MANAGUA, Nicaragua, Jan. 29, 2025 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, is proud to be Certified™ by Great Place to Work® in Nicaragua for the fifth time overall. This prestigious certification recognizes employers who create an outstanding employee experience and is based entirely on what current employees say about their experience working at ibex.
The past year has been transformative for ibex Nicaragua, with the business experiencing strong growth. ibex Nicaragua has expanded to more than 2,100 seats and is poised to surpass 2,200 employees. This growth is accompanied by strategic vertical diversification, including ongoing client expansion in the technology sector and new client wins in the utilities, gaming, and waste management sectors.
“We are proud to earn the Great Place to Work® Certification™ for the fifth time and continue to grow our amazing team in Nicaragua,” said David Afdahl, Chief Operating Officer at ibex. “ibex’s inclusive and engaging culture is a clear differentiator among BPOs in Nicaragua and around the world. We respect and value diverse backgrounds, experiences, and perspectives, which is critical to unlocking the extraordinary potential across our team to deliver the best customer service. By combining the best talent, training, and technology, we are redefining customer experience.”
ibex’s success in Nicaragua is rooted in its comprehensive approach to employee development and workplace culture. The company offers modern facilities featuring dedicated learning centers and open collaboration spaces. ibex is also recognized in the region for its positive and supportive work environment, as well as for its competitive compensation and opportunities for employees to advance their careers through training and development programs.
“This recognition is a powerful affirmation of our incredible team’s passion and unwavering dedication to excellence,” said Henry Bermudez, Senior Vice President of Operations – Nicaragua at ibex. “At ibex, we believe that a better employee experience leads to a better customer experience and we are laser-focused on creating meaningful career opportunities that empower individuals to excel. This certification is a celebration of their hard work and a promise of even greater achievements ahead.”
With successful operations in Nicaragua, Honduras, and Jamaica, ibex continues to demonstrate its position as a global leader in business process outsourcing in the region. The company remains committed to investing in its people, driving innovation, and creating meaningful opportunities for professional growth.
About Great Place To Work®
As the global authority on workplace culture, Great Place To Work brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work-Certified or receiving recognition on a coveted Best Workplaces™ List. Learn more at greatplacetowork.com and follow Great Place To Work on LinkedIn, Twitter, Facebook and Instagram.
About ibex ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of 31 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.
ibex leverages its diverse global team of approximately 31,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.
FT. MYER, Va., Jan. 29, 2025 (GLOBE NEWSWIRE) — The American Armed Forces Mutual Aid Association (AAFMAA), the nation’s longest-standing nonprofit financial solutions provider for the military community, today announced that it has implemented the Sapiens ApplicationPro, IllustrationPro, UnderwritingPro and DataSuite, to simplify its life insurance application, enrollment and underwriting process for active-duty servicemembers, Veterans, and their families. AAFMAA has upgraded its systems with Sapiens solutions to better serve its Members by making the important insurance decision-making process faster and easier for them.
AAFMAA offers a variety of term and whole life insurance policies designed to meet the unique needs and circumstances of members of the military community. The Sapiens system presents applicants with appropriately tailored options side-by-side and the incorporation of automation dramatically shortens the application review cycle for complex cases, reducing approvals or other decisions from weeks to just a few days.
“Our Members and their families will see incredibly helpful improvements to our insurance procurement platform, thanks to our partnership with Sapiens,” said Jerry Quinn, AAFMAA Chief Operating Officer. “Making decisions about insurance isn’t just important, it’s also quite complicated; sometimes our Members find themselves unsure of how to even begin the process. With Sapiens’ technology, that complicated process has become much simpler.”
“We admire AAFMAA’s mission and are thrilled that the implementation of our technology is helping their team provide military servicemembers and their families with their necessary insurance needs,” said Roni Al-Dor, Sapiens President and CEO. “We look forward to hearing more about how our technology is making the process of obtaining insurance easier for their Members.”
To get started on protecting your family more easily with life insurance or for more information, members of the military community can visit aafmaa.com.
About AAFMAA
The American Armed Forces Mutual Aid Association (AAFMAA) is the longest-standing nonprofit financial solutions provider that empowers the military community with affordable financial solutions, including always-affordable life insurance, expert investment management, and customized residential mortgages. Follow the organization on X, Facebook and LinkedIn.
About Sapiens Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.
Investor and Media Contact: Yaffa Cohen-Ifrah Sapiens Chief Marketing Officer and Head of Investor Relations Mobile: +1 917 533 4782 Email: Yaffa.cohen-ifrah@sapiens.com
Group CEO Johan Kirstein Brammer has been granted 38,867 Tryg shares for a total amount of DKK 5,686.242.10. Granting of the shares are related to the bonus programme in 2020 and the acquisition of RSA Scandinavia in 2021.
Group COO Lars Bonde has been granted 37,813 Tryg shares for a total amount of DKK 5,532,041.90. Granting of the shares are related to the bonus programme in 2020 and the acquisition of RSA Scandinavia in 2021.
Samsung has brought an exciting interactive experience to Sandton City with the Galaxy Studio, which opened on 23 January 2025. The studio is offering visitors the chance to step into the future – an immersive space where technology and creativity collide, showcasing the latest in Galaxy AI innovation.
At Galaxy Studio, guests can get an exclusive hands-on preview of the newly launched Samsung Galaxy S25 Series – a true AI companion – that is set to redefine the future of mobile technology. Unveiled on 22 January 2025, the Galaxy S25 Series learns from your daily habits and routines, adapting to fit seamlessly into your life. It’s not just a phone – it’s your next mobile assistant that empowers you to make every day extraordinary.
With the new One UI 7.0, the Galaxy S25 Series is designed to elevate your mobile experience by personalising your interactions, simplifying tasks, and enhancing every aspect of your daily routine. Studio visitors will be treated to live demonstrations of the phone’s unique AI features, showing how Samsung’s cutting-edge mobile technology makes every day easier, smarter, and more efficient. From AI-enhanced intuitive features to smart personalisation, this device will turn your idea of what a phone can do on its head.
At Galaxy Studio visitors can engage directly with the technology and witness its transformative power in real time. You can explore Samsung’s AI-driven camera features, capture your moments, and watch as they’re enhanced instantly, giving you the chance to share your stunning creations on social media. See for yourself:
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One of the Galaxy Studio highlights is a demonstration of the phone’s powerful camera in a concert scenario in the Nightography Booth. Guests will be able to capture their thrilling moment as a DJ at a ‘concert/live event’. Galaxy Studio is more than just a space to see the Galaxy S25 Series in action; it’s an immersive world that highlights how AI can reshape everything from how we capture memories to how we stay connected. Whether you’re snapping photos, organising your day, or learning how Galaxy AI simplifies your life, this is an experience you won’t want to miss.
Dates: 23 January – 9 February 2025Location: Galaxy Studio, Sandton City, JohannesburgAdmission: Free
For more information and updates, follow Samsung South Africa on social media – @SamsungmobileSA (X, Instagram), Samsung South Africa (Facebook) or visit www.samsung.com/za.
Source: United Kingdom – Executive Government & Departments
New accommodation for service personnel at Royal Military Academy Sandhurst (RMAS) has been completed under a major investment programme.
Family of the first Welsh Guardsman to be Academy Sergeant Major at RMAS Sandhurst, WO1 Horace Phillips, attend opening of the block named in his honour with representatives of DIO, the army, and contractor Reds10. MOD Crown Copyright.
The new Single Living Accommodation (SLA) block provides 53 ensuite single bedspaces for senior ranks, with utilities, drying rooms, a kitchen and furnished communal space. A second block providing 66 bedspaces for junior ranks is due to be completed in March 2025.
The c.£13 million project was funded under the army’s SLA Programme and delivered by the Defence Infrastructure Organisation (DIO), contracting to off-site construction specialists Reds10.
The modular, sustainable SLA includes solar energy harvesting, air source heat pumps and a SMART building management system, which learns how the building is used through sensor data to ensure it runs as efficiently as possible.
At the formal opening of the senior ranks block on 23 January, Major General Richard Clements CBE, Director of Basing and Infrastructure, said:
Modern methods of construction are enabling us to build more quickly, provide a better standard of accommodation for our people and improve the sustainability of our estate. This new energy-efficient building has been designed using feedback from soldiers to ensure it meets their needs, and demonstrates the impressive standard of accommodation being delivered under our long-term investment programme.
Warren Webster, DIO MPP Army Programme Director said:
This a significant milestone in our work to provide quality, sustainable infrastructure for the army. The senior ranks will benefit from this new accommodation, which will shortly be followed by a second block for junior ranks. Both are designed to be as sustainable and energy efficient as possible, learning from previous projects to improve their environmental credentials and the lived experience while also being better value for money than using traditional construction methods.
The new senior ranks’ SLA building has been named ‘Phillips Block’ after Warrant Officer Class One (WO1), Academy Sergeant Major Horace Cyril Phillips, MVO, MBE, Welsh Guards. WO1 Phillips was the first Welsh Guardsman to hold the prestigious post of Academy Sergeant Major at RMAS. Members of Mr Phillips’ family attended the formal opening of the building and unveiled a plaque in his honour.
WO1 Daniel Cope, Academy Sergeant Major, RMAS Group, who is also a Welsh Guardsman, said:
It is fantastic to see the result of significant investment in new accommodation to benefit personnel here at Royal Military Academy Sandhurst. The building has been delivered to an impressive standard and the sustainable features will contribute to local efforts to reduce our carbon footprint. This was also a fitting opportunity to commemorate my predecessor and fellow Welsh Guardsman, former Academy Sergeant Major Horace Phillips, for his service to RMAS.
Phil Cook, Defence Director, Reds10, said:
We are delighted to hand over this new accommodation to the Army, showcasing the benefits of modern, sustainable construction methods. Our team has worked closely with DIO and army stakeholders to ensure this project not only meets the highest standards but also supports the wellbeing of personnel.
The integration of energy-efficient technologies and SMART building systems reflects our commitment to delivering long-term value for the armed forces and reducing the environmental impact. It’s an honour to contribute to the transformation of the lived experience at RMAS.
Overall, the Army SLA Programme is investing £1.4 billion over 10 years to enhance living conditions for service personnel. More than 1,000 new bedspaces are currently in construction across the estate, with 6 blocks due to be completed in 2025.
Source: Moscow Government – Government of Moscow –
The planning project for an inefficiently used area in the Cheryomushki district has been approved. This was reported in on your telegram channel Sergei Sobyanin reported. The 6.6-hectare site is located on Nauchny Proezd, near property 11a.
“The project is being implemented within the framework of the integrated territorial development program. It will create over 330 jobs,” the Moscow Mayor wrote.
Source: Sergei Sobyanin’s Telegram channel @Mos_Sobyanin
A modern residential quarter will be built in the area for the purposes of the renovation program and other city needs. The total development area will be 173.9 thousand square meters. In addition to housing construction, work is planned here to develop the street and road network, including the creation of new driveways and the reconstruction of sections of Nauchny Proezd.
The area inside the block will be landscaped and greened. There will be a park, sports and children’s playgrounds, and car parks. One distribution and four transformer substations will be built to provide engineering support for the residential block.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
The Aurora, Ill.,, Fire Department had help from the IAM this year, delivering toys to deserving children around Aurora, Il. As part of its annual toy drive, firefighters collect toys around the holidays and deliver them to homes, surprising many deserving children.
Every year, firefighters receive donated toys from several individuals and organizations, including the Aurora-based IAM Local 1202 and IAM District 8. In the days before Christmas, Santa makes his deliveries with firefighters in a firetruck.
“This is what the holiday season is all about,” said IAM Midwest Territory General Vice President SamCicinelli. “The true spirit of the holidays is in giving back, and it’s incredible to see so many people come together to make a difference for local families.”
“We’re proud to partner with Local 1202 in Aurora for our annual toy drive,” said IAM District 8 Directing Business Representative Ryan Kelly. “This year, we gathered thousands of dollars worth of toys from 17 of our District 8-affiliated locals across the state, bringing joy to many local families. My sincere thanks go out to all the volunteers, as well as District 8 staff for their help in making this the huge success it was.”
“I’m extremely proud of the efforts of our membership,” said IAM Local 1202 President Dave Dady. “I’m also proud of the efforts of our brothers and sisters from across the IAM Locals in District 8 whose efforts ensured our success.”
This year, IAM Local 1202 was also featured on thefront pageof Labor News for their efforts.
Following the release of a post advising the public of a telephone scam involving a fundraising initiative of the RCMP for victims of sexual assault, RCMP NL has since learned that a legitimate fundraiser is currently taking place involving the Royal Newfoundland Constabulary Association (RNCA).
Information originally received, which initiated a public advisory, stated that the caller identified themselves as a Constable with the RCMP. The RCMP is not currently involved in any fundraising. The Royal Newfoundland Constabulary Association is participating in its Annual Community Guide Telephone Appeal. Funds raised help publish their 35th Annual Crime Prevention Guide with this years’ focus on “Child Abuse Awareness.”
For further information about the Royal Newfoundland Constabulary Association Annual Community Guide Telephone Appeal, please call the Royal Newfoundland Constabulary Association at 709-739-5946 or the Community Guide Office at 1-800-215-8987.
Sundie Seefried to Immediately Become Co-CEO and Retire in 30 Days; Will Remain on Board of Directors Post-Transition
Business Transformation Expert, Terry Mendez, Appointed Co-CEO; Will Become CEO Upon Retirement of Seefried
GOLDEN, Colo., Jan. 29, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today that its current CEO, Sundie Seefried, plans to retire in 30 days. Karl A. Racine, chair of the Safe Harbor’s Nominating and Governance Committee, has been overseeing due diligence activities and advising the executive team and the Governance Committee to evaluate both internal and external candidates as part of the process. This strategic approach and review are part of the Company’s long-term growth strategy, ensuring that Safe Harbor continues to maximize shareholder value and executes its strategic vision.
Sundie Seefried will serve as co-CEO throughout this transition period. The Company signed a three-year executive employment agreement with Terry Mendez to serve as co-CEO and will be appointed CEO upon Seefried’s retirement. Post-transition, Seefried will remain on the Board of Directors.
During the transition, Mendez will work closely with Safe Harbor’s leadership team and Board of Directors to capture opportunities for innovation and growth, while Seefried will focus on achieving operational continuity. Seefried and Mendez will be the key decision-makers, ensuring that all strategic recommendations are evaluated and presented to the Board, as needed, for approval.
“We remain committed to thoughtful succession planning and long-term strategic growth, with the goal of capitalizing on optimizing our market position,” said Sundie Seefried, co-CEO of Safe Harbor Financial. “Terry’s experience in business expansion, transformation and strategic advisory will provide a valuable perspective as we explore ways to enhance our operations and maximize shareholder value. I look forward to working closely with him.”
“At a time when most financial institutions were unwilling to work with the cannabis industry, Safe Harbor emerged as a pioneer, providing essential banking and financial services to the sector for the past decade. We are now looking at the challenges currently facing the industry and determining how we can leverage our people to develop technology that delivers trusted solutions to the marketplace,” said Terry Mendez, co-CEO of Safe Harbor Financial. “I look forward to diving into the business, learning from Sundie and partnering with my fellow operators to deliver value for our shareholders.”
Terry Mendez brings extensive experience in strategic planning and operational transformation within the information technology and cannabis industries. In his role as founder of Amos Advisory Solutions, Mr. Mendez served as the CEO of both single-state and multi-state cannabis operators successfully leading turnaround efforts. Terry began his career in public accounting with Arthur Andersen and Deloitte & Touche. Previously, he served as the vice president of Finance and global chief accounting officer for Hitachi Vantara, a subsidiary of Hitachi, overseeing 52 countries.
About Safe Harbor Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.
Cautionary Statement Regarding Forward-Looking Statements Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
These ETFs are designed to provide investors with the opportunity over a limited period (the “Outcome Period”) to benefit up to a certain extent (the “Cap”) from increases in the total return of the KraneShares CSI China Internet ETF (Ticker: KWEB) with a defined level of protection (the “Buffer”). The current Outcome Period for the Funds is from January 27, 2025 to January 22, 2027.
The new performance Cap for KPRO over the Outcome Period will be 20.01% and the new Cap for KBUF will be 40.01%. The new Caps stem from a decision earlier this month to extend the Outcome Period for both Funds due to strong China Internet momentum.
The Funds will retain the same buffers of 100% and 90%, respectively, based on KWEB’s price on January 25, 2025.
“KWEB has exceeded performance expectations since KPRO and KBUF were launched in February 2024,” said Jonathan Shelon, KraneShares COO. “We believe that resetting the downside protection and increasing the upside potential by extending the outcome period, is a benefit to existing and new investors. We are extremely pleased with the results of these strategies and are excited to introduce these enhancements.”
KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. The caps and buffers mentioned above do not reflect the effect of fees and assume the Funds are held from launch to the end of the outcome period (2 years). For more information regarding whether an investment in the Funds is right for you, please read each Fund’s prospectus, including “Investor Suitability Considerations.
About KraneShares
KraneShares is a specialist investment manager focused on China, Climate, and Uncorrelated Assets. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners’ deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. The firm was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).
Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/kweb,www.kraneshares.com/kproand www.kraneshares.com/kbuf. Read the prospectus carefully before investing.
Risk Disclosures:
Investing involves risk, including possible loss of principal. There can be no assurance that any of the Funds will achieve their stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.
A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation. A-Shares may experience frequent trading halts and illiquidity, which can lead to volatility in the Funds’ share prices and increased trading halt risks. The Chinese economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Funds. U.S.-China tensions raise concerns over tariffs and trade restrictions, which could harm China’s exports and the Funds. China’s regulatory standards are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Funds and leading to unexpected liabilities for foreign investors. Fluctuations in currency of foreign countries may have an adverse effect on domestic currency values.
KPRO and KBUF have characteristics unlike many other traditional investment products and may not be suitable for all investors. An investment in any of the Funds may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the returns realized by the investor may not match those that the Funds seek to provide. The Funds may not fully protect against KWEB losses if their share prices drop during the Outcome Period. Buying or selling shares during this time may affect the Buffer’s availability. Even if KWEB’s value rises, the Buffer won’t guard against any subsequent decrease.
A new Cap is set at the start of each Outcome Period and depends on current market conditions. Therefore, the Cap may change between Outcome Periods and is unlikely to stay constant. Investors should keep track of Cap changes for each Outcome Period, details of which will be provided according to the process outlined in each Fund’s prospectus. The Funds aim to provide returns subject to a Cap, but there is no guarantee of success. If any Fund’s gains exceed the Cap, that Fund won’t appreciate beyond the Cap and will underperform. Due to the Cap, the Funds may significantly underperform KWEB. Buying shares after the Outcome Period starts may limit gains, exposing investors to potential losses. Selling shares before the Outcome Period ends may result in underperformance.
The Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Funds are subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Funds to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative. KPRO and KBUF will use FLEX options from the Options Clearing Corporation (OCC). There’s a risk of the OCC failing to meet its obligations. The Funds may face challenges in less liquid FLEX options markets and have difficulty closing positions at desired times and prices. If the unlikely event the OCC becomes insolvent, the Funds could suffer losses. Failure by market participants to enter into FLEX options transactions that reflect market value could result in losses. Some FLEX options may expire worthless. The value of these options is associated with KWEB and influenced by factors such as market fluctuations and time until expiration.
KPRO and KBUF are new and do not yet have a significant number of shares outstanding. If the Funds do not grow in size, they will be at greater risk than larger funds of wider bid-ask spreads for their shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. The Funds’ assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Funds are subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KWEB, KPRO and KBUF are non-diversified.
ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.
The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.
KEARNY, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Thea Energy, Inc., a fusion technology company advancing the stellarator for the commercialization of a carbon-free and abundant source of energy, today announced four peer-reviewed publications in the journal Nuclear Fusion. These papers together support the planar coil stellarator as a scalable, maintainable, and simpler approach to commercial fusion energy, with an additional real-world use case as a neutron source. The articles are accessible on the Company’s website under “Presentations & Publications” and via Nuclear Fusion.
These papers detail the practical advantages of the planar coil stellarator as well as the methods used to design the planar (i.e. flat) magnetic coils, allowing for a commercial maintenance scheme. Thea Energy also shares new results in the papers on the simulated and optimized performance of Eos, the Company’s first integrated fusion system that will be constructed and operated later this decade. Thea Energy is designing Eos, based on the same planar coil stellarator architecture, to produce tritium, a vital fusion fuel isotope. The papers also discuss the ability of the Eos stellarator magnetic field to confine energetic plasma particles, heating the plasma and sustaining fusion.
“Complex, 3D magnet coils have limited prior generations of stellarators, making them extremely difficult to build and maintain,” said David Gates, Ph.D., co-founder and chief technology officer of Thea Energy. “These results are a part of a new era for stellarator systems. Eos will serve as an important technology test bed that will also breed tritium for commercial use. Eos will leverage simpler coils as well as a software control layer, allowing future fusion power plants to be built and deployed on-the-grid at scale. As the team starts to construct Eos, we look forward to further expanding these findings, while at the same time increasing the fidelity of our models.”
Brian Berzin, co-founder and chief executive officer of Thea Energy, added, “Thea Energy is advancing a system architecture that from the beginning focused on real-world use and practicality, further outlined in these papers. The team’s hard work to complete this cohort of publications is a major milestone, motivated by the opportunity to share details with the broader scientific community on what makes the planar coil stellarator such a transformative approach. Peer-reviewed research is fundamental to the rapidly advancing fusion industry, and it is our intention to continue to publish our results.”
Key takeaways from “Stellarator fusion systems enabled by arrays of planar coils”:
Planar coil stellarators can use systems of simpler coils to produce the magnetic fields required to confine plasmas while leveraging key advantages in terms of manufacturability, controllability, and maintainability. These benefits are crucial to a commercial fusion power plant architecture.
Thea Energy will build and utilize the first planar coil stellarator system as a neutron source, named Eos. The Company will scale and deploy a subsequent planar coil stellarator system as a fusion pilot plant, named Helios. Helios is approximately twice the linear dimension of the Eos neutron source stellarator and is being designed to generate net electric power in steady state.
Key takeaways from “Coil optimization methods for a planar coil stellarator”:
The planar coil stellarator architecture uses two types of coils, encircling coils and shaping coils. These simpler coils can produce a specific stellarator magnetic field with sufficient precision to confine a fusion plasma in the same way as a set of more complex, 3D stellarator coils for an equivalent equilibrium, subject to realistic engineering constraints.
The planar coil stellarator approach enables large system sectors designed for removal between the encircling coils, providing a sector maintenance capability.
Key takeaways from “The scoping, design, and plasma physics optimization of the Eos neutron source stellarator”:
The Thea Energy team utilized coupled plasma physics models to downselect an optimal design for Eos to a medium-sized facility with required electric power of less than 40 MW.
Eos will have the ability to produce tritium at a rate in line with current commercial methods of production, approximately 0.2 grams/day or 70 grams/year.
Key takeaways from “Fast ion confinement in quasi-axisymmetric stellarator equilibria”:
The Company’s electromagnetic coils are designed to confine energetic plasma particles. High-fidelity supercomputer simulation verifies that the intended Eos magnetic field is efficient at this confinement, and that the Eos system will be capable of producing tritium using deuterium-deuterium fusion.
The analysis also validates that the Helios design will confine enough fusion products to produce net energy, and the simulation work points to future analysis for further improving this confinement, increasing the efficiency of the power plant.
The simulations presented in “Coil optimization methods for a planar coil stellarator” and “Fast ion confinement in quasi-axisymmetric stellarator equilibria” were performed on computational resources managed and supported by Princeton Research Computing, a consortium of groups including the Princeton Institute for Computational Science and Engineering (“PICSciE”) and the Office of Information Technology’s High Performance Computing Center and Visualization Laboratory at Princeton University.
Work highlighted in “The scoping, design, and plasma physics optimization of the Eos neutron source stellarator” and “Fast ion confinement in quasi-axisymmetric stellarator equilibria” was partially funded by an INFUSE award given in round 2022b and carried out in collaboration with researchers at the U.S. Department of Energy’s Princeton Plasma Physics Laboratory, which is managed by Princeton University.
About Thea Energy, Inc. Thea Energy, Inc. is building an economical and scalable fusion energy system utilizing arrays of mass-manufacturable magnets and dynamic software controls. Commercial fusion energy can uniquely provide an abundant source of zero-emission power for a sustainable future. Thea Energy is leveraging recent breakthroughs in computation and controls to reinvent the stellarator, a scientifically mature form of magnetic fusion technology. Thea Energy was founded in 2022 as a spin-out of the Princeton Plasma Physics Laboratory and Princeton University, where the stellarator was originally invented. Thea Energy is currently designing its first integrated fusion system, Eos, based on its planar coil stellarator architecture which will produce fusion neutrons at scale and in steady state. To learn more about Thea Energy’s mission to create a limitless source of zero-emission energy for a sustainable future, visit https://thea.energy/ and follow us on X and LinkedIn.
BOSTON and EL SEGUNDO, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Acquia, the leader in open digital experience software, today announced a strategic partnership with SearchStax, the Search Experience Company, to elevate the search experience of Drupal-based websites with advanced AI-driven search capabilities. The partnership will replace Acquia’s existing Solr site search service with a comprehensive new solution, Acquia Search powered by SearchStax, that significantly improves website engagement, user satisfaction, and conversions.
“Search has evolved into critical infrastructure that provides website visitors with an intuitive, accurate, and contextually relevant experience that drives customer satisfaction and boosts conversions,” said Jim Shaw, Chief Product Officer at Acquia. “Likewise, marketing teams want to be able to configure and manage intelligent search experiences without developer involvement. Our partnership with SearchStax allows us to provide easy-to-use tools that enable marketers to configure sophisticated search features without complex coding, so they can ensure the right content is easy to find and can be served faster to their website visitors.”
Acquia Search powered by SearchStax gives marketers the agility they need to optimize search outcomes with key features and benefits including:
Surface Content Quickly Across Sites: define facets and filters based on categories, tags, and other fields that follow your site’s content structure, while multi-site search breaks down silos to help visitors discover the exact information they need, regardless of where your content lives.
Drive Content Discoverability: go beyond basic search with AI-driven features that provide automatic search improvements including intelligent search suggestions and auto-completion, related keywords based on search history, and natural language processing to eliminate ‘no result’ searches.
No-code Analytics and Actionable Insights: robust analytics tools provide full visibility into search behavior and trends. A customizable dashboard provides a quick view of KPIs, and users can dive deep into the details to analyze site engagement, uncover content gaps, and identify specific areas of improvement.
Make Frictionless Adjustments: optimize content with tools that give marketers the ability to promote key content, boost fields to improve relevance and conversions, include/exclude content, and customize the search experience to different personas with just a few clicks.
Enterprise Availability and Security: protect your data with built-in compliance for HIPAA, SOC2, ISO 27001, WCAG, and GDPR industry standards, and confidently scale to handle large volumes of data, complex search queries, and demanding performance expectations so visitors can perform fast, reliable searches even during traffic spikes.
“Integrating Acquia Search powered by SearchStax into our Acquia-hosted website was a seamless process, and we’re excited to implement the latest features,” said Barry Crowley, Web Content Lead Developer at Sensata Technologies, Inc. “We anticipate a substantial improvement in our site’s search functionality that will enable our visitors to find the information they need more quickly and effortlessly, boosting user engagement and driving higher conversions.”
“Site search is key to boosting website conversions and elevating customer experiences. With SearchStax’s advanced search capabilities, Acquia’s customers can maximize their content’s value. This partnership empowers marketing teams to deliver highly relevant website search results, driving engagement and helping them achieve key business objectives,” said Sameer Maggon, CEO at SearchStax.
Availability Acquia Search powered by SearchStax is generally available beginning in February 2025, with three tiered plans available. The Basic plan will be included at no cost in Acquia Cloud Platform and Site Factory subscriptions; paid Premier and Premier Plus plans will offer additional functionality AI search capabilities, advanced analytics, search management tools, and more. For more on Acquia Search powered by SearchStax, visit https://www.acquia.com/products/acquia-cloud-platform/acquia-search.
About SearchStax: SearchStax, the Search Experience Company, enables marketers and developers to deliver fast, relevant website search experiences. SearchStax powers search for more than 700 customers worldwide, including leading brands in higher education, healthcare, government, manufacturing, and financial services such as Roche, University of Arkansas, KPMG, Banner Health, Canon, and Fidelity. Learn more at www.searchstax.com.
About Acquia: Acquia empowers ambitious digital innovators to craft the most productive, frictionless digital experiences that make a difference to their customers, employees, and communities. We provide the world’s leading open digital experience platform (DXP), built on open source Drupal, as part of our commitment to shaping a digital future that is safe, accessible, and available to all. With Acquia Open DXP, you can unlock the potential of your customer data and content, accelerating time to market and increasing engagement, conversion, and revenue. Learn more at https://acquia.com.
Media Contacts:
For SearchStax Tom Humbarger Senior Marketing Programs Manager press@searchstax.com +1.844.973.2724
For Acquia Matt Krebsbach SVP, Thought Leadership & Brand Awareness pr@acquia.com
All logos, company, and product names are trademarks or registered trademarks of their respective owners.
OGDEN, Utah, Jan. 29, 2025 (GLOBE NEWSWIRE) — TAB Bank announces the addition of Steel Capital Management, a New York City-based finance company specializing in e-commerce solutions, to its portfolio of Lender Finance clients. TAB Bank has extended a $12 million credit facility to support Steel Capital Management as they provide capital solutions to accelerate growth for Direct-to-Consumer (DTC) companies.
Steel Capital Management selected TAB Bank because of its expertise in lender finance, flexible financing structures, competitive cost of capital and scalability. The $12 million credit facility will provide Steel Capital Management with the working capital to continue scaling its business and supporting its clients.
“TAB Bank is looking forward to helping Steel Capital Management continue driving growth and innovation in the e-commerce space by providing a flexible and scalable financing structure,” said Jerry Clinton, Managing Director of Corporate Underwriting at TAB Bank. “Our ability to tailor loans to fit a company’s market and unique needs demonstrates our mission—unlocking dreams with bold financial solutions that lift and empower.”
Based in New York City, Steel Capital Management was born out of the necessity to help early to mid-stage consumer brands grow by providing alternative financing options. The firm understands recurring industry problems—seasonality, stale inventory, shipping and fulfillment backlogs, and marketing channels changing how they operate—and aims to tailor its investments to address them.
“TAB Bank has been a pleasure to work with throughout the due diligence, documentation and closing process,” said Michael Hoffman, co-CEO of Steel Capital Management. “The TAB Bank team’s willingness to fit our flexible financing needs demonstrated their commitment to building a long and successful partnership with Steel Capital. We’re confident we’ve found the right partner to continue Steel’s growth.”
TAB Bank is committed to empowering businesses with innovative financial solutions, including term loans, lines of credit and accounts receivable financing. By tailoring its offerings to fit each client’s specific needs, TAB Bank ensures consistent cash flow and growth opportunities for small and midsize businesses nationwide.
About TAB Bank At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.
For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.
MAYFIELD VILLAGE, OHIO, Jan. 29, 2025 (GLOBE NEWSWIRE) — The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended December 31, 2024:
December
Quarter
(millions, except per share amounts and ratios; unaudited)
2024
2023
Change
2024
2023
Change
Net premiums written
$
5,964
$
4,876
22
%
$
18,105
$
15,130
20
%
Net premiums earned
$
6,717
$
5,310
26
%
$
19,144
$
15,773
21
%
Net income
$
942
$
901
5
%
$
2,356
$
1,988
19
%
Per share available to common shareholders
$
1.60
$
1.53
5
%
$
4.01
$
3.37
19
%
Total pretax net realized gains (losses) on securities
$
(140
)
$
144
(197
)
%
$
(53
)
$
303
(117
)
%
Combined ratio
84.1
83.4
0.7
pts.
87.9
88.7
(0.8
)
pts.
Average diluted equivalent common shares
587.7
587.4
0
%
587.7
587.5
0
%
December 31,
(thousands; unaudited)
2024
2023
% Change
Policies in Force
Personal Lines
Agency – auto
9,778
8,336
17
Direct – auto
13,996
11,190
25
Special lines
6,520
5,969
9
Property
3,517
3,096
14
Total Personal Lines
33,811
28,591
18
Commercial Lines
1,141
1,099
4
Companywide
34,952
29,690
18
See Progressive’s complete monthly earnings release for additional information.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, will release financial results for the fourth quarter and year ended Dec. 31, 2024, on Tuesday, February 25, 2025, after the market closes. An earnings news release, investor fact sheet and presentation will be published on the company’s investor relations website offering an overview of the financial results.
The company will host a conference call at 10:00 a.m. EST the following day, Wednesday, Feb. 26, 2024, with Chairman and Chief Executive Officer Rohit Kapoor and Executive Vice President and Chief Financial Officer Maurizio Nicolelli, who will provide insights into the company’s operational and financial results.
To listen to video live webcast or to participate in the call, please register here. A replay of the webcast will be available for approximately one year.
EXL [NASDAQ: EXLS] is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 57,000 employees spanning six continents. For more information, visit www.exlservice.com.
Contact: John Kristoff Vice President, Head of Investor Relations +1 212 209 4613
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The financial supervisory authority BaFin warns offers from the website kersten-anlageberatung.de. The website is almost identical to kersten-anlageberatung.com, which BaFin already warned against on 17 January 2025. BaFin expressly points out that the licensed securities institution Kersten Anlageberatung GmbH contrary to the information in the imprint does not operate the website kersten-anlageberatung.de either. This is yet another case of identity theft.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Many of us feel pressure to transform ourselves. Just spend a few minutes scrolling social media, and you’re likely to come across several videos telling you about various challenges and tips to help you have a “glow-up”. Most of these tips are about physical appearance – drinking more water to clear your skin, or spending 75 days doing hardcore workouts.
The Quarter Life Glow-up is a little different. This six-week newsletter course from The Conversation’s UK and Canada editions will suggest ways you might be able to improve your social life, relationships, mental health and career – without breaking a sweat, spending money or revamping your skincare routine.
The course is aimed at readers in their 20s and 30s. This is a period of life where many of us make big decisions that will affect us the rest of our lives – from careers, to relationships, to parenthood. The tips in the course will hopefully help you make some of those decisions, but they’ll remain helpful for many years to come.
When you sign up for the course, you’ll get six weeks of research-backed analysis, expert advice and challenges delivered straight to your inbox. Each week will bring you two new articles, a note from our editors and a bite-size activity to help you try it at home.
how to finally do that thing you’ve been putting off
how to stop comparing yourself to others
how to find joy in new hobbies.
The Glow-up takes what The Conversation does best – accessible, rigorous content – and shows you how to apply it in your own life. You can start your glow-up at any time. And like all our content, it’s free to access and has no ads or subscriptions.
With political support historically from all parties and civil society — including faith organizations and community groups — private sponsorship is an affordable, sustainable and effective way to protect and support people whose lives are at risk.
Safe haven for refugees
For 45 years, Canada’s Private Sponsorship of Refugees (PSR) program has provided safety to refugees from around the world, bringing together Canadian individuals and communities who volunteer their time and raise funds to support refugee newcomers to Canada.
Everyday Canadians have stepped up to provide funds for newcomers’ basic expenses, to help find housing and to connect people to health, education and language services. More than 327,000 refugees have come to Canada through the program, supported by citizen action from coast to coast.
The pause, in place until Dec. 31, 2025, was cited as “preventing further growth of the application inventory” that far exceeds the current spaces allotted for privately sponsored refugees in the 2025-2027 Immigration Levels Plan, which is 23,000 for 2025.
This pause does not apply to all sponsorship applications, like those submitted by sponsorship agreement holders, the Blended Visa Office-Referred Program or the one-year window provision. However, data from 2022 indicate that the G5 and CS groups represented 60 per cent of private refugee sponsorships, meaning these streams are significant contributors to the program.
The inevitable result of this action will be longer wait times for applicants at risk, and longer periods of separation for refugees who have landed as permanent residents and urgently want to bring family or community members who remain in danger to safety — and have no other pathway to do so.
Between 2017 and 2020, our research team (led by geography professor Jennifer Hyndman) interviewed more than 100 people in five provinces across Canada, with participants from both urban and rural settings. Our focus was on long-term sponsors — people who had participated in sponsorship programs several times over a minimum of five years, often decades. Many of these had been part of the G5 group, which allows private citizens to collectively resettle refugees from abroad.
Our findings revealed that many G5 sponsors are driven by deep commitment to global solidarity with refugees. G5 sponsors are often in diaspora communities and former refugees themselves who want to help family members or close kin in dangerous circumstances to safety.
The program’s ability to facilitate these connections and the protection they afford is vital, driving the sustainability of private refugee sponsorship. The suspension of new applications for G5 will not only prolong family separation but also extend the wait times for refugees trapped in war zones.
Our research shows that a large proportion of former refugees and sponsors knew specific individuals still at risk whom they wished to sponsor. This process of “naming,” which allows sponsors to nominate individuals for resettlement, is a unique and integral feature of the PSR program.
Undermining refugee protection
As government-led initiatives provide only limited resettlement pathways, civil society has relied on the full range of sponsorship categories, including private sponsorship by G5, to ensure equitable refugee protection.
The pause on G5 and CS streams narrow the possibilities for pathways to protection, which in turn threatens to make refugee protection more inequitable. This is especially the case for refugees displaced by conflicts that have historically not aligned with Canadian government priorities but still drive high numbers of displacement, including those in Sudan, Ethiopia and Eritrea.
In the United Nations Global Refugee Compact, released in 2018, Canadian sponsorship was cited as a promising practice for expanding refugee protection across the world.
A recent Senate report, Ripped From Home: The Global Crisis of Forced Displacement, praises the PSR program for providing individuals and organizations with the opportunity to sponsor refugees. It also recommends the federal government increase private sponsorship.
The recent announcement to cut this program is at odds with these recommendations and undercuts Canada’s reputation as a leader in the protection of refugees internationally.
Call to action
The pause on new intake of G5 and CS applications for sponsorship disrupts a system that has successfully empowered communities in Canada and across the world to come together and save lives.
We urge the government to reconsider its decision and explore alternative solutions, such as allocating additional resources to clear backlogs, rather than halting applications.
Anna Lise Purkey is affiliated with the Canadian Association for Refugee and Forced Migration Studies.
Biftu Yousuf and Dawit Demoz do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA – By Gabrielle Clark, Assistant Professor of Political Science and Public Law, California State University, Los Angeles
Jimmy Carter shakes riders’ hands in a Mexican American parade while campaigning in Southern California in 1976.AP Photo
President Donald Trump promised during his three presidential campaigns to deport as many immigrants living in the U.S. without legal authorization as possible.
His second administration got underway less than one month after former President Jimmy Carter died in December 2024. This sequence of events brings to mind, for me – a public law scholar who studies the historical role of foreign workers in the U.S. – the legacy of Carter’s immigration policy and its stark contrast with Trump’s agenda.
Carter left several lasting markers on immigration policy. Among them was that he reformed the H-2 visa, a permit that allows foreigners to legally and temporarily work in the United States for one employer for one year. He did so by striking a new balance between satisfying the needs of employers and protecting American workers from foreign labor competition.
Trump, by contrast, intends to undertake mass deportations. He has stated that his administration will remove millions of immigrants living in the U.S. without legal authorization.
I’m writing a book about the long-standing conflict between employers and workers over allowing foreigners to legally work in the U.S. Despite Trump’s anti-immigration agenda, I won’t be surprised if Republicans follow in Carter’s footsteps by making it easier for more low-wage migrants to get short-term authorization to hold U.S. jobs.
Replacing the Bracero Program
When Carter became president in January 1977, 13 years had passed since the end of the Bracero Program, which let Mexican men legally get short-term jobs on U.S. farms. Demand for that labor persisted after the Bracero program ended, so large farms hired Mexican immigrants living in the U.S. illegally instead.
The AFL-CIO, an umbrella group that most U.S. unions belong to, and the United Farm Workers, a labor union, pressured the Carter administration for immigration enforcement. They were engaged in heated organization campaigns in the fields and wanted to reduce competition from foreign workers.
Carter, a former peanut farmer and a pragmatist, had the Immigration Naturalization Service authorize 5,000 new H-2 foreign labor visas in June 1977. Over 800 of the visas went to onion, melon, pepper and cotton farms in south Texas.
Congress had created the H-2 guest worker visa in 1952 on behalf of owners of large farms and other employers who wanted a path around immigration restrictions and access to a seasonal labor force. In 1965, however, President Lyndon B. Johnson’s secretary of labor, W. Willard Wirtz, had limited H-2 certifications to Florida sugar farms and East Coast fruit orchards.
Carter saw things differently than Johnson and Wirtz.
“I believe it is possible to structure this program so that it responds to the legitimate needs of both employees, by protecting domestic employment opportunities, and of employers, by providing a needed workforce,” he told Congress on Aug. 4, 1977.
Mexican migrant workers, employed under the Bracero Program to harvest crops on California farms, are shown working in a field in 1964. AP Photo
For employers, they were a boon: For the first time, agricultural employers were entitled to hire foreign workers under the law.
The secretary of labor could no longer eliminate whole crop areas from the program, as Wirtz had done. The reasoning behind the change was simple: The Carter administration wanted to help farms switch from workers living in the U.S. without legal authorization to migrants holding H-2 visas.
Yet, the Carter administration also expanded protections for migrant farmworkers. Their employers now needed to offer them higher wages and better working conditions. The regulations also mandated that employers seeking authority to use the H-2 program try harder to recruit Americans.
United Farm Workers President Cesar Chavez, seen here at a rally in 1985, played a key role in immigration reform efforts over several decades. Bettmann/Getty Images
Carter and the immigration Reform and Control Act
In 1986, Congress passed the Immigration Reform and Control Act. While that immigration reform law is best known for providing immigrants living in the U.S. without legal authorization a path to citizenship, it also split the H-2 visa program into two parts. From then on, foreign workers could obtain an H-2A visa for agriculture work or an H-2B visa for other kinds of jobs.
The new law kept Carter’s employer obligations in place for H-2As. The AFL-CIO and several civil rights organizations had objected to guest workers having to depend on their employer for their immigration status, which could make them more vulnerable to exploitation.
President Ronald Reagan prepares to sign a landmark immigration reform bill in 1986. Behind him were members of Congress and Vice President George H.W. Bush. Bettmann/Getty Images
Reforming immigration policies vs. mass deportations
The population of foreign laborers working on U.S. farms with H-2A visas soared from around 26,000 in 1989 to more than 340,000 in 2023. Because the number of H-2A visas the government can issue is unlimited, this arrangement has become an alternative to employing workers living in the U.S. without legal authorization.
The number of foreign workers with H-2B visas is much smaller.
This is because Congress limited the number of people who could get them to 66,000 per year in 1990 as a way to limit competition for American workers seeking or holding down low-wage jobs. In 2017, Congress gave the president the authority to double the maximum number of H-2B visas.
As Trump’s deportations get underway in 2025, I believe that the maximum number of H-2B visas available is likely to become a point of contention among Republicans as Trump and many GOP members of Congress face Carter’s dilemma.
Many Americans, perhaps a majority, want immigration laws enforced. But employers will continue to demand low-wage labor for jobs that U.S. citizens may be reluctant or unwilling to do.
Maintaining a compromise
This time, the mismatch between the government’s efforts to deport foreigners living in the U.S. without authorization and employers’ desires for low-cost labor will be greatest outside of agriculture: 69% of those workers without papers today are employed in construction, food services and other parts of the hospitality industry.
In my view, guest worker visas, like the H-2A and H-2B, are never ideal. They can displace American workers and make migrants vulnerable to exploitation by their employers.
However, the U.S. is likely to continue to expand employer access to the visas because they provide an alternative to foreign workers seeking to get jobs in the U.S. without authorization. In this way, Trump’s presidency may end up having something in common with Carter’s time in the White House.
Gabrielle Clark receives funding from the National Endowment of Humanities for her immigration research.
Source: The Conversation – USA – By Timothy Gabrielli, Gudorf Chair in Catholic Intellectual Traditions, University of Dayton
A cardinal opens the Holy Door of the Santa Maria Maggiore Basilica in Rome on Jan. 1, 2025, one of the events starting the Jubilee year.AP Photo/Andrew Medichini
Pope Francis has proclaimed a Jubilee year in the Catholic Church, which began on Dec. 24, 2024, and will continue through Jan. 6, 2026. But what is a Jubilee, and what is this year’s about?
Biblical roots
The Hebrew Bible, which Christians call the Old Testament, offers instructions about celebrating a Jubilee every 50 years. The Jubilee has roots in the Jewish practice of Sabbath rest every seven days, connected to the creation story in which God created the world in six days and rested on the next.
This rest is not merely about “taking a break,” but orienting life to what is most important. The prohibition of work on the Sabbath prompts people to look beyond productive work, helping them to see all activity in light of the eternal.
The biblical books of Leviticus and Deuteronomy outline what’s called a “sabbatical year,” extending that practice of periodic rest to every seventh year. During that sabbatical, the texts call for forgiving debts and freeing enslaved people. Even the land is supposed to get rest, since farmers are told to let their fields lie fallow – a check against unfettered, and destructive, desires for productivity.
The Jubilee extends this logic. Held every 50 years, the Holy Year follows a Sabbath of Sabbaths, “seven times seven years.” During the Jubilee, the Book of Leviticus instructs, “you shall proclaim liberty throughout the land to all its inhabitants.” Again, even the land must be freed. Each plot bought and sold over the previous 49 years must be returned to the tribe with which it was originally associated.
Like all the other forms of Sabbath rest, the overriding emphasis is that everyone and everything belongs to God: that the Earth is not simply for humans to do with as they please, especially if it creates injustice. People inhabit the Earth like wayfarers. Indeed, the Bible regularly reminds the Israelites that they were once enslaved in Egypt and, once freed, were wanderers.
Medieval traditions
Scholars are not quite sure if and how Jubilees were actually put into practice in the ancient world, though they are referred to in the New Testament. In the Gospel of Luke, Jesus sums up his mission with verses about the Jubilee from the Book of Isaiah: “He has sent me to proclaim freedom for the prisoners and recovery of sight for the blind, to set the oppressed free, to proclaim the year of the Lord’s favor.”
Some of the practices of the church’s modern Jubilees, however, come from the late Middle Ages, a time when Christian grassroots efforts promoted pilgrimages to Rome. As much political as religious and recreational, these pilgrimages demonstrated to power-hungry monarchs that the eternal city was beyond royal control and, by implication, that pilgrims’ identity was more than subjects of a crown.
In 1300, Pope Boniface VIII endorsed these initiatives by instituting a 13th centennial celebration of Christ’s birth. Central to the celebration were pilgrimages to Roman basilicas. Boniface promised that pilgrims could receive an “indulgence”: reparation for their sins.
A fresco in the Archbasilica of St. John Lateran, depicting Pope Boniface VIII proclaiming the Jubilee in 1300. Sailko/Wikimedia Commons, CC BY
Often misunderstood, an indulgence is distinct from forgiveness. The Catholic tradition teaches that people who sincerely repent of their sins are forgiven and reconciled to God. Ordinarily, this happens through rites such as the Sacrament of Reconciliation, which involves confession to a priest.
Once a sin is forgiven, however, reparation remains. Suppose you’ve thrown a ball through a neighbor’s window. Even if they forgive you, you’re still responsible for the window’s repair. In other words, there’s still a consequence for your action.
Catholics believe that indulgences remit the repair, removing the temporal punishment. In the analogy, you might not have fixed the window, but instead you completed another holy and satisfactory act in its place. Indulgences can be granted to Catholics for actions like completing specific prayers, making a pilgrimage or performing acts of charity.
Boniface’s decree included no reference to the biblical Jubilee. Over time, however, the link between the biblical Jubilee and these Roman celebrations was articulated and strengthened. The intervening time between Jubilees was reduced to 50 years to resonate with the ancient text. Eventually, Jubilees came to be inaugurated every 25 years to increase the opportunity for participation.
As they developed, Jubilee celebrations kept their link to pilgrimages and reparation. Both are meant to be reminders that human beings are made for the eternal, not merely the productive.
The Catholic Church’s last ordinary Jubilee celebration, which took place in 2000, was deemed a “Great Jubilee” by then-Pope John Paul II, commemorating two millennia since the birth of Christ. Famously, during a Mass that year, he sought forgiveness of the church for atrocities committed across its history, including injustice toward Jews, Indigenous peoples and women, among others.
The 2000 Jubilee continued the practice of indulgences for making a pilgrimage, emphasizing that “a pilgrimage evokes the believer’s personal journey” of faith, following in Christ’s footsteps.
Catholics in Mexico City take part in a ceremony marking the beginning of the Jubilee year at the Metropolitan Cathedral on Dec. 29, 2024. AP Photo/Ginnette Riquelme
In addition to the typical emphases on pilgrimage and indulgences, Francis has identified hope as a particular focus for this Jubilee year. In Christian theology, hope is not optimism. It is an insistence to seek the good, anchored in God: to see difficulties clearly, yet to pursue action rather than despair.
Thus, Francis has called for several specific acts of hope throughout the Jubilee year. The papal bull proclaiming the Jubilee urges peacemaking, a spirit of welcome toward migrants, and openness toward having children. Francis also issues a call for affluent nations to forgive debts, and a general call for both repentance and mercy.
Jubilees ask people to reorient life toward the eternal – a theme that might seem to minimize attention to the specific social ills of our moment. In tune with the long tradition of Jubilees, however, Francis emphasizes that the more people see the world as God sees it, the more people will act against injustice.
Timothy Gabrielli does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Michigan has one of the highest eviction filing rates in the country, tied with Mississippi. Fourteen percent of all Michiganders who rent homes were threatened with eviction between 2006 and 2016.
Social epidemiologists like me are interested in naming specifically who and what is accountable for inequities in the health of different population groups. I’m interested in documenting root causes of community ill health to provide data-driven analysis to inform policy change, interventions and social activism.
My project on evictions in metro Detroit is called the SECURE Study. Contributing to the study is a team of trainees, early-career researchers and a multigenerational community advisory board of Black women. Members of the board are local and international leaders from multiple sectors, including some who have lived experience with evictions.
Reproductive justice is focused on a set of interconnected human rights. It includes the ability to choose whether to have children. And for parents it protects the right to raise your children in safe and sustainable communities. Evictions can undermine reproductive justice.
My research uses numbers and stories to document, for the first time, the scope and impact of court-ordered and illegal residential evictions among Black women, families and communities in metro Detroit.
The available court-ordered eviction data, while alarming, underestimates the true extent of the housing crisis caused by eviction. In fact, my study shows only 55% of the evictions experienced by Black women in metro Detroit were court-ordered, which means the other 45% were illegal.
How the process works legally
Residential evictions are not events that unfold in easily predictable ways. Rather, they are complicated processes that often drag out.
Eviction policy varies by jurisdiction, but in Michigan it is illegal for a landlord to take any action to force the removal from or prevent the entry into or the use of a rental property by a tenant without a court order.
Even legal evictions can involve some illegal activity by landlords or property managers. For example, landlords may repeatedly threaten to evict tenants through the courts and force residents out of their home before a formal eviction judgment occurs.
Court-ordered evictions usually start with a landlord notifying a tenant of a lease violation – but this can happen only if a formal lease exists. As part of our work, we collected data about how prevalent renting without a lease or formal agreement is for our participants, and we plan to release this data in the coming months.
Illegal evictions are forced residential moves and can include – but are not limited to – a landlord’s use of strong-arm lockouts or threats to force a tenant to leave a rental property.
Focusing on those most impacted
Here’s how my study worked. My team and I recruited 1,470 reproductive-age Black women, most of whom have biological children, from July 2021 to July 2024 and asked them to share their experiences. Women completed surveys, participated in focus groups and in-depth interviews, and answered questions about both individual and neighborhood-level impacts of court-ordered and illegal evictions.
After the surveys were complete, I conducted 55 in-depth interviews in 21 days with survey participants who experienced an illegal eviction.
We focused on Black women between the ages of 18 and 45 because this group is disproportionately impacted by eviction, yet their unique experiences are understudied and therefore insufficiently understood.
More than 50% of our survey participants reported being evicted in their lifetime.
What’s missing from this stat and much of the official data are recent numbers and in-depth accounts of how people experience illegal evictions.
I know of only one other quantitative study examining illegal evictions, and it is over a decade old. It was based on limited evidence collected in Milwaukee, Wisconsin, between 2009 and 2011. The researchers looked at a group of 1,086 low-income adults of all racial, ethnic or age groups and found that 48% of all evictions in their study were illegal. The study concluded that illegal evictions are significantly less expensive and more efficient than court-ordered evictions for landlords.
Preliminary data from our own study, which included women from all socioeconomic groups – unlike the work done in Wisconsin – found that 45% of all evictions experienced by SECURE Study participants were illegal.
Problem bigger than it seems
While the data tells part of the story, the stories of those who have experienced an illegal eviction tell a much richer tale.
One woman I interviewed told me how it felt to lose her home after an illegal eviction. “My God, a whole house worth of stuff: kids’ beds, clothes, toys, my stuff,” she said. “It’s material, yes, but when you have to literally walk away and like, close the door and leave everything you own … you leave a piece of yourself.”
Research ethics do not allow me to name the SECURE Study participants.
Some of the most frequently reported ways Black women told us they experienced illegal evictions were having their belongings removed from the property, being illegally locked out or having utilities shut off, and being forced to relocate because their landlord failed to provide a habitable residence.
Female renters face sexual harassment
Many of the women who participated in our study experienced threats or actual violence and sexual harassment.
“Me being a single female, they go to the threatening tactics,” one study participant told me. “I think they know … I can’t fight against … a man, I can’t beat you.”
“Me and my children got to pack up and move out of the house to avoid my house being shot up or somebody tells me they gonna drag me and my children out of the house by gunpoint,” one participant said. “Now I gotta stress. I’ll move my children.”
“He would ask me personal questions,” another said. “Am I dating, or, where’s my kid’s father? And then, that kind of escalated into him, OK, well, if we do this, then you don’t have to give me the money for the rent.”
“I feel like they’re preying on people like, they know you’re a single mom,” another woman said. “Oh, yeah. Come on in here with that Section 8. So, we can not fix nothing to get this guaranteed money. Come on in here with you working three jobs and your kids is at home all the time, and you got that teenage daughter, she kinda cute.”
“I couldn’t afford for my children to be homeless, so he took advantage,” said another participant.
The role that discrimination plays in evictions is not well understood, so we collected data on this. Forty percent of our participants reported experiencing housing discrimination. These experiences were connected to multiple factors, including their race, economic status, family size, ethnicity, age and relationship status.
Six months after completing those interviews, with the help of weekly therapy and various other self-care and self-soothing interventions, I am finally beginning to feel my nervous system restabilize after hearing so many violent stories.
Asylum seekers wait at Catholic Charities in McAllen, Texas, for humanitarian aid on Jan. 18, 2025. Associated Press/Eric Gay
“Animals,” “aliens” and “people with bad genes” – President Donald Trump and his supporters often use this kind of dehumanizing language to describe immigrants.
In the 2024 presidential debate between Trump and Democratic candidate Kamala Harris, Trump falsely referred to Haitian refugees in Springfield, Ohio, as “eating the pets of the people that live there.” And in his Jan. 20, 2025, inaugural address, Trump spoke of “dangerous criminals, many from prisons and mental institutions,” who have illegally entered the U.S. “from all over the world.”
Using hateful, polarizing language to gain a political advantage or make an argument against a group of people, like immigrants, is not unique to the U.S.
The use of this language is associated with populist shifts in many parts of the world.
In the first few days of the new Trump administration, U.S. Immigration and Customs Enforcement officers began raids to detain immigrants living in the U.S. illegally and increased their number of arrests and deportations of immigrants, including those without violent criminal records.
Tom Homan, the U.S. border czar, has said that the government’s mass immigration deportation plans – which he said could include raids on schools, churches and other places previously considered havens – is “all for the good of this nation.”
My hate speech research shows that, as the world has seen to its horror again and again, words that slander and strip people of their voices and humanity are often a first step toward discriminatory and violent policies. At its most extreme, speaking of people as dirty and polluting and saying they lack humanity makes it easier to kill them.
Immigration and Customs Enforcement agents handcuff a detained immigrant in Maryland on Jan. 25, 2025. Associated Press/Alex Brandon
Echoes from the fascist past
There is nothing new about the hateful political rhetoric that has become common today.
In the lead-up to and during World War II, fascist leaders in Europe targeted Jews, Roma, gay people and other groups as sources of “social pollution,” as beyond being human, while describing themselves as noble and decent, embodying a pure, uncorrupted nation.
In 1920, well before the German Nazi Party came to power in 1933, its platform declared that “Only someone of German blood, regardless of faith, can be a citizen.”
Viktor Klemperer, a literary scholar who was a close observer of Nazism, wrote in a diary published posthumously in 1995 that the Third Reich’s demonizing language against Jews and other marginalized groups helped create its culture and justify its mass killings. Nazis consequently assumed the mantle of liberators as they killed those whom they saw as corrupting the “pure race,” in accordance with ideas of “racial hygiene.”
The Nazis’ hateful language was not limited to Europe. Fritz Kuhn, a German Nazi activist, served in the late 1930s and early 1940s as leader of the German American Bund, an organization of ethnic Germans and Nazi sympathizers living in the U.S. He addressed a Nazi rally at Madison Square Garden in New York City in 1939.
Kuhn said during his speech that American citizens with American ideals are “determined to protect ourselves, our homes, our wives and children against the slimy conspirators who would change this glorious republic into the inferno of a Bolshevik paradise.”
The U.S. government stripped Kuhn of his U.S. citizenship in 1943 and deported him to Germany in 1945 because of his pro-Nazi allegiance.
In 2018, Matteo Salvini, then the deputy prime minister who now holds the same position, denounced the Roma people, an ethnic minority. He called for their removal through a “mass cleansing street by street, piazza by piazza, neighborhood by neighborhood.”
Salvini has directed his most virulent language, however, toward the tens of thousands of migrants and asylum seekers, mostly from Africa, who attempt to reach Italy via the Mediterranean Sea.
Salvini, perhaps more than any other populist leader in the world, has turned his hateful language and use of misinformation into action. Italian authorities under Salvini’s direction have detained ships working to help rescue migrants who are in danger at sea, preventing them from carrying out those rescues.
In September 2024, an Italian prosecutor requested a six-year jail term for Salvini, accusing him of kidnapping 147 migrants by preventing them from landing at a port in Italy for several weeks.
White House Press Secretary Karoline Leavitt speaks during a press briefing on Jan. 28, 2025, alongside an image of an alleged criminal detained by Immigration and Customs Enforcement. Chip Somodevilla/Getty Images
What to expect
We can’t be certain at this point what Trump’s and his supporters’ hateful language against immigrants, minorities and political opponents will yield.
Judging by Italy’s example and other instances, it’s possible that laws will be broken in implementing Trump’s immigration and asylum policies.
A federal judge temporarily halted Trump’s Jan. 20 executive order that told federal agencies to not process identification documents for babies born to parents who are living in the country illegally, among other scenarios.
It’s not clear how these policies will continue to unfold. What is clear is that words of hate have been used in many times and places as a justification for illegal arrests and, in some cases, as a prelude to state-sanctioned mass violence.
Ronald Niezen does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – USA – By Dominik Stecuła, Assistant Professor of Communication and Political Science, The Ohio State University
Donald Trump’s nominee for secretary of the Department of Health and Human Services, Robert Kennedy Jr., on Capitol Hill on Jan. 9, 2025. Jon Cherry/Getty Images
The many controversial people appointed to the Trump administration, from Elon Muskto Robert F. Kennedy Jr., have at least one thing in common: They dislike and distrust experts.
While anti-intellectualism and populism are nothing new in American life, there has hardly been an administration as seemingly committed to these worldviews.
Take President Donald Trump’s decision to nominate Kennedy, a well-known vaccine skeptic, to lead the Department of Health and Human Services. Kennedy, whose Senate confirmation hearing is Jan. 29, 2025, epitomizes the new American political ethos of populismand anti-intellectualism, or the idea that people hold negative feelings toward not just scientific research but those who produce it.
For instance, Trump denigrated scientific experts on the campaign trail and in his first term in office. He called climate science a “hoax” and public health officials in his administration “idiots.”
Trump and Kennedy have cast doubt on vaccine safety and the medical scientific establishment. As far back as the Republican primary debates in 2016, Trump falsely asserted that childhood vaccines cause autism, in defiance of scientific consensus on the issue.
Kennedy’s long-term vaccine skepticism has also been well documented, though he himself denies it. More recently, he has been presenting himself as “pro-vaccine safety,” as one Republican senator put it, on the eve of Kennedy’s confirmation hearing.
If confirmed, Kennedy has vowed to turn this anti-intellectual rhetoric into action. He wants to replace over 600 employees in the National Institutes of Health with his own hires. He has also suggested cutting entire departments.
During one interview, Kennedy said, “In some categories, there are entire departments, like the nutrition department at the FDA, that are – that have to go.”
Populism across political spectrum
In lockstep with this anti-intellectual movement is a version of populism that people like RFK Jr. and Trump both espouse.
Populism is a worldview that pits average citizens against “the elites.” Who the elites are varies depending on the context, but in the contemporary political climate in the U.S., establishment politicians, scientists and organizations like pharmaceutical companies or the Centers for Disease Control and Prevention are frequently portrayed as such.
For instance, right-wing populists often portray government health agencies as colluding with multinational pharmaceutical companies to impose excessive regulations, mandate medical interventions and restrict personal freedoms.
Left-wing populists expose how Big Pharma manipulates the health care system, using their immense wealth and political influence to put profits over people, deliberately keeping lifesaving medications overpriced and out of reach – all of which has been said by politicians like Bernie Sanders.
The goal of a populist is to portray these elites as the enemy of the people and to root out the perceived “corruption” of the elites.
This worldview doesn’t just appeal to the far right. Historically in the United States, populism has been more of a force on the political left. To this day, it is present on the left through Sanders and similar politicians who rail against wealth inequality and the interests of the “millionaire class.”
In short, the Trump administration’s populist and anti-intellectual worldview does not map cleanly onto the liberal-conservative ideological divide in the U.S. That is why Kennedy, a lifelong Democrat and nephew of a Democratic president, might become a Cabinet member for a Republican president.
The cross-ideological appeal of populism and anti-intellectualism also partly explains why praise for Trump’s selection of Kennedy to head the Department of Health and Human Services came from all corners of society. Republican senators Ron Johnson and Josh Hawley lauded the move, as did basketball star Rudy Gobert and Colorado’s Democratic governor, Jared Polis.
Why, then, is disdain for scientific experts appealing to so many Americans?
Much of the public supports this worldview because of perceived ineffectiveness and moral wrongs made by the elites. Factors such as the opioid crisis encouraged by predatory pharmaceutical companies, public confusion and dissatisfaction with changing health guidance in the early stages of the COVID-19 pandemic, and the frequently prohibitive cost of health care and medicine have given some Americans reason to question their trust in science and medicine.
Populists have embraced popular and science-backed policies that align with an anti-elite stance. Kennedy, for example, supports decreasing the amount of ultra-processed foods in public school lunches and reducing toxic chemicals in the food supply and natural environment. These stances are backed by scientific evidence about how to improve public health. At the same time, they point to the harmful actions of a perceived corrupt elite – the profit-driven food industry.
It is, of course, reasonable to want to hold accountable both public officials for their policy decisions and scientists and pharmaceutical companies who engage in unethical behavior. Scientists should by no means be immune from scrutiny.
Examining, for example, what public health experts got wrong during the COVID-19 pandemic would be tremendously helpful from the standpoint of preparing for future public health crises, but also from the standpoint of rebuilding public trust in science, experts and institutions.
However, the Trump administration does not appear to be interested in pursuing good faith assessments. And Trump’s victory means he gets to implement his vision and appoint people he wants to carry it out. But words have consequences, and we have seen the impact of anti-vaccine rhetoric during the COVID-19 pandemic, where “red” counties and states had significantly lower vaccine intent and uptake compared with the “blue” counterparts.
Therefore, despite sounding appealing, Kennedy’s signature slogan, “Make America Healthy Again,” could – in discouraging policies and behaviors that have been proven effective against diseases and their crippling or deadly outcomes – bring about a true public health crisis.
Dominik Stecuła receives funding from the National Science Foundation.
Kristin Lunz Trujillo receives funding from the National Science Foundation.
Matt Motta receives funding from the National Science Foundation.
Source: The Conversation – USA – By Krittika Goyal, Assistant Professor of Manufacturing and Mechanical Engineering Technology, Rochester Institute of Technology
Wearable devices have become a big part of modern health care, helping track a patient’s heart rate, stress levels and brain activity. These devices rely on electrodes, sensors that touch the skin to pick up electrical signals from the body.
Creating these electrodes isn’t as easy as it might seem. Human skin is complex. Its properties, such as how well it conducts electricity, can change depending on how hydrated it is, how old you are or even the weather. These changes can make it hard to test how well a wearable device works.
Additionally, testing electrodes often involves human volunteers, which can be tricky and unpredictable. Everyone’s skin is different, meaning results aren’t always consistent. Testing also takes time and money. Plus, there are ethical concerns about asking people to participate in these experiments, including making sure they are informed about the risks and benefits and can voluntarily participate.
Scientists have tried to create artificial skin models to avoid some of these problems, but existing ones haven’t been able to fully mimic the way skin behaves when interacting with wearable sensors. To address these limitations, my colleagues and I have developed a tool called a biomimetic skin phantom – a model that mimics the electrical behavior of human skin, making testing wearable sensors easier, cheaper and more reliable.
What is a skin phantom?
Our biomimetic skin phantom is made of two layers that capture the nuances of both the skin’s surface and deeper tissues. “Biomimetic” means it imitates something from nature – in this case, human skin. “Phantom” refers to a physical model or device made to mimic the properties of something real, like human tissues, so it can be used for research instead of relying on actual people.
Your skin is made up of multiple layers of cells. OpenStax, CC BY-SA
The bottom layer mimics the deeper tissues under the skin. It is made from a gel-like substance called polyvinyl alcohol cryogel, which can be adjusted to have similar softness and electrical conductivity to real biological tissues. We chose this material because these qualities, along with its durability and wide use in biomedical research, make it a good stand-in for the deeper layers of skin.
The top layer mimics the outermost part of the skin, known as the stratum corneum. It is made from a silicone-like materialcalled PDMS, which is mixed with special additives to match the skin’s electrical properties. Also widely used in biomedical research, PDMS is flexible and easy to shape to closely replicate the skin’s outer layer.
One unique feature of our skin phantom is its ability to mimic different levels of skin hydration. Hydration affects how well skin conducts electricity. Dry skin has higher resistance, meaning it opposes the flow of electricity. This makes it harder for wearable devices to pick up signals. Hydrated skin conducts electricity more easily because water improves the movement of charged particles, leading to better signal quality. Improving how dry skin is modeled and tested can lead to better electrode designs.
To replicate the effects of skin hydration, we introduced adjustable pores into the top PDMS layer of the skin phantom. By precisely changing the size and density of the pores, the model can mimic dry or hydrated skin conditions.
Testing the skin phantom
My team and I tested our skin phantom in several ways to see whether it could truly replace human skin in experiments.
First, we used a method called impedance spectroscopy to study the phantom’s electrical properties. This technique applies alternating electrical signals at different frequencies and measures the material’s resistance to electrical flow, providing a detailed profile of its electrical behavior. Results from the experiments we conducted on five volunteers showed that the phantom’s impedance response closely mirrored that of human skin across both dry and hydrated conditions, with a difference of less than 20% between real skin and the phantom.
We also tested whether wearable devices could pick up signals from the skin phantom and how signal quality changed with different skin conditions. To do this, we recorded eletrocardiogram signals on phantoms designed to mimic dry and hydrated skin. The results showed clear differences in signal quality: The phantom simulating dry skin had a lower signal-to-noise ratio, while the hydrated skin phantom showed better signal clarity. These findings are consistent with previous studies from other researchers.
Together, our skin phantom closely replicates the way human skin responds to wearable sensors across a range of conditions, including dry and hydrated states. This accuracy makes it an optimal stand-in for real skin in the lab.
Wearable technology
The skin phantom is more than just a testing tool – it’s a step forward for wearable health technology.
By removing the unpredictability of human testing, scientists can design and improve wearable devices more quickly and effectively. They can also use it to study how skin interacts with medical devices, such as patches that deliver medicine or advanced diagnostic tools.
Our skin phantom is also simple and inexpensive. Each phantom costs less than US$3 and can be made with standard lab materials and tools. It can be reused multiple times within the same day without significant changes in its electrical properties, though extended use over several days may require adjustments, such as rehydration, to maintain stable performance. This affordability and reusability make the phantom more accessible for labs with limited budgets or resources.
As wearable technology becomes more common in health care, tools such as the skin phantom can help make devices more reliable, accessible and personalized for everyone.
Krittika Goyal does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Assistant professor Frank Cackowski, left, and researcher Steven Zielske at Wayne State University in Detroit became suspicious of a paper on cancer research that was eventually retracted.Amy Sacka, CC BY-ND
Over the past decade, furtive commercial entities around the world have industrialized the production, sale and dissemination of bogus scholarly research, undermining the literature that everyone from doctors to engineers rely on to make decisions about human lives.
It is exceedingly difficult to get a handle on exactly how big the problem is. Around 55,000 scholarly papers have been retracted to date, for a variety of reasons, but scientists and companies who screen the scientific literature for telltale signs of fraud estimate that there are many more fake papers circulating – possibly as many as several hundred thousand. This fake research can confound legitimate researchers who must wade through dense equations, evidence, images and methodologies only to find that they were made up.
Even when the bogus papers are spotted – usually by amateur sleuths on their own time – academic journals are often slow to retract the papers, allowing the articles to taint what many consider sacrosanct: the vast global library of scholarly work that introduces new ideas, reviews other research and discusses findings.
These fake papers are slowing down research that has helped millions of people with lifesaving medicine and therapies from cancer to COVID-19. Analysts’ data shows that fields related to cancer and medicine are particularly hard hit, while areas like philosophy and art are less affected. Some scientists have abandoned their life’s work because they cannot keep pace given the number of fake papers they must bat down.
The problem reflects a worldwide commodification of science. Universities, and their research funders, have long used regular publication in academic journals as requirements for promotions and job security, spawning the mantra “publish or perish.”
But now, fraudsters have infiltrated the academic publishing industry to prioritize profits over scholarship. Equipped with technological prowess, agility and vast networks of corrupt researchers, they are churning out papers on everything from obscure genes to artificial intelligence in medicine.
These papers are absorbed into the worldwide library of research faster than they can be weeded out. About 119,000 scholarly journal articles and conference papers are published globally every week, or more than 6 million a year. Publishers estimate that, at most journals, about 2% of the papers submitted – but not necessarily published – are likely fake, although this number can be much higher at some publications.
While no country is immune to this practice, it is particularly pronounced in emerging economies where resources to do bona fide science are limited – and where governments, eager to compete on a global scale, push particularly strong “publish or perish” incentives.
As a result, there is a bustling online underground economy for all things scholarly publishing. Authorship, citations, even academic journal editors, are up for sale. This fraud is so prevalent that it has its own name: paper mills, a phrase that harks back to “term-paper mills”, where students cheat by getting someone else to write a class paper for them.
The impact on publishers is profound. In high-profile cases, fake articles can hurt a journal’s bottom line. Important scientific indexes – databases of academic publications that many researchers rely on to do their work – may delist journals that publish too many compromised papers. There is growing criticism that legitimate publishers could do more to track and blacklist journals and authors who regularly publish fake papers that are sometimes little more than artificial intelligence-generated phrases strung together.
To better understand the scope, ramifications and potential solutions of this metastasizing assault on science, we – a contributing editor at Retraction Watch, a website that reports on retractions of scientific papers and related topics, and two computer scientists at France’s Université Toulouse III–Paul Sabatier and Université Grenoble Alpes who specialize in detecting bogus publications – spent six months investigating paper mills.
This included, by some of us at different times, trawling websites and social media posts, interviewing publishers, editors, research-integrity experts, scientists, doctors, sociologists and scientific sleuths engaged in the Sisyphean task of cleaning up the literature. It also involved, by some of us, screening scientific articles looking for signs of fakery.
What emerged is a deep-rooted crisis that has many researchers and policymakers calling for a new way for universities and many governments to evaluate and reward academics and health professionals across the globe.
Just as highly biased websites dressed up to look like objective reporting are gnawing away at evidence-based journalism and threatening elections, fake science is grinding down the knowledge base on which modern society rests.
As part of our work detecting these bogus publications, co-author Guillaume Cabanac developed the Problematic Paper Screener, which filters 130 million new and old scholarly papers every week looking for nine types of clues that a paper might be fake or contain errors. A key clue is a tortured phrase – an awkward wording generated by software that replaces common scientific terms with synonyms to avoid direct plagiarism from a legitimate paper.
Frank Cackowski at Detroit’s Wayne State University was confused.
The oncologist was studying a sequence of chemical reactions in cells to see if they could be a target for drugs against prostate cancer. A paper from 2018 from 2018 in the American Journal of Cancer Research piqued his interest when he read that a little-known molecule called SNHG1 might interact with the chemical reactions he was exploring. He and fellow Wayne State researcher Steven Zielske began a series of experiments to learn more about the link. Surprisingly, they found there wasn’t a link.
Meanwhile, Zielske had grown suspicious of the paper. Two graphs showing results for different cell lines were identical, he noticed, which “would be like pouring water into two glasses with your eyes closed and the levels coming out exactly the same.” Another graph and a table in the article also inexplicably contained identical data.
Zielske described his misgivings in an anonymous post in 2020 at PubPeer, an online forum where many scientists report potential research misconduct, and also contacted the journal’s editor. Shortly thereafter, the journal pulled the paper, citing “falsified materials and/or data.”
“Science is hard enough as it is if people are actually being genuine and trying to do real work,” says Cackowski, who also works at the Karmanos Cancer Institute in Michigan. “And it’s just really frustrating to waste your time based on somebody’s fraudulent publications.”
Wayne State scientists Frank Cackowski and Steven Zielske carried out experiments based on a paper they later found to contain false data. Amy Sacka, CC BY-ND
He worries that the bogus publications are slowing down “legitimate research that down the road is going to impact patient care and drug development.”
The two researchers eventually found that SNHG1 did appear to play a part in prostate cancer, though not in the way the suspect paper suggested. But it was a tough topic to study. Zielske combed through all the studies on SNHG1 and cancer – some 150 papers, nearly all from Chinese hospitals – and concluded that “a majority” of them looked fake. Some reported using experimental reagents known as primers that were “just gibberish,” for instance, or targeted a different gene than what the study said, according to Zielske. He contacted several of the journals, he said, but received little response. “I just stopped following up.”
The many questionable articles also made it harder to get funding, Zielske said. The first time he submitted a grant application to study SNHG1, it was rejected, with one reviewer saying “the field was crowded,” Zielske recalled. The following year, he explained in his application how most of the literature likely came from paper mills. He got the grant.
Today, Zielske said, he approaches new research differently than he used to: “You can’t just read an abstract and have any faith in it. I kind of assume everything’s wrong.”
Legitimate academic journals evaluate papers before they are published by having other researchers in the field carefully read them over. This peer review process is designed to stop flawed research from being disseminated, but is far from perfect.
Reviewers volunteer their time, typically assume research is real and so don’t look for signs of fraud. And some publishers may try to pick reviewers they deem more likely to accept papers, because rejecting a manuscript can mean losing out on thousands of dollars in publication fees.
“Even good, honest reviewers have become apathetic” because of “the volume of poor research coming through the system,” said Adam Day, who directs Clear Skies, a company in London that develops data-based methods to help spot falsified papers and academic journals. “Any editor can recount seeing reports where it’s obvious the reviewer hasn’t read the paper.”
With AI, they don’t have to: New research shows that many reviews are now written by ChatGPT and similar tools.
María de los Ángeles Oviedo-García, a professor of marketing at the University of Seville in Spain, spends her spare time hunting for suspect peer reviews from all areas of science, hundreds of which she has flagged on PubPeer. Some of these reviews are the length of a tweet, others ask authors to cite the reviewer’s work even if it has nothing to do with the science at hand, and many closely resemble other peer reviews for very different studies – evidence, in her eyes, of what she calls “review mills.”
PubPeer comment from María de los Ángeles Oviedo-García pointing out that a peer review report is very similar to two other reports. She also points out that authors and citations for all three are either anonymous or the same person – both hallmarks of fake papers. Screen capture by The Conversation, CC BY-ND
“One of the demanding fights for me is to keep faith in science,” says Oviedo-García, who tells her students to look up papers on PubPeer before relying on them too heavily. Her research has been slowed down, she adds, because she now feels compelled to look for peer review reports for studies she uses in her work. Often there aren’t any, because “very few journals publish those review reports,” Oviedo-García says.
An ‘absolutely huge’ problem
It is unclear when paper mills began to operate at scale. The earliest article retracted due to suspected involvement of such agencies was published in 2004, according to the Retraction Watch Database, which contains details about tens of thousands of retractions. (The database is operated by The Center for Scientific Integrity, the parent nonprofit of Retraction Watch.) Nor is it clear exactly how many low-quality, plagiarized or made-up articles paper mills have spawned.
But the number is likely to be significant and growing, experts say. One Russia-linked paper mill in Latvia, for instance, claims on its website to have published “more than 12,650 articles” since 2012.
An analysis of 53,000 papers submitted to six publishers – but not necessarily published – found the proportion of suspect papers ranged from 2% to 46% across journals. And the American publisher Wiley, which has retracted more than 11,300 compromised articles and closed 19 heavily affected journals in its erstwhile Hindawi division, recently said its new paper-mill detection tool flags up to 1 in 7 submissions.
Day, of Clear Skies, estimates that as many as 2% of the several million scientific works published in 2022 were milled. Some fields are more problematic than others. The number is closer to 3% in biology and medicine, and in some subfields, like cancer, it may be much larger, according to Day. Despite increased awareness today, “I do not see any significant change in the trend,” he said. With improved methods of detection, “any estimate I put out now will be higher.”
The paper-mill problem is “absolutely huge,” said Sabina Alam, director of Publishing Ethics and Integrity at Taylor & Francis, a major academic publisher. In 2019, none of the 175 ethics cases that editors escalated to her team was about paper mills, Alam said. Ethics cases include submissions and already published papers. In 2023, “we had almost 4,000 cases,” she said. “And half of those were paper mills.”
Jennifer Byrne, an Australian scientist who now heads up a research group to improve the reliability of medical research, submitted testimony for a hearing of the U.S. House of Representatives’ Committee on Science, Space, and Technology in July 2022. She noted that 700, or nearly 6%, of 12,000 cancer research papers screened had errors that could signal paper mill involvement. Byrne shuttered her cancer research lab in 2017 because the genes she had spent two decades researching and writing about became the target of an enormous number of fake papers. A rogue scientist fudging data is one thing, she said, but a paper mill could churn out dozens of fake studies in the time it took her team to publish a single legitimate one.
“The threat of paper mills to scientific publishing and integrity has no parallel over my 30-year scientific career …. In the field of human gene science alone, the number of potentially fraudulent articles could exceed 100,000 original papers,” she wrote to lawmakers, adding, “This estimate may seem shocking but is likely to be conservative.”
In one area of genetics research – the study of noncoding RNA in different types of cancer – “We’re talking about more than 50% of papers published are from mills,” Byrne said. “It’s like swimming in garbage.”
When retractions do happen, it is often thanks to the efforts of a small international community of amateur sleuths like Oviedo-García and those who post on PubPeer.
Jillian Goldfarb, an associate professor of chemical and biomolecular engineering at Cornell University and a former editor of the Elsevier journal Fuel, laments the publisher’s handling of the threat from paper mills.
“I was assessing upwards of 50 papers every day,” she said in an email interview. While she had technology to detect plagiarism, duplicate submissions and suspicious author changes, it was not enough. “It’s unreasonable to think that an editor – for whom this is not usually their full-time job – can catch these things reading 50 papers at a time. The time crunch, plus pressure from publishers to increase submission rates and citations and decrease review time, puts editors in an impossible situation.”
In October 2023, Goldfarb resigned from her position as editor of Fuel. In a LinkedIn post about her decision, she cited the company’s failure to move on dozens of potential paper-mill articles she had flagged; its hiring of a principal editor who reportedly “engaged in paper and citation milling”; and its proposal of candidates for editorial positions “with longer PubPeer profiles and more retractions than most people have articles on their CVs, and whose names appear as authors on papers-for-sale websites.”
“This tells me, our community, and the public, that they value article quantity and profit over science,” Goldfarb wrote.
In response to questions about Goldfarb’s resignation, an Elsevier spokesperson told The Conversation that it “takes all claims about research misconduct in our journals very seriously” and is investigating Goldfarb’s claims. The spokesperson added that Fuel’s editorial team has “been working to make other changes to the journal to benefit authors and readers.”
That’s not how it works, buddy
Business proposals had been piling up for years in the inbox of João de Deus Barreto Segundo, managing editor of six journals published by the Bahia School of Medicine and Public Health in Salvador, Brazil. Several came from suspect publishers on the prowl for new journals to add to their portfolios. Others came from academics suggesting fishy deals or offering bribes to publish their paper.
In one email from February 2024, an assistant professor of economics in Poland explained that he ran a company that worked with European universities. “Would you be interested in collaboration on the publication of scientific articles by scientists who collaborate with me?” Artur Borcuch inquired. “We will then discuss possible details and financial conditions.”
A university administrator in Iraq was more candid: “As an incentive, I am prepared to offer a grant of $500 for each accepted paper submitted to your esteemed journal,” wrote Ahmed Alkhayyat, head of the Islamic University Centre for Scientific Research, in Najaf, and manager of the school’s “world ranking.”
“That’s not how it works, buddy,” Barreto Segundo shot back.
In email to The Conversation, Borcuch denied any improper intent. “My role is to mediate in the technical and procedural aspects of publishing an article,” Borcuch said, adding that, when working with multiple scientists, he would “request a discount from the editorial office on their behalf.” Informed that the Brazilian publisher had no publication fees, Borcuch said a “mistake” had occurred because an “employee” sent the email for him “to different journals.”
Academic journals have different payment models. Many are subscription-based and don’t charge authors for publishing, but have hefty fees for reading articles. Libraries and universities also pay large sums for access.
A fast-growing open-access model – where anyone can read the paper – includes expensive publication fees levied on authors to make up for the loss of revenue in selling the articles. These payments are not meant to influence whether or not a manuscript is accepted.
The Bahia School of Medicine and Public Health, among others, doesn’t charge authors or readers, but Barreto Segundo’s employer is a small player in the scholarly publishing business, which brings in close to $30 billion a year on profit margins as high as 40%. Academic publishers make money largely from subscription fees from institutions like libraries and universities, individual payments to access paywalled articles, and open-access fees paid by authors to ensure their articles are free for anyone to read.
The industry is lucrative enough that it has attracted unscrupulous actors eager to find a way to siphon off some of that revenue.
Ahmed Torad, a lecturer at Kafr El Sheikh University in Egypt and editor-in-chief of the Egyptian Journal of Physiotherapy, asked for a 30% kickback for every article he passed along to the Brazilian publisher. “This commission will be calculated based on the publication fees generated by the manuscripts I submit,” Torad wrote, noting that he specialized “in connecting researchers and authors with suitable journals for publication.”
Apparently, he failed to notice that Bahia School of Medicine and Public Health doesn’t charge author fees.
Like Borcuch, Alkhayyat denied any improper intent. He said there had been a “misunderstanding” on the editor’s part, explaining that the payment he offered was meant to cover presumed article-processing charges. “Some journals ask for money. So this is normal,” Alkhayyat said.
Torad explained that he had sent his offer to source papers in exchange for a commission to some 280 journals, but had not forced anyone to accept the manuscripts. Some had balked at his proposition, he said, despite regularly charging authors thousands of dollars to publish. He suggested that the scientific community wasn’t comfortable admitting that scholarly publishing has become a business like any other, even if it’s “obvious to many scientists.”
The unwelcome advances all targeted one of the journals Barreto Segundo managed, The Journal of Physiotherapy Research, soon after it was indexed in Scopus, a database of abstracts and citations owned by the publisher Elsevier.
Along with Clarivate’s Web of Science, Scopus has become an important quality stamp for scholarly publications globally. Articles in indexed journals are money in the bank for their authors: They help secure jobs, promotions, funding and, in some countries, even trigger cash rewards. For academics or physicians in poorer countries, they can be a ticket to the global north.
Consider Egypt, a country plaguedbydubiousclinical trials. Universities there commonly pay employees large sums for international publications, with the amount depending on the journal’s impact factor. A similar incentive structure is hardwired into national regulations: To earn the rank of full professor, for example, candidates must have at least five publications in two years, according to Egypt’s Supreme Council of Universities. Studies in journals indexed in Scopus or Web of Science not only receive extra points, but they also are exempt from further scrutiny when applicants are evaluated. The higher a publication’s impact factor, the more points the studies get.
With such a focus on metrics, it has become common for Egyptian researchers to cut corners, according to a physician in Cairo who requested anonymity for fear of retaliation. Authorship is frequently gifted to colleagues who then return the favor later, or studies may be created out of whole cloth. Sometimes an existing legitimate paper is chosen from the literature, and key details such as the type of disease or surgery are then changed and the numbers slightly modified, the source explained.
It affects clinical guidelines and medical care, “so it’s a shame,” the physician said.
Ivermectin, a drug used to treat parasites in animals and humans, is a case in point. When some studies showed that it was effective against COVID-19, ivermectin was hailed as a “miracle drug” early in the pandemic. Prescriptions surged, and along with them calls to U.S. poison centers; one man spent nine days in the hospital after downing an injectable formulation of the drug that was meant for cattle, according to the Centers for Disease Control and Prevention. As it turned out, nearly all of the research that showed a positive effect on COVID-19 had indications of fakery, the BBC and others reported – including a now-withdrawn Egyptian study. With no apparent benefit, patients were left with just side effects.
“There’s a huge academic incentive and profit motive,” says Lisa Bero, a professor of medicine and public health at the University of Colorado Anschutz Medical Campus and the senior research-integrity editor at the Cochrane Collaboration, an international nonprofit organization that produces evidence reviews about medical treatments. “I see it at every institution I’ve worked at.”
But in the global south, the publish-or-perish edict runs up against underdeveloped research infrastructures and education systems, leaving scientists in a bind. For a Ph.D., the Cairo physician who requested anonymity conducted an entire clinical trial single-handedly – from purchasing study medication to randomizing patients, collecting and analyzing data and paying article-processing fees. In wealthier nations, entire teams work on such studies, with the tab easily running into the hundreds of thousands of dollars.
“Research is quite challenging here,” the physician said. That’s why scientists “try to manipulate and find easier ways so they get the job done.”
Institutions, too, have gamed the system with an eye to international rankings. In 2011, the journal Science described how prolific researchers in the United States and Europe were offered hefty payments for listing Saudi universities as secondary affiliations on papers. And in 2023, the magazine, in collaboration with Retraction Watch, uncovered a massive self-citation ploy by a top-ranked dental school in India that forced undergraduate students to publish papers referencing faculty work.
The root – and solutions
Such unsavory schemes can be traced back to the introduction of performance-based metrics in academia, a development driven by the New Public Management movement that swept across the Western world in the 1980s, according to Canadian sociologist of science Yves Gingras of the Université du Québec à Montréal. When universities and public institutions adopted corporate management, scientific papers became “accounting units” used to evaluate and reward scientific productivity rather than “knowledge units” advancing our insight into the world around us, Gingras wrote.
This transformation led many researchers to compete on numbers instead of content, which made publication metrics poor measures of academic prowess. As Gingras has shown, the controversial French microbiologist Didier Raoult, who now has more than a dozen retractions to his name, has an h-index – a measure combining publication and citation numbers – that is twice as high as that of Albert Einstein – “proof that the index is absurd,” Gingras said.
Worse, a sort of scientific inflation, or “scientometric bubble,” has ensued, with each new publication representing an increasingly small increment in knowledge. “We publish more and more superficial papers, we publish papers that have to be corrected, and we push people to do fraud,” said Gingras.
In 2024, Landon Halloran, a geoscientist at the University of Neuchâtel, in Switzerland, received an unusual job application for an opening in his lab. A researcher with a Ph.D. from China had sent him his CV. At 31, the applicant had amassed 160 publications in Scopus-indexed journals, 62 of them in 2022 alone, the same year he obtained his doctorate. Although the applicant was not the only one “with a suspiciously high output,” according to Halloran, he stuck out. “My colleagues and I have never come across anything quite like it in the geosciences,” he said.
According to industry insiders and publishers, there is more awareness now of threats from paper mills and other bad actors. Some journals routinely check for image fraud. A bad AI-generated image showing up in a paper can either be a sign of a scientist taking an ill-advised shortcut, or a paper mill.
The Cochrane Collaboration has a policy excluding suspect studies from its analyses of medical evidence. The organization also has been developing a tool to help its reviewers spot problematic medical trials, just as publishers have begun to screen submissions and share data and technologies among themselves to combat fraud.
This image, generated by AI, is a visual gobbledygook of concepts around transporting and delivering drugs in the body. For instance, the upper left figure is a nonsensical mix of a syringe, an inhaler and pills. And the pH-sensitive carrier molecule on the lower left is huge, rivaling the size of the lungs. After scientist sleuths pointed out that the published image made no sense, the journal issued a correction. Screen capture by The Conversation, CC BY-ND This graphic is the corrected image that replaced the AI image above. In this case, according to the correction, the journal determined that the paper was legitimate but the scientists had used AI to generate the image describing it. Screen capture by The Conversation, CC BY-ND
“People are realizing like, wow, this is happening in my field, it’s happening in your field,” said the Cochrane Collaboration’s Bero”. “So we really need to get coordinated and, you know, develop a method and a plan overall for stamping these things out.”
What jolted Taylor & Francis into paying attention, according to Alam, the director of Publishing Ethics and Integrity, was a 2020 investigation of a Chinese paper mill by sleuth Elisabeth Bik and three of her peers who go by the pseudonyms Smut Clyde, Morty and Tiger BB8. With 76 compromised papers, the U.K.-based company’s Artificial Cells, Nanomedicine, and Biotechnology was the most affected journal identified in the probe.
“It opened up a minefield,” says Alam, who also co-chairs United2Act, a project launched in 2023 that brings together publishers, researchers and sleuths in the fight against paper mills. “It was the first time we realized that stock images essentially were being used to represent experiments.”
Taylor & Francis decided to audit the hundreds of articles in its portfolio that contained similar types of images. It doubled Alam’s team, which now has 14.5 positions dedicated to doing investigations, and also began monitoring submission rates. Paper mills, it seemed, weren’t picky customers.
“What they’re trying to do is find a gate, and if they get in, then they just start kind of slamming in the submissions,” Alam said. Seventy-six fake papers suddenly seemed like a drop in the ocean. At one Taylor & Francis journal, for instance, Alam’s team identified nearly 1,000 manuscripts that bore all the marks of coming from a mill, she said.
And in 2023, it rejected about 300 dodgy proposals for special issues. “We’ve blocked a hell of a lot from coming through,” Alam said.
Fraud checkers
A small industry of technology startups has sprung up to help publishers, researchers and institutions spot potential fraud. The website Argos, launched in September 2024 by Scitility, an alert service based in Sparks, Nevada, allows authors to check if new collaborators are trailed by retractions or misconduct concerns. It has flagged tens of thousands of “high-risk” papers, according to the journal Nature.
Fraud-checker tools sift through papers to point to those that should be manually checked and possibly rejected. solidcolours/iStock via Getty Images
The fraudsters have not been idle, either. In 2022, when Clear Skies released the Papermill Alarm, the first academic to inquire about the new tool was a paper miller, according to Day. The person wanted access so he could check his papers before firing them off to publishers, Day said. “Paper mills have proven to be adaptive and also quite quick off the mark.”
Given the ongoing arms race, Alam acknowledges that the fight against paper mills won’t be won as long as the booming demand for their products remains.
According to a Nature analysis, the retraction rate tripled from 2012 to 2022 to close to .02%, or around 1 in 5,000 papers. It then nearly doubled in 2023, in large part because of Wiley’s Hindawi debacle. Today’s commercial publishing is part of the problem, Byrne said. For one, cleaning up the literature is a vast and expensive undertaking with no direct financial upside. “Journals and publishers will never, at the moment, be able to correct the literature at the scale and in the timeliness that’s required to solve the paper-mill problem,” Byrne said. “Either we have to monetize corrections such that publishers are paid for their work, or forget the publishers and do it ourselves.”
But that still wouldn’t fix the fundamental bias built into for-profit publishing: Journals don’t get paid for rejecting papers. “We pay them for accepting papers,” said Bodo Stern, a former editor of the journal Cell and chief of Strategic Initiatives at Howard Hughes Medical Institute, a nonprofit research organization and major funder in Chevy Chase, Maryland. “I mean, what do you think journals are going to do? They’re going to accept papers.”
With more than 50,000 journals on the market, even if some are trying hard to get it right, bad papers that are shopped around long enough eventually find a home, Stern added. “That system cannot function as a quality-control mechanism,” he said. “We have so many journals that everything can get published.”
In Stern’s view, the way to go is to stop paying journals for accepting papers and begin looking at them as public utilities that serve a greater good. “We should pay for transparent and rigorous quality-control mechanisms,” he said.
Peer review, meanwhile, “should be recognized as a true scholarly product, just like the original article, because the authors of the article and the peer reviewers are using the same skills,” Stern said. By the same token, journals should make all peer-review reports publicly available, even for manuscripts they turn down. “When they do quality control, they can’t just reject the paper and then let it be published somewhere else,” Stern said. “That’s not a good service.”
Better measures
Stern isn’t the first scientist to bemoan the excessive focus on bibliometrics. “We need less research, better research, and research done for the right reasons,” wrote the late statistician Douglas G. Altman in a much-cited editorial from 1994. “Abandoning using the number of publications as a measure of ability would be a start.”
Despite the declaration, metrics remain in wide use today, and scientists say there is a new sense of urgency.
“We’re getting to the point where people really do feel they have to do something” because of the vast number of fake papers, said Richard Sever, assistant director of Cold Spring Harbor Laboratory Press, in New York, and co-founder of the preprint servers bioRxiv and medRxiv.
Stern and his colleagues have tried to make improvements at their institution. Researchers who wish to renew their seven-year contract have long been required to write a short paragraph describing the importance of their major results. Since the end of 2023, they also have been asked to remove journal names from their applications.
That way, “you can never do what all reviewers do – I’ve done it – look at the bibliography and in just one second decide, ‘Oh, this person has been productive because they have published many papers and they’re published in the right journals,’” says Stern. “What matters is, did it really make a difference?”
Shifting the focus away from convenient performance metrics seems possible not just for wealthy private institutions like Howard Hughes Medical Institute, but also for large government funders. In Australia, for example, the National Health and Medical Research Council in 2022 launched the “top 10 in 10” policy, aiming, in part, to “value research quality rather than quantity of publications.”
Rather than providing their entire bibliography, the agency, which assesses thousands of grant applications every year, asked researchers to list no more than 10 publications from the past decade and explain the contribution each had made to science. According to an evaluation report from April, 2024 close to three-quarters of grant reviewers said the new policy allowed them to concentrate more on research quality than quantity. And more than half said it reduced the time they spent on each application.
Gingras, the Canadian sociologist, advocates giving scientists the time they need to produce work that matters, rather than a gushing stream of publications. He is a signatory to the Slow Science Manifesto: “Once you get slow science, I can predict that the number of corrigenda, the number of retractions, will go down,” he says.
At one point, Gingras was involved in evaluating a research organization whose mission was to improve workplace security. An employee presented his work. “He had a sentence I will never forget,” Gingras recalls. The employee began by saying, “‘You know, I’m proud of one thing: My h-index is zero.’ And it was brilliant.” The scientist had developed a technology that prevented fatal falls among construction workers. “He said, ‘That’s useful, and that’s my job.’ I said, ‘Bravo!’”
Labbé receives funding from the European Research Council.
He has also received funding from the French National Research Agency (ANR), and the U.S. Office of Research Integrity.
Labbé has been in touch with most of the major publishers and their integrity officers, offering pro-bono consulting regarding detection tools to various actors in the field including STM-Hub and Morressier.
Cabanac receives funding from the European Research Council (ERC) and the Institut Universitaire de France (IUF). He is the administrator of the Problematic Paper Screener, a public platform that uses metadata from Digital Science and PubPeer via no-cost agreements. Cabanac has been in touch with most of the major publishers and their integrity officers, offering pro bono consulting regarding detection tools to various actors in the field including ClearSkies, Morressier, River Valley, Signals, and STM.
Frederik Joelving does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Marat Khusnullin: Work has begun to expand the overpass on the Adler bypass
January 29, 2025
Marat Khusnullin: Work has begun to expand the overpass on the Adler bypass
January 29, 2025
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Marat Khusnullin: Work has begun to expand the overpass on the Adler bypass
A developed road network is the most important factor in the sustainable socio-economic growth of the country. In this regard, large-scale infrastructure projects are being implemented, including the construction of the Adler bypass. It will be part of the prospective highway from the federal highway M-4 “Don” to the city of Sochi. Currently, builders have begun to expand the dimensions of the existing overpass at the 6th km of the A-149 Adler – Krasnaya Polyana road, Deputy Prime Minister Marat Khusnullin reported.
“The megaproject for the construction of the M-4 Don-Sochi highway will give a powerful impetus to the development of the economy of the southern regions of Russia and will help to significantly improve the transport situation on the Black Sea coast. We will implement it in stages. And among the priority sections is the Adler bypass, about 10 km long. The road will connect the village of Kudepsta and the village of Vysokoye. The construction of the new section will increase the tourist potential of this direction, reduce travel time to the Sochi airport and Krasnaya Polyana, ensure the withdrawal of transit transport from the resort area of Adler and improve the environmental situation of the coastal territory. As part of this project, the overpass at the 6th km of the A-149 Adler-Krasnaya Polyana highway is being reconstructed. By now, work has begun to increase its dimensions. The artificial structure and its approaches will be expanded to two traffic lanes, one in the forward and reverse directions. We plan to put the overpass into operation before the start of the resort season, so that this summer Sochi residents and its guests will have the opportunity to travel along it in both directions, both towards Adler and towards Krasnaya Polyana,” said Marat Khusnullin.
The reconstruction of the overpass started in November last year. Before its expansion, a large complex of works was completed. In particular, specialists removed the fencing elements, noise protection screens, layers of the bridge deck from the existing bridge structure, dismantled the utility networks and side consoles of the overpass.
According to the Chairman of the Board of the state company Avtodor, Vyacheslav Petushenko, work at the site is currently being carried out in two shifts.
“These days, the builders are using powerful jacks to lift the overpass sections by several centimeters and transfer them to temporary supports, the so-called bridge structures, erected earlier. Then, new metal consoles will be mounted on both sides of the overpass to expand the overpass dimensions. In total, 95 people and 15 units of equipment are involved in the work. Upon completion, the builders will be able to begin preparing and assembling tunnel boring machines at the construction site to begin tunneling the Adler bypass,” Vyacheslav Petushenko noted.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Data source: U.S. Energy Information Administration, State Heating Oil and Propane Program; Bloomberg, L.P. Note: Wholesale prices are U.S. benchmark spot prices from Mont Belvieu, Texas.
U.S. wholesale and retail propane prices have been higher so far this winter heating season (October–March) than during the same period a year ago, largely because of colder weather in January and higher exports, according to data from our State Heating Oil and Propane Program. Prices have been higher despite relatively strong propane inventories heading into this winter heating season.
U.S. wholesale propane prices Wholesale propane spot prices at the U.S. benchmark at Mont Belvieu, Texas, have averaged $0.81 per gallon (gal) so far during the winter heating season (Oct 2024–Jan 2025), or $0.13/gal higher than year-ago prices. For the week ending January 20, 2025, U.S. wholesale propane prices were $0.97/gal, slightly higher than at this time last year when they were $0.79/gal.
Because the United States exports more propane than it consumes, exports can affect wholesale propane prices. More exports reduce domestic supply and generally mean higher U.S. wholesale prices. The United States is exporting record amounts of propane, averaging 1.8 million barrels per day in 2024, a 9% increase compared with 2023 and the highest weekly average on record.
U.S. retail propane prices U.S. retail propane prices typically follow wholesale propane prices and supply and demand dynamics. Typically, propane prices rise during the winter, when demand for propane as a winter heating fuel grows and propane inventories are drawn down.
U.S. retail propane prices have averaged $2.51/gal so far this winter heating season, just $0.07/gal higher than during the same time last year. U.S. average retail propane prices have increased 5% from the beginning of this winter heating season to the week ending December 30, 2024.
Retail propane prices for the four U.S. regions for which we publish data—the East Coast (PADD 1), Midwest (PADD 2), Gulf Coast (PADD 3), and Rocky Mountain (PADD 4)—are higher this winter compared with this time last winter. Similar to last winter’s heating season, retail prices in all four regions stayed relatively flat until mid-January, when wholesale Mont Belvieu prices began to increase as temperatures dropped. In January 2024 and 2025, winter heating needs peaked, as measured by heating degree days, which indicate how cold the temperature was on a given day or during a period of days. December 2024 had more heating degree days than December 2023, and we expect more of them throughout this winter compared with last winter, according to our December Short-Term Energy Outlook.
Natural gas-fired electric power generation has increased in Pennsylvania since 2013 as the state has shifted toward natural gas as its main fuel source for electric power generation. In October 2024, natural gas-fired generation accounted for 57% of the electricity generated in Pennsylvania, more than twice the share in October 2013 (26%). Over the past decade, natural gas has become the primary fuel source for electricity generation in the state, surpassing coal-fired generation in 2016 on an annual basis and nuclear-powered generation in 2019. Natural gas-fired generation reached an all-time monthly peak in Pennsylvania of 15.3 million megawatthours (MWh) in July 2024, as hourly electricity demand peaked across multiple regions of the Lower 48 states due to widespread heatwaves.
From 2013 to 2023, fuel consumption for electricity generation in Pennsylvania shifted from mostly coal to natural gas. Pennsylvania sits on top of the Marcellus shale play within the Appalachian Basin where dry natural gas production has more than doubled in the past decade. Dry natural gas production in Pennsylvania increased from 8.9 billion cubic feet per day (Bcf/d) in 2013 to 20.8 Bcf/d in 2023, as the cost of natural gas fell compared with other energy sources. In addition, power generators in the state made investments in new technologies that increased the efficiency of natural gas as a source of power generation such as combined-cycle gas turbines, which use heat from natural gas turbines to run steam turbines to generate power from both.
More power is now generated in Pennsylvania than is consumed, prompting generators to send surplus electricity to other states. In 2023, power companies in Pennsylvania sent more electricity outside state borders than companies in any other state in the country, moving 83.4 million MWh to neighboring states.
Rising natural gas consumption in the electric power sector was the primary driver of increased use in Pennsylvania over the past decade. In 2013, natural gas consumption for power generation averaged 1.0 Bcf/d. Natural gas use in the electric power sector more than doubled since then, reaching 2.6 Bcf/d in 2023, while use in the residential, commercial, and industrial sectors remained relatively stable. Total natural gas delivered to all consumers in Pennsylvania averaged 4.8 Bcf/d in 2024 through October, up from 2.6 Bcf/d during all of 2013.
Data source: U.S. Energy Information Administration, Natural Gas Monthly Note: PA=Pennsylvania, FL=Florida, TX=Texas, LA=Louisiana, CA=California
Between 2013 and 2023, natural gas consumption in Pennsylvania increased by 64% (1.7 Bcf/d), the largest percentage increase among the top five natural gas consuming states in the United States in 2023. In 2013, Pennsylvania ranked as the seventh-largest consuming state of natural gas in the United States, behind Illinois, Florida, New York, Louisiana, California, and Texas; in 2019, Pennsylvania ranked as the fifth-largest consuming state and has remained at that rank since then. From 2013 to 2023, natural gas consumption increased in all of the top five consuming states except California, where natural gas as a share of power generation has decreased by 15% since 2013 as the state has increased its share of renewables in its electricity generation mix.
Principal contributors: Grace Wheaton, Andrew Iraola
RUTHERFORD, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), reported a net loss of $11.9 million, or $0.55 per diluted common share, for the year ended December 31, 2024 compared to a net loss of $7.4 million, or $0.31 per diluted common share for the year ended December 31, 2023.
The Company reported a net loss of $2.7 million, or $0.13 per diluted common share, for the three months ended December 31, 2024 compared to a net loss of $4.0 million, or $0.19 per diluted common share for the three months ended September 30, 2024, and a net loss of $2.9 million, or $0.13 per diluted common share for the three months ended December 31, 2023.
James D. Nesci, President and Chief Executive Officer, commented, “We are very pleased with both the deposit and loan growth achieved in the fourth quarter and look to carry this positive momentum into 2025.”
Mr. Nesci also noted, “Credit quality remained strong and we continue to experience very low charge-offs. Our allowance to credit losses to total loans is 83 basis points and covers non-performing loans by over 2.5 times.”
Highlights for thefourthquarter of2024:
Loans totaled $1.58 billion, an increase of $32.5 million from the prior quarter end.
Deposits increased $24.7 million to $1.34 billion compared to the prior quarter.
Uninsured deposits to third-party customers totaled approximately 11% of total deposits at December 31, 2024.
Interest income for the quarter was $21.8 million, an increase of $253 thousand, or 1.2%, compared to the prior quarter.
Interest expense for the quarter was $12.3 million, a decrease of $133 thousand, or 1.1%, compared to the prior quarter.
Net interest margin increased seven basis points from the prior quarter to 1.89%.
The release of provision for credit losses of $301 thousand was primarily due to the decrease in unused lines of credit and releases of provision for loans of $37 thousand and for securities of $24 thousand.
Tangible book value per share was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
480,851 shares were repurchased under our share repurchase plans at a weighted average share price of $10.49 per share.
Credit metrics remained favorable with non-performing loans to total loans of 0.33%.
Loans
The Company continues to diversify its lending portfolio by focusing on growing the higher-yielding commercial portfolio. Gross loans increased $22.8 million during 2024 with increases in commercial real estate loans, construction loans, consumer and other loans, commercial and industrial loans and junior liens of $27.1 million, $25.1 million, $7.2 million, $4.5 million and $2.9 million, respectively, offset in part by reductions in the residential portfolio of $32.7 million and multifamily portfolio of $11.4 million.
The details of the loan portfolio are below:
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
(Unaudited)
(Audited)
(In thousands)
Residential
$
518,243
$
516,754
$
526,453
$
540,427
$
550,929
Multifamily
671,116
666,304
671,185
671,011
682,564
Commercial real estate
259,633
241,711
241,867
244,207
232,505
Construction and land
85,546
80,081
71,882
63,052
60,414
Junior liens
25,422
24,174
23,653
22,052
22,503
Commercial and industrial
16,311
14,228
12,261
13,372
11,768
Consumer and other
7,211
7,731
83
56
47
Total loans
1,583,482
1,550,983
1,547,384
1,554,177
1,560,730
Allowance for credit losses on loans
12,965
13,012
13,027
13,749
14,154
Loans receivable, net
$
1,570,517
$
1,537,971
$
1,534,357
$
1,540,428
$
1,546,576
Deposits
At December 31, 2024, total deposits were $1.34 billion, an increase of $98.4 million or 7.91% from December 31, 2023, mostly due to the increases of $110.7 million and $8.4 million in time deposits and NOW and demand accounts, partially offset by decreases in savings and non-interest bearing deposits of $19.0 million and $1.7 million, respectively. The Company’s strategy is to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products. While there is strong competition for deposits in the northern New Jersey market, we were able to increase customer deposits by $78.0 million, or 7.0%, during the year. Brokered deposits increased $30.0 million since year end 2023.
The details of deposits are below:
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
(Unaudited)
(Audited)
(In thousands)
Non-interest bearing deposits
$
26,001
$
22,254
$
24,733
$
25,342
$
27,739
NOW and demand accounts
369,554
357,503
368,386
373,172
361,139
Savings
240,426
237,651
246,559
250,298
259,402
Core deposits
635,981
617,408
639,678
648,812
648,280
Time deposits
707,339
701,262
671,478
642,372
596,624
Total deposits
$
1,343,320
$
1,318,670
$
1,311,156
$
1,291,184
$
1,244,904
Financial Performance Overview:
Fourth quarter of 2024compared to the third quarter of 2024
Net interest income compared to the third quarterof 2024:
Net interest income was $9.5 million for the fourth quarter of 2024 compared to $9.1 million for the third quarter of 2024, an increase of $386 thousand.
Net interest margin increased by seven basis points to 1.89%.
The yield on average interest-earning assets increased five basis points to 4.37%, while the cost of average interest-bearing liabilities decreased six basis points to 2.97% due to a decrease in rates paid on time deposits.
Average interest-earning assets increased by $10.1 million and average interest-bearing liabilities increased by $15.4 million.
Non-interest income compared to the third quarterof 2024:
Non-interest income increased $33 thousand primarily due to increase in fees and service charges.
Non-interest expense compared to thethird quarter of 2024:
Non-interest expense decreased $386 thousand primarily driven by decreases of $363 thousand in compensation and benefits expenses, $76 thousand in professional fees and $36 thousand in occupancy and equipment, partially offset by an increase in data processing expense of $102 thousand.
Income tax expense compared to thethird quarter of 2024:
The Company did not record a tax benefit for the losses incurred during the third or fourth quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
The Company’s current tax position reflects the full valuation allowance on its deferred tax assets. At December 31, 2024, the valuation allowance on deferred tax assets was $25.1 million.
Fourthquarter of2024compared to thefourthquarter of2023
Net interest income compared to thefourthquarter of2023:
Net interest income was $9.5 million, an increase of $277 thousand.
Net interest margin increased five basis point to 1.89%.
Yield on average interest-earning assets increased 31 basis points to 4.37%.
Cost of average interest-bearing deposits increased 38 basis points to 2.90%, reflecting the competitive rate environment in our primary market.
Average loans increased by $7.5 million and average interest-bearing deposits increased by $94.2 million.
Non-interest income compared to thefourthquarter of2023:
Non-interest income decreased $152 thousand, or 26.57%. The prior year period included gains on sales of loans and securities that were not present in the current period. In addition, there was a decline in fees and service charges from the prior period.
Non-interest expense compared to thefourthquarter of2023:
Non-interest expense was $12.9 million, an increase of $338 thousand driven by increases in professional services expense, compensation and benefit costs and occupancy and equipment expense of $106 thousand, $56 thousand and $54 thousand, respectively, partially offset by a decrease in advertising expense of $39 thousand. In addition, other expense increased $131 thousand when compared to the fourth quarter of 2023 due in part to increases in business development and postage expenses.
Income tax expense compared to thefourthquarter of2023:
The Company did not record a tax benefit for the loss incurred during the fourth quarter of 2024 or 2023 due to the full valuation allowance required on its deferred tax assets.
The Company’s current tax position reflects the full valuation allowance on its deferred tax assets. At December 31, 2024, the valuation allowance on deferred tax assets was $25.1 million.
Year endedDecember 31, 2024compared to the year endedDecember 31, 2023
Net interest income compared to the year endedDecember 31, 2023:
Net interest income was $37.6 million, a decrease of $4.4 million.
Net interest margin decreased by 19 basis points to 1.90%.
Yield on average interest-earning assets increased 38 basis points to 4.32%.
Cost of average interest-bearing deposits increased 92 basis points to 2.89%, due to an increase in higher-cost time deposits and the competitive rate environment in our primary market.
Average loans decreased by $16.4 million and average interest-bearing deposits increased by $52.6 million.
Non-interest income compared to the year endedDecember 31, 2023:
Non-interest income decreased $11 thousand, or 0.61%, largely due to the lack of gain on sale of loans and securities, offset in part by a gain on sale of an REO property in 2024.
Non-interest expense compared to the year endedDecember 31, 2023:
Non-interest expense was $52.6 million, an increase of $1.0 million, primarily driven by increases in compensation and benefits of $994 thousand, occupancy and equipment of $528 thousand and FDIC premiums of $56 thousand, offset in part by decreases in data processing expense and professional services of $471 thousand and $118 thousand, respectively.
Income tax expense compared to the year endedDecember 31, 2023:
The Company did not record a tax benefit for the loss incurred during 2024 or 2023 due to the full valuation allowance required on its deferred tax assets.
The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At December 31, 2024, the valuation allowance on deferred tax assets was $25.1 million.
Balance Sheet Summary:
December 31, 2024compared toDecember 31, 2023
Securities available-for-sale:
Securities available-for-sale increased $13.3 million to $297.0 million due to purchases and a $3.3 million improvement in the unrealized loss position on the portfolio, partially offset by amortization, maturities and calls during the year.
Other investments:
Other investments decreased during 2024 by $2.6 million due to a decrease in FHLB stock as a result of a reduction in FHLB borrowings.
Total loans:
Gross loans held for investment increased $22.8 million to $1.58 billion.
Commercial real estate loans increased $27.1 million, construction loans increased $25.1 million, consumer and other category increased $7.2 million and commercial and industrial loans increased $4.5 million, while residential and multifamily loans decreased $32.7 million and $11.4 million, respectively.
Loan fundings totaled $108.4 million, including fundings of $35.7 million in commercial real estate loans, $33.7 million in construction loans, $12.2 million in multifamily loans and $11.2 million in commercial and industrial loans. In addition, the Company purchased $21.6 million of conforming residential mortgages in New Jersey and participated in a consumer loan participation of $8.0 million during the year.
Deposits:
Deposits totaled $1.34 billion, an increase of $98.4 million since December 31, 2023, largely the result of increases in customer deposits.
Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented 47.3% of total deposits compared to 48.8% at December 31, 2023, as time deposits increased $110.7 million.
The increase in time deposits include $30.0 million in brokered deposits, bringing our total brokered deposit balance to $155.0 million at December 31, 2024.
Uninsured and uncollateralized deposits to third-party customers were $147.6 million, or 11% of total deposits, at the end of the fourth quarter.
Borrowings:
FHLB borrowings decreased by $58.0 million to $339.5 million as we were able to pay off short-term borrowings with deposit growth that outpaced asset growth.
As of December 31, 2024, the Company had $270.6 million of additional borrowing capacity at the FHLB, $107.7 million in secured lines of credit at the Federal Reserve Bank and $30.0 million of other unsecured lines of credit.
Capital:
Shareholders’ equity decreased by $23.4 million to $332.2 million. The decrease was primarily driven by the repurchase of shares at a cost of $19.4 million. Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, also contributed to the decrease.
Tangible equity to tangible assets was 16.11% and 17.37% at December 31, 2024 and 2023, respectively.
Tangible common equity per share outstanding was $14.74 at December 31, 2024 and $14.49 at December 31, 2023.
The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.
Asset quality:
The allowance for credit losses on loans represented 0.83% of total loans at December 31, 2024 compared to 0.91% at December 31, 2023. The allowance for credit losses on loans was 254.02% of non-performing loans compared to 239.98% at December 31, 2023.
The Company recorded a release of provision for credit losses of $301 thousand for the fourth quarter of 2024 and a release of provision for credit losses of $1.4 million for the year ended December 31, 2024. For the fourth quarter of 2024, there was a release of provision of $240 thousand, $37 thousand and $24 thousand in the ACL for off-balance-sheet commitments, loans and held-to-maturity securities, respectively. For the year ended December 31, 2024, there was a release of $1.1 million in the ACL for loans, $146 thousand in the ACL for off-balance-sheet commitments and $60 thousand in the ACL for held-to-maturity securities. The release was driven by the impact of the economic forecasts for the key drivers of our loan segments as well as a decrease in off-balance-sheet commitments.
Non-performing loans totaled $5.1 million, or 0.33% of total loans at December 31, 2024 compared to $5.9 million, or 0.38% of total loans at December 31, 2023.
Net charge-offs were $10 thousand and $46 thousand for the quarter and year ended December 31, 2024, respectively.
About Blue Foundry
Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.
Conference Call Information
A conference call discussing Blue Foundry’s fourth quarter and year ended December 31, 2024 financial results will be held today, Wednesday, January 29, 2025 at 11:00 a.m. (EST). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 168429. Participants are encouraged to preregister to listen via webcast at https://events/q4inc.com/attendee/980680589. The conference call will be recorded and will be available on the Company’s website for one month.
Contact:
James D. Nesci President and Chief Executive Officer jnesci@bluefoundrybank.com 201-972-8900
Forward Looking Statements
Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.
Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Financial Condition
December 31, 2024
September 30, 2024
December 31, 2023
(Unaudited)
(Unaudited)
(Audited)
(In thousands)
ASSETS
Cash and cash equivalents
$
42,502
$
76,109
$
46,025
Securities available for sale, at fair value
297,028
290,806
283,766
Securities held to maturity
33,076
33,119
33,254
Other investments
17,791
18,203
20,346
Loans, net
1,570,517
1,537,971
1,546,576
Real estate owned, net
—
—
593
Interest and dividends receivable
8,014
8,386
7,595
Premises and equipment, net
29,486
30,161
32,475
Right-of-use assets
23,470
24,190
25,172
Bank owned life insurance
22,519
22,399
22,034
Other assets
16,280
13,749
27,127
Total assets
$
2,060,683
$
2,055,093
$
2,044,963
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
$
1,343,320
$
1,318,670
$
1,244,904
Advances from the Federal Home Loan Bank
339,500
348,500
397,500
Advances by borrowers for taxes and insurance
9,356
9,909
8,929
Lease liabilities
25,168
25,870
26,777
Other liabilities
11,141
12,845
11,213
Total liabilities
1,728,485
1,715,794
1,689,323
Shareholders’ equity
332,198
339,299
355,640
Total liabilities and shareholders’ equity
$
2,060,683
$
2,055,093
$
2,044,963
BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Statements of Operations (Dollars in thousands except per share data)
Three months ended
Year Ended December 31,
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
(unaudited)
(Unaudited)
(Audited)
Interest income:
Loans
$
17,777
$
17,646
$
16,907
$
70,185
$
65,685
Taxable investment income
3,972
3,850
3,327
15,122
12,990
Non-taxable investment income
36
36
101
144
430
Total interest income
21,785
21,532
20,335
85,451
79,105
Interest expense:
Deposits
9,573
9,712
7,755
36,830
24,116
Borrowed funds
2,739
2,733
3,384
11,071
13,070
Total interest expense
12,312
12,445
11,139
47,901
37,186
Net interest income
9,473
9,087
9,196
37,550
41,919
(Release of ) provision for credit losses
(301
)
248
156
(1,350
)
(441
)
Net interest income after (release of ) provision for credit losses
9,774
8,839
9,040
38,900
42,360
Non-interest income:
Fees and service charges
306
272
331
1,203
1,164
Gain on securities, net
—
—
20
—
20
Gain on sale of loans
—
—
72
36
231
Other income
114
115
149
555
390
Total non-interest income
420
387
572
1,794
1,805
Non-interest expense:
Compensation and benefits
6,943
7,306
6,887
29,433
28,439
Occupancy and equipment
2,194
2,230
2,140
8,878
8,350
Data processing
1,514
1,412
1,510
5,648
6,119
Advertising
81
87
120
292
354
Professional services
737
813
631
2,903
3,021
Federal deposit insurance premiums
226
236
200
855
799
Other expense
1,186
1,183
1,055
4,596
4,480
Total non-interest expenses
12,881
13,267
12,543
52,605
51,562
Loss before income tax expense
(2,687
)
(4,041
)
(2,931
)
(11,911
)
(7,397
)
Income tax expense
—
—
—
—
—
Net loss
$
(2,687
)
$
(4,041
)
$
(2,931
)
$
(11,911
)
$
(7,397
)
Basic loss per share
$
(0.13
)
$
(0.19
)
$
(0.13
)
$
(0.55
)
$
(0.31
)
Diluted loss per share
$
(0.13
)
$
(0.19
)
$
(0.13
)
$
(0.55
)
$
(0.31
)
Weighted average shares outstanding-basic
20,826,845
21,263,482
22,845,252
21,477,429
23,925,724
Weighted average shares outstanding-diluted
20,826,845
21,263,482
22,845,252
21,477,429
23,925,724
BLUE FOUNDRY BANCORP AND SUBSIDIARY Consolidated Financial Highlights (Dollars in thousands except for share data) (Unaudited)
Three months ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Performance Ratios (%)
Loss on average assets
(0.52
)
(0.79
)
(0.47
)
(0.56
)
(0.57
)
Loss on average equity
(3.17
)
(4.68
)
(2.71
)
(3.23
)
(3.25
)
Interest rate spread (1)
1.40
1.29
1.43
1.40
1.33
Net interest margin (2)
1.89
1.82
1.96
1.92
1.84
Efficiency ratio (non-GAAP) (3)
130.20
140.04
130.73
134.19
128.41
Average interest-earning assets to average interest-bearing liabilities
120.84
121.37
122.28
122.50
122.93
Tangible equity to tangible assets (4)
16.11
16.50
16.88
17.25
17.37
Book value per share (5)
$
14.75
$
14.76
$
14.70
$
14.61
$
14.51
Tangible book value per share (5)
$
14.74
$
14.74
$
14.69
$
14.60
$
14.49
Asset Quality
Non-performing loans
$
5,104
$
5,146
$
6,208
$
6,691
$
5,898
Real estate owned, net
—
—
—
593
593
Non-performing assets
$
5,104
$
5,146
$
6,208
$
7,284
$
6,491
Allowance for credit losses on loans to total loans (%)
0.83
0.84
0.84
0.88
0.91
Allowance for credit losses on loans to non-performing loans (%)
254.02
252.86
209.84
205.48
239.98
Non-performing loans to total loans (%)
0.33
0.33
0.40
0.43
0.38
Non-performing assets to total assets (%)
0.25
0.25
0.30
0.36
0.32
Net charge-offs to average outstanding loans during the period (%)
—
—
—
—
—
(1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (2) Net interest margin represents net interest income divided by average interest-earning assets. (3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income. (4) Tangible equity equals $332.0 million, which excludes intangible assets ($244 thousand of capitalized software). Tangible assets equal $2.06 billion and exclude intangible assets. (5) Per share metrics are computed using 22,522,626 total shares outstanding.
BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income (Unaudited)
Three Months Ended
December 31, 2024
September 30, 2024
December 31, 2023
Average Balance
Interest
Average Yield/Cost
Average Balance
Interest
Average Yield/Cost
Average Balance
Interest
Average Yield/Cost
(Dollars in thousands)
Assets:
Loans (1)
$
1,557,342
$
17,777
4.57
%
$
1,548,962
$
17,646
4.53
%
$
1,564,800
$
16,907
4.29
%
Mortgage-backed securities
185,382
1,254
2.71
%
181,596
1,186
2.60
%
165,471
904
2.17
%
Other investment securities
164,392
1,573
3.83
%
173,008
1,527
3.51
%
190,507
1,486
3.09
%
FHLB stock
17,153
411
9.58
%
17,666
406
9.15
%
20,970
477
9.02
%
Cash and cash equivalents
68,536
770
4.50
%
61,507
767
4.96
%
45,895
561
4.85
%
Total interest-bearing assets
1,992,805
21,785
4.37
%
1,982,739
21,532
4.32
%
1,987,643
20,335
4.06
%
Non-interest earning assets
61,586
61,787
54,918
Total assets
$
2,054,391
$
2,044,526
$
2,042,561
Liabilities and shareholders’ equity:
NOW, savings, and money market deposits
$
614,623
1,988
1.29
%
$
598,048
1,925
1.28
%
$
634,257
1,989
1.24
%
Time deposits
698,801
7,585
4.32
%
688,570
7,787
4.50
%
584,977
5,766
3.91
%
Interest-bearing deposits
1,313,424
9,573
2.90
%
1,286,618
9,712
3.00
%
1,219,234
7,755
2.52
%
FHLB advances
335,686
2,739
3.26
%
347,076
2,733
3.13
%
397,643
3,384
3.38
%
Total interest-bearing liabilities
1,649,110
12,312
2.97
%
1,633,694
12,445
3.03
%
1,616,877
11,139
2.73
%
Non-interest bearing deposits
24,945
23,421
26,629
Non-interest bearing other
43,016
43,713
41,780
Total liabilities
1,717,071
1,700,828
1,685,286
Total shareholders’ equity
337,320
343,698
357,275
Total liabilities and shareholders’ equity
$
2,054,391
$
2,044,526
$
2,042,561
Net interest income
$
9,473
$
9,087
$
9,196
Net interest rate spread (2)
1.40
%
1.29
%
1.33
%
Net interest margin (3)
1.89
%
1.82
%
1.84
%
(1) Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans. (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (3) Net interest margin represents net interest income divided by average interest-earning assets.
BLUE FOUNDRY BANCORP AND SUBSIDIARY Analysis of Net Interest Income continued (Unaudited)
Year Ended December 31,
2024
2023
Average Balance
Interest
Average Yield/Cost
Average Balance
Interest
Average Yield/Cost
(Dollar in thousands)
Assets:
Loans (1)
$
1,553,143
$
70,185
4.52
%
$
1,569,590
$
65,685
4.18
%
Mortgage-backed securities
173,691
4,276
2.46
%
172,405
3,693
2.14
%
Other investment securities
174,172
6,440
3.70
%
195,754
6,010
3.07
%
FHLB stock
18,038
1,756
9.73
%
21,249
1,582
7.45
%
Cash and cash equivalents
58,261
2,794
4.80
%
46,245
2,135
4.62
%
Total interest-bearing assets
1,977,305
85,451
4.32
%
2,005,243
79,105
3.94
%
Non-interest earning assets
59,832
56,297
Total assets
$
2,037,137
$
2,061,540
Liabilities and shareholders’ equity:
NOW, savings, and money market deposits
$
610,172
7,803
1.28
%
$
722,149
8,339
1.15
%
Time deposits
665,740
29,027
4.36
%
501,124
15,777
3.15
%
Interest-bearing deposits
1,275,912
36,830
2.89
%
1,223,273
24,116
1.97
%
FHLB advances
348,306
11,071
3.18
%
396,265
13,070
3.30
%
Total interest-bearing liabilities
1,624,218
47,901
2.95
%
1,619,538
37,186
2.30
%
Non-interest bearing deposits
24,980
25,227
Non-interest bearing other
42,345
43,868
Total liabilities
1,691,543
1,688,633
Total shareholders’ equity
345,594
372,907
Total liabilities and shareholders’ equity
$
2,037,137
$
2,061,540
Net interest income
$
37,550
$
41,919
Net interest rate spread (2)
1.37
%
1.64
%
Net interest margin (3)
1.90
%
2.09
%
(1) Average loan balances are net of deferred loan fees and costs, and premiums and discounts, and include non-accrual loans. (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (3) Net interest margin represents net interest income divided by average interest-earning assets.
BLUE FOUNDRY BANCORP AND SUBSIDIARY Adjusted Pre-Provision Net Loss (Non-GAAP) (Dollars in thousands except per share data) (Unaudited)
This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Blue Foundry’s performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry’s financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
Net loss, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense while pre-provision net loss does not.
Three months ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Pre-provision net loss and efficiency ratio, as adjusted:
The Scottish Greens have slammed the Chancellor’s decision to extend Heathrow airport, with Transport spokesperson Mark Ruskell calling the expansion “a disaster for future generations.”
Rachel Reeves announced her support for a third runway at Heathrow in a speech in Oxfordshire on Wednesday morning. In it, she pushed the concept of funding economic growth by handing billionaire private companies government funding to increase their profits.
The expansion has previously been opposed by Prime Minister Keir Starmer and the Secretary of State for Climate Change, Ed Miliband.
Estimates from Heathrow Airport in 2018 speculated that the cost of a third runway would be over £14bn, with inflation now likely increasing that figure even further.
“This is yet another climate-wrecking decision from a Labour government that is determined to fund so-called ‘economic growth’ by pouring billions of taxpayers money into the pockets of private companies.
“A third runway will be a disaster for future generations; increasing carbon emissions at this crucial time for our planet’s future is nothing but climate vandalism. Transport emissions across the UK are still far too high; we need to invest in reducing them through cheap and efficient public transport.
“Instead of forcing an unnecessary new runway, we could connect cities across the UK with cheap and effective high-speed rail, cutting the cost of commutes and our national carbon emissions, whilst also funding regional-rail expansion, restoring rail connectivity to communities across Scotland.
“Scotland desperately needs investment in new transport initiatives to make commuting cheaper and more efficient. That must come from every level of government, but that won’t happen whilst billions are poured into the pockets of London Airport executives.
“It’s time for real change in Scotland, not more of the same from Starmer and Reeves.”