Source: United Nations (Video News)
Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.
Source: United Nations (Video News)
Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.
Source: United Nations (Video News)
United Nations Secretary-General António Guterres declares there is no alternative to the UN Relief and Works Agency for Palestine Refugees (UNRWA), which has been contributing to their welfare and development since 1950, while UNRWA Commissioner-General Philippe Lazzarini points out that Israeli bills to halt its operation are nothing less than collective punishment.
Source: United Nations (Video News)
In a new report launched on Tuesday, the UN independent expert on human rights in Russia exposes alarming patterns of torture used as a State-sanctioned tool of repression to stifle dissent and intimidate communities abroad. UN News spoke to Mariana Katzarova, Special Rapporteur on the situation of human rights in the Russian Federation, and former political prisoner Vladimir Kara-Murza.
Special Rapporteurs are appointed by the Geneva-based Human Rights Council. They serve in their individual capacity, independent of the UN system and national governments. They are not UN staff and draw no salary.
Source: International Monetary Fund – IMF (video statements)
Join Professor Branko Milanović, senior scholar at the Stone Center on Socio-Economic Inequality of the City University of New York, and Abebe Aemro Selassie, Director of the IMF African Department, for a discussion on practical strategies that African policymakers can employ to effectively address and reduce inequality—and how the Fund can support them in these efforts. https://imf.org/africaperspectives
Source: United Nations (Video News)
On 28 October, the World Health Organization reached Kamal Adwan Hospital in North Gaza for the fourth time in two weeks. The mission transferred 23 patients and 21 caregivers and from Kamal Adwan to Shifa Hospital, while also providing critical supplies.
Source: United States of America – Federal Government Departments (video statements)
Investing in America: The Power of Western Winds centers on Carbon County, Wyoming, a historic coal community that is building one of the largest wind farms and transmission systems in the United States. These projects will create over 1,500 jobs for union workers.
In June 2023, U.S. Secretary of Energy Jennifer Granholm and U.S. Secretary of the Interior Deb Haaland visited Carbon County to celebrate the groundbreaking of the TransWest Express Transmission Project, which will carry clean energy from the Chokecherry and Sierra Madre Wind Energy Project across the American West.
Western Winds of Change is the latest video in DOE’s new clean energy jobs series. It follows three more videos highlighting workers across the United States.
https://youtu.be/ihuMvTllqc8?si=UjI1dxBiiy5UAC1h
Source: United States of America – Federal Government Departments (video statements)
Source: United States of America – Federal Government Departments (video statements)
This Week: Interior announces a nearly $82 million investment to bring clean, safe drinking water to Tribal communities in the West; more than $74 million is on the way for Kentucky to address dangerous and polluting abandoned mine lands; Interior announces an international effort for conservation of the American bison; Interior invests nearly $46 million for ecosystem restoration activities in the Klamath Basin; Assistant Secretary for Fish and Wildlife and Parks Shannon Estenoz visits Arizona and Tennessee to highlight efforts to expand and rehabilitate urban parks; the Provo River Delta Restoration Project in Utah is now complete, providing an improved ecosystem and better recreational opportunities; the Bureau of Ocean Energy Management completes the sixth offshore wind lease sale of the Biden-Harris administration, and the first in the Gulf of Maine; the U.S. Geological Survey awards $4.8 million to preserve vital geologic and geophysical data and samples; and we summon up a haunted and historic landscape for our social media Picture of the Week! Make sure you follow us on Facebook, Instagram, Twitter, and YouTube!
http:/www.facebook.com/usinterior
http:/www.instagram.com/usinterior
http:/www.twitter.com/Interior
Source: United States of America – Federal Government Departments (video statements)
The Office of Family Violence Prevention and Services wants to thank all the advocates, shelters, States, Tribes, Coalitions, Federal Partners, and community members for their 40 years of unwavering commitment to survivors, children and youth. You have provided advocacy, leadership, and organization that has changed lives and improved our nation’s ability to help, believe and support all survivors.
—
U.S. Department of Health and Human Services (HHS) | http://www.hhs.gov
http://www.Twitter.com/HHSGov | http://www.Facebook.com/HHS http://www.Instagram.com/HHSGov
http://www.LinkedIn.com/company/us-department-of-health-and-human-services
HHS Privacy Policy: http://www.hhs.gov/Privacy.html
Source: United States of America – Federal Government Departments (video statements)
Watch the launch of a SpaceX Dragon spacecraft delivering science investigations, supplies, and holiday food to the International Space Station. The 31st SpaceX commercial resupply mission to the orbiting lab will lift off on a Falcon 9 rocket from our Kennedy Space Center in Florida at 9:29 p.m. EST, Monday, Nov. 4 (0229 UTC, Tuesday, Nov. 5).
Dragon will carry several new experiments to the station, including the Coronal Diagnostic Experiment, to examine solar wind and how it forms. Dragon will also deliver Antarctic moss to observe the combined effects of cosmic radiation and microgravity on plants. Other investigations include a device to test cold welding of metals in microgravity, and an investigation that studies how space impacts different materials.
More about the research aboard Dragon: https://science.nasa.gov/science-research/biological-physical-sciences/nasa-science-on-health-safety-to-launch-on-31st-spacex-resupply-mission/
Credit: NASA
#NASA #SpaceX #CRS31 #SpaceStation
Source: United States of America – Federal Government Departments (video statements)
No two stories are the same.
Disaster assistance is not one-size-fits all—we will consider your specific situation & needs when we review your application.
Learn how disaster assistance is helping Tyler and the people he works with in western North Carolina.
Source: United States House of Representatives – Representative Brad Schneider (D-IL)
LINCOLNSHIRE, IL – Following the receipt of a bipartisan letter from Reps. Brad Schneider (IL-10) and Joe Wilson (SC-02) that called for the strengthening of sanctions enforcement on China-Russia tech transfers, the Biden-Harris Administration announced new sanctions on 398 firms across Russia, China, and more than a dozen other nations accused of enabling Russia’s war effort.
“In recent weeks and months, we’ve seen evidence of China’s and others continued role in sustaining Russia’s war effort against Ukraine,” said Rep. Brad Schneider. “Russia is finding avenues to circumvent sanctions by accessing technologies with help from China that are crucial for producing military equipment. I commend the Biden-Harris Administration for sanctioning those countries who are assisting the Kremlin as it continues its unlawful attack on Ukraine.”
The bipartisan letter sent by Rep. Schneider, Rep. Wilson, and 21 other Members of Congress on October 16 called on the Biden-Harris Administration to urgently prioritize efforts to prevent sanctions circumvention by Russia as a part of the U.S.’s efforts to both support Ukraine and also counter China’s influence.
“As dictators continue working together to destroy democracy, the Chinese Communist Party continues actively fueling war criminal Putin’s mass murder of Ukrainian families by helping Putin get his hands on western technology,” said Rep. Joe Wilson. “Congress will not allow tyrants and thieves to weaponize the ingenuity and innovation of free people in their deranged war against those who share our values. I am grateful to have joined colleagues in calling on the administration to utilize every tool at our disposal and will continue to do so.”
The full text of the letter is below.
The Honorable Jake Sullivan
National Security Advisor
The White House
1600 Pennsylvania Avenue NW
Washington, D.C. 20500
CC: The Honorable Antony Blinken, Secretary of State; The Honorable Gina Raimondo, Secretary of Commerce; The Honorable Janet Yellen, Secretary of the Treasury
Dear Mr. Sullivan:
We write to acknowledge the Administration’s efforts to weaken the Kremlin’s military capabilities through sanctions that have disrupted Russia’s access to critical technologies. These measures have reinforced the United States’ leadership in supporting Ukraine during this challenging time.
Recent developments, however, have raised significant concerns about the continued role of China in sustaining Russia’s military-industrial base. It has become increasingly clear that Russia is circumventing the current sanctions regime by accessing advanced industrial equipment through complex procurement networks, many of which involve Chinese entities.
As highlighted in recent analyses, Chinese manufacturers are filling the gap left by Western companies, supplying Russia with crucial CNC (Computer Numerical Control) machines and related technologies. These machines are vital for producing military equipment, including precision-guided munitions, armored vehicles, and UAVs. The continued flow of these critical tools to Russia undermines the effectiveness of our sanctions and prolongs the conflict in Ukraine.
China plays three critical roles in supporting Russia’s war machine with CNC machines. First, China serves as a re-export and circumvention hub for CNC machines manufactured in the United States and allied Western countries. Second, CNC products made by Western manufacturers in their Chinese facilities are still entering the Russian market. Finally, China has become the primary supplier of CNC machines to the Russian military-industrial complex, with the Chinese CNC sector being heavily reliant on components and technologies originating from the United States and allied countries. In all these dimensions, Western manufacturers, technologies, and components remain actively present.
We are particularly concerned that Chinese CNC machines, incorporating Western technologies, are increasingly relied upon by Russian military-industrial enterprises to produce advanced weaponry. This shift not only poses a significant threat to Ukraine but also presents a broader
strategic challenge given China’s role in supporting an adversary of the United States and our allies.
Given these strategic implications, we believe it is imperative to prioritize this issue as part of our broader competition with China. Ensuring that Russia is denied access to these advanced tools and technologies is essential to supporting Ukraine and aligns with our efforts to counter China’s influence. We respectfully urge the administration to take further steps to address this critical vulnerability. Strengthening export and supply chain control enforcement, expanding multilateral cooperation, and targeting key Chinese and other entities involved in these transfers should be central to this effort. By doing so, we can ensure that our sanctions are comprehensive and effective, denying Russia the resources it needs to continue its aggression.
We stand ready to support these efforts and share the goal of upholding international security and supporting Ukraine’s sovereignty.
###
Source: United States Air Force
Carrying fresh insights from a recent tour of the Pacific, Air Force Chief of Staff Gen. David W. Allvin re-emphasized Oct. 31 the need to aggressively integrate and reshape the service to confront China’s rising threat, as well as the malign actions of other adversaries.
Source: GlobeNewswire (MIL-OSI)
TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) — Lumine Group Inc. (“Lumine Group” or “the Company”) (TSXV:LMN) announces financial results for the three and nine months ended September 30, 2024. All amounts referred to in this press release are in US dollars unless otherwise stated.
The following press release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2024, and management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2024, which can be found on SEDAR+ at www.sedarplus.ca. Additional information about Lumine Group is also available on SEDAR+ and on Lumine Group’s website www.luminegroup.com.
Q3 2024 Headlines:
Year-to-Date Q3 2024 Headlines:
Total revenue for the three months ended September 30, 2024 is $177.3 million, an increase of 35%, or $46.0 million, compared to $131.3 million for the comparable period in 2023. For the nine months ended September 30, 2024, total revenue was $481.3 million, an increase of 35%, or $124.7 million, compared to $356.6 million for the comparable period in 2023. The increase for the three and nine months compared to the same period in the prior year is attributable to revenues from prior year and current year acquisitions. The Company experienced organic growth of -8% and -8%, respectively for the three and nine months ended September 30, 2024 or -9% and -8% after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each business in the financial period following acquisition, compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by the Company. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.
Operating income for the three months ended September 30, 2024 was $60.7 million, an increase of 35%, or $15.6 million, compared to $45.1 million for the same period in 2023. Operating income for the nine months ended September 30, 2024 was $141.7 million, an increase of 37%, or $38.6 million, compared to $103.1 million for the same period in 2023. The increase for the three and nine-month periods is primarily attributable to prior year acquisitions. Operating income is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. See “Non-IFRS Measures”.
Net Income for the three months ended September 30, 2024 was $18.3 million compared to net loss of $178.6 million for the same period in 2023. Net loss for the nine months ended September 30, 2024 was $288.3 million compared to net loss of $1,319.3 million for the same period in 2023. The decrease in net loss for the three and nine month periods is primarily attributable to the Mandatory Conversion of Preferred and Special Securities on March 25, 2024 such that no further preferred and special securities expense was booked in the current quarter.
For the three months ended September 30, 2024, CFO decreased $25.7 million to $18.8 million compared to $44.5 million for the same period in 2023 representing a decrease of 58%. For the nine months ended September 30, 2024, CFO decreased $18.0 million to $63.9 million compared to $81.9 million for the same period in 2023 representing a decrease of 22%. The decrease in CFO in the three and nine month periods is primarily attributable to the impact of changes in non-cash operating assets and liabilities exclusive of effects of business combinations.
For the three months ended September 30, 2024, FCFA2S decreased $29.2 million to $10.4 million compared to $39.6 million for the same period in 2023 representing a decrease of 74%. For the nine months ended September 30, 2024, FCFA2S decreased $26.6 million to $42.0 million compared to $68.6 million for the same period in 2023 representing a decrease of 39%. The decrease in the three and nine month periods is driven by lower CFO compared to the same periods in 2023. FCFA2S is a non-IFRS Measure. See “Non-IFRS Measures”.
Non-IFRS Measures
Operating income (loss) refers to income (loss) before income taxes, amortization of intangible assets, redeemable Preferred and Special Share expense, and finance and other expenses (income). We believe that operating income is useful supplemental information as it provides an indication of the profitability of the Company related to its core operations. Operating income (loss) is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that operating income (loss) should not be construed as an alternative to net income (loss).
The following table reconciles operating income to net income:
| Three months ended September 30, |
Nine months ended September 30, |
||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| Net income (loss) | 18.3 | (178.6 | ) | (288.3 | ) | (1,319.3 | ) |
| Adjusted for: | |||||||
| Amortization of intangible assets | 29.6 | 21.4 | 81.6 | 57.7 | |||
| Redeemable preferred and special securities expense | – | 194.8 | 317.4 | 1,346.0 | |||
| Finance and other expense (income) | 8.9 | 3.7 | 18.9 | 10.0 | |||
| Income tax expense (recovery) | 3.9 | 3.8 | 12.1 | 8.8 | |||
| Operating income (loss) | 60.7 | 45.1 | 141.7 | 103.1 | |||
Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on bank debt, transaction costs on bank debt, repayments of lease obligations, dividends paid to redeemable preferred and special securities holders, and property and equipment purchased. The Company believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Lumine Group does not make any acquisitions, or investments, and does not repay any debts. While the Company could use the FCFA2S to pay dividends or repurchase shares, the Company’s objective is to invest all of its FCFA2S in acquisitions which meet the Company’s hurdle rate.
FCFA2S is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.
The following table reconciles FCFA2S to net cash flows from operating activities:
| Three months ended September 30, |
Nine months ended September 30, |
|||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Net cash flows from operating activities: | 18.8 | 44.5 | 63.9 | 81.9 | ||||
| Adjusted for: | ||||||||
| Interest paid on lease obligations | (0.1 | ) | (0.2 | ) | (0.4 | ) | (0.5 | ) |
| Interest paid on other facilities | (5.7 | ) | (2.8 | ) | (13.3 | ) | (6.4 | ) |
| Credit facility transaction costs | (0.0 | ) | 0.0 | (1.9 | ) | (1.8 | ) | |
| Payment of lease obligations | (1.6 | ) | (1.4 | ) | (4.6 | ) | (3.8 | ) |
| Property and equipment purchased | (1.1 | ) | (0.4 | ) | (1.7 | ) | (0.8 | ) |
| Free cash flow available to shareholders | 10.4 | 39.6 | 42.0 | 68.6 | ||||
Forward Looking Statements
Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lumine Group or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
About Lumine Group Inc.
Lumine Group acquires, strengthens, and grows, vertical market software businesses in the communications and media industry. Learn more at www.luminegroup.com.
For further information:
David Nyland
Chief Executive Officer
Lumine Group
investors@luminegroup.com
+1-437-353-4910
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
| September 30, 2024 | December 31, 2023 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash | $ | 180,357 | $ | 146,509 | ||
| Accounts receivable, net | 142,741 | 104,955 | ||||
| Unbilled revenue, net | 49,551 | 39,858 | ||||
| Inventories | 521 | 521 | ||||
| Other assets | 40,727 | 44,862 | ||||
| 413,897 | 336,705 | |||||
| Non-current assets: | ||||||
| Property and equipment | 7,243 | 4,164 | ||||
| Right of use assets | 7,716 | 11,973 | ||||
| Deferred income taxes | 10,400 | 6,197 | ||||
| Other assets | 12,939 | 13,063 | ||||
| Intangible assets and goodwill | 826,041 | 763,793 | ||||
| 864,339 | 799,190 | |||||
| Total assets | $ | 1,278,236 | $ | 1,135,895 | ||
| Liabilities and Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued liabilities | $ | 101,136 | $ | 97,533 | ||
| Due to related parties, net | 1,807 | 2,380 | ||||
| Current portion of bank debt | 2,248 | 3,071 | ||||
| Deferred revenue | 86,890 | 91,726 | ||||
| Acquisition holdback payables | 656 | 19 | ||||
| Lease obligations | 5,128 | 6,358 | ||||
| Income taxes payable | 12,978 | 12,436 | ||||
| Preferred and Special Securities | – | 4,469,996 | ||||
| 210,843 | 4,683,519 | |||||
| Non-current liabilities: | ||||||
| Deferred income taxes | 109,985 | 124,659 | ||||
| Bank debt | 286,457 | 149,636 | ||||
| Lease obligations | 3,583 | 6,921 | ||||
| Other liabilities | 7,767 | 13,127 | ||||
| 407,792 | 294,343 | |||||
| Total liabilities | 618,635 | 4,977,862 | ||||
| Equity: | ||||||
| Capital stock | 490,669 | – | ||||
| Contributed surplus | 185,142 | (1,015,661 | ) | |||
| Accumulated other comprehensive income (loss) | (3,814 | ) | (6,296 | ) | ||
| Retained earnings (deficit) | (12,396 | ) | (2,820,010 | ) | ||
| 659,601 | (3,841,967 | ) | ||||
| Total liabilities and equity | $ | 1,278,236 | $ | 1,135,895 | ||
Condensed Consolidated Interim Statements of Income (Loss)
(In thousands of USD, except per share amounts. Due to rounding, numbers presented may not foot.)
Unaudited
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | |||||||||||||||
| License | $ | 12,798 | $ | 11,247 | $ | 36,205 | $ | 32,990 | |||||||
| Professional services | 32,780 | 23,061 | 86,622 | 63,328 | |||||||||||
| Hardware and other | 6,589 | 5,651 | 11,332 | 14,987 | |||||||||||
| Maintenance and other recurring | 125,167 | 91,342 | 347,099 | 245,262 | |||||||||||
| 177,334 | 131,301 | 481,258 | 356,567 | ||||||||||||
| Expenses | |||||||||||||||
| Staff | 89,929 | 61,871 | 250,662 | 181,775 | |||||||||||
| Hardware | 3,657 | 3,374 | 6,595 | 9,825 | |||||||||||
| Third party license, maintenance and professional services | 8,575 | 7,783 | 28,981 | 20,568 | |||||||||||
| Occupancy | 2,246 | 1,064 | 4,117 | 2,630 | |||||||||||
| Travel, telecommunications, supplies, software and equipment | 4,152 | 5,218 | 23,660 | 15,104 | |||||||||||
| Professional fees | 2,637 | 2,060 | 11,124 | 12,292 | |||||||||||
| Other, net | 3,011 | 2,754 | 7,467 | 5,443 | |||||||||||
| Depreciation | 2,473 | 2,120 | 6,925 | 5,825 | |||||||||||
| Amortization of intangible assets | 29,616 | 21,351 | 81,648 | 57,668 | |||||||||||
| 146,296 | 107,595 | 421,179 | 311,130 | ||||||||||||
| Redeemable Preferred and Special Securities expense | – | 194,817 | 317,362 | 1,346,020 | |||||||||||
| Finance and other expenses (income), net | 8,898 | 3,703 | 18,868 | 9,960 | |||||||||||
| 8,898 | 198,520 | 336,230 | 1,355,980 | ||||||||||||
| Income (loss) before income taxes | 22,140 | (174,814 | ) | (276,151 | ) | (1,310,543 | ) | ||||||||
| Current income tax expense (recovery) | 13,572 | 12,651 | 31,127 | 30,813 | |||||||||||
| Deferred income tax expense (recovery) | (9,710 | ) | (8,815 | ) | (18,982 | ) | (22,042 | ) | |||||||
| Income tax expense (recovery) | 3,862 | 3,836 | 12,145 | 8,771 | |||||||||||
| Net income (loss) | $ | 18,278 | $ | (178,650 | ) | $ | (288,296 | ) | $ | (1,319,314 | ) | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 256,620,389 | 74,040,058 | 199,991,663 | 71,967,707 | |||||||||||
| Diluted | 256,620,389 | 253,104,970 | 255,529,839 | 242,370,504 | |||||||||||
| Earnings per share: | |||||||||||||||
| Basic and diluted | $ | 0.07 | $ | (2.41 | ) | $ | (1.44 | ) | (18.33 | ) | |||||
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net income (loss) | $ | 18,278 | $ | (178,650 | ) | $ | (288,296 | ) | $ | (1,319,314 | ) | |
| Items that are or may be reclassified subsequently to net income (loss): | ||||||||||||
| Foreign currency translation differences from foreign operations and other | 7,082 | (4,657 | ) | 2,482 | (4,968 | ) | ||||||
| Other comprehensive (loss) income for the year, net of income tax | 7,082 | (4,657 | ) | 2,482 | (4,968 | ) | ||||||
| Total comprehensive income (loss) for the year | $ | 25,360 | $ | (183,307 | ) | $ | (285,814 | ) | $ | (1,324,282 | ) | |
Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
| Nine months ended September 30, 2024 | ||||||||||||||
| Capital stock | Contributed surplus | Accumulated other comprehensive (loss) income | Retained earnings (deficit) | Total equity | ||||||||||
| Balance at January 1, 2024 | $ | – | $ | (1,015,661 | ) | $ | (6,296 | ) | $ | (2,820,010 | ) | $ | (3,841,967 | ) |
| Total comprehensive income (loss) for the period: | ||||||||||||||
| Net income (loss) | – | – | – | (288,296 | ) | (288,296 | ) | |||||||
| Other comprehensive income (loss): | ||||||||||||||
| Foreign currency translation differences from foreign operations and other | – | – | 2,482 | – | 2,482 | |||||||||
| Total other comprehensive income (loss) for the period | – | – | 2,482 | – | 2,482 | |||||||||
| Total comprehensive income (loss) for the period | – | – | 2,482 | (288,296 | ) | (285,814 | ) | |||||||
| Settlement of Preferred and Special Share Dividends in Subordinate Voting Shares | 87,368 | – | – | – | 87,368 | |||||||||
| Mandatory Conversion of Special and Preferred Shares | 403,301 | 1,200,803 | – | 3,095,910 | 4,700,014 | |||||||||
| Balance at September 30, 2024 | $ | 490,669 | $ | 185,142 | $ | (3,814 | ) | $ | (12,396 | ) | $ | 659,601 | ||
Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD. Due to rounding, numbers presented may not foot.)
| Unaudited | |||||||||||||||||
| Nine months ended September 30, 2023 | |||||||||||||||||
| Capital stock | Contributed surplus | Accumulated other comprehensive (loss) income | Retained earnings (deficit) | Total equity | |||||||||||||
| Balance at January 1, 2023 | $ | – | $ | 162,692 | $ | (8,912 | ) | $ | – | $ | 153,780 | ||||||
| Total comprehensive income (loss) for the period: | |||||||||||||||||
| Net income (loss) | – | – | – | (1,319,314 | ) | (1,319,314 | ) | ||||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Foreign currency translation differences from foreign operations and other | – | – | (4,968 | ) | – | (4,968 | ) | ||||||||||
| Total other comprehensive income (loss) for the period | – | – | (4,968 | ) | – | (4,968 | ) | ||||||||||
| Total comprehensive income (loss) for the period | – | – | (4,968 | ) | (1,319,314 | ) | (1,324,282 | ) | |||||||||
| Transactions with Parent, recorded directly in equity | |||||||||||||||||
| Capital contributions by Parent | – | 22,451 | – | – | 22,451 | ||||||||||||
| Amalgamation with Lumine Group (Holdings) Inc. | – | (1,200,804 | ) | – | – | (1,200,804 | ) | ||||||||||
| Special Share conversion | – | – | – | 5,110 | 5,110 | ||||||||||||
| Balance at September 30, 2023 | $ | – | $ | (1,015,661 | ) | $ | (13,880 | ) | $ | (1,314,204 | ) | $ | (2,343,746 | ) | |||
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of USD. Due to rounding, numbers presented may not foot.)
| Unaudited | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Cash flows from (used in) operating activities: | ||||||||||||
| Net income (loss) | $ | 18,278 | $ | (178,650 | ) | $ | (288,296 | ) | $ | (1,319,314 | ) | |
| Adjustments for: | ||||||||||||
| Depreciation | 2,473 | 2,120 | 6,925 | 5,825 | ||||||||
| Amortization of intangible assets | 29,616 | 21,351 | 81,648 | 57,668 | ||||||||
| Contingent consideration adjustments | (1,357 | ) | 58 | (399 | ) | (2,420 | ) | |||||
| Preferred and Special Securities expense (income) | – | 194,817 | 317,362 | 1,346,020 | ||||||||
| Finance and other expenses (income) | 8,898 | 3,703 | 18,868 | 9,960 | ||||||||
| Income tax expense (recovery) | 3,862 | 3,836 | 12,145 | 8,771 | ||||||||
| Change in non-cash operating assets and liabilities exclusive of effects of business combinations | (34,300 | ) | 5,822 | (68,428 | ) | (4,565 | ) | |||||
| Income taxes (paid) received | (8,641 | ) | (8,565 | ) | (15,957 | ) | (20,077 | ) | ||||
| Net cash flows from (used in) operating activities | 18,829 | 44,492 | 63,868 | 81,868 | ||||||||
| Cash flows from (used in) financing activities: | ||||||||||||
| Interest paid on lease obligations | (105 | ) | (205 | ) | (388 | ) | (464 | ) | ||||
| Interest paid on bank debt | (5,702 | ) | (2,823 | ) | (13,304 | ) | (6,414 | ) | ||||
| Cash transferred from (to) Parent | 345 | (2,121 | ) | (1,645 | ) | (13,957 | ) | |||||
| Proceeds from issuance of bank debt | 15,000 | – | 155,500 | 175,000 | ||||||||
| Repayments of bank debt | (17,976 | ) | (50,244 | ) | (18,464 | ) | (50,897 | ) | ||||
| Transaction costs on bank debt | (25 | ) | – | (1,874 | ) | (1,771 | ) | |||||
| Payments of lease obligations | (1,560 | ) | (1,419 | ) | (4,594 | ) | (3,784 | ) | ||||
| Issuance of Preferred Shares to Parent | – | – | – | 181,484 | ||||||||
| Dividends paid | – | (12 | ) | – | (24 | ) | ||||||
| Net cash flows from (used in) in financing activities | (10,023 | ) | (56,823 | ) | 115,231 | 279,173 | ||||||
| Cash flows from (used in) investing activities: | ||||||||||||
| Acquisition of businesses | – | – | (144,325 | ) | (314,760 | ) | ||||||
| Cash obtained with acquired businesses | – | – | – | 33,965 | ||||||||
| Post-acquisition settlement receipts (payments), net | 5,685 | (264 | ) | 4,706 | (2,933 | ) | ||||||
| Property and equipment purchased | (1,058 | ) | (408 | ) | (1,689 | ) | (829 | ) | ||||
| Other investing activities | (720 | ) | 72 | (984 | ) | (584 | ) | |||||
| Net cash flows from (used in) investing activities | 3,907 | (600 | ) | (142,292 | ) | (285,142 | ) | |||||
| Effect of foreign currency on cash and cash equivalents | 72 | (1,827 | ) | (2,959 | ) | (1,839 | ) | |||||
| Increase (decrease) in cash | 12,785 | (14,758 | ) | 33,848 | 74,060 | |||||||
| Cash, beginning of period | 167,572 | 155,903 | 146,509 | 67,085 | ||||||||
| Cash, end of period | $ | 180,357 | $ | 141,145 | $ | 180,357 | $ | 141,145 | ||||
Source: GlobeNewswire (MIL-OSI)
BOSTON, Nov. 01, 2024 (GLOBE NEWSWIRE) — The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a distribution of $.04 per share on the company’s common stock on November 29, 2024 to common shareholders of record as of the close of business on November 15, 2024. The ex-dividend date will be November 15th.
The Fund has released updated portfolio data which can be found on the Fund’s website at www.newamerica-hyb.com.
The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of September 30, 2024, T. Rowe Price and its affiliates managed approximately $1.6 trillion of assets, including approximately $20 billion of “high yield” investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.
Contact:
Ellen E. Terry, President
Telephone: 617-263-6400
www.newamerica-hyb.com
Source: GlobeNewswire (MIL-OSI)
TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (TSXV: PVF.UN, PVF.PR.U) (the “Partnership”), Partners Value Investments Inc. (TSXV: PVF.WT, PVF.PR.V) (“PVII”) and Partners Value Split Corp. (TSX: PVS.PR.G, PVS.PR.H, PVS.PR.I, PVS.PR.J, PVS.PR.K, PVS.PR.L) (“PV Split” and together with the Partnership and PVII, the “PVI Group”) together announce the completion of a share capital reorganization involving a change in how the Partnership owns its interest in PVII and how PVII owns its interest in PV Split.
Pursuant to the reorganization, among other things, PVII amended its articles to: (a) redesignate the voting common shares held by the Partnership (“Common Shares”) as Class A restricted voting shares, which have substantially the same terms as the Common Shares but are entitled to elect 50% of the directors of PVII; and (b) create Class B restricted voting shares (“Class B Shares”), which are not entitled to dividends, are redeemable for a nominal amount and are entitled to elect 50% of the directors of PVII. A new trust, Partners Value Holding Trust, subscribed for Class B Shares and is the sole owner of PVII shares of that class. As a result, the Partnership no longer controls PVII, but has retained 100% of its economic interest in PVII.
A similar change has been made to the articles of PV Split. As a result of the transaction, PVII now owns 100% of the Class A restricted shares of PV Split, which have substantially the same terms as the voting shares of PV Split but are entitled to elect 50% of the directors of PV Split and a new trust, Partners Value Split Holding Trust, holds 100% of the new Class B restricted voting shares of PV Split, which are not entitled to dividends, are redeemable for a nominal amount and are entitled to elect 50% of the directors of PV Split. As a result, PVII no longer controls PV Split, but has retained 100% of its economic interest in PV Split.
After these changes, which have no impact on the publicly-traded units of the Partnership, it is expected that PVII and PV Split will both continue to be considered mutual fund corporations for tax purposes under current law and following the implementation of proposed amendments to the Income Tax Act (Canada) relating to mutual fund corporations.
For additional information, please contact Investor Relations at ir@pvii.ca or 416-643-7621.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts”, “seeks”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking statements in this news release include statements relating to and regarding the qualification of PVII and PV Split as mutual fund corporations and the economic impact of the proposed transaction on the PVI Group. Forward-looking statements are provided for the purpose of presenting information about current expectations and plans of management of the PVI Group relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes.
Although management believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the PVI Group, which may cause the actual results, performance or achievement the PVI Group to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements and information include, but are not limited to: changes to the qualification of PVII or PV Split as “mutual fund corporations” under the Income Tax Act (Canada); changes in in government regulation and legislation; changes in tax laws; the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and the outbreak of disease including epidemics and pandemics; and other risks and factors detailed from time to time in the PVI Group’s documents filed with the securities regulators in Canada.
The PVI Group cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the PVI Group’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the PVI Group undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.
Source: GlobeNewswire (MIL-OSI)
HOUSTON, Texas, Nov. 01, 2024 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”) today announces that Paul L. Kessler has resigned as a member of Prairie’s Board of Directors, effective October 30, 2024. Mr. Kessler, citing time constraints posed by scheduling and professional commitments, played a key role in structuring the Company and creating value for the resulting entity.
“We are saddened to lose Paul as a valued member of Prairie’s Board of Directors” stated Edward Kovalik, Chairman and CEO of the Company. “While we appreciate that Paul has numerous outside commitments, his unwavering commitment, insight and dedication to the Company will be missed.”
Mr. Kessler continued, “It has been my pleasure to serve alongside you through the structuring phase of the Company. I offer my best wishes to the Company for its continued success.”
As the Company continues its drilling and acquisition growth strategy in the Denver-Julesburg (DJ) Basin, Prairie’s Nomination and Governance Committee intends to begin the process of identifying and interviewing independent candidates, with a focus on technical basin knowledge, to fill the vacancy.
About Prairie Operating Co.
Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation.
More information about the Company can be found at www.prairieopco.com.
Forward-Looking Statement
The information included herein and in any oral statements made in connection herewith include “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. All statements, other than statements of present or historical fact included herein, are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. There may be additional risks not currently known by the Company or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company’s expectations can be found in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K/A filed with the SEC on March 20, 2024, and any subsequently filed Quarterly Report and Current Report on Form 8-K. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
832.274.3449
US Senate News:
Source: United States Senator Marsha Blackburn (R-Tenn)
NASHVILLE, Tenn. – After a shocking report revealed that tens of thousands of illegal immigrants with sexual assault convictions are in the country, U.S. Senator Marsha Blackburn (R-Tenn.) joined Joni Ernst (R-Iowa) and 18 of their colleagues in introducing a bipartisan bill that will allow America to deport sexual offenders currently in the country and block those seeking to enter:
“Led by Border Czar Kamala Harris, the Biden-Harris administration has left our southern border wide open to dangerous criminals and national security threats,” said Senator Blackburn. “Our Be GONE Act would ensure that illegal immigrants who commit sexual assault and aggravated sexual violence are deported to keep American citizens safe.”
“These violent criminals never would have entered America in the first place if we had real border security, but now that they’re in our communities, they need to BE GONE,” said Senator Ernst. “Since Border Czar Kamala Harris won’t protect this country, then I will. My legislation will combat sexual violence by ensuring predators are identified, stopped, and deported.”
BE GONE ACT:
Specifically, the Better Enforcement of Grievous Offenses by unNaturalized Emigrants (BE GONE) Act would amend the Immigration and Nationality Act to include sexual assault and aggravated sexual violence as crimes that are defined as “aggravated felonies.”
CO-SPONSORS:
The BE GONE Act is co-sponsored by Kirsten Gillibrand (D-N.Y.), James Lankford (R-Okla.), Kevin Cramer (R-N.D.), Chuck Grassley (R-Iowa), Pete Ricketts (R-Neb.), Thom Tillis (R-N.C.), Shelley Moore Capito (R-W.Va.), Roger Marshall (R-Kan.), Cynthia Lummis (R-Wyo.), Tim Scott (R-S.C.), Susan Collins (R-Maine), Jim Risch (R-Idaho), Mike Crapo (R-Idaho), Cindy Hyde-Smith (R-Miss.), Mike Lee (R-Utah), Roger Wicker (R-Miss.), Lindsey Graham (R- S.C.), and Mike Braun (R-Ind.).
Source: United States of America – Federal Government Departments (video statements)
Secretary Becerra explains how new this year, DACA recipients can sign up for health coverage and receive tax credits at HealthCare.gov. DACA recipients can go to HealthCare.gov to see what they qualify for and sign up during open enrollment, which runs November 1 through January 15.
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U.S. Department of Health and Human Services (HHS) | http://www.hhs.gov | HHS Privacy Policy | http://www.hhs.gov/Privacy.html
Source: United States of America – Federal Government Departments (video statements)
Exciting news for Knoxville, Tennessee! Thanks to funding from the Biden-Harris infrastructure law, the city’s getting the boost it needs to make streets safer for everyone and improve climate resiliency.
Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman
Washington, DC – Today, Congresswoman Harriet Hageman cosponsored a House Resolution condemning President Biden’s remarks referring to President Trump’s supporters as ‘‘garbage’’.
Representative Hageman stated, “Joe Biden and Kamala Harris are no longer hiding their disdain for more than half the country. Sadly, these are not “just words” – they reflect their contempt for the citizens of this country, while confirming that their willingness to pursue incredibly harmful policies over the last 4 years is due to their dislike for millions of Americans. Examples of their harmful policies are legion, but include weaponizing the government to silence those with differing views from sharing their voice on social media, attending church services, or speaking out during school board meetings; erasing America’s borders to import well over 12,000,000 illegals, and providing them with money, housing, food and other services that our very own citizens cannot afford; and unleashing a crime wave in our cities. When name calling doesn’t suffice, Biden and Harris are forcing Americans to the unemployment line by overregulating industries such as mining, oil & gas production, and ranching out of business.”
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Contact: Chris Berardi, Sr. Advisor/Communications Director
Source: United States House of Representatives – Congressman John Garamendi – Representing California’s 3rd Congressional District
Congressman John Garamendi presenting the check with Richmond Mayor Eduardo Martinez, Community Housing Development Corporation Executive Director Donald Gilmore, the longest-tenured Pullman Point resident Ms. Linda Daniels, and HUD’s Honorable Adrianne Todman.
Richmond, CA—Today, Congressman John Garamendi (D-CA-08) presented $15,920,000 in federal funding for climate resilience and energy-efficient renovations of affordable multifamily housing units in Richmond, CA.
This funding is part of President Biden’s Inflation Reduction Act, which established HUD’s GRRP in 2022 to fund energy efficiency and climate resiliency improvements for multifamily properties participating in HUD’s project-based rental assistance programs.
“I am thrilled to support the Community Housing Development Corporation’s work to ensure our community’s access to resilient and affordable housing in the face of the ongoing climate crisis. Today’s funding was made possible thanks to the Biden-Harris Administration’s Inflation Reduction Act, the largest investment in climate history,” Garamendi said. “I am committed to supporting the Biden-Harris Administration’s efforts to uplift our disadvantaged communities that have been overlooked by federal investment and are now disproportionately facing the effects of climate change.”
“HUD has awarded over $1.1 billion through the Green and Resilient Retrofit Program to modernize housing for families across the country as the climate crisis continues to affect our most vulnerable communities,” said the Honorable Adrianne Todman, HUD’s senior official. “These awards advance the Biden-Harris Administration’s housing and clean energy goals to ensure families we serve live in resilient, energy efficient, and comfortable homes where they can thrive.”
“The GRRP award partnership with HUD is an investment that will help us succeed in solidifying the goal at the core of our mission – to address the struggles to find safe, affordable housing options – while building resilience against climate impacts to the direct benefit of residents and the broader community,” said Community Housing Development Corporation Executive Director Donald Gilmore. “Our goal at Pullman Point is to use this award to enhance the building’s environmental resilience and reduce its carbon footprint. We want to implement energy and water efficiency upgrades, incorporate renewable energy systems, improve indoor air quality, integrate sustainable materials, and install zero-emission technologies. The Pullman Point GRRP award project represents our commitment and continued effort to improve the lives of individuals and families and create thriving and vibrant communities. We’re proud of that.”
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Source: United States House of Representatives – Representative Larry Bucshon MD (R-Ind)
U.S. Representative Larry Bucshon, M.D. (R-IN-08) released the following statement after joining U.S. Representative Greg Murphy, M.D. (R-NC-03) and other bipartisan cosponsors in introducing the Medicare Patient Access and Practice Stabilization Act to support physicians and protect access to care for Medicare beneficiaries earlier this week:
“All patients deserve timely access to healthcare from quality physicians in their communities,” said Dr. Bucshon. “Inadequate Medicare reimbursement threatens that access. I have long fought to correct the current trend of cutting reimbursement levels year after year, and I am proud to join my bipartisan colleagues to introduce the Medicare Patient Access and Practice Stabilization Act. The current path toward further consolidation, physician burnout, and closure of medical practices must be corrected.”
“America’s physicians are at a breaking point and access to high-quality, affordable care is at risk for millions of Medicare patients,” said Congressman Greg Murphy, M.D. “When a physician sees a Medicare patient, they do so out of the goodness of their heart, not because it makes financial sense. Medical inflation is much higher and the cost of seeing patients continues to rise. Unfortunately, reimbursements continue to decline, putting immense pressure on doctors to retire, close their practices, forgo seeing new Medicare patients, or seek a less efficient employment position. This bipartisan legislation would stop yet another year of reimbursement cuts, give them a slight inflationary adjustment, and protect Medicare for physicians and patients alike.”
“Medicare payments to physicians are just not keeping pace with our economic realities and the cost of care,” said Congressman Jimmy Panetta. “Our bipartisan legislation would not only prevent harmful cuts but also would adjust provider reimbursements for inflation. Such a law would expand seniors’ access to quality healthcare by helping medical providers continue their care for Medicare beneficiaries.”
“Access to quality healthcare is a something every senior deserves, but declining Medicare reimbursement is putting that access at risk,” said Congresswoman Mariannette Miller-Meeks. “The bipartisan Medicare Patient Access and Practice Stabilization Act is crucial to reversing the damaging trend of cuts that threaten our healthcare providers, especially in underserved communities. We must act now to prevent further burnout and consolidation in our system, ensuring that every Medicare beneficiary receives the care they need and deserve.”
“Having an outdated Medicare reimbursement rate for physicians makes it harder for healthcare professionals to provide high-quality care, putting patients at risk,” said Congressman Ami Bera, M.D. “Physicians, unlike the rest of the players in health care, have never received an inflationary update and consistently received cuts. This bill ensures a more stable Medicare payment system, allowing providers to focus on delivering care rather than worrying about losing their practice. With this bipartisan effort, we are working toward a system that supports both patients and doctors.”
“Over the past 22 years, adjusting for inflation, physicians have essentially taken a 26% pay cut from Medicare,” said Congresswoman Kim Schrier, M.D. “Their reimbursement has been flat or declining, while overhead costs have increased by about 47%: rent, labor, equipment, and insurance. I cannot think of another profession whose compensation has dropped by 26% over 2 decades. Physicians have been holding their breath, year after year, hoping that Congress will act to avert these devastating decreases in reimbursement. Without adequate reimbursement, solo and small practice physicians—most often in rural or underserved areas—are already closing their doors. It’s up to Congress to ensure that physicians are fairly compensated and can continue to practice, so that all Medicare patients have access to high-quality, affordable care, and I am proud to co-sponsor legislation that will achieve just that.”
“As a physician, I recognize that year after year cuts to Medicare reimbursement jeopardizes access to care for our nation’s seniors,” said Congressman John Joyce, M.D. “We must work in Congress to create a more sustainable long-term solution to ensure that Medicare patients continue to receive the high-quality affordable care that they deserve. While we continue this important work, I am proud to co-lead the Medicare Patient Access and Practice Stabilization Act, in order to protect access for Medicare beneficiaries and support Medicare physicians in the face of these proposed cuts.”
“As an emergency medicine physician, I know how important it is for families and individuals I serve to have access to the necessary health care services they rely on,” said Congressman Raul Ruiz M.D. “I am deeply concerned about the impact the outdated Medicare reimbursement rate has on health care access for my constituents. That is why I am co-leading the ‘Medicare Patient Access and Practice Stabilization Act’ that will move us away from a system where every year seniors’ access to essential care is threatened due to potential cuts.”
Background
In July 2024, the Centers for Medicare & Medicaid Services (CMS) proposed a rule that would decrease Medicare reimbursement for physician services by 2.8% beginning on January 1, 2025. Compounded with CMS’ own estimates of a projected 3.6% increase in practice cost expenses for next year, physicians will be faced with an 6.4% cut unless Congress acts.
According to the American Medical Association, when adjusted for inflation, Medicare reimbursement for physician services has declined 29% from 2001 to 2024.
Medicare reimbursement cuts for physicians have significant ripple effects across our health care system, particularly in rural and underserved areas.
The decline in reimbursement rates, while wages and operational costs continue to rise, is forcing many physician practices to consider layoffs, reduced services, or office closure. At a time when we’re facing a physician shortage and a historic number of doctors are nearing retirement age, these cuts risk accelerating physician burnout and reducing access to care for Medicare patients.
Supporting Organizations
Academy of Nutrition and Dietetics, Academy of Orthopaedic Physical Therapy, ADVION (formerly National Association for the Support of Long Term Care), Alliance for Headache Disorders Advocacy, Alliance for Physical Therapy Quality and Innovation, Alliance of Specialty Medicine, Alliance of Wound Care Stakeholders, Ambulatory Surgery Center Association, American Academy of Audiology, American Academy of Dermatology Association, American Academy of Family Physicians, American Academy of Hospice and Palliative Medicine, American Academy of Neurology, American Academy of Ophthalmology, American Academy of Oral and Maxillofacial Pathology, American Academy of Otolaryngology–Head and Neck Surgery, American Academy of Pain Medicine, American Academy of Physical Medicine and Rehabilitation, American Academy of Sleep Medicine, American Association for the Study of Liver Diseases, American Association of Child and Adolescent Psychiatry, American Association of Hip and Knee Surgeons, American Association of Neurological Surgeons, American Association of Nurse Anesthesiology, American Association of Oral and Maxillofacial Surgeons, American Association of Orthopaedic Surgeons, American Chiropractic Association, American Clinical Neurophysiology Society, American College of Allergy, Asthma and Immunology, American College of Cardiology, American College of Chest Physicians, American College of Emergency Physicians, American College of Gastroenterology, American College of Mohs Surgery, American College of Obstetricians and Gynecologists, American College of Osteopathic Family Physicians, American College of Osteopathic Internists, American College of Physicians, American College of Radiation Oncology, American College of Radiology, American College of Rheumatology, American College of Surgeons, American Gastroenterological Association, American Geriatrics Society, American Glaucoma Society, American Health Care Association, American Medical Association, American Medical Group Association, American Medical Rehabilitation Providers Association, American Medical Women’s Association, American Occupational Therapy Association, American Optometric Association, American Osteopathic Association, American Physical Therapy Association, American Physical Therapy Association – Private Practice Section, American Podiatric Medical Association, American Psychiatric Association, American Psychological Association Services, American Society for Clinical Pathology, American Society for Dermatologic Surgery Association, American Society for Gastrointestinal Endoscopy, American Society for Radiation Oncology, American Society of Breast Surgeons, American Society of Cataract and Refractive Surgery, American Society of Colon & Rectal Surgeons, American Society of Dermatopathology, American Society of Diagnostic and Interventional Nephrology, American Society of Echocardiography, American Society of Hand Therapists, American Society of Nuclear Cardiology, American Society of Pediatric Nephrology, American Society of Plastic Surgeons, American Society of Retina Specialists, American Society of Transplant Surgeons, American Speech-Language-Hearing Association, American Urogynecologic Society, American Urological Association, Association for Clinical Oncology , Association of American Medical Colleges, Association of Clinicians for the Underserved, Association of Diabetes Care & Education Specialists, Association of Women in Rheumatology, Brain Injury Association of America, California Medical Association, CardioVascular Coalition, Clinical Social Work Association, Coalition of State Rheumatology Organizations, College of American Pathologists, Community Oncology Alliance (COA), Congress of Neurological Surgeons, Dialysis Vascular Access Coalition, Digestive Health Physicians Association, Digestive Health Physicians Association, Emergency Department Practice Management Association, Endocrine Society, Federation of American Hospitals, Free2care, Healthcare Business Management Association, Heart Failure Society of America, Heart Rhythm Society, Indiana Associations Pathologists, Infectious Diseases Society of America, Infusion Providers Alliance, LUGPA, Massachusetts Medical Society, Medical Group Management Association, National Association of ACOs, National Association of Rehabilitation Providers and Agencies, National Association of Spine Specialists, National Infusion Center Association, National Rural Health Association, North Carolina Rheumatology Association, Office-Based Facility Organization, Outpatient Endovascular and Interventional Society, Pediatrix Medical Group, Inc., Physician-Led Healthcare for America, Physicians Advocacy Institute, Post-Acute and Long-Term Care Medical Association, Practicing Physicians of America, Renal Physicians Association, Society for Cardiovascular Angiography and Interventions, Society for Vascular Surgery, Society of American Gastrointestinal and Endoscopic Surgeons, Society of General Internal Medicine, Society of Gynecologic Oncology, Society of Hospital Medicine, Society of Interventional Radiology, Society of Thoracic Surgeons, Texas Medical Association, and the US Oncology Network.
View the legislation here.
Congressman Larry Bucshon, M.D. represents Indiana’s 8th Congressional District in the United States House of Representatives and is a senior member of the House Energy and Commerce Committee, serving as Vice Chair of the Health Subcommittee.
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Source: US Department of Labor
WASHINGTON – Acting Secretary of Labor Julie Su issued the following statement on the October 2024 Employment Situation report:
“Today, the Bureau of Labor Statistics reported that the American economy added 12,000 jobs in October, a month marked by significant impacts from hurricanes and strike activity. Despite these temporary disruptions, our economy continues to be strong. President Biden is the first president since data has been collected who has seen job growth every single month of their presidency. The unemployment rate held steady at 4.1 percent, labor force participation remains high, and inflation continues to decrease. This jobs report reflects an atypical month rather than a shift in the broader economic outlook.
“Strike activity, specifically, reduced employment growth by 41,000, temporarily impacting payrolls in industries like transportation equipment manufacturing. Yet, these events do not signal economic weakness. Instead, striking workers reflect a robust economy where workers have the power to demand better wages and working conditions.
“After accounting for revisions, our three-month average for employment gains through September stands at 148,000. This stability, coupled with strong 0.4 percent monthly wage growth in October, a three-month annual wage growth pace of 4.5 percent, and a 2.8 percent annual GDP growth rate in the third quarter, demonstrates the resilience of the American economy. Inflation continues to decrease, while consumer spending grew at an impressive 3.7 percent rate in the third quarter, underscoring a sustainable path forward.
“The Biden-Harris administration remains steadfast in its commitment to building a strong economy that benefits all working Americans. Our outlook remains strong, and we are dedicated to ensuring that every worker has the opportunity to thrive in a stable and growing economy.”
Source: USAID
The United States, through USAID, announced it provided an additional $26.7 million to the Global Financing Facility (GFF) in a continued push to support health workers and advance primary health care. The announcement will be highlighted on the sidelines of next week’s GFF 19th Investors’ Group meeting and Trust Fund Committee meeting in Abuja, Nigeria. This funding will strengthen country and global efforts to increase access to resilient, responsive, and sustainable primary health care and health workforces.
With these newly-announced funds, USAID has provided more than $30 million to the GFF since 2023, securing a seat on the GFF Trust Fund Committee. This position enables USAID to contribute to the GFF’s strategic priorities and participate in the oversight and approval of grants. To date, the GFF has committed more than $1.4 billion from its Multi-Donor Trust Fund, linked to over $11 billion in World Bank financing.
The GFF is a multi-stakeholder global partnership that currently supports 36 low- and middle-income countries in Africa, Asia, and Latin America with the highest maternal, newborn, and child mortality burdens and significant gaps in financing. By working closely with partner country governments and the World Bank, the GFF incentivizes national investment in primary health system capacity to improve the health of women, children, and adolescents. To date, every one dollar of GFF grant financing has brought in an additional seven dollars in the World Bank Group funds for country health investments. A key component of the GFF is also providing technical assistance and financing to develop national strategies to improve the health of women, children, and adolescents.
This partnership between USAID and the GFF will enhance governments’ capacity to leverage support across partners, align investments around national priorities, and strengthen primary health care. Countries with health systems anchored in a strong health workforce are proven to deliver better results, expand service coverage, and lower maternal and child mortality from a variety of causes. By partnering with the GFF, USAID is working with country partners to strengthen health systems to effectively reduce inequities in life expectancy and build resilience against health threats.
Source: USAID
The below is attributable to Spokesperson Benjamin Suarato:
Today, Administrator Samantha Power spoke with Israel’s Ambassador to the United States Michael Herzog. Administrator Power and Ambassador Herzog discussed the need to get more aid to the Palestinian people. The Administrator acknowledged the steps the Government of Israel has already taken and how we can continue to accelerate efforts to facilitate the flow and delivery of life-saving humanitarian assistance into Gaza. Administrator Power raised serious concern on the humanitarian conditions in northern Gaza.
News In Brief – Source: US Computer Emergency Readiness Team
WASHINGTON, D.C. – Today, the Office of the Director of National Intelligence (ODNI), the Federal Bureau of Investigation (FBI), and the Cybersecurity and Infrastructure Security Agency (CISA) released the following statement:
“The IC assesses that Russian influence actors manufactured a recent video that falsely depicted individuals claiming to be from Haiti and voting illegally in multiple counties in Georgia. This judgment is based on information available to the IC and prior activities of other Russian influence actors, including videos and other disinformation activities. The Georgia Secretary of State has already refuted the video’s claims as false.
Russian influence actors also manufactured a video falsely accusing an individual associated with the Democratic presidential ticket of taking a bribe from a U.S. entertainer.
This Russian activity is part of Moscow’s broader effort to raise unfounded questions about the integrity of the US election and stoke divisions among Americans, as detailed in prior ODNI election updates. In the lead up to election day and in the weeks and months after, the IC expects Russia to create and release additional media content that seeks to undermine trust in the integrity of the election and divide Americans.”
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Source: US State of Rhode Island
Governor Dan McKee, Rhode Island Department of Education (RIDE) Commissioner Ang�lica Infante-Green, Providence Public School District (PPSD) Superintendent Dr. Javier Monta�ez, and Rhode Island state, city, and school leaders gathered with students today at Hope High School for the Arts to announce the awarding of $5 million in grants as part of the Art Reengages Talent in Students (ARTS) Initiative Act II. The latest round of grants will provide school districts statewide with funds to bolster their arts programming and professional development.
The event, which featured student performances, also highlighted Hope’s newly renovated auditorium, which is part of the PPSD’s historic $1 billion school construction plan to ensure that 100 percent of PPSD students are learning in new or like-new school facilities by 2030. On Election Day, question 6 will ask City of Providence voters to consider a $400 million local bond referendum to support additional facility improvements. Hope High School for the Arts is also one of five PPSD schools that engaged in a rigorous, data-driven process to redesign their academic programs to meet student and family interests and prepare students for postsecondary success.
“High-quality art programs are critical for deeply engaging students in learning and helping them develop their creative talents and skills to succeed beyond the classroom,” said Governor Dan McKee. “Education is a top priority for my Administration, and we know that investments like ARTS grants will improve the learning experiences of students across the Ocean State. I look forward to seeing how these funds make a positive impact in our school communities.”
“With our innovative grant program, RIDE is investing in the arts statewide because they are essential to the overall school experience and success of our students,” said Education Commissioner Ang�lica Infante-Green. “Whether it be through performing, visual, or culinary arts, investments in creative disciplines empower students to use their imagination, develop their talents, and enhance their critical thinking skills. I am thrilled we are able to award a second round of grants to ensure all students have a positive and well-rounded education that sets them up for long-term success.”
RIDE launched Act I of the ARTS Initiative in spring 2022, providing local education agencies (LEAs) with grants totaling $4.5 million to support arts in their schools. The awards for the first round ranged from $10,000 to nearly $700,000.
For Act II, $5 million from the School Building Authority (SBA) Capital Fund will be allocated to local education agencies on a per-student basis. A full list of recipients of Act II can be found here. Top recipients include:
Providence: $928,985 Pawtucket: $381,404 Cranston: $358,956 Warwick: $280,543 Woonsocket: $269,550
“Every student in Rhode Island deserves access to educational opportunities that meet their interests, fuel their creativity, and promote academic excellence,” said Chair of the Council on Elementary and Secondary Education Patti DiCenso. “The Council is committed to ensuring our schools have the support they need to set up students for success. This latest round of ARTS grants will support students’ creative processes and help them flourish in their education.”
“The R.I. State Council on the Arts is thrilled and grateful to the Governor, RIDE, PPSD and our municipalities, for acknowledging the value of arts education and enhancing these programs in our schools,” said Todd Trebour, Executive Director of RISCA. “We know that learning institutions that participate in arts education report increased student engagement and attendance, and students show improved critical thinking and collaboration skills.”
PPSD leveraged more than $690,000 in ARTS Act I funding to empower students interested in arts education. The grant program supported student and educator travel to Washington, D.C., where Mount Pleasant High School’s marching band, the Marching Kilties, performed in the National Memorial Day Parade.?They were the first Rhode Island high school to march and perform as part of the event.
Students across PPSD were also able to experience firsthand the creative processes of local artists such as djembefola Sidy Ma�ga and the University of Rhode Island’s Alta DeChamplain and Dr. Emmett Goods, as well as engage with local art enterprises such as RI Latin Dancers, Portland Pottery, and more. The District’s arts programs also saw many equipment upgrades such as new ceramic kilns, lights and audio equipment, and new musical instruments. The grant also supported the creation of a new Film Production Career and Technical Education (CTE) program at Hope.
“With funding from both rounds of RIDE’s ARTS Initiative, and our brand-new auditorium at Hope High School for the Arts, we are showing our students that we are committed to their education and their futures,” said PPSD Superintendent Dr. Javier Monta�ez. “Under the PPSD redesign process, and with a new CTE program and equipment, Hope has been transformed into the artistic hub for students in the Creative Capital. We are grateful to RIDE for helping PPSD create more opportunities that will benefit students.”
In Cranston, thanks to nearly $330,000 in ARTS Initiative Act I funding, the district?purchased brand-new musical instruments, replaced decades-old choral risers, and commissioned a choir piece by renowned composer Ryan Main. In line with state college and career readiness goals, Cranston leveraged funds to establish a new audio production CTE program that allows students to gain hands-on experience in recording, editing and mixing as well as gain four college credits from Rhode Island College’s early enrollment program.?The Chariho Regional School District invested in equipment for its ceramics, visual arts, music, and video production programs, and provided access to and collaboration with professional artists and performers through an artist-in-residence program.?At the Rhode Island School for the Deaf, ARTS funding was used to bring in deaf artists and performers for students to engage. This included a deaf mime, deaf magician and theatrical dance group.
The event also featured a reception hosted by the Providence Career and Technical Academy’s (PCTA) Good Eats & Treats student-operated food truck, which is part of RIDE’s Menu for Success Food Truck Initiative that allows students to gain real-world, hands-on experience in culinary arts, entrepreneurship, graphic design, automotive and more.
Source: US State of Hawaii
Posted on Nov 1, 2024 in Latest Department News, Newsroom
DEPARTMENT OF LAND AND NATURAL RESOURCES
JOSH GREEN, M.D.
GOVERNOR
DAWN CHANG
CHAIRPERSON
NEWS RELEASE
FOR IMMEDIATE RELEASE
Oct. 31, 2024
CAT KILLING INVESTIGATION UNDERWAY AT KE‘EHI SMALL BOAT HARBOR
(HONOLULU) – The first horrifying discovery was made on Oct. 17, when staff from the DLNR Division of Boating and Ocean Recreation (DOBOR) found the body of a feral cat, that appeared to be decapitated, floating near one of the Ke‘ehi Small Boat Harbor piers.
Then, on Oct. 29, the bodies of another seven cats were found at Ke‘ehi Small Boat Harbor with injuries that appeared to be non-natural. Now, an investigation is underway by the DLNR Division of Conservation and Resources Enforcement (DOCARE) to try and identify the perpetrator(s) of what DOBOR Administrator Meghan Statts calls, “cruel and inhumane behavior,” and is clearly against the law.
Also, against the law at Ke‘ehi and all state small boat harbors is the feeding of animals, including feral cats. Signs are posted across the harbor, yet people are often observed feeding cats. Many of the deceased cats were found next to piles of food that had been spread on the ground or pavement.
“We try to educate people as best as we can. The reason DOBOR implemented rules prohibiting feeding of feral animals is that cats are known to spread the disease toxoplasmosis, which can be deadly for critically endangered Hawaiian monk seals. Boat harbors are not appropriate places for cat colonies and while the feeding may be well-intentioned, people need to realize they could be contributing to the deaths of one of Hawai‘i’s iconic marine mammals,” Statts said.
DOCARE officers are conducting regular patrols of the Ke‘ehi harbor. Anyone with information on these incidents is encouraged to report anonymously on the DLNRTip app or by calling the DOCARE hotline at 643-DLNR (3-5-6-7).
# # #
RESOURCES
(All images/video courtesy: DLNR)
HD video – Ke‘ehi Small Boat Harbor (Oct. 31, 2024):
(Transcription and shot sheet attached)
Photographs – Deceased cats and Ke‘ehi Small Boat Harbor (Oct. 31, 2024):
Media Contact:
Dan Dennison
Communications Director
808-587-0396
Source: US State of California 2
What you need to know: Governor Newsom and Attorney General Rob Bonta have reached a settlement with La Habra Heights to bring the city into compliance with state housing law.
SACRAMENTO — Governor Gavin Newsom and Attorney General Rob Bonta today announced the state has entered into a stipulated judgment with the City of La Habra Heights, putting the city on an expedited timeline to submit a compliant housing element to the Department of Housing and Community Development. The new housing plan must create 244 housing units, including at least 164 that are affordable to low or very-low-income households.
“No more excuses — every community has a responsibility to create housing and to help reduce homelessness. I am pleased that La Habra Heights has come to the table and agreed to meet their housing goals for a community that desperately needs more affordable homes.”
Governor Gavin Newsom
“The City of La Habra Heights has done the right thing. Instead of continuing to skirt California’s housing laws, it will finally be complying with its legal obligation to plan for 244 housing units,” said Attorney General Rob Bonta. “My office will not let up: no matter the size of the city or county, we will not rest until every local government in California plans for the future and does its part to tackle our housing crisis.”
The City of La Habra Heights is designated as a high opportunity jurisdiction by the California Tax Credit Allocation Committee and California Department of Housing and Community Development (HCD) Opportunity Area 2024 map, indicating access to good schools, less pollution, and jobs—all factors that impact long-term success for families with children. However, the city currently has only single-family homes, with no multifamily housing and zero affordable units.
The deadline for the City of La Habra Heights to adopt a compliant housing element was October 2021.
After repeated attempts to assist the city to come into compliance, HCD’s Housing Accountability Unit — launched by Governor Newsom in 2021 — issued a Notice of Violation on March 19, 2024. HCD then worked with the Attorney General’s Office to reach today’s agreement with La Habra Heights.
Despite the agreement, until La Habra Heights fulfills its obligations under the agreement, the city remains subject to the “Builder’s Remedy” and cannot refuse to permit certain affordable housing projects. The city also remains ineligible to receive key state housing and homelessness funds.
HCD, through the Attorney General’s Office, has now entered into five agreements over housing element compliance. The previous four were San Bernardino, Coronado, Malibu, and Fullerton.
“This latest agreement is a key example of why it is so important that every city, big and small, is held accountable for doing its fair share to address the statewide housing need,” said HCD Director Gustavo Velasquez. “When La Habra Heights adopts a compliant housing element, it will — for the first time ever — make land available for multifamily and affordable housing, creating a path to opportunity for more families in this high-resource community.”
All state and local public agencies must take deliberate action to Affirmatively Further Fair Housing — combating disparities resulting from past patterns of segregation. Increasing supply of multifamily housing expands access to fair housing for lower-income and historically disadvantaged groups, in turn fostering more inclusive communities.
Since taking office, Governor Newsom has invested $40 billion in housing production. The state has also invested over $27 billion to help communities address homelessness.
Governor Newsom championed the creation of the Housing Accountability Unit at HCD to ensure cities and counties fulfill their legal responsibilities to plan and permit their fair share of housing. This focus on accountability has, in part, led to a 15-year high in housing starts in California. Since its establishment, the Housing Accountability Unit has supported the development of 7,513 housing units, including 2,765 affordable units, through enforcement actions and by working with local jurisdictions to ensure compliance with housing law.
Today’s action also follows the Governor’s recent executive order urging local governments to quickly address encampments and provide individuals experiencing homelessness with the care, compassion, and support they need. Earlier this month, the Governor announced $130.7 million in new funding for local communities to help people experiencing homelessness in dangerous encampments, paired with robust accountability measures.
California recently announced 37 new grant awards totaling more than $827 million to help more than 100 local communities and organizations create long-term solutions to address homelessness, with strong accountability and transparency measures and clear expectations to ensure that local strategies to address homelessness are measurable and effective.