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ROCK SPRINGS -- Each theater company has their own niche.
After much anticipation, 25-year-old Rock Springs resident Kenneth McCormack has taken a big step – to start the first local drag and theatre-based entertainment production company in Sweetwater County.
McCormack’s drag name is Starling, My Darling.
The company, The Starling Company, has a mission, according to McCormack.
“I'm hoping to focus on marginalized voices like being gay or being a person of color and where those two intersect. I want to offer a safe, inclusive and accessible space for everyone.”
McCormack has been involved in the performing arts for 13 years.
“I've been involved with too many theater companies over the years who had ethical issues,” he explained. “Actors would leave the stage, feeling unappreciated after all the work they did. Audiences were feeling underappreciated as well.
“Most of us didn’t think we were being seen or represented appropriately by the stories being told. I feel that’s what art and media are for – to serve people you are trying to entertain.”
So far, McCormack has had numerous positive responses.
“I’ve had a few drag organizers from Utah reach out to me and expressed interest in performing in Wyoming.”
He added, “What’s really cool about the drag aspect for me is, aside from Drag for a Cause, we don’t have a “scene” here. I essentially have a blank slate to create a culture here.
“Mine will be theater-based but drag is becoming more mainstream. I’m making waves!”
Starling is planning to do a show in the fall and spring every year.
Starling wants to reprise Rocky Horror Show again on stage but hasn’t been approved for it yet but he is planning to do a showing of the movie on Oct. 21 and Oct. 22 at the Broadway Theater with a live shadow cast performing in front of the screen, which was an original cult-like performance, with audience participation.
Starling is planning a drag show on New Year’s Eve as well.
In the spring, he will do a showing of Henwig and the Angry Itch.
“I was very fortunate to watch it live in 2014 and that’s when I had my first boyfriend and realized I was gender queer,” he shared. “The main character isn’t a man or a woman – she's a beautiful mix of the two.”
Contrary to what most people believe, queer is not an offensive word to the LGBTQ community, McCormack pointed out.
“We have reclaimed the name ‘queer’, not to describe the whole community, but for a portion of the community that does not identify with a cisgender, which is the gender you are assigned at birth.”
“I identify with all the pronouns,” he explained. “Sometimes I feel masculine, sometimes I don’t.”
McCormack’s goal is to see everyone come and leave the theater with confidence.
“I want to uplift and provide representation and exposure for marginalized voices but also to uplift and celebrate our audiences and the individual artists coming here.”
“Drag queens has always been artists that create commentary that is most blunt and the most accurate for the times. That's what I hope to bring and to celebrate everybody involved.”
Starling performed at Wind River Pride in Lander this summer.
“I was practically in tears during the entire show,” he expressed. “300 people showed up for the drag show. That’s 5% of Lander’s population.”
He noted, “Protesters were there but they were very quiet. They experienced ‘queer joy’ that day and saw the love we brought.”
McCormack describes the ones who had never performed before that day as “baby queens.”
The audience was instructed to stand up and line up in two columns, with a runway in the middle. After they formed the two lines, they were invited to dance down the runway and lip sync as they celebrated themselves.
“There were just ten people from the audience who did not participate,” he revealed. “We had to play eight songs!
“Just to see that many people celebrating made me lose it. It was amazing.”
Starling plans to perform again during next year’s Wind River Pride.
“I’m not a workaholic, I’m just passionate about taking care of people, making them feel loved and sharing messages.”
For more information about joining The Starling Company, send an email to the.starling.co@gmail.com or look them up on Facebook or Instagram, both with the handle, @the.starling.co. | https://www.wyomingnews.com/rocketminer/queens-have-dreams-too-drag-theater-enters-sweetwater-county-scene/article_314de1ac-2363-11ed-991c-d7b90298f383.html | 2022-08-24T07:24:26Z |
Tesla owner implants chip in hand to unlock, start car
(CNN) - A Michigan man never again has to worry about losing his car keys after he had a chip implanted in his hand that unlocks and starts his Tesla.
Brandon Dalaly had the chip implanted under local anesthetic at a tattoo and piercing parlor. A few days later, his hand hardly sore, he could use it to open his Tesla by hovering over the door pillar.
“You can’t lose your hand, so you always have a way of getting in your car,” Dalaly said.
Though he’s been mocked online as an Elon Musk groupie, Dalaly says he’s actually just a huge technology nerd. What he really wants is for the chip to be updated, so the implant will work for credit cards.
Until that’s possible, Dalaly will settle for using it to start his Tesla by holding his hand over the console.
“Getting a lot of comments saying, ‘What if someone comes after you and chops off your hand?’” Dalaly said.
He already has a chip implanted in his other hand that allows him to unlock the door to his home. It also holds his contact and medical information, such as COVID vaccinations. It glows green, so you know the phone is reading it.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.whsv.com/2022/08/24/tesla-owner-implants-chip-hand-unlock-start-car/ | 2022-08-24T07:44:52Z |
Avast sees global increase in ransomware attacks with 24% increase in Q2/2022 from previous quarter
Avast's Ransomware Shield offers an additional layer of protection, ensuring organizations have uninterrupted access to systems and data
PRAGUE, Aug. 24, 2022 /PRNewswire/ -- Avast (LSE:AVST), a global leader in digital security and privacy, today launches a new Ransomware Shield for businesses, offering organizations an extra layer of protection against ransomware attacks. This will ensure businesses can secure their most important files and crucially, customer data, with proactive protection which prevents unauthorized access. The new feature is available now, included, as part of the Avast Essential, Premium, and Ultimate Business Security packages for businesses for both Windows and MacOS.
Despite observing a decline in ransomware attacks in Q4 2021 and Q1 2022, ransomware attacks are increasing globally once again. Avast witnessed a 24% increase in ransomware attacks in Q2 2022 in comparison to Q1 20221.
Filip Hlinka, VP of Product, Avast Business, says, "Small businesses are facing a growing threat from ransomware, with cybercriminals increasingly targeting smaller organizations to encrypt crucial business data and disrupt operations. The results can be devastating for small businesses that lack the financial and technical resources to rebound from such attacks. Avast's antivirus has always offered consumers and business users powerful protection against cyberthreats including ransomware, and Ransomware Shield offers a purpose-built, additional layer of protection which helps to secure businesses' most crucial files against these highly damaging attacks."
While Avast customers are already protected against ransomware via Avast's existing Web Shield, File Shield, and Behavior Shield, Ransomware Shield works alongside them to provide multi-layered protection, ensuring businesses have uninterrupted access to their systems and data. Ransomware Shield works by safeguarding files and folders from being modified, deleted, or encrypted by unknown applications. Users can specify which applications have permission to access their files, providing an additional layer of protection for organizations' most confidential and important data. The new feature is automatically enabled by default, and users can customize the list of protected files and folders in the policy in the Avast Business Hub.
Ransomware Shield is now available for all Avast Small Business Solutions users.
For more information contact us
E-mail: pr@avast.com
About Avast Business:
Avast Business, part of Avast (LSE:AVST, a FTSE 100 company), a global leader in cybersecurity and privacy products with over 435 million users, provides enterprise-grade endpoint and network security solutions for small and mid-sized businesses (SMBs) and IT service providers. Avast Business delivers powerful integrated security and privacy solutions to make it easy and affordable for businesses to protect complex and evolving network security layers. Backed by Avast's immense threat detection network, which is among the largest and most advanced in the world, Avast Business uses machine learning and artificial intelligence technologies to detect and stop threats in real time.
Further information relating to this release:
Keep in touch with Avast Business:
- For more information about Avast visit: https://www.avast.com/en-gb/about and https://www.avast.com/company-faqs
- Follow us on Twitter: @Avastbusiness
- For small business security insights, visit the Avast Business blog: https://blog.avast.com/topic/business-security
- Join our LinkedIn community: https://www.linkedin.com/showcase/avast-for-business/
1 Avast Q2 2022 Research Report: https://decoded.avast.io/threatresearch/avast-q2-2022-threat-report/
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SOURCE Avast Software, Inc. | https://www.whsv.com/prnewswire/2022/08/24/avast-ransomware-shield-offers-new-layer-protection-businesses-light-evolving-threats/ | 2022-08-24T07:44:57Z |
Another season side by side with Juventus on and off the pitch
SINGAPORE, Aug. 24, 2022 /PRNewswire/ -- Leading global derivatives exchange - Bitget, is pleased to continue the partnership with Juventus as the Official Sleeve Partner to commence Season 2022-2023.
Juventus is one of the leading and most established football clubs in the world. The partnership began in September 2021, as Bitget became the first Juventus Sleeve Partner, and enabled the brand to gain considerable visibility thanks to the large global audience that Juventus reaches.
In addition to reside the black and white sleeve match by match, side by side with Juventus players, Bitget will put their best efforts to explore opportunities for cooperation for possible CSR projects.
Commenting on the partnership, Managing Director of Bitget, Gracy Chen said, "We are honoured to be the Official Sleeve Partner for Juventus for the second year. It has been a nice and rewarding journey to partner with them, helping Bitget better engage in the sports space. We appreciate the impressive reputation and vast popularity of Juventus and believe those virtues will continue to help Bitget reach wider audiences and share its vision for the rest of the world."
Giorgio Ricci, Chief Revenue Office of Juventus added, "Our partnership with Bitget has been undoubtedly successful. Bitget have confirmed once again their commitment to be close to the team, by featuring on the club's left sleeve, next to the hearts of Juventus players and fans. We are thrilled to extend our partnership with this innovative partner, who will accompany us match by match throughout the season."
About Bitget
Established in 2018, Bitget is one of the world's leading cryptocurrency exchanges with a core focus on social trading. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralized finance with a 600-strong workforce.
Adhering closely to its philosophy of 'Better Trading, Better Life', Bitget is committed to providing comprehensive and secure trading solutions to users globally, aiming to be the portal that transcends Web2 and Web3, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto.
For media queries, please contact:
simran@bitget.com
andrea.leung@bitget.com
sylvia.huang.yq@bitget.com
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SOURCE Bitget | https://www.whsv.com/prnewswire/2022/08/24/bitget-renews-partnership-with-juventus-their-official-sleeve-partner/ | 2022-08-24T07:45:03Z |
STOCKHOLM, Aug. 24, 2022 /PRNewswire/ -- "Devyser reported another quarter of strong organic growth, which again saw record-breaking sales. The gross margin remained high. Both sales and margins have the potential for further improvement as we move forward with the transition from distributor sales to direct sales.
Sales for the quarter amounted to SEK 31 million, equal to 42 percent organic growth compared with the same quarter of last year."
Fredrik Alpsten, CEO, Devyser
Quarter April-June 2022
- Net sales amounted to SEK 30.9 million (21.8), corresponding to a 41.5% increase. Adjusted for exchange rate fluctuations, net sales increased by 36.2%.
- Gross profit totaled SEK 24.7 million (16.2), corresponding to a gross margin of 79.9% (74.0).
- Operating profit (EBIT) amounted to SEK -12.6 million (-5.5).
- Profit after tax totaled SEK -14.3 million (-6.2).
- Earnings per share before and after dilution amounted to SEK -0.90 (-0.55).
- Cash flow from operating activities stood at SEK -7.9 million (-12.4).
The period from January to June 2022
- Net sales amounted to SEK 61.3 million (44.6), corresponding to a 37.2% increase. Adjusted for exchange rate fluctuations, net sales increased by 32.4%.
- Gross profit totaled SEK 49.9 million (34.3), corresponding to a gross margin of 81.4% (77.0).
- Operating profit (EBIT) amounted to SEK -17.9 million (-4.8).
- Profit after tax totaled SEK -20.4 million (-6.5).
- Earnings per share before and after dilution amounted to SEK -1.29 (-0.61).
- Cash flow from operating activities stood at SEK -15.3 million (-7.4).
Important events during the quarter
Annual General Meeting
At the Annual General Meeting in May, Mia Arnhult, Lars Höckenström, Fredrik Dahl and Pia Gideon were re-elected as Board members. Fredrik Mattsson was elected as a new Board member. Mia Arnhult was re-elected as Chair of the Board.
Breakthrough contract in Canada for non-invasive RHD testing
In June, Devyser won a contract with Héma-Québec, in Québec, Canada, for the non-invasive RHD testing of fetuses. The contract will initially run for three years, starting in 2023, and may potentially be extended for a further two years. The total order value amounts to just over SEK 16 million.
Strengthening of the management team
In June, Theis Kipling was hired as Chief Commercial Officer with global responsibility for sales, marketing, product management and tech support. Theis Kipling has a comprehensive commercial background in the global life sciences sector, and experience working specifically for diagnostics companies.
New share issues
In April, a new share issue totaling 62,400 shares was carried out in connection with the exercising of warrants. This raised SEK 1.2 million for the company.
Important events after the end of the quarter
In September, Camilla Wiberg takes up the position of CHRO (Chief Human Resources Officer). Following Camilla Wiberg's appointment, Devyser's senior management consists of CEO Fredrik Alpsten, CFO Sabina Berlin, CCO Theis Kipling, COO Göran Rydin, CHRO Camilla Wiberg and Deputy CEO Ulf Klangby.
After the balance sheet date, two new share issues were completed in connection with the exercising of warrants, and at the time of submission of this report the number of shares was 16,006,369.
The report is available on the company's webpage:
https://investors.devyser.com/en/reports-presentations
This information is information that Devyser Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons below, on August 24 11, 2022 at 08:00 CET.
For more information, please contact:
Fredrik Alpsten, CEO
E-mail: fredrik.alpsten@devyser.com
Tel: +46 706 673 106
Sabina Berlin, CFO
E-mail: sabina.berlin@devyser.com
Tel: +46 739 519 502
About Devyser Diagnostics AB (publ)
Devyser develops, produces, and commercializes genetic test kits for laboratories in more than 45 countries. The products are used for advanced DNA testing within hereditary diseases, oncology, and transplantation to guide targeted cancer therapies, diagnose a wide array of genetic diseases, and to assist in post-transplant follow-up. Devyser's products simplify complex genetic testing processes, minimize hands-on time and deliver rapid, accurate, and trusted results. Devyser was founded in 2004 and is based in Stockholm, Sweden.
Devyser's shares are listed on Nasdaq First North Growth Market (ticker: DVYSR). The company's certified adviser is Redeye AB. For more information, please visit www.devyser.com.
This information was brought to you by Cision http://news.cision.com
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SOURCE Devyser Diagnostics AB | https://www.whsv.com/prnewswire/2022/08/24/devyser-diagnostics-ab-publishes-interim-report-period-january-june-2022/ | 2022-08-24T07:45:15Z |
NEW YORK and LONDON, Aug. 24, 2022 /PRNewswire/ -- LianLian Global, a leading global cross-border payments service provider, and London-based lendtech Uncapped have announced a strategic partnership to provide ecommerce entrepreneurs and online merchants in the US and UK with access to fast and flexible financing to grow their business through the LianLian Global platform.
LianLian Global's partnership with Uncapped will enable US and UK registered ecommerce companies to secure financing from $100,000 to $10 million, without any equity, interest or personal guarantees in under 48-hours, to grow their business by securing inventory, acquiring new customers or hiring more staff.
"Our partnership with Uncapped is strategically important for LianLian Global. This exciting announcement positions us as the global leading provider of end-to-end cross-border payments and finance services for ecommerce sellers," said Kevin Boland, VP International Business Development, LianLian Global. "Through LianLian Global, our customers can access the funding they need in Q3 to stock inventory, pay suppliers, and grow their business in Q4."
Andrew Gnananantham, Head of Commercial at Uncapped, said: "We're delighted to partner with LianLian Global, one of the leading cross-border payments solutions in ecommerce. Uncapped exists to help founders win, so we are proud to power LianLian Global's product offer to unlock new opportunities for growth for marketplace sellers. Now including fast, easy access to growth funding, we see LianLian Global as a definitive full-service partner for any ecommerce entrepreneur eyeing international expansion."
Online merchants often struggle to secure funds with traditional lenders. According to CB Insights, Q1 of 2022 saw the lowest quarterly total of funding to ecommerce companies since 2020. Additionally, the World Bank found that globally, Small to Medium Enterprises (SMEs) have unmet finance needs of approximately $5.2 trillion a year which is almost 1.5 times the current lending market for this segment of businesses.
The finance partnership is designed to provide much-needed financing options for ecommerce businesses. Eligible companies can expect a transparent finance structure with a flat fee as low as 2% on the capital provided. Visit www.lianlianglobal.com for more information.
The partnership announcement comes shortly after LianLian Global expanded its payments services in the UK in August, and launched a cross-border wallet in the US at the end of June this year.
LianLian Global has offices in 12 countries that help more than 1.4 million ecommerce stores grow their cross-border businesses. LianLian Global owns over 60 licenses worldwide. In addition, the company has partnered with leading financial institutions such as Citi, Deutsche Bank, and J.P. Morgan to power their solutions.
Note to editors
About LianLian Global
LianLian Global is a leading cross-border payments company that connects local sellers to global opportunities. We make it easy for ecommerce merchants to do more international business. So when sellers need to receive international payouts, get financing, solve shipping logistics, manage foreign exchange, or pay tax obligations abroad, we simplify the complexity of operating in other countries, giving merchants and sellers the freedom to do business seamlessly. Part of LianLian Digitech, and with licenses and offices in the Americas, Europe and throughout Asia, LianLian Global is integrated into mainstream ecommerce platforms worldwide, with services covering more than 100 countries and regions. www.lianlianglobal.com
About Uncapped
Uncapped's financing allows founders to raise growth capital without giving up control of their business. The company was born out of frustration with the limited financing options available for entrepreneurs. Uncapped provides business advances of £10K to £10M in just a few simple steps, allowing online businesses to access fair and flexible finance. Uncapped never takes equity and its low fees are paid back on personalised pre-agreed terms, so founders maintain complete control. No hidden charges, no surprises! To learn more, visit Uncapped.
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SOURCE LianLian Global | https://www.whsv.com/prnewswire/2022/08/24/global-cross-border-payments-giant-lianlian-global-uncapped-join-forces-offer-flexible-ecommerce-finance/ | 2022-08-24T07:45:21Z |
LUND, Sweden, Aug. 24, 2022 /PRNewswire/ --
April-June 2022
- Net sales amounted to kSEK 103 (38) divided between sales of tests kSEK 45 and royalties kSEK 58
- Net earnings amounted to MSEK -33 (-49) and earnings per share before and after dilution were SEK -1.49 (-2.18)
- Cash flow from operating activities amounted to MSEK -41 (-34)
- Cash and cash equivalents at the end of the period amounted to MSEK 197 (382)
- In April Immunovia submitted the application for CPT PLA Code for the IMMray™ PanCan-d test
- The Annual General Meeting on April 7th elected Eric Krafft and Philipp von Hugo as new board members. Ann-Christine Sundell, Mimmi Ekberg and Christofer Sjögren had declined re-election. The other board members were re-elected.
- On May 16, Natalie Carfora was appointed as Head of Market Access, Immunovia, Inc.
- In May Immunovia, Inc. achieved Clinical Laboratory Licensure from Rhode Island Dept of Health from IMMray™ PanCan-d test
- In May Immunovia, Inc. achieved Clinical Laboratory Permits from Pennsylvania and Maryland Departments of health for IMMray™ PanCan-d test
- On June 2, Philipp Mathieu was appointed Chief Executive Officer and President since January 2022
- In June partly inconclusive results from the Pan-FAM-1 study were announced
- In June Immunovia announced that the PanDIA-1 study for early detection of pancreatic cancer in newly onset diabetes moved into the next phase
Significant events after the period
- In June Immunovia, Inc. had CPT PLA code for the IMMray™ PanCan-d test approved
- In August Immunovia, Inc. issued Clinical and Public Health Laboratory License from California Dept of Public Health for IMMray™ PanCan-d test
CEO's comments
During Q2 Immunovia built on our front-runner position in early detection of pancreatic cancer to ensure the execution of a successful commercial US launch by significantly strengthening our US team through the addition of new highly experienced hires. We have also broadened market access to IMMray™ PanCan-d for patients in additional US states and obtained a unique CPT PLA code for our test on the way to reimbursement.
During the second quarter, Immunovia continued to execute on the previously communicated strategic priorities for 2022.
Immunovia is currently in the scale-up phase of its US commercial organisation to facilitate a successful launch of IMMray™ PanCan-d. Our US team was significantly strengthened through Jeff Borcherding, previously Chief Marketing Officer at Myriad Genetics, joining in April to lead our US business and the US commercialization efforts, as well as the hire of Natalie Carfora as Head of Market Access US. Having Jeff and Natalie on board with their combined industrial experience, I feel that we have a solid platform enabling us to grow our brand and diagnostic business in the US market.
In the pursuit of additional clinical validation of IMMray™ PanCan-d we announced PanFAM-1 results and provided and update on PanDIA-1. During PanFAM-1, IMMray™ PanCan-d met its primary endpoint of test specificity comparable to imaging in the study. The study, however, was partly inconclusive since sensitivity could not be evaluated due to the low number of PDACs among study participants. We certainly had aimed for more tangible results of the study, but have gained important learnings from PanFAM-1, which together with our ongoing discussions with payers will inform the way forward in establishing further clinical validation in this risk group.
We also provided an update on PanDIA-1, one the largest studies for the early detection of pancreatic cancer in newly onset type 2 diabetics. The study aims to give another substantial risk group for pancreatic cancer access to early detection. The prevalence of diabetes is dramatically increasing worldwide, and newly diagnosed diabetics have up to 8 times higher risk of getting pancreatic cancer. PanDIA-1 is now moving into a decisive next phase and during the second half of 2022 we will initiate the analysis of samples from the included patients.
To continue our mission making IMMray™ PanCan-d broadly available on the US market, we initiated a physician experience program in the US, which is now almost fully enrolled at selected pancreatic cancer high-risk-surveillance centers. The program commenced in May and has enrolled more than 20 established surveillance centers. It aims to drive familiarity and adoption amongst physicians who together with other key opinion leaders is expected to play a critical role as advocates for our test with payers.
In April we submitted a CPT PLA Code application for the IMMray™ PanCan-d test to the American Medical Association, which was approved at the beginning of July. The physician experience program, continued collaborations with key opinion leaders and having attained the PLA code, are all important steps in executing our US reimbursement plan.
During the quarter Immunovia has firmly continued the journey to penetrate the US market and generate significant growth. We have a clear path forward and an industry leading team in place focused on our mission to enable broad access to early detection. Improving pancreatic cancer survival rates is hugely motivating and continuously driving us forward.
August 24, 2022
Philipp Mathieu, CEO and President
Immunovia AB
For more information, please contact:
Philipp Mathieu
CEO and President
Email: philipp.mathieu@immunovia.com
Karin Almqvist Liwendahl
Chief Financial Officer
Email: karin.almqvist.liwendahl@immunovia.com
The information in this report is information that Immunovia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 am CET on August 24, 2022.
Conference call
Immunovia will hold a webcast tele conference at 13:00 pm CET on August 24 with President and CEO Philipp Mathieu and CFO Karin Almqwist Liwendahl.
To take part of the presentation, please dial one of the numbers or watch via the web link below.
Sweden: +46 8 5051 0031
United Kingdom: +44 207 107 06 13
United States: +1 631 570 56 13
Link to the webcast: https://link.edgepilot.com/s/9134565d/n4saifQXgEG99MipSw3ORw?u=http://creo-live.creomediamanager.com/6074dc43-43a2-4f11-9bff-9647548664fd
About Immunovia
Immunovia AB is a diagnostic company with the vision to revolutionize blood-based diagnostics and increase survival rates for patients with cancer.
Our first product, IMMray™ PanCan-d is the only blood test currently available for early detection of pancreatic cancer. The test has unmatched clinical performance. Commercialization of IMMray™ PanCan-d started in August 2021 in the USA and IMMray™ PanCan-d is offered as a laboratory developed test (LDT) exclusively through Immunovia, Inc. For more information see: www.immunoviainc.com.
Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups globally to make this test available to all high-risk pancreatic cancer groups.
The USA, the first market in which IMMray™ PanCan-d is commercially available, is the world's largest market for the detection of pancreatic cancer with an estimated value of more than USD 4 billion annually.
Immunovia's shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com.
This information was brought to you by Cision http://news.cision.com
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SOURCE Immunovia AB | https://www.whsv.com/prnewswire/2022/08/24/immunovia-publishes-interim-report-jan-june-2022/ | 2022-08-24T07:45:28Z |
TOKYO, Aug. 24, 2022 /PRNewswire/ -- Nippon Express (Middle East) L.L.C. (hereinafter "NX Middle East"), a group company of NIPPON EXPRESS HOLDINGS, INC., has obtained ISO 45001:2018 certification for its occupational health and safety management systems, effective June 29.
Logo: https://kyodonewsprwire.jp/img/202208225337-O1-Riz6Hi3E
The Nippon Express Group is endeavoring to obtain ISO certification out of commitment to maintaining and improving the quality of its operations as a useful means of ensuring the Group's sustainable development and improving its performance to enhance customer satisfaction.
NX Middle East strove to acquire ISO 45001:2018 certification to create a system under which all employees involved in its business activities could work with peace of mind by providing a safe and healthy working environment and reducing the risk of work-related industrial accidents.
The Nippon Express Group will continue pursuing business growth alongside its stakeholders based on its unchanging values of safety, compliance and quality and in accordance with its Corporate Philosophy of advancing society through logistics.
Details of ISO 45001:2018 certification
- Name of organization: Nippon Express (Middle East) L.L.C.
- Date of certification: June 29, 2022
- Certification standard: ISO 45001:2018
- Certified businesses: Logistics and forwarding businesses
- Certifying body: ARS Assessment Private Limited
Nippon Express website: https://www.nipponexpress.com/
Nippon Express Group's official LinkedIn account: https://www.linkedin.com/company/nippon-express-group/
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SOURCE NIPPON EXPRESS HOLDINGS, INC. | https://www.whsv.com/prnewswire/2022/08/24/nippon-express-middle-east-obtains-iso-450012018-certification-occupational-health-safety-management-systems/ | 2022-08-24T07:45:35Z |
SINGAPORE, Aug. 24, 2022 /PRNewswire/ -- XT.com, the world's first social infused digital assets trading platform, is honored to announce its soon-to-be-listed cryptocurrency, Universe World (WUT), which intends to bring users a new experience with the token.
The token will be listed on the platform as WUT and Tether (USDT) trading pair on August 24, 2022, at 07:00 (UTC). To participate in trading WUT/USDT, traders are encouraged to start depositing their crypto assets on August 23, 2022, at 07:00 (UTC) ahead of the listing.
Universe World (WUT) is an endogenous and governance currency used by Rabbit Rangers, a shooting defensive Play-to-Earn (P2E) game with extreme traction in the Web3 space. Powered by NFTs and blockchain, the game is on a new level, igniting gamers' GameFi interests.
Unlike other blockchain games that only focus on incentivizing players, Rabbit Rangers is a free-to-play game with an exciting rewards scheme for everyone. Coupled with its mission to elevate users' GameFi experience, Rabbit Rangers believes that its P2E mechanic is not only about playing games to make money, but it aims to also create a self-sustaining ecosystem to benefit its community and anyone who plays the game.
While enjoying a flat fee in trading WUT/USDT, XT.com pledges to make withdrawal available to traders on August 25, 2022, at 07:00 (UTC).
About Rabbit Rangers (Universe World (WUT))
Rabbit Rangers is a Web3 3D Play-to-Earn (P2E) gamification platform with a 3D virtual environment and social interactions combined with shooting defense mechanics, powered by blockchain and NFTs. Gamers get exciting rewards by fighting moles and collecting in-game items.
The game's native is Universe World (WUT) for rewarding gamers. Dedicated to rewarding players and helping them interact with each other, the game is revolutionizing the Rabbit game world.
Users of the game have to go through eight stages each in a jungle, ice age, and volcanic places to kill moles with their in-house attacking team of laser, fire, and ice within the 3D virtual world on the platform.
Website: http://wbus.io/
Twitter: https://twitter.com/RabbitRangers
About XT.com
By consistently expanding its ecosystem, XT.com is dedicated to providing users with the most secure, trusted, and hassle-free digital asset trading services. Our exchange is built from a desire to give everyone access to digital assets regardless of where you are.
Founded in 2018, XT.com now serves more than 4.5 million registered users, over 500,000+ monthly active users, and 30+ million users in the ecosystem. Covering a rich variety of trading categories together with an NFT aggregated marketplace, our platform strives to cater to its large user base by providing a secure, trusted, and intuitive trading experience.
As the world's first social-infused digital assets trading platform, XT.com also supports social networking platform based transactions to make our crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, we see user security as our top priority at XT.com.
Website: https://www.xt.com/
Telegram: https://t.me/XTsupport_EN
Twitter: https://twitter.com/XTexchange
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SOURCE XT.com | https://www.whsv.com/prnewswire/2022/08/24/universe-world-wut-gets-listed-xtcom-with-usdt-trading-pair/ | 2022-08-24T07:45:41Z |
- Valour's Binance Exchange Traded Product becomes the 10th ETP offered by Valour and the 2nd ETP offering exposure to BNB globally.
- Valour Binance (BNB) EUR (CH1149139672) will enable retail and institutional investors to gain exposure to the BNB token simply and securely via their bank or broker.
- The ETP will be first available on Börse Frankfurt, the largest exchange in Germany
TORONTO, Aug. 24, 2022 /PRNewswire/ - Valour Inc. (the "Company" or "Valour") (NEO: DEFI) (GR: RMJR) (OTC: DEFTF), a technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralized finance, announced today that it will debut its new Binance Coin Exchange Traded product ("ETP") on Börse Frankfurt. Trading of Valour (BNB) ETP begins today, August 24, 2022.
The Valour Binance (BNB) EUR ETP (CH1149139672) precisely tracks the price of BNB, the native token behind the BNB Chain. It primarily serves to 'fuel' transactions across the BNB Chain, as well as acting as a governance token for the network. BNB Chain is a decentralized, open-source, multi-chain platform that is being used to build parallel virtual ecosystem infrastructure. The permissionless, smart contracts network is shaping and scaling the growth of MetaFi (the intersection of DeFi infrastructure with GameFi, SocialFi, the Metaverse, Web3 & NFTs).BNB is currently among the top five cryptocurrencies in the world by market capitalization, at USD$48.052M as of August 23, 2022.
"BNB is a dynamic digital asset. By offering exposure to this token on Börse Frankfurt, Valour is enabling investors to safely and securely gain exposure through a distinguished and reputable exchange," said Russell Starr, CEO of Valour. "I am confident that our low fee model will drive interest in our Valour (BNB) ETP as more investors seek to diversify with digital assets."
"By gaining exposure to digital assets via Valour, investors benefit from the standardisation, risk reduction and operational efficiency of a centrally cleared product listed on a regulated stock exchange", continues Marco Infuso, Chief Sales Officer of Valour.
Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. In addition to Binance Coin (BNB) Valour's existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM) and Enjin (ENJ) ETPs with low management fees. Valour's flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free.
Learn more about Valour at https://valour.com/
Valour Inc. (NEO: DEFI) (GR: RMJ.F) (OTCQB: DEFTF) is a technology company and the first and only publicly traded company that bridges the gap between traditional capital markets and decentralized finance. Founded in 2019, Valour is backed by an acclaimed and pioneering team with decades of experience in financial markets and digital assets. Valour's mission is to expand investor access to industry-leading Web3 and decentralized technologies. This allows investors to access the future of finance via regulated equity exchanges using their traditional bank account and access.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the trading of Valour (BNB) ETP; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by Valour and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited to the acceptance of Valour ETPs by exchanges, including the NGM, Frankfurt and Euronext; investor demand for Valour's products; growth and development of DeFi and cryptocurrency sector; rules and regulations with respect to DeFi and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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SOURCE Valour, Inc. | https://www.whsv.com/prnewswire/2022/08/24/valour-announces-debut-binance-coin-exchange-traded-product-etp-brse-frankfurt/ | 2022-08-24T07:45:48Z |
BEIJING, Aug. 23, 2022 /PRNewswire/ -- A new vlog series of China Factory Story, Fenjiu, Soul of Chinese Liquor, has recently been released. This is the seventh piece of this 10-episode vlog series, which is jointly produced by the National Brand Project Office of Xinhua News Agency, China Economic Information Service and Fenjiu Group.
The 10 episodes tell Fenjiu's liquor-making stories, from raw grain in green production base, a bottle of fragrant Fenjiu on the table, clear karstic water sources 800 meters underground, to modern workshops adopting time-honored techniques, which all speak of Fenjiu's craftsmanship, pursuit for excellence with a pragmatic approach, and spirits of staying true to tradition and innovation in brewing mild aromatic Baijiu.
See the original link: https://en.imsilkroad.com/p/329610.html
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SOURCE Xinhua Silk Road | https://www.whsv.com/prnewswire/2022/08/24/xinhua-silk-road-fenjiu-past-present/ | 2022-08-24T07:45:54Z |
Tesla owner implants chip in hand to unlock, start car
(CNN) - A Michigan man never again has to worry about losing his car keys after he had a chip implanted in his hand that unlocks and starts his Tesla.
Brandon Dalaly had the chip implanted under local anesthetic at a tattoo and piercing parlor. A few days later, his hand hardly sore, he could use it to open his Tesla by hovering over the door pillar.
“You can’t lose your hand, so you always have a way of getting in your car,” Dalaly said.
Though he’s been mocked online as an Elon Musk groupie, Dalaly says he’s actually just a huge technology nerd. What he really wants is for the chip to be updated, so the implant will work for credit cards.
Until that’s possible, Dalaly will settle for using it to start his Tesla by holding his hand over the console.
“Getting a lot of comments saying, ‘What if someone comes after you and chops off your hand?’” Dalaly said.
He already has a chip implanted in his other hand that allows him to unlock the door to his home. It also holds his contact and medical information, such as COVID vaccinations. It glows green, so you know the phone is reading it.
Copyright 2022 CNN Newsource. All rights reserved. | https://www.wvva.com/2022/08/24/tesla-owner-implants-chip-hand-unlock-start-car/ | 2022-08-24T08:32:00Z |
JACKSON, Miss. — A small town in the Mississippi Delta that has ties to the civil rights movement will soon be home to the National Rhythm and Blues Hall of Fame.
Project planners hope to finish building the facility in the town of Marks in two or three years, Velma Wilson, director of economic tourism and development for Quitman County, told The Associated Press on Tuesday. Marks is the county seat of Quitman County and has a population of fewer than 2,000 people.
The project is the culmination of a 50-year effort to build a hall of fame for R&B musicians such as James Brown, Aretha Franklin and B.B. King.
"There is no other hall of fame in the world that is primarily focused and dedicated to the history of R&B music on a national scale," LaMont Robinson, CEO of the NRBHF, said in a news release. "My vision to build a hall of fame to honor R&B and its contributions to civil rights, America, and the entire world is something that I don't take lightly."
Robinson founded the hall of fame in 2010. Since 2013, it has inducted more than 200 artists.
Marks appealed to Robinson due to its civil rights history. Martin Luther King Jr. chose the town in 1968 as the starting point for his Poor People's Campaign, which demanded economic justice for poor Americans of all backgrounds. On March 31, 1968, in what would be his final Sunday sermon before his assassination, King described the poverty-stricken families he encountered in Marks.
"I was in Marks, Mississippi, the other day, which is in Quitman County, the poorest county in the United States. And I tell you I saw hundreds of Black boys and Black girls walking the streets with no shoes to wear," King said at the National Cathedral in Washington. "I saw their mothers and fathers ... They raised a little money here and there; trying to get a little food to feed the children; trying to teach them a little something."
The conditions in the cotton fields of Quitman County and other parts of the Mississippi Delta were the environment in which early civil rights activists and field workers produced music that's now identified as blues, gospel and R&B, project planners said.
"It was this cultural and musical phenomenon that provided the basis for the prodigious economic success and profits of the U.S. music industry worldwide," planners wrote in a document outlining the project.
As of 2020, Quitman County had one of the 20 lowest median income levels of all counties in the country, according to the U.S. Census Bureau.
"The Hall of Fame will be the catalyst to Delta tourism growth and opportunities, and a means to attract business and industry," said Democratic U.S. Rep. Bennie Thompson, who represents Quitman County.
The city of Marks donated 5 acres (2 hectares) of land for the project.
According to an agreement reviewed by the AP, the Quitman County Economic Tourism and Development agency secured a $500,000 appropriation from the Mississippi Legislature for infrastructure related to the project. The agency also hopes to secure an $11 million federal grant through the U.S. Department of Transportation to beef up development around the hall of fame.
"While there is significant energy and excitement in the project, it is also daunting for the QTED staff and will require multiple partnerships to succeed," the agency wrote in the agreement.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/why-the-rhythm-and-blues-hall-of-fame-is-headed-to-this-small-mississippi-delta-town | 2022-08-24T08:40:02Z |
Young adults are using more weed and hallucinogens than ever.
The amount of people from ages 19 to 30 who reported using one or the other are at the highest rates since 1988, when the National Institutes of Health first began the survey.
"Young adults are in a critical life stage and honing their ability to make informed choices," said Dr. Nora Volkow, the director of the National Institute on Drug Abuse, a NIH subsidiary. "Understanding how substance use can impact the formative choices in young adulthood is critical to help position the new generations for success."
The latest data was collected from April 2021 through October 2021.
Marijuana use
The amount of young adults who said in 2021 that they used marijuana in the past year (43%), the past month (29%) or daily (11%) were at the highest levels ever recorded.
Daily use — defined in the study as 20 or more times in 30 days — was up from 8% in 2016.
The amount of young adults who said they used a marijuana vape in the past month reached pre-pandemic levels, after dropping off in 2020. It doubled from 6% in 2017 to 12% in 2021.
Hallucinogen use
The percentages of young people who said they used hallucinogens in the past year had been fairly consistent for the past few decades, until 2020 when rates of use began spiking.
In 2021, 8% of young adults said they have used a hallucinogen in the past year, the highest proportion since the survey began in 1988.
Reported hallucinogens included LSD, mescaline, peyote, shrooms, PCP and MDMA (aka molly or ecstasy).
Only use of MDMA declined has decreased, from 5% in 2020 to 3% in 2021.
Other substances
Alcohol was the most popular substance in the study, though rates of daily drinking have decreased in the past 10 years.
But binge drinking — which the organization defines as having five or more drinks in a row in the past two weeks — is back on the rise after hitting a historic low in 2020, at the beginning of the COVID-19 pandemic.
High-intensity drinking — having 10 or more drinks in a row in the past two weeks — has been consistently rising in the last decade, and in 2021, was at its highest level since 2005.
Meanwhile, use of nicotine vapes are still on the rise among young people — its prevalence almost tripled from 6% in 2017, when it was first measured, to 16% in 2021.
The use of nicotine cigarettes and opioids has been on the decline in the past decade.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/young-adults-are-using-marijuana-and-hallucinogens-at-the-highest-rates-on-record | 2022-08-24T08:40:08Z |
KALAELOA, Hawaii (KITV4) -- Due to a tough economy, some companies are starting to reduce their work staff. Barbers Point Aviation says it's being forced to lay off workers by this weekend.
Even with the troubled economy, planes continue to take off and land at Kalaeloa airport.
"Work's been in slow decline," said Barbers Point Aviation Services manager Matthew Lyman.
No matter how many planes come in, someone has to help roll out the steps to get people off the planes, fuel, and fix the aircraft.
Barbers Point Aviation Services has been doing that at the airport since 2014. But now the company's owner says they have to let go 9 employees by August 27th. Another 31, may have to go as well in the future. Lyman let 5 of those employees go. He says he often wonders if he may be next.
"It's crossed my mind. I just take everyday one day at a time," said Lyman.
It's a problem people who live in Hawaii have to deal with every day. A big company that comes in from the mainland, and the small local company that's built themselves up. Now they have to fight to survive. The new company at the airport, Million Air, has 4 gas tanks visible at the airport. The local company barber's point has 2 gas tanks visible.
"We park all our planes on the one small ramp out there. There's not really room for 2 service companies. The bigger company has more money and funds to operate. We saw this coming," said Lyman.
What's going on with the economy, that's making things even more difficult.
"Inflation is an issue. It's simple things like parts and tungsten and spark plugs. All these costs add up," said Barbers Point Aviation Services owner Reginald Perry.
The aviation company has several arms, including a flight school, repair shop, and fueling service. When they lost their fueling lease with the state, to their competitor that hurt the most. The company uses two different types of fuel, one for those with propellers and the other for jets.
"One type has gone up 4 dollars and the other type of gas nearly 3 dollars. It's across the board in aviation and this airport in particular, because they don't run the fuel under the ground. They use trucks," said Perry.
Lyman says he still has faith the local company will turn things around, and he'll see fellow employees he saw let go, again. "I'm quite positive, I will see half of them or 3/4 of them will come back," said Lyman.
Do you have a story idea? Email news tips to news@kitv.com
Jefferson Tyler joined KITV after a lengthy stint in Reno, Nev. where he covered a variety of subjects. From wildfires to presidential elections, Jefferson takes pride in creating balanced stories that keep viewers’ attentions. | https://www.kitv.com/news/business/owners-employees-speak-out-about-employee-layoffs-at-kalaeloa-airport/article_56ae7ec0-2368-11ed-a2b4-c3d5d34a3bcb.html | 2022-08-24T09:02:16Z |
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HONOLULU (KITV4) -- Higher prices are making it harder for many residents to afford eating healthy. One local nonprofit is working to ensure nutritious foods aren't out of reach for native people with higher risks of disease.
Kcyleen Walter, a mother of seven, used to go searching for 'ulu -- or breadfruit -- all over the island.
Sometimes families would let her pick from their trees, sometimes not.
But the Micronesian staple and other cultural foods are getting harder to access with inflation.
"Now it's hard to find fruit. If you go to the regular store, it's getting so expensive," she said. "Bananas -- my son loves to eat bananas. And sometimes it's hard to get it when you don't have the money for it."
Even as local produce and cultural starches like kalo gets more expensive, the Food Hub is working to help low-income families access healthy foods.
The nonprofit Roots Food Hub -- part of Kokua Kalihi Valley health center -- provides fresh fruits and vegetables, catering to the many Pacific Islanders living in the community.
"Everyone has large families especially within this community so having enough for everybody is a challenge," said Food Hub manager Kaui Tuihalafatai. "Thinking about where people might have come from and different islands where picking fruit from the tree which is something free and now coming here and having to pay for those things."
"We're able to get them the foods they feel comfortable with that make them feel healthy that remind them of their grandparents," said Kaiulani Odom, Roots project director.
The projects aims to help native peoples with higher rates of chronic illnesses -- stay healthy.
"Especially to have the food you know the regular vitamins that we usually eat, to get healthy to prevent us from getting the sickness like diabetics ... cancer," Walter said.
The organization is looking to purchase a mobile market truck to take fresh produce into the neighborhood to provide even greater access as people struggle to put food on the table.
"We're hoping to serve the broader community," Odom said. "There's a housing project, there's WIC eligible clients, just people that need to get the produce but aren't able to make it here."
Even as farmers raise their prices, the nonprofit aims to keep its mark-ups as low as possible, offering food stamp recipients double the value they pay.
"Food security has been an issue. It is an issue," Odom said. "The cost may go up, but we are trying our best to make sure that every week there's kalo, there's uala, there's cassava -- all of the foods our community enjoys."
Kristen joined KITV4 in March 2021 after working for the past two decades as a newspaper reporter. Kristen's goal is to produce meaningful journalism that educates, enlightens and inspires to affect positive change in society. | https://www.kitv.com/news/local/as-inflation-skyrockets-one-hawaii-nonprofit-is-stepping-up-to-ensure-access-to-cultural-foods/article_f6f75040-2364-11ed-93cf-97b117839e48.html | 2022-08-24T09:02:28Z |
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US airstrikes target militia-controlled areas in east Syria
BEIRUT (AP) - The U.S. military said early Wednesday it carried out airstrikes in eastern Syria that targeted areas used by militias backed by Iran’s paramilitary Revolutionary Guard.
There was no immediate acknowledgment by Syria’s state-run media of the strikes hitting Deir Ez-Zor. Iran as well did not acknowledge the attack.
Opposition war monitor the Syrian Observatory for Human Rights and activist collective Deir Ezzor 24 said the airstrikes targeted the Ayash Camp run by the Fatimiyoun group made up of Shiite fighters from Afghanistan. The war monitor reported that at least six Syrian and foreign militants were killed in the airstrikes.
The U.S. military’s Central Command said the strikes “took proportionate, deliberate action intended to limit the risk of escalation and minimize the risk of casualties.” It did not identify the targets, nor offer any casualty figures from the strikes, which the military said came at the orders of President Joe Biden.
“Today’s strikes were necessary to protect and defend U.S. personnel,” Central Command spokesman Col. Joe Buccino said in a statement.
The colonel added the attack was in response to an Aug. 15 attack targeting U.S. forces. That attack saw drones allegedly launched by Iranian-backed militias target the al-Tanf Garrison used by American forces. U.S. Central Command described the assault as causing “zero casualties and no damage” at the time.
Deir Ez-Zor is a strategic province that borders Iraq and contains oil fields. Iran-backed militia groups and Syrian forces control the area and have often been the target of Israeli war planes in previous strikes.
U.S. forces entered Syria in 2015, backing allied forces in their fight against the Islamic State group.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/24/us-airstrikes-target-militia-controlled-areas-east-syria/ | 2022-08-24T09:18:37Z |
BEIJING, Aug. 24, 2022 /PRNewswire/ -- 36Kr Holdings Inc. ("36Kr" or the "Company" or "We") (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
- Number of followers[1] as of June 30, 2022 reached 25.1 million, an increase of 20.0% from 20.9 million as of June 30, 2021.
- Total revenues increased by 13.4% to RMB81.7 million (US$12.2 million) in the second quarter of 2022, from RMB72.1 million in the same period of 2021.
- Revenues from online advertising services increased by 11.8% to RMB57.8 million (US$8.6 million) in the second quarter of 2022, from RMB51.7 million in the same period of 2021.
- Enterprise value-added services revenues were RMB14.3 million (US$2.1 million) in the second quarter of 2022, remaining stable compared with the same period of 2021.
- Revenues from subscription services increased by 58.2% to RMB9.5 million (US$1.4 million) in the second quarter of 2022, from RMB6.0 million in the same period of 2021.
- Gross profit increased by 23.0% to RMB50.9 million (US$7.6 million) in the second quarter of 2022, from RMB41.4 million in the same period of 2021. Gross profit margin further improved to 62.3% in the second quarter of 2022, from 57.4% in the same period of 2021.
- Net income was RMB9.0 million (US$1.3 million) in the second quarter of 2022, compared to net loss of RMB34.3 million in the same period of 2021.
- As of June 30, 2022, the Company had cash, cash equivalents and short-term investments of RMB194.3 million (US$29.0 million), compared to RMB171.1 million as of March 31, 2022 and RMB149.6 million as of June 30, 2021.
Mr. Dagang Feng, Co-chairman and CEO of 36Kr, commented, "In the second quarter of 2022, despite the challenges posed by the COVID-19 resurgence and macroeconomic headwinds, we delivered robust double-digit revenue growth while also achieving profitability for the third consecutive quarter. Bolstered by our ever-growing brand influence and record-setting performance in user engagement, our followers exceeded 25 million as of the end of the second quarter, representing an increase of 20% year-over-year. Moreover, our 36Kr Enterprise Service Review platform continued to see a strong uptick in operational metrics and its commercialization also gradually started to kick in. These stellar results speak to 36K's relentless efforts to optimize our New Economy-focused content matrix, to diversify our products and service offerings, and to foster our ecosystem for entrepreneurs, investment communities as well as our user base. Moving forward, capitalizing on the immense and multiplying growth prospects brought by the era of digital transformation, we believe that we are well poised to create even more value in China's New Economy sector and empower more industry participants to achieve greater success."
Ms. Lin Wei, Chief Financial Officer of 36Kr, added, "Against the backdrop of pandemic and macroeconomic uncertainties, we achieved solid top-line growth in the second quarter, with a 13% year-over-year increase in total revenues, a strong testament to our businesses' resilience and vitality. Notably, our advertising revenues continued to soar, up 12% year-over-year to RMB58 million. In addition, through our multiple efforts to navigate the impact of stringent COVID-19 related prevention measures nationwide, we were able to maintain our enterprise value-added services revenues at stable level compared to a year ago, while our subscription services revenue recorded a remarkable growth of 58% year-over-year as we proactively executed certain services through online and virtual scenarios. Furthermore, as we continually optimized our cost structure and operation efficiency, we improved our gross profit margin to 62% in the second quarter and delivered yet another sequential quarter of profitability. Looking ahead, we will continue to hone our core capabilities and explore diversified growth avenues to drive monetization, while also strengthening our longstanding commitment to cultivating a compelling value proposition for more customers, users and investors."
Second Quarter 2022 Financial Results
Total revenues increased by 13.4% to RMB81.7 million (US$12.2 million) in the second quarter of 2022, from RMB72.1 million in the same period of 2021.
- Online advertising services revenues increased by 11.8% to RMB57.8 million (US$8.6 million) in the second quarter of 2022, from RMB51.7 million in the same period of 2021. The increase was primarily attributable to more innovative marketing solutions we provided to our customers as well as proactive sales strategies we adopted to navigate the challenging environment during the quarter.
- Enterprise value-added services revenues were RMB14.3 million (US$2.1 million) in the second quarter of 2022, largely flat compared with the second quarter of 2021 as we were able to maintain a relative stable level of enterprise value-added services despite the resurgence of the pandemic during the second quarter.
- Subscription services revenues were RMB9.5 million (US$1.4 million) in the second quarter of 2022, compared to RMB6.0 million in the same period of 2021. The increase was primarily attributable to our continuous efforts to offer high-quality subscription products to our subscribers.
Cost of revenues was RMB30.8 million (US$4.6 million) in the second quarter of 2022, compared to RMB30.7 million in the same period of 2021.
Gross profit increased by 23.0% to RMB50.9 million (US$7.6 million) in the second quarter of 2022, compared to RMB41.4 million in the same period of 2021. Gross profit margin was 62.3% in the second quarter of 2022, compared to 57.4% in the same period of 2021.
Operating expenses were RMB64.6 million (US$9.6 million) in the second quarter of 2022, compared to RMB75.3 million in the same period of 2021.
- Sales and marketing expenses were RMB27.4 million (US$4.1 million) in the second quarter of 2022, compared to RMB33.4 million in the same period of 2021. The decrease was primarily attributable to the decrease in payroll-related expenses, share-based compensation expenses, marketing expenses and business travel related expenses.
- General and administrative expenses were RMB23.8 million (US$3.6 million) in the second quarter of 2022, compared to RMB29.9 million in the same period of 2021. The decrease was primarily attributable to the decrease in allowance for credit losses and professional fees, partially offset by the increase in payroll-related expenses.
- Research and development expenses were RMB13.4 million (US$2.0 million) in the second quarter of 2022, compared to RMB12.0 million in the same period of 2021. The increase was primarily attributable to the increase in payroll-related expenses, as we bolstered our research and development capabilities, especially for 36Kr Enterprise Review Platform.
Share-based compensation expenses recognized in cost of revenues, sales and marketing expenses, research and development expenses, as well as general and administrative expenses totaled RMB2.6 million (US$0.4 million) in the second quarter of 2022, compared to RMB3.3 million in the same period of 2021.
Other income was RMB22.7 million (US$3.4 million) in the second quarter of 2022, compared to other expenses of RMB0.4 million in the same period of 2021. The fluctuation was primarily attributable to investment income arising from fair value changes of long-term investments and more government grant received in the second quarter of 2022.
Income tax credit was RMB10.0 thousand (US$1.5 thousand) in the second quarter of 2022, compared to income tax expenses of RMB1.0 thousand in the same period of 2021.
Net income was RMB9.0 million (US$1.3 million) in the second quarter of 2022, compared to net loss of RMB34.3 million in the same period of 2021. Non-GAAP adjusted net income[6] was RMB11.6 million (US$1.7 million) in the second quarter of 2022, compared to adjusted net loss of RMB31.0 million in the same period of 2021.
Net income attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB8.0 million (US$1.2 million) in the second quarter of 2022, compared to net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders of RMB34.1 million in the same period of 2021.
Basic and diluted net income per ADS were both RMB0.195 (US$0.029) in the second quarter of 2022, compared to basic and diluted net loss per ADS of RMB0.834 in the same period of 2021.
Certain Balance Sheet Items
As of June 30, 2022, the Company had cash, cash equivalents and short-term investments of RMB194.3 million (US$29.0 million), compared to RMB171.1 million as of March 31, 2022. The increase was mainly attributable to positive cash flow from operating activities.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 24, 2022 (8:00 PM Beijing/Hong Kong Time on August 24, 2022):
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.36kr.com.
A replay of the conference call will be available for one week from the date of the conference, by dialing the following telephone numbers:
About 36Kr Holdings Inc.
36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China's New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China's New Economy.
For more information, please visit: http://ir.36kr.com.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess its operating performance. The presentation of these two non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company's management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitates investors' assessment of its operating performance.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
Adjusted net loss represents net loss excluding share-based compensation expenses.
Adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment and amortization of intangible assets.
For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.6981 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on of June 30, 2022.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goal and strategies; the Company's future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company's expectations regarding the use of proceeds from this offering; the Company's expectations regarding demand for, and market acceptance of, its services; the Company's ability to maintain and enhance its brand; the Company's ability to provide high-quality content in a timely manner to attract and retain users; the Company's ability to retain and hire quality in-house writers and editors; the Company's ability to maintain cooperation with third-party professional content providers; the Company's ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
36Kr Holdings Inc.
Investor Relations
Tel: +86 (10) 5825-4188
E-mail: ir@36kr.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: 36Kr@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: 36Kr@tpg-ir.com
View original content:
SOURCE 36Kr Holdings Inc. | https://www.whsv.com/prnewswire/2022/08/24/36kr-holdings-inc-reports-second-quarter-2022-unaudited-financial-results/ | 2022-08-24T09:18:38Z |
SHANGHAI, Aug. 24, 2022 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.
- Total net revenues grew by 14.9% to RMB2,145.7 million (US$320.3 million) from RMB1,867.7 million in the second quarter of 2021.
- Loss from operations was RMB168.2 million (US$25.1 million), compared to RMB507.3 million in the second quarter of 2021. Adjusted loss from operations (non-GAAP)[1] was RMB42.3 million (US$6.3 million) compared to an adjusted loss from operations of RMB51.0 million in the second quarter of 2021.
- Total Gross Merchandise Volume ("GMV[2]") increased by 10.3% to RMB8.6 billion from RMB7.8 billion in the second quarter of 2021. GMV for product sales increased by 15.8% to RMB2.2 billion from RMB1.9 billion in the second quarter of 2021. GMV for online marketplaces increased by 8.5% to RMB6.4 billion from RMB5.9 billion in the second quarter of 2021.
- Number of consumer products transacted[3] remained flat at 7.8 million compared to the second quarter of 2021.
Mr. Kerry Xuefeng Chen, the Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "Despite the challenges posed by the COVID-19 resurgence, our quarterly revenue surpassed the guidance we provided, as our team proactively adjusted our operations to adapt to changes. Although our business is facing short-term headwinds from the pandemic, we firmly believe that the demand for electronic device recycling, trade-in, and other value-added services will grow concurrently with the long-term development of the circular economy in China. Going forward, we will continue to focus on executing our city-level integration strategy while constantly increasing the penetration of our recycling offerings. At the same time, we will maintain our investment in automation to improve cost efficiency. Furthermore, we will increase strategic investment in category expansion and corresponding capabilities while continuing to provide consumers with more diverse and convenient recycling services."
Mr. Rex Chen, the Chief Financial Officer of ATRenew, added, "The pandemic has disrupted domestic consumption and adversely impacted our self-operated store business as well as marketplace transactions. Facing such challenges, we responded nimbly by adjusting our operating strategy and implementing cost control measures. As a result, our losses narrowed compared with the same period of last year. Since June, when cities including Shanghai and Beijing resumed normal production and daily life, our self-operated recycling and trade-in businesses went on a visible path to recovery. In addition, as of June 30, 2022, we have sufficient cash reserves to support our business in the face of a dynamic operating environment. Looking ahead, we plan to tap into new categories and further generate synergies from our city-level integration strategy. We look forward to expanding our market share and delivering long-term value to shareholders and society."
Second Quarter 2022 Financial Results
REVENUE
Total net revenues increased by 14.9% to RMB2,145.7 million (US$320.3 million) from RMB1,867.7 million in the same period of 2021.
- Net product revenues increased by 15.6% to RMB1,854.1 million (US$276.8 million) from RMB1,603.4 million in the same period of 2021. The increase was primarily attributable to an increase in the sourcing volume and the corresponding sales of pre-owned consumer electronics through Paipai Marketplace and the Company's overseas channels.
- Net service revenues increased by 10.3% to RMB291.6 million (US$43.5 million) from RMB264.3 million in the same period of 2021. The increase was primarily due to the increases in transaction volume and monetization capability of PJT Marketplace.
OPERATING COSTS AND EXPENSES
Operating costs and expenses decreased by 2.2% to RMB2,327.4 million (US$347.5 million) from RMB2,379.4 million in the same period of 2021.
- Merchandise costs increased by 18.5% to RMB1,653.8 million (US$246.9 million) from RMB1,395.4 million in the same period of 2021. The increase was primarily due to the growth in product sales.
- Fulfillment expenses decreased by 0.1% to RMB275.2 million (US$41.1 million) from RMB275.5 million in the same period of 2021. The decrease was primarily due to the decrease of share-based compensation expenses as the Company recognized more expenses with IPO condition in the same period of last year which was offset by the increases in operation center related expenses and personnel cost which were in line with the Company's business growth.
- Selling and marketing expenses decreased by 7.2% to RMB293.4 million (US$43.8 million) from RMB316.3 million in the same period of 2021. The decrease was primarily due to (i) a decrease in sales promotion and coupon expenses as a cost control measure during the resurgence of the COVID-19 variants; and (ii) the decrease of share-based compensation expenses as the Company recognized more expenses with IPO condition in the same period of last year.
- General and administrative expenses decreased by 85.4% to RMB45.2 million (US$6.8 million) from RMB310.3 million in the same period of 2021. The decrease was primarily due to the decrease of share-based compensation expenses as the Company recognized more expenses resulting from share-based awards granted with an IPO condition in the second quarter of 2021.
- Technology and content expenses decreased by 27.1% to RMB59.7 million (US$8.9 million) from RMB81.9 million in the same period of 2021. The decrease was primarily due to the decrease in the recognition of share-based compensation expenses resulting from options granted to employees with an IPO condition compared to the second quarter of 2021.
LOSS FROM OPERATIONS
Loss from operations decreased by 66.8% to RMB168.2 million (US$25.1 million) from RMB507.3 million in the same period of 2021. Adjusted loss from operations (non-GAAP), excluding amortization of intangible assets and deferred cost resulting from assets and business acquisitions and recognition of share-based compensation expenses resulting from options and restricted stock units granted to employees, decreased by 17.1% to RMB42.3 million (US$6.3 million) from RMB51.0 million in the same period of 2021.
NET LOSS
Net loss was RMB125.3 million (US$18.7 million), compared to RMB505.7 million in the same period of 2021. Adjusted net loss (non-GAAP)[1] was RMB13.2 million (US$2.0 million), compared to RMB59.7 million in the same period of 2021.
BASIC AND DILUTED NET LOSS PER ORDINARY SHARE
Basic and diluted net loss per ordinary share were RMB0.78 (US$0.12), compared to RMB13.47 in the same period of 2021.
Adjusted basic and diluted net loss per ordinary share (non-GAAP)[1] were RMB0.08 (US$0.01), compared to RMB1.59 in the same period of 2021.
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS
Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers increased to RMB2,594.1 million (US$387.3 million) as of June 30, 2022, from RMB2,421.9 million as of December 31, 2021.
Business Outlook
For the third quarter of 2022, the Company currently expects its total revenues to be between RMB2,500.0 million and RMB2,550.0 million. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Environment, Social, and Governance
On June 9, 2022, ATRenew published its second annual environmental, social, and governance ("ESG") report (the "Report") incorporating the Task Force on Climate-related Financial Disclosures recommendations, a framework set by the G20's Financial Stability Board, for the first time. In the Report, the Company explores the climate-change-related opportunities and challenges it faces in its operation and reuse of pre-owned electronic devices through the perspectives of governance, strategy, risk management, and metrics and targets.
In order to help quantify its commitment to ESG, the Company has leveraged the Circular Footprint Formula for the first time to disclose its contribution of 464,000 metric tons of green-house gas emission reductions through reusing pre-owned mobile phones in 2021.
Recent Development
On December 28, 2021, ATRenew announced a share repurchase program, effective immediately, to repurchase up to US$100 million of its shares over a twelve-month period. During the second quarter 2022, the Company repurchased 2,881,811 American depositary shares ("ADSs") in the open market at an average price of US$3.14 per ADS, with a total cash consideration of US$9.0 million. As at the end of the second quarter 2022, the Company repurchased a total of 7,635,651 ADSs for approximately US$31.5 million under its share repurchase program.
Conference Call Information
The Company's management will hold a conference call on Wednesday, August 24, 2022, at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on Wednesday, August 24, 2022) to discuss the financial results. Listeners may access the call by dialing the following numbers:
The replay will be accessible through August 31, 2022, by dialing the following numbers:
A live and archived webcast of the conference call will also be available at the Company's investor relations website at ir.atrenew.com.
About ATRenew Inc.
Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.6981 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2022.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted loss from operations, adjusted net loss and adjusted net loss per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted loss from operations is loss from operations excluding the impact of share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net loss is net loss excluding the impact of share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions, fair value change in warrant liabilities and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net loss per ordinary share is adjusted net loss attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share.
The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted loss from operations and adjusted net loss help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted loss from operations and adjusted net loss provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. Share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions, fair value change in warrant liabilities and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to loss from operations, net loss, and net loss attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to provide facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com
In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461
View original content:
SOURCE ATRenew Inc. | https://www.whsv.com/prnewswire/2022/08/24/atrenew-inc-reports-unaudited-second-quarter-2022-financial-results/ | 2022-08-24T09:18:39Z |
Floating Point Group's executive hire brings elite electronic trading experience as the firm looks toward its newest client segment of traditional asset managers.
HOBOKEN, N.J., Aug. 24, 2022 /PRNewswire/ -- Floating Point Group (FPG), a cryptocurrency prime brokerage with an institutional trading desk and settlement platform, has appointed Peter Eliades, former J.P. Morgan and Wells Fargo banking executive as Head of Distribution. Eliades joins a predominately technical and crypto-native leadership team.
With over two decades of finance experience, including leading Wells Fargo's Electronic Sales and Coverage and Head of Americas Trading for J.P. Morgan. Eliades brings an elite institutional knowledge to his role with FPG. Eliades will oversee sales and business development teams in the U.S. and APAC regions, reporting to co-founder Kevin March.
"Peter has built world-class electronic trading businesses for decades and understands the role that crypto will play in shaping the future of global financial systems," said John Peurifoy, FPG co-founder & CEO. "Bringing Peter on is a ground-breaking moment for our team, as we continue to see demand for best-in-class institutional offerings from our clients and potential participants."
The appointment continues FPG's rapid growth across the firm as they aim to increase staff to support the recent launch of FlowVault, FPG's prime brokerage platform. Floating Point Group serves an institutional user base that Eliades is familiar with from his previous experiences with large hedge funds, asset managers and corporate customers.
"Peter brings with him the understanding on how to build an elite institutional team that will help bring new participants into crypto," said Sethi, CEO of Tribe Capital and FPG backer, "FPG has a strong technical and crypto native team. Peter adds a dimension to more effectively target asset managers migrating into crypto, and empower them to understand the options that digital assets present."
Floating Point Group is building secure and effortless access to cryptocurrency. FPG drastically simplifies the operations necessary for asset managers to deploy cryptocurrency-centric strategies at scale. The company carries insurance for custodied cryptocurrencies and is regulated in the U.S. Floating Point Group is backed by Tribe Capital, Coinbase, Naval Ravikant and a host of institutional investors.
Media Contact
Katherine Camara
Ditto PR
floatingpointgroup@dittopr.co
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SOURCE Floating Point Group | https://www.whsv.com/prnewswire/2022/08/24/crypto-prime-broker-floating-point-group-hires-former-wells-fargo-exec/ | 2022-08-24T09:18:46Z |
SEATTLE and BELLEVUE, Wash., Aug. 24, 2022 /PRNewswire/ -- Dogesoft announces it has teamed up with Zoom Video Communications, Inc. to launch Navalink, the easy-to-customize super app built to upgrade operational efficiency, employee experience, and stakeholder engagement at large enterprises.
Navalink is a no-code super app, designed to streamline business operational flows by building a branded community to connect business stakeholders, empowering employees, partners, and suppliers to collaborate seamlessly in ONE place.
Navalink is born out of necessity. The idea behind originates from the following facts: time-consuming app switching, underseen frontline workforce, and the complexity of real business operations. To tackle these problems, Navalink starts by offering an easy way for enterprises to integrate the existing applications and data into one super app. This can significantly streamline workflows and save time for all potential stakeholders.
Next, collaboration must give frontline workers more visibility and extend throughout the entire organization. Also, the collaboration logic of an efficient platform must be task-based and people-centered. Therefore, Navalink chose to build its features around different business operation scenarios, no matter how big or small. Taking the retail industry as an example, Navalink can help frontline workers monitor product storage and simplify transaction flow. It can also help build a virtual community that involves all retail stores and improve their connection with the support center, thus accentuating store employee engagement.
Navalink is also aware of how diversified employee personas can be. Customization hence becomes a necessity. A personalized user experience is exactly what sets Navalink apart from other seemingly alike collaboration and community platforms. With Navalink's no-code building feature, enterprises can easily drag and drop modules to design, generate, and release customized app templates for different user personas in various industries, which becomes big leverage for creating a personalized stakeholder experience. Therefore, Navalink is undoubtedly a perfect digital platform to improve employee experience and expand connections among stakeholders.
Navalink is always responding to new challenges and envisioning the future. Today, Dogesoft announces it has joined Zoom's ISV Partner Program to optimize Navalink's video-based collaboration. With solutions like Zoom Meeting, Navalink provides smooth collaboration between internal and external participants, as well as a reinforced connection that highlights instant, inclusive, informative exchanges. "People are always at the center of our design thinking process. By teaming up with Zoom and shaping it into an integral part of employee experience, we truly raise our clients' experience to a new level," says Leo Chin, the founder of Dogesoft. "In time, video streaming will weigh more in the fabric of human connection. With Zoom, we intend to help our customers build an adaptive, holistic, and resilient business operation platform that truly increases efficiency and boosts employee engagement."
In a time of chaos and burnout, Dogesoft makes it a priority to find the balance between digital innovation and the mission to preserve human connections. With Navalink, enterprises can effortlessly build their own digital business ecosystem to simultaneously celebrate operational efficiency and employee enablement. Eventually, Navalink aims to create a new kind of workplace culture - efficient, engaging, and empowering.
About Dogesoft
At Dogesoft we are dedicated to bringing efficiency and compassion to every organization. Every year, we develop digital people engagement solutions for organizations in retail, pharma, education, etc. People are at the center of our values. We believe that by empowering employees, partners, and customers to work together effortlessly and happily, we can boost organizations' operational efficiency and people engagement.
Dogesoft Inc. is a multinational company incorporated in Bellevue, Washington in 2019. Visit https://www.dogesoft.com/
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SOURCE Dogesoft Inc. | https://www.whsv.com/prnewswire/2022/08/24/dogesoft-teams-up-with-zoom-launch-navalink-no-code-super-app-enterprises/ | 2022-08-24T09:18:52Z |
MassBioHub event on 9/22 brings together the business, human and technological trends driving lab transformation
CAMBRIDGE, Mass., Aug. 24, 2022 /PRNewswire/ -- LabOps pioneer Elemental Machines has started registrations for Biotech Connect 2022, a full day event at MassBioHub, where R&D lab leaders will meet in person on September 22 to analyze the changes shaping up scientific discovery in the future. They will discuss the business, human, and technology factors underpinning the transformation of the health and biotech industries.
Behind both business and human trends is data. New technology has made it possible to automatically collect, analyze, and report research results using internet of things (IoT) and artificial intelligence (AI) features that were long predicted but are only now arriving at labs in force. The impact in the ability of researchers to reproduce experiments and ensure technical quality is already having a profound effect in science. These are a just a sample of the topics that will be discussed at the in-person event.
In terms of business, the pandemic highlighted the role of government funding in support of scientific research before its market applications become apparent. COVID-19 vaccines would have not been available in 2020 without substantial government funding. Breakthrough research requires labs that are ready to meet exacting public agency standards. This comes in addition to venture capital requirements.
For the researchers pushing science forward, intense competition for discovery adds to the stress of meeting business and public good goals. Biotech Connect 2022 will be held in conjunction with the LabOps Unite Leadership Summit, which this year will focus on helping lab leaders develop their people skills. The agenda includes sessions on involving team members in the decisions affecting them, coaching for performance, and encouraging people to act.
Attendance to EM Biotech Connect 2022 is free, but limited. Anyone interested in applying can learn more at: https://elementalmachines.com/em-biotech-connect-2022-0.
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SOURCE Elemental Machines | https://www.whsv.com/prnewswire/2022/08/24/elemental-machines-biotech-connect-2022-offers-unique-insights-into-lab-future/ | 2022-08-24T09:18:57Z |
1,000 Gen 0 Cryotags Offered Via Free 'Invite Only' Mint; Play 'The End' ARG For Last Remaining Chance at Exclusive NFT
LONDON, Aug. 24, 2022 /PRNewswire/ -- Today, Web3 development studio Emergent Games has launched a range of 1,000 limited edition Genesis 0 Cryotag NFTs for massively multiplayer online role-playing game (MMORPG) Resurgence. The NFTs, or non-fungible tokens, are offered exclusively via invite-only free mint and confer access to a private portion of the game's Discord server, airdrops for future tokens and NFTs, whitelisting for future sales, real-life perks on merchandise, and other benefits that have yet to be revealed.
Resurgence's first NFT drop offers players a chance to contribute to the central framework of the game. As a core part of the community, members will be able to influence every aspect of the project moving forward, from lore to smart contracts. Cryotags' utility and purpose will evolve alongside Resurgence's narrative and are designed to continuously reward early supporters as they embark on their journeys through a post-apocalyptic world.
The Cryotags' design reflects its practical, in-game functionality. Unlike other NFTs that look cool but don't necessarily achieve much, Emergent Games has designed the Cryotags to be upgradable, they have processors, SIM card slots, and USB ports. Countdown clocks on the NFTs constantly remind players that time is running out and were purposefully designed to increase tension. Cryotags will be pivotal for Resurgence moving forward, and their value will increase as the game's narrative unfolds.
"Today's first generation Cryotag drop represents a fundamental step in building a community that puts players first," says Ian Hambleton, CEO of Emergent Games. "We have a vision for Cryotags to transform alongside Resurgence's narrative, and plan to introduce new functionalities according to what we hear from our earliest supporters."
He adds, "Gen 0 Cryotag owners will be instrumental throughout the development process. We can't wait to learn and grow alongside them as this ambitious AAA experience comes to life."
Players that have missed out on the invite-only mint have a chance to get their hands on a Gen 0 Cryotag via Resurgence's alternate reality game (ARG) The End, but only for a limited time. Follow Resurgence on Twitter and or join the studio's Discord channels for updates on Cryotags and other NFTs.
"Resurgence's first generation free mint represents our commitment to building an experience that prioritizes gameplay and community over profit," adds Andy Frangos, Co-founder of Emergent Games. "Cryotags will become unique identifiers as the world of Resurgence takes shape through exciting new projects slated to launch in the near future."
As part of Resurgence's world-building phase, The End is an interactive 'story-living' experience that introduces key characters, places and politics. Set in the near future when humanity has lost its battle against climate change, The End gives players a chance to witness how extreme crises unravel and culminate in the dystopian world of Resurgence.
In The End, players have a meaningful role in Resurgence's narrative via active digital channels, including websites and social media platforms. They can investigate mysteries, share information and earn rewards that have real in-game value.
Revelation, a hacker sim, and Priority One, a single player survival horror game, are both slated to launch in 2023. The Thaw, a multiplayer survival game, will launch in 2024. The Thaw will eventually become Resurgence, and its first MMO content will be called The Infernal Frontier. The Resurgence franchise is planned to last well into 2025 and beyond.
Play The End today for last chance at Resurgence's Gen 0 Cryotag NFTs. For updates regarding current and future mints, register for the Resurgence email newsletter via the website: https://www.resurgence-game.io/
Subscribe to Resurgence's social channels for more details about opportunities to win NFTs, and join the growing Resurgence community for the latest updates.
About Emergent Games
Emergent Games is a leading metaverse and blockchain games studio that brings together industry veterans from PlayStation, Activision and NCsoft, with blockchain technologists from Pluto Labs. Jargon-free, pick-up-and-play, with true AAA production values, our games will offer the option to play just for fun, or allow players to engage with NFT elements and earn real money.
With an experienced team of over 40 people, we have developed and published numerous titles and we understand what it takes to make great games. We intend to be a leading force for good in Web3 gaming.
Visit https://www.emergent-games.io/ for more information.
Twitter: www.twitter.com/resurgencegame
Telegram: https://t.me/resurgencegamechat
Instagram: www.instagram.com/resurgencegame
Facebook: https://www.facebook.com/Resurgencegame/
Reddit: https://www.reddit.com/r/resurgence_game/
Discord: https://discord.gg/Resurgencegame
Video: https://www.youtube.com/watch?v=vUsl4unG0ik
Photo: https://mma.prnewswire.com/media/1884373/Gen_0_Cryotag.jpg
Photo: https://mma.prnewswire.com/media/1884374/Resurgence_Gen_0_Cryotag.jpg
Photo: https://mma.prnewswire.com/media/1884375/Resurgence_concept_art.jpg
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SOURCE Emergent Games | https://www.whsv.com/prnewswire/2022/08/24/emergent-games-launches-genesis-0-cryotag-nfts-mmorpg-resurgence-today/ | 2022-08-24T09:19:03Z |
Engiven Opens the World of Crypto Philanthropy to All US Nonprofits
SAN DIEGO, Aug. 24, 2022 /PRNewswire/ -- Engiven, Inc., a leader in cryptocurrency donation management technologies, is proud to announce the launch of Engiven.org, a foundation that will now enable cryptocurrency donors to support more than 1.6 million nonprofits in the U.S by giving any of 94 different cryptocurrencies.
"For more than four years, Engiven has been laser-focused on providing the most advanced and secure crypto donation technologies for nonprofits," said James Lawrence, Co-founder and CEO of Engiven. "Now, with the launch of Engiven.org, we are thrilled to provide an elegant process for donors to quickly choose their favorite charities to support and safely donate any amount of crypto."
For crypto donors, Engiven.org immediately provides an IRS-compliant donation receipt and the required tax documents, including a free crypto appraisal when required. There's no faster or safer way to donate crypto to a nonprofit. Furthermore, Engiven.org is SOC 2 Type 1 compliant, which means it adheres to the highest level of data and user security.
The Engiven Foundation is a 501c3 fiscal sponsor which receives the crypto donations, exchanges them for USD and grants the funds directly to the nonprofit chosen by the donor. The process is highly automated, helps nonprofits eliminate the need for crypto wallets, and removes the need for charities to go through a lengthy verification process typically associated with establishing a crypto exchange account.
Engiven has successfully processed many major crypto gifts, including a Bitcoin donation worth $10 million dollars. Now Engiven is applying its expertise to allow crypto donors to give to virtually any nonprofit in the US.
Crypto donations can now be made by visiting engiven.org.
About Engiven
Founded in 2018, Engiven is a leading provider of cryptocurrency donation services to nonprofits and faith-based organizations, including the Salvation Army, Compassion International, Texas A&M and North Point Ministries. The Engiven platform provides a highly automated crypto-giving solution that includes blockchain monitoring, automatic exchanges, gift receipts, bank deposits, IRS tax form creation, custody options, and a full suite of developer APIs for enterprise. Engiven is the world's first cryptocurrency donation management platform to achieve SOC 2 Type 1 compliance certification. For more information on donating crypto or to learn how to accept crypto donations for your church, ministry or nonprofit organization, visit: engiven.com.
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SOURCE Engiven, Inc. | https://www.whsv.com/prnewswire/2022/08/24/engiven-inc-launches-engivenorg-enable-crypto-donations-more-than-16-million-nonprofits/ | 2022-08-24T09:19:09Z |
TOKYO, Aug. 24, 2022 /PRNewswire/ -- On August 17, the nano-MBA Program joined GLOBIS University's lineup of cutting-edge business education services. The first course, Leadership and Career Vision, will start on October 29 and run for six weeks.
The nano-MBA takes a unique approach to business education, compacting study for partial MBA credit (0.5 credits per course) which is then transferable to the Full-Time MBA or Part-Time and Online MBA programs at GLOBIS University. Students of the nano-MBA will also have limited access to the online learning platform GLOBIS Unlimited to hone skills relevant to the course.
GLOBIS nano-MBA Curriculum
The nano-MBA includes a variety of educational media to enhance the study experience: live classes, videos, comprehension exercises with AI feedback, and reflection sessions. Comprehension exercises with AI feedback were developed by GLOBIS specifically for this program, further enabling students to practice solving real-life business problems. Lecturers provide tailored feedback for deeper insights into targeted frameworks and management methodologies.
As technology accelerates business on a global scale, upskilling is more important than ever. The GLOBIS nano-MBA provides a way for future business leaders to meet this challenging new environment head on.
Course Structure
Week 1:
- Live class
- Video: Basic theory & concepts
- Comprehension exercises (with AI feedback)
- Review & reflection
Weeks 2 to 4:
- Video: Basic theory & concepts
- Video: Real-world applications
- Comprehension exercises (with AI feedback)
- Review & reflection
- Group work
Week 5:
- Comprehension exercises (with AI feedback)
- Video: Basic theory & concepts
- Video: Real-world applications
- Capstone case
- Review & reflection
- Group work
Week 6:
- Live class
- Comprehension exercises (with AI feedback)
- Review & reflection
- Group work
Pricing + Enrollment
Course fee: $350 (no enrollment fee)
Scholarship: Up to 50% of course fee*
Duration: 6 weeks
Credit: 0.5 credits
Start date: October 29, 2022
Campus: Online
More information: https://nano-mba.globis.ac.jp/courses/
* Scholarships are merit-based, allocated to students whose finances would restrict their ability to participate otherwise. Applications are a part of the main application process.
Course: Leadership and Career Vision
Faculty: Adam Gordon
Summary: Learn key concepts of leadership to help your organization and your members grow, as well as reflect on your career as a leader.
Start date: October 29, 2022
Registration deadline: October 15, 2022
Duration: October 29 to December 9, 2022
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SOURCE GLOBIS Corporation | https://www.whsv.com/prnewswire/2022/08/24/globis-launches-nano-mba-with-ai-powered-feedback/ | 2022-08-24T09:19:15Z |
NEW YORK, Aug. 24, 2022 /PRNewswire/ -- UK advisory consultancy One Question has partnered with global communications consultancy MikeWorldWide (MWW) for its annual research initiative exploring the delta between society and business, one question at a time. This year, MWW and One Question will explore what responsibility business has to educate society through an invite-only conversation of prominent business leaders and influencers across sectors and geographies.
One Question has become a standard bearer for open, intelligent discussion to tackle the convergence of humanity's toughest issues and businesses biggest challenges by delivering change that goes beyond ESG box-ticking. Previous years' questions have explored the relationship between purpose and profit, and the impact of technology on the human experience. Each year's conversations across the US, UK and EMEA markets result in a framework for closing the gap between societal and economic profitability by developing stronger ecosystems, better product innovation, fairer supply chains and more diverse teams, all rooted in the sharing of knowledge and experience.
Michael Kempner, founder and CEO of MikeWorldWide says: "The communications industry globally has a responsibility to educate companies about ways to proactively support societal changes. Brand leaders want strategies and solutions that drive impact on their employees and customers, and now ultimately, society. This year's One Question comes at a critical inflection point where cultural and technology shifts demand that business take a leading role in facilitating these conversations on a global scale. MWW chose to partner with One Question because their goals and MWW's focus on the importance of caring, is central to this global question. MWW's culture of caring is infused in everything we do as a company and strategic partner and believe the call for companies to show their values is a requisite for any modern brand.
The role of the private sector educating society has never been more relevant at a time when the world is facing rising social inequality, economic turmoil, environmental crises, and racial inequity. And perhaps, most importantly, the continuing threat to the liberal world order and democracies around the world. These are far more than just uncertain times for individuals and brands to navigate."
Sarah Parsonage, founder of One Question said of the partnership,
"Over the last few years, we have seen the ever-increasing shift in society looking to business to lead on societal issues alongside economic issues. It feels like the norm, but the speed of this shift puts both business and leaders under immense pressure, pressure that is arguably misplaced. As a result, never has it been more important to discuss the responsibility and opportunity industry has, or not, as the case maybe.
As part of the partnership, One Question, MikeWorldWide and PRovoke will host events in both US and UK markets this fall. These will bring together a global community of leaders to take the question 'Is education the answer?' head on.
About MikeWorldWide
MikeWorldWide is a leading independent, integrated public relations agency serving global clients across the US & Europe. It employs more than 225 communications experts that live at the intersection of consumer brand marketing, technology and corporate reputation. The award-winning firm applies its expertise and culture of caring through research, strategy, creativity, empathy, and insight for clients to maximize the potential of every marketing channel. It delivers breakthrough communications for the global enterprises, corporate leaders and innovative brands who are driving the creative economy. Open positions at MWW can be found here. To learn more about MikeWorldWide, visit mww.com.
About One Question
One Question is an advisory network of change makers. A group of leaders from business and society reimagining the world through conversation and consultation. One Question invites business and societal leaders into a conversation to find common ground, solve significant challenges and close the gap.
Through the lens of a single question, leaders step out of their echo chambers, look beyond their operations, organisations & customers, to share perspectives, and learn from each other to build more profitable and sustainable businesses.
In creating new networks, eco-systems, and metrics that deliver change, One Question isn't design to tick boxes but to move share price.
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SOURCE MikeWorldWide | https://www.whsv.com/prnewswire/2022/08/24/international-consultancy-one-question-partners-with-mikeworldwide-public-relations-help-answer-this-years-key-question-what-responsibility-does-business-have-educate-society/ | 2022-08-24T09:19:21Z |
Providing design services as part of $1.5 billion water and wastewater capital program
Key projects to support future resilience of essential water and wastewater infrastructure
DALLAS, Aug. 24, 2022 /PRNewswire/ -- Jacobs (NYSE:J) has been selected as a design consultant for Northern Ireland Water's (NI Water) Major Project Partnership Framework, which will deliver large-scale water and wastewater projects across Northern Ireland.
The framework will deliver individual capital projects, including upgrades to major water and wastewater treatment plants, pumping stations and network mains. One of the first major projects to be delivered under the framework will be vital upgrades at Belfast Wastewater Treatment Works, expected to commence this year, to provide much needed additional and secure capacity. The framework will run for an initial four-year period, with the option to extend for an additional four years.
"Jacobs has supported clients in the U.K. with major water and wastewater solutions for decades and these NI Water projects will make a real difference to people's daily lives," said Jacobs People & Places Solutions Senior Vice President Europe Donald Morrison. "Together with our framework partners, we'll design resilient, sustainable infrastructure to provide essential water and sanitation services to communities and businesses in Northern Ireland."
NI Water provides water and sewerage services to approximately 840,000 households and businesses in Northern Ireland.
At Jacobs, we're challenging today to reinvent tomorrow by solving the world's most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With $14 billion in revenue and a talent force of more than 55,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Statements made in this release that are not based on historical fact are forward-looking statements. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. including, but not limited to, the timing of the award of projects and funding under the Infrastructure Investment and Jobs Act, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates, foreign currency exchange rates, changes in capital markets, geopolitical events and conflicts, and the impact of the COVID-19 pandemic, including the related reaction of governments on global and regional market conditions and the company's business, among others. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recently filed Annual Report on Form 10-K, ,and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations; Item 1 - Legal Proceedings; and Item 1A - Risk Factors in our most recently filed Quarterly Report on Form 10-Q, as well as the company's other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.
For press/media inquiries:
Kerrie Sparks
214.583.8433
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SOURCE Jacobs | https://www.whsv.com/prnewswire/2022/08/24/jacobs-selected-northern-ireland-waters-major-project-partnership-framework/ | 2022-08-24T09:19:27Z |
LOS ANGELES, Aug. 24, 2022 /PRNewswire/ -- Lactose-reduced infant formula made with corn syrup solids was associated with higher obesity risk among Special Supplemental Nutrition Program for Women, Infants and Children (WIC) participants in Southern California, according to a new study by researchers from Public Health Foundation Enterprises (PHFE) WIC, a program of Heluna Health; and Children's Hospital Los Angeles.
The study, published on August 23, 2022 in the American Journal of Clinical Nutrition, is the first to assess the relationship between infant formula type and child obesity risk among WIC participants.
WIC is a federal nutrition assistance program that serves pregnant and postpartum women, and infants and children under age five years who live in low-income households. The WIC program serves about half of all infants born in the United States and provides infant formula for infants who are not fully breastfed. Over half of participating infants under age one year receive infant formula from WIC by two months of age. The types of infant formula available to mothers are determined by multi-year contracts awarded to formula manufacturers by state WIC agencies to provide all non-therapeutic infant formula for the program in that state.
Lactose-reduced infant formula made with corn syrup solids is typically marketed for "fussy babies" suspected of having lactose intolerance or other allergies related to dairy. Lactose is the most abundant carbohydrate in milk and is a sugar made by joining two smaller sugars together, glucose and galactose. Corn syrup solids is a carbohydrate source that is entirely glucose-based. Lead author Christopher E. Anderson, PhD, an Associate Research Scientist at PHFE WIC, stated that the study findings "suggest that glucose-based infant formulas like lactose-reduced infant formula made with corn syrup solids could increase obesity risk up to 10% among children who receive them, which is critical to understand for policymakers considering how to ensure that the WIC Program maximizes the program's health benefits for all participating children."
Anderson and Shannon E. Whaley, PhD, Director of Research and Evaluation at PHFE WIC collaborated with Michael I. Goran, PhD, Professor of Pediatrics at Children's Hospital Los Angeles and the University of Southern California for this research. The researchers used infant feeding and health data from over 15,000 formula-fed infants served by the PHFE WIC program in the Los Angeles metropolitan area. The WIC program serves over 270,000 participants every month in Los Angeles County.
The study compared infants who had stopped breastfeeding by three months of age by type of formula received from WIC: those who ever received a lactose-reduced infant formula made with corn syrup solids and those who received only other types of infant formula. Children who ever received a lactose-reduced infant formula made with corn syrup solids had 10% higher obesity risk at age two years, 8% higher obesity risk at age three years, and 7% higher obesity risk at age four years compared to children who received only the other types of formula. Associations did not differ between boys and girls, nor between Hispanic and non-Hispanic children.
"The national epidemic of childhood obesity is driven by much higher levels among children from low-income households, including those served by WIC. Among WIC participants, obesity is more common among children who are formula-fed. If WIC can use data from studies like this one to refine how it determines the types of infant formula it provides to participants, the program could help alleviate the burden of childhood obesity among its formula-feeding infants," Goran said.
The predominant carbohydrate in breastmilk and cow's milk (and infant formula made from cow's milk) is lactose, and this study suggests that infant formulas that replace lactose with glucose in the form of corn syrup solids contribute to an increased risk of obesity. This could be through the development of stronger preferences for sweet tastes, through the higher glycemic load of the corn syrup solids-based formula, or through differences that develop in the infant gut microbiome in response to the glucose-based formula instead of a lactose-based one.
Data from the current study were collected and analyzed prior to the current nationwide shortage of infant formula, a situation that has laid bare the vulnerability of the formula supply chain and drawn attention to the complex formula contracting process that supports the purchase of formula for WIC families. The shortage has led to families needing to purchase any formula they can find on the shelves, and to federal legislation allowing the import of formulas from other countries to fill supply gaps. Whaley stated, "As the nation emerges from this crisis, there is significant opportunity to reconsider how different types of formula are authorized for purchase in the WIC program, and what nutritionally appropriate formula options can be made available for infants that do not include corn syrup solids."
For more information: https://helunahealth.org/
Media Contact:
Name: Rani DeMesme-Anders
Title: Director of Strategic Communications
Email: RDeMesme-Anders@helunahealth.org
Phone: 562-222-7803
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SOURCE Heluna Health | https://www.whsv.com/prnewswire/2022/08/24/lactose-reduced-infant-formulas-made-with-corn-syrup-solids-are-associated-with-higher-obesity-risk-among-children/ | 2022-08-24T09:19:34Z |
MINNEAPOLIS, Aug. 24, 2022 /PRNewswire/ -- Pure Capital Solutions, Inc.'s (OTC: PCST) wholly owned subsidiary, Nova Space, won three 2022 Brandon Hall Group HCM Excellence Awards for its premier workforce-development programs for space professionals. Announced on Thursday, August 18, 2022, the Nova Space Professional Program received highly coveted Brandon Hall Group awards for excellence in:
- Best Advanced in Custom Content – Gold
- Best Advanced in Competencies and Skills Development – Bronze
- Best Unique or Innovative Learning and Development Program – Bronze
The Award-Winning Space Professional Development Program from Nova Space bridges the global space industry gaps by offering virtual, asynchronous, and interactive courses to individuals from all backgrounds and to organizations that want to provide employee training and education. This program is designed to give confidence to these individuals and organizations through in-depth course modules based closely on government and industry standards and requirements. As a result, it progressively increases and standardizes the level of space industry knowledge for individuals and organizations.
By offering digital credentials that reference a learner's demonstrated mastery and application of skills, the Nova Space Professional Program is making it easier for organizations to source, train, and upskill the talent necessary to keep pace with the massive growth in the industry.
For Nova Space, these awards represent a giant leap forward for the space industry in terms of quality learning outcomes and scalability to address the thousands of open positions regularly unfilled due to a talent shortage. Before the release of the space professional course, alternative solutions in the market all suffered from low student throughput at face-to-face events. In addition, new rudimentary online solutions are limited and don't present research-backed e-learning instructional design methods, instead primarily presenting information in a slide deck or video lectures.
"Winning three Brandon Hall Group HCM Excellence Awards with our first major product release at Nova Space is quite an achievement. These awards are highly coveted by learning and development professionals from every industry," said Christopher Allen, COO of Nova Space and CSO of Allen Interactions.
The 2022 Brandon Hall Group HCM Excellence Awards are given for work in Learning and Development, Talent Management, Leadership Development, Talent Acquisition, Human Resources, Sales Performance, Diversity, Equity & Inclusion, and Future of Work.
Entries were evaluated by a panel of veteran, independent senior industry experts, Brandon Hall Group analysts, and executives based upon these criteria: fit the need, design of the program, functionality, innovation, and overall measurable benefits.
About Pure Capital Solutions, Inc.
Since 2006, Pure Capital Solutions, Inc. has been assisting small to medium-sized businesses by investment and consulting. We have provided short-term financing, factoring, loans, and consulting using our diverse expertise. We also directly invest in our subsidiaries and help them grow. Learn more by visiting purecapitalsolution.com.
About Nova Space, Inc.
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SOURCE Pure Capital Solutions, Inc. | https://www.whsv.com/prnewswire/2022/08/24/nova-space-professional-program-receives-three-highly-coveted-brandon-hall-group-awards-excellence-learning-development/ | 2022-08-24T09:19:40Z |
BEIJING, Aug. 23, 2022 /PRNewswire/ -- A new vlog series of China Factory Story, Fenjiu, Soul of Chinese Liquor, has recently been released. This is the tenth piece of this 10-episode vlog series, which is jointly produced by the National Brand Project Office of Xinhua News Agency, China Economic Information Service and Fenjiu Group.
The 10 episodes tell Fenjiu's liquor-making stories, from raw grain in green production base, a bottle of fragrant Fenjiu on the table, clear karstic water sources 800 meters underground, to modern workshops adopting time-honored techniques, which all speak of Fenjiu's craftsmanship, pursuit for excellence with a pragmatic approach, and spirits of staying true to tradition and innovation in brewing mild aromatic Baijiu.
See the original link: https://en.imsilkroad.com/p/329611.html
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SOURCE Xinhua Silk Road | https://www.whsv.com/prnewswire/2022/08/24/xinhua-silk-road-mysteries-legacy-liquor-chu-yeh-ching/ | 2022-08-24T09:19:46Z |
Traffic Alert: Road closure in Mabscott due to broken power pole
Published: Aug. 24, 2022 at 5:52 AM EDT|Updated: 10 minutes ago
MABSCOTT, W.Va. (WVVA) - There is a road closure in Mabscott according to the Emergency Management Services in Raleigh County, WV.
If you are a commuter who takes the intersection of Old Mill Road at Wickham Road crews are advising you to take an alternate route.
Crews report that a power pole is broken.
There’s no time frame as to when the road.
When Emergency Services Management provides an update we will relay it to you both on-air and online.
Copyright 2022 WVVA. All rights reserved. | https://www.wvva.com/2022/08/24/traffic-alert-road-closure-mabscott-due-broken-power-pole/ | 2022-08-24T10:02:35Z |
Ukraine marks Independence Day six months after start of war
KYIV, Ukraine (AP) - Residents of Kyiv woke up to air raid sirens as Ukraine observed its Independence Day on Wednesday, which also marked exactly six months since the start of Russia’s military invasion.
Authorities in the capital banned large-scale gatherings until Thursday, fearing the national holiday might bring particularly heavy Russian missile attacks. Ukrainian President Volodymyr Zelenskyy urged the public to be vigilant.
“Russian provocations and brutal strikes are a possibility,” Zelenskyy said in a statement. “Please strictly follow the safety rules. Please observe the curfew. Pay attention to the air sirens. Pay attention to official announcements. And remember: We must all achieve victory together.”
Last year, crowds turned out in Kyiv to watch a military parade marking Ukraine’s 30-year independence anniversary. But this year, just a small number of residents gathered at Kyiv’s central square, where destroyed Russian tanks and mobile artillery were put on display over the weekend, and the national anthem is played every day at 7 a.m.
“I can’t sleep at night because of what I see and hear about what is being done in Ukraine,” a retiree who identified herself only by her first name, Tetyana, said, her voice shaking with emotion.
“This is not a war. It is the destruction of the Ukrainian people,” she said.
GRAPHIC WARNING: Videos included in this story may contain disturbing content.
Wednesday’s holiday commemorates Ukraine’s 1991 declaration of independence from the Soviet Union.
“Six months ago, Russia declared war on us. On Feb. 24, all of Ukraine heard explosions and gunshots. ... On Feb. 24, we were told: You have no chance. On Aug. 24, we say: Happy Independence Day, Ukraine!” Zelenskyy said in an Independence Day message.
A car bombing outside Moscow that killed the 29-year-old daughter of right-wing Russian political theorist Alexander Dugin on Saturday heightened fears that Russia might intensify attacks on Ukraine this week.
Russian officials have blamed Ukraine for the death of Darya Dugina, a nationalist Russian TV commentator. The car bomb exploded after she had attended a patriotic festival with her father, who was widely believed to have been the intended target.
The Ukrainian government has denied any involvement.
Russian President Vladimir Putin ordered tens of thousands of troops into Ukraine on Feb. 24. Moscow’s military encountered unexpectedly stiff Ukrainian resistance, and the six months of fighting has upended life in Ukraine and sent shock waves through the world economy.
As the war reached its 182nd day, there was no sign of a quick end to the conflict, which NATO Secretary-General Jens Stoltenberg on Tuesday described as “a grinding war of attrition.” Russia now holds large swaths of the country’s east and south, but its gains accumulated slowly. Neither country has revealed how many troops it has lost during the six-month conflict.
Russian Defense Minister Sergei Shoigu, speaking Wednesday at a meeting of defense ministers of the Shanghai Cooperation Organization, a security grouping dominated by Russia and China, claimed the slow pace of Moscow’s military action was due to what he said was an effort to spare civilians.
Russian forces have repeatedly targeted civilian areas in cities. But Shoigu said that “strikes with precision weapons are carried out against the Ukrainian armed forces’ military infrastructure .... Everything is done to avoid civilian casualties. Undoubtedly, it slows down the pace of the offensive, but we do it deliberately.”
He also criticized Western states for sending military aid to Ukraine, saying it was prolonging the war.
“The U.S. and its allies are continuing to pump weapons into Ukraine, increasing the number of victims and dragging the conflict out,” Shoigu said.
The United States is expected on Wednesday to announce roughly $3 billion in additional aid to train and equip Ukrainian forces to fight for years to come, U.S. officials said.
The officials told The Associated Press the package would fund contracts for as many as three types of drones and other weapons, ammunition and equipment that may not see the battlefront for a year or two.
The new funding is largely aimed at helping Ukraine secure its medium- to long-term defense posture, according to officials familiar with the matter. Earlier shipments focused on Ukraine’s more immediate needs for weapons and ammunition and involved materiel the Pentagon already had in stock that could be shipped quickly.
Several officials spoke on condition of anonymity to discuss the aid package before a public announcement.
On the forefront of the Russian offensive in eastern Ukraine, the conflict ground on. Russian forces struck several towns and villages in Donetsk province over 24 hours, killing one person and injuring two others, according to the regional administration.
In the Dnipropetrovsk region on the southern front, Russian forces again shelled the cities of Nikopol and Marhanets, damaging several buildings and injuring two people, according to Gov. Valentyn Reznichenko. Russian troops also shelled the city of Zaporizhzhia, damaging several buildings and infrastructure but inflicting no casualties.
___
Varenytsia reported from Pokrovsk, Ukraine. Lolita C. Baldor and Matthew Lee in Washington contributed to this report.
___
Follow all of AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/08/24/ukraine-marks-independence-day-six-months-after-start-war/ | 2022-08-24T10:02:42Z |
US airstrikes target militia-controlled areas in east Syria
BEIRUT (AP) - The U.S. military said early Wednesday it carried out airstrikes in eastern Syria that targeted areas used by militias backed by Iran’s paramilitary Revolutionary Guard.
There was no immediate acknowledgment by Syria’s state-run media of the strikes hitting Deir Ez-Zor. Iran as well did not acknowledge the attack.
Opposition war monitor the Syrian Observatory for Human Rights and activist collective Deir Ezzor 24 said the airstrikes targeted the Ayash Camp run by the Fatimiyoun group made up of Shiite fighters from Afghanistan. The war monitor reported that at least six Syrian and foreign militants were killed in the airstrikes.
The U.S. military’s Central Command said the strikes “took proportionate, deliberate action intended to limit the risk of escalation and minimize the risk of casualties.” It did not identify the targets, nor offer any casualty figures from the strikes, which the military said came at the orders of President Joe Biden.
“Today’s strikes were necessary to protect and defend U.S. personnel,” Central Command spokesman Col. Joe Buccino said in a statement.
The colonel added the attack was in response to an Aug. 15 attack targeting U.S. forces. That attack saw drones allegedly launched by Iranian-backed militias target the al-Tanf Garrison used by American forces. U.S. Central Command described the assault as causing “zero casualties and no damage” at the time.
Deir Ez-Zor is a strategic province that borders Iraq and contains oil fields. Iran-backed militia groups and Syrian forces control the area and have often been the target of Israeli war planes in previous strikes.
U.S. forces entered Syria in 2015, backing allied forces in their fight against the Islamic State group.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/08/24/us-airstrikes-target-militia-controlled-areas-east-syria/ | 2022-08-24T10:02:48Z |
A prosecutor in Atlanta says he is dropping charges against two white police officers because he believes race was not a factor in the deadly 2020 shooting of Rayshard Brooks, a Black man.
Copyright 2022 NPR
A prosecutor in Atlanta says he is dropping charges against two white police officers because he believes race was not a factor in the deadly 2020 shooting of Rayshard Brooks, a Black man.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/2-atlanta-police-officers-wont-face-any-charges-in-rayshard-brooks-shooting | 2022-08-24T10:16:02Z |
It's been six months since Russia launched its full scale invasion on Ukraine. Now it's a war of attrition that has led to a global food crisis, inflation across the world and devastation in Ukraine.
Copyright 2022 NPR
It's been six months since Russia launched its full scale invasion on Ukraine. Now it's a war of attrition that has led to a global food crisis, inflation across the world and devastation in Ukraine.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/6-months-of-war-the-realities-in-ukraine | 2022-08-24T10:16:05Z |
NPR's Rachel Martin talks to Ukrainian politician Volodymyr Omelyan (Vuh-lo-do-meer OH-mel-yan), who left his job and family, and has been fighting on the frontlines for the last six months.
Copyright 2022 NPR
NPR's Rachel Martin talks to Ukrainian politician Volodymyr Omelyan (Vuh-lo-do-meer OH-mel-yan), who left his job and family, and has been fighting on the frontlines for the last six months.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/6-months-of-war-the-view-from-the-frontlines | 2022-08-24T10:16:05Z |
A new Girl Scout cookie has joined the lineup. Meet Raspberry Rally, which is being called the sister of the iconic Thin Mint. Or is it a challenger?
"We hope that we'll hear some healthy competition from folks – maybe a little Thin Mint-Raspberry Rally battle," Wendy Lou, the chief revenue officer of Girl Scouts of the United States of America, told NPR.
Usually, Girl Scouts launches a cookie with a new design, totally unlike its predecessors. Reimagining a cookie with an existing format is something new for them, Lou said. But while the Raspberry Rally may be comparable to a Thin Mint, Girl Scouts still had to develop its flavor and internal color.
From concept to production, it takes about two years to debut a new Girl Scout Cookie. Girl Scouts of the United States of America, or GSUSA, first conduct market research and receive input from Girl Scout troops and cookie fans for ideas. The company also researches consumer trends to see what's popular. Because berry flavors are currently popular, Lou said, they realized a raspberry cookie could be a hit.
After the research stage, GSUSA tests their leading ideas with Girl Scout Cookie lovers. Once the organization learns what catches fans' interest, it works with its bakers to work on the flavor and develop a recipe.
"It's a little bit light and a little bit sweet, but not overwhelming [...] You feel like you can eat 20 of them," Lou said.
Then, the new cookie goes through the naming process, as well as final tests with an advisory group of Girl Scouts from across the country to make sure it's scout-approved. They helped choose Raspberry Rally as the winner.
The Girl Scout's slogan this year is "Ready, set, rally!" The annual event each troop holds to kick off their cookie season is called a rally, but the word "rally" is also intended to celebrate the spirit of the community that comes together to support Girl Scouts, Lou said.
The Raspberry Rally will be available exclusively online during the local cookie season, alongside the rest of the Girl Scout Cookie lineup. The season varies across the country, but typically falls between January and April. The profits from cookie sales stay local, according to the Girl Scouts' website, and fund activities and community projects for each troop.
Lots of other cookies were in the running, but Lou said she can't share what they were, as Girl Scouts may end up making them another year. In the last couple of years, Girl Scouts has been releasing a new cookie annually, and Lou said it's still up in the air how long this one will be around.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/an-inside-look-at-how-the-girl-scouts-chose-their-next-cookie-flavor-raspberry-rally | 2022-08-24T10:16:09Z |
NPR's Rachel Martin talks Billy Kobin of the Courier Journal in Louisville about a former detective pleading guilty to a federal charge for her role in the deadly police shooting of Breonna Taylor.
Copyright 2022 NPR
NPR's Rachel Martin talks Billy Kobin of the Courier Journal in Louisville about a former detective pleading guilty to a federal charge for her role in the deadly police shooting of Breonna Taylor.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/ex-cop-pleads-guilty-to-federal-charge-related-to-breonna-taylors-killing | 2022-08-24T10:16:16Z |
NPR's Steve Inskeep talks to economist Shah Mehrabi, member of the Supreme Council of the Central Bank of Afghanistan, about Afghan Central Bank reserves that remain frozen in the U.S.
Copyright 2022 NPR
NPR's Steve Inskeep talks to economist Shah Mehrabi, member of the Supreme Council of the Central Bank of Afghanistan, about Afghan Central Bank reserves that remain frozen in the U.S.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/frozen-afghan-bank-reserves-contribute-to-the-countrys-economic-collapse | 2022-08-24T10:16:22Z |
In a small shelter made of cinder block walls and a tin roof, Armando Hurtado Medina writes on a whiteboard the size of the TVs in many American homes.
It's 6pm and lessons have just begun in this makeshift classroom found at the end of a bumpy dirt road that winds its way through a canyon in Tijuana, Mexico. Hurtado Medina is teaching basic English and about 10 students of various ages slowly recite the alphabet back to him.
In another part of the city, Sergio Garcia has just finished his day teaching a group of children about emotional intelligence, guiding them on how they can turn the anger and trauma they feel into something productive, like leadership.
These efforts are replicated across the border city as volunteers and grassroots organizations grapple with a transient population of migrant students and try their best to educate those who find themselves living in shelters while awaiting a better life beyond.
"The purpose of this school is so that the migrants have a basic understanding of English," Hurtado Medina said. "Like how to get out of an emergency situation, [or when] they don't know how to communicate, or they don't know how to translate basic information like phone numbers or addresses."
"When they leave here, they leave with confidence and are proud of themselves that they're learning what's going to be their new language."
Hurtado Medina's classroom is next to the Embajadores de Jesús shelter that is home to hundreds of migrants. There are about 20 shelters across the city, and that means there are hundreds of children who suddenly find themselves in Tijuana and cut off from traditional education.
Garcia's school is an altogether more professional setup, next to the Pro Amore Dei migrant shelter in another part of town. He works for the Yes We Can program, a nonprofit group that has three schools in Mexico, including two in Tijuana.
"We try to develop resilience in them," he said of the emotional intelligence lessons. "So that they learn to perhaps detect the situations that make them feel a little sad, a little more vulnerable, and help guide them."
Yes We Can Executive Director Estefania Rebellon is the founder and driving force behind this landmark program that has grown exponentially over the last few years and has professionalized education for migrant children in a way not seen before in Tijuana.
Here, the children who arrive at the partner shelter next door are automatically enrolled in the school for free, and admissions are accepted every day of the year. They are given a uniform and backpack – even shoes, if they need them. All teachers are Mexican, are qualified with college degrees, and are paid.
Classes are structured and there is a fully formed curriculum that receives official accreditation from Mexico's Secretary of Public Education, and is also recognized in the United States. The efforts are funded by a patchwork of donations and money from non-government organizations.
"For migrant children, a school space is extremely important because if there weren't any school spaces like ours, they would be in a shelter sitting there every single day without any stimulation, without any educational development," Rebellon said.
"We thought we were going to be here only for three months and now we've been here for three years. So at this point, we've realized that we're no longer a crisis response program, we are a permanent program."
The pride of place for this school is a converted 1993 MCI coach dubbed "the magic school bus" that has been gutted and fitted out with air-conditioning, iPads, a TV and workbooks. In the spirit of the community-led nature of this school, Rebellon and another co-founder bought the bus off eBay in Los Angeles and then watched YouTube videos to learn how to convert it.
The school has a practical benefit for the shelter next door, too. Space is at a premium there, where families share crowded rooms filled with bunks. Each family gets just one mattress to use, regardless of whether there are two people or five in the group. So taking the kids into the school for a day allows the parents the time and space to focus on the next step in their journey.
"We're talking about families going through very traumatic situations," Rebellon said. "So if a parent is having all those existential crisis moments and their children are there pulling on their jeans, like children do every single day, they're not going to be able to accomplish their goals."
Rebellon is open about the fact many of the kids who arrive are behind in their education. They have had teenagers arrive who don't know how to read or write, and who may have suffered terrible trauma fleeing violence or crises anywhere from Nicaragua to Venezuela and Guatemala.
But here, they find kindred spirits and are taught how to channel those emotions. Rebellon knows this experience well. She was a migrant child from Cali, Colombia who was forced to flee with her family to the U.S. when she was 10 due to death threats.
"What's unique about our space is that when a kid enters our program, they're not the strange one," Rebellon said. "They're not 'the migrant.' They're not 'the one from Honduras.' They're not 'the dark skinned kid.' They are a child that's entering a place where they all look the same."
Near the back of the bus, 12-year-old Justin is joking with friends as his class continues. He has come from Puerto Cortés in Honduras and says the bus is his favorite part of the school because he can just be himself in there.
"I can have fun with everyone, I can talk with them. It's incredible to be there," he said.
As for how long he'll be living in the shelter next door, where he will go next, and what his future looks like, Justin has no idea. It's a common story for the kids who find themselves in makeshift classrooms dotted across Tijuana.
Yes We Can is now hoping to take the venture further and is scouting locations to open a central school that migrant kids can catch a bus to from any shelter in the city. They have their eye on an old library that has shut down.
Back at his small shelter classroom in the canyon, Hurtado Medina has similar goals and is hopeful he can collaborate with Yes We Can and also reach the stage where his kids can get accreditation for their work.
The children deserve all the help they can get, Rebellon said.
"I always try to remind everyone that they're just children," she said. "They're not responsible for the situation they're going through. So when you focus on that, then everything starts happening."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/in-converted-buses-and-tin-roof-sheds-migrant-students-get-a-lesson-in-hope | 2022-08-24T10:16:28Z |
Charlie Crist won Florida's Democratic primary for governor and will challenge GOP Gov. Ron DeSantis in November. DeSantis has an edge when it comes to fundraising, incumbency and registered voters.
Copyright 2022 NPR
Charlie Crist won Florida's Democratic primary for governor and will challenge GOP Gov. Ron DeSantis in November. DeSantis has an edge when it comes to fundraising, incumbency and registered voters.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/in-florida-democrat-crist-to-face-incumbent-desantis-in-quest-for-governor | 2022-08-24T10:16:34Z |
Microsoft's chief software engineer blogged about it. Raymond Chen says a specific frequency, like the one in "Rhythm Nation," makes Windows XP hard drives go black.
Copyright 2022 NPR
Microsoft's chief software engineer blogged about it. Raymond Chen says a specific frequency, like the one in "Rhythm Nation," makes Windows XP hard drives go black.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/janet-jacksons-1989-classic-rhythm-nation-can-make-some-laptops-crash | 2022-08-24T10:16:41Z |
Some of Los Angeles' most famous celebrities are getting put on blast after being outed for their excessive water use amid a severe drought emergency throughout Southern California.
Kim Kardashian and her sister Kourtney are among Southern California's worst offenders, Mike McNutt, a spokesman for the Las Virgenes Municipal Water District told NPR.
The pair have received "notices of exceedance" from the district, which serves the wealthy cities of Agoura Hills, Calabasas, Hidden Hills and Westlake Village. Those notices are given to district residents who have surpassed their monthly water usage budget allotted by the department at least four times, McNutt said.
And the reality stars are not the only ones.
Comedian Kevin Hart, former NBA star Dwyane Wade and his wife, actress Gabrielle Union, and Sylvester Stallone have also continued to exceed district limits despite repeated warnings and fines. Now, the water department could install flow restriction devices that can reduce gushing showers to a mere trickle, and would almost certainly turn the rolling lawns surrounding their respective mansions brown.
The violations were first reported by the Los Angeles Times. On Tuesday, McNutt confirmed the data, adding that, in all, more than 1,600 residents are breaking the rules.
He noted that the district is 100% reliant on imported water from the Sierra Nevada mountains 400 miles away. "We have no groundwater, we have no other alternative sources to draw from," he added.
McNutt said the Kardashians have flouted their official water allowance by 150% or more for several months since water conservation efforts were first implemented at the end of last year.
By the utility's count, he said, Kim Kardashian's two adjoining lots in Hidden Hills, guzzled their June allotment and then some, going over by about 232,000 gallons. Her sister, Kourtney, who lives in Calabasas, drained another 101,000 gallons in excess. Combined, that amount of water would fill half of an Olympic-sized swimming pool.
Dwyane Wade and wife Gabrielle Union appear to have begun to make some progress in reining in water usage on their property in the month of June, going over by 90,000 gallons. But their May bill was staggering — they used an extra 489,000 gallons of water that month due to a swimming pool malfunction, the couple said in a statement to the Times.
Meanwhile, a representative for Sylvester Stallone and his model wife, Jennifer Flavin, told the Times that their property has many large, mature fruit trees that would be at risk without sufficient watering. In June, the couple used 230,000 excess gallons of water – more than 533% than their allocated budget.
Kevin Hart's 26-acre Calabasas property also got more than 117,000 gallons than is budgeted for such a parcel.
McNutt explained the department has a formula for calculating fines for those who flagrantly eschew conservation guidelines. But he acknowledges that they're hardly a deterrent for the rich and famous.
"For the celebrities or musicians or athletes who all live in the area, monetary penalties are going to be meaningless to them because it doesn't matter. They have plenty of money and if they want to, they could spend $5,000 a month on a water bill," he said.
Indeed, Kim Kardashian, whose empire now includes a line of undergarments called Skims, was billed approximately $2,325 for her overuse. That's the equivalent of about 38 bodysuits, which retail for $62 a piece. Hart's fine for June, is about $1,170, less than the cost of three second-row tickets to the comedian's show in Chicago on Thursday. (Single tickets are selling for $382 each, plus fees.)
Now the district wants to hit people where it really hurts.
According to McNutt, that would mean installing a flow restriction device that would automatically reduce outside water usage by 70%.
People who prioritize lush, green landscaping over conservation must "understand that what they're doing is they're taking water away from somebody that could be miles and miles and miles away ... who needs it for cooking, cleaning, or bathing," McNutt said.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/kim-kardashian-kevin-hart-and-sylvester-stallone-are-accused-of-massive-water-waste | 2022-08-24T10:16:47Z |
It's been six months since Russia invaded Ukraine. Florida Democrat Charlie Crist will face GOP Gov. Ron DeSantis in November. A former Louisville detective pleads guilty in the Breonna Taylor case.
Copyright 2022 NPR
It's been six months since Russia invaded Ukraine. Florida Democrat Charlie Crist will face GOP Gov. Ron DeSantis in November. A former Louisville detective pleads guilty in the Breonna Taylor case.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/news-brief-russia-ukraine-war-florida-governors-race-breonna-taylor-case | 2022-08-24T10:16:53Z |
POPLAR, Mont. — When Jestin Dupree got out of the Army in 2014 after 17 years, he was tired.
"I ended up doing five tours of duty overseas. I went to Bosnia in 2001, Afghanistan in 2003, Iraq in 2005, Iraq in 2007. And then [Iraq] again in 2010," he says, "My body was ... the 'check engine' light came on."
He moved home to the Fort Peck Indian Reservation in northeastern Montana, but things didn't calm down for him right away. He got on the Assiniboine and Sioux Tribal Council there, and even went to Washington, D.C., to testify before the Senate about VA care for Native vets. He was invited to serve as one of 15 vets on the first-ever VA Secretary's Advisory Committee on Tribal and Indian Affairs. That was around the time he realized that he'd been trying to help his people without taking the time to help himself.
"I guess I've been so busy ... getting out of the military diagnosed with PTSD myself, I haven't been able to seek care," he recalls.
And when he tried to get the care, he says, it wasn't easy.
According to the Department of Veterans Affairs, American Indians and Alaska Natives serve in the military at proportional rates higher than any other group, but they often have trouble accessing care because VA facilities are far away or backlogged. It took Dupree six months to get an appointment, he says, and when he did, the therapist wasn't a vet, he wasn't Native, and it didn't go well.
"My first time actually opening up with mental health. Being through these countries I've been through and being through these situations, a lot of my friends have killed themselves that I've deployed with," he says, "To hear a guy who's never been through what I've been through, tell me, you know, to me, it was like, he's brushing it off."
Studies show Native vets have higher incidence of PTSD — and Dupree says there's still a strong stigma around getting help with mental health. That first bad experience was enough to put him off.
"They had called me four days after, and I said, 'You know what? Do me a favor, lose my number. Don't ever call me again. I don't feel comfortable talking to you guys,' " he says.
What did make Dupree feel better was helping other veterans. He took a job with the tribal government checking on the vets who live all over the reservation, which stretches for 90 miles along U.S. Route 2 in northeastern Montana.
"Life's a little slower, but in turn, I enjoy going to meet these other veterans. A lot of 'em don't know the help that's available for them," says Dupree.
Some days Dupree is driving vets to their appointments at the VA in Billings, Mont., — about 10 hours round trip, and that's in the summer, when it's not snowing. Other days, he just makes his rounds, checking in on older vets who don't have cellphones or internet. And some vets he likes to visit because it's fun for him — like Kenneth Ryan, the former tribal chairman.
"You can't become a leader of your tribe until you've gone to war," Ryan said, explaining why Natives serve in such high numbers.
Ryan joined the Army in 1965, to be a paratrooper. Instead, the Army decided he was too good at typing and made him do clerical work. That was hard, because Ryan wasn't sure he was truly fulfilling the warrior tradition. But his elders told him he had.
"They called you and you went, you didn't say no. And you would've done anything they had you do," he says.
Veterans are honored at tribal ceremonies and celebrations — and Ryan says he was welcomed home with a song.
"Well they sang that song for me. So that's how I'm — I'm a veteran. And I'm one of the most privileged men in the whole world," Ryan says.
Jestin Dupree says helping veterans access their VA benefits and filling in the gaps in VA care on the reservation is his new mission.
"Like, if I wasn't doing anything today, I would go check on every single one of 'em," he says.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/one-native-veterans-new-mission-fill-in-the-gaps-of-va-care-on-his-reservation | 2022-08-24T10:17:00Z |
The U.S. and NATO are supplying Ukraine with increasingly powerful and sophisticated weapons. Will the West sustain this level of military support as the war grinds on?
Copyright 2022 NPR
The U.S. and NATO are supplying Ukraine with increasingly powerful and sophisticated weapons. Will the West sustain this level of military support as the war grinds on?
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/over-months-the-u-s-and-allies-delivered-weapons-and-other-support-to-ukraine | 2022-08-24T10:17:06Z |
Iowa's largest school district is offering a big incentive to address teacher shortages. Experienced teachers who put off retirement for one more year can make an extra $50,000 or more.
Copyright 2022 Iowa Public Radio
Iowa's largest school district is offering a big incentive to address teacher shortages. Experienced teachers who put off retirement for one more year can make an extra $50,000 or more.
Copyright 2022 Iowa Public Radio | https://www.wyomingpublicmedia.org/2022-08-24/schools-across-the-country-offer-teachers-more-money-to-staff-their-classrooms | 2022-08-24T10:17:13Z |
NPR's Rachel Martin asks author Helena Andrews-Dyer what she has learned from moms who aren't like her. Andrews' book is called "The Mamas."
Copyright 2022 NPR
NPR's Rachel Martin asks author Helena Andrews-Dyer what she has learned from moms who aren't like her. Andrews' book is called "The Mamas."
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/the-mamas-reimagining-parenting-through-a-lens-of-race-and-class | 2022-08-24T10:17:19Z |
One of this summer's most popular shows centers on a slimy true crime podcaster. Only Murders In the Building, on Hulu, follows three fans of a Serial-like show called All Is Not OK in Oklahoma. By the end of season two, it becomes clear the show's host, played by Tina Fey, may be a cold-blooded murderer herself.
"I need something with famous people, and blood!" she wails to an assistant. "God, I need a murder. A good one!"
Fey's character is just one example of what seems to be a new pop culture archetype.
Call them the morally dubious podcasters.
In the movie Vengeance, B.J. Novak plays a self-serving journalist pitching a podcast about the death of a woman he briefly dated.
Another morally dubious podcaster inserts herself into a crime scene (and the bed of a police officer) in the Showtime series Dexter: New Blood. And in the wry social comedy Rutherford Falls on Peacock, not one but two morally dubious podcasters run amuck, including an NPR reporter who wrecks the life of one of the main characters.
"Ah yes, the morally dubious podcaster," Nicholas Quah chuckles. He covers podcasts for Vulture and New York Magazine and recognized the archetype immediately. "My favorites were the first I ever noticed: the true crime podcasters in 2018's Halloween, who — spoilers — end up being brutally killed for chasing down Michael Myers."
But Quah remembered an even earlier example – from the 2014 Kevin Smith movie Tusk – and says there's a reason TV and movies are serving up so many morally dubious podcasters craven in their pursuit of fame and notoriety. That reason would be real life.
"Look up and down the Apple podcast charts," Quah points out. "You'll find any number of frankly morally dubious true crime shows. People, who in some cases, plagiarize other people's reporting and accessorize it and spread incomplete facts and inconsistent truths. "
Quah has written about these issues with Crime Junkie, one of the most popular podcasts in the country. And of course, the New York Times' podcast, Caliphate, had to be essentially retracted in 2020 when its sensational main subject, who claimed to be a member of ISIS, turned out to be a serial liar.
But morally dubious podcasters go beyond the genre of true crime. The Peacock show, Rutherford Falls, features a smarmy, racist podcaster who fancies himself, as he says, "in the tradition of Plato, Nietzsche and my personal podcasting hero, Mr. Joseph Rogen."
This character personifies what NPR's pop culture podcaster Linda Holmes calls "the yap and slap." People who sound off into a microphone in their basements and throw the results on the internet remind her, she says, of the early days of blogging.
"You can start a podcast tomorrow with very little equipment," she observes. "Just as you could go on the Internet and start a blog. And what you get from that, is a lot of people who are really good and really professional and some celebrities who see it as an easy way to extend their brand and control their own publicity. You have talented people who haven't been welcomed in traditional media spaces."
But you also get grifters, she adds, opportunists and people who don't "follow the rules you would want them to follow." To a certain extent, the morally dubious podcaster is the latest twist on a classic figure – the stranger in town. It's an expository device, a way to frame a story.
But right now, when numerous polls show trust in the media collapsing, the morally dubious podcaster has particular power. You don't know why she's here. Or what she may be mining from your truth.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/the-rise-of-the-morally-dubious-podcaster-in-pop-culture | 2022-08-24T10:17:25Z |
In the days after the FBI searched former President Trump's residence at his Mar-A-Lago club in Florida, his political action committees raised millions of dollars from supporters.
That haul, which was reported by the Washington Post, is a major boost to Trump's PAC fundraising, which was sagging in July. Still, at the end of last month, the Save America PAC, Trump's largest PAC, had a whopping $99.1 million on hand — and the millions raised after the Aug. 8 FBI search added to the former president's massive war chest.
Regulations from the Federal Election Commission and experts on finance law say that there are almost no restrictions on how Trump spends the PAC money while he is not a candidate for president. However, the money raised can't be used for a potential 2024 campaign if Trump decides he'll run again, experts say.
But Trump doesn't exactly have a history of following FEC guidelines, and there hasn't been much enforcement despite dozens of campaign finance complaints.
Since 2016, there have been upward of 40 complaints against the former president — the FEC hasn't acted on any of them, including the case of Trump's lawyer Michael Cohen paying off Stormy Daniels during the 2016 election. It's bringing up questions on whether Trump could be held accountable for any potential violations in the future.
The commission is often split along party lines
The FEC comprises three Democratic commissioners and three Republican ones, all of whom are nominated by the president and confirmed by the Senate. Four votes are required to move any finance violation claim forward, but in recent years the commission has been deadlocked along party lines, particularly in cases that involve Trump.
"The stalemate on significant enforcement matters has been an ongoing concern for quite a long time," Democratic FEC commissioner Ellen Weintraub told NPR. "I don't think we are doing the job that Congress set us up to do. I don't think we're doing an appropriate job of enforcing the law."
Several former FEC officials who are now working at the Campaign Legal Center have also said current FEC guidelines are "ineffective" and they are advocating for legislative change.
In some recent complaints that have not been pursued by the FEC, Republican commissioners argued that moving forward would not be "the best use of agency resources." Democratic commissioners, including Weintraub, argued their Republican counterparts are "damaging" the campaign finance process.
"We used to work better at finding four votes to pursue enforcement matters. ... Commissioners used to work harder at finding a path forward," Weintraub said, adding that the commission didn't always act in a partisan manner. "I do worry there is now a new partisan tinge."
Trump is teasing a 2024 run but not officially announcing
Since Trump has not formally announced whether he will run for president in 2024, his PACs are not subject to campaign finance restrictions — though the they still have to disclose things like donor information.
"There's almost no restriction on it, because it's not campaign money. He cannot put it into his campaign, that's one thing he can't do with it ... but there's no rule, law, or regulation restricting the use of those funds," Ken Gross, a former associate general counsel at the FEC, told NPR.
In other words, the PAC money can be used for Trump's rallies around the country and other business expenditures. But if Trump announces he's running and spends $5,000 in furtherance of his campaign for office, restrictions kick in. Trump would then have to start raising campaign money in a campaign account, and the FEC says he would not be able to use that money for personal use.
"If in fact he goes out there and says 'I'm going to be next president of the United States,' or 'I'm running for president,' or 'vote for me' ... he is now furthering his candidacy," Gross said.
At that point, any money that Trump spends, whether it's on travel or TV ads for his campaign, would then be considered a campaign expenditure and would have to come out of his campaign account.
But Trump is being somewhat ambiguous about a potential run for president. He hasn't announced a campaign, but he's hinted at it.
Gross said Trump's vagueness could be intentional in order to avoid campaign finance restrictions, but he added, Trump "can't have it both ways. He can't be claiming he's not a candidate for FEC purposes and then talk about being a candidate."
There is a bit of a loophole, though, where Trump could say he is "testing the waters." In other words, he's making expenditures from his existing PACs to determine his viability as a candidate, but hasn't officially announced. Gross notes that if Trump did announce he was running, he'd have to go back and file those specific expenses used from his PAC as campaign expenditures.
A spokesperson for Trump and for the Save America PAC did not immediately respond to request for comment.
The DOJ could take criminal action, but it's not a usual move
Gross points out that even if the FEC doesn't end up acting to enforce any campaign finance violations, there's a back-and-forth process that could take place, which can be laborious.
For example, a complainant could sue the FEC for failing to act on a violation. If a judge thinks there's a clear violation, they could take the case back to the FEC and tell them to find a violation. If the FEC still doesn't act, a judge could give a private right to action, which would mean that the complainant could sue the violator directly, without the commission's involvement.
It's a difficult and rare process, Gross said, but the Campaign Legal Center has filed several lawsuits. And a pro-Democratic PAC, American Bridge, did recently file a lawsuit against the FEC for failing to act over Trump teasing a 2024 bid for the White House.
Another option is for the Department of Justice to take criminal action.
"They could bring a criminal case against Trump and it's a felony statute. But those are rare. But if it was absolute knowing and willing violation of the law, that is a potential as a possibility," Gross said.
The problem, Gross points out, is that the DOJ stepping in to take criminal action may come across as a direct political attack on Trump during an election.
"Whether the DOJ would go there ... I don't know. Plus, this would go right to the heart of his candidacy," Gross said. "It's possible legally but politically, probably not likely."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wyomingpublicmedia.org/2022-08-24/trump-has-raised-millions-he-may-run-in-2024-so-where-will-all-that-money-go | 2022-08-24T10:17:31Z |
NPR's Rachel Martin speaks to Jared Bass from the Center for American Progress about possible student loan relief from the Biden administration.
Copyright 2022 NPR
NPR's Rachel Martin speaks to Jared Bass from the Center for American Progress about possible student loan relief from the Biden administration.
Copyright 2022 NPR | https://www.wyomingpublicmedia.org/2022-08-24/white-house-mulls-student-loan-forgiveness-for-millions-of-borrowers | 2022-08-24T10:17:37Z |
A prosecutor in Atlanta says he is dropping charges against two white police officers because he believes race was not a factor in the deadly 2020 shooting of Rayshard Brooks, a Black man.
Copyright 2022 90.1 WABE
A prosecutor in Atlanta says he is dropping charges against two white police officers because he believes race was not a factor in the deadly 2020 shooting of Rayshard Brooks, a Black man.
Copyright 2022 90.1 WABE | https://www.keranews.org/2022-08-24/2-atlanta-police-officers-wont-face-any-charges-in-rayshard-brooks-shooting | 2022-08-24T10:36:46Z |
It's been six months since Russia launched its full scale invasion on Ukraine. Now it's a war of attrition that has led to a global food crisis, inflation across the world and devastation in Ukraine.
Copyright 2022 NPR
It's been six months since Russia launched its full scale invasion on Ukraine. Now it's a war of attrition that has led to a global food crisis, inflation across the world and devastation in Ukraine.
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/6-months-of-war-the-realities-in-ukraine | 2022-08-24T10:36:52Z |
6 months of war: The view from the frontlines Published August 24, 2022 at 4:03 AM CDT Facebook Twitter LinkedIn Email Listen • 7:16 NPR's Rachel Martin talks to Ukrainian politician Volodymyr Omelyan, who left his job and family, and has been fighting on the frontlines for the last six months. Copyright 2022 NPR | https://www.keranews.org/2022-08-24/6-months-of-war-the-view-from-the-frontlines | 2022-08-24T10:36:58Z |
NPR's Rachel Martin talks Billy Kobin of the Courier Journal in Louisville about a former detective pleading guilty to a federal charge for her role in the deadly police shooting of Breonna Taylor.
Copyright 2022 NPR
NPR's Rachel Martin talks Billy Kobin of the Courier Journal in Louisville about a former detective pleading guilty to a federal charge for her role in the deadly police shooting of Breonna Taylor.
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/ex-cop-pleads-guilty-to-federal-charge-related-to-breonna-taylors-killing | 2022-08-24T10:37:04Z |
NPR's Steve Inskeep talks to economist Shah Mehrabi, member of the Supreme Council of the Central Bank of Afghanistan, about Afghan Central Bank reserves that remain frozen in the U.S.
Copyright 2022 NPR
NPR's Steve Inskeep talks to economist Shah Mehrabi, member of the Supreme Council of the Central Bank of Afghanistan, about Afghan Central Bank reserves that remain frozen in the U.S.
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/frozen-afghan-bank-reserves-contribute-to-the-countrys-economic-collapse | 2022-08-24T10:37:10Z |
In a small shelter made of cinder block walls and a tin roof, Armando Hurtado Medina writes on a whiteboard the size of the TVs in many American homes.
It's 6pm and lessons have just begun in this makeshift classroom found at the end of a bumpy dirt road that winds its way through a canyon in Tijuana, Mexico. Hurtado Medina is teaching basic English and about 10 students of various ages slowly recite the alphabet back to him.
In another part of the city, Sergio Garcia has just finished his day teaching a group of children about emotional intelligence, guiding them on how they can turn the anger and trauma they feel into something productive, like leadership.
These efforts are replicated across the border city as volunteers and grassroots organizations grapple with a transient population of migrant students and try their best to educate those who find themselves living in shelters while awaiting a better life beyond.
"The purpose of this school is so that the migrants have a basic understanding of English," Hurtado Medina said. "Like how to get out of an emergency situation, [or when] they don't know how to communicate, or they don't know how to translate basic information like phone numbers or addresses."
"When they leave here, they leave with confidence and are proud of themselves that they're learning what's going to be their new language."
Hurtado Medina's classroom is next to the Embajadores de Jesús shelter that is home to hundreds of migrants. There are about 20 shelters across the city, and that means there are hundreds of children who suddenly find themselves in Tijuana and cut off from traditional education.
Garcia's school is an altogether more professional setup, next to the Pro Amore Dei migrant shelter in another part of town. He works for the Yes We Can program, a nonprofit group that has three schools in Mexico, including two in Tijuana.
"We try to develop resilience in them," he said of the emotional intelligence lessons. "So that they learn to perhaps detect the situations that make them feel a little sad, a little more vulnerable, and help guide them."
Yes We Can Executive Director Estefania Rebellon is the founder and driving force behind this landmark program that has grown exponentially over the last few years and has professionalized education for migrant children in a way not seen before in Tijuana.
Here, the children who arrive at the partner shelter next door are automatically enrolled in the school for free, and admissions are accepted every day of the year. They are given a uniform and backpack – even shoes, if they need them. All teachers are Mexican, are qualified with college degrees, and are paid.
Classes are structured and there is a fully formed curriculum that receives official accreditation from Mexico's Secretary of Public Education, and is also recognized in the United States. The efforts are funded by a patchwork of donations and money from non-government organizations.
"For migrant children, a school space is extremely important because if there weren't any school spaces like ours, they would be in a shelter sitting there every single day without any stimulation, without any educational development," Rebellon said.
"We thought we were going to be here only for three months and now we've been here for three years. So at this point, we've realized that we're no longer a crisis response program, we are a permanent program."
The pride of place for this school is a converted 1993 MCI coach dubbed "the magic school bus" that has been gutted and fitted out with air-conditioning, iPads, a TV and workbooks. In the spirit of the community-led nature of this school, Rebellon and another co-founder bought the bus off eBay in Los Angeles and then watched YouTube videos to learn how to convert it.
The school has a practical benefit for the shelter next door, too. Space is at a premium there, where families share crowded rooms filled with bunks. Each family gets just one mattress to use, regardless of whether there are two people or five in the group. So taking the kids into the school for a day allows the parents the time and space to focus on the next step in their journey.
"We're talking about families going through very traumatic situations," Rebellon said. "So if a parent is having all those existential crisis moments and their children are there pulling on their jeans, like children do every single day, they're not going to be able to accomplish their goals."
Rebellon is open about the fact many of the kids who arrive are behind in their education. They have had teenagers arrive who don't know how to read or write, and who may have suffered terrible trauma fleeing violence or crises anywhere from Nicaragua to Venezuela and Guatemala.
But here, they find kindred spirits and are taught how to channel those emotions. Rebellon knows this experience well. She was a migrant child from Cali, Colombia who was forced to flee with her family to the U.S. when she was 10 due to death threats.
"What's unique about our space is that when a kid enters our program, they're not the strange one," Rebellon said. "They're not 'the migrant.' They're not 'the one from Honduras.' They're not 'the dark skinned kid.' They are a child that's entering a place where they all look the same."
Near the back of the bus, 12-year-old Justin is joking with friends as his class continues. He has come from Puerto Cortés in Honduras and says the bus is his favorite part of the school because he can just be himself in there.
"I can have fun with everyone, I can talk with them. It's incredible to be there," he said.
As for how long he'll be living in the shelter next door, where he will go next, and what his future looks like, Justin has no idea. It's a common story for the kids who find themselves in makeshift classrooms dotted across Tijuana.
Yes We Can is now hoping to take the venture further and is scouting locations to open a central school that migrant kids can catch a bus to from any shelter in the city. They have their eye on an old library that has shut down.
Back at his small shelter classroom in the canyon, Hurtado Medina has similar goals and is hopeful he can collaborate with Yes We Can and also reach the stage where his kids can get accreditation for their work.
The children deserve all the help they can get, Rebellon said.
"I always try to remind everyone that they're just children," she said. "They're not responsible for the situation they're going through. So when you focus on that, then everything starts happening."
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.keranews.org/2022-08-24/in-converted-buses-and-tin-roof-sheds-migrant-students-get-a-lesson-in-hope | 2022-08-24T10:37:16Z |
Charlie Crist won Florida's Democratic primary for governor and will challenge GOP Gov. Ron DeSantis in November. DeSantis has an edge when it comes to fundraising, incumbency and registered voters.
Copyright 2022 NPR
Charlie Crist won Florida's Democratic primary for governor and will challenge GOP Gov. Ron DeSantis in November. DeSantis has an edge when it comes to fundraising, incumbency and registered voters.
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/in-florida-democrat-crist-to-face-incumbent-desantis-in-quest-for-governor | 2022-08-24T10:37:22Z |
Microsoft's chief software engineer blogged about it. Raymond Chen says a specific frequency, like the one in "Rhythm Nation," makes Windows XP hard drives go black.
Copyright 2022 NPR
Microsoft's chief software engineer blogged about it. Raymond Chen says a specific frequency, like the one in "Rhythm Nation," makes Windows XP hard drives go black.
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/janet-jacksons-1989-classic-rhythm-nation-can-make-some-laptops-crash | 2022-08-24T10:37:28Z |
It's been six months since Russia invaded Ukraine. Florida Democrat Charlie Crist will face GOP Gov. Ron DeSantis in November. A former Louisville detective pleads guilty in the Breonna Taylor case.
Copyright 2022 NPR
It's been six months since Russia invaded Ukraine. Florida Democrat Charlie Crist will face GOP Gov. Ron DeSantis in November. A former Louisville detective pleads guilty in the Breonna Taylor case.
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/news-brief-russia-ukraine-war-florida-governors-race-breonna-taylor-case | 2022-08-24T10:37:35Z |
The U.S. and NATO are supplying Ukraine with increasingly powerful and sophisticated weapons. Will the West sustain this level of military support as the war grinds on?
Copyright 2022 NPR
The U.S. and NATO are supplying Ukraine with increasingly powerful and sophisticated weapons. Will the West sustain this level of military support as the war grinds on?
Copyright 2022 NPR | https://www.keranews.org/2022-08-24/over-months-the-u-s-and-allies-delivered-weapons-and-other-support-to-ukraine | 2022-08-24T10:37:41Z |
Iowa's largest school district is offering a big incentive to address teacher shortages. Experienced teachers who put off retirement for one more year can make an extra $50,000 or more.
Copyright 2022 Iowa Public Radio
Iowa's largest school district is offering a big incentive to address teacher shortages. Experienced teachers who put off retirement for one more year can make an extra $50,000 or more.
Copyright 2022 Iowa Public Radio | https://www.keranews.org/2022-08-24/schools-across-the-country-offer-teachers-more-money-to-staff-their-classrooms | 2022-08-24T10:37:47Z |
'The Mamas': Reimagining parenting through a lens of race and class Published August 24, 2022 at 2:01 AM CDT Facebook Twitter LinkedIn Email Listen • 7:20 NPR's Rachel Martin asks author Helena Andrews-Dyer what she has learned from moms who aren't like her. Andrews' book is called "The Mamas." Copyright 2022 NPR | https://www.keranews.org/2022-08-24/the-mamas-reimagining-parenting-through-a-lens-of-race-and-class | 2022-08-24T10:37:53Z |
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White House mulls student loan forgiveness for millions of borrowers Published August 24, 2022 at 4:03 AM CDT Facebook Twitter LinkedIn Email Listen • 4:18 NPR's Rachel Martin speaks to Jared Bass from the Center for American Progress about possible student loan relief from the Biden administration. Copyright 2022 NPR | https://www.keranews.org/2022-08-24/white-house-mulls-student-loan-forgiveness-for-millions-of-borrowers | 2022-08-24T10:37:59Z |
City officials have put together a sweeping plan to make policy and city resource decisions with careful attention to racial and class disparities. And dozens of the equity priorities are funded in the city manager’s proposed budget.
The Racial Equity Plan is an attempt to address a long, racist history that helped shape a deeply divided city where opportunity and outcomes vary widely by zip code. It has the potential to mobilize every corner of city governance to reduce disparities and level the playing field.
For most of its history, the City of Dallas pursued policies that promoted segregation and the prosperity of white people, while underserving — and often undermining — Black and Latino prosperity.
In big and small decisions, city officials historically put their thumbs on the scale for white Dallas in decisions big and small. White preferences and outcomes were considered in deciding which neighborhoods got infrastructure improvements, which businesses won city contracts, where polluting industries were permitted to operate, and where public amenities were built.
Communities of color were disinvested and consistently underserved.
“We know how things are today, but the question is how did we get here today? How were the communities intentionally — and that’s the key word, intentionally — underinvested and underdeveloped by people who sit where we sit?” Council member Casey Thomas said at a recent council meeting.
Persistent problems
In more recent years, as the city often tried to spread city resources equally, the newfound commitment to equality did little to close the gaps in a segregated city shaped by white-privileging policies.
On pretty much every major health, economic, housing, education and quality of life indicator, people of color in Dallas come out worse than white people.
“I think that it’s a very clear understanding of what equity is versus equality. Because equality does not do the people who’ve already been forgotten about any justice because they’re already starting on a playing field that is level,” Council member Adam Bazaldua said earlier this month.
In spring of 2021, the city council approved a resolution directing city staff to create a plan that makes the idea of racial equity an operational reality.
The plan, finalized this summer, includes more than 200 measurable, concrete goals to be executed across dozens of city departments, and the city plans to make progress on these equity indicators accessible to the public in an online dashboard.
“The Racial Equity Plan will guide departments and offices to enhance current plans, policies, initiatives with measurable goals that will address racial, ethnic and socioeconomic equity,” said Lindsey Wilson, director of the city’s Office of Racial Equity and Inclusion.
The plan focuses on reducing disparities across five key areas: infrastructure, public safety and wellness, housing, economic opportunity, and environmental justice.
Daunting inequities
Across Dallas today, major indicators for health and economic prosperity show consistently worse outcomes for Black and Latino residents.
Predominantly Black and Latino areas have fewer banks, doctors’ offices and grocery stores. And many neighborhoods where lower-income Black and Latino residents live are infrastructure deserts, according to recent SMU research.
Housing statistics tell a similar story: Just over a quarter of Black households in Dallas own their homes, half the rate of white homeownership. Roughly 45% of Latino and Asian families in Dallas are homeowners, compared to 56% of white ones. On the other end of housing security, Black people are massively overrepresented among Dallas’ homeless population.
The plan lists a dozen housing-related goals. Those include:
- Building more affordable housing and putting it in neighborhoods with better schools and more jobs.
- Assisting immigrants who don’t have a credit history get mortgages.
- Improving sidewalks, lighting and other amenities in neighborhoods of color.
- And helping people avoid losing their homes as neighborhoods gentrify.
On environmental justice, the plan would, among other objectives, add more air monitors in “equity priority areas” to address the higher rates of chronic health problems like asthma among kids of color in Dallas. It would eliminate industrial zoning in residential areas — a problem disproportionately affecting communities of color — and improve efforts to curb and mitigate illegal dumping.
The plan’s priorities on public safety include increasing mental health resources and reducing gun crimes, reducing the number of youth of color sent to juvenile detention and setting up jail and prosecution alternatives for low-level crimes, and increasing the number of sites where people can file complaints about police misconduct.
Challenges and opportunities
The city wasn't the only actor creating the policies that drive today’s disparities — laws, policies and practices at the state and federal level, as well as the private sector bear plenty of the blame — which raises the reality that the city can only do so much on its own to reduce inequities.
For example, while the plan has measures to improve economic opportunities, state law prohibits the city from forcing employers to pay living wages or offer paid time off. Much of the city’s power lies in incentives, carrots where it lacks sticks.
There’s also risk of backlash at a time when racial equity is a political flashpoint. How city leaders sell the idea plan is critical.
In a city council briefing on the finalized plan earlier this month, City Manager T.C. Broadnax argued that the plan is as much moral responsibility as pecuniary imperative.
“Data continues to demonstrate that advancing racial equity is both a social goal and a driver of economic and business growth,” Broadnax said.
And then there’s a sense of plan-fatigue that Council member Tennell Atkins pointed to. Especially in the southern sector, he says there’s a feeling that the city is always talking about change, but people don’t see much of it.
“We gotta go to the community, to speak to the community, [where they] say ‘yeah, y’all talk about equity, but I still need my streets fixed. I still don’t have my trash pickup. I still don’t have enough police officers. I still don’t have fair housing,’” Atkins said. “So think about it…and put dollars behind the word equity in the budget.”
While the city budget is still being hashed out, the budget proposed by Dallas city manager T.C. Broadnax includes funding to at least get started on many of the 200-plus goals defined in the Racial Equity Plan. Each department was charged with addressing racial equity in its budget requests. And, indeed, the word equity appears more than 400 times in the spending plan’s 769 pages.
Some goals will rely on funding in the 2024 bond package, which the city is just beginning to put together. But many of the big investments in the Racial Equity Plan are happening sooner rather than later because a lot of federal money is on the table from the Biden Administration’s American Rescue Plan and infrastructure bill.
For example, the availability of federal funds allowed the city to cut its plan to improve water and wastewater infrastructure to currently unserved areas where people live from seven years to three years.
Assuming the city council members approve the Racial Equity Plan, the real test of their commitment to racial equity comes as they negotiate the city budget for the next fiscal year, deciding how to add racial equity into the rest of the priorities they face for their districts.
Got a tip? Christopher Connelly is KERA's One Crisis Away Reporter, exploring life on the financial edge. Email Christopher at cconnelly@kera.org.You can follow Christopher on Twitter @hithisischris.
KERA News is made possible through the generosity of our members. If you find this reporting valuable, consider making a tax-deductible gift today. Thank you. | https://www.keranews.org/government/2022-08-24/dallas-racism-history-racial-equity-city-policy | 2022-08-24T10:38:05Z |
Boy, 5, dies after shooting self in eye with unsecured gun
DETROIT (WXYZ) - Police say a 5-year-old boy and his sibling were playing with an unsecured gun they found at a Detroit home when it went off, killing him.
According to police, a pair of siblings, ages 5 and 6, were left in the care of their uncle Monday. The uncle was reportedly downstairs in the basement playing video games when the children found a gun, it went off and the 5-year-old was shot in the eye.
“The 6-year-old told the uncle, ‘My brother is dying. We need help,’” said Deputy Chief Deshaune Sims with the Detroit Police Department.
A neighbor took the injured child to the hospital, where he died.
Police say the boy’s uncle is not cooperating and is currently in police custody.
“Right now, we’re trying to locate a weapon. We have not been able to recover a weapon at this time,” Sims said.
The 6-year-old sibling has reportedly been removed from the home. It’s not clear if they were removed by police or Child Protective Services.
Police are also pleading with gun owners to secure their weapons.
“Unfortunately, we’re here again. We have been at many of these scenes, and the message is if you have a weapon, put it up, lock it, keep it away from the children. Unfortunately, parents and caregivers are not taking heed to that message,” Sims said.
Wayne County Prosecutor Kym Worthy is pushing for laws that will criminally charge parents for not properly storing weapons, but it’s still in the legislature.
Meanwhile, police say they will be handing out free gun locks in Detroit neighborhoods.
“Hopefully, one person will take heed and keep weapons out of areas where children can access them easily,” Sims said.
Last year, 67 children in the city were shot.
Copyright 2022 WXYZ via CNN Newsource. All rights reserved. | https://www.whsv.com/2022/08/24/boy-5-dies-after-shooting-self-eye-with-unsecured-gun/ | 2022-08-24T10:51:23Z |
Nadler defeats Maloney in battle of top House Democrats
NEW YORK (AP) — U.S. Rep. Jerry Nadler, who twice led fights to impeach former President Donald Trump, defeated U.S. Rep. Carolyn Maloney in a Democratic primary Tuesday after a court forced the two veteran lawmakers into the same New York City congressional district.
Nadler’s victory ends a 30-year run in Congress for Maloney, who battled to get government aid for people sickened by clouds of toxic soot after the Sept. 11 attacks.
The unusual fight between incumbents who have spent decades working together was the result of a redistricting process that lumped Nadler’s home base on the west side of Manhattan together with Maloney’s on the east side, with neither willing to run in another part of the city.
In his victory speech, Nadler said he and Maloney “have spent much of our adult lives working together to better both New York and our nation. I speak for everyone in this room tonight when I thank her for her decades of service to our city.”
Nadler also defeated Suraj Patel, a 38-year-old lawyer and lecturer at New York University who has now failed to advance out of a Democratic congressional primary in three straight tries.
Nadler, 75, was first elected to Congress in 1992. As chair of the House Judiciary Committee, he led both impeachments of Trump. Nadler was buoyed in the last weeks of the campaign by endorsements from The New York Times and Senate Majority Leader Chuck Schumer.
He pledged he would go back to Congress “with a mandate to fight for the causes so many of us know to be right,” including abortion access and climate change.
Maloney, 76, also first elected in 1992, is the first woman to chair the House Oversight and Reform Committee. She is known for her longtime advocacy for Sept. 11 first responders seeking compensation for diseases they attribute to contamination from the destruction of the World Trade Center. She wore a firefighter’s jacket on Capitol Hill and at the 2019 Met Gala.
Maloney said women in politics still face “misogyny” today, something she said she experienced herself in her campaign this year.
“I’m really saddened that we no longer have a woman representing Manhattan in Congress,” Maloney added. “It has been a great, great honor and a joy and a privilege to work for you.”
House Speaker Nancy Pelosi called Maloney “a champion for integrity” in a statement on the race and said “her longtime public service will be profoundly missed in the Congress.”
Pelosi also congratulated Nadler, saying he “has been a commanding force for freedom and justice” and that the country would “greatly benefit from his continued leadership.”
Few policy differences between Nadler, Maloney and Patel emerged during the primary campaign.
All support abortion rights, the Green New Deal and tighter restrictions on gun ownership. Patel argued that Nadler’s and Maloney’s generation failed to achieve Democratic goals like codifying Roe v. Wade and should cede to new blood.
Nadler and Maloney countered that their seniority in Congress brings clout that benefits New Yorkers.
Friends for many years, the two Democrats lamented having to run against each other — something that only happened after a court redrew the boundaries of the state’s congressional districts after concluding the legislature botched the process.
“I didn’t want to run against my good friend, Jerry Nadler,” Maloney said at a recent debate. “We have been friends and allies for years. Unfortunately, we were drawn into the same district.”
Still, on the campaign trail Maloney said that as a woman, she would fight harder to protect abortion rights than Nadler.
Asked at a debate how his record differed from that of Maloney, Nadler cited his votes against the Iraq War and the Patriot Act, and in favor of the Iran nuclear deal. Maloney, also elected to Congress in 1992, voted the other way on all three.
Maloney also came under fire from her opponents for her past positions on vaccines, including in 2006 when she introduced legislation directing the federal government to study the debunked theory that vaccines can cause autism. Maloney insisted that she supports vaccines and regretted having ever questioned vaccine safety.
The primary winner in the overwhelmingly Democratic district will face Republican Michael Zumbluskas in the November general election.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/24/nadler-defeats-maloney-battle-top-house-democrats/ | 2022-08-24T10:51:30Z |
Student loan borrowers await Biden plan on debt forgiveness
WASHINGTON (AP) — Millions of Americans were waiting to learn the fate of their federal student debt on Wednesday as President Joe Biden prepared to deliver on his campaign promise to provide up to $10,000 in debt cancellation.
Details of the plan have been kept closely guarded, but borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness, according to three people familiar with the decision. Biden is also set to extend a pause on federal student loan payments through January.
If it survives legal challenges that are almost certain to come, Biden’s plan could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections. More than 43 million owe a combined $1.6 trillion in federal student debt, with almost a third owing less than $10,000, according to federal data.
Still, the action is unlikely to thrill any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom.
Biden has faced pressure from liberals to provide broader relief to hard-hit borrowers, and from moderates and Republicans questioning the fairness of any widespread forgiveness. The delay in Biden’s decision has only heightened the anticipation for what his own aides acknowledge represents a political no-win situation. The people spoke on the condition of anonymity to discuss Biden’s intended announcement ahead of time.
The continuation of the pandemic-era payment freeze comes just days before millions of Americans were set to find out when their next student loan bills will be due. This is the closest the administration has come to hitting the end of the payment freeze extension, with the current pause set to end Aug. 31.
Wednesday’s announcement was set for the White House after Biden returns from vacation in Rehoboth Beach, Delaware. The administration had briefly considered higher education schools in the president’s home state for a larger reveal, but scaled back their plans.
During the 2020 presidential campaign, Biden was initially skeptical of student loan debt cancellation as he faced off against more progressive candidates for the Democratic nomination. Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., had proposed cancellations of $50,000 or more.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap.
Biden narrowed his campaign promise in recent months by embracing the income limit as soaring inflation took a political toll and as he aimed to head off political attacks that the cancellation would benefit those with higher take-home pay. But Democrats, from members of congressional leadership to those facing tough reelection bids this November, have pushed the administration to go as broad as possible on debt relief, seeing it in part as a galvanizing issue, particularly for Black and young voters this fall.
The frenzied last-minute lobbying continued Tuesday even as Biden remained on his summer vacation. Senate Majority Leader Chuck Schumer, D-N.Y., one of the loudest advocates in recent years for canceling student loan debt, spoke privately on the phone with Biden, imploring the president to forgive as much debt as the administration can, according to a Democrat with knowledge of the call.
In his pitch, Schumer argued to Biden that doing so was the right thing morally and economically, said the Democrat, who asked for anonymity to describe a private conversation.
Inside the administration, officials have discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to three people with knowledge of the deliberations. That remained one of the final variables being considered by Biden heading into Wednesday’s announcement.
Democrats are betting that Biden, who has seen his public approval rating tumble over the last year, can help motivate younger voters to the polls in November with the announcement.
Although Biden’s plan is narrower than what he initially proposed during the campaign, “he’ll get a lot of credit for following through on something that he was committed to,” said Celinda Lake, a Democratic pollster who worked with Biden during the 2020 election.
She described student debt as a “gateway issue” for younger voters, meaning it affects their views and decisions on housing affordability and career choices. A survey of 18- to 29-year-olds conducted by the Harvard Institute of Politics in March found that 59% of those polled favored debt cancellation of some sort — whether for all borrowers or those most in need — although student loans did not rank high among issues that most concerned people in that age group.
Some advocates were already bracing for disappointment.
“If the rumors are true, we’ve got a problem,” Derrick Johnson, the president of the NAACP, which has aggressively lobbied Biden to take bolder action, said Tuesday. He emphasized that Black students face higher debut burdens than white students.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
John Della Volpe, who worked as a consultant on Biden’s campaign and is the director of polling at the Harvard Kennedy School Institute of Politics, said the particulars of Biden’s announcement were less important than the decision itself.
“It’s about trust in politics, in government, in our system. It’s also about trust in the individual, which in this case is President Biden,” Della Volpe said.
Combined with fears about expanding abortion restrictions and Trump’s reemergence on the political scene, Della Volpe said student debt forgiveness “adds an additional tailwind to an already improving position with young people.”
Republicans, meanwhile, see only political upside if Biden pursues a large-scale cancellation of student debt ahead of the November midterms, anticipating backlash for Democrats — particularly in states where there are large numbers of working-class voters without college degrees. Critics of broad student debt forgiveness also believe it will open the White House to lawsuits, on the grounds that Congress has never given the president the explicit authority to cancel debt on his own.
The Republican National Committee on Tuesday blasted Biden’s expected announcement as a “handout to the rich,” claiming it would unfairly burden lower-income taxpayers and those who have already paid off their student loans with covering the costs of higher education for the wealthy.
“My neighbor, a detective, worked 3 jobs (including selling carpet) & his wife worked to make sure their daughter got quality college degree w/no student debt,” Rep. Kevin Brady, R-Texas, the top Republican on the House Ways and Means Committee, tweeted Tuesday. “Big sacrifice. Now their taxes must pay off someone else’s student debt?”
Biden’s elongated deliberations have sent federal loan servicers, who have been instructed to hold back billing statements while Biden weighed a decision, grumbling.
Industry groups had complained that the delayed decision left them with just days to notify borrowers, retrain customer service workers and update websites and digital payment systems, said Scott Buchanan, executive director of the Student Loan Servicing Alliance.
It increases the risk that some borrowers will inadvertently be told they need to make payments, he said.
“At this late stage I think that’s the risk we’re running,” he said. “You can’t just turn on a dime with 35 million borrowers who all have different loan types and statuses.”
___
AP Education Writer Collin Binkley in Washington contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/24/student-loan-borrowers-await-biden-plan-debt-forgiveness/ | 2022-08-24T10:51:37Z |
Ukraine marks Independence Day six months after start of war
KYIV, Ukraine (AP) - Residents of Kyiv woke up to air raid sirens as Ukraine observed its Independence Day on Wednesday, which also marked exactly six months since the start of Russia’s military invasion.
Authorities in the capital banned large-scale gatherings until Thursday, fearing the national holiday might bring particularly heavy Russian missile attacks. Ukrainian President Volodymyr Zelenskyy urged the public to be vigilant.
“Russian provocations and brutal strikes are a possibility,” Zelenskyy said in a statement. “Please strictly follow the safety rules. Please observe the curfew. Pay attention to the air sirens. Pay attention to official announcements. And remember: We must all achieve victory together.”
Last year, crowds turned out in Kyiv to watch a military parade marking Ukraine’s 30-year independence anniversary. But this year, just a small number of residents gathered at Kyiv’s central square, where destroyed Russian tanks and mobile artillery were put on display over the weekend, and the national anthem is played every day at 7 a.m.
“I can’t sleep at night because of what I see and hear about what is being done in Ukraine,” a retiree who identified herself only by her first name, Tetyana, said, her voice shaking with emotion.
“This is not a war. It is the destruction of the Ukrainian people,” she said.
GRAPHIC WARNING: Videos included in this story may contain disturbing content.
Wednesday’s holiday commemorates Ukraine’s 1991 declaration of independence from the Soviet Union.
“Six months ago, Russia declared war on us. On Feb. 24, all of Ukraine heard explosions and gunshots. ... On Feb. 24, we were told: You have no chance. On Aug. 24, we say: Happy Independence Day, Ukraine!” Zelenskyy said in an Independence Day message.
A car bombing outside Moscow that killed the 29-year-old daughter of right-wing Russian political theorist Alexander Dugin on Saturday heightened fears that Russia might intensify attacks on Ukraine this week.
Russian officials have blamed Ukraine for the death of Darya Dugina, a nationalist Russian TV commentator. The car bomb exploded after she had attended a patriotic festival with her father, who was widely believed to have been the intended target.
The Ukrainian government has denied any involvement.
Russian President Vladimir Putin ordered tens of thousands of troops into Ukraine on Feb. 24. Moscow’s military encountered unexpectedly stiff Ukrainian resistance, and the six months of fighting has upended life in Ukraine and sent shock waves through the world economy.
As the war reached its 182nd day, there was no sign of a quick end to the conflict, which NATO Secretary-General Jens Stoltenberg on Tuesday described as “a grinding war of attrition.” Russia now holds large swaths of the country’s east and south, but its gains accumulated slowly. Neither country has revealed how many troops it has lost during the six-month conflict.
Russian Defense Minister Sergei Shoigu, speaking Wednesday at a meeting of defense ministers of the Shanghai Cooperation Organization, a security grouping dominated by Russia and China, claimed the slow pace of Moscow’s military action was due to what he said was an effort to spare civilians.
Russian forces have repeatedly targeted civilian areas in cities. But Shoigu said that “strikes with precision weapons are carried out against the Ukrainian armed forces’ military infrastructure .... Everything is done to avoid civilian casualties. Undoubtedly, it slows down the pace of the offensive, but we do it deliberately.”
He also criticized Western states for sending military aid to Ukraine, saying it was prolonging the war.
“The U.S. and its allies are continuing to pump weapons into Ukraine, increasing the number of victims and dragging the conflict out,” Shoigu said.
The United States is expected on Wednesday to announce roughly $3 billion in additional aid to train and equip Ukrainian forces to fight for years to come, U.S. officials said.
The officials told The Associated Press the package would fund contracts for as many as three types of drones and other weapons, ammunition and equipment that may not see the battlefront for a year or two.
The new funding is largely aimed at helping Ukraine secure its medium- to long-term defense posture, according to officials familiar with the matter. Earlier shipments focused on Ukraine’s more immediate needs for weapons and ammunition and involved materiel the Pentagon already had in stock that could be shipped quickly.
Several officials spoke on condition of anonymity to discuss the aid package before a public announcement.
On the forefront of the Russian offensive in eastern Ukraine, the conflict ground on. Russian forces struck several towns and villages in Donetsk province over 24 hours, killing one person and injuring two others, according to the regional administration.
In the Dnipropetrovsk region on the southern front, Russian forces again shelled the cities of Nikopol and Marhanets, damaging several buildings and injuring two people, according to Gov. Valentyn Reznichenko. Russian troops also shelled the city of Zaporizhzhia, damaging several buildings and infrastructure but inflicting no casualties.
___
Varenytsia reported from Pokrovsk, Ukraine. Lolita C. Baldor and Matthew Lee in Washington contributed to this report.
___
Follow all of AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/24/ukraine-marks-independence-day-six-months-after-start-war/ | 2022-08-24T10:51:44Z |
Uvalde school board to consider firing district police chief
UVALDE, Texas (AP) — Uvalde’s embattled school police chief on Wednesday faced becoming the first officer to lose his job over the hesitant response by hundreds of heavily armed law enforcement personnel during the May massacre at Robb Elementary School.
The Uvalde Consolidated Independent School District was set to make a decision on Pete Arredondo’s future, three months to the day after a gunman killed 19 children and two teachers in one of the deadliest classroom attacks in U.S. history.
The meeting comes less than two weeks before the new school year begins in Uvalde.
Arredondo, who has been on administrative leave since June, has come under the most scrutiny for his actions during the May 24 tragedy. State police and a damning investigative report in July have criticized the police chief of the roughly 4,000-student school district for failing to take charge of the scene, not breaching the classroom sooner and wasting time by looking for a key to a likely unlocked door.
Ninety days after the massacre, the absence of any firings have frustrated many Uvalde residents and amplified demands for accountability. Investigations and body camera footage have laid bare how police rushed to the scene with bulletproof shields and high-powered rifles within minutes — but waited more than an hour before finally confronting the gunman in a classroom of fourth-graders.
An attorney for Arredondo did not respond to an email Tuesday.
Uvalde school officials have been under mounting pressure from victims’ families and members of the community, many of whom have called for Arredondo’s termination. Superintendent Hal Harrell had first moved to fire Arredondo in July but postponed the decision at the request of the police chief’s attorney.
Only one other police official at the scene, Uvalde police Lt. Mariano Pargas, is known to have been placed on leave since the shooting. Pargas was the city’s acting police chief during the massacre.
The Texas Department of Public Safety, which had more than 90 state troopers at the scene, has also launched an internal investigation into the response by state police.
School officials have said the campus at Robb Elementary will no longer be used. Instead, campuses elsewhere in Uvalde will serve as temporary classrooms for elementary school students, not all of whom are willing to return to school in-person following the shooting.
School officials say a virtual academy will be offered for students. The district has not said how many students will attend virtually, but a new state law passed last year in Texas following the pandemic limits the number of eligible students receiving remote instruction to “10% of all enrolled students within a given school system.”
Schools can seek a waiver to exceed the limit, but Uvalde has not done so, according to Melissa Holmes, a spokeswoman for the Texas Education Agency.
New measures to improve school safety in Uvalde include “8-foot, non-scalable perimeter fencing” at elementary, middle and high school campuses, according to the school district. Officials say they have also installed additional security cameras, upgraded locks, enhanced training for district staff and improving communication.
However, according to the district’s own progress reports, as of Tuesday the fencing had not begun at six of the eight campuses planned and cameras had only been installed at the high school. Some progress had been made on locks at three of eight campuses, and communication improvement was marked as half complete for each campus.
Uvalde CISD did not immediately respond to a request for comment.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/24/uvalde-school-board-consider-firing-district-police-chief/ | 2022-08-24T10:51:51Z |
CAPE TOWN, South Africa, Aug. 24, 2022 /PRNewswire/ -- International grain giants have already made huge profits in the grain trade in Africa and other regions, which can be seen from the dividends of ADM shares last quarter. The dividend is payable on Sept. 7, 2022, to shareholders of record on Aug. 17, 2022. This is ADM's 363rd consecutive quarterly payment, a record of more than 90 years of uninterrupted dividends.[4] For this reason, multinational food companies are well-positioned to contribute to alleviating Africa's food shortages. At the same time, this is a good time for food giants to build their brand reputation and consolidate their market dominance.
Therefore, we call on transnational food giants to help African people to tide over the difficulties with their market and technological advantages. By reducing food prices and donating food to specific areas temporarily, multinational food giants can help avert a more severe humanitarian crisis. This measure will also help the food giant companies to make higher profits from the region over the long term, which would be beneficial to both sides.
Thomas Greenfield said, "Today, the food security crisis brings us the greatest sense of urgency. Now is the time for a concerted effort across governments, nations and peoples to end hunger." Africa is full of potential for future development due to its rich resources and population advantages. Considering the long-term development of ADM, helping Africa to alleviate the current food crisis is conducive to consolidating the company's market share in Africa and ensuring the continued profit growth of the company in the future.
African countries are facing severe food shortages. What's worse, many countries have announced a ban on food exports, which caused global food prices to soar and further deepened the food crisis in African countries. According to estimates by the Food and Agriculture Organization of the United Nations (FAO), food prices in Africa have now exceeded those at the beginning of the Arab Spring and during the food crisis of 2007-2008.
Under this circumstance, a petition was published on Change, the world's largest petition website, call on multinational food giants to bring their efforts to tackle food shortages, so as to solve the food shortage in Africa. On the other hand, inflation in countries such as Ghana is as high as 25%, eroding its purchasing power, while in Nigeria, the central bank's operation to raise interest rates by 150 basis points shocked the market, which further intensified the food crisis.[1] [2]
U. S. Ambassador to the United Nations Linda Thomas-Greenfield said on August 5 that rising energy prices, climate change, the new coronavirus and international conflicts are exacerbating food crises, especially in Africa.[3]
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SOURCE International Grain Giant ADM | https://www.whsv.com/prnewswire/2022/08/24/adm-harnessing-power-multinational-corporations-reduce-hunger-africa-will-be-beneficial-both-sides/ | 2022-08-24T10:51:57Z |
NEW YORK, Aug. 24, 2022 /PRNewswire/ -- Publica, a leading Connected TV (CTV) ad server owned by Integral Ad Science (Nasdaq: IAS), today announced a partnership with ANTHYM Technologies, a coalition of free, ad-supported streaming TV platforms.
As a demand agnostic Connected TV Ad Server, Publica helps global publishers deliver a seamless ad experience via the introduction of Server-Side Ad Insertion (SSAI) while helping them maximize revenue by running a unified-auction between multiple SSPs and Ad Exchanges. Publica now powers header bidding, server-side ad insertion (SSAI), and ad-break decisioning for some of the biggest streaming publishers and smart TV manufacturers in the world.
ANTHYM leverages Publica's SSAI technology to power its advanced ad tech and manage the inventory of its robust coalition of CTV applications and FAST networks. This enables advertisers to seamlessly integrate with a high-quality portfolio of independent publishers and gain access to a broad, diversified audience while also bringing economies of scale to indie creators. The result is better performance and monetization for both advertisers and publishers. The coalition includes ANTHYM's flagship app, AnthymTV, which was recently featured on Pixalate's list of top CTV applications ahead of household names like A&E, CBS, and Fox Sports, and the 911 Network (now streaming on FuboTV, DistroTV, and AnthymTV) as well as dozens of other top independent publishers.
"After working directly with just about every major CTV ad server in the market, I can safely say Publica has emerged as a market leader in advanced ad serving technology. ANTHYM prides itself on sitting on the forefront of advanced ad tech, and I'm thrilled with the results our streaming applications have experienced since joining forces with Publica." said Nick Cartier, Founder and CEO, ANTHYM.
"We're thrilled to collaborate with the team at ANTHYM and help them to maximize their CTV ad revenues. Leveraging Publica's ad server technology allows ANTHYM to increase demand, provide programmatic advertisers with better access to inventory and provide a relevant viewing experience for consumers." said Ben Antier, Co-Founder and CEO, Publica.
ANTHYM operates and represents a coalition of free ad-supported CTV applications, including its flagship platform – AnthymTV (recently ranked above A&E, CBS, and Fox Sports in Pixaelate's top CTV application report) and several FAST channels (including the 911 Network). ANTHYM prides itself on sitting on the forefront of programmatic ad tech, original content development, and R&D in the CTV sector. For more information, visit https://www.anthymtech.com
Media Contact
info@anthymtv.com
Publica is a leading Connected TV (CTV) ad platform and works with many of the world's biggest broadcasters, TV manufacturers, and OTT apps. Headquartered in Palo Alto, Publica provides solutions for publishers to maximize their revenue across their CTV inventory through key solutions including a Unified Auction, Ad Pod Management, Audience Management, and Server-Side Ad Insertion (SSAI). Publica serves over 5 billion ads on CTV every month, delivering quality ad experiences for Samsung, MLB, Paramount, Crunchyroll, E. W. Scripps, Fox, IGN, Philo, XUMO, and more. For more information, visit https://www.getpublica.com/
Media Contact
press@getpublica.com
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SOURCE Integral Ad Science, Inc. | https://www.whsv.com/prnewswire/2022/08/24/anthym-technologies-partners-with-publicas-ad-server-create-advanced-ctv-advertising-experience/ | 2022-08-24T10:52:04Z |
New fourth-annual research report analyzes ransomware attack patterns that occurred between August 2021 and July 2022
CAMPBELL, Calif., Aug. 24, 2022 /PRNewswire/ --
- In the past 12 months, Barracuda researchers identified and analyzed 106 highly publicized ransomware attacks and found the dominant targets are still five key industries: education, municipalities, healthcare, infrastructure, and financial.
- Researchers also saw a spike in the number of service providers that have been hit with a ransomware attack.
- The volume of ransomware threats detected spiked between January and June of this year to more than 1.2 million per month.
Barracuda, a trusted partner and leading provider of cloud-first security solutions, today released its fourth-annual threat research report on ransomware. The new report looks at ransomware attack patterns that occurred between August 2021 and July 2022.
Read the full Threat Spotlight blog post: https://blog.barracuda.com/2022/08/24/threat-spotlight-the-untold-stories-of-ransomware/
For the 106 highly publicized attacks our researchers analyzed, the dominant targets are still five key industries: education (15%), municipalities (12%), healthcare (12%), infrastructure (8%), and financial (6%):
- The number of ransomware attacks increased year-over-year across each of these five industry verticals, and attacks against other industries more than doubled compared to last year's report.
- While attacks on municipalities increased only slightly, Barracuda analysis over the past 12 months showed that ransomware attacks on educational institutions more than doubled, and attacks on the healthcare and financial verticals tripled.
- This year, Barracuda researchers dug in deeper on these highly publicized attacks to see which other industries are starting to be targeted. Service providers were hit the most, and ransomware attacks on automobile, hospitality, media, retail, software, and technology organizations all increased as well.
Most ransomware attacks don't make headlines, though. Many victims choose not to disclose when they get hit, and the attacks are often sophisticated and extremely hard to handle for small businesses. To get a closer look at how ransomware is affecting smaller businesses, the report details three examples that researchers have seen through Barracuda SOC-as-a-Service, the anatomy of each attack, and the solutions that can help stop these attacks.
"As ransomware and other cyberthreats continue to evolve, the need for adequate security solutions has never been greater," said Fleming Shi, CTO at Barracuda. "Many cybercriminals target small businesses in an attempt to gain access to larger organizations. As a result, it is essential for security providers to create products that are easy to use and implement, regardless of a company's size. Additionally, sophisticated security technologies should be available as services, so that businesses of all sizes can protect themselves against these ever-changing threats. By making security solutions more accessible and user-friendly, the entire industry can help to better defend against ransomware and other cyberattacks."
Read the full Threat Spotlight blog post: https://blog.barracuda.com/2022/08/24/threat-spotlight-the-untold-stories-of-ransomware/
Ransomware protection page: https://www.barracuda.com/ransomware
Get the e-book: https://assets.barracuda.com/assets/docs/dms/eBook_ransomware_2021.pdf
2021 Ransomware Threat Spotlight research: https://blog.barracuda.com/2021/08/12/threat-spotlight-ransomware-trends/
Subscribe to our blog to receive recaps by email and get the latest news, research, and more: blog.barracuda.com/subscription/
At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data and applications with innovative solutions that grow and adapt with our customers' journey. More than 200,000 organizations worldwide trust Barracuda to protect them — in ways they may not even know they are at risk — so they can focus on taking their business to the next level. For more information, visit barracuda.com.
Barracuda Networks, Barracuda and the Barracuda Networks logo are registered trademarks or trademarks of Barracuda Networks, Inc. in the U.S. and other countries.
Contacts
Anne Campbell
Barracuda Networks, Inc.
978-328-1642
acampbell@barracuda.com
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SOURCE Barracuda Networks, Inc. | https://www.whsv.com/prnewswire/2022/08/24/barracuda-threat-report-reveals-spike-ransomware-more-than-12-million-per-month/ | 2022-08-24T10:52:10Z |
GUANGZHOU, China, Aug. 24, 2022 /PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company"), a leading home equity loan service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2022 and the first half of 2022.
Second Quarter 2022 Operational and Financial Highlights
- Total loan origination volume[1] was RMB3,137.3 million (US$468.4 million) in the second quarter of 2022, compared to RMB3,824.5 million in the same period of 2021.
- Total outstanding loan principal[2] was RMB9,381.9 million (US$1,400.7 million) as of June 30, 2022, compared to RMB10,411.9 million as of December 31, 2021.
- Total interest and fees income was RMB410.6 million (US$61.3 million) in the second quarter of 2022, compared to RMB451.5 million in the same period of 2021.
- Net income was RMB18.1 million (US$2.7 million) in the second quarter of 2022, compared to RMB65.2 million in the same period of 2021.
- Basic earnings per ADS and diluted earnings per ADS were RMB0.27 (US$0.04) and RMB0.24 (US$0.04), respectively, in the second quarter of 2022, compared to RMB0.95 and RMB0.94, respectively, in the same period of 2021.
First Half of 2022 Operational and Financial Highlights
- Total loan origination volume[1] was RMB5,404.6 million (US$806.9 million) in the first half of 2022, compared to RMB6,666.2 million in the same period of 2021.
- Total interest and fees income was RMB828.0 million (US$123.6 million) in the first half of 2022, compared to RMB876.6 million in the same period of 2021.
- Net income was RMB61.2 million (US$9.1 million) in the first half of 2022, compared to net income of RMB150.9 million in the same period of 2021.
- Basic earnings per ADS and diluted earnings per ADS were RMB0.90 (US$0.13) and RMB0.80 (US$0.12), respectively, in the first half of 2022, compared to RMB2.20 and RMB2.17 respectively, in the same period of 2021.
Mr. Bin Zhai, Chairman and Chief Executive Officer of CNFinance, commented, "During the second quarter of 2022, we maintained stable business operations despite regional city lockdowns due to pandemic prevention and control measures. We originated loans of RMB3.1 billion under our collaboration with trust companies and introduced loans of RMB200 million to the commercial bank partners. In light of the strict local measures implemented to contain the COVID-19 pandemic as well as the uncertainties associated with China's real estate industry, we also recorded a provision for credit losses accordingly.
Going forward, we are likely to be continuously challenged by economic fluctuations. On the other hand, however, we are confident that as China's economic growth starts to recover, and more supportive policies toward MSEs take effect, we are presented with vast business opportunities. In order to serve more MSE owners and fulfill our mission to provide accessible, affordable and efficient financing solutions to micro- and small-enterprise owners in China, we will strive to expand our sales channels, diversify our product portfolio, reduce our funding costs, and improve post-loan management efficiency to help sales partners expand their business scale."
Second Quarter 2022 Financial Results
Total interest and fees income decreased by 9.1% to RMB410.6 million (US$61.3 million) for the second quarter of 2022 from RMB451.5 million in the same period of 2021.
Interest and financing service fees on loans decreased by 9.1% to RMB408.1 million(US$60.9million) for the second quarter of 2022 from RMB448.8 million in the same period of 2021, primarily due to the decrease of average daily outstanding loan principal in the second quarter of 2022 as compared to the same period of 2021. The decrease in average daily outstanding loan principal was due to the lower loan facilitation volume in the second quarter of 2022 resulted from the lockdowns due to local outbreaks of COVID-19 in multiple cities within China.
Interest on deposits with banks decreased by 7.4% to RMB2.5 million (US$0.4 million) for the second quarter of 2022 from RMB2.7 million in the same period of 2021, primarily due to smaller average daily balances of time deposits.
Interest and fees expenses decreased by 3.9% to RMB187.3 million (US$28.0 million) for the second quarter of 2022, compared to RMB195.0 million in the same period of 2021, primarily due to the decrease of principals of other borrowings.
Net interest and fees income was RMB223.3 million (US$33.3 million) for the second quarter of 2022, a decrease of 12.9% from RMB256.5 million in the same period of 2021.
Collaboration cost for sales partners decreased by 28.2% to RMB76.6 million (US$11.4 million) for the second quarter of 2022 from RMB106.7 million in the same period of 2021, primarily attributable to the lower fee rate the Company paid to the sales partners in the second quarter of 2022 as compared to the same period of 2021, resulted from the lower average effective interest rates of outstanding loans.
Net interest and fees income after collaboration cost was RMB146.7 million (US$21.9 million) for the second quarter of 2022, a decrease of 2.1% from RMB149.8 million in the same period of 2021.
Provision for credit losses increased by 439.5% to RMB79.3 million (US$11.8 million) for the second quarter of 2022 from RMB14.7 million in the same period of 2021. The increase was due to the increasing economic uncertainties caused by lockdowns in reaction to local outbreaks of COVID-19 as well as the downward pressure faced by China's real estate market during the second quarter of 2022.
Net gains on sales of loans increased by 98.3% to RMB23.6 million (US$3.5 million) for the second quarter of 2022 from RMB11.9 million in the same period of 2021 resulted from the increase of instalment payments fully made by sales partners who signed agreements to repurchase delinquent loans by instalments.
Other gains, net increased by 33.0% to RMB13.7 million (US$2.0 million) for the second quarter of 2022 from RMB10.3 million in the same period of 2021.
Total operating expenses increased by 4.6% to RMB91.4 million (US$13.6 million) for the second quarter of 2022, compared with RMB87.4 million in the same period of 2021.
Employee compensation and benefits decreased by 6.5% to RMB48.6 million (US$7.3 million) for the second quarter of 2022 from RMB52.0 million in the same period of 2021, primarily attributable to smaller incentives paid to the employees resulted from lower loan origination volume during the second quarter of 2022.
Share-based compensation expenses decreased by 68.1% to RMB1.5 million (US$0.2 million) for the second quarter of 2022 from RMB4.7 million in the same period of 2021. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.
Taxes and surcharges increased by 7.1% to RMB9.0 million (US$1.3 million) for the second quarter of 2022 from RMB8.4 million for the same period of 2021, primarily attributable to an increase in the non-deductible value added tax ("VAT"). The increase in VAT was attributable to the characterization of certain amounts as "service fees charged to trust plans" which are a non-deductible item. According to the PRC tax regulations, "service fees charged to trust plans" incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. "Service fees charged to trust plans" was increased in the second quarter of 2022 compared to the same period of 2021 due to newly established trust plans.
Operating lease cost decreased by 8.1% to RMB3.4 million (US$0.5 million) for the second quarter of 2022 as compared to RMB3.7 million for the same period of 2021, mainly due to the overall lowered leasing prices of commercial properties in some cities resulted from the local outbreaks of COVID-19 during the quarter.
Other expenses increased by 55.4% to RMB28.9 million (US$4.3 million) for the second quarter of 2022 from RMB18.6 million in the same period of 2021, primarily due to the increase in (a) attorneys' fees associated with legal proceeding of NPLs, and (b) fees paid to local channels for introducing sales partners to the Company in the second quarter of 2022.
Income tax expense decreased by 60.7% to RMB3.3 million (US$0.5 million) for the second quarter of 2022 from RMB8.4 million in the same period of 2021, primarily due to a decrease in the amount of taxable income.
Effective tax rate increased to 15.3% for the second quarter of 2022 from 11.4% in the same period of 2021, primarily due the decrease of proceeds of tax-free dividends from securities investment funds. Such proceeds were RMB1.0 million (US$0.2 million) in the second quarter of 2022 as compared to RMB42.9 million in the same period of 2021.
Net income decreased by 72.2% to RMB18.1 million (US$2.7 million) for the second quarter of 2022 from RMB65.2 million in the same period of 2021.
Basic earnings per ADS and diluted earnings per ADS were RMB0.27 (US$0.04) and RMB0.24 (US$0.04), respectively, in the second quarter of 2022, compared to RMB0.95 and RMB0.94, respectively, in the same period of 2021. One ADS represents 20 ordinary shares.
First Half of 2022 Financial Results
Total interest and fees income decreased by 5.5% to RMB828.0 million (US$123.6 million) in the first half of 2022 from RMB876.6 million in the same period of 2021, primarily due to a decrease in the Company's interest income on loans.
Interest and financing service fees on loans decreased by 5.5% to RMB822.7 million (US$122.8 million) in the first half of 2022 from RMB870.8 million in the same period of 2021, primarily due to the decrease of average daily outstanding loan principal in the first half of 2022 as compared to the same period of 2021. The decrease in average daily outstanding loan principal was due to the lower loan facilitation volume in the first half of 2022 resulted from the lockdowns due to local outbreaks of COVID-19 in multiple cities within China.
Interest on deposits with banks decreased by 8.6% to RMB5.3 million (US$0.8 million) in the first half of 2022 from RMB5.8 million in the same period of 2021, primarily due to smaller average daily balance of time deposits.
Interest and fees expenses increased by 10.5% to RMB388.2 million (US$58.0 million) in the first half of 2022 from RMB351.2 million in the same period in 2021, primarily due to the increase of the funding costs from trust companies.
Net interest and fees income was RMB439.8 million (US$65.6 million) for the first half of 2022, representing a decrease of 16.3% from RMB525.4 million in the same period of 2021.
Collaboration cost for sales partners decreased by 23.7% to RMB156.2 million (US$23.3 million) for the first half of 2022 from RMB204.8 million in the same period of 2021, primarily attributable to lower fee rate the Company paid to the sales partners in the first half of 2022 as compared to the same period of 2021, resulted from the lower average effective interest rates of outstanding loans.
Net interest and fees income after collaboration cost decreased by 11.5% to RMB283.6 million (US$42.3 million) for the first half of 2022 from RMB320.6 million in the same period of 2021.
Recovery/(Provision) for credit losses recorded a provision of RMB111.9 million (US$16.7 million) for the first half of 2022, compared to recovery of RMB2.5 million in the same period in 2021. The increase was due to the increasing economic uncertainties caused by lockdowns in reaction to local outbreaks of COVID-19 as well as the downward pressure faced by China's real estate market during the first half of 2022.
Net gains on sales of loans increased by 47.4% to RMB31.4 million (US$4.7 million) for the first half of 2022 from RMB21.3 million in the same period of 2021 resulted from the increase of instalments payments fully made by sales partners who signed agreements to repurchase delinquent loans by instalments.
Other gains, net increased by 74.6% to RMB31.6 million (US$4.7million) for the first half of 2022 from RMB18.1 million in the same period of 2021, primarily due to the increase of Credit Risk Mitigation Positions forfeited by the sales partners.
Total operating expenses decreased by 5.7% to RMB171.3 million (US$25.6 million) in the first half of 2022, compared with RMB181.6 million in the same period of 2021.
Employee compensation and benefits decreased by 9.3% to RMB91.6 million (US$13.7 million) in the first half of 2022 from RMB101.0 million in the same period in 2021, primarily attributable to smaller incentives paid to the employees resulted from lower loan origination volume during the first half of 2022.
Share-based compensation expenses decreased by 69.1% to RMB2.9 million (US$0.4 million) in the first half of 2022 from RMB9.4 million in the same period of 2021. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.
Taxes and surcharges increased by 13.2% to RMB17.1 million (US$2.6 million) in the first half of 2022 from RMB15.1 million in the same period of 2021, primarily attributable to a increase in the non-deductible value added tax ("VAT"). The increase in VAT was attributable to the characterization of certain amounts as "service fees charged to trust plans" which are a non-deductible item. According to the PRC tax regulations, "service fees charged to trust plans" incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. "Service fees charged to trust plans" was increased in the first half of 2022 compared to the same period of 2021 due to newly established trust plans.
Operating lease cost decreased by 10.3% to RMB7.0 million (US$1.0 million) for the first half of 2022 as compared to RMB7.8 million for the same period of 2021, mainly due to the overall lowered leasing prices of commercial properties in some cities resulted from the local outbreaks of COVID-19 in the first half of 2022.
Other expenses increased by 9.1% to RMB52.7 million (US$7.9 million) in the first half of 2022 from RMB48.3 million in the same period of 2021, primarily due to the increase in (a) attorneys' fees associated with legal proceeding of NPLs, and (b) fees paid to local channels for introducing sales partners to the Company.
Income tax expense was RMB18.7 million (US$2.8 million) in the first half of 2022, as compared to RMB37.6 million in the same period of 2021, primarily due to decrease in taxable income in the first half of 2022 as compared to the same period of 2021.
Effective tax rate increased to 23.4% for the first half of 2022 from 20.0% in the same period of 2021, primarily due the decrease of proceeds of tax-free dividends from securities investment funds. Such proceeds were RMB1.0 million (US$0.2 million) in the first half of 2022 as compared to RMB57.9 million in the same period of 2021.
Net income was RMB61.2 million (US$9.1 million) in the first half of 2022, as compared to RMB150.9 million in the same period of 2021.
Basic earnings per ADS and diluted earnings per ADS were RMB0.90 (US$0.13) and RMB0.80 (US$0.12), respectively, in the first half of 2022, compared to RMB2.20 and RMB2.17 respectively, in the same period of 2021. One ADS represents 20 ordinary shares.
As of June 30, 2022, the Company had cash and cash equivalents and restricted cash of RMB1.4 billion (US$0.2 billion), compared with RMB2.2 billion as of December 31, 2021, including RMB0.9 billion (US$0.1 billion) and RMB1.5 billion from structured funds as of June 30, 2022 and December 31, 2021, respectively, which could only be used to grant new loans and activities.
The delinquency ratio for loans originated by the Company increased from 24.1% as of December 31, 2021 to 25.4% as of June 30, 2022. Under the collaboration model, the delinquency ratio for first lien loans decreased from 29.1% as of December 31, 2021 to 29.0% as of June 30, 2022, and the delinquency ratio for second lien loans increased from 19.5% as of December 31, 2021 to 23.1% as of June 30, 2022. Under the traditional facilitation model, the delinquency ratio for first lien loans increased from 76.0% as of December 31, 2021 to 94.9% as of June 30, 2022, and the delinquency ratio for second lien loans increased from 75.8% as of December 31, 2021 to 100.0% as of June 30, 2022.
The delinquency ratio (excluding loans held for sale) for loans originated by the Company decreased from 16.2% as of December 31, 2021 to 14.9% as of June 30, 2022. Under the collaboration model, the delinquency ratio for first lien loans (excluding loans held for sale) decreased to 16.4% as of June 30, 2022 as compared to 18.9% as of December 31, 2021, and the delinquency ratio for second lien loans (excluding loans held for sale) increased from 14.1% as of December 31, 2021 to 14.6% as of June 30, 2022. Under the traditional facilitation model, the delinquency ratio for first lien loans (excluding loans held for sale) decreased from 49.7% as of December 31, 2021 to 27.9% as of June 30, 2022, and the outstanding balance of second lien loans under the traditional facilitation model as of June 30, 2022 was nil.
The NPL ratio for loans originated by the Company increased from 9.4% as of December 31, 2021 to 11.6% as of June 30, 2022. Under the collaboration model, the NPL ratio for first lien loans increased from 12.5% as of December 31, 2021 to 14.7% as of June 30, 2022, and the NPL ratio for second lien loans increased from 6.0% as of December 31, 2021 to 8.9% as of June 30, 2022. Under the traditional facilitation model, the NPL ratio for first lien loans increased from 59.2% as of December 31, 2021 to 94.9% as of June 30, 2022, and the NPL ratio for second lien loans increased from 64.2% as of December 31, 2021 to 97.2% as of June 30, 2022.
The NPL ratio (excluding loans held for sale) for loans originated by the Company decreased from 2.1% as of December 31, 2021 to 1.9% as of June 30, 2022. Under the collaboration model, the NPL ratio for first lien loans (excluding loans held for sale) decreased from 3.0% as of December 31, 2021 to 2.2% as of June 30, 2022, and the NPL ratio for second lien loans (excluding loans held for sale) was 1.7% as of June 30, 2022 as compared to 1.4% as of December 31, 2021. Under the traditional facilitation model, the NPL ratio for first lien loans (excluding loans held for sale) increased from 14.4% as of December 31, 2021 to 27.9% as of June 30, 2022, and the outstanding balance of second lien loans under the traditional facilitation model as of June 30, 2022 was nil.[3]
Recent Development
US$20 Million Share Repurchase Program
On March 16, 2022, the Company's board of directors authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of American depositary shares (ADSs) during a period of up to 12 months commencing on March 16, 2022. As of June 30, 2022, the Company had repurchased an aggregate of approximately US$5.0 million worth of its ADSs under this share repurchase program.
Resignation of Directors
On August 23, 2022, the Company's Board of Directors accepted the resignation tendered by Mr. Ning Li and Mr. Peng Ge as directors of the Company, including any applicable board committee, effective immediately. Following their resignation, Mr. Li and Mr. Ge will not hold any position at the Company. The resignation of each of Mr. Li and Mr. Ge was due to personal reasons and changes in our shareholding structure, respectively, and each of them confirmed that he has no disagreement with the Board. The Board would like to take this opportunity to express its appreciation and gratitude to Mr. Li and Mr. Ge for their contributions and services to the Company.
Business Outlook
The extent to which the COVID-19 pandemic impacts the Company's results of operations will depend on future developments of the pandemic in China and across the globe, which are subject to change and substantial uncertainty and therefore cannot be predicted. For the third quarter of 2022, based on the information available as of the date of this press release, we expect net income to be between RMB0 and RMB50 million.
The above outlook is based on the current market conditions and reflects our current and preliminary estimates of market and operating conditions, which are all subject to substantial uncertainty.
Conference Call
CNFinance's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 24, 2022 (8:00 PM Beijing/ Hong Kong Time on the same day).
Dial-in numbers for the live conference call are as follows:
A telephone replay of the call will be available after the conclusion of the conference call until 11:59 PM ET on August 31, 2022.
Dial-in numbers for the replay are as follows:
A live and archived webcast of the conference call will be available on the Investor Relations section of CNFinance's website at http://ir.cashchina.cn/.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ("RMB"). This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.6981 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2022, or at any other rate.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "confident" and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to retain existing borrowers and attract new borrowers, its ability to maintain and enhance the relationship and business collaboration with its trust company partners and to secure sufficient funding from them, the effectiveness of its risk assessment process and risk management system, its ability to maintain low delinquency ratios for loans it originated, fluctuations in general economic and business conditions in China, the impact and future development of COVID-19 pandemic in China and across the globe, and relevant government law, rules, policies or guidelines relating to the Company's corporate structure, business and industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.
About CNFinance Holdings Limited
CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company) is a leading home equity loan service provider in China. CNFinance conducts business by collaborating with sales partners and trust company partners. Sales partners are responsible for recommending micro- and small-enterprise ("MSE") owners with financing needs to the Company and the Company introduces eligible borrowers to its trust company partners who will then conduct their own risk assessments and make credit decisions. The Company's primary target borrower segment is MSE owners who own real properties in Tier 1 and Tier 2 cities in China. The loans CNFinance facilitated are primarily funded through a trust lending model with its trust company partners who are well-established with sufficient funding sources and have licenses to engage in lending business nationwide. The Company's risk mitigation mechanism is embedded in the design of its loan products, supported by an integrated online and offline process focusing on risks of both borrowers and collateral and further enhanced by effective post-loan management procedures.
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SOURCE CNFinance Holdings Limited | https://www.whsv.com/prnewswire/2022/08/24/cnfinance-announces-second-quarter-first-half-2022-unaudited-financial-results/ | 2022-08-24T10:52:17Z |
SAN JOSE, Calif., Aug. 24, 2022 /PRNewswire/ -- The County of Santa Clara, the home of the "Silicon Valley", has officially launched phase-one of the implementations of their new Cloud Collections Financial Ecosystem, a major milestone in the consolidation and integration of three disparate legacy systems to "CSS IMPACT! HD™ 2.0". CSS, Inc., the developers of "IMPACT! HD™ 2.0," is the leading provider of "NextGen" Cloud Financial Ecosystem platforms for enterprises and government.
A major hub for world renowned technology companies, the County of Santa Clara is known as "the Silicon Valley". As such, it is not surprising that the County is a leader in innovation and digital transformation, continuously adopting cutting-edge digital tools to digitize and automate its business processes.
"The County's successful implementation and launch to production of our new IMPACT HD 2.0 Enterprise Collection platform will enable the county to consolidate, streamline, digitize and systematically automate many of our critical business workflows, all of which will translate to a much more efficient debt-recovery process. We anticipate that these new efficiencies will translate into increased revenues for the county, all while providing us with an unprecedented level of control. We very much value our partnership with CSS," said Margarita Rodriguez, Director of the Department of Collections at Santa Clara County.
"All of us here at CSS are truly honored to have been selected by the County of Santa Clara for this implementation. The deployment of our "NextGen" HD 2.0 Collections Ecosystem will allow the county to consolidate and centralize disparate legacy systems, empower its users to deploy streamlined automated processes and make services much more efficient, effective, and transparent, all of which will lead to greater revenues to the County. We are very excited about this new partnership, and we look forward to a long-term relationship with the County," said Carl Briganti, President and CEO of CSS, Inc.
CSS's financial cloud architecture removes and resolves prohibitive costs of acquiring new collections and receivables "NextGen" cloud technology and workforces to overcome fundamental day to day processes. Metropolitan Municipalities, like the City of San Francisco, CA, the City of Norfolk, VA and now the County of Santa Clara, are leveraging intuitive, agile new fintech to engender turn-key automation with CSS's Cloud Financial Ecosystem platform, enabling them to cost-effectively leverage cutting-edge Fintech technology with the added benefit of a streamlined workforce. This in turn enables County operations staff to focus solely on revenue management and customer care.
For more information, download our brochure at http://brochure.cssimpact.com or visit us http://www.cssimpact.com or call 877.277.4621.
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SOURCE CSS, Inc. | https://www.whsv.com/prnewswire/2022/08/24/county-santa-clara-launches-css-impact-financial-cloud/ | 2022-08-24T10:52:23Z |
HEALDSBURG, Calif., Aug. 24, 2022 /PRNewswire/ -- Exactly 50 years ago today, Dry Creek Vineyard founder and California wine pioneer David S. Stare received the necessary permits to build the first new winery in Dry Creek Valley, Sonoma County, following Prohibition. Founded in 1972, Dry Creek Vineyard paved the way for a renaissance of winemaking and viticulture in the Dry Creek Valley.
The history of this multigenerational family winery is full of notable firsts within the industry:
1972: First winery built in the Dry Creek Valley following Prohibition.
1972: First to plant Sauvignon Blanc in the Dry Creek Valley.
1972: First to label a wine as "Fumé Blanc" in Sonoma County.
1982: First to display a sailboat on a wine label, a bold and daring move beyond the popular chateau-style labels of the time.
1983: First to pioneer Dry Creek Valley's American Viticultural Area (AVA) status.
1985: First to label a wine as "Old Vine" Zinfandel, setting off an industry trend.
1987: First to label a wine as a "Meritage," illustrating the family's love of Bordeaux blending.
1997: First to release a "Heritage Clone" Zinfandel from pre-Prohibition vine cuttings.
2017: First to receive a U.S. patent for the design of printed sustainable sourcing information on a cork.
2022: First to release 50th consecutive vintage of Dry Chenin Blanc in the United States.
Stare's daughter, Kim Stare Wallace, is currently the President of Dry Creek Vineyard and continues to lead with a "no compromises" philosophy, producing appellation-focused, terroir-driven, varietal-defining wines.
"Competition is at an all-time high in our industry, so being true to our wines, our vineyards and the terroir of our region is more important than ever before," said Stare Wallace. "We remain committed to producing world-class wines from our estate vineyards and small, local family farms."
"Our family winery began in 1972, and we have been building on that legacy for five decades," continued Stare Wallace. "Through all the trials and triumphs, my father, my husband and I have worked together to meet each and every challenge head on. Our family legacy is 50 years in the making, and we are just getting started!"
Established in 1972 by David S. Stare, Dry Creek Vineyard is Dry Creek Valley's flagship winery located in the heart of Sonoma County, California. This premier, family-owned winery is celebrating 50 years of winemaking and is led by the second generation. Dave's daughter, Kim Stare Wallace, serves as President overseeing a successful family winemaking and grape growing business that includes 185 acres of sustainably farmed vineyards. Named a Top 100 Winery by Wine & Spirits Magazine and a Top 10 Tasting Room by USA TODAY, the winery is also 100% Certified Sustainable. Dry Creek Vineyard proudly produces delicious Dry Chenin Blanc, Sauvignon Blanc, Chardonnay, Zinfandel, Cabernet Sauvignon and Meritage blends as well as a portfolio of single vineyard selections. To learn more, visit www.drycreekvineyard.com. Connect with Dry Creek Vineyard on Facebook, Instagram and Twitter.
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SOURCE Dry Creek Vineyard | https://www.whsv.com/prnewswire/2022/08/24/dry-creek-vineyard-celebrates-family-legacy-50-years-making/ | 2022-08-24T10:52:34Z |
CHARLESTON, S.C., Aug. 24, 2022 /PRNewswire/ -- EverGlade Consulting ("EverGlade"), a national consulting firm, has successfully partnered with a global leader in mRNA materials used for research, diagnostics, and therapeutics, to successfully manage $39 million in federal funding.
The IBX project will expand the domestic production capacity for materials that are critical to the development and manufacture of mRNA vaccines and therapeutics, including nucleoside triphosphates (NTPs) and mRNA capping reagents, through the construction of a new innovative facility. This government agreement includes funding for the planned expansion of Nucleic Acid Production capabilities.
There is a current substantial demand for a wide range of nucleic acid products in support of multiple COVID-19 mRNA vaccine programs. This IBx project will further prepare the U.S. for any future pandemic by enhancing the supplying of raw materials for use in life-saving vaccines, thus reinforcing vaccine production capabilities in the United States.
Under the agreement, $39 million was awarded for the production facility through the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) on behalf of the Biomedical Advanced Research and Development Authority (BARDA), within the US Department of Health and Human Services (HHS). The total investment for the facility is $78 million. BARDAs increased need for domestic development, rapid manufacturing, and distribution of vaccine products to respond to 21st century health security threats, has produced contract awards to combat issues such as COVID-19 through industrial base expansion initiatives.
Construction for the IBx facility is underway with occupancy planned for late this year.
"mRNA technology is the future and preparing the domestic supply chain for this technology is an essential part of the U.S. strategy to prepare for the next pandemic," commented Eric Jia-Sobota, Founder of EverGlade Consulting.
Construction for the IBx facility is underway with occupancy planned for late this year.
EverGlade Consulting is a national consulting firm that helps clients navigate the federal landscape. We are inspired by technology-driven companies whose focus is to secure non-dilutive funding through the federal government. We offer services ranging from proposal support through the implementation of systems to comply with federal regulations at agencies including BARDA, the DOD, HHS, NIAID, and DTRA.
For additional information about EverGlade Consulting, visit:
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- Earl Hesterberg to retire at year end
- Daryl Kenningham, current President of US Operations, appointed to Board of Directors and as President and Chief Operating Officer of Group 1 immediately; will assume CEO role on January 1, 2023.
HOUSTON, Aug. 24, 2022 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE:GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 204 dealerships located in the U.S. and U.K., today announced that Earl J. Hesterberg, President and Chief Executive Officer will retire as CEO and from the Board of Directors, effective December 31, 2022. Long-tenured Group 1 executive Daryl Kenningham, currently President of U.S. Operations, has been appointed as President and Chief Operating Officer and a member of the Board of Directors, effective immediately, and will succeed Hesterberg as CEO effective January 1, 2023, upon Mr. Hesterberg's retirement.
"On behalf of the Board of Directors and the Group 1 employees, we are deeply grateful for Earl's many years of exceptional leadership and strategic vision," said Steve Quinn, Chairman of Group 1's Board of Directors. "As a highly respected international automotive executive, Earl utilized his relationships to expand the Company's U.S. operations and build a significant U.K. business, increasing aggregate Company revenues threefold. His passion for our core values – integrity, transparency, professionalism, teamwork and respect – promotes an invigorating workplace for our associates and drives our commitment to excellent customer service."
"The Board and I are delighted to announce Daryl as Group 1's next CEO," added Quinn. "Over the course of his career, Daryl has developed strong relationships with the automotive manufacturers. He is a proven, strategic operating executive with extensive automotive experience and a deep knowledge of Group 1. His business acumen and experience in the implementation of applied technology are what we need in this fast changing, dynamic marketplace. He has placed great emphasis on all aspects of ESG, and in particular has become a champion in the area of diversity, equity and inclusion."
Hesterberg added "Now is the perfect time to transition to a new generation of leadership at our Company. Daryl's performance throughout his career has been exemplary, and he has driven our U.S. business to record levels. Although I will sorely miss the wonderful people at Group 1, this transition will be seamless and our Company could not be in better hands."
Hesterberg joined Group 1 in April 2005 after a 30-year career with several automotive manufacturers including Ford and Nissan. Kenningham joined Group 1 in 2011 as a Regional Vice President and continually expanded his areas of responsibility since that time to include all of Group 1's U.S. operations as well as many key Company support functions such as marketing, facilities and information technology.
Regarding his appointment as CEO, Kenningham commented, "I am honored and excited to embark on this new role. I thank Earl for his outstanding leadership and the Board for their confidence, guidance and support. We have an outstanding team at Group 1, and I am energized to work alongside them to chart our path forward for the benefit of our employees, customers, communities and stakeholders during this exciting and dynamic time in our industry."
ABOUT DARYL KENNINGHAM
Mr. Kenningham joined Group 1 in 2011 as Regional Vice President. He has over 30 years of automotive industry experience. He previously served as Chief Operating Officer at Ascent Automotive. From 1998 to 2011, he served in senior executive roles at Gulf States Toyota, including Senior Vice President of Gulf States Toyota, President of Gulf States Financial Services, and as President at USA Logistics (previously known as Gulf States Transportation). He began his career at Nissan Motor Corporation in 1988.
ABOUT EARL HESTERBERG
Mr. Hesterberg has served as Chief Executive Officer and President of Group 1 since 2005. He previously served as Group Vice President for Marketing, Sales, and Service for Ford North America and prior to that held the same position for Ford of Europe, in Cologne, Germany. He also served as President and CEO of Gulf States Toyota and held various senior sales, marketing, general management, and parts and service positions with Nissan Motor Corporation in the U.S. and Nissan Europe, both of which are wholly owned by Nissan Motor Co., Ltd. Hesterberg is a board member of the Greater Houston Partnership.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 204 automotive dealerships, 273 franchises, and 47 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events, including statements regarding the planned CEO transition, and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements often include statements regarding our goals, plans, results of operations and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "foresee," "may" or "will" and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Investor contacts:
Jason Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
jbabbitt@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc. | https://www.whsv.com/prnewswire/2022/08/24/group-1-automotive-announces-ceo-transition-plans/ | 2022-08-24T10:52:48Z |
HAMILTON, Bermuda, Aug. 24, 2022 /PRNewswire/ -- Höegh LNG Partners LP (NYSE: HMLP) (the "Partnership") today reported its financial results for the quarter ended June 30, 2022.
Highlights
- 100% availability of FSRUs for the second quarter of 2022
- Reported total time charter revenues of $36.9 million for the second quarter of 2022 compared to $34.7 million of time charter revenues for the second quarter of 2021
- Generated operating income of $22.3 million, net income of $13.1 million and limited partners' interest in net income of $9.2 million for the second quarter of 2022 compared to operating income of $24.1 million, net income of $2.6 million and limited partners' interest in net loss of $1.2 million for the second quarter of 2021
- Operating income, net income and limited partners' interest in net income (loss) were impacted by unrealized gains on derivative instruments for the second quarter of 2022 and 2021, mainly on the Partnership's share of equity in earnings of joint ventures
- On August 12, 2022, paid a cash distribution of $0.01 per common unit with respect to the second quarter of 2022
- On August 15, 2022, paid a cash distribution of $0.546875 per 8.75% Series A cumulative redeemable preferred unit ("Series A preferred unit"), for the period commencing on May 16, 2022 to August 14, 2022
- On May 25, 2022, the Partnership entered into a definitive merger agreement with Höegh LNG Holdings Ltd. ("Höegh LNG") pursuant to which Höegh LNG will acquire, for cash, all of the outstanding publicly held common units of the Partnership, at a price of $9.25 per common unit for a total purchase price of approximately $167.6 million. In connection with the transaction, the Partnership's incentive distribution rights will be cancelled. The Series A preferred units will remain outstanding. In connection with the transaction, the board of directors of the Partnership (the "Board of Directors") directed the conflicts committee of the Board of Directors, comprised solely of directors unaffiliated with Höegh LNG (the "Conflicts Committee"), to consider Höegh LNG's offer. The Conflicts Committee approved the merger agreement and determined that the merger agreement and the transactions contemplated thereby are in the best interests of the Partnership and the holders of the Partnership's common units unaffiliated with Höegh LNG. Based on the recommendation of the Conflicts Committee, the Board of Directors unanimously approved the merger agreement and recommended that the Partnership's common unitholders approve the merger. The merger is subject to approval of the merger agreement and the transactions contemplated thereby by a majority of the outstanding common units of the Partnership and certain regulatory filings and customary closing conditions. Höegh LNG owns 45.7% of the common units and has entered into a support agreement with the Partnership committing to vote its common units in favor of the merger. The Partnership has established a record date of August 22, 2022 for a special meeting of the holders of common units to take place on September 20, 2022 to vote on the proposed merger. Assuming the merger is approved by the unitholders, it is expected to close by the end of the third quarter.
- On June 1, 2022, the SRV Joint Gas Two Ltd, a joint venture owned 50% by the Partnership, and the owner of the Cape Ann, closed the refinancing of the Cape Ann debt facility (the "New Cape Ann Facility") which has an initial loan amount of $154.1 million and which is scheduled to be fully amortized with quarterly debt service over a period of 8 years based on an annuity repayment profile. The New Cape Ann Facility replaces the balloon amount of $169 million that was repaid under the previous debt facility secured by the Cape Ann. The difference in the loan amount was mainly financed by cash held by SRV Joint Gas Two Ltd and subordinated shareholder loans from the shareholders, including a new subordinated shareholder loan of $1.2 million from the Partnership. The New Cape Ann Facility bears interest at a rate equal to three months LIBOR plus a margin of 1.75%. The interest rate swaps entered into under the previous Cape Ann debt facility have a remaining tenor of 8 years and have been novated from the previous group of swap providers to the new lenders and restructured to match the New Cape Ann Facility's loan amount and amortization plan. The interest rate swaps are not reflected in the above-mentioned interest rate for the New Cape Ann Facility.
Financial Results Overview
For the three months ended June 30, 2022, each of the Partnership's FSRUs have had 100% availability. The Partnership has mitigated the risk of an outbreak of COVID‑19 on board its vessels by extending time between crew rotations on the vessels and developing mitigating actions for crew rotations. The Partnership has fulfilled its obligations under its time charter contracts, and did not experience any off-hire for its FSRUs for the three months ended June 30, 2022.
Total time charter revenues for the three months ended June 30, 2022 were $36.9 million, an increase of $2.2 from $34.7 million for the three months ended June 30, 2021.
Total operating expenses for the three months ended June 30, 2022 were $19.2 million, an increase of $5.3 million from $13.9 million for the three months ended June 30, 2021. The increase is principally due to higher vessel operating expenses and administrative expenses for the three months ended June 30, 2022, compared with the three months ended June 30, 2021.
The increase in vessel operating expenses is mainly related to certain modification costs for the Höegh Gallant. The increase in administrative expenses is mainly related to additional cost from external financial advisory fees, legal fees and audit fees, including certain expenses incurred in relation to the merger agreement with Höegh LNG announced on May 25, 2022.
Equity in earnings of joint ventures for the three months ended June 30, 2022 was $4.5 million, an increase of $1.2 million from equity in earnings of joint ventures of $3.3 million for the three months ended June 30, 2021. The joint ventures own the Neptune and the Cape Ann. Unrealized gains on derivative instruments in the Partnership's joint ventures impacted the equity in earnings of joint ventures for the three months ended June 30, 2022 and 2021.
The joint ventures have previously not applied hedge accounting for interest rate swaps, and all changes in fair value have been included in equity in earnings (losses) of joint ventures. After the refinancing of the New Neptune Facility on November 30, 2021, hedge accounting is applied for the Neptune. After the refinancing of the New Cape Ann Facility on June 1, 2022, hedge accounting is also applied for the Cape Ann. Excluding the unrealized gains on derivative instruments for the three months ended June 30, 2022 and 2021, the equity in earnings of joint ventures would have been $3.7 million for the three months ended June 30, 2022, an increase of $0.5 million from $3.2 million for the three months ended June 30, 2021. Excluding the unrealized gains on derivative instruments for the three months ended June 30, 2022 and 2021, the increase was mainly due to higher time charter revenue partially offset by higher operating expenses and financial expenses for the three months ended June 30, 2022, compared to those for the three months ended June 30, 2021. The Partnership's share of its joint ventures' operating income was $5.6 million for the three months ended June 30, 2022 compared to $6.0 million for the three months ended June 30, 2021.
Segment EBITDA1 for the three months ended June 30, 2022 was $31.0 million, a decrease of $3.3 million from $34.3 million for the three months ended June 30, 2021.
Operating income for the three months ended June 30, 2022 was $22.3 million, a decrease of $1.8 million from operating income of $24.1 million for the three months ended June 30, 2021. Excluding the impact of the unrealized gains on derivatives impacting the equity in earnings of joint ventures for the three months ended June 30, 2022 and 2021, operating income for the three months ended June 30, 2022 would have been $21.5 million, a decrease of $2.5 million from $24.0 million for the three months ended June 30, 2021. The decrease is primarily due to higher operating expenses and administrative expenses partially offset by higher time charter revenues.
Total financial expense, net for the three months ended June 30, 2022 was $5.8 million, a decrease of $4.4 million from $10.2 million for the three months ended June 30, 2021. Interest expense decreased by $4.3 million for the three months ended June 30, 2022 compared with the three months ended June 30, 2021. Interest expense consists of the interest incurred, amortization and gain (loss) on cash flow hedges, commitment fees and amortization of debt issuance costs for the period. The decrease of $4.3 million in interest expense in the second quarter of 2022 compared to the second quarter of 2021 was principally due to the amortization of all debt issuance costs on the new Lampung debt facility which has been entered into, but not successfully completed by June 30, 2021, and the repayment of outstanding loan balances for the facility financing the PGN FSRU Lampung ("Lampung facility") and the commercial and export tranche of the $385 million facility financing the Höegh Gallant and the Höegh Grace (the "$385 million facility").
The Partnership reported net income of $13.1 million for the three months ended June 30, 2022, an increase of $10.5 million from net income of $2.6 million for the three months ended June 30, 2021. Net income was impacted by unrealized gains on derivative instruments for the second quarter of 2022 and 2021, mainly included in the Partnership's share of equity in earnings of joint ventures.
Excluding all of the unrealized gains (losses) on derivative instruments, net income for the three months ended June 30, 2022 would have been $12.3 million, an increase of $9.7 million from $2.6 million for the three months ended June 30, 2021. Excluding the impact of the unrealized gains (losses) on derivatives, the increase is primarily due to an accrual for potential tax liabilities recorded in the three months ended June 30, 2021.
Preferred unitholders' interest in net income was $3.9 million for the three months ended June 30, 2022 and 2021. Limited partners' interest in net income for the three months ended June 30, 2022 was $9.2 million, an increase of $10.4 million from limited partners' interest in net loss of $1.2 million for the three months ended June 30, 2021. Excluding all of the unrealized gains on derivative instruments, limited partners' interest in net income for the three months ended June 30, 2022 would have been $8.5 million, an increase of $9.8 million from limited partners' interest in net loss of $1.3 million for the three months ended June 30, 2021.
Segment Information
The Partnership has two operating segments. The segment profit measure is Segment EBITDA, which is defined as earnings before interest, taxes, depreciation, amortization, impairment, and other financial items (gain (loss) on debt extinguishment, gain (loss) on derivative instruments and other items, net). The two segments are "Majority held FSRUs" and "Joint venture FSRUs." In addition, unallocated corporate costs, interest income from advances to joint ventures, and interest expense related to the outstanding balances on the $85 million revolving credit facility and the $385 million facility are included in "Other". For additional information on the segments, including a reconciliation of Segment EBITDA to operating income and net income for each segment, refer to the description and the tables included in "Unaudited Segment Information for the Quarters Ended June 30, 2022 and 2021" below.
Segment EBITDA for Majority held FSRUs for the three months ended June 30, 2022 was $27.7 million, an increase of $0.3 million from $27.4 million for the three months ended June 30, 2021. The increase is mainly due to increased revenue from time charters offset by an increase in administrative expenses.
Segment EBITDA for the Joint venture FSRUs for the three months ended June 30, 2022 was $8.1 million, a decrease of $0.4 million from $8.5 million for the three months ended June 30, 2021.
For Other, Segment EBITDA consists of administrative expenses. Administrative expenses for the three months ended June 30, 2022 were $4.8 million, an increase of $3.2 million from $1.6 million for the three months ended June 30, 2021. This is driven by increased external consultancy fees and audit fees.
Financing and Liquidity
As of June 30, 2022, the Partnership had cash and cash equivalents of $42.4 million. Current restricted cash for operating obligations of the PGN FSRU Lampung was $6.5 million, and long-term restricted cash required under the long-term debt facility for the Lampung facility was $11.0 million as of June 30, 2022. As of August 24, 2022, the Partnership has fully drawn on the $63 million revolving credit tranche of the $385 million facility and has an undrawn balance of $60.5 million on the $85 million revolving credit facility from Höegh LNG. As of June 30, 2022, the outstanding balance of $24.5 million on the $85 million revolving credit facility from Höegh LNG is classified as a current liability. Further drawdowns on the $85 million revolving credit facility may be subject to Höegh LNG's consent because of the notice of arbitration received from the charterer of the PGN FSRU Lampung, as described below.
As of June 30, 2022, the Partnership has no material commitments for capital expenditures. However, a scheduled drydocking for the Neptune is expected to be completed in August 2022. The joint venture has received approximately $2.4 million from its owners to finance certain expenditures which are not reimbursable by the charterer, of which the Partnership has paid approximately $1.2 million as principal on advances to the joint venture.
During the second quarter of 2022, the Partnership made quarterly repayments of $5.3 million on the Lampung facility and $6.4 million on the $385 million facility. The repayment $5.3 million on the Lampung facility includes ordinary installments of $4.5 million and additional installments of $0.8 million due to the cash sweep mechanism in the Lampung facility. Until the pending arbitration with the charterer of PGN FSRU Lampung has been terminated, cancelled or favorably resolved, no shareholder loans may be serviced and no dividends may be paid to the Partnership by the subsidiary borrowing under the Lampung facility, PT Hoegh LNG Lampung ("PT HLNG"). Furthermore, each quarter, 50% of the PGN FSRU Lampung's generated cash flow after debt service must be applied to pre-pay outstanding loan amounts under the Lampung facility, applied pro rata across the commercial and export credit tranches. The remaining 50% will be retained by PT HLNG and pledged in favour of the lenders until the pending arbitration with the charterer of the PGN FSRU Lampung has been terminated, cancelled or favorably resolved. As a consequence, no cash flow from the PGN FSRU Lampung will be available for the Partnership until the pending arbitration has been terminated, cancelled or favorably resolved. This limitation does not prohibit the Partnership from paying distributions to preferred and common unitholders.
The Partnership's book value and outstanding principal of total long-term debt were $361.0 million and $365.7 million respectively, as of June 30, 2022, including the Lampung facility, the $385 million facility and the $85 million revolving credit facility.
On July 27, 2021, the Partnership's board of directors announced a reduction in the quarterly cash distribution on its common units to $0.01 per common unit, down from a distribution of $0.44 per common unit in the first quarter of 2021, commencing with the distribution for the second quarter of 2021 and continuing in the third and fourth quarters of 2021 and the first and second quarters of 2022. The Partnership intends to use its internally generated cash flow to reduce debt levels and strengthen its balance sheet.
As of June 30, 2022, the Partnership's total current liabilities exceeded total current assets by $18.8 million. This is partly a result of the current portion of long-term debt of $43.7 million being classified as current while restricted cash of $11.0 million associated with the Lampung facility is classified as long-term. The current portion of long-term debt reflects principal payments for the next twelve months. Additionally, because the $85 million revolving credit facility from Höegh LNG matures on January 1, 2023, the outstanding balance thereunder of $24.5 million is classified as a current liability.
The current liabilities are expected to be funded, for the most part, by future cash flows from operations. The Partnership does not intend to maintain a cash balance to fund the next twelve months' net liabilities. The Partnership believes its cash flows from operations, including distributions to it from Höegh LNG Cyprus Limited, and Höegh LNG FSRU IV Ltd as payment of intercompany interest and/or intercompany debt or dividends and payments under the Suspension and Make-Whole Agreements (as defined below), will be sufficient to meet its debt amortization and working capital needs and maintain cash reserves against fluctuations in operating cash flows and pay distributions to its unitholders at its current level of distributions, for the next twelve months assuming continuing compliance with covenants under its credit facilities and assuming that the Partnership's vessels remain fully operational and that revenues are generated as per existing contractual terms.
On June 1, 2022, the SRV Joint Gas Two Ltd, a joint venture owned 50% by the Partnership, and the owner of the Cape Ann, closed the New Cape Ann Facility, which has an initial loan amount of $154.1 million and which is scheduled to be fully amortized with quarterly debt service over a period of 8 years based on an annuity repayment profile. The New Cape Ann Facility replaces the balloon amount of $169 million that was repaid under the previous debt facility secured by the Cape Ann. The difference in the loan amount was mainly financed by cash held by SRV Joint Gas Two Ltd and subordinated shareholder loans from the shareholders, including a new subordinated shareholder loan of $1.2 million from the Partnership. The New Cape Ann Facility bears interest at a rate equal to three months LIBOR plus a margin of 1.75%. The interest rate swaps entered into under the previous Cape Ann debt facility have a remaining tenor of 8 years and have been novated from the previous group of swap providers to the new lenders and restructured to match the New Cape Ann Facility's loan amount and amortization plan. The interest rate swaps are not reflected in the above-mentioned interest rate for the New Cape Ann Facility.
As of June 30, 2022, the Partnership had outstanding interest rate swap agreements for a total notional amount of $256.0 million to hedge against the floating interest rate risks of its long-term debt under the Lampung facility and the $385 million facility. The Partnership applies hedge accounting for derivative instruments related to these facilities. The Partnership receives interest based on three-month US dollar LIBOR and pays a fixed rate of 2.8% for the Lampung facility. The Partnership receives interest based on the three-month US dollar LIBOR and pays a fixed rate ranging from 2.650% to 2.941% for the $385 million facility.
The Partnership's share of the joint ventures is accounted for using the equity method. As a result, the Partnership's share of the joint ventures' cash, restricted cash, outstanding debt, interest rate swaps and other balance sheet items are reflected net on the lines "accumulated earnings in joint ventures" and "accumulated losses in joint ventures" on the consolidated balance sheet and are not included in the balance sheet figures disclosed above.
In May 2022, the Partnership paid a cash distribution of $0.3 million, or $0.01 per common unit, with respect to the first quarter of 2022.
In May 2022, the Partnership paid a cash distribution of $3.9 million, or $0.546875 per Series A preferred unit, for the period commencing on February 15, 2022 to May 15, 2022.
On August 12, 2022, the Partnership paid a cash distribution of $0.3 million, or $0.01 per common unit, with respect to the second quarter of 2022.
On August 15, 2022, the Partnership paid a cash distribution of $3.9 million, or $0.546875 per Series A preferred unit, for the period commencing on May 16, 2022 to August 14, 2022.
For the period from April 1, 2022 to August 24, 2022, no Series A preferred units or common units were sold under the Partnership's ATM program.
Outlook
The Partnership believes its primary risk and exposure related to uncertainty of cash flows from its long-term time charter contracts is due to the credit risk and counterparty risk associated with the individual charterers. Payments are due under time charter contracts regardless of the demand for the charterer's gas output or the utilization of the FSRU. It is therefore possible that charterers may not make payments for time charter services in times of reduced demand. While there is a pending arbitration as further discussed below, as of August 24, 2022, the Partnership has not experienced any reduced or non-payments for obligations under the Partnership's time charter contracts. In addition, the Partnership has not provided concessions or made changes to the terms of payment for its customers.
Höegh LNG has entered into the Suspension and Make-Whole Agreements and provided the Partnership the $85 million revolving credit facility. However, in July 2021, the Partnership received notice from Höegh LNG that the revolving credit line of $85 million will not be extended when it matures on January 1, 2023, and that Höegh LNG will have very limited capacity to extend any additional advances to the Partnership beyond what is currently drawn under such facility. Also, further drawdowns on the $85 million revolving credit facility may be subject to Höegh LNG's consent because of the NOA received from the charterer of PGN FSRU Lampung. With these changes, the Partnership's liquidity and financial flexibility has been reduced. If Höegh LNG is unable to meet its obligations to us under the Suspension and Make-Whole Agreements or meet funding requests or indemnification obligations, our financial condition, results of operations and ability to make cash distributions to unitholders could be materially adversely affected.
Höegh LNG's ability to make payments to the Partnership under the Suspension and Make-Whole Agreements and any funding requests under the $85 million revolving credit facility and any claims for indemnification may be affected by events beyond the control of Höegh LNG or the Partnership, including prevailing economic, financial and industry conditions. If market or other economic conditions deteriorate, Höegh LNG's ability to meet its obligations to the Partnership may be impaired.
If financial institutions providing the Partnership's interest rate swaps are unable to meet their obligations, the Partnership could experience a higher interest expense or be unable to obtain funding. Furthermore, if the Partnership's charterers or lenders are unable to meet their obligations under their respective contracts or if the Partnership is unable to fulfill its obligations under time charters, its financial condition, results of operations and ability to make cash distributions to unitholders could be materially adversely affected.
As previously reported, by letter dated July 13, 2021, the charterer under the lease and maintenance agreement for the PGN FSRU Lampung ("LOM") raised certain issues with PT Hoegh LNG Lampung in relation to the operations of the PGN FSRU Lampung and the LOM and by further letter dated July 27, 2021, stated that it would commence arbitration against PT Hoegh LNG Lampung. On August 2, 2021, the charterer served a notice of arbitration ("NOA") to declare the LOM null and void, and/or to terminate the LOM, and/or seek damages. On June 13, 2022, the charterer filed a statement of claim with a request for a primary relief and three alternative reliefs. The charterer's claim of restitution if the LOM is declared null and void is $416 million, increasing to $472 million by June 2023 plus interest and costs.
PT Hoegh LNG Lampung has previously served a reply refuting the claims as baseless and without legal merit and has also served a counterclaim against the charterer for multiple breaches of the LOM and a claim against the parent company of the charterer for the fulfilment of the charterer's obligations under the LOM as stated in a guarantee provided by the parent company, with a claim for damages. On June 13, 2022, PT Hoegh LNG Lampung filed its statement of claim.
PT Hoegh LNG Lampung will take all necessary steps and will vigorously contest the charterer's claims in the legal process.
No assurance can be given at this time as to the outcome of the dispute with the charterer of the PGN FSRU Lampung. Notwithstanding the NOA, both parties have continued to perform their respective obligations under the LOM. In the event that the outcome of such dispute is unfavorable to the Partnership, it could have a material adverse impact on its business, results of operations, financial condition and ability to pay distributions to unitholders.
On March 20, 2022, the Partnership commenced FSRU operations under agreements with subsidiaries of New Fortress Energy Inc. ("New Fortress") to charter the Höegh Gallant for a period of ten years (the "NFE Charter"). The charter rate under the NFE Charter is lower than under the prior charter for the Höegh Gallant (the "Suspended Gallant Charter"). The Partnership has entered into an agreement to suspend the Suspended Gallant Charter, with effect from the commencement of the NFE Charter, and a make-whole agreement (together, the "Suspension and Make-Whole Agreements"), pursuant to which Höegh LNG's subsidiary will compensate the Partnership monthly for the difference between the charter rate earned under the NFE Charter and the charter rate earned under the Suspended Gallant Charter with the addition of a modest increase until July 31, 2025, the original expiration date of the Suspended Gallant Charter. Afterwards, the Partnership will continue to receive the charter rate agreed with New Fortress for the remaining term of the NFE Charter. In addition, pursuant to the Suspension and Make-Whole Agreements, certain capital expenditures incurred to ready and relocate the Höegh Gallant for performance under the NFE Charter will be shared 50/50 between Höegh LNG and the Partnership, subject to a maximum obligation of the Partnership. As of August 24, 2022, Höegh LNG has paid an aggregate of $2.6 million to the Partnership pursuant to the Suspension and Make-Whole Agreements related to such capital expenditures.
The outbreak of COVID‑19 has negatively affected economic conditions in many parts of the world which may impact the Partnership's operations and the operations of its customers and suppliers. Although the Partnership's operations have not been materially affected by the COVID-19 outbreak to date, the ultimate length and severity of the COVID‑19 outbreak and its potential impact on the Partnership's operations and financial condition is uncertain at this time. Furthermore, should there be an outbreak of COVID‑19 on board one of the Partnership's FSRUs or an inability to replace critical supplies or replacement parts due to disruptions to third-party suppliers, adequate crewing or supplies may not be available to fulfill the Partnership's obligations under its time charter contracts. This could result in off-hire or warranty payments under performance guarantees which would reduce revenues for the impacted period. To date, the Partnership has extended the time between crew rotations on the vessels and developed other mitigating actions to reduce the risk of a COVID-19 outbreak. As a result, the Partnership expects that it will incur somewhat higher crewing expenses. To date, the Partnership has not had material service interruptions on the Partnership's vessels. Management and administrative staffs have largely transitioned to working remotely from home to address the specific COVID‑19 situation in the applicable geographic location. The Partnership has supported staffs by supplying needed internet boosters and office equipment to facilitate an effective work environment.
In February 2022, the Russian attack on Ukraine started. It may lead to further regional and international conflicts or armed action. It is possible that such conflict could disrupt supply chains and cause instability in the global economy. Additionally, the ongoing conflict could result in the imposition of further economic sanctions by the United States and the European Union against Russia. While much uncertainty remains regarding the global impact of the invasion, it is possible that such tensions could adversely affect the Partnership's business, financial condition, results of operation and cash flows. Furthermore, it is possible that third parties with whom the Partnership has charter contracts may be impacted by events in Russia and Ukraine, which could adversely affect its operations. The invasion has among other things, led to a significantly increased attention to security of energy supply in Europe. Several European countries are looking to reduce their reliance on pipeline gas from Russia, and are planning to increase the import capacity for LNG through the application of FSRUs and/or landbased import facilities in combination with increased use of renewable energy sources in the energy mix. Over time, this could accelerate the energy transition to renewable energy.
On April 1, 2022, the Partnership's Colombian subsidiary received a notification from the Tax Administration of Cartagena assessing a penalty of approximately $1.8 million for failure to file the 2016 to 2018 Municipal Industry and Commerce Tax ("ICT") returns. ICT is imposed on gross receipts on customer invoices and is similar to a sales tax. The municipal tax authorities have alleged that the customer invoices are for industrial activities performed within the municipal jurisdiction. However, all of the Colombian subsidiary's activities take place offshore which is outside of the Municipality's borders. According to Colombian law, municipalities do not have jurisdiction over maritime waters or low-tide areas. Management intends to deny the allegations and file an appeal to vigorously defend the Colombian subsidiary's position. Accruals for loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Management, with advice of its outside legal advisors, has assessed the status of this matter and has concluded that an adverse judgment after concluding an appeals process is not probable. As a result, no provision has been made in the consolidated financial statements. Management estimates the range of possible loss for 2016-2021, including accrued interest, to be approximately $1.3 million to $2.9 million as of June 30, 2022, plus additional accrued interest thereon until final disposition of the ICT allegation. In May 2022, the Partnership and its Colombian subsidiary filed a response to the Tax Administration of Cartagena disputing the claim. This was confirmed registered on May 27, 2022, by the Tax Administration of Cartagena.
Presentation of Second Quarter 2022 Results
A presentation will be held today, Wednesday, August 24, 2022, at 8:30 A.M. (EST) to discuss financial results for the second quarter of 2022. The results and presentation material will be available for download at http://www.hoeghlngpartners.com.
Participants will be able to join this presentation using the following details:
a. Webcast
b. Teleconference
Participants should ask to be joined into the Höegh LNG Partners LP call.
For those unable to participate in the conference call, a replay will be available from one hour after the end of the conference call until August 31, 2022.
The replay dial-in numbers are as follows:
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future events and the Partnership's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "future," "project," "will be," "will continue," "will likely result," "plan," "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Partnership's control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:
- the effects of outbreaks of pandemic or contagious diseases, including the length and severity of the recent worldwide outbreak of COVID‑19, including its impact on the Partnership's business liquidity, cash flows and operations as well as operations of our customers, suppliers and lenders;
- market conditions and trends for floating storage and regasification units ("FSRUs") and liquefied natural gas ("LNG") carriers, including hire rates, vessel valuations, technological advancements, market preferences and factors affecting supply and demand of LNG, LNG carriers, and FSRUs;
- the Partnership's distribution policy and ability to make cash distributions on its units or any changes in the quarterly distributions on its common units;
- restrictions in the Partnership's debt agreements and pursuant to local laws on the Partnership's joint ventures' and subsidiaries' ability to make distributions;
- the ability of Höegh LNG to meet its financial obligations to the Partnership pursuant to the Suspension and Make-Whole Agreements, the Suspended Gallant Charter, any funding requests under the $85 million revolving credit facility and its guarantee and indemnification obligations;
- the change in the ability of Höegh LNG to compete with the Partnership as a result of its completion of the Amalgamation;
- the Partnership's ability to compete successfully for future chartering and newbuilding opportunities;
- the consummation of the proposed merger transaction with Höegh LNG and the realization of any benefits therefrom;
- demand in the FSRU sector or the LNG shipping sector, including demand for the Partnership's vessels;
- the Partnership's ability to purchase additional vessels from Höegh LNG in the future;
- the Partnership's ability to integrate and realize the anticipated benefits from acquisitions;
- the Partnership's anticipated growth strategies, including the acquisition of vessels;
- the Partnership's anticipated receipt of dividends and repayment of indebtedness from subsidiaries and joint ventures;
- effects of volatility in global prices for crude oil and natural gas;
- the effect of the worldwide economic environment;
- turmoil in the global financial markets;
- fluctuations in currencies and interest rates;
- general market conditions, including fluctuations in hire rates and vessel values;
- changes in the Partnership's operating expenses, including drydocking, on-water class surveys, insurance costs and bunker costs;
- the Partnership's ability to comply with financing agreements and the expected effect of restrictions and covenants in such agreements;
- the financial condition, liquidity and creditworthiness of the Partnership's existing or future customers and their ability to satisfy their obligations under the Partnership's contracts;
- the Partnership's ability to replace existing borrowings, make additional borrowings and to access public equity and debt capital markets;
- planned capital expenditures and availability of capital resources to fund capital expenditures;
- the exercise of purchase options by the Partnership's customers;
- the Partnership's ability to perform under its contracts and maintain long-term relationships with its customers;
- the Partnership's ability to leverage Höegh LNG's relationships and reputation in the shipping industry;
- the Partnership's continued ability to enter into long-term, fixed-rate charters and the hire rate thereof;
- the operating performance of the Partnership's vessels and any related claims by TotalEnergies SE, PGN LNG or other customers;
- the Partnership's ability to maximize the use of its vessels, including the redeployment or disposition of vessels no longer under long-term charters;
- the results of the arbitration with the charterer of PGN FSRU Lampung;
- timely acceptance of the Partnership's vessels by their charterers;
- termination dates and extensions of charters;
- the impact of the Russian invasion of Ukraine;
- the Partnership's ability to successfully remediate the material weakness in its internal control over financial reporting and disclosure controls and procedures;
- the cost of, and the Partnership's ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to its business;
- economic substance laws and regulations adopted or considered by various jurisdictions of formation or incorporation of the Partnership and certain of its subsidiaries;
- availability and cost of skilled labor, vessel crews and management, including possible disruptions, including but not limited to the supply chain of spare parts and service engineers, caused by the COVID‑19 outbreak;
- the number of offhire days and drydocking requirements, including the Partnership's ability to complete scheduled drydocking on time and within budget;
- the Partnership's general and administrative expenses as a publicly traded limited partnership and fees and expenses payable under the Partnership's ship management agreements, the technical information and services agreement and the administrative services agreement;
- the anticipated taxation of the Partnership, its subsidiaries and affiliates and distributions to unitholders;
- estimated future maintenance and replacement capital expenditures;
- the Partnership's ability to hire or retain key employees;
- customers' increasing emphasis on environmental and safety concerns;
- potential liability from any pending or future litigation;
- risks inherent in the operation of the Partnership's vessels including potential disruption due to accidents, political events, piracy or acts by terrorists;
- future sales of the Partnership's common units, Series A preferred units and other securities in the public market;
- interruption or failure of the Partnership's information technology and communication systems;
- the Partnership's business strategy and other plans and objectives for future operations; and
- other factors listed from time to time in the reports and other documents that the Partnership files with the SEC, including the Partnership's Annual Report on Form 20‑F for the year ended December 31, 2021 and subsequent quarterly reports on Form 6‑K.
All forward-looking statements included in this press release are made only as of the date of this release. New factors emerge from time to time, and it is not possible for the Partnership to predict all of these factors. Further, the Partnership cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. The Partnership does not intend to release publicly 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 on which any such statement is based.
HÖEGH LNG PARTNERS LP
UNAUDITED SEGMENT INFORMATION FOR THE QUARTERS ENDED JUNE 30, 2022 and 2021
(in thousands of U.S. dollars)
Segment information
There are two operating segments. The segment profit measure is Segment EBITDA, which is defined as earnings before interest, taxes, depreciation, amortization, impairment and other financial items (gain (loss) on debt extinguishment, gain (loss) on derivative instruments and other items, net). Segment EBITDA is reconciled to operating income and net income in the segment presentation below. The two segments are "Majority held FSRUs" and "Joint venture FSRUs." In addition, unallocated corporate costs, interest income from advances to joint ventures and interest expense related to the outstanding balances on the $85 million revolving credit facility and the $385 million facility are included in "Other."
For the three months ended June 30, 2022 and 2021, Majority held FSRUs includes the financing lease related to the PGN FSRU Lampung and the operating leases related to the Höegh Gallant and the Höegh Grace.
For the three months ended June 30, 2022 and 2021, Joint Venture FSRUs include two 50% owned FSRUs, the Neptune and the Cape Ann, that operate under long-term time charters with one charterer.
The accounting policies applied to the segments are the same as those applied in the consolidated financial statements, except that i) Joint venture FSRUs is presented under the proportional consolidation method for the segment note to the Partnership's financial statements and in the tables below, and under equity accounting for the consolidated financial statements and ii) internal interest income and interest expense between the Partnership's subsidiaries that eliminate in consolidation are not included in the segment columns for the other financial income (expense), net line. Under the proportional consolidation method, 50% of the Joint venture FSRUs' revenues, expenses and assets are reflected in the segment note. Management monitors the results of operations of joint ventures under the proportional consolidation method and not the equity method of accounting.
Appendix A: Segment EBITDA
Non-GAAP Financial Measures
Segment EBITDA. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Segment EBITDA is defined as earnings before interest, taxes depreciation, amortization, impairment and other financial items. Other financial items consist of gain (loss) on debt extinguishment, gain (loss) on derivative instruments and other items, net (including foreign exchange gains and losses and withholding tax on interest expenses). Segment EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as the Partnership's lenders, to assess its financial and operating performance. The Partnership believes that Segment EBITDA assists its management and investors by increasing the comparability of its performance from period to period and against the performance of other companies in the industry that provide Segment EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, depreciation, amortization, impairment, taxes, and other financial items, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Segment EBITDA as a financial and operating measure benefits investors in (a) selecting between investing in it and other investment alternatives and (b) monitoring its ongoing financial and operational strength in assessing whether to continue to hold common units or preferred units. Segment EBITDA is a non-GAAP financial measure and should not be considered an alternative to net income, operating income or any other measure of financial performance presented in accordance with U.S. GAAP. Segment EBITDA excludes some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, Segment EBITDA as presented below may not be comparable to similarly titled measures of other companies. The following tables reconcile Segment EBITDA for each of the segments and the Partnership as a whole to net income (loss), the comparable U.S. GAAP financial measure, for the periods presented:
Media contact:
The IGB Group, Bryan Degnan, +1 (646) 673‑9701 / Leon Berman, +1 (212) 477‑8438
www.hoeghlngpartners.com
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SOURCE Hoegh LNG Partners LP | https://www.whsv.com/prnewswire/2022/08/24/hegh-lng-partners-lp-reports-financial-results-quarter-ended-june-30-2022/ | 2022-08-24T10:52:54Z |
To reflect its transformation from solar developer to a leading renewable energy transition solutions platform, OYA Solar rebrands to OYA Renewables
TORONTO, Aug. 24, 2022 /PRNewswire/ - Today marks a new era for OYA, with the rebranding of OYA Solar to OYA Renewables. This change reflects OYA Renewable's broadening scope and scale as an energy transition solutions platform leading the transition to net zero. OYA's vision to enable a zero-carbon future is supported by its mission to deliver long-term clean energy solutions to clients and provide economic benefits to the local communities it serves.
With an exceptional track record as a solar developer, OYA has developed over 1,440 MWDC and has a pipeline of 6 GW of utility-scale, distributed, and community solar projects across North America. OYA anticipates placing an additional 1 GW in operation and reaching 15 GW in our pipeline by 2026.
"Our rebranding is both an affirmation of what we have accomplished to date and what we are firmly focused on achieving in the near future," says Manish Nayar, Founder and Chairman of OYA Renewables. "As OYA Renewables continues to execute against its strategy of leading the renewable energy transition in North America, we expect to integrate other renewable energy solutions and expand our portfolio to include other clean technologies. Most corporations, municipalities and other organizations now urgently recognize the need to accelerate their path to net zero and are increasingly looking for a partner with the capabilities to support all their renewable energy objectives.
"At OYA, we are doing just that," continues Manish. "Whether it is through electric vehicle charging solutions, developing solar energy storage, building large-scale solar, or providing access to clean energy for underserved communities, we are deepening our footprint in the renewable energy industry."
OYA Renewables is a top 10 solar developer of community solar projects in the United States, and second in the State of New York according to New Project Media market analysis. Since its inception in 2009, OYA has developed 1,440 MW in the community and utility-scale solar markets across Canada and the United States. Now, with a pipeline of over 6 GW across 14 states, OYA is quickly, but strategically widening its geographical footprint in the United States to support local and federal governments, companies, and communities to achieve a 40% reduction in emissions by 2030 and a net-zero future by 2050.
OYA Renewables is leading the renewable energy transition with an exceptional track record as a top ten community solar developer. Founded in 2009, OYA has developed over 1,440 MWDC and has a pipeline of 6 GW of distributed and utility-scale solar projects across North America. Focused on the expansion of renewable energy and the integration of other clean technologies, OYA is committed to delivering long-term clean energy solutions to clients supporting their renewable energy objectives and providing access to clean energy for underserved communities. OYA's has a highly engaged, seasoned and diverse workforce, with offices in Toronto and Boston.
Note: Legal name change to OYA Renewables Corp. will be formalized in the coming months.
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SOURCE OYA Renewables | https://www.whsv.com/prnewswire/2022/08/24/introducing-oya-renewables-leader-north-american-energy-transition/ | 2022-08-24T10:53:01Z |
MEDFORD, Wis., Aug. 24, 2022 /PRNewswire/ -- Medford Cooperative is pleased to announce a key appointment to its senior leadership team. Jake Korzeniewski is joining the organization as the new Director of Agricultural Services. In his role, Korzeniewski will provide leadership for Medford Cooperative's Agricultural Division.
Medford Cooperative has over 110 years of expertise in serving agricultural producers. Our Ag Services division continues to experience significant growth due to the trust and confidence our customers place in the services that we provide. We have doubled our feed tons since 2011, tripled our grain storage in the last five years, and more than doubled the number of employees in the last ten years to provide the highest level of customer service.
Korzeniewski joins Medford Cooperative with several years of experience in the field, which include roles as Director of Grain Operations and Logistics and Production Supervisor at facilities in South Dakota and Wisconsin. In addition to his experience, he will bring valuable leadership and management knowledge from his time serving in the United States Military.
Jake will be responsible for implementing programs and strategies that will continue to build upon our double-digit growth rates by elevating the customer experience that we provide, increase efficiencies through disciplined cost management, and effective procurement of raw materials, while executing essential safety protocols.
"We are excited to have Jake join the Medford Cooperative team. I am confident that Jake's knowledge and strong background in grain services will help us in the advancement of services we are able to provide to our Agricultural customers," commented Chris Piotrowski, Medford Cooperative's CEO and General Manager.
Medford Cooperative is currently one of the fastest growing Cooperatives in Wisconsin, with a long history in serving the agricultural community. The Cooperative looks forward to the contributions Korzeniewski will make towards both their Agricultural Division and the communities it serves.
About Medford Cooperative
Medford Cooperative is a member-owned, producer cooperative that was founded in 1911, making it one of the oldest cooperatives in the state of Wisconsin. The cooperative is diversified with departments in agriculture (feed/grain and agronomy), energy (refined fuels and propane) and retail (grocery, hardware and convenience stores). For more information, go to www.medfordcoop.com.
Media Contact:
Christopher Piotrowski
christopherp@medfordcoop.com
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SOURCE Medford Cooperative | https://www.whsv.com/prnewswire/2022/08/24/medford-cooperative-announces-new-director-agricultural-services/ | 2022-08-24T10:53:07Z |
SAN DIEGO, Aug. 24, 2022 /PRNewswire/ -- One America News Network ("OAN"), a 24/7 source of credible national and international news, announced today that it is now available through a partnership with VIDAA in the U.S. and expanding worldwide with VIDAA's upcoming deployments in international markets.
The launch is powered by the global partnership between Herring Networks, VIDAA, and media tech powerhouse, Amagi. The partnership, leveraging Amagi's Content Plus marketplace, gives VIDAA users in the Americas, Australia and the UK access to Amagi's comprehensive network of FAST channels and AVOD assets from the world's leading content brands across a variety of content genres: News, sports, music, movies, documentaries and more. VIDAA is a technology and innovation company whose market-leading, independent Smart TV OS powers Hisense, Toshiba and over 100 additional TV brands worldwide. VIDAA tv, the company's FAST channels service, launched in the U.S. and Mexico in January and is expanding in Europe, LATAM, Australia, and beyond.
"Both of our global FAST channel brands remain highly sought after and leaders in their respective content genres and channel categories," said Alex Kopacz, EVP Content Distribution and Strategy at OAN. "We're thrilled to be working with VIDAA and Amagi on this rollout, and we're confident that our channels will enhance the overall visibility of VIDAA tv."
Both OAN Plus and AWE Plus are currently deployed on more than 30 FAST platforms globally. The monthly hours-of-viewing (HOV) for OAN Plus has recently doubled as the network continues to ramp up its coverage and conversation around the upcoming midterm elections in November.
One America News Network, ("OAN"), which launched on July 4, 2013, provides an independent source of credible national and international news around the clock. The network operates news bureaus in Washington, D.C., California, New York, and Florida. In addition, the network utilizes numerous external newsgathering sources, including US Pool feeds. OAN produces eighteen hours of live news every weekday. In addition, the network features four weekday primetime political talk shows, namely REAL AMERICA with Dan Ball, IN FOCUS, TIPPING POINT with Kara McKinney, and THE REAL STORY. OAN is featured on over a hundred cable and video providers worldwide. In addition, the OAN LIVE app is available on your favorite connected devices. For more information, please visit www.oann.com.
For more information, contact:
Ryan Critchley, Press Contact
Herring Networks, Inc.
Phone: 858-270-6900 x 105
press@oann.com
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SOURCE One America News Network | https://www.whsv.com/prnewswire/2022/08/24/oan-partners-with-vidaa-deploy-oan-plus-awe-plus-worldwide/ | 2022-08-24T10:53:13Z |
Lung Association educates adults living with chronic lung disease about the importance of pertussis vaccination
CHICAGO, Aug. 24, 2022 /PRNewswire/ -- Pertussis, commonly referred to as whooping cough, is a serious and highly contagious respiratory illness. There is a vaccine available for whooping cough, however only 30% of adults in the U.S. received it in the past 10 years. The American Lung Association, in collaboration with Sanofi, are working to educate adults living with asthma and chronic obstructive pulmonary disease (COPD) about the potential dangers of pertussis and the importance of vaccination.
"Here in the U.S., there are approximately 21.1 million adults living with asthma and 12.5 million adults living with COPD. For these people, whooping cough can lead to severe, sometimes life-threatening health challenges including exacerbation of their chronic medical conditions," said Harold Wimmer, National President and CEO for the American Lung Association. "Thankfully, there is a vaccine available, Tdap, which is specifically developed for adults and helps protect against tetanus, diphtheria and pertussis."
Vaccination is the best way to help protect against pertussis. Preventing pertussis helps reduce the risk of hospitalization and severe outcomes for high-risk individuals.
The Lung Association's Pertussis Educational Campaign includes online resources with key facts about pertussis, an online assessment and targeted outreach to raise awareness about the disease to high-risk individuals.
If you are living with COPD or asthma, visit Lung.org/Pertussis to learn more and speak with your healthcare provider about getting a vaccination to help protect against pertussis.
The American Lung Association is the leading organization working to save lives by improving lung health and preventing lung disease through education, advocacy and research. The work of the American Lung Association is focused on four strategic imperatives: to defeat lung cancer; to champion clean air for all; to improve the quality of life for those with lung disease and their families; and to create a tobacco-free future. For more information about the American Lung Association, which has a 4-star rating from Charity Navigator and is a Gold-Level GuideStar Member, or to support the work it does, call 1-800-LUNGUSA (1-800-586-4872) or visit: Lung.org.
American Lung Association • 55 W. Wacker Drive, Suite 1150 • Chicago, IL 60601
1331 Pennsylvania Ave. NW, Ste. 1425 North • Washington, D.C. 20004
1-800-LUNGUSA (1-800-586-4872) Lung.org
CONTACT: Jill Dale | American Lung Association
P: 312-940-7001 C:720-438-8289 E: Jill.Dale@Lung.org
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SOURCE American Lung Association | https://www.whsv.com/prnewswire/2022/08/24/only-30-adults-have-received-whooping-cough-vaccination-more-needed-protect-people-highest-risk/ | 2022-08-24T10:53:20Z |
On average, renters saw a $160/month increase in rent when renewing leases this year and a $300/month increase when signing a new lease, according to Realtor.com®'s Avail Quarterly Landlord and Renter Survey
SANTA CLARA, Calif., Aug. 24, 2022 /PRNewswire/ -- Driven by migration away from expensive city centers during the pandemic, the rental price advantage of living in the suburbs (vs. urban areas) has shrunk by 52.9% compared to three years ago, according to the Realtor.com® Monthly Rental Report released today. As the U.S. median rental price hit its latest all-time high in July ($1,879), a new survey from Avail (part of Realtor.com®) found that moving to a new rental has been costlier for renters, but there may be market cooling on the horizon as landlords adjust to renter budgets impacted by inflation.
"Whether in a downtown area or suburb, staying put or making a change, renters are stuck between a rock and a hard place when it comes to affordability. Compared to three years ago when rental price premiums were typically concentrated in urban hubs, renting is now nearly as expensive in the suburbs, where the rise in remote work has driven a surge in demand," said Realtor.com® Chief Economist Danielle Hale. "At the same time, the days of smaller premiums for downtown rentals are numbered, as a return to in-office work and city life is sparking a relative uptick in urban rent growth. Put simply, renters are feeling it everywhere, but there may be some relief ahead. Survey findings suggest that landlords are adjusting their approaches to renters' tightening budgets, while July data shows rent growth is leveling off at a relatively cooler pace than in 2021."
July 2022 Rental Metrics – National
National rents remain historically-high, across both urban and suburban areas
National rents reached a new high for the 17th month in a row in July, even as rent growth further moderated. So far this year, annual rent gains have been consistently getting smaller month-to-month, indicating a shift toward a more sustainable balance of rental supply and demand. On the one hand, this offers encouraging signs of relief, with more on the horizon as builders pick-up construction of apartments. On the other hand, renters continued to grapple with affordability challenges in July, driven by still-low vacancy rates that kept rents high and inflation (8.5%) that outpaced wage growth (+5.2%). Additionally, comparing today's rental trends to the 2019 market highlights how renters now face higher costs in a greater variety of areas, as renting in the suburbs no longer offers as much of an affordability advantage over big cities as it once did. While the rise in remote work and migration away from downtown areas gave suburban rents room to catch-up to urban rents earlier in the pandemic, the return to downtown life and offices is now driving an especially strong resurgence in big city rents.
- In July, the U.S. median rental price hit its latest new high ($1,879), but only increased by $3 over June as rent growth year-over-year (+12.3%) continued moderating to its slowest pace since August 2021 (+11.5%).
- Overall rents posted low double-digit gains over July 2021 levels across all unit sizes in July: Studios, up 14.3% to $1,555; one-bedrooms, up 12.2% to $1,745; and two-bedrooms, up 11.7% to $2,103.
- Among the 50 largest metros in July, rental prices grew most quickly year-over-year in the south and northeast, led by Miami for the 10th straight month (+26.2%). Rounding out July's five fastest-growing rental markets were New York (+25.4%), Boston (+24.8%), Chicago (+20.6%) and Orlando, Fla. (+20.4%).
- In four out of these five markets, urban rents grew at a faster yearly pace than suburban rents, most significantly in New York (+25.4 percentage points) and followed by Chicago (+15.7), Boston (+11.6) and Miami (+6.2); the growth rates were roughly even in Orlando (+19.5% vs. +20.3%).
- Nationally, July rent growth year-over-year was slightly faster in urban areas, up 12.8% to a median $1,927.5, than in suburban areas, up 11.7% to a median $1,821. This is a marked reversal from earlier in the pandemic in January 2021, when urban rent was falling by 2.5% while suburban rent was growing by 3.9%. Despite the recent resurgence in big city rents, shifts during COVID significantly shrank the gap between urban and suburban rents from July 2019-2022 – by 52.9% or $68 per month.
Avail survey finds renters still face rent hikes, but landlords may be relenting
Findings from the latest Avail1 Quarterly Landlord and Renter Survey underscore that rental affordability challenges are everywhere. Whether renewing an existing lease or moving to a new unit, the majority of surveyed renters experienced a rent hike over the past year, with new rentals proving costlier. At the same time, plans reported by landlords suggest that an end to the relentless rent surge may be in sight. Although the majority do expect to increase rents on at least one property, quarter-over-quarter trends indicate landlords are recognizing that renters are reaching their financial limits and beginning to adjust their business approaches accordingly.
- Among renters surveyed in July who have been in their current unit for 1-2 years, 52.4% have experienced a rent increase, by a median $160 per month (+13%). Of these renters, 77.1% are considering a move to a more affordable rental.
- However, whether in the rental or for-sale market, those looking for lower housing costs may not find much luck. Renters who moved within the past year reported 27% higher rents (+$300) than in their prior residence. Of renters planning to purchase a home, 72.7% are considering putting plans on pause in light of higher costs.
- More than half (60%) of renters reported that higher rents and household expenses are their biggest cause of financial strain, down from the April rate (66.1%). Additionally, a typical renter reported being able to put twice as much of their monthly take-home toward savings in July ($100) compared to April ($50).
- Findings from July's survey of landlords offer further potential signs that the worst of rental cost pressures may be behind renters. Although 72.1% of landlords reported plans to raise rents within the next year, the rate held steady over the previous quarter after jumping substantially from January (65.1%) to April (72.1%).
- When asked why they plan on raising rents, landlords cited higher costs for property management expenses, including tax payments (79.1%), maintenance and upkeep (75%) and utilities (45.9%). In the face of these cost pressures, the share of landlords who plan to buy new properties declined significantly in July (23.4%) from January (37.5%).
"Like renters, landlords are feeling financial pains from the inflationary economy. To help offset these higher costs while maintaining local ownership of rentals, our survey suggests that many landlords are making the difficult decision to raise rents. We're also beginning to see that landlords are less interested in growing their portfolios as they were in the past surveys," said Ryan Coon, Avail co-founder and VP of Rentals at Realtor.com®. "It's important to remember that affordability remains a challenge for many renters. Those who are looking for support can access resources like free financial counseling through Avail's integration with the NFCC Renter Advantage program."
July 2022 Rental Metrics – 50 Largest U.S. Metro Areas
*New Orleans and Providence, R.I. excluded while rental data is under review.
Methodology
Rental data as of July 2022 for units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, defined by the Core-Based Statistical Area (CBSA). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019.
Urban vs. Suburban Analysis: Suburban and Urban distinctions were made by classifying zip codes within each metro by percentiles of population density within the metro. Rental listings are assigned a classification based on their zip code and then aggregated by classification and metropolitan area for analysis.
Avail Quarterly Landlord and Renter Survey: Survey responses collected from a nationally representative sample of more than 2,600 renters and independent landlords. The survey was conducted between July 21st, 2022, and July 29th, 2022. The margin of error for landlords is ± 2.7%, and ± 2.6% for renters. Avail, which has been a part of Realtor.com® since December 2020, is a platform that improves the renting experience for do-it-yourself landlords and tenants with online tools, educational content and world-class support.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
1 Part of Realtor.com®
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SOURCE Realtor.com | https://www.whsv.com/prnewswire/2022/08/24/realtorcom-july-rental-report-renting-suburbs-isnt-cheap-it-used-be/ | 2022-08-24T10:53:27Z |
CLEVELAND, Aug. 24, 2022 /PRNewswire/ -- Hourly by AMS, the next generation technology that optimizes the engagement and hiring of hourly workers, has been named the winner of both a Gold and Bronze 2022 Stevie® Award in two categories. Hourly by AMS won the Gold Talent Management Solution award and was also honored with the Bronze HR Technology Solution Provider of the Year award in the seventh annual Stevie Awards for Great Employers.
Hourly by AMS harnesses the power of conversational AI, automation and live data to enable organizations to meet their high-volume hiring needs simply, quickly and intelligently. The mobile first technology is specifically designed to ease the frustration felt by both the employer and job seeker when it comes to hiring high volumes of hourly workers efficiently. Hourly by AMS reduces the administrative burden on recruiters while at the same time dramatically accelerating the hiring process – candidates go from apply to scheduled interview in under 3 minutes. The Stevie Awards judges acknowledged Hourly by AMS as an invaluable talent acquisition technology for organizations with an hourly recruiting requirement in a candidate short environment.
The Stevie Awards for Great Employers recognize the world's best employers and the human resources professionals, teams, achievements and HR-related products and suppliers who help to create and drive great places to work.
More than 950 nominations from organizations of all sizes in 26 nations were submitted this year for consideration in a wide range of HR-related categories, including, Employer of the Year, Chief Human Resources Officer of the Year, Human Resources Team of the Year, HR Technology Solution Provider of the Year, Talent Management Solution, among others. Hourly by AMS's two nominations "Conversational hiring experience to drastically simplify recruiting hourly workers" won in two categories.
Jeanette Leeds, Managing Director, Hourly by AMS commented on the news: "We are thrilled and honored to be recognized for our achievements in technology innovation and we have our fantastic customers and passionate Hourly team to thank. This award reinforces the value of Hourly by AMS's efforts which have focused on designing technology specifically for both the hourly candidate and hourly hiring managers unique recruiting persona and process. It's inspiring seeing the combination of automation, conversational AI and real-time analytics enable our customers to hire hourly talent in 1.8 days, convert, 200% more candidates while saving 80% recruiting marketing spend – all during a time of unprecedented upheaval."
More than 100 professionals worldwide participated in the judging process to select this year's Gold, Silver, and Bronze Stevie Award winners. The judging panels in Hourly by AMS's two categories included professionals from KPMG, Google, IBM, Unilever, AWS, Morgan Stanley, and more.
One of the judges commented: "Hourly by AMS is a great example of a solution businesses need right now!" Another judge noted "Very impressed with the impact and efficiency Hourly has brought to the recruiting process. Processing of 40% more candidates with 50% fewer recruiting resources; Candidates going from beginning their application to a scheduled interview in less than 3 minutes; Hires in 1.8 days vs weeks - this is very impressive." Hourly by AMS's focus on the candidate experience was also called out by a judge: "In this age of flexibility, lack of workforce, and employment choices...the Hourly by AMS solution targets the present and the always connected generation with their phones."
"We congratulate all of the winners in the seventh edition of the Stevie Awards for Great Employers, and we look forward to celebrating them in Las Vegas on September 17, our first awards banquet since 2019," said Stevies president Maggie Miller.
Winners of the awards, named the Stevies from the Greek word meaning "crowned," will be recognized during a gala awards dinner on Saturday, September 17 at Caesars Palace in Las Vegas.
Details about the Stevie Awards for Great Employers and the list of 2022 Stevie winners are available at www.StevieAwards.com/HR.
AMS is a global total workforce solutions firm founded in 1996. We enable organizations to thrive in an age of constant change by building, reshaping and optimizing workforces. We do this through talent acquisition and contingent workforce management, internal mobility and skills development, and talent and technology advisory services and products. Our solutions are delivered by our c.10,000+ experts who live our passionate, bold, and authentic values. The ultimate aim is to help clients around the world, including 100+ blue-chip companies, create workforces that are fluid, resilient, diverse, and differentiated. We call this true workforce dexterity – and we're here to help you achieve it. http://www.weareams.com and http://www.hourlybyams.com
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
Media contact: Karen Pressman, ClearEdge Marketing, kpressman@clearedgemarketing.com
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SOURCE AMS | https://www.whsv.com/prnewswire/2022/08/24/recruiting-technology-hourly-by-ams-honored-gold-amp-bronze-stevie-award-winner/ | 2022-08-24T10:53:33Z |
SUNNYVALE, Calif., Aug. 24, 2022 /PRNewswire/ -- As part of a strategic alliance, Trimble (NASDAQ: TRMB) and CLAAS have developed a next-generation precision farming system for CLAAS tractors, combines and forage harvesters.
The precision farming system includes the new CLAAS CEMIS 1200 "smart" display, GPS PILOT steering system and the SAT 900 GNSS receiver. The CEMIS display utilizes Trimble's new embedded modular software architecture for positioning, steering and ISOBUS technology for a seamless connection to control and monitor implements in the field. Trimble's new architecture accelerates the development of a customized precision agriculture system by linking CLAAS' machine interface and Trimble's guidance capabilities into one common in-cab user experience.
"We understand the operators' complexities of using separate displays with different user interfaces in the cab running the machine and performing precision farming tasks," said Jim Chambers, vice president of Trimble Agriculture. "Working in tandem with CLAAS, we have jointly developed a next-generation precision farming system designed around—one common user interface—to provide CLAAS operators the best-in-class customer experience."
"As an experienced, innovative and global provider of precision agriculture solutions, Trimble was our first choice as a technology partner," said Dr. Carsten Hoff, managing director, CLAAS E-Systems. "Precision farming systems from Trimble have been field proven worldwide over the course of two decades. In addition, Trimble, supported by its subsidiary Müller-Elektronik, brings outstanding expertise in ISOBUS technology, which allows a display to control the machine and implement."
The CEMIS 1200 display connects with the GPS PILOT system and SAT 900 GNSS receiver, based on the Trimble® NAV-900 guidance controller, for positioning and steering capabilities. This solution provides sub-meter repeatable accuracy ideal for tillage, broad-acre seeding, spraying and harvest operations. For even greater accuracy, users can subscribe to CLAAS-branded correction services from Trimble, called SATCOR, in order to achieve up to 2.5 centimeter pass-to-pass accuracy without a base station.
Stephan Vormbrock, managing director Market & Administration at CLAAS E-Systems: "As a globally active agricultural engineering manufacturer, we have chosen Trimble as a technology partner. Trimble has a global footprint and mindset, which truly complements CLAAS' international approach. For our customers, it's an invaluable advantage to have technology from partners who understand the different market needs."
The precision farming system is already available for the CLAAS TRION and is now expanding into the LEXION, ARION, AXION and JAGUAR. For information, visit: www.claas-group.com.
High-resolution images can be downloaded here:
https://dam.claas.com/pinaccess/showpin.do?pinCode=KzpUPTR8S3mg
CLAAS (www.claas-group.com) is a family business founded in 1913 and is one of the world's leading manufacturers of agricultural machinery. The company, with Head Office in Harsewinkel, Westphalia, is the world market leader for forage harvesters. CLAAS dominates the European market in another core segment as well – combine harvesters. CLAAS also holds the top spots in global agricultural technology with its tractors as well as its agricultural balers and grassland harvesting machines. Cutting-edge agricultural information technology also forms part of its product range. CLAAS employs more than 11,900 staff worldwide and in 2021 generated a turnover of 4.8 billion euros.
Trimble's Agriculture Division provides solutions that solve complex technology challenges across the entire agricultural supply chain. The solutions enable farmers and advisors to allocate scarce resources to produce a safe, reliable food supply in a profitable and environmentally sustainable manner. Covering all seasons, crops, terrains and farm sizes, Trimble solutions can be used on most equipment on the farm, regardless of manufacturer. To enable better decision making, Trimble offers technology integration that allows farmers to collect, share, and manage information across their farm, while providing improved operating efficiencies in the agricultural value chain. Trimble solutions include guidance and steering, desktop and cloud-based data management, flow and application control, water management, harvest solutions and correction services. For more information on Trimble Agriculture, visit: agriculture.trimble.com.
Trimble is an industrial technology company transforming the way the world works by delivering solutions that enable our customers to thrive. Core technologies in positioning, modeling, connectivity and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency, and sustainability. From purpose-built products to enterprise lifecycle solutions, Trimble is transforming industries such as agriculture, construction, geospatial, and transportation. For more information about Trimble (NASDAQ:TRMB), visit: www.trimble.com.
GTRMB
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SOURCE Trimble | https://www.whsv.com/prnewswire/2022/08/24/trimble-claas-strategic-alliance-develops-next-generation-precision-farming-system-claas-agriculture-equipment/ | 2022-08-24T10:53:40Z |
- TripTrends series shares the data and trends defining the global travel revival and examine the latest Trip.com data to identify the patterns emerging as travel rebounds worldwide.
- This series reveals the growth in US visitor numbers travelling to European markets.
SINGAPORE, Aug. 24, 2022 /PRNewswire/ -- As consumer confidence to travel resumes around the world, Trip.com data reflects the global travel recovery trends. Trip.com's latest data analysis from its booking sites shows the return of US transatlantic travel, as American consumers take advantage of the strong dollar to take more cost-effective European trips.
Read on for a more in-depth analysis of US travel growth to Europe.
US European visitor numbers surge
Data analysis by Trip.com has revealed a huge surge in US travellers flying to Europe, with inbound visitor numbers up by nearly 250% in the first six months of this year.
The significant rise shown by Trip.com's data highlights the healthy rebound in transatlantic travel, which appears to signal a return to near pre-pandemic travel levels.
Flight bookings from the USA to key European markets were up 246% in the first half of 2022, compared to the same period in 2021.
The most significant leap in transatlantic flights was recorded between July and August 2021, when US bookings for flights to Europe rose by 162%.
US dollar strength powers travel return
Over the past year, the US dollar has gained around 14% in value against the euro and British pound, with the dollar recently hitting parity with the euro for the first time in two decades.
The advantageous currency rates have translated to more European trips for US travellers that are 10-15% less expensive for Americans than at the same time last year.
The strong dollar and weaker euro and pound sterling look set to help speed up the recovery so that it exceeds earlier projections that travel will return sooner to pre-pandemic levels.
Top European destinations for US travellers
When looking at the data for preferred European markets, people can see that between January and July 2022, the most popular European market for US departing flights was the United Kingdom.
Spain was the second most popular market for travellers to Europe from the US, followed in turn by France, Italy and Germany.
Trip.com's further data analysis shows that London and Paris were the top European destinations for Americans between January and July this year. Meanwhile, the highly-competitive New York to London route remained the most popular for US travellers, followed by Los Angeles to Paris, then Los Angeles to London.
As evidence of the UK's enduring popularity with US visitors, Trip.com data recorded a huge 678% increase in views for US to UK flights when comparing the first half of 2022 with the same period in 2021.
Meanwhile, other markets also saw a substantial rise in US consumer interest, with a similarly impressive 614% increase in views for flights from the US to Spain and a 577% increase from the US to Italy, followed by a 491% increase from the US to France.
Return of transatlantic travel
Commenting on the return of US travel across the Atlantic, Rich Sun, Trip.com Group's General Manager for the Americas, said: "Transatlantic travel is well and truly back and London is clearly the most popular destination once again for US travellers.
"Our analysis of Trip.com's latest data shows a significant surge in demand for travel, not only to the UK but also to other leading European capitals, with Paris and Madrid proving almost equally as popular.
"The massive 246% rise in inbound transatlantic bookings from the US to Europe is evidence, if any were needed, that consumer confidence has once again returned to the market.
"We believe the increased value of the strong US dollar versus the weaker Euro and fall in the value of Pound Sterling means that US travellers have so much more buying power in Europe, which has helped to mark the continent's return once more as a major destination for the US market."
Bumps in the road
While the overall picture has been positive, showing US inbound travel to Europe is on the rise, there have been bumps in the road, and some months have shown a decline in travel numbers in response to external events.
The impact of Omicron saw a decrease in bookings from the US to Europe in December 2021 compared to the previous month, with flight bookings falling by over a third (33%).
However, this decline was temporary, with flight bookings from the US to Europe once again increasing in the New Year, with a marked rise of 51% in March 2022 vs February 2022.
But with the cost of living crisis beginning to bite and the US experiencing the highest inflation rise in 40 years, leaping from 8.6% in May from the year before, the impact on travel levels was felt the following month.
Trip.com data reveals that US travel booking to Europe fell by a notable 19% in June compared to the month before, perhaps indicating the recovery is not yet set in stone.
Booking values are still on the rise
As proof that American travellers were prepared to dig deeper into their pockets to pay for overseas travel following extensive travel restrictions, Trip.com data showed that at the start of this year, the average booking value of trips was on the rise, with spending up nearly a quarter (23%) in February 2022 compared to the previous month.
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SOURCE Trip.com | https://www.whsv.com/prnewswire/2022/08/24/trip-trends-tripcom-us-travellers-europe-have-increased-by-nearly-250/ | 2022-08-24T10:53:46Z |
BEIJING, Aug. 24, 2022 /PRNewswire/ -- Ucommune International Ltd (NASDAQ: UK) ("Ucommune" or the "Company"), a leading agile office space manager and provider in China, today announced that at an extraordinary general meeting of the Company held at 10 A.M. on August 24, 2022, Beijing time (10 P.M. on August 23, 2022, U.S. Eastern time), its shareholders approved the amendment of the Company's Amended and Restated Memorandum and Articles of Association currently in effect (the "Current M&A") to change the voting power of the Class B ordinary shares, par value of US$0.002 each, of the Company (the "Class B Ordinary Shares") from fifteen (15) votes for each Class B Ordinary Share to thirty-five (35) votes for each Class B Ordinary Share. Holders of Class B Ordinary Shares approved such variation of rights of Class B Ordinary Shares on August 2, 2022 pursuant to the Current M&A. As a result, with immediate effect, each Class A ordinary shares, par value of US$0.002 each, of the Company shall be entitled to one (1) vote on all matters subject to vote at general and special meetings of the Company and each Class B Ordinary Share shall be entitled to thirty-five (35) votes on all matters subject to vote at general and special meetings of the Company.
About Ucommune International Ltd
Ucommune is China's leading agile office space manager and provider. Founded in 2015, Ucommune has created a large-scale intelligent agile office ecosystem covering economically vibrant regions throughout China to empower its members with flexible and cost-efficient office space solutions. Ucommune's various offline agile office space services include self-operated models, such as U Space, U Studio, and U Design, as well as asset-light models, such as U Brand and U Partner. By utilizing its expertise in the real estate and retail industries, Ucommune operates its agile office spaces with high efficiency and engages in the urban transformation of older and under-utilized buildings to redefine commercial real estate in China.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to understand members' needs and provide products and services to attract and retain members; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with members and business partners; trends and competition in China's agile office space market; changes in its revenues and certain cost or expense items; the expected growth of China's agile office space market; PRC governmental policies and regulations relating to the Company's business and industry, and general economic and business conditions in China and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Ucommune International Ltd
ir@ucommune.com
ICR, LLC
Robin Yang
ucommune@icrinc.com
+1 (212) 537-3847
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SOURCE Ucommune International Ltd | https://www.whsv.com/prnewswire/2022/08/24/ucommune-announces-extraordinary-general-meeting-results/ | 2022-08-24T10:53:53Z |
VIAVI is the only test & measurement company working with all seven OTICs globally
CHANDLER, Ariz., Aug. 24, 2022 /PRNewswire/ -- Viavi Solutions Inc. (VIAVI) (NASDAQ: VIAV) today announced that Kyrio®, a subsidiary of CableLabs®, has chosen VIAVI to be part of its O-RAN Test and Integration Lab in Colorado, USA. VIAVI is now the only test & measurement company to be present in all seven O-RAN ALLIANCE approved Open Testing and Integration Centres (OTICs) globally. In addition, VIAVI and Rohde & Schwarz support several OTICs with their joint solution for O-RAN radio unit (O-RU) conformance testing, and recently enabled Auray OTIC in Taiwan in awarding O-RAN conformance certification for international markets.
An OTIC provides a collaborative, open, and impartial working environment, ensuring that both equipment and function conform to O-RAN specifications. The Kyrio facility is the first and only OTIC approved by the O-RAN ALLIANCE in the Americas. Kyrio's parent company, CableLabs, was recently selected by the National Telecommunications and Information Administration (NTIA) to host an industry-based 5G Challenge established to measure the compliance of O-RAN vendors with O-RAN standards.
Within the lab, Kyrio will be supporting vendors and operators seeking to test and certify conformance with O-RAN standards, verify interoperability and measure performance metrics. To that end, they will be providing an emulated VIAVI 5G test system, two Standalone 5G cores, and two virtualized Radio Access Networks (vRANs). Additionally, the lab can emulate up to 128 UEs and 128 connections across a 10Gb/s interface. The 5G core can support up to 10,000 subscribers and connections. O-RAN Radio Unit (O-RU) conformance testing is enabled via an integrated solution from VIAVI and Rohde & Schwarz.
The Kyrio O-RAN Test and Integration Lab is the seventh for the O-RAN ALLIANCE, which already has four in Europe and two in Asia Pacific. The presence of VIAVI in all seven OTICs has been made possible thanks to the company's breadth and depth of O-RAN testing capabilities and the positive reputation it has earned among the global O-RAN community.
VIAVI offers the most comprehensive test suite on the market for lab validation, field deployment, and service assurance of O-RAN networks. With vast experience validating network products for operators and manufacturers worldwide, VIAVI enables testing on premise, in the cloud or as a service.
"We appreciate the participation of VIAVI in Kyrio's O-RAN Test and Integration Lab and are proud to be operating the only OTIC in the Americas," commented Jason Lauer, vice president of engineering and operations at Kyrio. "We provide the means for all global vendors and operators to test, verify and certify their equipment for O-RAN based networks. The support and technology from VIAVI represent a critical part of that effort, and with their involvement we look forward to expanding the ecosystem of O-RAN compliant hardware in the global market."
VIAVI and Rohde & Schwarz also supported Auray OTIC and Security Lab in Taiwan in the process of awarding O-RAN conformance certification for international markets. The certification of an O-RU of the RPQN series from Foxconn was completed according to O-RAN specified processes and procedures as defined by the O-RAN ALLIANCE, and the O-RU was also certified for CE (EU), FCC (USA), TELEC (Japan) and NCC (Taiwan). Auray used a combined testbed including the VIAVI TM500 O-RU Tester and the R&S SMW200A vector signal generator (VSG), R&S FSW signal and spectrum analyzer and Vector Signal Explorer (R&S VSE) software from Rohde & Schwarz, with the O-RU Test Manager from VIAVI as single point of control, providing a seamless user experience.
"We are entering a critical phase for O-RAN," said Dr. Ian Wong, CTO Office, VIAVI and Co-Chair, Testing and Integration Focus Group, O-RAN ALLIANCE. "With the recent certification and badging program announced by the O-RAN ALLIANCE, the O-RAN community is readying itself for an expansion into the field. As VIAVI is now present in every OTIC and supporting certifications, we have a central role – and an important responsibility – in supporting that progression."
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for communications service providers, enterprises, network equipment manufacturers, original equipment manufacturers, government and avionics. We help these customers harness the power of instruments, automation, intelligence and virtualization. VIAVI is also a leader in light management solutions for the anti-counterfeiting, consumer electronics, industrial, government and automotive markets. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.
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SOURCE VIAVI Solutions | https://www.whsv.com/prnewswire/2022/08/24/viavi-selected-test-equipment-supplier-kyrio-o-ran-test-amp-integration-lab/ | 2022-08-24T10:53:59Z |
US giving Ukraine $3 billion in military aid for years ahead
WASHINGTON (AP) — The Biden administration is expected on Wednesday to announce an additional roughly $3 billion in aid to train and equip Ukrainian forces to fight for years to come, U.S. officials said.
The officials told The Associated Press that the package will fund contracts for as many as three types of drones and other weapons, ammunition and equipment that may not see the battlefront for a year or two.
The total of the aid package — it is being provided under the Ukraine Security Assistance Initiative — could change, but not likely by much. Officials said it will include money for the small, hand-launched Puma drones, the longer-endurance Scan Eagle surveillance drones, which are launched by catapult, and, for the first time, the British Vampire drone system, which can be launched off ships. Several officials spoke on the condition of anonymity to discuss the aid before its public release.
As Russia’s war on Ukraine drags on, U.S. security assistance is shifting to a longer-term campaign that also will likely keep more American military troops in Europe into the future, U.S. officials said. Wednesday is Ukraine’s independence day holiday and the six-month point in the war.
Unlike most previous packages, the new funding is largely aimed at helping Ukraine secure its medium- to long-term defense posture, according to officials familiar with the matter. Earlier shipments, most of them done under presidential drawdown authority, have focused on Ukraine’s more immediate needs for weapons and ammunition and involved materiel that the Pentagon already has in stock that can be shipped in short order.
Besides providing longer-term assistance that Ukraine can use for potential future defense needs, the new package is intended to reassure Ukrainian officials that the United States intends to keep up its support, regardless of the day-to-day back and forth of the conflict, the officials said.
NATO Secretary-General Jens Stoltenberg noted the more extended focus Tuesday as he reaffirmed the alliance’s support for the conflict-torn country.
“Winter is coming, and it will be hard, and what we see now is a grinding war of attrition. This is a battle of wills, and a battle of logistics. Therefore we must sustain our support for Ukraine for the long term, so that Ukraine prevails as a sovereign, independent nation,” Stoltenberg said, speaking at a virtual conference about Crimea, organized by Ukraine.
Six months after Russia invaded, the war has slowed to a grind, as both sides trade combat strikes and small advances in the east and south. Both sides have seen thousands of troops killed and injured, as Russia’s bombardment of cities has killed countless innocent civilians.
There are fears that Russia will intensify attacks on civilian infrastructure and government facilities in the coming days because of the holiday celebrating Ukraine’s 1991 declaration of independence from the Soviet Union and the day marking six months since the invasion.
On Monday, the U.S. Embassy in Ukraine and the State Department issued a new security alert for Ukraine that repeated a call for Americans in the country to leave due to the danger.
“Given Russia’s track record in Ukraine, we are concerned about the continued threat that Russian strikes pose to civilians and civilian infrastructure,” it said.
Other NATO allies are also marking the independence day with new aid announcements.
German Chancellor Olaf Scholz said his country is providing more than 500 million euros (nearly $500 million) in aid, including powerful anti-aircraft systems. The aid will include rocket launchers, ammunition, anti-drone equipment, a dozen armored recovery vehicles and and three additional IRIS-T long-range air defense systems, the German news agency dpa reported.
The funding must still be approved by parliament, and some of it won’t be delivered until next year.
And Canada’s Prime Minister Justin Trudeau announced $3.85 million for two Ukraine projects through the Peace and Stabilization Operations Program. It includes about $2.9 million in funding for ongoing development of Ukraine’s national police force and other emergency services, and about $950,000 to help advise Ukraine’s defense ministry.
To date, the U.S. has provided about $10.6 billion in military aid to Ukraine since the beginning of the Biden administration, including 19 packages of weapons taken directly from Defense Department stocks since August 2021.
U.S. defense leaders are also eyeing plans that will expand training for Ukrainian troops outside their country, and for militaries on Europe’s eastern and southern flanks that feel most threatened by Russia’s aggression.
___
Associated Press writer Lorne Cook in Brussels contributed to this report.
___
Follow AP’s coverage of Russia’s war in Ukraine at https://apnews.com/hub/russia-ukraine.
Copyright 2022 The Associated Press. All rights reserved. | https://www.whsv.com/2022/08/24/us-giving-ukraine-3-billion-military-aid-years-ahead/ | 2022-08-24T11:00:25Z |
PROSPECT — An anonymous tip led to the arrest of a thief who broke into an Oregon Department of Forestry (ODF) lookout tower in the Prospect area last week.
The suspect, Chad Allen McPherson, 30, of Prospect, was indicted Tuesday, Aug. 23 by a Grand Jury and charged with second-degree burglary, first-degree theft, first-degree criminal mischief, possession of burglary tools and felon in possession of a restricted weapon. McPherson is lodged in the Jackson County Jail and due to a parole violation for felon in possession of a firearm is not eligible for pre-trial release.
McPherson and another suspect were captured on surveillance footage breaking into the tower around 12:45 p.m. Sunday, Aug. 14. The additional suspect shown in the surveillance footage has not been identified. Jackson County Sheriff’s Office (JCSO) detectives have identified a person of interest and are actively working to identify the additional suspect by analyzing latent prints and submitting DNA.
JCSO detectives arrested McPherson during a traffic stop Friday, Aug. 19 after receiving the tip and matching his photos to the surveillance footage. After searching his vehicle, detectives discovered burglary tools. During a search warrant of his property on the 2000 block of Shelly Lane in Prospect, detectives found a restricted weapon he was prohibited from possessing as a convicted felon.
Investigators also discovered a black-market marijuana grow on the property. Illegal Marijuana Enforcement Team (IMET) detectives served a search warrant and destroyed 256 cannabis plants and 300 pounds of processed black-market marijuana on the property. There was no licensing for any type of cannabis growing, handling or processing at this location.
Later Friday, dispatch received a call about a duffel bag at the intersection of First Street and Highway 62 with a note which read “call the cops.” JCSO deputies retrieved the bag and it contained items matching that of the stolen ODF equipment. The solar panels and batteries are still missing.
The theft disabled ODF’s early fire detection capability for the northeastern portion of Jackson County near Prospect. ODF is currently working to get the camera system back up and running.
This case is ongoing with detectives working additional leads.
If you have any information on the additional suspect or the whereabouts of the missing equipment, call the JCSO Tip Line at 541-774-8333 and reference case No. 22-4725. | https://www.heraldandnews.com/news/anonymous-tip-leads-to-arrest-after-thieves-disable-early-fire-detection-cameras/article_c001f040-2355-11ed-88e9-fbb4797c0008.html | 2022-08-24T11:11:08Z |
Basin Buzz, Aug. 26-Sept. 1 Aug 23, 2022 13 hrs ago Comments Facebook Twitter WhatsApp SMS Email Facebook Twitter WhatsApp SMS Email Print Copy article link Save Facebook Twitter WhatsApp SMS Email Print Copy article link Save Saturday, Aug. 27Live music: Tom Franks, 9 a.m. to 11 a.m., Farmers MarketChris Garrett, 11:30 a.m. to 1:30 p.m., Farmers MarketSunday, Aug. 28 Live music: Carl Tosten, 6 p.m., Mia & Pia's Pizzeria & BrewhouseWednesday, Aug. 31Live music: Live & Local @ Lunch, noon to 1:30 p.m., Sugarman's Corner Facebook Twitter WhatsApp SMS Email Print Copy article link Save Tags Music Market Farmer Chris Garrett Tom Franks Carl Tosten Lunch Trending Now Motorcyclist dies in hit-and-run collision in Klamath Falls; vehicle driver arrested Klamath Falls City Council, citizens clash on park fixture Man killed in Klamath Falls after standing in road, being hit by truck Woman pleads not guilty in Chiloquin death; sister released Bureau of Reclamation announces end to Klamath Project for 2022 Latest e-Edition Klamath Falls Herald and News Read the latest edition of the Klamath Falls Herald and News. | https://www.heraldandnews.com/news/basin-buzz-aug-26-sept-1/article_cda612fa-2308-11ed-be32-fbf55b1c6ac8.html | 2022-08-24T11:11:14Z |
Let's Go to the Movies is a column for the Limelighter section in which the staff of the Herald & News will share with all of you what movies we have seen in the theaters recently and what movies we're looking forward to seeing soon. We hope readers enjoy this little insight into who we are. We would also love to receive suggestions on what you think we'd enjoy paying theater prices to see. To send in suggestions, email ehanson@heraldandnews.com.
Emily Hanson, assistant editor
I think I don't pay attention to entertainment news as much as other people do.
This thought popped into my brain last week when I was looking through new releases on Netflix and discovered "Uncharted," a movie I saw a preview for in theaters just a couple months ago.
Then I saw that "Minions: Rise of Gru" is available to stream through Amazon Prime.
After leaving theaters, "The Lost City" went to the Paramount streaming before it hit DVD.
And it suddenly occurred to me that releasing movies to streaming services before (or sometimes instead of) sending them to DVD (or even to theaters in the first place) might be making studios more money than a DVD release will.
Call me old-fashioned, but I still prefer to collect copies of the movies I loved in theaters and to buy copies of the movies I wasn't able to catch in theaters, but this new discovery of mine has opened a bit of a door: I already pay for Netflix, so now I can watch "Uncharted" essentially for free and then, if I like it, buy the DVD or blue-ray.
With that in mind, "Uncharted," the adventure story of a street-smart man that is recruited by a treasure hunter to find Ferdinand Megellan's lost fortune, will definitely be the next new movie I see. | https://www.heraldandnews.com/news/lets-go-to-the-movies-what-movies-have-the-herald-news-staff-been-watching/article_5117bdde-228f-11ed-a6c6-7723c41437ba.html | 2022-08-24T11:11:20Z |
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Boy, 5, dies after shooting self in eye with unsecured gun
DETROIT (WXYZ) - Police say a 5-year-old boy and his sibling were playing with an unsecured gun they found at a Detroit home when it went off, killing him.
According to police, a pair of siblings, ages 5 and 6, were left in the care of their uncle Monday. The uncle was reportedly downstairs in the basement playing video games when the children found a gun, it went off and the 5-year-old was shot in the eye.
“The 6-year-old told the uncle, ‘My brother is dying. We need help,’” said Deputy Chief Deshaune Sims with the Detroit Police Department.
A neighbor took the injured child to the hospital, where he died.
Police say the boy’s uncle is not cooperating and is currently in police custody.
“Right now, we’re trying to locate a weapon. We have not been able to recover a weapon at this time,” Sims said.
The 6-year-old sibling has reportedly been removed from the home. It’s not clear if they were removed by police or Child Protective Services.
Police are also pleading with gun owners to secure their weapons.
“Unfortunately, we’re here again. We have been at many of these scenes, and the message is if you have a weapon, put it up, lock it, keep it away from the children. Unfortunately, parents and caregivers are not taking heed to that message,” Sims said.
Wayne County Prosecutor Kym Worthy is pushing for laws that will criminally charge parents for not properly storing weapons, but it’s still in the legislature.
Meanwhile, police say they will be handing out free gun locks in Detroit neighborhoods.
“Hopefully, one person will take heed and keep weapons out of areas where children can access them easily,” Sims said.
Last year, 67 children in the city were shot.
Copyright 2022 WXYZ via CNN Newsource. All rights reserved. | https://www.wvva.com/2022/08/24/boy-5-dies-after-shooting-self-eye-with-unsecured-gun/ | 2022-08-24T11:32:52Z |
Nadler defeats Maloney in battle of top House Democrats
NEW YORK (AP) — U.S. Rep. Jerry Nadler, who twice led fights to impeach former President Donald Trump, defeated U.S. Rep. Carolyn Maloney in a Democratic primary Tuesday after a court forced the two veteran lawmakers into the same New York City congressional district.
Nadler’s victory ends a 30-year run in Congress for Maloney, who battled to get government aid for people sickened by clouds of toxic soot after the Sept. 11 attacks.
The unusual fight between incumbents who have spent decades working together was the result of a redistricting process that lumped Nadler’s home base on the west side of Manhattan together with Maloney’s on the east side, with neither willing to run in another part of the city.
In his victory speech, Nadler said he and Maloney “have spent much of our adult lives working together to better both New York and our nation. I speak for everyone in this room tonight when I thank her for her decades of service to our city.”
Nadler also defeated Suraj Patel, a 38-year-old lawyer and lecturer at New York University who has now failed to advance out of a Democratic congressional primary in three straight tries.
Nadler, 75, was first elected to Congress in 1992. As chair of the House Judiciary Committee, he led both impeachments of Trump. Nadler was buoyed in the last weeks of the campaign by endorsements from The New York Times and Senate Majority Leader Chuck Schumer.
He pledged he would go back to Congress “with a mandate to fight for the causes so many of us know to be right,” including abortion access and climate change.
Maloney, 76, also first elected in 1992, is the first woman to chair the House Oversight and Reform Committee. She is known for her longtime advocacy for Sept. 11 first responders seeking compensation for diseases they attribute to contamination from the destruction of the World Trade Center. She wore a firefighter’s jacket on Capitol Hill and at the 2019 Met Gala.
Maloney said women in politics still face “misogyny” today, something she said she experienced herself in her campaign this year.
“I’m really saddened that we no longer have a woman representing Manhattan in Congress,” Maloney added. “It has been a great, great honor and a joy and a privilege to work for you.”
House Speaker Nancy Pelosi called Maloney “a champion for integrity” in a statement on the race and said “her longtime public service will be profoundly missed in the Congress.”
Pelosi also congratulated Nadler, saying he “has been a commanding force for freedom and justice” and that the country would “greatly benefit from his continued leadership.”
Few policy differences between Nadler, Maloney and Patel emerged during the primary campaign.
All support abortion rights, the Green New Deal and tighter restrictions on gun ownership. Patel argued that Nadler’s and Maloney’s generation failed to achieve Democratic goals like codifying Roe v. Wade and should cede to new blood.
Nadler and Maloney countered that their seniority in Congress brings clout that benefits New Yorkers.
Friends for many years, the two Democrats lamented having to run against each other — something that only happened after a court redrew the boundaries of the state’s congressional districts after concluding the legislature botched the process.
“I didn’t want to run against my good friend, Jerry Nadler,” Maloney said at a recent debate. “We have been friends and allies for years. Unfortunately, we were drawn into the same district.”
Still, on the campaign trail Maloney said that as a woman, she would fight harder to protect abortion rights than Nadler.
Asked at a debate how his record differed from that of Maloney, Nadler cited his votes against the Iraq War and the Patriot Act, and in favor of the Iran nuclear deal. Maloney, also elected to Congress in 1992, voted the other way on all three.
Maloney also came under fire from her opponents for her past positions on vaccines, including in 2006 when she introduced legislation directing the federal government to study the debunked theory that vaccines can cause autism. Maloney insisted that she supports vaccines and regretted having ever questioned vaccine safety.
The primary winner in the overwhelmingly Democratic district will face Republican Michael Zumbluskas in the November general election.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/08/24/nadler-defeats-maloney-battle-top-house-democrats/ | 2022-08-24T11:32:59Z |
Student loan borrowers await Biden plan on debt forgiveness
WASHINGTON (AP) — Millions of Americans were waiting to learn the fate of their federal student debt on Wednesday as President Joe Biden prepared to deliver on his campaign promise to provide up to $10,000 in debt cancellation.
Details of the plan have been kept closely guarded, but borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness, according to three people familiar with the decision. Biden is also set to extend a pause on federal student loan payments through January.
If it survives legal challenges that are almost certain to come, Biden’s plan could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections. More than 43 million owe a combined $1.6 trillion in federal student debt, with almost a third owing less than $10,000, according to federal data.
Still, the action is unlikely to thrill any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom.
Biden has faced pressure from liberals to provide broader relief to hard-hit borrowers, and from moderates and Republicans questioning the fairness of any widespread forgiveness. The delay in Biden’s decision has only heightened the anticipation for what his own aides acknowledge represents a political no-win situation. The people spoke on the condition of anonymity to discuss Biden’s intended announcement ahead of time.
The continuation of the coronavirus pandemic-era payment freeze comes just days before millions of Americans were set to find out when their next student loan bills will be due. This is the closest the administration has come to hitting the end of the payment freeze extension, with the current pause set to end Aug. 31.
Wednesday’s announcement was set for the White House after Biden returns from vacation in Rehoboth Beach, Delaware. The administration had briefly considered higher education schools in the president’s home state for a larger reveal but scaled back its plans.
During the 2020 presidential campaign, Biden was initially skeptical of student loan debt cancellation as he faced off against more progressive candidates for the Democratic nomination. Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., had proposed cancellations of $50,000 or more.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap.
Biden narrowed his campaign promise in recent months by embracing the income limit as soaring inflation took a political toll and as he aimed to head off political attacks that the cancellation would benefit those with higher take-home pay. But Democrats, from members of congressional leadership to those facing tough reelection bids this November, have pushed the administration to go as broad as possible on debt relief, seeing it in part as a galvanizing issue, particularly for Black and young voters this fall.
The frenzied last-minute lobbying continued Tuesday even as Biden remained on his summer vacation. Senate Majority Leader Chuck Schumer, D-N.Y., one of the loudest advocates in recent years for canceling student loan debt, spoke privately on the phone with Biden, imploring the president to forgive as much debt as the administration can, according to a Democrat with knowledge of the call.
In his pitch, Schumer argued to Biden that doing so was the right thing morally and economically, said the Democrat, who asked for anonymity to describe a private conversation.
Inside the administration, officials have discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to three people with knowledge of the deliberations. That remained one of the final variables being considered by Biden heading into Wednesday’s announcement.
Democrats are betting that Biden, who has seen his public approval rating tumble over the last year, can help motivate younger voters to the polls in November with the announcement.
Although Biden’s plan is narrower than what he initially proposed during the campaign, “he’ll get a lot of credit for following through on something that he was committed to,” said Celinda Lake, a Democratic pollster who worked with Biden during the 2020 election.
She described student debt as a “gateway issue” for younger voters, meaning it affects their views and decisions on housing affordability and career choices. A survey of 18- to 29-year-olds conducted by the Harvard Institute of Politics in March found that 59% of those polled favored debt cancellation of some sort — whether for all borrowers or those most in need — although student loans did not rank high among issues that most concerned people in that age group.
Some advocates were already bracing for disappointment.
“If the rumors are true, we’ve got a problem,” Derrick Johnson, the president of the NAACP, which has aggressively lobbied Biden to take bolder action, said Tuesday. He emphasized that Black students face higher debut burdens than white students.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
John Della Volpe, who worked as a consultant on Biden’s campaign and is the director of polling at the Harvard Kennedy School Institute of Politics, said the particulars of Biden’s announcement were less important than the decision itself.
“It’s about trust in politics, in government, in our system. It’s also about trust in the individual, which in this case is President Biden,” Della Volpe said.
Combined with fears about expanding abortion restrictions and Trump’s reemergence on the political scene, Della Volpe said student debt forgiveness “adds an additional tailwind to an already improving position with young people.”
Republicans, meanwhile, see only political upside if Biden pursues a large-scale cancellation of student debt ahead of the November midterms, anticipating backlash for Democrats — particularly in states where there are large numbers of working-class voters without college degrees. Critics of broad student debt forgiveness also believe it will open the White House to lawsuits, on the grounds that Congress has never given the president the explicit authority to cancel debt on his own.
The Republican National Committee on Tuesday blasted Biden’s expected announcement as a “handout to the rich,” claiming it would unfairly burden lower-income taxpayers and those who have already paid off their student loans with covering the costs of higher education for the wealthy.
“My neighbor, a detective, worked 3 jobs (including selling carpet) & his wife worked to make sure their daughter got quality college degree w/no student debt,” Rep. Kevin Brady, R-Texas, the top Republican on the House Ways and Means Committee, tweeted Tuesday. “Big sacrifice. Now their taxes must pay off someone else’s student debt?”
Biden’s elongated deliberations have sent federal loan servicers, who have been instructed to hold back billing statements while Biden weighed a decision, grumbling.
Industry groups had complained that the delayed decision left them with just days to notify borrowers, retrain customer service workers and update websites and digital payment systems, said Scott Buchanan, executive director of the Student Loan Servicing Alliance.
It increases the risk that some borrowers will inadvertently be told they need to make payments, he said.
“At this late stage I think that’s the risk we’re running,” he said. “You can’t just turn on a dime with 35 million borrowers who all have different loan types and statuses.”
___
AP Education Writer Collin Binkley in Washington contributed to this report.
___
Follow AP’s coverage of student loan debt at https://apnews.com/hub/student-loans.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wvva.com/2022/08/24/student-loan-borrowers-await-biden-plan-debt-forgiveness/ | 2022-08-24T11:33:07Z |
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