steven Chess

Age and residence: 72 Fort Lauderdale

Main campaign priorities: Chess said he wanted to push for secure borders, sound tax policies, sound money and a respectful government that works for the citizen and promotes a “fair, impartial and truthful press”. He also said he wants current libel and slander laws updated “so politicians who lie are held accountable”.

Employment history: Chess retired from chiropractor at age 55.

Political context: None.

Education: Chess earned a bachelor’s degree in biology and a minor in psychology from Adelphi University. He started a master’s degree at Stonybrook University, but he didn’t complete the degree. He received his Doctor of Chiropractic from Palmer College of Chiropractic in Davenport, Iowa.

Criminal history: None.

Amendments: Chess said he was “not one to solicit endorsements”.

Finance: Chess campaign revenue totaled over $82,000 on July 28. Most of his campaign is self-funded, and his main donors are retired members of the community.

Christy McLaughlin, Republican candidate in the 2022 primary for the 23rd congressional district

Christy McLaughlin

Age and residence: 26, Deerfield Beach.

Main campaign priorities: McLaughlin’s top campaign priorities include repeal of the federal income tax, pushing for a balanced budget amendment, enforcement and establishment of term limits, creation of a law government on voter ID, completing a US border wall, promoting pro-life legislation and dismantling “unconstitutional departments like the US Department of Education.”

Employment history: McLaughlin was a field organizer in 2018 for the Republican Party, a legislative intern for U.S. Representative Mario Diaz-Balart, R-Miami, in the summer of 2019, and an intern at the State’s Attorney’s Office for three summers from 2016 to 2018.

Political context: McLaughlin ran for Congress in 2020 in the Collier County area. She served on the Republican Executive Committee for Collier County.

Education: McLaughlin earned his bachelor’s degree in elementary education from Florida Gulf Coast University and a teaching certificate. She also obtained her Juris Doctor from Ave Maria Law School.

Criminal history: None.

Amendments: None.

Finance: McLaughlin’s campaign contributions exceed $25,000. One of its major donors is Thomas Monaghan, the founder of Ave Maria University. Other major donors are local community business owners or retired members.

Myles Perrone, 2022 Republican primary candidate for the 23rd congressional district.

Myles Perron

Age and residence: 28, Coral Springs

Main campaign priorities: Perrone’s top campaign priorities include promoting fair elections, bolstering border security and promoting energy independence.

Employment history: Perrone has owned Perrone Irrigation for five years, and prior to that worked in the irrigation industry for the county towns of Broward, Margate and Coral Springs from 2012 to 2017.

Political context: None.

Education: Perrone did not attend university.

Criminal history: None

Amendments: None

Finance: Perrone’s campaign contributions total $10,500, which is self-funded.


James “Jim” Pruden

Age and residence: 68, Park

Main campaign priorities: Pruden said his campaign priorities include reducing inflation, pushing for cuts in foreign aid, eliminating foreign dependency, defending the Second Amendment, establishing federal minimums for crimes, supporting heartbeat legislation for abortions, defending the rights of the state to govern their elections, keeping Israel safe, protecting free speech in the workplace, mandating the program transparency and rethinking and reforming Obamacare.

Employment history: Pruden closed his firm, James L. Pruden PA, in 2019 to be a full-time candidate for Congress in 2020. However, he is still a licensed attorney.

Political context: He ran for the legislative elections in 2020.

Education: Pruden went to Nova Southeastern University for his bachelor’s degree in management and professional studies, his master’s degree in business administration and his juris doctor. He earned an associate’s degree in business management from Prince George’s Community College in Maryland.

Criminal history: None.

Amendments: Pruden is endorsed by America’s First PACT and the Palm Beach Post.

Finance: Pruden’s campaign contributions total more than $224,000, with many of the larger donations being self-funded or from other local lawyers or business owners.

Ira Weinstein, Republican candidate in the 2022 primary for the 23rd congressional district

ira weinstein

Age and residence: 71, Pompano Beach

Main campaign priorities: Weinstein’s campaign priorities include promoting the fossil fuel industry, creating jobs, closing borders and strengthening immigration enforcement, promoting parental rights and reversing of inflation.

Employment history : Weinstein is an independent attorney at the Weinstein Law Firm and has managed real estate since 2012.

Political context: None.

Education: He received his bachelor’s degree in economics from Syracuse University and his Juris Doctorate from St. John’s University School of Law.

Criminal history: None.

Amendments: None.

Finance: None were found on the Federal Election Commission or state elections website.

Throwback to ‘X Factor’ Channel 5: ‘Cruel’ show should feel ‘safer’ now, says Joe McElderry


Joe McElderry says The X Factor could do more to create a “safe space for artists” while working on their “follow-up” for singers. This, after saying that the show had gotten tougher over the past few years before it was canceled. Now that there are rumors of his return to Channel 5, McElderry says he hopes substantial changes can be made.

The hitmaker who won the 2009 series, appeared on FURBAR Radio speaking with TOWIE star Bobby Norris and Stephen Leng on popular gossip show Access All Areas.

During their discussion, the conversation naturally turned to the tragic death of former pop star legend and pop idol Darius Campbell Danesh.

The singer was found unresponsive in his Minnesota apartment on August 11, with doctors pronouncing the 41-year-old entertainer dead after arriving at the scene. Rochester local police confirmed there was “no indication of intent of suspicious circumstances”, but further toxicology reports will be made.

READ ALSO : Lil Tjay Update: Shooter’s Lawyer Says No Evidence To Link Rapper’s Shooting Incident

Joe told the hosts that Darius was]such a talent and such a lovely person that his death is so sad and tragic.

Later in the discussion, the conversation turned to the possibility of Simon Cowell’s ITV talent scout making a return after he was axed in July last year.

However, there have been recent rumors that the program could be revamped and be back on another channel in 2023 after a five-year hiatus. With speculation that Simon is in talks with a production company, Joe insisted he would support the shows returning, but adaptations outlined for the show’s stars will have to be made.

He told Bobby and Stephen: “Hopefully if it comes back they make some more changes to make it a little bit safer space for artists in terms of forming contracts and tracking artists and things like that.” He added, “We’re hearing more and more stories about how people have suffered on these shows, and not just on X Factor, but on many other reality shows as well. It’s not just that one.”

In a previous interview, Joe said he thought The X Factor got tougher the longer it aired, until it stopped airing.

“I think they tried to be a little too smart with the format which I think maybe got a little too cruel, with this whole six-chair challenge and telling people they’ve moved on then that they weren’t.”

ALSO READ: Kid Cudi Opens Up About Stroke That Interrupted His Music Career: ‘I Thought I Lost Everything’

© 2015 MusicTimes.com All rights reserved. Do not reproduce without permission.

3 Ways to Keep Your Feet on the Ground as the Cost of Business Rises


Entrepreneurship is booming in black neighborhoods across the country.

2021 saw the highest number of black businesses created in more than two decades and accounted for 25% of all businesses founded nationwide. Owning a business is one of the fastest ways to build wealth for black American households. And while starting a business is tough, especially when faced with today’s challenges like inflation, supply chains and labor shortages, the benefits of owning a business are numerous.

Additionally, black entrepreneurs are more optimistic about the future of their business than any other small business group, according to the Seek insights from business leaders. If you’re a business owner or thinking about starting a business, one of the best things you can do as an entrepreneur is to invest in yourself and your business. As you hear more about inflation and the economy in the news, now is the time to check in on your business’ financial health and lay a solid foundation for long-term success. Here are three suggestions to consider.

Rise above the cost of doing business

There are creative ways to combat higher costs that can help lessen the impact on your customers. For
For example, some business owners tend to opt for a combination of cutting non-essential expenses and
increase the prices of certain products and services only. You can also consider adopting other tactics,
such as buying smaller inventory orders or ordering in bulk, investing in new technology to streamline operations, diversifying or changing suppliers, changing the products or services you offer, and obtaining financing to help with cash flow or refinance debt on a business loan. When it comes to financing, always talk to a banker who can help you explore competitive or flexible loan rates and understand which options are best for your business.

Collect the rewards

Whether supplies, inventory, utilities or payroll software, these essentials are recurrent and operational
expenses related to running a business. Rather than dipping into your working capital to pay
them, you can consider using cashback. Some cards allow you to redeem for cash back in the
form of a credit statement to be applied to your business credit card balance. It can help maintain your
workflow even as costs rise.

Your team is your greatest asset as a business owner. Consider investing not only in their training and
development but also their happiness. Redeem your business credit card rewards for a gift
cards to employees of the month or collect cash back to offer surprise bonuses throughout the

Make the most of downtime (for personal development)

As an entrepreneur, it’s sometimes easy to forget to invest in personal growth and focus on the
business at the same time. Fortunately, there are a number of resources to tackle both – and sometimes it can
go through your bank.

For example, JPMorgan Chase offers many helpful programs designed to empower black entrepreneurs,
including through our Advancing Black Pathways initiative. We’ve developed Advancing Black Entrepreneurs, an educational program that offers practical advice and resources to help business owners navigate challenges and prepare for long-term success.

To celebrate the vast contributions of black small businesses around the world during Black Business Month,
we’ve also compiled a list of businesses to consider shopping with this month and beyond, including
Miami-based JNYC Jewelers, Atlanta-based Play Pits, Harlem Candle CompanyTeas with Meaning in Oakland, California, and Lush Yummies Pie in Detroit.

This year, after a two-year hiatus, the Chase Business Insight Seminar brings growth strategies, networking opportunities and business tools to owners nationwide. Additionally, entrepreneurs can now enroll in free one-on-one coaching for three to six months and work with a Chase Certified Senior Business Consultant to help them prepare for credit, improve business efficiency, get a free MBE certification, and more.

For more resources and tools on how to start, run and grow your business, as well as grow your
business leadership skills, visit the Chase Business Resource Center. JPMorgan Chase Bank, NA Member

Florida court tells 16-year-old girl she’s not ‘mature’ enough to have an abortion

“Jane Doe 22-B” is 16 years old, pregnant and without parents, and is seeking legal circumvention to obtain an abortion in the State of Florida. She is pursuing a GED through a program specifically designed to help young women who have experienced trauma. She has no job and cannot count on her father to help her. She told a judge, according to court documents, that she was ‘not ready to take on the emotional, physical or financial responsibility of raising a child’ and ‘has valid concerns about her ability to raise a child. “. Nevertheless, a Florida appeals court recently upheld a ruling that Jane “failed to establish by clear and convincing evidence that she was mature enough to decide whether or not to terminate her pregnancy.”

Jane’s initial request for an abortion was initially denied by Escambia County Circuit Judge Jessica Frydrychowicz and upheld by a three-judge appeal panel consisting of Harvey Jay, Rachel Nordby and Scott Makar , the latter of which partially disagreed with the opinion even as he simultaneously partially agreed and sheds light on what he believes motivated Frydrychowicz’s decision.

“The trial judge denied the motion but explicitly left open the possibility of further proceedings,” Makar wrote. “Reading between the lines, it appears the trial court wanted to give the minor, who was under additional stress due to the death of a friend, additional time to express a better understanding of the consequences of a hiatus. of pregnancy.”

Florida has fewer abortion bans than neighboring states, but it has become increasingly restrictive under Governor Ron DeSantis.CHANDAN KHANNA/AFP/Getty Images

He went on to point out that Jane, who was ‘inexplicably’ unrepresented by a lawyer, has the right to pursue her right to terminate her pregnancy, especially in light of Jane’s report that her guardian supports her decision. .

“Given the open-ended nature of the order reflecting the trial judge’s desire to rehear the minor – and the time constraints presented – I would refer the matter back to the trial court,” he said. he writes. “If the guardian of the minor consents to the termination of the pregnancy of the minor, a written waiver from the guardian suffices. (…) Such a written waiver would be self-executing, which means that the minor would not need to invoke the judicial circumvention procedure at all.

As of 2020, Florida is one of six states that require minors to obtain notarized parental notification and consent in order to have an abortion, although asking the courts for a “court bypass” is one option in which a minor would not have to inform his parents/guardian. . According to Politico’s analysis, the vast majority of these judicial overrides – about 91% – are granted. Jane lives with a parent, but has a guardian appointed by Florida child welfare authorities, who Jane says supports her decision to terminate her pregnancy, but it appears she did not provide consent official writing. (This is most likely the result of Jane’s guardian being more legal in nature rather than someone she lives with and can easily ask for help.)

But even if Jane is able to pursue this course of action, time is running out. After 15 weeks, abortion is illegal in the state of Florida (although this law is currently being challenged in court), and surrounding states are even more inhospitable to abortion rights.

An 18th century letter to Bombay shows what it was like to serve in the East India Company


In August 1720, the East India Company council in Bombay received a letter from their factors and merchants based in the town of Mocha. They had been waiting for this letter for some time. It was the practice for the factory staff to report regularly on their activities as Moka was the warehouse for Yemen’s coffee markets, in which the company had invested heavily.

The letter contained expected business news from the factory and developments in the political situation in Yemen, which had become increasingly tense in recent years. Despite all this, the East India Company’s investment in coffee was paying off, and the Council could feel at ease knowing that their men in Moka were handling their affairs well.

This letter was accompanied by a list of the factory’s expenses, the salaries of the guards and servants, the salaries of the company’s four merchants, and the running costs of the factory itself. One of the most important of these was the expense incurred in maintaining the factory’s “Table” which amounted to almost 300 Spanish dollars per month (the famous piece of eight).

It was a considerable sum to feed the 22 residents of the factory, including the Eurasian “topas” and “peon” guards. Access to the table was also open to English merchants and visiting ship’s officers when present in port, making it a space for social interactions in addition to eating and drinking.

Social forum

The archives kept by the Mocha factors tell us a lot about what the table would have been loaded with. For the most part, this seems like a fairly standard dish for modern English cuisine: greens, salt, beef, onions, limes, mutton and fresh fish appear regularly, as do poultry, chickens, pigeons and eggs. To this menu were added some local flavors, with lime, “spiciness” and “temperament”.

The latter is particularly interesting, as a temper, Tadka or Tarka, is a distinctive feature of South Asian cuisine, where spices are mixed with oil or ghee and then strained, leaving a flavored medium.

So while some factory dwellers may have been happy to stick with familiar flavors, others regularly sampled local flavors. In addition, the factory received regular shipments of Persian wine, as well as beer produced in Cape Town. Wine was so important to the factory that the letter received from Mocha protests that it had been two years since they had received any from the East India Company. Instead, they had been forced to buy their own, rather than go without.

The content and habits around the table of the East India Company can tell historians a lot about merchants’ attitudes to sociability. The table was a forum for cultivating relationships with factory personnel, while inviting travelers and visitors to make new connections. The East India Company’s pay may have been poor, but service at Moka, as at other factories, came with significant benefits.

Studying the details of conditions in factories beyond India can provide much texture and depth to our understanding of the lived experience of East India Company service while giving a sense of the daily routines of merchants themselves. The factory was a place of commerce, but also a domestic space.

This article was first published on the British Library’s Untold Lives blog.

Buy term plan at no cost if you want a return, experts say


Two types of term insurance plans have been available in the market so far. One is the plain vanilla plan where if a person dies during the term of the policy, their nominee receives the sum assured. If he survives, he gets nothing. The second is the Return of Premium (RoP) plan. The essential difference between these plans is that in the latter, if the insured survives the term of the policy, he gets back all the premiums he has paid. RoP plans are about twice as expensive as pure term plans.



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First published: Wednesday, August 17, 2022. 00:03 IST

After four years, Scott McDonald resigns as ULM sports director

Scott McDonald has resigned as Louisiana-Monroe athletic director, the university announced Monday.

He will officially step down from all duties effective Sept. 1, marking four years of his time with the Warhawks. An interim DA has not been announced as the nationwide search for a replacement begins.

“Over the past four years, I have seen the athletic department grow and succeed on many different fronts,” McDonald said in a school statement. “With the near completion of a comprehensive sports strategic plan, I believe the time is right to step back into the financial services industry and give new leaders the opportunity to execute a well-crafted plan for athletics.”

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McDonald was in the financial services industry for 35 years before joining the staff of ULM, specializing in commercial banking. He took over as AD in 2019 after serving as Acting Administrative and AD Director.

“Under Scott’s leadership, ULM has experienced tremendous growth and success in our athletic programs, facilities, academics, staff, athletes, coaches and funding,” said the ULM President. , Ron Berry. “He has positioned us well to take us to the next level of competition on and off the pitch as we continue to strive for excellence in everything we do.”

Although he was heavily involved in the world of Warhawks athletics before taking on AD responsibilities, McDonald said the past four years have been a relay race.

“My responsibility was to run as long and as fast as possible and put this team in a better position,” McDonald said. “I feel like our athletic department is in a tremendous position right now and it’s time for me to hand over to the next leader.”

McDonald’s management

In the last three years that McDonald served as athletic director, ULM athletics has seen its impact on the community grow, both in the classroom and on the field.

Achievements outside of sports are his proudest accomplishment, McDonald said, including a 3.36 GPA among various teams in the spring of 2022.

He was notably responsible for hiring football coach Terry Bowden.

“We’ve worked very, very hard since I’ve been here,” Bowden said. “He will be very difficult to replace.

Emely Hernandez covers high school athletics and sports at the University of Louisiana-Monroe. Email her at [email protected] and follow her on Twitter @emhernandeznews.

9 Meters Biopharma Provides Business Update and Reports Second Quarter 2022 Financial Results

  • Announcement of Positive Preliminary Results from the VIBRANT Phase 2 Study of Vulolenatide in Short Bowel Syndrome
  • Vulolenatide end-of-phase meeting with FDA on track for Q3
  • Cash balance as of June 30, 2022 of $29.5 million; Additional $20 million from debt financing previously announced in July extends cash trail through Q4 2023

RALEIGH, NC /ACCESSWIRE/August 15, 2022/ 9 Meters Biopharma, Inc. (NASDAQ:NMTR), a clinical-stage company pioneering innovative treatments for people with rare or debilitating digestive diseases, today provided an overview of its recent achievements, milestones ahead and financial results for the second quarter ended June 30, 2022.

John Temperato, President and CEO of 9 Meters Biopharma, said, “The highlight of the second quarter was the announcement of positive preliminary results from the Phase 2 VIBRANT study evaluating vurolenatide in adult patients with short bowel syndrome. We believe these preliminary results support the safety and efficacy of vurolenatide and look forward to our end of phase 2 meeting with the FDA this quarter. Based on the product profile that we believe is supported by our clinical data to date, we believe that vurolenatide has the potential to play a critical role in the first-line treatment of patients with SBS. Pending the results of our meeting with the FDA, we look forward to initiating our phase 3 study with vurolenatide.

Mr. Temperato continued, “In addition, this quarter was also an opportunity to make important and informed decisions regarding larazotide for celiac disease. Although we are disappointed with this result, we are convinced that this is the best decision for the company and its shareholders, and that it will allow us to redirect our financial resources and concentrate all our support on the phase 3 of vurolenatide SBS.

Clinical Development and Commercial Highlights

Announcement of positive preliminary results from the phase 2 study of vurolenatide in short bowel syndrome (SBS)

  • On June 30, the Company announced positive preliminary results from the Phase 2 trial known as VIBRANT (VurolenateIto make it short BOwl’s Syndrome Rwhatever pAneed rental assistanceNT) to assess the safety, efficacy and tolerability of vurolenatide in adult patients with SBS.
  • Preliminary study results confirm the safety and efficacy of vurolenatide and have identified a dose and dosing range to move into Phase 3 development.
  • An end-of-phase 2 meeting with the FDA is on track for Q3 2022.
  • A phase 3 study for vurolenatide could start as early as the fourth quarter of 2022 pending the results of the end of phase 2 meeting; study plans including site identification and recruitment are underway.

Interim Analysis of Phase 3 Trial of Larazotide for Celiac Disease

  • On June 28, the Company announced that an interim analysis of CedLara® Phase 3 (Thisliar Dit’s a disease Laurazotide) evaluating the safety and efficacy of larazotide in patients with celiac disease did not support continuation of the trial. Following an in-depth analysis of the interim data from the CedLara® study, we are stopping the development of larazotide in celiac disease.

Phase 2a study of larazotide for multisystem inflammatory syndrome in children (MIS-C) resulting from COVID-19 is ongoing

  • A phase 2a randomized, double-blind, placebo-controlled study is underway in collaboration with the European Institute for Biomedical Research in Salerno, Italy (EBRIS), which is conducting this study.

Preclinical pipeline update

NM-102 (proprietary tight junction microbiome modulator)

  • 9 Meters collaborates with Gustave Roussy, a leading cancer center in France. Gustave Roussy develops preclinical research showing that NM-102 was effective when combined with immune checkpoint inhibitors (ICI) in a mouse model of aggressive cutaneous melanoma and, in combination, improved survival compared to ICI alone. Additional data is expected in 2022.
  • The company is also collaborating with NYU Langone Health to investigate the preclinical use of NM-102 for an undisclosed autoimmune disease with significant unmet need.
  • Preclinical work is underway to support a possible IND (Investigational New Drug) filing in 2023.

NM-136 (humanized anti-GIP monoclonal antibody)

  • NM-136 is a long-acting, highly specific humanized anti-GIP monoclonal antibody. Preclinical work is underway to support a potential IND in 2023.

Second quarter 2022 financial results

As of June 30, 2022, the Company’s cash and cash equivalents totaled approximately $29.5 million, compared to approximately $37.2 million as of March 31, 2022.

On June 30, the Company entered into a senior secured convertible credit facility of up to $70 million as part of an overall financing strategy to support the continued development of vurolenatide for short bowel syndrome by through an NDA submission. The company has raised an initial net amount of $20 million upon closing of the convertible bond on July 15, 2022 and has the option to access up to an additional $50 million in tranches of $5-20 million per quarter over an 18-month period, provided the company meets certain requirements, including raising additional capital.

The Company reported a net loss of approximately $11.1 million, or $0.04 per share, for the second quarter of 2022, compared to a net loss of approximately $11.4 million, or 0, $04 per share, for the first quarter of 2022 and $8.3 million, or $0.03 per share for the second quarter of 2021. The actual change in cash for the second quarter of 2022 was 7. $7 million, the difference between cash and reported earnings being due to non-cash stock compensation expenses and a major equity milestone for EBRIS related to the larazotide study in MIS-C.

Taking into account the initial drawdown of $20 million at the closing of the loan facility, the Company would have a pro forma balance of cash, cash equivalents and restricted cash of $49.5 million at 30 June 2022, and a cash trail expected in the fourth quarter of 2023.

Main milestones planned in the short term

  • End of Phase 2 meeting with the FDA, with additional plans and timeline for the Phase 3 study expected to be disclosed by the end of the third quarter.
  • The VIBRANT-2 phase 3 study is expected to start in the fourth quarter of 2022.
  • Additional data expected from the Phase 2a study of larazotide in MIS-C.
  • Additional data expected from the Gustave Roussy Collaboration evaluating NM-102 combined with immune checkpoint inhibitors (ICI) in a mouse model of aggressive cutaneous melanoma.

About 9 Meters Biopharma

9 Meters Biopharma, Inc. is a clinical-stage company pioneering new treatments for people with rare digestive diseases, gastrointestinal disorders with unmet needs, and debilitating disorders in which gut biology is a factor contributory. 9 Meters is developing vurolenatide, a proprietary long-acting Phase 2 GLP-1 agonist, for SBS; larazotide, a tight junction regulator in MIS-C; and several assets close to clinical stage.

For more information, visit www.9meters.com or follow 9 Meters on Twitter, LinkedIn and Facebook.

Forward-looking statements

This press release contains forward-looking statements based on 9 Meters’ current expectations. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, forecasts, anticipated milestones, and any other statements relating to our future business or other events or future conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to various risks and uncertainties, which include, but are not limited to: risks relating to our ability to successfully implement our strategic plans , including dependence on our lead product candidate; uncertainties associated with clinical development and regulatory approval of product candidates, including reliance on blinded data; uncertainties regarding the achievement of positive clinical results for product candidates and the unanticipated costs that may result; risks related to 9 Meters’ inability to raise sufficient additional capital to continue to advance these product candidates and its preclinical programs, including in light of current market conditions; risks related to the inability to realize any value from product candidates and preclinical programs in development and planned in light of the inherent risks and challenges of bringing the product candidates to market; intellectual property risks; the impact of COVID-19 on our operations, clinical trial enrollment and timing; risks relating to the Company’s leverage in borrowing money under the Credit Facility and compliance with its terms; Nasdaq delisting risk; dependence on co-workers; dependence on research and development partners; cybersecurity and data privacy risks; and the risks associated with the acquisition and development of additional compounds. These and other risks and uncertainties are more fully described in periodic filings with the SEC, including the factors described in the section titled “Risk Factors” in 9 Meters’ Annual Report on Form 10-K. for the fiscal year ended December 31, 2021, as modified or supplemented by our Quarterly Reports on Form 10-Q and in other filings that 9 Meters has made and in future filings that 9 Meters will make with the SEC. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. 9 Meters expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions or circumstances about which such statements are based. .

Corporate contact details
SVP, Investor Relations and Corporate Communications
9 Meters Biopharma, Inc.

[email protected]

Media Contact
Veronique Eames
LifeSci Communications, LLC

[email protected]

THE SOURCE: 9 Meters Biopharma, Inc.

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Vidullanka’s Q1 earnings fall 12% amid higher financial costs – Reuters


Vidullanka PLC posted a profit after tax of 210 million rupees for the first quarter of the financial year 2022/23, down 12% from a year ago. The group recorded revenue of Rs 775 million for the reporting period, an increase of 28% from the first quarter of the year 2021/22.

The group said the decline in profits materialized due to the escalating costs that Sri Lanka is currently facing, including the noticeable increase in financial charges incurred for the period.
The group saw its financial charges increase by 49% year-on-year to reach 111.9 million rupees during the period under review.

However, due to the stable position of the group’s overseas assets, the three-month period recorded 748 million rupees in foreign exchange translation gains, increasing the organization’s total comprehensive income to 966 million rupees, registering a 268% year-on-year increase. Vidullanka PLC’s overseas hydropower operations continue to be the best performing of the group, generating a profit of Rs 253 million on Rs 547 million in revenue for the quarter ended June 30, 2022.

The profit recorded increased by 92% compared to the same quarter of the previous year. Overseas revenue also increased by around 76%, from Rs 310 million. The Company’s overseas operations include Bukinda SHPP and Muvumbe SHPP located in Uganda.

Gross profit generated from local hydropower declined by a profit figure of Rs 130 million and revenue decreased to Rs 185 million from Rs 246 million recorded for the comparative period of the previous year. The dendro and plantation arm of the group reported a net loss of Rs 41 million for the
same period.

The group has active commitments in terms of several projects in the development pipeline, the most notable of which is Bwengu, the 50 MWac ground-mounted solar power project in Malawi, which is being developed by Quantel Renewable Energy, a joint venture between Vidullanka PLC and Frontier Energy, Denmark. The construction of this project is expected to start in the 4th quarter of 2022.

Locally, the group is also pursuing construction activities for the Horana Solar (2MW) and Vavunathivu Solar (10MW) ground power plants. With escalating costs having a significant impact on the development of these projects, the company is considering several feasible options, including increasing its capital contributions to meet its obligations. The commissioning of these two plants should take place at the end of 2022.

Average product life falls to record low


The latest research from Moneyfacts has revealed that the average length of time mortgage products stay on the market has dropped to a record low.

This research revealed that, on average, products remain available to borrowers for 17 days at present. This is the shortest period on record, with the previous low having been reached in June 2022. This means in practice that mortgage advisers are under more pressure than ever at the moment to identify suitable products and fulfill the requests while they remain available. .

Additionally, Moneyfacts also points out that the short lifespan of the products coincides with frequent rate hikes. His research shows that average five-year fixed mortgage rates have risen for 10 consecutive months and currently stand at 4.08%. This is the first time that they have exceeded 4% in eight years.

Two-year fixed mortgage rates have also risen for the past 10 consecutive months, leaving them at 3.95% at this time. This is the highest rate recorded by Moneyfacts since the beginning of 2013.

Speaking to Mortgage Strategy, Eleanor Williams of Moneyfacts said shopping around was the best bet for borrowers, but added:

“Not only do borrowers now have fewer choices to choose from, but the average mortgage shelf life has dropped to a new low of just 17 days this month.”

CeMAP-trained advisors are more essential than ever in this landscape of rising prices and shrinking product options.

Nirmala Sitharaman in States Handing Out Gifts – The New Indian Express


BENGALURU: Union Finance Minister Nirmala Sitharaman on Saturday urged gift giving states to check the fiscal strength of the state government and make budgetary provisions accordingly.

Days after Prime Minister Narendra Modi’s ‘rewaris’ jibe, apparently referring to freebies given by some state governments, particularly the Aam Aadmi Party waiver in Delhi and Punjab, Sitharaman said it was good that the debate has started.

“You can promise something. Let’s say when I say you — the state government or a government — you promise something, say I’m going to give you something for free. It could be electricity, it could be anything else. And I’m not saying you shouldn’t.”

“Do it but make sure you understand your state’s financial level, your state’s fiscal strength and having promised it in the election, you won, you come back, make sure you fill it out because you gave a word and how, making sure your budget will have a provision for it,” Sitharaman said during an interactive program organized by the BJP Economic Cell here.

“I think it bodes well that the Prime Minister has mentioned freebies and their impact on the economy. And now there’s a lot of interest in the subject and discussions are starting but real good debate and building arguments are so necessary because any diversion from the fundamental principle that we need to understand, or any attempt to undermine or dilute this debate would be doing this country a disservice because we all know that governments have responsibilities,” said she said when answering a question about the financial burden of gifts on the state.

The FM said governments indeed have a responsibility to ensure that a good education reaches all of its citizens, especially the poorest sections of society.

Also, basic health care is taken care of, Sitharaman said, adding that when the poor are involved, “high-end medical assistance involving experts is needed, the poor should be able to access it.”

READ ALSO | Spending on health, education and social protection, no freebies: TN CM Staline

In this regard, she said, various committees appointed since independence have always insisted that at least six percent of the gross domestic product should be spent on health, education and other basic needs. .

Sitharaman said that no government till today has denied its responsibility for education or allowed only private education to take on this task.

She added that the private sector was allowed to participate in taking over education responsibilities, but no government from independence to date has ever said that it was not necessary to spend on education.

On the contrary, the Center and the States have participated in the process through Jawahar Navodaya Vidyalaya, Sarva Shiksha Abhiyan, Tribal Welfare Schools, Boarding Schools to provide good quality education to all, Sitharaman pointed out.

“So if any attempt is made to say that education is now treated as a gift, sorry. This is an irresponsible and misguided statement. So is health. partially successful, others more successful reaching out, n never shied away from taking responsibility for education or health,” Sitharaman said.

Sitharaman said she wouldn’t give a list of what’s free and what isn’t, and preferred to leave it up to people to decide.

She, however, cited how free electricity could weigh on power generation companies and distribution companies if the financial health of the state is not taken into account.

“You promised them up to 300 units or whatever 300 units of free electricity. So that you know how many people should get it, you make provision for that in your budget,” he said. she declared.

READ ALSO | Congress joins Gujarat ‘freebie club’, promises farm loan waiver and free electricity

“Do you have enough fiscal strength. Do you generate enough income to be able to do all of this and take care of your committed obligations like salary, pension and do your usual work – get water, give roads, you ensure that your state has schools, colleges, education, hospitals,” she added.

Regarding cryptocurrency, she said the government had already warned earlier saying, “Please caution is the word.

So I think we’ll all have to share our thoughts and proceed with a bit of caution on this.

There is a huge possibility when we talk about technology, but how, where and what trajectory it takes is something that we will all have to worry about and monitor, ”she said.

To a question about inflation, Sitharaman replied, “I have to manage inflation, but I have to encourage growth. There is no way for me to continue to reconcile. That word reconcile. Yes, it is reconciliation, but the approach we take is growth,” she said.

BENGALURU: Union Finance Minister Nirmala Sitharaman on Saturday urged gift giving states to check the fiscal strength of the state government and make budgetary provisions accordingly. Days after Prime Minister Narendra Modi’s ‘rewaris’ jibe, apparently referring to freebies given by some state governments, particularly the Aam Aadmi Party waiver in Delhi and Punjab, Sitharaman said it was good that the debate has started. “You can promise something. Let’s say when I say you — the state government or a government — you promise something, say I’m going to give you something for free. It could be electricity, it could be anything else. And I’m not saying you shouldn’t.” “Do it but make sure you understand your state’s financial level, your state’s fiscal strength and having promised it in the election, you won, you come back, make sure you fill it out because you gave a word and how, making sure your budget will have a provision for it,” Sitharaman said during an interactive program hosted by the BJP Economic Cell here. “I think it bodes well that the Prime Minister mentioned gifts and their impact on the economy. And there is now a lot of interest in the subject and discussions are beginning but real good debate and building up arguments is so necessary because any diversion from the fundamental principle that we need to understand, or any attempt to undermine or dilute this debate would be doing this country a disservice because we all know that governments have responsibilities,” she said when responding to a question about the financial burden of gifts on the state. The FM said governments indeed have a responsibility to ensure that a good education reaches all of its citizens, especially the poorest sections of society. Also, basic health care is taken care of, Sitharaman said, adding that when the poor are involved, “high-end medical assistance involving experts is needed, the poor should be able to access it.” READ ALSO | Spending on health, education, welfare programs, not gifts: TN CM Stalin In this regard, she said, various appointed committees since independence have always insisted on spending at least 6% of the gross domestic product on health, education and other basic needs. Sitharaman said that no government till today has denied its responsibility for education or allowed only private education to take on this task. She added that the private sector was allowed to participate in taking over education responsibilities, but no government from independence to date has ever said that it was not necessary to spend on education. On the contrary, the Center and the States have participated in the process through Jawahar Navodaya Vidyalaya, Sarva Shiksha Abhiyan, Tribal Welfare Schools, Boarding Schools to provide good quality education to all, Sitharaman pointed out. “So if any attempt is made to say that education is now treated as a gift, sorry. This is an irresponsible and misguided statement. So is health. partially successful, others more successful reaching out, n ‘has never shied away from taking responsibility for education or health,’ Sitharaman said. Sitharaman said she would not list what is free and what is not, and preferred to leave the subject to the people to decide. She, however, cited how free electricity could weigh on power generation companies and distribution companies if the financial health of the state is not taken into account. ” You promised them up to 300 units or whatever 300 units of free electricity. So that you know the number of people who should get it, you make provision for that in your budget,” she said. ALSO READ | Congress joins ‘freebie club’ in Gujarat, promises a exemption from agricultural loan, free electricity “Do you have sufficient budgetary solidity. Are you generating enough income to be able to do all of this and take care of your committed obligations like salary, retirement and do your usual work – get water, give roads, make sure your state has schools, colleges, an education, hospitals,” she said. Regarding cryptocurrency, she said the government had already warned earlier saying, “Please caution is the word. So I think we’ll all have to share our thoughts and proceed with a bit of caution on this. There is a huge possibility when you talk about technology, but how and where and what trajectory it takes is something that we will all have to worry about and watch for, ”she said. To a question about inflation, Sitharaman said, “I have to manage inflation but I have to encourage growth. There’s no way for me to keep reconciling. It’s not reconciling. Well , okay, if you’re really into that word, reconcile. Yes, it’s reconciliation, but the approach we’re taking is growth,” she said.

National Bank of Canada FI sells 400 shares of iShares MSCI USA Value Factor ETF (BATS:VLUE)


National Bank of Canada FI reduced its stake in the shares of iShares MSCI USA Value Factor ETF (BATS:VLUE – Get Rating) by 27.7% during the 1st quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor held 1,043 shares of the company after selling 400 shares during the quarter. National Bank of Canada FI’s holdings in the iShares MSCI USA Value Factor ETF were worth $109,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also bought and sold stocks. Oppenheimer & Co. Inc. acquired a new equity stake in iShares MSCI USA Value Factor ETF in Q4 worth $226,000. The Toronto Dominion Bank acquired a new stake in shares of iShares MSCI USA Value Factor ETF in Q4 worth $40,000. Cowa LLC increased its stake in iShares MSCI USA Value Factor ETF by 360.2% in Q4. Cowa LLC now owns 25,705 shares of the company worth $2,814,000 after acquiring an additional 20,119 shares in the last quarter. Alphastar Capital Management LLC bought a new position in iShares MSCI USA Value Factor ETF in Q4 for a value of $232,000. Finally, Mercer Global Advisors Inc. ADV increased its stake in iShares MSCI USA Value Factor ETF by 13.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 4,232,919 shares of the company worth $463,378,000 after acquiring an additional 495,721 shares in the last quarter.

iShares MSCI USA Value Factor ETF Stock Performance

Shares of VLUE opened at $99.11 on Friday. The company has a fifty-day moving average of $93.38 and a 200-day moving average of $99.87. iShares MSCI USA Value Factor ETF has a 1-year low of $71.21 and a 1-year high of $89.40.

Further reading

Want to see which other hedge funds hold VLUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for iShares MSCI USA Value Factor ETF (BATS:VLUE – Get Rating).

Institutional ownership by quarter for iShares MSCI USA Value Factor ETF (BATS:VLUE)

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Kerry expects 35.7% volume growth in the first half


A line of Kerry Express delivery vehicles outside one of the company’s logistics centres.

Thailand’s leading express delivery service, Kerry Express, reported volume growth of 35.7% in the first half of 2022 year-on-year.

Revenue for the second quarter of this year was reported at 4.2 billion baht, similar to the previous quarter.

Kerry also announced that in response to rising fuel prices, the company is adopting a smart pricing strategy to achieve sustainable performance as well as greater volume growth.

This means that a fuel surcharge has been introduced to neutralize this impact, although it is subject to adjustment depending on the evolution of diesel prices and will eventually be lifted when fuel prices return to normal.

Meanwhile, Kerry said he was strictly executing cost-cutting programs, including redesigning operations to standardize the last-mile process with centralized control for long-term profitability and productivity optimization.

Kerry expects the impact of cost reduction to accelerate throughout 2022.

Alex Ng, Managing Director of Kerry Express, explained that although the second quarter was held back by multiple challenges, he is confident that the company will soon see a significant improvement in revenue and profit margin thanks to control initiatives. costs.

“Kerry will continue to diversify its revenues in addition to its core business to drive further growth over the coming quarters and expand our market leadership,” Mr. Ng said.

In line with Kerry’s business diversification strategy, the company announced that it has entered into a joint venture with Hive Box, China’s leading smart locker company, to establish Thailand’s first smart locker system.

The newly formed entity will offer end-to-end drop-off and pick-up solutions with the integration of advanced scanning and automation powered by Hive Box.

“Hive Box is almost the only proven locker solution in China,” Ng added.

“Kerry, joining forces with our strategic partners, will bring such unique success to Thailand with the right technology, adequate investments as well as exclusive geographic coverage,” he said.

Canoo’s casualties mount; EV startup touts sales pipeline


Canoo, which has announced plans to build electric vehicles like this at a plant in Pryor from next year, acknowledged that its future hinges at this stage on sales to just one customer, Walmart. (File photo)

Electric vehicle startup Canoo, which announced plans to produce electric vehicles at a Pryor plant from 2023, reported net losses of $164.4 million in the second quarter and $289.8 million in the first half of 2022.

Although the company, in its recently released 2Q financial statements, said it had amassed more than $1 billion in its sales “pipeline”, it acknowledged that its future prospects hinge on its still-nascent relationship with a single customer, Walmart.

“We expect a substantial portion of our initial revenue to come from a single customer,” he said. “If we are unable to maintain this relationship, or if Walmart purchases significantly fewer vehicles than we currently expect or at all, our business, outlook, financial condition, results of operations and cash flows cash flow could be materially and negatively affected.”

Shares of Canoo, which jumped in value in July after Walmart ordered 4,500 lifestyle electric vehicles from Canoo and opted to buy 10,000 for use as delivery vehicles, have since declined by about 25%. It took another hit when Canoo said in its second-quarter filing that, at least initially, it wouldn’t be building electric vehicles for Walmart itself. Instead, he planned to use an unspecified contractor.

Canoo previously said it would begin vehicle assembly at a small plant in Bentonville, Arkansas, while it works to build its “mega-micro plant” at the Mid-America Industrial Park in Pryor. He said he plans to eventually employ 1,500 to 2,000 people at the Oklahoma plant.

The company benefited from financial incentives provided by Oklahoma. According to statements by Canoo Chairman Tony Aquila, Oklahoma has awarded $15 million from the governor’s “Quick Action Closing Fund” to support Canoo’s job creation and other development efforts in the state. The funding was included in an overall incentive package valued at approximately $300 million.

Arkansas has also provided incentives for the company, as Canoo has stated its goal of creating a “corridor” of electric vehicle development and production stretching from northeast Oklahoma to northwest New York. ‘Arkansas.

In comments posted with Canoo’s filings in the second quarter, Aquila said the company had completed 90% of crash tests and moved through a final phase required to achieve Federal Motor Vehicle Safety Standard certification.

“We are moving towards the start of production in the fourth quarter,” he said. “We have over $1 billion in our sales pipeline, which includes our recently announced commercial order.”

He noted that the US military has asked Canoo to provide electric vehicles for analysis and demonstration purposes. Canoo also plans to deliver several custom electric vehicles to NASA by June 2023.

In other Q2 highlights, Canoo said it launched an “advanced delivery setting” of electric vehicles to be used by Walmart for deliveries in the Dallas-Fort Worth metroplex.

Progress has a cost. Canoo reported net losses of $164.4 million and $289.8 million for the three and six months ended June 30, 2022, compared to net loss and comprehensive loss of $112.6 million and 127 $.8 million recorded for the three and six months ended June 30, 2021 .

Net cash used in operating activities totaled $237.6 million in the first half of 2022, compared to $108.8 million for the six months ended June 30, 2021. Net cash used in investing activities was of $35 million, compared to net cash used in investing activities of $28.7 million in the first two quarters of 2021.

As of June 30, the company said it has access to up to $250 million, including cash and cash equivalents of $33.8 million and approximately $220 million of spare capacity on its power purchase facility. pending shares filed with the Securities and Exchange Commission in May.

Second half 2022 business outlook

Based on current projections, Canoo said it expects second-half operating expenses, excluding stock-based compensation and amortization, of $200 million to $245 million, and capital expenditures. from 100 to 125 million dollars.

Despite the change in plans regarding production, Aquila said deliveries to Walmart are expected to begin in the first quarter of 2023.

The publication Inside electric vehicles noted, however, in a post following the 2Q report that Canoo’s plans to use an outside contractor for initial EV production for Walmart could signal production issues for the startup. He also pointed out that the company’s road to future profitability remains uncertain.

“Canoo says it ended the quarter with more than $1 billion in its sales pipeline, largely attributable to the deal with Walmart. Beware, only 17% of (its) 32,500 reservations are committed sales under contract , with the remainder being non-binding and refundable,” the post read.

Creatd announces the successful public release of its Vocal iOS app ahead of schedule


NEW YORK, August 11, 2022 /PRNewswire/ — Creatd, Inc. (Nasdaq CM: CRTD) (“Creatd” or the “Company”), today announced the groundbreaking release of the Vocal mobile app for iOS for consumers. The long-awaited first release of the Vocal app was designed to exponentially improve the reach of Vocal creators. New app-exclusive features will dramatically enhance the reader experience, allowing users to easily discover curated stories, expand content distribution, and unlock new monetization opportunities for creators. The introduction of the app provides partner brands with another outlet for Vocal’s rapidly growing audience by providing them with a scalable, one-stop platform to showcase products and services aligned with Creatd’s vision.

Users can now download voice app from the Apple App Store to interact with content and creators they know and love, and discover new favorites. The app leverages Vocal’s existing “Subscribe” feature to enable enhanced content discovery with a focus on reader preferences; App users will enjoy quick and easy access to a personalized in-app “library” highlighting stories and creators they have already subscribed to, fostering a more personalized and highly curated reading experience. As part of the app’s product roadmap, users will be able to access future premium resources and features, such as Vocal Coins – a new payment system within Vocal, which is part of the more wide of the company’s token economy.

Comments the founder and COO of Creatd Justin Maury“With the release of the Vocal app to consumers, we’re excited to reach a whole new level of community engagement, while unlocking new revenue streams for creators, brands, and our business.”

Download the Vocal app for iOS from the Apple App Store, here.

About creation

Creatd, Inc. (Nasdaq CM: CRTD) is a company whose mission is to provide economic opportunity for creators and brands by multiplying the impact of platforms, people and technology. The Company has four main business segments, or “pillars”: Creatd Labs, Creatd Partners, Creatd Ventures and Creatd Studios. Each pillar is characterized by a distinct revenue model, while operating on a shared services structure and proprietary data collected from our multiple technology platforms. The pillars of Creatd work together to create a flying effect, supporting our core vision of creating a viable and secure ecosystem for all stakeholders in the creator economy.

Created: https://creatd.com;

IR created: https://investors.creatd.com;

Voice platform: https://vocal.media;

Contact with Investor Relations: [email protected]

Forward-looking statements

All statements that are not historical facts and that express or imply discussions of expectations, beliefs, plans, goals, assumptions, or future events or performance (often, but not always, indicated by use words or phrases such as “probable outcome”, “should”, “will continue”, “is expected”, “estimates”, “intends”, “plans”, “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and investors should not place undue reliance on such forward-looking statements. as of the date such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date such statement is made or to reflect the occurrence of events or foreseen or unforeseen circumstances. New factors emerge from time to time and it is impossible for us to predict all of these factors. Further, we cannot assess the impact of each of these factors on our results of operations or the extent to which any one factor, or combination of factors, could cause actual results to differ materially from those contained in forward-looking statements. This press release is qualified in its entirety by the warnings and disclosure of risk factors contained in our filings with the Securities and Exchange Commission.

SOURCE Created, Inc.

Siemens sees strong demand persisting thanks to cost and supply pressure


Siemens AG said strong orders from all markets are expected to continue in the coming months, helping the company battle rising inflation and supply chain issues that are weighing on returns.

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(Bloomberg) – Siemens AG said strong orders from all markets are expected to continue in the coming months, helping the company battle rising inflation and supply chain issues that are weighing on returns.

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The German industrial giant, reporting a quarterly net loss that beat expectations on Thursday, said it would double its efficiency gains to offset drag and pass on higher costs to customers.

“We are seeing strong demand from our markets, even over three to four quarters,” chief executive Roland Busch said in an interview with Bloomberg Television. “With our price increases to customers, which we are adjusting moderately, we can overcompensate for cost increases from our suppliers.”

Shares fell 1.7% at 9:30 a.m. in Frankfurt, taking losses this year to nearly 30%.

So far, manufacturers like Siemens have been fairly immune to an increasingly bleak outlook marked by record inflation and slowing growth as well as war in Ukraine. Supply chain shortages, driven by the chip crisis now in its third year, have pushed order books to record highs and companies expect to take months to reduce pent-up demand. Also on Thursday, Daimler Truck Holding AG said it would struggle to fill truck orders for the rest of the year.

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At Siemens, orders hit a record high of 99 billion euros ($102 billion) after strong growth in the quarter through June. Even so, there are signs of normalization, the company said.


In the key digital industries division, which makes factory automation software and other labor-saving services, third-quarter profitability was held back by semiconductor shortages and higher spending for cloud-based businesses, Siemens said. Future business will be “clearly influenced by price inflation,” Busch said in speaking notes. The company expects to start reducing its backlog from fiscal 2023.

The prediction echoes BMW AG’s view that improved semiconductor availability will help ease supply chain pressure, allowing production to ramp up.

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Quarterly orders for the smart infrastructure unit rose 26%, although revenue in China fell due to coronavirus lockdowns. The Digital Industries and Smart Infrastructure units are at the heart of Siemens’ push towards higher-margin software offerings.


On Thursday, Siemens cut its expected increase in earnings per share to 5.73 euros from 9.10 euros due to impairment charges. Siemens wrote down the value of its stake in Siemens Energy AG by 2.7 billion euros in June following the turbine maker’s repeated profit warnings. Thursday, he doubled the depreciation linked to his exit from Russia to 1.2 billion euros.

Further write-downs on Siemens’ operations in Russia are possible with regard to its leasing activities in the country, in the region of a three-digit amount of one million euros.

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Although facing a complex economic environment marked by sanctions against Russia, high inflation and the effects of the pandemic, the company said it avoided “more significant disruptions” in the quarter.

Software Player

Siemens is still reorganizing its business toward higher-margin software product lines. The company has sold most of the smaller divested divisions and is focusing on areas with the highest growth potential. In recent weeks, it has bought US software company Brightly for $1.6 billion, launched a new digital business platform and bought a minority stake in Volkswagen AG’s electric car charging subsidiary, Electrify America.

The Mobility division of Siemens, which manufactures trains, won orders worth 2.8 billion euros. Yields fell due to the exit from Russia and the company cut its profit margin forecast to 8.5% from 10.5% previously.

Profit from the industrial business was 2.9 billion euros with returns of 17% slightly below analysts’ expectations.



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The indicator increased by 43% year-on-year

SAO PAULO, August 10, 2022 /PRNewswire/ — Minerva Foods (Minerva SA – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leader in the export of fresh beef and derivatives in South Americawhich also operates in the processed segment, presents its financial results for the second quarter of 2022 (2Q22).

In 2Q22, EBITDA totaled 778 million reaisup 43% year-on-year, setting a company record. For LTM2Q22, EBITDA was 2.8 billion reaisgrowth of 28% over one year, with an EBITDA margin of 9.2%.

The consolidated gross turnover of the company amounts to 9 billion reais in 2Q22, up 34% compared to 2Q21. In the last 12 month, closed in June 2022 (LTM2T22)the indicator was 32.4 billion reais.

In 2Q22, exports accounted for 71% of Minerva Foods gross sales, once new positioning the leading company in beef exports in South Americawith a market share of around 20%.

The company posted 2Q22 net profit of 424.7 million reais and 761.9 million reais for the last twelve months ended in June. Free cash generation over the period was 415.7 million reaisand in LTM2Q22 the indicator was 523.2 million reais.

Report leverage in 2Q22, measured by the Net Debt/EBITDA multiple for the last 12 months, was reduced to 2.3x. The indicator reinforces the financial discipline and sound capital structure of the company.

Minerva Foods continues to drive shareholder value and announces approved dividend payment today (August 10) of 128 million reaisor R$ 0.22 per share.

About Minerva Foods

Minerva Foods is a leading beef exporter in South America and also operates in the processed segment, selling its products in over 100 countries. In addition to BrazilMinerva Foods is present in Paraguay, Argentina, Uruguay, Colombiaand Australia. The company serves five continents in beef, lamb and their derivatives, and currently operates 27 industrial units, 11 international offices, 14 distribution centers and three processing units.

SOURCE Minerva Foods

Cryptocurrencies and Financial Regulation – AAF

Thomas Wade has a new article that summarizes the state of financial regulation of cryptocurrencies (“crypto”). Eakinomics’ view of the universe is that cryptography is misunderstood but nevertheless remains a staple of cocktail discussions. For this crowd, the fun fact in Wade’s journal is that Bitcoin futures contracts are regulated by the Commodity Futures Trading Commission (CFTC), but Bitcoin itself is unregulated (by any of the financial regulators other than those with the unenviable responsibility of preventing financial cyber crimes). The coexistence of a regulated futures market with an unregulated spot market is strange (economic term) and probably very inefficient.

A second important point to remember is that cryptography is largely unregulated and patchy. As Wade puts it, “Except in limited circumstances, the taxation or activity of most cryptocurrencies and the treatment of digital assets is currently largely unregulated in the United States…. The lack of a primary regulator is only part (and perhaps a cause) of the regulatory patchwork of inconsistent agency regulations and guidance on various isolated aspects of crypto.

One of the reasons for the current state of regulation is that cryptography is misunderstood. In other words, what is crypto? If cryptography is a commodity, it is straightforward to attribute jurisdiction to the CFTC: “The CFTC defines a commodity as including all “goods and articles,…and all services, rights and interests…in which contracts for delivery future are currently or in progress”. the future treated and is not limited to tangible assets only. Or, is crypto a security, in which case the Securities and Exchange Commission has the turf? Per Wade: “The SEC defines a security as an ‘investment contract’ and relies on the Howey test, established by a nearly 100-year-old Supreme Court decision. Any financial instrument (potentially including cryptocurrency) is considered a security if it is: an investment of money; in a joint venture; with a reasonable expectation of profits; and arising from the entrepreneurial or management efforts of others. »

Rooftop Solar System Market 2022 Growth Factor – Canadian Solar, Hanwha Group, JA SOLAR, JinkoSolar – Shanghaiist


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