Source: People’s Republic of China – State Council News
TIANJIN, Oct. 24 — Xiaozhan rice, a beloved variety that originated in Xiaozhan Town in Tianjin, has recently entered harvest season. In Huiguan Village, located in the Jinnan District of this municipality, 620 acres of this rice have reached their vibrant peak. The sight of golden grains swaying in the breeze creates a picturesque scene that beautifully showcases the bounty of nature.
Source: China State Council Information Office 3
For centuries, Chinese poets have captured the stunning beauty of the Fuchun River in Hangzhou, Zhejiang province, in simple yet poetic words. This July, poets from the BRICS countries stepped into the same river, drifting along the same route, and engaged in an impromptu poetry session inspired by the Fuchun River.
The poems, they created on the river during their six-day trip to China, and on a series of cultural activities they took part in have been recorded in the book Messengers from the Vernal Wood, which was released on Oct 18 at the Frankfurt Book Fair, Germany.
The book compiled by the Poetry Periodical also features poems written by 72 poets who took part in the First International Youth Poetry Festival: Special Session for BRICS Countries in July. It includes works from 49 poets from nine countries — Brazil, Russia, India, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia, with each poem featured in both the poet’s native language and Chinese. It also includes poems from 23 Chinese poets, with each poem in Chinese and its English translation.
Li Shaojun, editor of the book, said that poetry is a universal language of humanity, expressing shared human emotions. “The BRICS countries all have rich history, and through the universal language of poetry, we can greatly enhance communication and exchange, connecting more poets from the BRICS nations,” said Li.
Speaking about his journey to the poetry festival held in China in July, Brazilian poet Thiago Moraes said he was still excited about his first trip to a country that is totally different from his own. “It took me two days to arrive in China. Very hard. But I was so happy to be in China to know new people, new cultures, new perspectives and new ways of living,” said Moraes, who teaches Brazilian literature at a university in Rio de Janeiro.
In mid-July, aboard a cruise on the picturesque Fuchun River in Hangzhou, Moraes joined poets from China, Ethiopia and Iran for an impromptu poetry session. Each participant crafted a short, simple poem inspired by the beauty of the Fuchun River. This kind of poetry gathering was popular among ancient Chinese scholars.
The Brazilian poet was deeply impressed by the enthusiasm of the group and the crystal clear green waters of the Fuchun River. He learned about the ancient Chinese poets Bai Juyi and Su Shi, both of whom created many well-known verses. To his surprise, Moraes found some similarities with the Chinese counterparts: they all share a love of nature and a fondness for expressing their inner worlds through landscapes.
He said poetry makes people stay humble, open and diversified. “We poets should gather our efforts to make a better world instead of fighting all the time,” he added.
Poet Shaikha Almteiri from the United Arab Emirates said she never imagined that one day she would set foot in China. She was excited about everything she encountered, including the people, the food, the museums, the ancient villages, the Great Wall and the Forbidden City.
She was often asked with questions like what are poets in the UAE writing about? What commonalities exist between UAE poetry and poetry from other countries?
“At the poetry festival in China, we find that no matter which country we come from, we are all creating with the same voice, the same heart and the same human spirit. We are all writing about the world of humanity, using the language of humanity. For example, we depict beautiful childhoods and the small flowers adorning braids,” she said.
Almteiri enjoyed the poetry festival and said that such kind of gatherings and exchanges among poets might be the very catalysts for their innovation. She also expected for a future trip to China again.
For Ethiopian poet Seife Temam, the poetry trip to China made him fall in love with the country’s ancient culture, especially the Tang Dynasty (618-907) poet Li Bai. This was also his first visit to China. Previously, he admired Chinese philosopher Laozi and considered him a great Chinese poet as well.
After visiting several museums, he became enamored with the clothing style and poetry of the Tang dynasty, which he found to be romantic, passionate and unrestrained.
While cruising on Fuchun River in July, he wrote a romantic verse: “I am a child of the Nile, yet I am captivated by the Fuchun River.”
Li, the book editor, said that it was the first time for China to hold such kind of international poetry festival of BRICS countries. He hoped that through the book’s publication, the influence of poetry events will grow among poets from BRICS countries, enabling more poets to communicate and exchange ideas with each other.
Source: China State Council Information Office 3
It’s been more than three decades since Sinologist Martin Kern studied at Peking University in the late 1980s under Yuan Xingpei, a well-known expert on classical Chinese literature.
Kern had been a journalist for four years before he started studying Sinology at the University of Cologne in Germany. He was looking for a field with which he was not familiar, so he took up contemporary Chinese poetry and came to Beijing on a scholarship from the German government in 1987.
Over the course of the following two years, he became interested in the early works of Chinese literature and “went backward into antiquity”, as he himself has put it. His focus remains the same today.
As a professor at the Department of East Asian Studies at Princeton University in the United States, and codirector of the International Center for the Study of Ancient Text Cultures at Renmin University of China, his academic interest mainly covers literature from the Western Zhou Dynasty (c. 11th century-771 BC) to the Han Dynasty (206 BC-AD 220).
For Kern, this is a period when early China’s textual culture — integrating philosophical and literary traditions, as well as historical narratives — was closely related to the social and political development of that time.
During an academic forum themed “From Practices to Things: First Books in the Ancient World” at RUC’s Suzhou Campus in Jiangsu province in late August, he argued that although writing had appeared much earlier in China, it was not until the 5th century BC that a broader textual culture emerged out of practices such as philosophical debate, poetry performances, historical anecdotes, royal speeches and political observations.
These shorter texts — poems, speeches, anecdotes or essays — were compiled into larger anthologies of anonymous individual texts, giving rise to an early book culture which prioritized compilation and annotation over authorship, interpretation and commentary over the written text itself.
At the forum, established Chinese and foreign scholars discussed the formation and development of early textual cultures in major ancient civilizations such as those of Greece, Rome, Egypt, Sumer and China, in terms of the social and cultural atmosphere, knowledge practices, participants, materials and mediums that facilitated their invention.
“It’s so important to strengthen international collaboration and make connections,” Kern says. “For many years, I have encouraged my friends and colleagues here in China to learn a foreign language, read foreign scholarship on early China, as well as scholarship on other ancient civilizations, so that we can have a real conversation.
“We need to develop a shared intellectual language where we share ideas, concepts and questions,” he adds.
Xu Jianwei, professor at the School of Liberal Arts at RUC, says that according to his own observations, many high-level scholars of other major ancient civilizations share common working languages — mostly English, German and French — which means they can easily read each other’s academic findings.
However, they are seldom exposed to Chinese studies and ancient texts, and few Chinese scholars are able to read and write well in other languages. As a result, the study of early China has been isolated from the global academic community.
“We need to introduce Chinese classical studies into a broader framework of global civilizations studies and related discourse systems,” Xu says, adding that it’s a pity that the wealth of ancient Chinese texts have yet to provide inspiration and contribute to the development of humanities around the world.
He calls for a change in the way of storytelling and writing by Chinese scholars, saying that holding events like the forum, and bringing domestic and foreign scholars together, will help them work out how they can make themselves understood to an international audience.
Kern says that there was a time when discussions of classical studies in the West revolved largely around ancient Greece and Rome, but that studies of the ancient world now increasingly involve dozens of classical traditions, including that of early China.
Xu says that for a century, Chinese scholars have become used to a classification system that categorizes the study of ancient textual cultures into disciplines such as history, philosophy and Chinese literature, but he adds that it’s time to bring back the field of “Chinese classical studies”, which breaks the current disciplinary boundaries, and is consistent with the academic tradition of ancient China that has proved efficient over the course of history.
Source: China State Council Information Office 3
The exquisite craftsmanship of leaf-vein embroidery in Tongren city, Guizhou province, has made Guizhou embroidery one of the major styles of embroidery in China.
Leaf-vein embroidery first appeared in the Song Dynasty (960-1279), and has been used to transmit information by several ethnic groups in the southwestern region.
Yang Li, an inheritor of this technique, has incorporated the traditional embroidery of the Miao, Tujia and Dong ethnic groups into the leaves, showcasing the blending of traditional aesthetics and contemporary craftsmanship.
Leaf-vein embroidery artwork boasts a highly collectible and artistic value due to its complex production process. The key steps include selecting and drying the leaves, then designing and embroidering the pattern. Sourced from rare plants in the primitive forests of the Fanjing Mountain scenic area in Tongren, the leaves with harder veins that are about to fall in autumn serve as the best raw material.
After the leaves naturally soften over the next 20 days, they are warmed and fumigated to preserve them. When soft, the leaves are also extremely fragile. Patterns inspired by ancient stories and nature are drawn on the processed veins.
Yang says that in the last decade there have been barely 20 people in Tongren who can independently complete the whole leaf-embroidery process.
In 2011, Yang’s leaf-vein embroidery work won the special “Guizhou artisan” award, and in 2012 she won several further awards including the gold prize at the First China Silver Embroidery Exhibition. Her works have won her fame and overseas orders, with the most precious pieces reaching as much as 7,000 yuan ($990).
Due to the laborious process and low yield of high-quality products, passing down the traditional skill faces challenges. “I have introduced this technique to universities, communities, villages and even selected skilled embroiderers to learn leaf-vein embroidery skills, but very few have been able to persevere,” Yang said.
In 2011, she opened a processing factory and offered jobs to more than 500 female workers, rural women and people with disabilities. As a result, almost every embroiderer has a collection of handicrafts in their home that could fill a museum.
“I have a sense of mission and urgency. In my generation, I must do it better and pass on this craft,” she said.
In 2022, Yang established the Guizhou embroidery intangible cultural heritage industry base, and has since utilized social media to showcase the traditional techniques of leaf-vein embroidery through short videos with her apprentice Yang Xinyu.
“Leaf-vein embroidery is a treasure. As a young person influenced by Teacher Yang Li, I am determined to inherit this craft and hope that more young people will return to their hometowns to inherit it.” Yang Xinyu said.
Source: China State Council Information Office 3
Fuzhou, capital of Fujian province, organized a display of its traditional arts and crafts in Beijing on Wednesday.
Hosted by the Fuzhou government and the Chinese Traditional Culture Museum, the exhibition features some 300 items of lacquer art, Shoushan stone carving, wood carving, and cork paintings, all well-known art forms in Fuzhou. It is being held in celebration of the 75th anniversary of the founding of the People’s Republic of China, and seeks to better inform the public about the beauty of the city’s crafts and arts.
Wang Chenyang, Party secretary of the Chinese Traditional Culture Museum, said that the exhibition demonstrates the traditional craftsmanship of Fuzhou, and the development of its arts and crafts.
Wang said that the city’s artisans have been busy updating and transforming traditional crafts, and hopes that visitors will be able to better appreciate the thinking and culture behind the art on display. The exhibition runs through Nov 24.
Source: China State Council Information Office 3
A member of Guizhou provincial mountain resources institute observes the rock formation inside a branch cave of Shuanghe Cave in Suiyang County, southwest China’s Guizhou Province, Sept. 23, 2023. [Photo/Xinhua]
A recent scientific expedition has extended the known length of the world’s third-longest cave from 409.9 kilometers to 437.1 kilometers, scientists involved in the expedition said on Thursday.
The finding was announced after the conclusion of the 23rd joint international scientific expedition into the Shuanghe cave in southwest China’s Guizhou Province. Shuanghe is Asia’s longest known cave and the world’s longest dolomite cave.
The latest research has established that the Shuanghe cave network has 115 connected openings, an increase from the 107 that had previously been recorded. It has also led to further discoveries of animal fossils, including two fossilized giant pandas.
Previous scientific expeditions into the cave network have identified dozens of giant panda fossils, with the oldest dating back 100,000 years, proving that Guizhou was once a habitat for giant pandas, which are today known to live in the provinces of Sichuan, Shaanxi and Gansu.
Jean Bottazzi, the French caver who led the most recent expedition, said that they used 3D laser scanning to improve measurement accuracy. They also found a large underground river, the study of which could lead to yet another extension of the cave’s known length.
French caver Anne Cholin describes Shuanghe as a special cave system which holds high value for paleontology and the study of ancient climate change.
Explorations of the deep sea, outer space and caves are scientific ways to understand the planet we live on, she said. “We look forward to constantly pushing the boundaries of human cognition.”
Scientists from countries including China, France, Portugal and Belgium took part in the expedition, which began in early October.
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
Washington, D.C. – Following the confirmation of Pete Hegseth as Secretary of Defense, U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Armed Services Committee, released the following statement:
“Pete Hegseth’s confirmation will make our nation less safe. Republican Senators approved an unqualified nominee with a long history of alleged substance abuse, sexual harassment, and assault. His confirmation is a slap in the face to the quarter of a million active duty women in our military who are honorably defending our nation. Too few Republican leaders stood up for them.
“It is a sad and dangerous day when Republican Senators put loyalty to President Trump ahead of our national security.”
Source: United Kingdom – Executive Government & Departments
The UK has announced up to £1 million (UGX 4.9 billion) to support Uganda’s response to the ongoing mpox outbreak in the country.
Development Director Philip Smith and Minister of Health Hon. Jane Ruth Aceng shake hands during the meeting to announce UK’s support to Uganda’s response to the Mpox outbreak.
The British High Commission in Kampala has announced that the UK will provide £1 million to Baylor College of Medicine and the Infectious Disease Institute to support Uganda’s response to the current Mpox outbreak. The support delivered through these expert partners will be aligned to the Government of Uganda’s overall Mpox respond plan. The funding will strengthen co-ordination of the response; surveillance, and risk communication and community engagement.
Philip Smith, the Acting British High Commissioner to Uganda said:
It is critical that we work with the Government of Uganda to counter this outbreak. We are pleased to announce this additional funding is being released immediately to support a timely response. The UK’s support will work in affected districts to improve the response to the outbreak on the ground. The UK will stand with the Government and people of Uganda in tackling this outbreak.
Hon. Jane Ruth Aceng, Minister for Health said:
We acknowledge that our collaboration with the UK dates back several years. The UK has always been a key partner with the Government of Uganda on our outbreak response. We appreciate the £1 million contribution via implementing partners Baylor Uganda and Infectious Disease Institute in supporting us respond efficiently to the Mpox outbreak.
The support package builds on previous assistance the UK has provided Uganda. In October 2022, the UK contributed £2.2 million (UGX 9.3 billion) – and technical experts to support the Government of Uganda’s response to the Ebola outbreak. Between 2018 and 2020 the UK contributed nearly £10 million – over UGX40 billion – to support Ebola preparedness in Uganda. This has improved the Government of Uganda’s ability to respond to the current outbreak. For example, ambulances previously purchased by the UK via the WFP, and subsequently donated to the Uganda Red Cross, are now being used.
Source: United Kingdom – Executive Government & Departments
Ambassador Holland condemns Russia’s growing threat to global stability, food security and maritime safety as it thickens ties with North Korea, steps up attacks in the Black Sea and seeks to circumvent sanctions.
Thank you, Madam Chair. It is with deep concern that I draw colleagues’ attention to reports of the Democratic People’s Republic of Korea (DPRK) sending combat troops to Russia. Our assessment is that it is highly likely that the transfer of these troops has begun. Russia has already procured significant munitions and arms from DPRK, in direct violation of multiple UN resolutions. The DPRK will surely extract a heavy price for its support. This has security implications for the OSCE region and should be of concern to us all.
Madam Chair, at the beginning of its full-scale invasion, Russia attempted to blockade Ukrainian ports in a cynical attempt to choke Ukraine’s economy. Under the July 2022 Black Sea Grain Initiative, Ukrainian grain was again able to reach those who needed it most across the world. Regrettably, Russia unilaterally withdrew from the Initiative after one year and began missile strikes on Ukrainian ports and grain storage facilities. 300,000 tonnes of grain were destroyed between August and October 2023.
Since then, Russia has repeatedly demonstrated its disregard for global food security and international principles, including freedom of navigation, the bedrock of global trade. Between 5 and 14 October, Russian missiles struck four civilian ships in deliberate attacks on export infrastructure in Odesa, killing at least 10 innocent civilians and injuring many more.
To obscure its illegal actions, last week Russia made false claims about the cargo these ships were carrying and threatened to continue targeting civilian ships using Ukrainian ports. It is unacceptable to target ships engaged only in the transportation of grain.
Russia’s actions deliberately harm global food security. Hindering exports of wheat, maize and barley from one of the world’s top grain exporters hurts everyone, but especially the world’s most vulnerable. The UK condemns Russia’s strikes. They have impacted shipments destined for the World Food Programme in Palestine and southern Africa. They also undermine the stability of the entire Black Sea region, affecting many others around this table.
Russia also threatens maritime safety and security through a 600 vessel ‘shadow fleet’, used to circumvent international sanctions and provide funding for Russia’s illegal war in Ukraine. Many of these vessels are unsafe, lack adequate insurance and engage in dangerous and deceptive shipping practices, including turning off radio transponders in violation of international regulations. These vessels break maritime law and pose significant risks to the environment, and maritime safety and security.
The UK will continue to take action against this illegal and dangerous ‘shadow fleet’. 43 of its oil tankers have been barred from UK ports and from accessing British maritime services. My Prime Minister launched a ‘Call to Action’ against the fleet in July, and we want to thank the 45 partners in this room who signed up to this.
We cannot and will not ignore Russia’s violations of the laws and principles that underpin global trade and food security. They contravene its Decalogue obligations, including Article 10 on the fulfilment in good faith of obligations under international law. We call on the Russian authorities to end this unjustifiable war and return to conformity with the OSCE’s foundational principles. Thank you.
Source: City of Portsmouth
This week, local Councillors and staff from South Western Railway recognised the success and use of the newly opened ‘pocket park’ in Fratton that provides a safe route for individuals on their journey to and from the train station.
Portsmouth City Council was granted funding from the South Western Railway Customer and Communities Improvement Fund to make improvements to the space between Fawcett Road and Goldsmith Avenue.
The park boasts new benches with under seat lighting, bedding plants, and festoon lighting in the trees, whilst offering a safe route through to the train station. Pavement artwork has also been created in the space by local artist, Donna Poingdestre, following a collaborative effort by Portsmouth Creates, MOTIV8, and Articulate-Sage.
The opening ceremony dedicated the ‘pocket park’ to Charles Burns, who played an active role in the Portsmouth Community for many years. Charles supported a number of initiatives to bring together community and culture to make Portsmouth a better place for all. A plaque has been placed in memory of Charles Burns, by the seating area.
Councillor Steve Pitt, Leader of Portsmouth City Council, said: “We are really pleased to have marked the opening of the Fratton ‘pocket park’ this week. It is a positive step forward in our efforts to create a greener and safer city to work and live in.
“It was great to see so many people attend the event which is a true reflection of the importance of these initiatives in our city, and we’re continuing to see an increasing number of people taking advantage of this space.”
Peter Williams, South Western Railway’s Customer and Commercial Director, said: “It’s great to see that Fratton Pocket Park, which we were delighted to support through SWR’s Customer and Communities Improvement Fund, is now completed. We’re sure that the local community will greatly enjoy the benefits of this bright, new public space near Fratton Station”
You can find out more about the South Western Rail Customer and Communities Improvement Fund here: Customer and Communities Improvement Fund 2022 | South Western Railway
Translation. Region: Russian Federation –
Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Kristina Dmitrova
SPbGASU has announced a student competition for the concept of the main building’s vestibule. The best project will be proposed for implementation, and its author will go down in the history of their native university. Graduates of our university who have succeeded in their profession and built a career at the international level have been invited as experts. They not only evaluate the works, but also give lectures where they share their experience. Among them is the famous and successful architect Kristina Dmitrova.
Kristina Dmitrova graduated from the architecture department of SPbGASU in 2015 with honors. At the age of twenty-one, she won an architectural competition and went to Rome for an internship at the Exclusiva Design studio, which developed premium-class interior projects. At twenty-four, Kristina opened her own business specializing in the design of public interiors and private homes. One of her first commercial projects was the Alpenhaus restaurant on Krestovsky Island in St. Petersburg for 1,200 people. Today, Kristina Dmitrova’s company has accumulated extensive experience in cooperation with various business areas, the public sector, and has designed more than 50 thousand square meters of various objects, including abroad. Based on her own experience, she identified nine golden rules of public interior design and recommended that students carefully study them in order to design a successful project that will be approved by the customer. The lecturer confirmed each rule with real objects.
So, rule #1 “Clarity, clarity, clarity” requires being specific and consistent, being able to correctly and clearly convey the details of your project to the customer and make decisions promptly. Otherwise, decisions will be made by third-party contractors involved in the project, and the reputation of the architect-designer will suffer. “Your task is to competently implement the project, and not dissolve in creative fantasies,” advised Kristina Dmitrova.
Rule #2 “5 percent and 95 percent” clearly distinguishes between time and effort for design and project implementation. As practice shows, only 5 percent of time and labor resources should be devoted to design, the rest should be spent on implementation. For example, out of the entire team, only two specialists are engaged in design during the month, and the rest – in implementation for nine months. “Meanwhile, the success of the project implementation largely depends on these 5 percent. Therefore, the concept must be seriously dealt with, but keep in mind that without the competencies of other specialists participating in the implementation of the project, without experienced managers, success cannot be achieved,” the architect emphasized.
Rule #3 requires the use of wear-resistant materials. Public places usually have a high flow of visitors, so the materials must be durable so that the facility can justify itself functionally. The larger the public project, the greater the flow of people and the more wear-resistant the materials must be. “Otherwise, they will soon become unusable, the establishment will incur repair costs and will be forced to close, which means it will lose profits. Therefore, wear-resistant and easily restored materials are a priority,” the expert advised.
Rule No. 4 provides principles of interaction with contractors. It is necessary to take into account that, in addition to the architect, other specialists are also involved in the project, for example, engineers, who are obliged to comply with standards and requirements. “And here you need to be a mediator-negotiator. They do according to the requirements, and we need to create a beautiful interior. Therefore, our task is to get permission from them and not spoil the design. To do this, it is necessary to study engineering systems in order to understand the engineer’s train of thought in advance,” Kristina emphasized.
Rule #5 requires paying attention to vandalism prevention. Don’t have illusions that people will use everything carefully, everything should be securely fastened.
Rule #6 says: the less maintenance the interior requires, the better. For example, if you want to add greenery, then you should give preference to artificial, because living greenery requires proper care, proper lighting, and hiring additional staff. “Technology in the production of artificial greenery has advanced far, and now it is difficult to distinguish it from living plants. Even in Singapore, where, it would seem, there are all the conditions for growing living plants, this is the rule they adhere to in interior design,” said Christina.
Rule #7 requires working closely with the fire department. Their requirements do not allow for flexibility, so it is necessary to discuss any restrictions with them in advance.
Rule #8 is the proper use of the customer company’s branding elements – corporate colors, symbols. For such interior visualization, you need to request their brand book.
Rule #9 concerns the creation of a unique design. Often, the customer wants not only to receive a unique interior at the time of creation, but also to prevent its further duplication. This is normal practice, and such wishes should be listened to.
The specialist also advised participating in various competitions to gain experience. The students listened to the practicing architect with interest and actively asked questions.
“By participating in the competition as an expert, I thank my home university for the time I spent here, the teachers who gave me deep professional knowledge, and I consider it my duty to contribute to its further development. In addition, I want to help students with practical advice that I would be glad to hear from practicing specialists during my years of study. I am sure that my experience will help them in the competition and in their future profession,” noted Kristina.
The operator of the competition was the Educational Center for Project-Based Learning of SPbGASU. Its director Alexandra Yugay emphasized that the contestants face a difficult task.
“Based on this, we invited not only heads of departments and teachers as experts, but also graduates of our university who have built a career in interior design bureaus, so that they could give applied lectures on public interior design, talk about approaches to design, based on their own practice. This will allow the competition participants to adjust their projects taking into account advice from professionals, and delve deeper into this topic. The semi-final of the competition will take place on November 8, ten finalists will be announced. Taking into account the opinions of experts, they will finalize their projects to participate in the final, which will take place at the end of November,” said Alexandra Yugai.
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.
Source: Republic of China Taiwan
President Lai and Vice President Hsiao attend opening of Presidential Office Building permanent and special exhibitions
President Lai and Vice President Hsiao attend opening of Presidential Office Building permanent and special exhibitions
2024-10-19
On the morning of October 19, President Lai Ching-te and Vice President Bi-khim Hsiao attended the opening of the Presidential Office Building’s all-new permanent exhibition, Together as One with Taiwan: The Ark of Democracy, and special exhibition, Super Taiwan Comics! The Flavors of Taiwan in Ink. In remarks, President Lai stated that the permanent exhibition, with the theme “Ark of Democracy,” has cross-disciplinary, cross-generational, and “cross-universe” features, and symbolizes how the people of Taiwan are all navigators of this Ark. He said that we will continue guiding the nation forward together with democracy and unity, and welcomed the public to visit the exhibition. Vice President Hsiao, in remarks, stated that the public can gain a deeper understanding of the historical context of the office as well as of the development of Taiwan through several eras.
In his remarks, President Lai stated that the Democratic Progressive Party (DPP) was born on September 28, 1986 in order to achieve democracy. Over its journey, he said, the DPP has worked together with the Taiwanese people, not just to break free from restrictions on political parties and the media, end martial law, call to abolish Article 100 of the Criminal Code, and achieve 100 percent freedom of speech, but also to tirelessly promote direct presidential elections and the complete re-election of the legislature, helping Taiwan shift from authoritarian rule to democracy.
The president said that in 2000, the DPP took office for the first time, opening the Presidential Office Building to the public for weekday tours. This, he said, fully represents the spirit of democracy, as democracy is rule by the people, and the Presidential Office Building is not just the workplace of the president, vice president, and other staff. Its property rights belong to the whole body of citizens, he said, and citizens have the right to enter the Presidential Office Building and learn more about its architecture as well as Taiwan’s past.
President Lai indicated that former President Tsai Ing-wen took the opening up of the Presidential Office Building even further by installing a permanent exhibition, similarly upholding the democratic spirit, and helping the public understand the significance of democracy on an even deeper level. The theme of the previous exhibition, he said, was “Power to the People,” while the theme of the new permanent exhibition, “Ark of Democracy,” envisions democratic Taiwan as an ark on the Pacific Ocean, with peace as our lighthouse; democracy as our compass; freedom, human rights, and the rule of law as our banners; culture and ecological sustainability as our hull; and technology as our driving force. The president said that the people of Taiwan are all navigators of this Ark, and we work together to guide a course of engagement with the world and usher in the future – these are the key concepts of the Ark of Democracy’s curation.
President Lai expressed that the exhibition has three major features. First, he said, it is cross-disciplinary, introducing Taiwan’s rich natural ecology and technological achievements, showing that Taiwan is a diverse ark of ecology, technology, culture, and democracy. Second, he said, it is cross-generational, displaying not only images of the former presidents, but also exhibiting the history of Taiwan’s semiconductor development, civil movements, and democratization, and even explaining the architectural history of the Presidential Office Building in the first-floor corridors. The president said that members of the public who come to visit will be able to clearly understand that Taiwan’s achievements are hard-won and worth cherishing, and that we should unite all the more closely for even greater accomplishments.
President Lai went on to say that the exhibition’s third feature is being “cross-universe,” with one of the exhibits utilizing AI technology to generate multiple universes showing what the world might look like without Taiwan, presenting the technical and futuristic aspects of AI as well as the importance of Taiwan. We will transform Taiwan into an AI island, he said, and this is the first time that AI applications have featured in an exhibition at the Presidential Office Building.
President Lai then remarked on the rich variety of the exhibition content, and thanked the Ministry of Economic Affairs, Ministry of Culture (MOC), Ministry of Agriculture, Ministry of the Interior, and Ministry of Transportation and Communications, whose ministers or deputy ministers were also at the event, for their support. He also offered his gratitude to the staff of the General Association of Chinese Culture for their hard work and dedication, which successfully brought the all-new permanent exhibition to completion.
In addition to the permanent exhibition, the president noted, the MOC has organized Super Taiwan Comics! The Flavors of Taiwan in Ink, a special exhibition that showcases the abundant and diverse creativity in Taiwan’s world of comics. In that world, he said, one can see a different perspective of Taiwan, which is equally admirable. The president, who would soon tour the exhibition with those present, pointed out that at the end of the exhibition there is a photo booth. He welcomed exhibition-goers to have pictures taken with images of him and the vice president and to share them with friends on Facebook or Instagram.
In closing, President Lai again welcomed the people of Taiwan to visit the Together as One with Taiwan: The Ark of Democracy permanent exhibition. All the people of Taiwan, the president emphasized, have the right to visit the Presidential Office Building. He stated that we are all navigators of this Ark of Democracy, and that we will continue guiding the nation forward together with democracy and unity.
Vice President Hsiao then delivered remarks, saying that she is very happy to be with President Lai at today’s “unboxing” of the Presidential Office Building’s permanent exhibition. From the inauguration on May 20 to today, she said, many of our fellow Taiwanese have been asking when they would be able to visit and take pictures at the Presidential Office Building again. She said she is sure that everyone is very much looking forward to visiting, as the building belongs to the whole body of citizens, just as President Lai had said, one that has its own history and bears the important vestiges of our continued pursuit of progress.
Vice President Hsiao remarked that the exhibition is very diverse in content, spanning ecology, democracy, international affairs, technology, and civil movements. Moreover, she emphasized, it showcases Taiwan’s spirit of resilience. The exhibition also goes into the history of the Presidential Office Building and has displays of important laws and objects, she noted, adding that the public can visit and gain a deeper understanding of the historical context of the office as well as of the development of Taiwan through several eras.
Vice President Hsiao pointed out that the “Ark of Democracy” of the title implies that we are all in the same boat. When our international friends visit, she said, they see that even though the island of Taiwan is small, it is home to a diversity of opinions and positions, and that our people are in the end able to find common ground and move forward together. She stated that because we are all in the same boat, we must work together.
Noting that Taiwan’s industry landscape is very diverse, Vice President Hsiao said that this exhibition presents the historical context surrounding the development of our world-renowned high-tech industry. She also underscored how it showcases the people of various sectors and professions who have worked together so that the Taiwanese people can live in peace and happiness and the nation can become even greater.
Vice President Hsiao said that Taiwan has a very diverse ecology. Even though this Ark is very small, when our international friends come here, she said, they notice that Taiwan has mountains, is surrounded by the ocean, and that getting from the coast to a mountain and back again can take as little as 20 to 30 minutes. She pointed out that this diverse ecology is also seen in our Ark of Democracy, which bears the nation’s beauty and its sorrow, as well as its people’s dreams and future. She said she is looking forward to “unboxing” the exhibition with President Lai and the ministry leaders moments from now, but that she is also looking forward to the people of Taiwan taking the time to walk through the Presidential Office Building and share in the glory of our history and Taiwan’s democracy.
Following their remarks, President Lai and Vice President Hsiao took a tour of the exhibits, “Welcome Aboard the Ark of Democracy,” “Presidents of the Republic of China (Taiwan),” “Ecological Treasure Island,” “The Invisible Backbone of Global Technology,” “Taiwan’s Vibrant Democracy, Moving Forward with the World,” “Become One with Us,” and “The Ark Sails Onward,” and the special exhibition of contemporary Taiwan comics, taking in the unique highlights of each area.
Source: Hong Kong Information Services
The invitation of expressions of interest (EOI) in relation to Kai Tak’s smart and green mass transit system (SGMTS) project ended today at noon, with a total of 30 submissions from local, Mainland and overseas companies having been received.
The Transport & Logistics Bureau, jointly with the Civil Engineering & Development Department, invited system suppliers and operators to submit EOIs for the project on August 29.
The department said it will immediately begin assessing the EOIs received, adding that information submitted will serve as a reference for establishing the technical details, delivery mode and financial arrangements for the project.
It intends to invite tenders for the project next year, and aims to award the works contract in 2026.
The department added that, as announced by the Chief Executive in his Policy Address last week, the Government will continue to take the Kai Tak project forward and, by adopting innovative modes of implementation and construction methods, hopes to complete it three years ahead of the original target commissioning date.
Source: Eurojust
The General Public Prosecution Office of Dresden and the Police Directorate of Chemnitz started investigations in June 2020, following complaints from online investors. They had been lured to professionally designed websites, promising high returns on low investments. Victims only received a maximum of 3% of their initial investment, if any money was returned at all. Through the websites, the perpetrators managed to gain access to personal data and bank account details, creating fake customer accounts to lend credibility to the scheme.
To date, around 120 German victims are known, who have lost approximately EUR 12 million. However, further assessments by German investigators indicate that there are many more victims worldwide, with the fraud totaling at least EUR 300 million. It could even be as high as EUR 500 million. As result of these investigations, a number of suspects have been identified, including the one alleged main perpetrator, who has now been arrested. Investigations into the fraud are ongoing.
Due to links with Serbia, a JIT was set up with the help of the Agency in February this year, to ensure close cooperation between German and Serbian judicial and law enforcement investigators. Eurojust also organised four coordination meetings with participation of German, Cypriot and Serbian representatives to prepare for the action day and assisted with the execution of European Investigation Orders and requests for Mutual Legal Assistance to Serbia.
During the action day, 22 places were searched in Cyprus and Serbia. Furthermore, computer equipment, hard drives, mobile phones and digital data have been seized. Germany will ask the Cypriot authorities to surrender the arrested suspect.
The action day was carried out at the request of and by the following authorities on the ground:
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Oct. 24, 2024 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE: CVE) will release its third-quarter 2024 results on Thursday, October 31. The news release will provide consolidated third-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.
Conference call: 8 a.m. MT (10 a.m. ET)
To join the conference call, please dial 1-888-307-2440 (toll-free in North America) or 647-694-2812 to reach a live operator who will place you into the call. A live audio webcast will also be available and archived for approximately 30 days.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.
Find Cenovus on Facebook, X, LinkedIn, YouTube and Instagram.
Cenovus contacts:
| Investors | Media |
| Investor Relations general line 403-766-7711 |
Media Relations general line 403-766-7751 |
Source: GlobeNewswire (MIL-OSI)
SAN DIEGO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, is pleased to announce the appointment of Andy Lovsted as Vice President of Sales. In this role Mr. Lovsted will spearhead Beam Global’s sales strategy to expand the company’s footprint in electric vehicle (EV) infrastructure and energy security markets.
Mr. Lovsted is a proven leader in managing sales for large enterprises and in emerging markets with over 20 years of executive leadership experience in the technology sector. He is recognized for his ability to transform sales organizations and deliver exceptional results, most recently, as Vice President of Sales at Nice North America LLC, previously known as Nortek Security & Control, LLC, one of the largest smart commercial and industrial solutions manufacturing companies in the world. Mr. Lovsted managed a portfolio of products including partnerships with ADT, Brinks Home, Samsung and TELUS, responsible for approximately $500M in annual revenue. His expertise spans various industries including transportation, storage and security technologies where he has been instrumental in launching innovative products and driving significant revenue.
“We are thrilled to welcome Andy to our team at a pivotal moment for Beam Global, to drive growth in commercial and government sectors through optimizing our internal team’s capabilities and, importantly, through the force multiplication effect of engaging agents, resellers and distributors,” said Desmond Wheatley, CEO of Beam Global. “Andy’s proven track record in driving high-performance teams and his extensive experience in growing distribution networks in the technology and automation sectors make him uniquely qualified to scale our sales programs and capture new opportunities in the rapidly expanding markets we target.”
“I’m excited to join Beam Global as the company continues its leadership in providing rapidly deployed, scalable and sustainable EV charging, smart city and energy storage solutions,” said Mr. Lovsted. “The rapid adoption of electric vehicles, increased electrical capacity requirements and evermore challenging environmental conditions make me confident that Beam Global’s innovative products are well-positioned to meet the growing demand while creating a fantastic growth engine. Building a sales team that gets to sell industry leading, unique and patented products that are highly relevant, is exciting, fun and rewarding. I look forward to being at the sharp end of the company’s mission of providing sustainable energy solutions.”
Throughout his career Mr. Lovsted has demonstrated an ability to build and execute effective go-to-market strategies, foster key industry relationships and implement transformative sales initiatives. He focuses on maximizing efficiency, driving accountability and implementing strategic change management to optimize team performance. His background includes driving significant sales and marketing and business development for Hewlett Packard, Seagate, Siemens, Nice and others where he has built and led teams of 100+. Mr. Lovsted holds a Bachelor of Science in Business Administration and Marketing from San Diego State University.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Source: GlobeNewswire (MIL-OSI)
FORT WORTH, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale (“POS”) payment solutions through American First Finance (“AFF”), today announced operating results for the three and nine month periods ended September 30, 2024. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid in November 2024.
Mr. Rick Wessel, chief executive officer, stated, “FirstCash achieved record revenue and earnings results for both the third quarter and year-to-date periods. Impressive third quarter achievements also included a fifth consecutive quarter of double-digit growth in same-store pawn receivables for the U.S. pawn segment. The LatAm pawn segment also saw continued growth in local currency pawn revenues and receivables, while AFF recorded a 14% increase in third quarter gross origination volumes driven primarily by 25% growth in new merchant locations.
“Expansion of retail pawn locations continues to be robust as well, with the opening of 16 new pawn stores in the third quarter and the combined opening and acquisition of 83 total stores during the first nine months of this year. Growth in the number of stores and earning assets, coupled with consistent shareholder returns through dividends and share repurchases, continue to be funded primarily through operating cash flows.”
This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.
| Three Months Ended September 30, | ||||||||||||
| As Reported (GAAP) | Adjusted (Non-GAAP) | |||||||||||
| In thousands, except per share amounts | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenue | $ | 837,321 | $ | 786,301 | $ | 837,321 | $ | 786,301 | ||||
| Net income | $ | 64,827 | $ | 57,144 | $ | 75,179 | $ | 70,775 | ||||
| Diluted earnings per share | $ | 1.44 | $ | 1.26 | $ | 1.67 | $ | 1.56 | ||||
| EBITDA (non-GAAP measure) | $ | 138,134 | $ | 129,350 | $ | 139,278 | $ | 132,985 | ||||
| Weighted-average diluted shares | 44,970 | 45,374 | 44,970 | 45,374 | ||||||||
| Nine Months Ended September 30, | ||||||||||||
| As Reported (GAAP) | Adjusted (Non-GAAP) | |||||||||||
| In thousands, except per share amounts | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenue | $ | 2,504,703 | $ | 2,299,662 | $ | 2,504,703 | $ | 2,299,662 | ||||
| Net income | $ | 175,268 | $ | 149,712 | $ | 207,266 | $ | 184,028 | ||||
| Diluted earnings per share | $ | 3.88 | $ | 3.27 | $ | 4.58 | $ | 4.02 | ||||
| EBITDA (non-GAAP measure) | $ | 388,372 | $ | 348,291 | $ | 392,752 | $ | 350,028 | ||||
| Weighted-average diluted shares | 45,214 | 45,747 | 45,214 | 45,747 | ||||||||
Consolidated Operating Highlights
Store Base and Platform Growth
U.S. Pawn Segment Operating Results
Latin America Pawn Segment Operating Results
Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the third quarter of 2024 was 18.9 pesos / dollar, an unfavorable change of 11% versus the comparable prior-year period, and for the nine month period ended September 30, 2024 was 17.7 pesos / dollar, a favorable change of 1% versus the prior-year period.
American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results
Cash Flow and Liquidity
Shareholder Returns
2024 Outlook
The outlook for the remainder of 2024 continues to be highly positive, with expected year-over-year growth in consolidated revenue and earnings driven by the continued growth in earning asset balances coupled with store additions. Anticipated conditions and trends for the fourth quarter include the following:
Pawn Operations:
U.S. Pawn
Latin America Pawn
Retail POS Payment Solutions (AFF) Operations:
Interest Expense, Tax Rates and Currency:
Additional Commentary and Analysis
Mr. Wessel provided additional insights on the Company’s third quarter results and outlook for the remainder of 2024, “Our results continue to demonstrate strong fundamental product demand trends which we expect to drive future revenue and earnings growth.
“The U.S. pawn segment again saw continued record levels of demand for pawn loans and record per store loan balances. The 10% growth in same-store pawn receivables is especially strong given that the comparative prior-year comp was 11%. On a stacked, two-year basis, same-store pawn loans are up 21% compared to the third quarter of 2022, illustrating tremendous, continued momentum in the business. Demand trends in October remain strong and we believe lending volumes should continue to also benefit from increased gold prices while our inventories are well positioned for the holiday sales season.
“In Latin America, currency adjusted pawn receivables and pawn fees continued to show impressive growth in the third quarter, with further acceleration to date in October, while third quarter retail sales grew even faster. While the volatility of the Mexican peso slightly impacted third quarter earnings results by approximately $0.04 per share, there is minimal impact on cash flows as we continue to reinvest a large portion of our cash flows in Latin America. We believe in the long term opportunity for Latin America, driven by near-shore manufacturing expansion and the use of pawn loans being an integral part of the economy for our customer base.
“Unit growth in both pawn segments remains exceptional. We have now added 83 stores this year and a total of 240 stores since the beginning of 2023. Looking ahead, we continue to see and evaluate expansion opportunities across markets in both the U.S. and Latin America.
“AFF’s gross transaction volumes in the third quarter improved both sequentially and year-over-year (even when excluding Conn’s Home Plus third quarter closeout volume) with significant contributions from both new doors and expanding non-furniture verticals driven largely by robust productivity from our field sales channel. Excluding furniture, third quarter origination volume increased approximately 35%. This growth has led to a further decrease in large merchant concentration risk, with the largest merchant partner now representing approximately 12% of current total gross transaction volume. Additionally, combined lease and loan losses remain well within our target metrics while the combined reserve remains consistent at over 40% of the total portfolio.
“All of FirstCash’s business segments continue to generate strong cash flows while its balance sheet remains highly liquid. Over 60% of pawn loans are collateralized with jewelry, which is primarily gold and very liquid, while almost 50% of retail inventories are comprised of jewelry that typically has the highest margins. Our balance sheet maintains favorable unsecured financing featuring long-dated maturities at attractive rates. Accordingly, we believe that we are well positioned to drive continued shareholder value through organic store growth, strategic acquisitions, dividends and share repurchases,” concluded Mr. Wessel.
About FirstCash
FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.
FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.
Forward-Looking Information
This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2024. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.
While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and higher gas prices, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail POS payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
| FIRSTCASH HOLDINGS, INC. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (unaudited, in thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Retail merchandise sales | $ | 363,141 | $ | 335,081 | $ | 1,093,425 | $ | 983,860 | |||||||
| Pawn loan fees | 186,561 | 174,560 | 547,142 | 480,298 | |||||||||||
| Leased merchandise income | 188,560 | 189,382 | 588,801 | 562,625 | |||||||||||
| Interest and fees on finance receivables | 61,198 | 61,413 | 175,384 | 174,247 | |||||||||||
| Wholesale scrap jewelry sales | 37,861 | 25,865 | 99,951 | 98,632 | |||||||||||
| Total revenue | 837,321 | 786,301 | 2,504,703 | 2,299,662 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Cost of retail merchandise sold | 218,178 | 199,719 | 659,854 | 590,991 | |||||||||||
| Depreciation of leased merchandise | 104,928 | 103,698 | 335,369 | 307,824 | |||||||||||
| Provision for lease losses | 39,171 | 39,736 | 129,834 | 141,674 | |||||||||||
| Provision for loan losses | 40,557 | 33,096 | 102,091 | 90,571 | |||||||||||
| Cost of wholesale scrap jewelry sold | 29,880 | 21,405 | 81,711 | 79,012 | |||||||||||
| Total cost of revenue | 432,714 | 397,654 | 1,308,859 | 1,210,072 | |||||||||||
| Net revenue | 404,607 | 388,647 | 1,195,844 | 1,089,590 | |||||||||||
| Expenses and other income: | |||||||||||||||
| Operating expenses | 224,926 | 211,524 | 674,431 | 615,366 | |||||||||||
| Administrative expenses | 40,930 | 45,056 | 129,563 | 124,428 | |||||||||||
| Depreciation and amortization | 25,933 | 27,365 | 78,507 | 81,526 | |||||||||||
| Interest expense | 27,424 | 24,689 | 78,029 | 66,657 | |||||||||||
| Interest income | (403 | ) | (328 | ) | (1,407 | ) | (1,253 | ) | |||||||
| Loss (gain) on foreign exchange | 882 | (286 | ) | 2,133 | (1,905 | ) | |||||||||
| Merger and acquisition expenses | 225 | 3,387 | 2,186 | 3,670 | |||||||||||
| Other expenses (income), net | (490 | ) | (384 | ) | (841 | ) | (260 | ) | |||||||
| Total expenses and other income | 319,427 | 311,023 | 962,601 | 888,229 | |||||||||||
| Income before income taxes | 85,180 | 77,624 | 233,243 | 201,361 | |||||||||||
| Provision for income taxes | 20,353 | 20,480 | 57,975 | 51,649 | |||||||||||
| Net income | $ | 64,827 | $ | 57,144 | $ | 175,268 | $ | 149,712 | |||||||
| FIRSTCASH HOLDINGS, INC. | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (unaudited, in thousands) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | 2023 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 106,320 | $ | 86,547 | $ | 127,018 | |||||
| Accounts receivable, net | 74,378 | 72,336 | 71,922 | ||||||||
| Pawn loans | 517,877 | 483,785 | 471,846 | ||||||||
| Finance receivables, net | 123,751 | 113,307 | 113,901 | ||||||||
| Inventories | 334,394 | 314,382 | 312,089 | ||||||||
| Leased merchandise, net | 137,769 | 143,169 | 171,191 | ||||||||
| Prepaid expenses and other current assets | 34,861 | 21,114 | 38,634 | ||||||||
| Total current assets | 1,329,350 | 1,234,640 | 1,306,601 | ||||||||
| Property and equipment, net | 689,075 | 604,673 | 632,724 | ||||||||
| Operating lease right of use asset | 329,228 | 312,097 | 328,458 | ||||||||
| Goodwill | 1,788,795 | 1,713,354 | 1,727,652 | ||||||||
| Intangible assets, net | 241,389 | 291,690 | 277,724 | ||||||||
| Other assets | 10,339 | 10,057 | 10,242 | ||||||||
| Deferred tax assets, net | 4,671 | 8,052 | 6,514 | ||||||||
| Total assets | $ | 4,392,847 | $ | 4,174,563 | $ | 4,289,915 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Accounts payable and accrued liabilities | $ | 133,792 | $ | 146,873 | $ | 163,050 | |||||
| Customer deposits and prepayments | 78,083 | 71,752 | 70,580 | ||||||||
| Lease liability, current | 96,598 | 98,745 | 101,962 | ||||||||
| Total current liabilities | 308,473 | 317,370 | 335,592 | ||||||||
| Revolving unsecured credit facilities | 200,000 | 560,229 | 568,000 | ||||||||
| Senior unsecured notes | 1,530,604 | 1,037,151 | 1,037,647 | ||||||||
| Deferred tax liabilities, net | 127,425 | 139,713 | 136,773 | ||||||||
| Lease liability, non-current | 227,151 | 202,516 | 215,485 | ||||||||
| Total liabilities | 2,393,653 | 2,256,979 | 2,293,497 | ||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 575 | 573 | 573 | ||||||||
| Additional paid-in capital | 1,764,351 | 1,737,497 | 1,741,046 | ||||||||
| Retained earnings | 1,344,542 | 1,164,228 | 1,218,029 | ||||||||
| Accumulated other comprehensive loss | (114,807 | ) | (64,521 | ) | (43,037 | ) | |||||
| Common stock held in treasury, at cost | (995,467 | ) | (920,193 | ) | (920,193 | ) | |||||
| Total stockholders’ equity | 1,999,194 | 1,917,584 | 1,996,418 | ||||||||
| Total liabilities and stockholders’ equity | $ | 4,392,847 | $ | 4,174,563 | $ | 4,289,915 | |||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||||
| U.S. PAWN SEGMENT RESULTS | ||||||||||||
| (UNAUDITED) | ||||||||||||
| U.S. Pawn Operating Results and Margins (dollars in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
| September 30, | ||||||||||||
| 2024 | 2023 | Increase | ||||||||||
| Revenue: | ||||||||||||
| Retail merchandise sales | $ | 235,037 | $ | 203,769 | 15 | % | ||||||
| Pawn loan fees | 128,393 | 114,022 | 13 | % | ||||||||
| Wholesale scrap jewelry sales | 26,685 | 17,140 | 56 | % | ||||||||
| Total revenue | 390,115 | 334,931 | 16 | % | ||||||||
| Cost of revenue: | ||||||||||||
| Cost of retail merchandise sold | 134,966 | 115,670 | 17 | % | ||||||||
| Cost of wholesale scrap jewelry sold | 21,393 | 14,297 | 50 | % | ||||||||
| Total cost of revenue | 156,359 | 129,967 | 20 | % | ||||||||
| Net revenue | 233,756 | 204,964 | 14 | % | ||||||||
| Segment expenses: | ||||||||||||
| Operating expenses | 128,104 | 113,976 | 12 | % | ||||||||
| Depreciation and amortization | 7,365 | 6,586 | 12 | % | ||||||||
| Total segment expenses | 135,469 | 120,562 | 12 | % | ||||||||
| Segment pre-tax operating income | $ | 98,287 | $ | 84,402 | 16 | % | ||||||
| Operating metrics: | ||||||||||||
| Retail merchandise sales margin | 43 | % | 43 | % | ||||||||
| Net revenue margin | 60 | % | 61 | % | ||||||||
| Segment pre-tax operating margin | 25 | % | 25 | % | ||||||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||||
| U.S. PAWN SEGMENT RESULTS (CONTINUED) | ||||||||||||
| (UNAUDITED) | ||||||||||||
| Nine Months Ended | ||||||||||||
| September 30, | ||||||||||||
| 2024 | 2023 | Increase | ||||||||||
| Revenue: | ||||||||||||
| Retail merchandise sales | $ | 702,120 | $ | 610,493 | 15 | % | ||||||
| Pawn loan fees | 371,699 | 315,679 | 18 | % | ||||||||
| Wholesale scrap jewelry sales | 70,722 | 61,108 | 16 | % | ||||||||
| Total revenue | 1,144,541 | 987,280 | 16 | % | ||||||||
| Cost of revenue: | ||||||||||||
| Cost of retail merchandise sold | 407,329 | 349,138 | 17 | % | ||||||||
| Cost of wholesale scrap jewelry sold | 57,928 | 49,604 | 17 | % | ||||||||
| Total cost of revenue | 465,257 | 398,742 | 17 | % | ||||||||
| Net revenue | 679,284 | 588,538 | 15 | % | ||||||||
| Segment expenses: | ||||||||||||
| Operating expenses | 372,191 | 331,916 | 12 | % | ||||||||
| Depreciation and amortization | 21,609 | 18,786 | 15 | % | ||||||||
| Total segment expenses | 393,800 | 350,702 | 12 | % | ||||||||
| Segment pre-tax operating income | $ | 285,484 | $ | 237,836 | 20 | % | ||||||
| Operating metrics: | ||||||||||||
| Retail merchandise sales margin | 42 | % | 43 | % | ||||||||
| Net revenue margin | 59 | % | 60 | % | ||||||||
| Segment pre-tax operating margin | 25 | % | 24 | % | ||||||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||||
| U.S. PAWN SEGMENT RESULTS (CONTINUED) | ||||||||||||
| (UNAUDITED) | ||||||||||||
| U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted) | ||||||||||||
| As of September 30, | ||||||||||||
| 2024 | 2023 | Increase | ||||||||||
| Earning assets: | ||||||||||||
| Pawn loans | $ | 380,962 | $ | 341,123 | 12 | % | ||||||
| Inventories | 238,668 | 217,406 | 10 | % | ||||||||
| $ | 619,630 | $ | 558,529 | 11 | % | |||||||
| Average outstanding pawn loan amount (in ones) | $ | 264 | $ | 245 | 8 | % | ||||||
| Composition of pawn collateral: | ||||||||||||
| General merchandise | 30 | % | 31 | % | ||||||||
| Jewelry | 70 | % | 69 | % | ||||||||
| 100 | % | 100 | % | |||||||||
| Composition of inventories: | ||||||||||||
| General merchandise | 43 | % | 45 | % | ||||||||
| Jewelry | 57 | % | 55 | % | ||||||||
| 100 | % | 100 | % | |||||||||
| Percentage of inventory aged greater than one year | 2 | % | 1 | % | ||||||||
| Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 2.8 times | 2.8 times | ||||||||||
| FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||||||
| LATIN AMERICA PAWN SEGMENT RESULTS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results. | |||||||||||||||||||||||
| Latin America Pawn Operating Results and Margins (dollars in thousands) | |||||||||||||||||||||||
| Constant Currency Basis | |||||||||||||||||||||||
| Three Months | |||||||||||||||||||||||
| Ended | |||||||||||||||||||||||
| Three Months Ended | September 30, | Increase / | |||||||||||||||||||||
| September 30, | Increase / | 2024 | (Decrease) | ||||||||||||||||||||
| 2024 | 2023 | (Decrease) | (Non-GAAP) | (Non-GAAP) | |||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Retail merchandise sales | $ | 129,081 | $ | 132,784 | (3 | )% | $ | 142,147 | 7 | % | |||||||||||||
| Pawn loan fees | 58,168 | 60,538 | (4 | )% | 64,130 | 6 | % | ||||||||||||||||
| Wholesale scrap jewelry sales | 11,176 | 8,725 | 28 | % | 11,176 | 28 | % | ||||||||||||||||
| Total revenue | 198,425 | 202,047 | (2 | )% | 217,453 | 8 | % | ||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
| Cost of retail merchandise sold | 83,729 | 84,816 | (1 | )% | 92,131 | 9 | % | ||||||||||||||||
| Cost of wholesale scrap jewelry sold | 8,487 | 7,108 | 19 | % | 9,378 | 32 | % | ||||||||||||||||
| Total cost of revenue | 92,216 | 91,924 | — | % | 101,509 | 10 | % | ||||||||||||||||
| Net revenue | 106,209 | 110,123 | (4 | )% | 115,944 | 5 | % | ||||||||||||||||
| Segment expenses: | |||||||||||||||||||||||
| Operating expenses | 63,062 | 63,907 | (1 | )% | 69,199 | 8 | % | ||||||||||||||||
| Depreciation and amortization | 4,676 | 5,236 | (11 | )% | 5,117 | (2 | )% | ||||||||||||||||
| Total segment expenses | 67,738 | 69,143 | (2 | )% | 74,316 | 7 | % | ||||||||||||||||
| Segment pre-tax operating income | $ | 38,471 | $ | 40,980 | (6 | )% | $ | 41,628 | 2 | % | |||||||||||||
| Operating metrics: | |||||||||||||||||||||||
| Retail merchandise sales margin | 35 | % | 36 | % | 35 | % | |||||||||||||||||
| Net revenue margin | 54 | % | 55 | % | 53 | % | |||||||||||||||||
| Segment pre-tax operating margin | 19 | % | 20 | % | 19 | % | |||||||||||||||||
| FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||||||
| LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED) | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| Constant Currency Basis | |||||||||||||||||||||||
| Nine Months | |||||||||||||||||||||||
| Ended | |||||||||||||||||||||||
| Nine Months Ended | September 30, | Increase / | |||||||||||||||||||||
| September 30, | Increase / | 2024 | (Decrease) | ||||||||||||||||||||
| 2024 | 2023 | (Decrease) | (Non-GAAP) | (Non-GAAP) | |||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Retail merchandise sales | $ | 394,375 | $ | 378,302 | 4 | % | $ | 391,606 | 4 | % | |||||||||||||
| Pawn loan fees | 175,443 | 164,619 | 7 | % | 174,228 | 6 | % | ||||||||||||||||
| Wholesale scrap jewelry sales | 29,229 | 37,524 | (22 | )% | 29,229 | (22 | )% | ||||||||||||||||
| Total revenue | 599,047 | 580,445 | 3 | % | 595,063 | 3 | % | ||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
| Cost of retail merchandise sold | 254,188 | 244,439 | 4 | % | 252,377 | 3 | % | ||||||||||||||||
| Cost of wholesale scrap jewelry sold | 23,783 | 29,408 | (19 | )% | 23,627 | (20 | )% | ||||||||||||||||
| Total cost of revenue | 277,971 | 273,847 | 2 | % | 276,004 | 1 | % | ||||||||||||||||
| Net revenue | 321,076 | 306,598 | 5 | % | 319,059 | 4 | % | ||||||||||||||||
| Segment expenses: | |||||||||||||||||||||||
| Operating expenses | 198,389 | 179,170 | 11 | % | 196,986 | 10 | % | ||||||||||||||||
| Depreciation and amortization | 15,199 | 15,884 | (4 | )% | 15,072 | (5 | )% | ||||||||||||||||
| Total segment expenses | 213,588 | 195,054 | 10 | % | 212,058 | 9 | % | ||||||||||||||||
| Segment pre-tax operating income | $ | 107,488 | $ | 111,544 | (4 | )% | $ | 107,001 | (4 | )% | |||||||||||||
| Operating metrics: | |||||||||||||||||||||||
| Retail merchandise sales margin | 36 | % | 35 | % | 36 | % | |||||||||||||||||
| Net revenue margin | 54 | % | 53 | % | 54 | % | |||||||||||||||||
| Segment pre-tax operating margin | 18 | % | 19 | % | 18 | % | |||||||||||||||||
| FIRSTCASH HOLDINGS, INC. | |||||||||||||||||||
| LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED) | |||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||
| Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted) | |||||||||||||||||||
| Constant Currency Basis | |||||||||||||||||||
| As of | |||||||||||||||||||
| September 30, | |||||||||||||||||||
| As of September 30, | 2024 | Increase | |||||||||||||||||
| 2024 | 2023 | (Decrease) | (Non-GAAP) | (Non-GAAP) | |||||||||||||||
| Earning assets: | |||||||||||||||||||
| Pawn loans | $ | 136,915 | $ | 142,662 | (4 | )% | $ | 151,486 | 6 | % | |||||||||
| Inventories | 95,726 | 96,976 | (1 | )% | 105,792 | 9 | % | ||||||||||||
| $ | 232,641 | $ | 239,638 | (3 | )% | $ | 257,278 | 7 | % | ||||||||||
| Average outstanding pawn loan amount (in ones) | $ | 85 | $ | 89 | (4 | )% | $ | 94 | 6 | % | |||||||||
| Composition of pawn collateral: | |||||||||||||||||||
| General merchandise | 62 | % | 66 | % | |||||||||||||||
| Jewelry | 38 | % | 34 | % | |||||||||||||||
| 100 | % | 100 | % | ||||||||||||||||
| Composition of inventories: | |||||||||||||||||||
| General merchandise | 70 | % | 68 | % | |||||||||||||||
| Jewelry | 30 | % | 32 | % | |||||||||||||||
| 100 | % | 100 | % | ||||||||||||||||
| Percentage of inventory aged greater than one year | 1 | % | 1 | % | |||||||||||||||
| Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) | 4.2 times | 4.3 times | |||||||||||||||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||
| RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS | ||||||||||
| (UNAUDITED) | ||||||||||
| Retail POS Payment Solutions Operating Results (dollars in thousands) | ||||||||||
| Three Months Ended | ||||||||||
| September 30, | Increase / | |||||||||
| 2024 | 2023 | (Decrease) | ||||||||
| Revenue: | ||||||||||
| Leased merchandise income | $ | 188,560 | $ | 189,382 | — | % | ||||
| Interest and fees on finance receivables | 61,198 | 61,413 | — | % | ||||||
| Total revenue | 249,758 | 250,795 | — | % | ||||||
| Cost of revenue: | ||||||||||
| Depreciation of leased merchandise | 105,308 | 104,198 | 1 | % | ||||||
| Provision for lease losses | 39,268 | 39,640 | (1 | )% | ||||||
| Provision for loan losses | 40,557 | 33,096 | 23 | % | ||||||
| Total cost of revenue | 185,133 | 176,934 | 5 | % | ||||||
| Net revenue | 64,625 | 73,861 | (13 | )% | ||||||
| Segment expenses: | ||||||||||
| Operating expenses | 33,760 | 33,641 | — | % | ||||||
| Depreciation and amortization | 679 | 771 | (12 | )% | ||||||
| Total segment expenses | 34,439 | 34,412 | — | % | ||||||
| Segment pre-tax operating income | $ | 30,186 | $ | 39,449 | (23 | )% | ||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||
| RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED) | ||||||||||
| (UNAUDITED) | ||||||||||
| Nine Months Ended | ||||||||||
| September 30, | Increase / | |||||||||
| 2024 | 2023 | (Decrease) | ||||||||
| Revenue: | ||||||||||
| Leased merchandise income | $ | 588,801 | $ | 562,625 | 5 | % | ||||
| Interest and fees on finance receivables | 175,384 | 174,247 | 1 | % | ||||||
| Total revenue | 764,185 | 736,872 | 4 | % | ||||||
| Cost of revenue: | ||||||||||
| Depreciation of leased merchandise | 336,649 | 309,432 | 9 | % | ||||||
| Provision for lease losses | 130,272 | 141,854 | (8 | )% | ||||||
| Provision for loan losses | 102,091 | 90,571 | 13 | % | ||||||
| Total cost of revenue | 569,012 | 541,857 | 5 | % | ||||||
| Net revenue | 195,173 | 195,015 | — | % | ||||||
| Segment expenses: | ||||||||||
| Operating expenses | 103,851 | 104,280 | — | % | ||||||
| Depreciation and amortization | 2,078 | 2,258 | (8 | )% | ||||||
| Total segment expenses | 105,929 | 106,538 | (1 | )% | ||||||
| Segment pre-tax operating income | $ | 89,244 | $ | 88,477 | 1 | % | ||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||
| RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED) | ||||||||||
| (UNAUDITED) | ||||||||||
| Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands) | ||||||||||
| Three Months Ended | ||||||||||
| September 30, | Increase / | |||||||||
| 2024 | 2023 | (Decrease) | ||||||||
| Leased merchandise | $ | 143,146 | $ | 147,513 | (3 | )% | ||||
| Finance receivables | 142,910 | 103,183 | 39 | % | ||||||
| Total gross transaction volume | $ | 286,056 | $ | 250,696 | 14 | % | ||||
| Nine Months Ended | ||||||||||
| September 30, | Increase / | |||||||||
| 2024 | 2023 | (Decrease) | ||||||||
| Leased merchandise | $ | 444,045 | $ | 452,792 | (2 | )% | ||||
| Finance receivables | 350,332 | 303,485 | 15 | % | ||||||
| Total gross transaction volume | $ | 794,377 | $ | 756,277 | 5 | % | ||||
| Retail POS Payment Solutions Earning Assets (dollars in thousands) | ||||||||||||
| As of September 30, | Increase / | |||||||||||
| 2024 | 2023 | (Decrease) | ||||||||||
| Leased merchandise, net: | ||||||||||||
| Leased merchandise, before allowance for lease losses | $ | 231,796 | $ | 250,298 | (7 | )% | ||||||
| Less allowance for lease losses | (93,823 | ) | (105,472 | ) | (11 | )% | ||||||
| Leased merchandise, net | $ | 137,973 | $ | 144,826 | (5 | )% | ||||||
| Finance receivables, net: | ||||||||||||
| Finance receivables, before allowance for loan losses | $ | 232,948 | $ | 209,991 | 11 | % | ||||||
| Less allowance for loan losses | (109,197 | ) | (96,684 | ) | 13 | % | ||||||
| Finance receivables, net | $ | 123,751 | $ | 113,307 | 9 | % | ||||||
| FIRSTCASH HOLDINGS, INC. | ||||||||||||||
| RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED) | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| September 30, | Increase / | |||||||||||||
| 2024 | 2023 | (Decrease) | ||||||||||||
| Allowance for lease losses: | ||||||||||||||
| Balance at beginning of period | $ | 103,301 | $ | 110,964 | (7 | )% | ||||||||
| Provision for lease losses | 39,268 | 39,640 | (1 | )% | ||||||||||
| Charge-offs | (50,394 | ) | (46,794 | ) | 8 | % | ||||||||
| Recoveries | 1,648 | 1,662 | (1 | )% | ||||||||||
| Balance at end of period | $ | 93,823 | $ | 105,472 | (11 | )% | ||||||||
| Leased merchandise portfolio metrics: | ||||||||||||||
| Provision rate(1) | 27 | % | 27 | % | ||||||||||
| Average monthly net charge-off rate(2) | 6.8 | % | 5.9 | % | ||||||||||
| Delinquency rate(3) | 23.6 | % | 23.2 | % | ||||||||||
| Allowance for loan losses: | ||||||||||||||
| Balance at beginning of period | $ | 99,961 | $ | 93,054 | 7 | % | ||||||||
| Provision for loan losses | 40,557 | 33,096 | 23 | % | ||||||||||
| Charge-offs | (32,969 | ) | (30,890 | ) | 7 | % | ||||||||
| Recoveries | 1,648 | 1,424 | 16 | % | ||||||||||
| Balance at end of period | $ | 109,197 | $ | 96,684 | 13 | % | ||||||||
| Finance receivables portfolio metrics: | ||||||||||||||
| Provision rate(1) | 28 | % | 32 | % | ||||||||||
| Average monthly net charge-off rate(2) | 4.8 | % | 4.7 | % | ||||||||||
| Delinquency rate(3) | 19.4 | % | 21.9 | % | ||||||||||
(1) Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
(2) Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.
(3) Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).
| FIRSTCASH HOLDINGS, INC. | ||||||||||||||
| RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED) | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| Nine Months Ended | ||||||||||||||
| September 30, | Increase / | |||||||||||||
| 2024 | 2023 | (Decrease) | ||||||||||||
| Allowance for lease losses: | ||||||||||||||
| Balance at beginning of period | $ | 95,752 | $ | 79,576 | 20 | % | ||||||||
| Provision for lease losses | 130,272 | 141,854 | (8 | )% | ||||||||||
| Charge-offs | (137,516 | ) | (120,966 | ) | 14 | % | ||||||||
| Recoveries | 5,315 | 5,008 | 6 | % | ||||||||||
| Balance at end of period | $ | 93,823 | $ | 105,472 | (11 | )% | ||||||||
| Leased merchandise portfolio metrics: | ||||||||||||||
| Provision rate(1) | 29 | % | 31 | % | ||||||||||
| Average monthly net charge-off rate(2) | 5.9 | % | 5.3 | % | ||||||||||
| Delinquency rate(3) | 23.6 | % | 23.2 | % | ||||||||||
| Allowance for loan losses: | ||||||||||||||
| Balance at beginning of period | $ | 96,454 | $ | 84,833 | 14 | % | ||||||||
| Provision for loan losses | 102,091 | 90,571 | 13 | % | ||||||||||
| Charge-offs | (95,061 | ) | (83,281 | ) | 14 | % | ||||||||
| Recoveries | 5,713 | 4,561 | 25 | % | ||||||||||
| Balance at end of period | $ | 109,197 | $ | 96,684 | 13 | % | ||||||||
| Finance receivables portfolio metrics: | ||||||||||||||
| Provision rate(1) | 29 | % | 30 | % | ||||||||||
| Average monthly net charge-off rate(2) | 4.5 | % | 4.4 | % | ||||||||||
| Delinquency rate(3) | 19.4 | % | 21.9 | % | ||||||||||
(1) Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
(2) Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.
(3) Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).
| FIRSTCASH HOLDINGS, INC. | ||||||||
| PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS | ||||||||
| Pawn Operations | ||||||||
| As of September 30, 2024, the Company operated 3,025 pawn store locations composed of 1,201 stores in 29 U.S. states and the District of Columbia, 1,723 stores in 32 states in Mexico, 72 stores in Guatemala, 17 stores in El Salvador and 12 stores in Colombia. | ||||||||
| The following tables detail pawn store count activity for the three and nine months ended September 30, 2024: | ||||||||
| Three Months Ended September 30, 2024 | ||||||||
| U.S. | Latin America | Total | ||||||
| Total locations, beginning of period | 1,201 | 1,817 | 3,018 | |||||
| New locations opened(1) | — | 15 | 15 | |||||
| Locations acquired | 1 | — | 1 | |||||
| Consolidation of existing pawn locations(2) | (1 | ) | (8 | ) | (9 | ) | ||
| Total locations, end of period | 1,201 | 1,824 | 3,025 | |||||
| Nine Months Ended September 30, 2024 | ||||||||
| U.S. | Latin America | Total | ||||||
| Total locations, beginning of period | 1,183 | 1,814 | 2,997 | |||||
| New locations opened(1) | 1 | 54 | 55 | |||||
| Locations acquired | 28 | — | 28 | |||||
| Consolidation of existing pawn locations(2) (3) | (11 | ) | (44 | ) | (55 | ) | ||
| Total locations, end of period | 1,201 | 1,824 | 3,025 | |||||
(1) In addition to new store openings, the Company strategically relocated three stores in the U.S. and one store in Latin America during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company strategically relocated nine stores in the U.S and one store in Latin America.
(2) Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.
(3) Includes 10 pawnshops located in Acapulco, Mexico that were severely damaged by a hurricane in the fall of 2023 which the Company elected to consolidate with other stores in this market. The Company expects to replace certain of these locations in this market over time as the city’s infrastructure recovers.
Retail POS Payment Solutions
As of September 30, 2024, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 13,500 active retail merchant partner locations located in all 50 U.S. states, the District of Columbia and Puerto Rico. This compares to the active door count of approximately 10,800 locations at September 30, 2023.
| FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (UNAUDITED) |
The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.
While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.
The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (i) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (ii) to improve comparability of current periods presented with prior periods.
| FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (CONTINUED) (UNAUDITED) |
Adjusted Net Income and Adjusted Diluted Earnings Per Share
Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.
The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):
| Trailing Twelve | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Months Ended | |||||||||||||||||||||
| September 30, | September 30, | September 30, | |||||||||||||||||||||
| 2024 |
2023 | 2024 |
2023 | 2024 |
2023 | ||||||||||||||||||
| In Thousands | In Thousands | In Thousands | In Thousands | In Thousands | In Thousands | ||||||||||||||||||
| Net income, as reported | $ | 64,827 | $ | 57,144 | $ | 175,268 | $ | 149,712 | $ | 244,857 | $ | 229,778 | |||||||||||
| Adjustments, net of tax: | |||||||||||||||||||||||
| Merger and acquisition expenses | 171 | 2,605 | 1,675 | 2,818 | 4,946 | 4,379 | |||||||||||||||||
| Non-cash foreign currency loss (gain) related to lease liability | 986 | 442 | 2,124 | (1,171 | ) | 1,517 | (1,856 | ) | |||||||||||||||
| AFF purchase accounting and other adjustments | 9,572 | 10,880 | 28,717 | 32,869 | 50,189 | 50,529 | |||||||||||||||||
| Gain on revaluation of contingent acquisition consideration | — | — | — | — | — | (21,952 | ) | ||||||||||||||||
| Other expenses (income), net | (377 | ) | (296 | ) | (518 | ) | (200 | ) | (1,397 | ) | (208 | ) | |||||||||||
| Adjusted net income | $ | 75,179 | $ | 70,775 | $ | 207,266 | $ | 184,028 | $ | 300,112 | $ | 260,670 | |||||||||||
| FIRSTCASH HOLDINGS, INC. | |||||||||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| TO GAAP FINANCIAL MEASURES (CONTINUED) | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Per Share | Per Share | Per Share | Per Share | ||||||||||||
| Diluted earnings per share, as reported | $ | 1.44 | $ | 1.26 | $ | 3.88 | $ | 3.27 | |||||||
| Adjustments, net of tax: | |||||||||||||||
| Merger and acquisition expenses | 0.01 | 0.06 | 0.04 | 0.06 | |||||||||||
| Non-cash foreign currency loss (gain) related to lease liability | 0.02 | 0.01 | 0.05 | (0.03 | ) | ||||||||||
| AFF purchase accounting and other adjustments | 0.21 | 0.24 | 0.63 | 0.72 | |||||||||||
| Other expenses (income), net | (0.01 | ) | (0.01 | ) | (0.02 | ) | — | ||||||||
| Adjusted diluted earnings per share | $ | 1.67 | $ | 1.56 | $ | 4.58 | $ | 4.02 | |||||||
| FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (CONTINUED) (UNAUDITED) |
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):
| Trailing Twelve | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net income | $ | 64,827 | $ | 57,144 | $ | 175,268 | $ | 149,712 | $ | 244,857 | $ | 229,778 | ||||||||||||
| Income taxes | 20,353 | 20,480 | 57,975 | 51,649 | 79,874 | 73,189 | ||||||||||||||||||
| Depreciation and amortization | 25,933 | 27,365 | 78,507 | 81,526 | 106,142 | 107,863 | ||||||||||||||||||
| Interest expense | 27,424 | 24,689 | 78,029 | 66,657 | 104,615 | 86,616 | ||||||||||||||||||
| Interest income | (403 | ) | (328 | ) | (1,407 | ) | (1,253 | ) | (1,623 | ) | (1,462 | ) | ||||||||||||
| EBITDA | 138,134 | 129,350 | 388,372 | 348,291 | 533,865 | 495,984 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Merger and acquisition expenses | 225 | 3,387 | 2,186 | 3,670 | 6,438 | 5,697 | ||||||||||||||||||
| Non-cash foreign currency loss (gain) related to lease liability | 1,409 | 632 | 3,035 | (1,673 | ) | 2,168 | (2,652 | ) | ||||||||||||||||
| AFF purchase accounting and other adjustments(1) | — | — | — | — | 13,968 | 8,760 | ||||||||||||||||||
| Gain on revaluation of contingent acquisition consideration | — | — | — | — | — | (26,760 | ) | |||||||||||||||||
| Other expenses (income), net | (490 | ) | (384 | ) | (841 | ) | (260 | ) | (1,983 | ) | (270 | ) | ||||||||||||
| Adjusted EBITDA | $ | 139,278 | $ | 132,985 | $ | 392,752 | $ | 350,028 | $ | 554,456 | $ | 480,759 | ||||||||||||
| FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (CONTINUED) (UNAUDITED) |
(1) The following table details AFF purchase accounting and other adjustments for the trailing twelve months ended September 30, 2024 and 2023 (in thousands):
| Trailing Twelve | |||||
| Months Ended | |||||
| September 30, | |||||
| 2024 | 2023 | ||||
| Amortization of fair value adjustment on acquired finance receivables included in interest and fees on finance receivables | $ | — | $ | 7,859 | |
| Amortization of fair value adjustment on acquired leased merchandise included in depreciation of leased merchandise | — | 901 | |||
| Other non-recurring costs included in administrative expenses related to a discontinued finance product | 13,968 | — | |||
| $ | 13,968 | $ | 8,760 | ||
| FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (CONTINUED) (UNAUDITED) |
Free Cash Flow and Adjusted Free Cash Flow
For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.
Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):
| Trailing Twelve | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Cash flow from operating activities | $ | 113,090 | $ | 111,368 | $ | 341,809 | $ | 317,037 | $ | 440,914 | $ | 460,544 | ||||||||||||
| Cash flow from certain investing activities: | ||||||||||||||||||||||||
| Pawn loans, net(1) | (48,836 | ) | (59,614 | ) | (69,723 | ) | (59,426 | ) | (45,275 | ) | (20,536 | ) | ||||||||||||
| Finance receivables, net | (48,623 | ) | (30,869 | ) | (86,186 | ) | (87,994 | ) | (113,634 | ) | (123,713 | ) | ||||||||||||
| Purchases of furniture, fixtures, equipment and improvements | (13,368 | ) | (18,375 | ) | (56,032 | ) | (46,723 | ) | (69,457 | ) | (52,679 | ) | ||||||||||||
| Free cash flow | 2,263 | 2,510 | 129,868 | 122,894 | 212,548 | 263,616 | ||||||||||||||||||
| Merger and acquisition expenses paid, net of tax benefit | 171 | 2,605 | 1,675 | 2,818 | 4,946 | 4,379 | ||||||||||||||||||
| Adjusted free cash flow | $ | 2,434 | $ | 5,115 | $ | 131,543 | $ | 125,712 | $ | 217,494 | $ | 267,995 | ||||||||||||
(1) Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.
| FIRSTCASH HOLDINGS, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (CONTINUED) (UNAUDITED) |
Adjusted Return on Equity and Adjusted Return on Assets
Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.
Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):
| Trailing Twelve | |||
| Months Ended | |||
| September 30, 2024 | |||
| Adjusted net income(1) | $ | 300,112 | |
| Average stockholders’ equity (average of five most recent quarter-end balances) | $ | 1,987,405 | |
| Adjusted return on equity (trailing twelve months adjusted net income divided by average equity) | 15 | % | |
| Average total assets (average of five most recent quarter-end balances) | $ | 4,285,437 | |
| Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets) | 7 | % | |
(1) See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.
Constant Currency Results
The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.
The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for an additional reconciliation of certain constant currency amounts to as reported GAAP amounts.
| FIRSTCASH HOLDINGS, INC. | ||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES | ||||||||
| TO GAAP FINANCIAL MEASURES (CONTINUED) | ||||||||
| (UNAUDITED) | ||||||||
| Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso | ||||||||
| September 30, | Favorable / | |||||||
| 2024 | 2023 | (Unfavorable) | ||||||
| Mexican peso / U.S. dollar exchange rate: | ||||||||
| End-of-period | 19.6 | 17.6 | (11 | )% | ||||
| Three months ended | 18.9 | 17.1 | (11 | )% | ||||
| Nine months ended | 17.7 | 17.8 | 1 | % | ||||
| Guatemalan quetzal / U.S. dollar exchange rate: | ||||||||
| End-of-period | 7.7 | 7.9 | 3 | % | ||||
| Three months ended | 7.7 | 7.9 | 3 | % | ||||
| Nine months ended | 7.8 | 7.8 | — | % | ||||
| Colombian peso / U.S. dollar exchange rate: | ||||||||
| End-of-period | 4,164 | 4,054 | (3 | )% | ||||
| Three months ended | 4,095 | 4,048 | (1 | )% | ||||
| Nine months ended | 3,979 | 4,413 | 10 | % | ||||
| FIRSTCASH HOLDINGS, INC. INTERSEGMENT TRANSACTIONS (UNAUDITED) |
Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals. For the three months ended September 30, 2024 and 2023, these intersegment amounts are as follows:
For the nine months ended September 30, 2024 and 2023, these intersegment amounts are as follows:
As of September 30, 2024 and 2023, these intersegment amounts are as follows:
Source: Isle of Man
Notice is hereby given that Remitted Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 24/10/2024.
By Susana Suisuiki, RNZ Pacific journalist in Apia
Fiji Prime Minister Sitiveni Rabuka says he will take a back seat in the upcoming Pacific leaders’ fact-finding mission to New Caledonia, which was postponed from earlier in the year.
Leaders from the Cook Islands, Tonga, and Solomon Islands make up a group called the Pacific Islands Forum troika, comprising past, present and future hosts of the annual PIF leaders’ meeting.
The call for a PIF fact-finding mission was made while Fiji was still part of the troika.
Rabuka spoke with French President Emmanuel Macron the week before the mission was originally scheduled to take place.
When asked by RNZ Pacific why the trip had been postponed, Rabuka replied: “I do not know. I’m just the troika-plus.”
Moments after touching down in Samoa, Fiji’s Prime Minister Sitiveni Rabuka was bestowed the chiefly title, Tagaloa in Samoa’s Leauva’a village. #CHOGM2024 pic.twitter.com/zzrNqgc1u0
— Susana Suisuiki (@SanaSuisuikiRNZ) October 23, 2024
Rabuka, who is currently in Apia for the 27th Heads of Government Meeting (CHOGM), was bestowed with a Samoan matai title of Tagaloa by the village of Leauva’a yesterday.
He confirmed to RNZ Pacific that he would be in Nouméa on Sunday.
“We will be talking about the future of negotiations and the relationship between New Caledonia and the people and France,” he said.
PIF Secretary-General Baron Waqa told RNZ Pacific that supporting peace and harmony in New Caledonia was top of the agenda for the leaders’ mission.
Waqa, who is also attending CHOGM, said an advance team was in Nouméa making preparations for the visit.
Violence and destruction has been ongoing in New Caledonia for much of the past five months in protest over French plans for the territory.
The death toll stands at 13.
This article is republished under a community partnership agreement with RNZ.
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
If Donald Trump wins the US presidency on November 5, his victory will have profound implications for other countries on many fronts. Not least of them will be climate change policy.
Perhaps the uncertainty now hanging over US politics was on the mind of Climate Change and Energy Minister Chris Bowen, who shilly-shallied this week over when he’ll announce Australia’s 2035 emissions reduction target under the Paris climate agreement.
Bowen refused to be pinned down at the Australian Financial Review’s energy and climate summit on whether the target would be public before next year’s election. Neither his office nor that of the prime minister would be more specific later.
Australia, like other countries, is required under the Paris agreement to put forward its target in February. But, also like other countries, Australia is focused on what’s happening in the US.
Trump wants to take the US out of the Paris agreement for the second time. The first exit took effect immediately after his 2020 defeat and incoming President Joe Biden was able to reverse it at once. This time, there’d be no such quick turnaround.
The Biden administration has been strongly committed on climate issues. If the US exited, the Paris agreement would likely be transformed.
There may be other reasons why Bowen is being cagey about the 2035 target. Climate change and energy will be harder issues for Labor in this election, as it struggles with the realities of the transition, than in the 2022 one.
In the run-up to that election, a desperate Scott Morrison pulled out all stops to win support within the Coalition to sign up to the 2050 net-zero emissions target.
Labor was on the front foot, with a policy for a 43% reduction in emissions (on 2005 levels) by 2030, underpinned by a target of 82% renewable electricity by then. The election promise for consumers was a $275 cut in household power bills by 2025.
Crafting a policy is often easier than implementing it. The journey to a clean energy economy is arduous.
The $275 promise was quickly seen as unrealisable. The government has had to provide rebates to keep prices in check. The rollout of renewables is complicated by local resistance to some projects, including wind farms and transmission lines. At present, more than 40% of electricity comes from renewables.
The cost-of-living crisis has increasingly dominated everything. Climate change remains a significant issue with people, but over time it tends to go up and down their scale of concerns, depending on changing circumstances.
The Ipsos Climate Change Report, done annually, found in 2024 “strong notional support for the energy transition”, but low understanding of what progress had been made.
Concerns about the negative impacts of the transition on cost of living and energy reliability have increased, particularly in the current high inflation environment. The perceived economic benefits of the transition are less clear, with many unsure about the impact on jobs and the broader economy.
The emphasis on cost of living is influencing priorities for the energy transition, with Australians wanting to see energy prices and reliability prioritised. There is a growing sentiment that Australia should only take action if other countries are also contributing fairly to climate change efforts.
Of course a summer of bad bushfires can change people’s priorities suddenly. Barring that, Labor is looking at a 2025 election in which it will be more on the defensive than the offensive on climate and energy issues.
The opposition has already acted to sharpen the difference with Labor over the medium term targets. Peter Dutton will have no 2035 target before the election, and has questioned the 2030 target to which Australia is signed up, although he says a Coalition government would not leave the Paris agreement. He is also running hard on his controversial policy for nuclear energy.
While Bowen is not clarifying whether he’ll announce the government’s target ahead of the election, it would be awkward for Australia not to meet the February deadline.
There would not be a penalty, but it would be a bad look, especially given we are vying with Turkey to host, together with Pacific countries, COP31 in 2026. One unknown, incidentally, is whether a Coalition government would continue this bid, which the opposition has describes as a “vanity project”.
If the government does announce the 2035 target before the election, the big question is how ambitious it will make it.
Bowen will receive advice on this from the Climate Change Authority, to which the government has appointed, as head, former New South Wales Liberal Treasurer Matt Kean.
In an earlier discussion paper, the authority said the evidence suggests
A 2035 target in the range of 65-75% […] could be achievable and sustainable if additional action is taken by governments, business, investors and households […]. However, attempting to go much faster could risk significant levels of economic and social disruption and put progress at risk.
A bold target would make the government more vulnerable, just when Labor would want the attention on the Coalition’s problematic nuclear policy. On the other hand, if the target were modest, that would be exploited by the Greens.
Next month, Bowen will attend COP29 in Azerbaijan, where the central issue will be a financial goal, replacing the 2015 goal, for developed and major economies to help fund developing countries’ emission reduction efforts. Bowen, with Egyptian Environment Minister Yasmine Fouad, is leading the consultations on this, and so has a significant role at the conference.
At the COP meeting, Bowen will get a better idea of where other countries are on their expected 2035 targets. He indicated this week he has already started taking soundings. “Obviously […] of course you think about international context.”
By the time of COP, which runs November 11-22, America will have chosen its next president. The COP meeting will either be business-as-usual, looking to an incoming Kamala Harris presidency, or trying to anticipate the implications of a Trump administration that could be a major disruptor of international climate policy.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Grattan on Friday: a possible Trump victory is making the Albanese government cagey about its 2035 climate target – https://theconversation.com/grattan-on-friday-a-possible-trump-victory-is-making-the-albanese-government-cagey-about-its-2035-climate-target-242107
Source: Amnesty International –
Belfast For All – stand together against racism
Race hate incidents to the end of June 2024 were already at record levels – before the summer surge in violence
‘Saturday’s march will be a show of support for victims and for all who live in fear that they could be next’ – Patrick Corrigan
Large numbers of people are expected to march in Belfast on Saturday in opposition to ongoing racist attacks in the city.
Following a surge in racist attacks in Northern Ireland during the summer, attacks have continued on a weekly basis, with police figures already showing 2024 as the worst year ever for racist violence in the region.
Race hate incidents had already reached a record high in Northern Ireland by the end of June 2024, before this summer’s surge in racist attacks. A record 1,411 racist incidents and 891 racist crimes were recorded by the PSNI in the year ending June 2024, according to official police data released by the Northern Ireland Statistics and Research Agency (NISRA).
The annual figures showed that racist crimes represented almost 1% of all recorded crime during the period.
Amnesty International is among the organisers of the ‘Belfast for All – stand together against racism’ march and rally which will take place in the city this Saturday and which has the support of scores of organisations, charities and political parties.
Ahead of the march, Patrick Corrigan, Amnesty International’s Northern Ireland Director said:
“Racist violence may have dropped from the headlines, but not a week goes by in this city without another family having their home attacked by racist thugs.
“Saturday’s march will be a show of support for victims and for all who live in fear that they could be next.
“The disgraceful events of August, when a racist mob was able to run amok in Belfast, attacking homes and businesses at will, must never be repeated. But neither must we accept the insidious, ongoing attacks which continue to happen under the cover of darkness week in, week out.”
Saturday’s Belfast For All march and rally has been organised by United Against Racism, with support from Amnesty International, Belfast Islamic Centre and the NIPSA trade union, with people asked to meet at Writers’ Square at 11:30am before marching to Belfast City Hall.
Source: The Conversation – UK – By Frank Ledwidge, Senior Lecturer in Military Strategy and Law, University of Portsmouth
A friend of mine, usually an intensely optimistic pro-Ukraine analyst, returned from Ukraine last week and told me: “It’s like the German Army in January 1945.” The Ukrainians are being driven back on all fronts – including in the Kursk province of Russia, which they had opened with much hope and fanfare in August. More importantly, they are running out of soldiers.
For most of 2024, Ukraine has been losing ground. This week, the town of Selidove in the western Donetsk region is being surrounded and, like Vuhledar earlier this month, is likely to fall in the next week or so – the only variable being how many Ukrainians will be lost in the process. Over the winter, the terrible prospect of a major battle to hold the strategically significant industrial town of Pokrovsk beckons.
Ultimately, this is not a war of territory but of attrition. The only resource that counts is soldiers – and here the calculus for Ukraine is not positive.
Ukraine claims to have “liquidated” nearly 700,000 Russian soldiers – with more than 120,000 killed and upwards of 500,000 injured. Its president, Volodymyr Zelensky, admitted in February this year to 31,000 Ukrainian fatalities, with no figure given for injured.
The problem is these Ukrainian totals are apparently believed by western officials, when the reality is likely to be very different. US sources say the war has seen 1 million people killed and wounded on both sides. Crucially, this includes a growing number of Ukrainian civilians.
Low morale and desertion, as well as draft-dodging, are now significant problems for Ukraine. These factors are exacerbating already serious recruitment issues, making it hard to supply the front lines with fresh troops.
A dreadful debate is taking place in Ukraine. The question revolves around whether to mobilise – and risk serious casualties to – the 18-25 age group. Due to economic pressures in the early 2000s, Ukraine suffered a major drop in its birth rate, leaving relatively few people now aged between 15 and 25. Mobilisation and serious attrition of this group may be something Ukraine simply can’t afford, given the already serious demographic crisis the country faces.
And even if this mobilisation does go ahead, by the time the necessary politics, legislation, bureaucracy and training have run their course, the war may be over.
History knows of no example where taking on Russia in an attritional contest has proved successful. Let’s be clear: this means there is a real possibility of defeat – there is no sugar-coating this.
Zelensky’s maximalist war aims of restoring Ukraine’s pre-2014 borders, along with other unlikely conditions – which were unchallenged and encouraged by a confused but self-aggrandising west – will not be achieved, and the west’s leaders are partly to blame. Ill-advised wars in Afghanistan and the Middle East left western armed forces hollow, poorly armed, and entirely unprepared for a serious and prolonged conflict, with ammunition stocks likely to last weeks at best.
European promises of millions of artillery rounds have failed to materialise – only 650,000 have been supplied to Kyiv this year, whereas the North Koreans have supplied at least twice that to Russia.
Only the US has significant stocks of weaponry in the form of thousands of armoured vehicles, tanks and artillery pieces in reserve – and it is unlikely to change its policy of drip-feeding weapons to Ukraine now. Even if such a decision is made, the lead-time for delivery will be years, not months.
In a confidential briefing I attended recently given by western defence officials, the atmosphere was downbeat. The situation is “perilous” and “as bad as it has ever been” for Ukraine. Western powers cannot afford another strategic disaster like Afghanistan which, in the words of Ernest Hemingway (aptly quoted by the strategist Lawrence Freedman), happened “gradually, then suddenly”.
There will be no decisive breakthrough by Russia’s army when they take this town or that (say, Pokrovsk). They haven’t the capability to do it. So, there won’t be a collapse – no “Kyiv as Kabul” moment.
However, there are limits to the losses Ukraine can take. We do not know where that limit lies, but we’ll know when it happens. Crucially, there will be no victory for Ukraine. Unforgivably, there is not, and never has been, a western strategy except to bleed Russia as long as possible.
More fundamentally, two ancient ethical questions governing whether a war is just must now be asked and answered: whether there is a reasonable prospect of success, and whether the potential gain is proportionate to the cost.
The problem, as so often before, is that the west has not defined what it considers a success. The cost, meanwhile, is becoming all-too clear.
To have clearly defined its goals and limits would have constituted the beginnings of a strategy – and the west isn’t good at that. Nato’s leaders now need to move quickly beyond meaningless rhetoric or anything that smacks of “as long as it takes”. We saw where that led in Iraq, Afghanistan and Libya.
We need a realistic answer to what something like a “win”, or at least an acceptable settlement, now looks like – as well as the extent to which it is achievable, and whether the west is really going to pursue it. And then for western leaders to act accordingly.
A starting point could be accepting that Crimea, Donetsk and Luhansk are lost – something an increasing number of Ukrainians are beginning to say openly. Then we need to start planning seriously for a post-war Ukraine that will need the west’s suppport more than ever.
Russia cannot possibly take all, or even the bulk of, Ukraine’s territory. Even if it could, it could not possibly hold it. It is amply clear there will be a compromise settlement.
So, it is time for Nato – and the US in particular – to articulate a viable end to this nightmarish ordeal, and to develop a pragmatic strategy to deal with Russia in the coming decade. More importantly, the west must plan how to support a heroic, shattered – but still independent – Ukraine.
Frank Ledwidge does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Ukraine cannot defeat Russia – the best the west can do is help Kyiv plan for a secure post-war future – https://theconversation.com/ukraine-cannot-defeat-russia-the-best-the-west-can-do-is-help-kyiv-plan-for-a-secure-post-war-future-242010
Source: The Conversation – UK – By Neil Turok, Higgs Chair of Theoretical Physics, University of Edinburgh
We live in a golden age for learning about the universe. Our most powerful telescopes have revealed that the cosmos is surprisingly simple on the largest visible scales. Likewise, our most powerful “microscope”, the Large Hadron Collider, has found no deviations from known physics on the tiniest scales.
These findings were not what most theorists expected. Today, the dominant theoretical approach combines string theory, a powerful mathematical framework with no successful physical predictions as yet, and “cosmic inflation” – the idea that, at a very early stage, the universe ballooned wildly in size. In combination, string theory and inflation predict the cosmos to be incredibly complex on tiny scales and completely chaotic on very large scales.
The nature of the expected complexity could take a bewildering variety of forms. On this basis, and despite the absence of observational evidence, many theorists promote the idea of a “multiverse”: an uncontrolled and unpredictable cosmos consisting of many universes, each with totally different physical properties and laws.
This is article is part of our series Cosmology in crisis? which uncovers the greatest problems facing cosmologists today – and discusses the implications of solving them.
So far, the observations indicate exactly the opposite. What should we make of the discrepancy? One possibility is that the apparent simplicity of the universe is merely an accident of the limited range of scales we can probe today, and that when observations and experiments reach small enough or large enough scales, the asserted complexity will be revealed.
The other possibility is that the universe really is very simple and predictable on both the largest and smallest scales. I believe this possibility should be taken far more seriously. For, if it is true, we may be closer than we imagined to understanding the universe’s most basic puzzles. And some of the answers may already be staring us in the face.
The current orthodoxy is the culmination of decades of effort by thousands of serious theorists. According to string theory, the basic building blocks of the universe are miniscule, vibrating loops and pieces of sub-atomic string. As currently understood, the theory only works if there are more dimensions of space than the three we experience. So, string theorists assume that the reason we don’t detect them is that they are tiny and curled up.
Unfortunately, this makes string theory hard to test, since there are an almost unimaginable number of ways in which the small dimensions can be curled up, with each giving a different set of physical laws in the remaining, large dimensions.
Meanwhile, cosmic inflation is a scenario proposed in the 1980s to explain why the universe is so smooth and flat on the largest scales we can see. The idea is that the infant universe was small and lumpy, but an extreme burst of ultra-rapid expansion blew it up vastly in size, smoothing it out and flattening it to be consistent with what we see today.
Inflation is also popular because it potentially explains why the energy density in the early universe varied slightly from place to place. This is important because the denser regions would have later collapsed under their own gravity, seeding the formation of galaxies.
Over the past three decades, the density variations have been measured more and more accurately both by mapping the cosmic microwave background – the radiation from the big bang – and by mapping the three-dimensional distribution of galaxies.
In most models of inflation, the early extreme burst of expansion which smoothed and flattened the universe also generated long-wavelength gravitational waves –– ripples in the fabric of space-time. Such waves, if observed, would be a “smoking gun” signal confirming that inflation actually took place. However, so far the observations have failed to detect any such signal. Instead, as the experiments have steadily improved, more and more models of inflation have been ruled out.
Furthermore, during inflation, different regions of space can experience very different amounts of expansion. On very large scales, this produces a multiverse of post-inflationary universes, each with different physical properties.
The inflation scenario is based on assumptions about the forms of energy present and the initial conditions. While these assumptions solve some puzzles, they create others. String and inflation theorists hope that somewhere in the vast inflationary multiverse, a region of space and time exists with just the right properties to match the universe we see.
However, even if this is true (and not one such model has yet been found), a fair comparison of theories should include an “Occam factor”, quantifying Occam’s razor, which penalises theories with many parameters and possibilities over simpler and more predictive ones. Ignoring the Occam factor amounts to assuming that there is no alternative to the complex, unpredictive hypothesis – a claim I believe has little foundation.
Over the past several decades, there have been many opportunities for experiments and observations to reveal specific signals of string theory or inflation. But none have been seen. Again and again, the observations turned out simpler and more minimal than anticipated.
It is high time, I believe, to acknowledge and learn from these failures, and to start looking seriously for better alternatives.
Recently, my colleague Latham Boyle and I have tried to build simpler and more testable theories that do away with inflation and string theory. Taking our cue from the observations, we have attempted to tackle some of the most profound cosmic puzzles with a bare minimum of theoretical assumptions.
Our first attempts succeeded beyond our most optimistic hopes. Time will tell whether they survive further scrutiny. However, the progress we have already made convinces me that, in all likelihood, there are alternatives to the standard orthodoxy – which has become a straitjacket we need to break out of.
I hope our experience encourages others, especially younger researchers, to explore novel approaches guided strongly by the simplicity of the observations – and to be more sceptical about their elders’ preconceptions. Ultimately, we must learn from the universe and adapt our theories to it rather than vice versa.
Boyle and I started out by tackling one of cosmology’s greatest paradoxes. If we follow the expanding universe backward in time, using Einstein’s theory of gravity and the known laws of physics, space shrinks away to a single point, the “initial singularity”.
In trying to make sense of this infinitely dense, hot beginning, theorists including Nobel laureate Roger Penrose pointed to a deep symmetry in the basic laws governing light and massless particles. This symmetry, called “conformal” symmetry, means that neither light nor massless particles actually experience the shrinking away of space at the big bang.
By exploiting this symmetry, one can follow light and particles all the way back to the beginning. Doing so, Boyle and I found we could describe the initial singularity as a “mirror”: a reflecting boundary in time (with time moving forward on one side, and backward on the other).
Picturing the big bang as a mirror neatly explains many features of the universe which might otherwise appear to conflict with the most basic laws of physics. For example, for every physical process, quantum theory allows a “mirror” process in which space is inverted, time is reversed and every particle is replaced with its anti-particle (a particle similar to it in almost all respects, but with the opposite electric charge).
According to this powerful symmetry, called CPT symmetry, the “mirror” process should occur at precisely the same rate as the original one. One of the most basic puzzles about the universe is that it appears to [violate CPT symmetry] because time always runs forward and there are more particles than anti-particles.
Our mirror hypothesis restores the symmetry of the universe. When you look in a mirror, you see your mirror image behind it: if you are left-handed, the image is right-handed and vice versa. The combination of you and your mirror image are more symmetrical than you are alone.
Likewise, when Boyle and I extrapolated our universe back through the big bang, we found its mirror image, a pre-bang universe in which (relative to us) time runs backward and antiparticles outnumber particles. For this picture to be true, we don’t need the mirror universe to be real in the classical sense (just as your image in a mirror isn’t real). Quantum theory, which rules the microcosmos of atoms and particles, challenges our intuition so at this point the best we can do is think of the mirror universe as a mathematical device which ensures that the initial condition for the universe does not violate CPT symmetry.
Surprisingly, this new picture provided an important clue to the nature of the unknown cosmic substance called dark matter. Neutrinos are very light, ghostly particles which, typically, move at close to the speed of light and which spin as they move along, like tiny tops. If you point the thumb of your left hand in the direction the neutrino moves, then your four fingers indicate the direction in which it spins. The observed, light neutrinos are called “left-handed” neutrinos.
Heavy “right-handed” neutrinos have never been seen directly, but their existence has been inferred from the observed properties of light, left-handed neutrinos. Stable, right-handed neutrinos would be the perfect candidate for dark matter because they don’t couple to any of the known forces except gravity. Before our work, it was unknown how they might have been produced in the hot early universe.
Our mirror hypothesis allowed us to calculate exactly how many would form, and to show they could explain the cosmic dark matter.
A testable prediction followed: if the dark matter consists of stable, right-handed neutrinos, then one of three light neutrinos that we know of must be exactly massless. Remarkably, this prediction is now being tested using observations of the gravitational clustering of matter made by large-scale galaxy surveys.
Encouraged by this result, we set about tackling another big puzzle: why is the universe so uniform and spatially flat, not curved, on the largest visible scales? The cosmic inflation scenario was, after all, invented by theorists to solve this problem.
Entropy is a concept which quantifies the number of different ways a physical system can be arranged. For example, if we put some air molecules in a box, the most likely configurations are those which maximise the entropy – with the molecules more or less smoothly spread throughout space and sharing the total energy more or less equally. These kinds of arguments are used in statistical physics, the field which underlies our understanding of heat, work and thermodynamics.
The late physicist Stephen Hawking and collaborators famously generalised statistical physics to include gravity. Using an elegant argument, they calculated the temperature and the entropy of black holes. Using our “mirror” hypothesis, Boyle and I managed to extend their arguments to cosmology and to calculate the entropy of entire universes.
To our surprise, the universe with the highest entropy (meaning it is the most likely, just like the atoms spread out in the box) is flat and expands at an accelerated rate, just like the real one. So statistical arguments explain why the universe is flat and smooth and has a small positive accelerated expansion, with no need for cosmic inflation.
How would the primordial density variations, usually attributed to inflation, have been generated in our symmetrical mirror universe? Recently, we showed that a specific type of quantum field (a dimension zero field) generates exactly the type of density variations we observe, without inflation. Importantly, these density variations aren’t accompanied by the long wavelength gravitational waves which inflation predicts – and which haven’t been seen.
These results are very encouraging. But more work is needed to show that our new theory is both mathematically sound and physically realistic.
Even if our new theory fails, it has taught us a valuable lesson. There may well be simpler, more powerful and more testable explanations for the basic properties of the universe than those the standard orthodoxy provides.
By facing up to cosmology’s deep puzzles, guided by the observations and exploring directions as yet unexplored, we may be able to lay more secure foundations for both fundamental physics and our understanding of the universe.
Neil Turok does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. ‘Cosmic inflation’: did the early cosmos balloon in size? A mirror universe going backwards in time may be a simpler explanation – https://theconversation.com/cosmic-inflation-did-the-early-cosmos-balloon-in-size-a-mirror-universe-going-backwards-in-time-may-be-a-simpler-explanation-238343
Source: The Conversation – UK – By Cathryn Knight, Senior Lecturer in Psychology in Education, University of Bristol
In the UK and Ireland, children who have significant special educational needs and disabilities can receive their education outside mainstream school. This often takes place in “special schools” or “special classes”.
In the UK, as well as the Republic of Ireland, legislation sets out that children have the right to attend mainstream education. This right cannot be refused based on the complexity of the child’s needs. However, many children are educated in specialist schools, and the devolved governments of the UK, and Ireland, have taken differing approaches to this provision.
But there is a problem. Across the UK and Ireland, there are far fewer places available in specialist schools and classes for the number of children identified with needs significant enough to warrant a place.
In 2010, then-prime minister David Cameron set out the aim to “end the bias” towards including children with special educational needs and disabilities in mainstream schools.
His government felt there had been an overemphasis on inclusion in mainstream schools. As a consequence, England has seen an expansion of specialist education provision. From 2015 to 2023, there has been a 47% increase in the number of pupils at special schools in England – from 109,177 to 161,072.
However, as of May 2024, 4,407 children across England were waiting for school places in specialist provision.
There has also been a large increase in the number of appeals against councils by parents or carers of children with special educational needs in England, challenging the decision made around a child’s school placement and provision.
A new report from the National Audit Office on special educational needs suggests that the current system in England is unsustainable, with many councils set to run out of money by early 2026.
Wales has also seen a 25% increase in special school provision from 2017-18 to 2023-4.
However, there has recently been a large decrease in the number of learners being identified with additional learning needs. This has coincided with the introduction of a new additional learning needs system.
However, the proportion of all learners in special schools has increased. This means that this reduction in identification does not seem to have changed the number of those who require specialist placements.
Scotland has taken a different route. Here, the legal right to mainstream schooling has been taken a step further: there is an underlying “presumption of mainstreaming”, in other words, a right to attend a mainstream school, although exceptions in which a specialist provision should be considered are set out.
This presumption of mainstreaming means that there has been a reduction in the number of special schools. However, alongside this there has been an increase in the proportion of children not spending time in mainstream classes.
This implies that more children are being educated in units attached to mainstream schools, without necessarily participating in mainstream classes. A recent review has raised concerns that the children with additional support needs in mainstream schools are not having their needs met.
The number of children with a statement of special educational needs in Northern Ireland increased by 24% in the five years from 2017-18 to 2021-22. A Department of Education official recently told the Education Committee of the NI Assembly that there was a need for an additional 1,000 places for children with SEN. This would require 66 new special school classes and 94 new specialist classes in mainstream schools.
Northern Ireland is addressing the increased demand for special school places by embarking on a programme to develop specialist provision in mainstream schools. It is important to note, however, that although attached to and often under the same roof as mainstream schools, these are separate, specialist classes for children whose needs would ordinarily have been met in special schools, if pupil places had been available.
In the Irish republic, there has been a dramatic increase in demand for specialist provision. There has also been an increase in the number of special schools in recent years, from 123 in 2018-19 to 134 in 2024-25, and further schools are planned.
However, the challenges experienced by children with SEN in accessing school places continues. Some children are receiving home tuition grants because they don’t have a school place, and even more students are waiting to secure a place for the school year 2024-25. To address this, the minister for education in Ireland is now able to compel schools to open special classes under amended legislation.
The devolved governments of the UK, and the Republic of Ireland, are committed to the UN Convention on the Rights of Persons with Disabilities, which upholds the right to inclusive education for all learners. This includes the right to be educated without segregation.
Scotland have addressed this by reducing specialist provision – although there have been criticisms of how this has been implemented in practice. Elsewhere in the UK, the demand for specialist provision is leading to each government increasing the amount of specialist provision, as opposed to considering how the principles of inclusive education could be embedded in mainstream schools.
In line with guidance from the UN, it is important to consider how mainstream schools can effectively support and include all learners. If these schools are designed to better accommodate a broader range of learners, the need for specialist placements could well decrease.
However, criticisms of the Scottish system show that without adequate support, placing children with special educational needs in mainstream schools is not enough for students to feel fully included.
Cathryn Knight receives funding from the ESRC Impact Acceleration Account.
Joanne Banks receives funding from The Irish Research Council New Foundations Award.
Noel Purdy does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. There’s a crisis in special educational needs provision: here’s the situation across the UK and Ireland – https://theconversation.com/theres-a-crisis-in-special-educational-needs-provision-heres-the-situation-across-the-uk-and-ireland-240264
Source: The Conversation – UK – By Matyáš Moravec, Lecturer in Philosophy, Queen’s University Belfast
Most people imagine philosophers as rational thinkers who spend their time developing abstract logical theories and strongly reject superstitious beliefs. But several 20th-century philosophers actively investigated spooky topics such as clairvoyance, telepathy – even ghosts.
Many of these philosophers, including Henri Bergson and William James, were interested in what was called “psychical research”. This was the academic study of paranormal phenomena including telepathy, telekinesis and other-worldly spirits.
These thinkers attended seances and were attempting to develop theories about ghosts, life after death and the powers exhibited by mediums in trances. My recent archival research has been looking at how these topics shaped 20th-century philosophy.
CD Broad (1887-1971) was a professor of philosophy at the University of Cambridge. He is now recognised as one of the most important writers on the philosophy of time. He also published on ethics, logic and the history of philosophy. What is less known, though, is that he was an active member of the Society for Psychical Research, a learned society dedicated to the study of paranormal phenomena. The society twice elected him as their president, and he published widely on topics including clairvoyance and poltergeists.
In his 1925 book, The Mind and Its Place in Nature, Broad developed what has come to be known as the “compound theory” of ghosts. Broad argued that the human mind was a compound of two components. One of these was the “physical factor,” roughly corresponding to the body. The other one was the “psychic factor,” which carries our mental content like emotions or thoughts. The two of them conjointly form the human mind – just like salt is composed of sodium and chloride.
Broad believed that after death, the psychic factor can continue existing for a bit on its own and might enter, like a spirit, a medium during a seance.
Another philosopher interested in ghosts and spirits of the dead was HH Price (1899-1984). He was a professor of logic at the University of Oxford and is mostly known for his publications on the philosophy of perception. However, just like Broad, he was heavily involved in the Society for Psychical Research and attended several international conferences dedicated to life after death and telepathy.
In his presidential address to the society in 1939, Price tried to offer an explanation of ghosts and hauntings.
At any given moment, he argued, your mind is full of “mental images” – the memory of your last holiday, the things you see outside your window, your hopes and expectations for the future. Price theorised that there is a substance, which he called the “psychic ether” that exists halfway between matter and the human mind. He believed that this ether could carry the images that currently exist in your mind even after you die. A bundle of these images and memories can appear as a ghost to some particularly sensitive people.
Casimir Lewy (1919-1991) was one of the most influential philosophical logicians of the 20th century. He spent most of his career at the University of Cambridge – in fact, the philosophy faculty library there is named after him.
Lewy is now mostly known for his work on logic, and few people know that he actually wrote his PhD thesis (which was examined by Broad) on life after death.
He was primarily interested in language and in the meanings of the terms people use when they talk about ghosts and life after death. What does it mean to say that I might survive the death of my body? What sort of experiences would I need to have as a ghost for the statement “I have survived my death” to be true? Would I have to be able to see myself in the mirror, or to speak to people in the seance room?
Lewy insisted that these questions need answering before looking at the empirical “evidence” for ghosts.
Following a series of scandalous and widely publicised discoveries of fraudulent mediums faking their supernatural powers and accusations of pseudo-scientific research methods, psychical research eventually moved to the fringes of academia. Lewy, for example, never returned to write on these topics after passing the defence of his PhD in 1943.
Nevertheless, despite its brief lifespan, academic psychical research had a significant influence on an entire generation of British philosophers. It shaped their views on time, causation and matter, and gave them an opportunity to think one of life’s most pressing questions: what happens after we die?
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Matyáš Moravec does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Many important 20th-century philosophers investigated ghosts – here’s how they explained them – https://theconversation.com/many-important-20th-century-philosophers-investigated-ghosts-heres-how-they-explained-them-241635
Source: The Conversation – UK – By Johny Daniel, Assistant Professor, School of Education, Durham University
A new report from the National Audit Office into special educational needs provision in England has concluded that despite a significant increase investment over the last decade, “the system is still not delivering better outcomes for children and young people”.
This is borne out by my research. Students with special educational needs in England are significantly behind in reading, writing and maths compared to their classmates.
Laws like the 2014 Children and Families Act, which aimed to improve support for these students, haven’t closed the gap. My recent research suggests that we need to rethink current educational policies and practices.
My study looked at data from 2.5 million year 6 students (aged ten and 11) between 2014 and 2019. It shows that students with special educational needs are significantly behind in key academic areas.
On average, students with special educational needs are two years behind in writing and one and a half years behind in reading and maths. The gap in maths is growing, which is especially worrying. It shows that current educational strategies are failing these students.
Not all students with special educational needs face the same challenges. Students with intellectual disabilities were, on average, more than two years behind in writing and maths. In contrast, students with autism spectrum disorder and visual impairment do somewhat better, especially in reading, but they are still, on average, about one year behind.
Despite well-intentioned policies, current educational frameworks are falling short. A major issue is the heavy reliance on teaching assistants as the main support for students with special educational needs in mainstream schools.
Teaching assistants are dedicated and play an important role in classrooms. However, research shows that their involvement can sometimes have negative effects on academic outcomes due to a limited range of teaching methods and lack of professional development. Over-relying on teaching assistants without specialised support might be one reason for the continuing achievement gap.
This raises important questions. If we would not accept teaching assistants as the main instructors for typical students, it should not be acceptable for students with special educational needs, who have more complex learning needs.
Support in schools also comes from special educational needs coordinators. They manage the school’s approach to supporting students with special educational needs. They handle administrative tasks, work with parents and outside agencies, and ensure legal compliance. But while their role is important, they usually do not teach students directly.
One solution is to have specialised special education teachers in mainstream schools. This is not just a suggestion; it’s a critical need.
Special education teachers are trained educators who work directly with students needing extra support. They teach tailored lessons, adapt teaching materials, and use specialised strategies to meet individual learning needs. Their focus is on providing hands-on educational help within the school.
Integrating special education teachers into our mainstream classrooms, as seen in countries such as the US and Singapore, could be the key to better supporting our students.
In these countries, special education teachers are part of the mainstream classrooms. They complete certification programmes, learning advanced skills in assessing students’ needs, developing tailored support and creating individual education plans. They teach alongside general educators, ensuring that students with special educational needs are not left out but receive high-quality support.
This approach addresses both academic and emotional needs in the classroom, providing an effective support system.
Similar steps should be taken in England to establish comprehensive special education teacher training programmes. This could include postgraduate certifications in special education or specialised modules in existing teacher education programmes.
Inspection frameworks like Ofsted must include specific criteria to evaluate the presence and effectiveness of specialised support in classrooms for students with special educational needs.
Schools should be encouraged to hire qualified special education teachers, and government funding models must be changed to support these professionals. Also, ongoing professional development should be a priority, ensuring that all educators expand their expertise in proven teaching methods.
By aligning teacher training, hiring and policies, England can reduce its reliance on teaching assistants as the main support for students with special educational needs. Instead, schools can have strong support systems led by trained special education teachers. These specialists can work with teaching assistants and classroom teachers to provide more effective, targeted support.
This change would provide students with special educational needs with improved overall quality of teaching and learning. This could lead to mainstream classrooms fostering a truly inclusive educational environment.
Johny Daniel does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Students with special educational needs are years behind their peers – they need specialist teachers in mainstream classrooms – https://theconversation.com/students-with-special-educational-needs-are-years-behind-their-peers-they-need-specialist-teachers-in-mainstream-classrooms-240147
Source: World Economic Forum (video statements)
We need a global agency to regulate carbon pricing, says ReNew CEO Sumant Sinha. ‘All we’re tracking are pledges. If you start tracking actions, you’ll find actions are even further behind.’
In an open letter ahead of COP29, the Alliance of CEO Climate Leaders calls for urgent action to combat climate change. Highlighting the critical role of collaborative leadership from business and government, the world’s largest CEO-led climate community is advocating for ambitious, science-based targets to support climate action and spur investment.
Read the full letter: wef.ch/COP29OpenLetter24
#AllianceofCEOClimateLeaders #Climate #ClimateChange #COP29 #WorldEconomicForum
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Source: Republic of South Africa (video statements-2)
President Cyril Ramaphosa’s remarks during the BRICS Outreach and BRICS Plus in Russia
US Senate News:
Source: The White House
Today, President Biden is issuing the first-ever National Security Memorandum (NSM) on Artificial Intelligence (AI). The NSM’s fundamental premise is that advances at the frontier of AI will have significant implications for national security and foreign policy in the near future. The NSM builds on key steps the President and Vice President have taken to drive the safe, secure, and trustworthy development of AI, including President Biden’s landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of AI.
The NSM directs the U.S. Government to implement concrete and impactful steps to (1) ensure that the United States leads the world’s development of safe, secure, and trustworthy AI; (2) harness cutting-edge AI technologies to advance the U.S. Government’s national security mission; and (3) advance international consensus and governance around AI.
The NSM is designed to galvanize federal government adoption of AI to advance the national security mission, including by ensuring that such adoption reflects democratic values and protects human rights, civil rights, civil liberties and privacy. In addition, the NSM seeks to shape international norms around AI use to reflect those same democratic values, and directs actions to track and counter adversary development and use of AI for national security purposes.
In particular, the NSM directs critical actions to:
Ensure that the United States leads the world’s development of safe, secure, and trustworthy AI:
Developing advanced AI systems requires large volumes of advanced chips. President Biden led the way when he signed the CHIPS Act, which made major investments in our capacity to manufacture leading-edge semiconductors. The NSM directs actions to improve the security and diversity of chip supply chains, and to ensure that, as the United States supports the development of the next generation of government supercomputers and other emerging technology, we do so with AI in mind.
Our competitors want to upend U.S. AI leadership and have employed economic and technological espionage in efforts to steal U.S. technology. This NSM makes collection on our competitors’ operations against our AI sector a top-tier intelligence priority, and directs relevant U.S. Government entities to provide AI developers with the timely cybersecurity and counterintelligence information necessary to keep their inventions secure.
In order for the United States to benefit maximally from AI, Americans must know when they can trust systems to perform safely and reliably. For this reason, the NSM formally designates the AI Safety Institute asU.S. industry’s primary port of contact in the U.S. Government, one staffed by technical experts who understand this quickly evolving technology. It also lays out strengthened and streamlined mechanisms for the AI Safety Institute to partner with national security agencies, including the intelligence community, the Department of Defense, and the Department of Energy.
The NSM doubles down on the National AI Research Resource, the pilot for which is already underway, to ensure that researchers at universities, from civil society, and in small businesses can conduct technically meaningful AI research. AI is moving too fast, and is too complex, for us to rely exclusively on a small cohort of large firms; we need to empower and learn from a full range of talented individuals and institutions who care about making AI safe, secure, and trustworthy.
The NSM directs the National Economic Council to coordinate an economic assessment of the relative competitive advantage of the United States private sector AI ecosystem.
Enable the U.S. Government to harness cutting-edge AI, while protecting human rights and democratic values, to achieve national security objectives:
The NSM does not simply demand that we use AI systems in service of the national security mission effectively; it also unequivocally states we must do so only in ways that align with democratic values. It provides the first-ever guidance for AI governance and risk management for use in national security missions, complementing previous guidance issued by the Office of Management and Budget for non-national security missions.
The NSM directs the creation of a Framework to Advance AI Governance and Risk Management in National Security, which is being published today alongside this NSM. This Framework provides further detail and guidance to implement the NSM, including requiring mechanisms for risk management, evaluations, accountability, and transparency. These requirements require agencies to monitor, assess, and mitigate AI risks related to invasions of privacy, bias and discrimination, the safety of individuals and groups, and other human rights abuses. This Framework can be updated regularly in order to keep pace with technical advances and ensure future AI applications are responsible and rights-respecting.
The NSM directs changes across the board to make sure we are using AI systems effectively while adhering to our values. Among other actions, it directs agencies to propose streamlined procurement practices and ways to ease collaboration with non-traditional vendors.
Advance international consensus and governance around AI:
The NSM builds on substantial international progress on AI governance over the last twelve months, thanks to the leadership and diplomatic engagement of President Biden and Vice President Harris. Alongside G7 allies, we developed the first-ever International Code of Conduct on AI in 2023. At the Bletchley and Seoul AI Safety Summits, the United States joined more than two dozen nations in outlining clear principles. 56 nations have signed up to our Political Declaration on the Military Use of AI and Autonomy, which establishes principles for military AI capabilities. And at the United Nations, the United States sponsored the first-ever UN General Assembly Resolution on AI, which passed unanimously and included the People’s Republic of China as a co-sponsor.
The NSM directs the U.S. Government to collaborate with allies and partners to establish a stable, responsible, and rights-respecting governance framework to ensure the technology is developed and used in ways that adhere to international law while protecting human rights and fundamental freedoms.
The release of today’s NSM is part of the Biden-Harris Administration’s comprehensive strategy for responsible innovation, and builds on previous actions that President Biden and Vice President Harris have taken.
US Senate News:
Source: The White House
Today, the President is issuing the first-ever National Security Memorandum (NSM) on Artificial Intelligence (AI). The fundamental premise is that AI will have significant implications for national security. The AI NSM sets out goals to enable the US Government to harness cutting-edge AI technologies, and to advance international consensus and governance around AI.
In addition, there are implications for economic policy. The AI National Security Memorandum establishes that retaining US leadership in the most advanced AI models will be vital for our national security in coming years. The US lead today on the most advanced AI models reflects several important US economic strengths: our innovative private sector, the ability to develop and source world class talent, strengths in advanced semiconductor design, dynamic capital allocation, and abundant compute power.
We should not take those strengths for granted in the future. Indeed, we are all familiar with past instances when we saw critical technologies and supply chains that were developed and commercialized here in the US migrate offshore for lack of critical public sector support. That is why we are laser focused on maintaining the strongest AI ecosystem in the world here in the United States. The NSM directs the National Economic Council to coordinate an economic assessment of the relative competitive advantage of the US private sector AI ecosystem.
Sustaining US preeminence in frontier AI into the future will require strong domestic foundations in semiconductors, infrastructure, and clean energy—including the large datacenters that provide computing resources. The private sector is already making significant investments in AI innovation, and now we’re making sure the government is moving quickly on policy changes and the support necessary to enable rapid AI infrastructure growth over the next several years. The historic Biden-Harris investment laws will be critical enablers.
Developing AI systems will require a large volume of the most advanced semiconductors. The CHIPS and Science Act is enabling major investments here in the US for the fabrication of the leading-edge semiconductors that are critical to AI frontier models, in close proximity to world-class chips designers and downstream customers.
One of the most pressing needs is the rapid growth in computational power for the training and operation of frontier AI models. AI datacenters will need to run on clean energy and in order to meet their needs we will need to accelerate the deployment of transmission and clean energy projects. We will meet these needs while keeping residential electricity costs low and meeting our climate goals. Fortunately, the Bipartisan Infrastructure Law and the clean energy provisions of the Inflation Reduction Act have given us a good foundation to build on. We are committed to helping navigate permitting processes across the federal government, and working with states and localities. We took a step towards supporting these goals with the Task Force on AI Datacenter Infrastructure that we launched last month. And we have seen a number of recent announcements of companies investing in projects that will bring new clean energy online to power AI data centers.
Having the right workforce and talent will also play a key role in developing large-scale AI datacenters. This will range from AI experts to pipefitters and electrical workers. We are taking action to ensure AI infrastructure creates good jobs, while investing in our workforce to enable American workers to drive innovation.
Of course, all of these efforts must be governed by the critical guardrails established last year by the Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence and commitments we secured last year from leading AI companies to manage the risks posed by AI. Today’s NSM is just the latest step in a series of actions thanks to the leadership and diplomatic engagement of the President and Vice President, and there will be additional steps taken in the coming months to further support US leadership in AI.
