Source: US GOIAM Union
Closing out Women’s History Month with a powerful conversation! IAM General Secretary-Treasurer Dora Cervantes joins Labor Council for Latin American Advancement (LCLAA)’s El Cafecito del Día podcast to discuss the fight for fair wages, better representation, and stronger workplaces for women.
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Source: GlobeNewswire (MIL-OSI)
CARLSBAD, Calif., March 27, 2025 (GLOBE NEWSWIRE) — CalAmp, a global technology solutions innovator, today announced the relocation of its corporate headquarters from Irvine, CA, to Carlsbad, CA. This strategic move is designed to streamline operations and further align the company’s focus on its core technical hub, where much of its engineering, product development, and hardware expertise reside.
“Our move to Carlsbad is a natural evolution in our journey to optimize efficiency and reinforce our commitment to innovation,” said Chris Adams, President and CEO of CalAmp. “Carlsbad has long been home to our talented engineering and product teams, making it the ideal location to centralize our operations and drive technological advancements that improve our customers’ lives.”
CalAmp’s new headquarters will be housed in its existing Carlsbad office, a well-established center for the company’s research and development initiatives. The relocation underscores CalAmp’s commitment to fostering innovation and enhancing collaboration among its technical teams.
While the headquarters moves to Carlsbad, CalAmp will maintain its additional offices worldwide, including locations in Eden Prairie, MN; Brooklyn, NY; London, UK; Milan, Italy; Paris, France; Madrid, Spain; and Mexico City, Mexico. These offices will continue to support CalAmp’s global customers and partners with the high-quality service and solutions they expect.
“This transition allows us to better leverage our strengths and position ourselves for future growth,” Adams added. “By consolidating our leadership and technical expertise in Carlsbad, we are creating an environment where innovation thrives and where we can better serve our customers.”
For more information about CalAmp and its technology-driven solutions, visit www.calamp.com.
About CalAmp
CalAmp provides flexible solutions to help organizations worldwide monitor, track, and protect their vital assets. Our unique device-enabled software and cloud platform enables commercial and government organizations worldwide to improve efficiency, safety, visibility, and compliance while accommodating the unique ways they do business. With over 10 million active edge devices and 220+ approved or pending patents, CalAmp is the telematics leader organizations turn to for innovation and dependability. For more information, visit calamp.com, or LinkedIn, Twitter, YouTube or CalAmp Blog.
CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian, CalAmp Vision, CrashBoxx and associated logos are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or the EU. Spireon acquired the LoJack® U.S. Stolen Vehicle Recovery (SVR) business from CalAmp and holds an exclusive license to the LoJack mark in the United States and Canada. Any other trademarks or trade names mentioned are the property of their respective owners.
| CalAmp Investor Contact: | CalAmp Media Contact: |
| Jikun Kim | Mark Gaydos |
| SVP & CFO | Chief Marketing Officer |
| ir@calamp.com | Mgaydos@calamp.com |
Source: US International Brotherhood of Boilermakers
CSX Corporation announced they’ve reached a tentative five-year collective bargaining agreement with the International Brotherhood of Boilermakers.
The agreement, which covers 59 union members at CSX, is subject to ratification. CSX has already ratified agreements with 11 labor unions, covering 14 work groups and representing 47% of its unionized employees.
These agreements provide improvements in wages, healthcare and paid time off. The company said it remains committed to reaching similar agreements with other unions.
Source: US State of North Dakota
A Pennsylvania man was sentenced to 15 and a half years in prison yesterday for defrauding investors, conspiring to defraud the IRS, filing false tax returns, employment tax fraud, wire fraud, obstruction, and other charges.
According to court documents and statements made in court, Joseph LaForte, of Philadelphia, engaged in a scheme to defraud investors using a fraudulent investment vehicle known as Par Funding. In total, LaForte and his co-conspirators caused an actual loss to investors exceeding $288 million.
LaForte also engaged in a series of federal tax crimes. LaForte and co-conspirators diverted approximately $20 million in taxable income from Par Funding to another entity controlled by LaForte and nominally owned by another, then filed false tax returns that did not report this income. He also received more than $9 million in cash kickbacks from a customer of Par Funding and did not report this income to the IRS on his individual tax returns. As a result, LaForte’s individual tax returns for the years 2016 through 2018 were false. He also paid off-the-books, cash wages to some employees of Par Funding. He did not report these wages to the IRS and did not pay employment taxes on wages paid to employees in cash. The total federal tax loss stemming from LaForte’s crimes exceeds $8 million. He also caused $1.6 million in state tax loss to the Pennsylvania Department of Revenue by falsely reporting that he and his wife were residents of Florida from 2013 through 2019, when in fact they resided in Pennsylvania.
Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney David Metcalf for the Eastern District of Pennsylvania made the announcement.
The FBI, IRS Criminal Investigation, and the Federal Deposit Insurance Corporation Office of Inspector General investigated the case.
Assistant U.S. Attorneys Matthew Newcomer, Sam Dalke, Eric Gill, and Patrick J. Murray for the Eastern District of Pennsylvania prosecuted the case. Trial Attorney Ezra Spiro of the Tax Division and Assistant U.S. Attorney John J. Boscia for the Eastern District of Pennsylvania assisted with the prosecution.
Source: The Conversation – USA – By Callie Maddox, Associate Professor of Sport Leadership and Management, Miami University
For most baseball fans, hope springs eternal on Opening Day.
Many of those fans – more than you might think – are women.
A 2024 survey found that women made up 39% of those who attended or watched Major League Baseball games, and franchises have taken notice. The Philadelphia Phillies offer behind-the-scenes tours and clinics for their female fans, while the Boston Red Sox and New York Yankees offer fantasy camps that are geared to women.
The number of women working professionally in baseball has also grown. Kim Ng made history in 2020 when she became the first woman general manager of an MLB team, the Miami Marlins. As of 2023, women made up 30% of central office professional staff and 27% of team senior administration jobs. In addition, 43 women held coaching and managerial jobs across the major and minor league levels – a 95% increase in just two years.
As a fan and scholar of the game, I’m happy to see more women watching baseball and working in the industry. But it still nags at me that the girls and women who play baseball don’t get much recognition, particularly in the U.S.
In the U.S., baseball is seen as a sport for boys and men. Girls and women, on the other hand, are supposed to play softball, which uses a bigger ball and has a smaller field.
It wasn’t always this way.
Women have been playing baseball in the U.S. since at least the 1860s. At women’s colleges such as Smith and Vassar, students organized baseball teams as early as 1866. The first professional women’s baseball team was known as the Dolly Vardens, a team of Black players formed in Philadelphia in 1867. Barnstorming teams, known as Bloomer Girls, traveled across the country to play against men’s teams from the 1890s to the 1930s, providing the players with independence and the means to make a living.
The All-American Girls Professional Baseball League, founded by Philip K. Wrigley in 1943, also offered women the chance to play professionally. The league, which inspired the 1992 film “A League of Their Own,” enforced rigid norms of femininity expected at the time. Players were required to wear skirts and makeup while playing and were fined if they engaged in any behavior deemed “unladylike.” Teams were open only to white women and light-skinned Latinas. Black women were not allowed to play, a policy that reflected the segregation of the Jim Crow era.
Three Black women – Connie Morgan, Mamie “Peanut” Johnson and Toni Stone – did play in the otherwise male Negro Leagues in the early 1950s. However, their skills were often downplayed by claims that they’d been signed to generate ticket sales and boost interest in the struggling league.
The All-American Girls Professional Baseball League folded in 1954, and by the late-1950s women’s participation in baseball had dwindled.
Softball was invented in Chicago in 1887 as an indoor alternative to baseball.
Originally aimed at both men and women, it eventually became the accepted sport for girls and women due to its smaller field, larger ball and underhand pitching style – aspects deemed suitable for the supposedly weaker and more delicate female body.
The passage of Title IX in 1972 further pushed the popularization of fast-pitch softball, as participation in high school and college increased markedly. In 1974, the National Organization for Women filed a lawsuit against Little League Baseball because the league’s charter excluded girls from playing. The lawsuit was successful, and girls were permitted to join teams.
In response, Little League created Little League Softball as a way to funnel girls into softball instead of baseball. As political scientist Jennifer Ring has pointed out, this decision reinforced the gendered division of each sport and “cemented the post-Title IX segregated masculinity of baseball.”
Girls can still play baseball, but most are encouraged to eventually switch to softball if they want to pursue college scholarships. If they want to keep playing baseball, they have to constantly confront stubborn cultural beliefs and assumptions that they should be playing softball instead.
You might be surprised to learn that the U.S. fields a national women’s baseball team that competes in the Women’s Baseball World Cup. But they receive scant media attention and remain unknown to most baseball fans.
In a 2019 article published in the Journal of Sport and Social Issues, I argued that the U.S. has experienced inconsistent success on the global stage because of a lack of infrastructure, limited resources and persistent gendered assumptions that hamper the development of women’s baseball. Other countries such as Japan, Canada and Australia have established solid pathways that allow girls and women to pursue baseball from the youth level through high school and beyond.
That being said, opportunities for girls to play baseball are increasing in the U.S. thanks to the efforts of organizations such as Baseball for All and DC Girls Baseball.
Approximately 1,300 girls play high school baseball, and a handful of young women play on men’s college baseball teams each year. In recent years, numerous women’s collegiate club baseball teams have been established; there’s even an annual tournament to crown a national champion.
Momentum continues to build.
MLB recently appointed Veronica Alvarez as its first girls baseball ambassador, who will oversee development programs such as the Trailblazers Series and the Elite Development Invitational. A new documentary film, “See Her Be Her,” is touring the country to celebrate the growth of women’s baseball and raise awareness of the challenges these athletes face.
Perhaps most significantly, the Women’s Pro Baseball League announced that it is planning to start play in summer 2026 with six teams located in the northeastern U.S. Over 500 players from 11 countries have registered with the league, with a scouting camp and player draft scheduled for later this year.
Should the league have success, it will mark a revitalization of women’s professional baseball in the U.S., a nod to the rich history of the women’s game and a commitment to securing opportunities for the girls and women who continue to defy cultural norms to play the game they love.
Callie Maddox does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Women are reclaiming their place in baseball – https://theconversation.com/women-are-reclaiming-their-place-in-baseball-252590
Source: The Conversation – USA – By Jeffrey Anvari-Clark, Assistant Professor of Social Work, University of North Dakota
The Trump administration’s firing and furloughing of tens of thousands of federal workers and contractors have obviously caused economic hardship for Americans employed in national parks, research labs and dozens of government agencies.
As a professor of social work who studies how people’s finances affect their physical and mental well-being, I’m concerned about the health hazards they’ll face too.
My research shows that losing your job can seriously harm your physical and mental health, especially when you see the situation as a catastrophe rather than a temporary setback.
When people lose their jobs, they do have real problems. Typically, for example, their income and savings decline. They might struggle to keep up on their rent or mortgage payments and might not be able to afford to maintain the same standard of living they had beforehand.
However, research shows that your perspective regarding your financial situation can do more harm to your health than your actual financial circumstances – even as your savings dwindle.
Someone might view losing their job as a temporary setback and remain relatively calm, while another person might experience the same circumstances as a disaster, triggering intense stress that cascades into serious health problems, such as depression and substance abuse. This difference in perspective often determines whether somebody will suffer significant health problems when they lose their job or experience a similar financial setback.
In a study I published in 2023 with social work scholar Theda Rose, we found that how a person felt about a decline in income mattered 20 times more than the actual financial change itself.
This finding comes from our analysis of data from the 2018 National Financial Capability Study, which surveyed more than 27,000 American adults. We used advanced statistical methods to examine how different financial factors affected people’s health and financial decision-making, looking specifically at financial strain, confidence in managing money and overall financial satisfaction.
The study confirmed earlier work about the vastly different psychological and physical responses two people can have when their income falls by the same amount, based on how they perceive this change.
Previous research has typically viewed what’s known as “financial precarity” – not having enough money to get by – in either purely technical terms, such as being able to come up with US$400 in an emergency, or in terms related to your feelings about that situation, such as persistent worrying about your finances.
However, we found that both aspects of financial precarity can influence health and behavior.
Among the many variables we explored, a decline in income surprisingly contributed much more in terms of worry than just not being able to pay the bills.
This distress caused by economic hardship isn’t just a psychological problem – it can produce physical changes that may have long-term health implications, such as high blood pressure.
There’s also a toll on your mental health.
Losing a job can lead to anxiety, depression and lower self-esteem.
Interestingly, people who face ongoing financial challenges but don’t get stressed about their situation aren’t more likely to develop depression symptoms than people without any financial stress.
A systematic review of 65 studies found clear connections between debt and mental health problems, depression and even suicide attempts.
Losing your job can harm your body in two main ways.
First, the stress from financial worries can affect people’s bodies directly – for example, by increasing blood pressure. Being in debt is associated with other ailments, including back pain and obesity.
Second, when money is tight, people often try to save money by skipping doctor visits or forgoing prescription drugs. Even with health insurance, high deductibles can mean paying thousands of dollars out of pocket before insurance helps. When choosing between paying for rent, food and health care, people often put their medical needs last.
Some people turn to alcohol, tobacco or other substances to cope with the loss of their jobs. These habits are bad for your health and may empty your wallet, adding to the financial strain.
Others turn to gambling or excessive shopping to cope, which can also make money problems even worse.
Marriage and other relationships may fray amid financial stress too. Borrowing money excessively from friends and family or snapping at your loved ones when you feel stressed out can weaken ties with those closest to you.
To be sure, some people become more resilient after losing their job by adopting positive coping strategies.
Whenever you lose a job, try reaching out. Your friends and loved ones can help protect your health while you move on.
In addition to applying for new positions, spend time networking. Reach out to former colleagues, join professional groups and attend events related to your career.
Try to volunteer. It will help you sharpen or expand your skills while expanding your networks and perhaps lead you to a new job.
And consider starting or expanding a side hustle. It will generate some income, give you a greater sense of control over your life and keep you feeling productive during the monotony of sending out applications.
It’s also essential to stick to self-care basics: Regular exercise reduces stress hormones. Getting enough sleep improves cognitive function, and maintaining a busy social life provides emotional support.
Keeping healthy habits is always important. But they could protect your mental and physical health during challenging times. Losing a paycheck is hard enough. Losing your health over it is even worse.
Jeffrey Anvari-Clark received nominal funding from Bank Roll’d in support of his forthcoming book: “Financial and Behavioral Health for Helping Professionals.”
– ref. Losing your job is bad for your health, but there are things you can do to minimize the harm – https://theconversation.com/losing-your-job-is-bad-for-your-health-but-there-are-things-you-can-do-to-minimize-the-harm-252270
Source: The Conversation – USA – By Bradley J. Cardinale, Professor, Ecosystem Science and Management, Penn State
When the natural environment is stretched beyond its ability to meet basic human needs for food, clean air, drinkable water and shelter, it is not just a humanitarian concern for the world community. Research shows that these crises are a matter of national security for the U.S. and other countries.
The Pentagon and the U.S. intelligence community have long paid close attention to the influence of climate change on national security. Although recent intelligence reports of the Trump administration have omitted any mention of climate change, prior intelligence reports have shown how climate change can generate flash points for global conflict, affect how troops and equipment work, and influence which defense locations are vulnerable.
The effects of ecological disruptions on national security get less attention. But they, too, can cause social and political instability, economic strife and strained international relations. Ecological disruptions occur when ecosystems that provide natural resources are compromised and can no longer meet basic human needs. Examples include overfishing, human disease and environmental crime.
Some 3.2 billion people worldwide rely on fisheries as a major source of protein. Overexploitation of ocean fisheries is a common root of international conflict.
From the 1950s to the 1970s, intermittent conflict broke out between British and Icelandic fishermen over the Icelandic cod fisheries, which had been depleted by overfishing. The Icelandic government sought to ban British trawlers from a broader area around the country’s coast, but the British continued to fish. The result was standoffs between fishing boats and Icelandic gunboats, and even the intervention of the British Royal Navy.
These “Cod Wars” broke diplomatic relations between Iceland and the United Kingdom for a time. Iceland even threatened to withdraw from the North Atlantic Treaty Organization and close a U.S. military base in Iceland. The U.K. ultimately agreed to abide by a 200-mile territorial limit on fishing around Iceland. Decades later, in 2012, the British government issued an apology and offered £1,000 each in compensation to 2,500 British fishermen for the loss of jobs and livelihoods that resulted from abiding by the 200-mile limit.
More recently, China’s rampant overfishing of its own coastal waters has meant expanding fishing in the South China Sea and using fishing fleets to assert new territorial claims. Indonesia has responded by blowing up more than 40 Chinese vessels accused of fishing illegally in its waters and stealing more than US$4 billion per year in Indonesian profits.
The United States, Australia, New Zealand and Britain have stepped up naval patrols against illegal fishing in the waters of Pacific island nations. Conflicts have arisen with Chinese coast guard vessels that routinely escort fishing fleets entering other countries’ waters without permission.
China’s fishing fleets have also expanded their activities off the coasts of Africa and South America, depleting fish stocks and creating political instability in those regions, too. In 2024, the U.S. Coast Guard and Argentine navy began joint exercises to combat illegal Chinese fishing in the Atlantic Ocean.
The best-known examples of ecologically related public health crises that jeopardize national security involve what are called zoonotic diseases, which spread from animals to humans as a result of close contact between people and wildlife. More than 70% of the world’s emerging infectious diseases – uncommon or newly identified infectious diseases – stem from contact with wild animals.
The risks of animal-to-human disease transmission are especially high for those who handle or eat wild meat.
A recent example is the SARS-CoV-2 coronavirus responsible for the COVID-19 global pandemic. Epidemiological and genetic studies suggest that SARS-CoV-2 first spilled over to humans from wild animals sold in the Huanan live animal market in Wuhan, China. Although the specific animal that served as the original host is still under investigation, bats and other mammals are considered likely natural reservoirs of SARS-CoV-2 because they harbor other coronaviruses with closely related genomes.
Following the zoonotic spillover event, the pathogen spread rapidly across the globe, killing more than 7 million people and causing acute disruptions not only to global markets and supply chains but also to social cohesion and political stability. Countries with high COVID-19 mortality rates had elevated levels of civil disorder and fatalities caused by political violence as the trust of citizens in the ability of governments to protect them eroded.
Many other zoonotic diseases caused by human-wildlife contact, such as Zika, Ebola, SARS and West Nile virus, have similarly generated international political and economic crises that have activated security measures within the U.S. government.
Illegal poaching and trade of wildlife and forest products is valued at $91 billion to $258 billion per year. That makes environmental crime one of the world’s largest crime sectors, comparable with drug trafficking, at $344 billion, and human trafficking, at $157 billion.
Exorbitant black market prices for rare wildlife specimens and body parts provide funding for terrorist groups, drug cartels and criminal organizations.
Illegal logging helps finance terrorist groups such as Al-Shabaab in Somalia, where trade in charcoal has become a critical revenue source. Money from illegally cut trees turned into charcoal and sold to markets in the Middle East has funded al-Shabab-linked suicide bombings in Mogadishu, the 2013 Westgate mall attack in Nairobi that killed 67 Kenyan and non-Kenyan nationals, and the 2015 massacre of 147 university students in Garissa, Kenya.
Those and other terrorist activities funded through environmental crime have contributed to the destabilization of countries throughout the Horn of Africa.
These examples make clear how ecological disruptions to nature increase national security risks.
National security is not just a matter of military strength. It also depends on the ability of a nation to maintain productive and stable ecosystems, resilient biological communities and sustainable access to natural resources. Sovereign nations already develop and protect physical infrastructure that is essential to security, such as roads, communication networks and power grids. The natural world plays an equally vital role in social and political stability and, we believe, deserves more attention in planning for national security.
Bradley J. Cardinale has received funding from the US National Science Foundation, US Department of Energy, US National Oceanic and Atmospheric Administration, and US Department of Agriculture.
Emmett Duffy has received funding from the US National Science Foundation, US Environmental Protection Agency, and the Lenfest Ocean Program.
Rod Schoonover does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Ecological disruptions are a risk to national security – https://theconversation.com/ecological-disruptions-are-a-risk-to-national-security-248754
Source: The Conversation – USA – By Brooke Schedneck, Associate Professor of Religious Studies, Rhodes College
The new season of “The White Lotus” is set on a luxury resort on the Thai island of Koh Samui. This comedy-drama series, which critiques wealthy tourists, focuses one plotline on foreigners who arrive in Thailand with an interest in engaging with its Buddhist traditions.
It depicts a young American woman who is interested in joining a yearlong meditation program at a Buddhist temple, even though Thai temples do not offer such programs. It also portrays a temple environment with many foreigners staying there long term, not dressed in typical clothing for residents of a temple – unusual in Thailand – and inaccurately describes the Buddhist view of the afterlife.
I have studied Buddhism in Thailand for over a decade, including the diverse ways in which Thai Buddhists practice their religion. While the Thai Buddhism depicted in The White Lotus is not completely realistic, there are several authentic ways to engage deeply with Buddhism, ranging from offering donations to short meditation retreats to ordination as a monastic.
Without donations, Buddhist temples and monastic institutions could not exist.
The lay community provides for monks and temples, in exchange for the spiritual currency of merit, which is believed to turn into good karma. This good karma is believed to produce favorable conditions in this life and the next life, such as attaining wealth or being reborn into a privileged family.
Some laypeople might give food to monks as they walk on their alms rounds every morning, while others may visit the temple only on most Buddhist holidays. The main intention behind interacting with a monk or visiting a temple is to make merit. Each temple has donation boxes for specific funds it needs, such as paying the electricity bill, completing renovation projects, providing education for young monks and funding the monastic community’s health care.
People can take home blessed objects such as a lucky candle or small amulet in exchange for a small donation. In some temples, a monk’s duty is to sit inside one of the main halls and wait until the laity comes to receive offerings and give blessings.
Temples with meditation centers generally offer meditation retreats for a short period of time. Many offer 10-day retreats; participants can also sign up for a 21-day program in the north of Thailand, where they will aim to spend their days in 10-15 hours of meditation and minimize any other activity, including sleep.
Participants in the 21-day program aim to reach the first of the four stages of enlightenment within Thai Theravada Buddhism. Buddhists believe that those who attain the first stage have “entered the stream” of enlightenment and are guaranteed to attain it within seven lifetimes.
Contrary to popular Western beliefs about Buddhist meditation, it is not viewed as a secular practice. Thai Buddhists believe that meditation is a meritorious activity, helping them not only to ultimately leave the cycle of rebirth but also to accumulate merit and good karma along the way – in this life and future ones.
At a meditation center, every moment is spent in mindfulness of every action, along with periods of formal walking or sitting meditation. All meditation centers have a structured program and schedule that practitioners, typically dressed in white pants and top, must follow individually or in group periods of meditation.
Ordination is an important part of the Buddhist life course. Thai Buddhists often enter a monastery for a short period of time, temporarily being ordained as a monk or nun. Even for those who intended to enter for life but choose to leave the monastic life, the process is simple; it usually carries no shame or disappointment. However, if a monk was well known for his teaching, his followers would likely feel upset.
In Theravada Buddhism, the kind of Buddhism practiced in Thailand, there are two levels of ordination: novice and full “bhikkhu” – the term for a fully ordained male. Males under the age of 20 may pursue only novice ordination, while those over 20 can become fully ordained monks.
It is often considered a rite of passage, or at least a sign of discipline and maturity, for a male to have been ordained at some point in his life. Temporary ordination is seen as a way for men to make merit for their parents, especially their mothers, who sacrificed so much for their existence.
Women are generally not allowed to be ordained in Thai Buddhism, but some have received ordination in Sri Lanka, where they are allowed to be monks, and set up communities in Thailand, which are gaining in popularity. These female monastic practice centers have initiated temporary ordination programs for female monks, or “bhikkhuni.”
These centers host special programs once or twice a year, where up to 100 women, including international visitors, can ordain as novice female monks for a short period. During this time, they learn what it is like to wear the robes, receive offerings and study the Buddhist texts.
Many women find this opportunity meaningful because they can offer merit to their parents, which was previously only available to a male.
Women can also ordain temporarily or long term as a “mae chi” in Thailand, or a precept nun. They usually follow Eight Precepts, including celibacy, wearing white robes and shaving their head. Although more accepted today in Thailand as a role for Buddhist women than bhikkhuni, this category of ordination was not initiated by the Buddha. Precept nuns are believed to have existed for centuries, but without a clear origin.
These are some common ways in which Thai Buddhists practice Buddhism, often with the goal of achieving prosperity in this life and a better rebirth. Such practices, Buddhists believe, may also get them closer to the ultimate aspiration of enlightenment.
Brooke Schedneck does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. What ‘The White Lotus’ gets wrong about the meaning and goals of common Buddhist practices – https://theconversation.com/what-the-white-lotus-gets-wrong-about-the-meaning-and-goals-of-common-buddhist-practices-251769
Source: The Conversation – USA – By Conner Philson, Executive Director, UCSB Natural Reserve System, University of California, Santa Barbara
It probably feels obvious that having a close friend can influence your well-being. But do the groups that you’re a part of also affect your well-being? For example, does the culture of your work colleagues influence your productivity?
It may seem like the answer is also an obvious “yes.” But the idea that a group’s composition or structure can affect the individuals in it has been among the most controversial ideas in biology.
This phenomenon, called multilevel selection, is an extension of natural selection: the process by which organisms with traits better suited to their environment are more likely to survive and reproduce. Over generations, these advantageous traits – behavioral, morphological or physiological – become more common in the population.
In the traditional view of how evolution works, natural selection acts on an individual organism’s traits. For instance, mammals with more friends typically live longer lives and have more offspring. The trait under selection in this case is the number of social connections.
Multilevel selection proposes that at the same time selection is happening on the traits of individuals, selection also acts on the traits of groups. Here’s an example: Living in a more social and interconnected group may be beneficial for the members of that group, meaning the group’s traits are under selection. In nature, this means individuals in well-connected groups may live longer lives and have more offspring because well-connected groups may be better at finding limited resources or detecting predators. The traits of the group as a whole are what’s under selection in this case.
Multilevel selection could even select for traits that seem at odds at the individual and group levels. For instance, it could mean that selection favors individuals that are more reserved while at the same time favoring groups that are very social, or vice versa.
Multilevel selection has been a controversial idea since Charles Darwin first suggested that groups likely affect individuals in his 1871 book “The Descent of Man.”
The only evidence for multilevel selection acting simultaneously on individuals’ social relationships and on social groups comes from laboratory experiments. Experiments like these are vital to the scientific process, but without evidence for multilevel selection in wild animals, the 154-year-old debate rages on. As two field biologists interested in the evolution of behavior, we investigated multilevel selection in the wild by studying yellow-bellied marmots.
Our newly published study provides support for this contested concept, suggesting that the structure of the groups marmots are members of may matter for survival just as much as, if not more than, the friendly one-on-one relationships they have with other marmots.
It’s taken a century and a half to answer the question of multilevel selection because you need an incredible amount of data to have an adequate sample size to address it.
Scientists at the Rocky Mountain Biological Laboratory in Crested Butte, Colorado, have been studying the marmots nearby since 1962. This research is the second-longest study of individually identifiable wild mammals in the world.
Each year, the team ensures that all marmots are individually marked. We trap them so we can give them unique ear tags and paint a mark on their back that lets us identify them from afar. Then trained “marmoteers,” as we call them, spend about 1,000 hours a year watching these chunky cat-sized rodents through binoculars and spotting scopes.
Since 2003, the team has paid particular attention to the marmots’ social interactions and relationships. Our analysis of multilevel selection was based on 42,369 unique affiliative social interactions – behaviors such as playing and grooming – between 1,294 individuals from 180 social groups, with group sizes ranging from two to 35 marmots. We also tracked how long marmots lived – up to 16 years in some cases – and how many offspring individual animals had each year.
Using this data, we mapped out the marmots’ social networks. Our goal was to identify how many social relationships each marmot had, who was connected to whom, and the overall structure of each group.
Understanding all these marmot connections let us ask two crucial questions. First, how do social relationships affect individual survival and reproduction – that is, what individual traits are under selection? Second, how do social groups affect individual survival and reproduction – in other words, what group traits are under selection?
Importantly, we didn’t ask these two questions in isolation – we asked them at the same time. After all, marmots are influenced simultaneously by both their social relationships and the social groups they’re part of. Our statistical approach, which researchers call contextual analysis, tells us how much social relationships and social groups matter relative to each other.
It can be tricky to distinguish how group-level selection differs from traditional individual-level selection. It’s like a more complex version of thinking about the relationships that affect an individual. Instead of just your own behavior affecting you, your group – a product of many individuals – is affecting you.
Our new analysis shows that there is indeed multilevel selection for social behavior in the wild. We found that not only do both social relationships and social groups affect individual animals’ survival and reproduction, but social groups matter just as much, if not more. We calculated the selection gradient, a measure of how strong the selection is on a trait, to be 0.76 for individual traits, while for group traits it was 1.03.
Interestingly, the type of impact on survival and reproduction wasn’t always the same across the two levels. In some cases, selection favored marmots with fewer social relationships while favoring marmots living in more social and connected groups. In human terms, think of an introvert at a really bustling party.
Evolution and multilevel selection are complex natural processes, so these types of complicated findings are not unexpected.
Multilevel selection is relevant for human groups, too, which come in many forms, whether friend groups, local communities, businesses we frequent or work at, economies or even entire nations. Our marmot study suggests it’s not uniquely human for groups at every level to have consequences for individual success.
This work was supported by the UCLA, American Society of Mammalogists, Animal Behaviour Society, Rocky Mountain Biological Laboratory (RMBL), the Natural Sciences and Engineering Research Council of Canada, the University of Ottawa, National Geographic Society, and the U.S. National Science Foundation.
Daniel T. Blumstein received funding from UCLA, the Rocky Mountain Biological Laboratory (RMBL), the National Geographic Society, and the U.S. National Science Foundation. He is the President of the Board of Trustees at the RMBL where the research was conducted.
– ref. Wild marmots’ social networks reveal controversial evolutionary theory in action – https://theconversation.com/wild-marmots-social-networks-reveal-controversial-evolutionary-theory-in-action-252710
Source: The Conversation – USA – By Frederick Scholl, Associate Teaching Professor of Cybersecurity, Quinnipiac University
When top White House defense and national security leaders discussed plans for an attack on targets in Yemen over the messaging app Signal, it raised many questions about operational security and recordkeeping and national security laws. It also puts Signal in the spotlight.
Why do so many government officials, activists and journalists use Signal for secure messaging? The short answer is that it uses end-to-end encryption, meaning no one in position to eavesdrop on the communication – including Signal itself – can read messages they intercept.
But Signal isn’t the only messaging app that uses end-to-end encryption, and end-to-end encryption isn’t the only consideration in choosing a secure messaging app. In addition, secure messaging apps are only part of the picture when it comes to keeping your communications private, and there is no such thing as perfect security.
I’m a cybersecurity professor who worked for several decades advising companies on cybersecurity. Here are some of the factors I recommend considering when looking for a secure messaging app:
The most common messaging protocol, SMS, is built into every smartphone and is easy to use, but does not encrypt messages. Since there is no encryption, carriers or government agents with a warrant, which are typically submitted by law enforcement and issued by a judge, can read the message content. They can also view the message metadata, which includes information about you and your recipient, like an internet address, name or both.
Truly secure messaging is based on cryptography, a mathematical method to scramble data and make it unreadable. Most secure messaging apps handle the scrambling and unscrambling process for you. The gold standard for secure messaging is end-to-end encryption. End-to-end encryption means your message is fully encrypted while in transit, including while transiting the communications provider’s networks. Only the recipient can see the message. The communication provider does not have any encryption key.
Apple iMessage and Google Messages use end-to-end encryption, and both are widely used, so many of your contacts are likely already using one of them. The downsides are the end-to-end encryption is only iPhone to iPhone and Android to Android, respectively, and Apple and Google can access your metadata – who you communicated with and when. If a company has access to your metadata, it can be compelled to share it with a government entity.
WhatsApp, owned by Meta, is another widely used messaging app. Its end-to-end encryption works across iOS and Android. But Meta has access to your metadata.
There are a number of independent secure messaging apps to choose from, including Briar, Session, Signal, SimpleX, Telegram, Threema, Viber and Wire. You can use more than one to adapt to your individual needs.
Default end-to-end encryption is only the first factor to consider when thinking about message security. Depending on your needs, you should also consider whether the app includes group chats and calls, self-destructing messages, cross-device data syncing, and photo and video editing tools. Ease of use is another factor.
You can also consider whether the app uses an open-source encryption protocol, open-source code and a decentralized server network. And you can weigh whether the app company collects user data, what personal information is required on sign-up, and generally how transparent the company is.
Beyond the messaging app, it’s important to practice safe security hygiene, like using two-factor authentication and a password manager. There’s no point in sending and receiving messages securely and then leaking the information via another vulnerability, including having your phone itself compromised.
People can be lured into compromising their apps and devices by unintentionally giving access to an attacker. For example, Russian operatives reportedly tricked Ukrainian troops into giving access to their Signal accounts.
Also, if you use Signal, you should probably use its nicknames feature to avoid adding the wrong person to a group chat – like National Security Adviser Michael Waltz apparently did in the Signalgate scandal.
Frederick Scholl does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Signal is not the place for top secret communications, but it might be the right choice for you – a cybersecurity expert on what to look for in a secure messaging app – https://theconversation.com/signal-is-not-the-place-for-top-secret-communications-but-it-might-be-the-right-choice-for-you-a-cybersecurity-expert-on-what-to-look-for-in-a-secure-messaging-app-250906
Source: World Health Organisation
At 15, Yeliza Natali began to notice a deformation in her spine, but no one around her paid much attention since she was too thin, and some bones protruded more than others. Growing up in rural Colombia, her constant back pain was attributed to hard work in the fields. Over the years, the discomfort became a barrier to her daily life, even forcing to change her job as a waitress to a lower-paying one, that was less physical.
At the age of 24, her reality changed when she was diagnosed with scoliosis. The medical recommendation was blunt: surgery. The possibility of undergoing surgery on her spine generated fear and uncertainty. However, before reaching that point, she was recommended to do rehabilitation with a physiotherapist to strengthen the muscles surrounding her spine. Thus began a long process of transformation.
The key to her recovery was her rehabilitation through a physical therapist, Marcela Bustamante, who accompanied her through every stage of the treatment, both physically and psychologically. In the beginning, the sessions were uncomfortable and challenging, but Yeliza stuck to the idea of avoiding surgery. As time passed, the results were evident: her posture improved, her pain decreased, and her mobility increased significantly. When she finally returned to the neurosurgeon’s office, the news was startling: her recovery had been so effective that surgery was no longer necessary.
But her road to a pain-free life did not end there. In total, her rehabilitation program spanned three years.
Access to therapy was not easy. The lack of a specialized center in her town forced her to travel six hours to Medellín, bearing the cost of transportation, lodging and per diems. Although the so-called Colombian Health Promoting Entities (EPS) covered the physiotherapy sessions, the long waits for appointments with specialists and the lack of resources in her community complicated her recovery.
Despite all the challenges faced, Yeliza was able to transform her life. Today, free of pain, she has her own catering business and enjoys activities that once seemed unthinkable. Her story is a testament to the power of rehabilitation.
“If I hadn’t undergone rehabilitation, I wouldn’t even be able to walk today without help,” she says. Her call to the authorities is clear: investing in rehabilitation is urgent. “Health is the most valuable thing we have.”
Yeliza’s story highlights Colombia’s lack of access to rehabilitation services, especially in rural areas. As long as rehabilitation services are not available in small towns, many people will continue to face economic and logistical barriers to receiving the treatment that can change their lives.
Source: Royal Canadian Mounted Police
Ontario RCMP have seized and destroyed cannabis grown at three large-scale illegal grow sites. The RCMP’s Greater Toronto Area Trans-National Serious & Organized Crime Section (GTA-TSOC) has charged six individuals for operating a complex illicit cannabis production and distribution network in Ontario.
This investigation began in the Summer of 2022, after the Ontario Provincial Police (OPP) referred the matter for investigation to the RCMP. During the investigation, approximately 17,000 cannabis plants were seized and destroyed. The RCMP estimate that these operations could have an annual production value of over $16 million dollars. Each of the sites were staffed with full-time live-in workers, none of whom have legal status to work and grow cannabis in Canada. The criminal network was also linked to the operation of two other illicit cannabis production sites in Ontario which were dismantled by the OPP and the Toronto Police Service. The criminal network exported the illicit cannabis to the United States and Hong Kong, with further plans to expand distribution into Europe.
The RCMP allege millions of dollars in profits from this operation were laundered through the Canadian banking system by a sophisticated identity fraud scheme. They applied for Health Canada authorizations to produce medicinal cannabis using the identity of individuals who were not aware of the applications. These authorizations were then used to obtain commercial leases and expand the group’s cannabis production.
As a result of the investigation, the following individuals were charged:
Shao Bo “Barry” Xie (age 45) of Toronto, Ontario
Feng Gao (age 42) of Toronto, Ontario
Shan “Sam” Gao (age 34) of Toronto, Ontario
Xu Han (age 26) of Toronto, Ontario
Fang Han (age 30) of Toronto, Ontario
Zdena “Denise” Mesko (age 61) of Sarnia, Ontario
All of the accused were arrested at the RCMP Toronto West Detachment and released on an undertaking. Their first court appearance is scheduled to be held on May 7th, 2025, at the Ontario Court of Justice located at 10 Armoury Street in Toronto, Courtroom 1001 at 09:00 a.m.
The RCMP would like to thank a number of law enforcement and partner agencies including the Ontario Provincial Police-led Provincial Joint Forces Cannabis Enforcement Team (OPP-PJFCET), Peel Regional Police Service (PRPS), Toronto Police Service (TPS), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada Border Services Agency (CBSA), Health Canada, and the United States Homeland Security Investigations (HSI).
“The collaboration and teamwork between the RCMP Federal Police and our provincial and municipal law enforcement partners underscores our collective commitment to battling transnational organized crime at all levels in Ontario, Canada and abroad.”
Inspector Nicole Noonan, Officer in charge of Federal Policing – Transnational, Serious & Organized Crime, Toronto West Detachment, Royal Canadian Mounted Police
Law enforcement agencies work diligently to make our communities a safer place to live but your assistance in remaining vigilant and informing us of any suspicious activities will help us be even more effective. If you have any information in relation to illicit cannabis production, you can contact your local police, the Ontario RCMP at 1-800-387-0020 or anonymously through Crime Stoppers at 1-800-222-8477 (TIPS), at any time.
Source: US Energy Information Administration
In-brief analysis
March 27, 2025
The United States exported 11.9 billion cubic feet per day (Bcf/d) of liquefied natural gas (LNG) in 2024, remaining the world’s largest LNG exporter. LNG exports from Australia and Qatar—the world’s two next-largest LNG exporters—have remained relatively stable over the last five years (2020–24); their exports have ranged from 10.2 Bcf/d to 10.7 Bcf/d annually, according to data from Cedigaz. Russia and Malaysia have been the fourth- and fifth-largest LNG exporters globally since 2019. In 2024, LNG exports from Russia averaged 4.4 Bcf/d, and exports from Malaysia averaged 3.7 Bcf/d.
U.S. LNG exports remained essentially flat compared with 2023 mainly because of several unplanned outages at existing LNG export facilities, lower natural gas consumption in Europe, and very limited new LNG export capacity additions since 2022. In December 2024, Plaquemines LNG Phase 1 shipped its first export cargo, becoming the eighth U.S. LNG export facility in service. We estimate that utilization of LNG export capacity across the other seven U.S. LNG terminals operating in 2024 averaged 104% of nominal capacity and 86% of peak capacity, unchanged from the previous year. While Europe (including Türkiye) remained the primary destination for U.S. LNG exports in 2024, accounting for 53% (6.3 Bcf/d) of the total exports, the share of U.S. LNG exports to Asia increased from 26% (3.1 Bcf/d) in 2023 to 33% (4.0 Bcf/d) in 2024. U.S. LNG exports to other regions, including the Middle East, North Africa, and Latin America, also increased last year and accounted for 14% (1.6 Bcf/d) of total exports, compared with 8% (0.9 Bcf/d) in 2023.
In 2024, U.S. natural gas exports to Europe decreased by 19% (1.5 Bcf/d), mostly to countries in the EU and the UK. U.S. LNG exports increased only to Türkiye and Greece in 2024—by 0.2 Bcf/d and 0.1 Bcf/d, respectively, compared with 2023. Türkiye imported more U.S. LNG compared with the prior year mainly to offset a decline in imports from other countries, such as Egypt and Russia. U.S. LNG exports to other EU countries and the UK decreased by 24% (1.7 Bcf/d) compared with 2023, primarily because of lower natural gas consumption and high storage inventories following the mild 2023–24 winter. At the same time, LNG import capacity in the EU and the UK expanded by more than 40% between 2021 and 2024 and will continue to grow in 2025 once new and expanded regasification facilities in Croatia, Cyprus, and Italy come online.
As in 2023, the Netherlands, France, and the UK imported the most U.S. LNG among countries in Europe, accounting for a combined 46% (2.9 Bcf/d) of the regional total. Since Germany started LNG imports in December 2022, U.S. LNG exports to Germany have grown and averaged 0.6 Bcf/d in both 2023 and 2024. However, in early 2025, Germany reduced its regasification capacity by terminating a charter for one of its floating storage and regasification units, citing high operational costs.
In 2024, countries in Asia imported 33% (4.0 Bcf/d) of total U.S. LNG exports. Among countries in Asia, Japan, South Korea, India, and China imported the most U.S. LNG—a combined 76% (3.0 Bcf/d). U.S. LNG imports increased the most in India—by 0.2 Bcf/d. Other countries in Asia imported 24% (1.0 Bcf/d) of U.S LNG.
In other regions, Egypt—a natural gas producer and LNG exporter—imported 0.3 Bcf/d of LNG from the United States, its first U.S. LNG imports since 2018. In recent years, Egypt’s domestic natural gas consumption, particularly in summer months, exceeded available supply and turned Egypt from an exporter to an importer of natural gas during several months of the year. In Brazil and Colombia, imports of U.S. LNG increased last year because drought reduced hydropower electricity generation and increased demand for generation from natural gas-fired power plants.
Principal contributor: Victoria Zaretskaya
Source: US State of Connecticut
CEOs and corporations should integrate legal strategy – an often-overlooked competitive advantage – into the core of their business plans, says Business law professor Robert Bird.
“Legal knowledge is the last great source of untapped competitive advantage in organizations, and the corporations that recognize this can unlock a storehouse of value creation that their rivals might miss,’’ Bird says.
Bird lays out the case for the competitive advantage of legal strategy in a new book, “Legal Knowledge in Organizations: A Source of Strategic and Competitive Advantage’’ (Cambridge University Press), which is out today.
“When applied strategically, legal expertise can reveal opportunities for innovation, improve risk management, foster better decision-making, and support a culture of integrity,’’ he says.
Legal Strategy Offers Much More than Compliance Mandates
Take, for example, a company that establishes a strong policy against sexual harassment, Bird says. Instead of ignoring or minimizing sexual harassment concerns, the company prides itself on having zero tolerance and makes support and respect for women a core value of the organization.
“Legal requirements related to sexual harassment and other workplace rules are more than just mandates. They have the potential to transform organizational culture and support women at all levels of the company,” Bird says. “Ultimately, that becomes a tremendous advantage in recruiting and retaining top talent.’’
Legal knowledge holds many other strategic advantages as well, Bird says. A pro-active legal team can minimize risk; create contracts with intrinsic value that build relationships, loyalty, and trust; and merge intellectual prowess with corporate integrity.
Bird says it took about two years to complete the book, but it reflects over 20 years of thought, research, and experience.
“I’ve had an enduring curiosity about how lawyers and other legal experts can make companies more competitive and also more ethical,’’ he says. “A variety of businesses can profit from this guidance, but pharmaceutical, financial services, health care, and other highly regulated industries can particularly benefit.”
The new book also offers a step-by-step guide to implementing legal strategy into a company.
“I think the information in this book can bridge the gap between legal knowledge and business goals,’’ Bird says. “This content is meant to serve the broad business community, from lawyers to aspiring managers to business executives.’’
Legal Expertise No Longer on the Periphery
Bird says he believes this strategy has been overlooked by businesses because of the different perspectives that lawyers and businesspeople have.
“Lawyers tend to be more conservative, and business people are more willing to take risks,’’ he says. “That can be a source of disagreement, but if both sides collaborate with one another there is the potential for a significant value creation.”
Leveraging legal knowledge into competitive value requires a different way of thinking about how the organization works.
“To be effective, leadership needs two things, an understanding of the law and an innovative mindset on how to use it in new ways that capture value,’’ he says. “We need to shed the thinking of the legal team as a static, punitive force, and embrace it as something dynamic, a value generator, and part of a fundamental strategy, that is no less valuable than other business disciplines.’’
Bird emphasizes that legal knowledge must be deployed ethically and in a socially responsible manner.
“Legal strategy is not a license to circumvent legal obligations, but a valuable opportunity to grow an organization that generates superior value for both business and society,” he says.
Bird has been a professor of business law at UConn for 21 years and he also serves as the Eversource Energy Chair in Business Ethics. He earned his JD and MBA from Boston University. A prolific writer, he has authored more than 80 articles in the Journal of Law and Economics, American Business Law Journal, the Harvard Journal of Law and Public Policy and the MIT Sloan Management Review and has received numerous research and teaching awards.
Source: US State of Connecticut
They’re on our highways and our state roads.
We see them at rest stops and service plazas.
They move our economy. Literally.
They’re tractor-trailer trucks, and they’re a vital part of the U.S. economy, hauling 70% of consumer and industrial goods and logging about 200 billion miles annually in the United States.
Trucks, and the men and women who drive them, play an indispensable role in U.S. society.
But truck driving is a high-stress, high-risk profession.
Long-haul truck drivers work irregular hours under protracted and repeated stretches of continuous effort that can be exacerbated by road construction, traffic conditions, and changes in weather. For most, finding safe and suitable parking while on the road is a constant challenge.
Many drivers deal with elevated stress levels and fatigue, and they have limited opportunities for physical activity and limited access to fresh, healthy foods.
And moreover, life on the road is extremely isolating and lonely, with drivers often spending days or weeks away from home at a time, while coping with the constant pressure to log as many miles as they can, in order to earn as much money as possible, in an industry that has experienced significant consolidation in recent years.
The impact of those occupational conditions – especially the risks that long-haul truck drivers face of developing multiple adverse health conditions due to the conditions they face on-the-job – recently caught the attention of Merrill Singer, a professor emeritus in the Department of Anthropology at UConn.
“I began to read the literature on long-haul truck drivers, and the multiplicity of diseases that their jobs put them at special risk for, and how the political economy of truck driving is organized and controlled has increased the pressure on truck drivers – over time, it’s made their life more stressful,” says Singer. “And I started to explore the concept of occupational syndemics and how it related to the kinds of jobs that put people at heightened vulnerability.”
A medical anthropologist who researches and explores the relationships between culture, health, and disease, Singer developed the public health concept of syndemics, which refers to the clustering of diseases in certain populations and the biological interaction of multiple comorbid diseases in populations.
“Syndemics involves two or more diseases interacting and some set of social conditions that interact with those diseases and make people vulnerable, which then makes these diseases more harmful,” Singer explains.
In recent years, Singer has been examining how syndemics can be used to assess the ways that living and working conditions can promote disease clustering and further the adverse interactions of comorbid diseases and other health factors.
He looked at other high-risk occupation populations – including gold and coal mineworkers in South Africa and commercial fishermen – before turning his syndemics lens to long-haul truck drivers. He published his syndemic analysis on the biosocial health of long-haul truck drivers in the February 2025 edition of the Journal of Transport & Health.
In his analysis, Singer notes studies that found that long-haul truck drivers frequently experienced elevated cortisol levels and are often subject to problems with sleep, including inadequate sleep, insomnia, and disrupted sleep linked to obstructive sleep apnea. Reduced sleep duration has been linked to fatigue, drowsiness, job performance lapses, slowed reaction time, and impaired driving ability.
Long-haul truck drivers are also more likely to be cigarette smokers, to engage in binge drinking, and to use other substances. They often struggle with mental health disorders or chronic stress.
Because of their working conditions, they typically eat while driving or dine at truck stops and fast-food outlets, factors that limit their available food choices. The occupation is highly sedentary as well – few rest stops offer any sort of exercise equipment, and opportunities for physical activity while on the road are infrequent.
More than half of long-haul truck drivers report living with one or more health problems, while 80% report at least one serious health condition, including obesity, hypertension and cardiovascular disease, and diabetes and metabolic disorders.
Getting regular medical care to help treat these conditions is also a struggle, as there aren’t medical providers on the road and drivers always face pressure to cover more miles.
“A grave consequence of syndemics of the road,” Singer writes in his paper, “is family disruption and divorce, high turnover rate (employer hopping), a national shortage of drivers, a high and untreated disease burden, shortened lifespan, heightened rates of suicide, increased medical costs, and injurious and deadly highway crashes.”
The challenges faced by long-haul truck drivers only intensified during the COVID-19 pandemic.
Workers in the transportation/logistics sector have one of the highest per-capita excess mortality rates due to the COVID-19 virus, Singer notes. He recommends multipronged and multilayered syndemic interventions to help address the structural factors that place economically crucial long-haul truck drivers in the U.S. at risk.
“In the case of [long-haul truck drivers],” he wrote, “this would involve advocacy for public policy changes, as part of state and federal infrastructure planning, that address an array of health, social, environmental, and economic challenges…[c]oupled with this kind of advocacy, there is a need for funding to support direct structured health interventions for drivers that simultaneously address multiple health issues in this population.”
In the current public health climate, where officials are closely monitoring the spread of bird flu into other mammals – including humans – policymakers and industry officials would be especially wise to consider the syndemics of the road, Singer says.
“Once an infectious agent transitions from whatever its original host was to mammals, it makes it much easier to make the next transition into other mammals, which it’s already started to do,” Singer says.
“If bird flu begins to spread directly human-to-human, it’s interaction with all of what else is going around, and in people with other preexisting conditions – diabetes, cancer, tuberculosis, et cetera – has the potential for another massive pandemic.”
Source: US State of New York
EW YORK – New York Attorney General Letitia James today secured over $5 million from Community Options, Inc. and Community Options NY, Inc. (Community Options) for failing to properly provide services for people with developmental disabilities and knowingly submitting false claims to Medicaid for services. Community Options is a nonprofit that provides “day habilitation” services to adults with developmental disabilities in New York City, ensuring they have enriching and educational community-based activities. A joint investigation between the Office of the Attorney General’s (OAG) Medicaid Fraud Control Unit (MFCU), and the United States Attorney’s Office for the Southern District of New York (USAO-SDNY) revealed that Community Options failed to follow regulations and requirements designed to ensure the people it serves are receiving safe and adequate care. Under settlements with OAG and USAO-SDNY, Community Options will repay Medicaid over $5 million in reimbursements it received for day habilitation services that it failed to provide and document in compliance with state regulations.
“New Yorkers with developmental disabilities rely on quality, community-based activities to lead fulfilling and independent lives,” said Attorney General James. “Community Options ignored the rules meant to ensure it was delivering the services it promised, depriving vulnerable New Yorkers of opportunities to participate in valuable programs that meet their needs. I thank the U.S. Attorney’s Office for their assistance in this investigation that will ensure New Yorkers with developmental disabilities get the care and services they deserve.”
Community Options’ services include the Day Habilitation Without Walls Program, where recipients can take part in activities, cultural events, and volunteer opportunities in their community. Medicaid and the New York Office for People with Developmental Disabilities (OPWDD) set requirements for day habilitation service providers to follow in order to receive Medicaid reimbursement. These requirements ensure organizations are providing an adequate number of services for enough time, are providing the correct types of services, and are documenting the services they provide.
The OAG’s investigation found that Community Options violated the law by failing to meet these requirements for day habilitation services for which it billed New York’s Medicaid Program from January 1, 2017 to September 13, 2023. Community Options employees routinely failed to provide and document services in accordance with the OPWDD requirements. As a result, the adults with developmental disabilities that Community Options served did not receive the full benefits that the organization promised.
The investigation also revealed that in January 2022, Community Options violated the law by failing to return overpayments it received from New York’s Medicaid program for services that it knew did not meet the state’s requirements. During a non-routine review, Community Options determined that it had failed to create and maintain monthly summary documents for dozens of day habilitation clients in Manhattan, Brooklyn, and Queens, affecting hundreds of claims for reimbursement. Despite a Community Options employee stating that these failures required Community Options to return payments for these claims, the senior Community Options employee overseeing day habilitation services instructed their subordinate to fraudulently create and back-date all of the missing monthly summary notes, in many instances up to a year after the services in question were purportedly provided.
As a result of Attorney General James’ enforcement, Community Options will repay the over $5 million it improperly billed Medicaid, including paying approximately $2.8 million back to New York’s Medicaid program. The case against Community Options was initiated by a former employee, who will receive a portion of the settlement because the former employee filed a whistleblower lawsuit under the federal and New York False Claims Acts, which allow people to file civil actions under seal on behalf of the government and share in any recovery.
The investigation and settlements were the result of a coordinated effort between OAG and USAO-SDNY. Attorney General James thanks USAO-SDNY for their partnership and assistance.
For OAG’s MFCU, the investigation was conducted by Deputy Regional Chief Auditor Matthew Tandle, Auditor-Investigator Doni Corso, and Auditor-Investigator Che Cass, under the supervision of Chief Auditor Dejan Budimir, and Detective-Investigator Natalie Shifrin, under the supervision of Detective Supervisor Dominick DiGennaro. The settlement was handled by Special Assistant Attorney General Tiffany Castleman-Smith of the Civil Enforcement Division, under the supervision of Deputy Chief Diana Elkind. The Civil Enforcement Division is led by Chief Alee Scott. MFCU is led by Director Amy Held and Assistant Deputy Attorney General Paul J. Mahoney. MFCU is part of the Division for Criminal Justice, which is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.
Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.
New York MFCU’s total funding for federal fiscal year (FY) 2025 is $70,502,916. Of that total, 75 percent, or $52,877,188, is funded from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,625,728 for FY 2025, is funded by New York State.
Source: US State of South Carolina
(COLUMBIA, S.C.) – Attorney General Alan Wilson announced that, on March 26, 2025, after a three-day trial, a Lexington County jury found Mark Frick, 57, guilty of Criminal Solicitation of a Minor and Attempted Sexual Exploitation of a Minor, First Degree. The Honorable Judge Debra McCaslin sentenced Frick to 10 years in prison on the Attempted Sexual Exploitation charge and four years on the Solicitation charge. Those sentences will run consecutively for a total sentence of 14 years in prison. He will have to register as a sex offender upon his release.
The investigation of Frick began in August of 2021 when the Lexington County Sheriff’s Department hosted an undercover chat operation in Lexington County involving members of the SC Attorney General’s Internet Crimes Against Children Task Force. Detective Kenneth Clark, of the Mount Pleasant Police and a task force member, created an online persona of a 14-year-old girl on a social media site. Frick began a conversation with the persona and acknowledged her age. Frick continued to message the persona and made plans to meet for a sexual encounter. Frick was taken into custody upon arriving at a predetermined location to meet the 14-year-old persona. Special Investigator Jason Hughes of the SC Attorney General’s Office interviewed Frick, who confessed to attempting to meet the persona.
The SC Attorney General’s Office, Lexington County Sheriff’s Office, Department of Homeland Security, Mount Pleasant Police Department, and NCIS participated in the operation.
Assistant Attorney General Stephen Ryan prosecuted the case with co-counsel Assistant Attorneys General Michelle Pappas and Anna Sharpe.
Source: GlobeNewswire (MIL-OSI)
LUXEMBOURG, March 27, 2025 (GLOBE NEWSWIRE) — Sompo, a leading global provider of commercial and consumer property and casualty (re)insurance, today announced that it has been granted licences by the regulatory authorities to write primary insurance locally in Belgium and the Netherlands.
The development extends further Sompo’s commercial P&C insurance capabilities and product offerings in Continental Europe, where the insurer also operates in Germany, France, Spain, Italy and Switzerland.
Ralph Brand, President, Continental Europe Insurance said: “Sompo has grown its presence significantly across Continental Europe in recent years and the authorisations to write primary insurance locally in Belgium and the Netherlands provide yet another milestone for our business. We know clients are increasingly looking for partners with local presence aligned with global expertise who can support them through all aspects of the many and often complex risks they face. We empower our local teams to work with our clients and brokers to offer a flexible, solutions-driven approach that creates the framework for long-term partnerships and success. I very much look forward to watching us develop opportunities in both these exciting markets.”
For broker and business inquiries relating to Sompo in Belgium and/or the Netherlands, please contact: Herndon Stokes, Head of Distribution & Client Relationship Management, Insurance, Continental Europe, hstokes@sompo-intl.com
About Sompo
We are Sompo, a global provider of commercial and consumer property, casualty, and specialty insurance and reinsurance. Building on the 130 years of innovation of our parent company, Sompo Holdings, Inc., Sompo employs approximately 9,500 people around the world who use their in-depth knowledge and expertise to help simplify and resolve your complex challenges. Because when you choose Sompo, you choose The Ease of Expertise™.
“Sompo” refers to the brand under which Sompo International Holdings Ltd., a Bermuda-based holding company, together with its consolidated subsidiaries, operates its global property and casualty (re)insurance businesses. Sompo International Holdings Ltd. is an indirect wholly-owned subsidiary of Sompo Holdings, Inc., one of the leading property and casualty groups in the world with excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor’s. Shares of Sompo Holdings, Inc. are listed on the Tokyo Stock Exchange.
To learn more please follow us on LinkedIn or visit sompo-intl.com.
*Sompo UK’s insurance and reinsurance business is underwritten by Endurance Worldwide Insurance Limited and any risks located in the European Economic Area are underwritten by SI Insurance (Europe), SA. Both companies are wholly owned subsidiaries of Sompo International Holdings Ltd. Please visit sompo-intl.com to view the full status disclosure.
Sompo Contact
Mike Jones
Global Head of Media Relations
M: +44 7765 901899
E: mijones@sompo-intl.com
Alexandra Brändli
VP, Marketing & Communications, Insurance, Continental Europe
M: +41 79 606 04 49
E: abraendli@sompo-intl.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/231b87ef-949b-46da-81c5-b67dd3e0bbe6
Source: GlobeNewswire (MIL-OSI)
Oak Ridge, Tennessee, March 27, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has received a non-possessing Facility Clearance from the Nuclear Regulatory Commission (NRC). This allows the Company to apply for security clearances for its key employees. The CRISLA technology is a sensitive nuclear technology, and the Company is confident that the DOE will eventually designate the technology as classified restricted data, allowing a path for access to Classified Matter.
Figure 1 – LIS Technologies Inc. Receives a Non-possessing Facility Clearance from the Nuclear Regulatory Commission (NRC) Paving a Path for Access to Classified Matter. This allows the Company to apply for security clearances for its key employees.
“LIS Technologies is positioning itself to become a leader in the production of nuclear fuel for civilian nuclear reactors as well as advanced reactors such as SMRs and microreactors” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “Obtaining security clearances for key personnel is a major step towards this goal and will enable the Company to accelerate the deployment of our technology.”
“The CRISLA technology shows immense potential, and I believe it is only a matter of time before the DOE Office of Classification requires the technology to be protected,” said Christo Liebenberg, CEO of LIS Technologies Inc. “Our proactive approach in obtaining a Facility Clearance and Q-clearances for key personnel will help to position us favorably once the technology becomes Classified. Several design aspects of the CRISLA technology are already being protected as CUI within the Company.”
LIS Technologies is building on the growing momentum within the United States nuclear energy industry, having been selected in December 2024 as one of six companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Optimized for both Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU), it overcomes the limitations of traditional pulsed 16µm CO2 lasers, featuring a streamlined design due to its lower absorption and shorter wavelength at 5.3µm. Demonstrated in the 1980s and 90s, this technology is protected by a patent from the United States Patent and Trademark Office (USPTO). Variations of the technology, as well as further development of the baseline technology, is treated by the Company as “Trade Secret” and as such is protected.
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
In Dec 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.
For more information please visit: LaserIsTech.com
For further information, please contact:
Email: info@laseristech.com
Telephone: 800-388-5492
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Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Attachment
US Senate News:
Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch, Ranking Member of the Senate Judiciary Subcommittee on the Constitution and a member of the Rules Committee, released the following reaction to President Trump’s Executive Order, signed this week seeking to deny the right to vote to eligible citizens. The order would require the Election Assistance Commission to change its federal voter registration form to require proof of citizenship through a passport or birth certificate, restrict mail-in voting, and allow Elon Musk’s so-called “Department of Government Efficiency” to infiltrate our election systems:
“Make no mistake: this is a flagrant, unconstitutional attack on voting rights, designed by the Trump White House and their political enablers to stop Americans from participating in our democracy. Requiring documents that millions of people lack access to—including working voters, voters of color, seniors, young voters, rural voters—is voter suppression, plain and simple,” said Senator Welch. “Donald Trump is shamelessly robbing millions of Americans of their right to vote and allowing Elon Musk to infiltrate our federal elections. It is yet another abuse of executive power by Donald Trump, and we will stand up and fight for the right to vote.”
Half of American adults—around 146 million Americans—do not have a valid passport. In Vermont, fewer than half of citizens have a valid passport. Married women and men who have changed their last name could be stopped from using a birth certificate as their proof of citizenship. More than 28 million people hold a license that doesn’t have their current address with their current name. An estimated 21.3 million people—or around 1 in 10 citizens—do not have ready access to their passport, birth certificate, or proof of citizenship.
Source: The Conversation – Global Perspectives – By Felipe Tirado, PhD Candidate in Law, King’s College London
Bazil’s Supreme Court has unanimously accepted a complaint against former president Jair Bolsonaro and seven allies for attempting a coup d’état.
Bolsonaro governed Brazil between 2019 and 2022, but lost his attempt at re-election to current president Luiz Inácio “Lula” da Silva.
The decision is unprecedented. For the first time in the country’s history, a former president and high-ranking military officers are defendants alleged of crimes linked to a coup d’état.
Besides Bolsonaro, there are other five members of the military accused of being at the heart of a plot. These are General Braga Netto, who was Bolsonaro’s minister and vice-presidential candidate; General Heleno, who was minister of the office of institutional security; General Nogueira, who was minister of defence; Admiral Garnier, former commander of the navy; and Lieutenant-Colonel Mauro Cid, Bolsonaro’s former main aid, who had become a whistleblower.
The other two defendants are Anderson Torres, former minister of justice, and federal congressman Alexandre Ramagem, former director of the Brazilian intelligence agency.
In February, the general prosecutor had indicted these individuals for the crimes of attempting to abolish the democratic state of law, coup d’état, qualified damage and damage to listed heritage, and armed criminal organisation. The sentences could exceed 30 years in prison.
In all, 34 people were indicted. The next complaints to be examined by the court concern the “military nucleus”, responsible for tactical actions. Then, the court will judge complaints regarding the nucleus responsible for organising the actions. Finally, it will analyse claims concerning those accused of coordinating the disinformation initiatives.
The only element that doesn’t have a trial date concerns the spread of disinformation outside Brazil.
All members of the panel voted to accept the charges. The rapporteur, Justice Alexandre de Moraes, stated that the judiciary “will not be intimidated by digital militias, whether national or foreign, because Brazil is a sovereign country”.
Justice Moraes argued that the organisation sought to undermine the democratic rule of law, acting until January 2023. He also indicated that Bolsonaro led this structure, using disinformation about the elections to instigate the coup attempt.
Other justices pointed out that the defences did not deny the coup attempt, but focused on maintaining their clients’ innocence. All justices repudiated acts that undermine the democratic rule of law and Brazilian institutions.
Now that the complaint has been accepted, the panel will set the dates for the hearings and testimonies of the witnesses and the defendants. Then it will analyse the evidence produced throughout the process.
After these phases, the panel will summon the defendants and the prosecution for their closing arguments. It is then that the panel will decide on a possible conviction. If the defendants are convicted, they will begin serving their sentences only after the appeals are over.
The process is expected to develop over the next few months. Because of the 2026 elections, there is some expectation that the process will be finalised this year.
The decision can be seen as yet another example that Brazil is setting for the world. Many believe the country can yet be a model for secure and efficient elections. Judicial initiatives to combat disinformation have become a reference to other countries.
State institutions have already responded to the insurrection of 8 January 2023. This unprecedented decision that made a former president and high-ranking officers defendants for an attempted coup d’état reinforce the central role of the justice system in the defence of democracy.
Felipe Tirado receives funding from the Centre for Doctoral Studies – King’s College London.
– ref. Former Brazilian president Bolsonaro will stand trial over alleged coup attempt – https://theconversation.com/former-brazilian-president-bolsonaro-will-stand-trial-over-alleged-coup-attempt-253198
Source: The White House
The move was immediately hailed by the United Auto Workers — one of the country’s largest labor unions — as a “victory for autoworkers.”
“We applaud the Trump administration for stepping up to end the free trade disaster that has devastated working class communities for decades. Ending the race to the bottom in the auto industry starts with fixing our broken trade deals, and the Trump administration has made history with today’s actions. … The UAW and the working class in general couldn’t care less about party politics; working people expect leaders to work together to deliver results. The UAW has been clear: we will work with any politician, regardless of party, who is willing to reverse decades of working-class people going backwards in the most profitable times in our nation’s history. These tariffs are a major step in the right direction for autoworkers and blue-collar communities across the country, and it is now on the automakers, from the Big Three to Volkswagen and beyond, to bring back good union jobs to the U.S.”
Source: US GOIAM Union
In a resounding victory, over 50 ramp workers at Unifi Aviation in Cleveland have voted overwhelmingly to join the IAM, following nearly a year of dedicated organizing efforts to address low wages and poor treatment by management.
Ramp workers at Unifi have faced many challenges, including excessive workloads, lack of support, and broken promises from management regarding improvements in their working conditions. Despite the physically demanding nature of their roles, these workers have consistently demonstrated their dedication and hard work without receiving the respect or compensation they deserve.
“The organizing campaign was built on strong worker solidarity and open conversations,” said IAM Local 1363 Directing Business Representative Tim Verlinden. “We created a space for daily discussions and strategic planning within the internal committee, allowing us to navigate the many challenges we faced during this process. By staying united and committed, these workers were able to push forward and make their voices heard.”
The ramp agents play a crucial role in airport operations. They are responsible for loading and unloading aircraft, handling baggage, directing planes to gates, and ensuring safety procedures are followed.
“This vote is a clear indication that workers are no longer willing to accept less than what they deserve,” said IAM Eastern Territory General Vice President David Sullivan. “By joining the IAM, they’re choosing to fight for a brighter future, better treatment, and fair compensation.”
Recently, approximately 60 Unifi Aviation ground handling workers based in San Jose, Calif., also voted to join the IAM.
“This vote marks a significant victory for the ramp workers at Unifi Aviation, and we are proud to welcome them into the IAM,” said IAM Air Transport General Vice President Richie Johnsen. “As their new union siblings, we stand united in this fight, and together we will ensure their voices are heard loud and clear until they obtain their first union contract.”
Unifi Aviation operates in approximately 180 airports across the United States performing ground handling and other services for airlines.
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Source: GlobeNewswire (MIL-OSI)
CHICAGO, March 27, 2025 (GLOBE NEWSWIRE) — Despite the volume of U.S. data breaches declining in 2024 from highs reached a year prior, data breach severity reached levels never seen since TransUnion’s measurement began in 2020. These findings were revealed as part of the newly-released TransUnion® (NYSE: TRU) H1 2025 Update to the State of Omnichannel Fraud Report.
In 2024, the number of primary data breaches dipped to 2,577 from 2,842 the year prior, while third-party data breaches fell precipitously to 515 from 2,731 in 2023. However, the severity of those data breaches increased by 34% from one year earlier, with the primary US Breach Risk Score (BRS)1 rising from 4.1 to 5.6 and third party rising from 4.2 to 5.2. Breach Risk Score is measured on a 1–10 scale, where 1 represents the least severe and 10 most.
A primary data breach represents a direct attack on an organization. A third-party data breach, also known as a supply-chain attack, value-chain attack, or backdoor breach, is when an attacker accesses an entity’s network via third-party vendors or suppliers — payroll processing or medical billing, for instance.
The study found that the 2024 U.S. data breaches targeted more high-quality credentials, and consumers reported being targeted by data harvesting scams in every channel, including email, text, phone and online. Exposed identity data enables cybercriminals to power automated, identity-based attacks on organizations and individuals more readily.
“The reversal of the multi-year U.S. data breach growth is certainly a step in the right direction. However, the significant jump in data breach severity is a cause for concern,” said Steve Yin, global head of fraud at TransUnion. “Breach severity is a leading indicator of future fraud. This year’s growth in severity means organizations must be even more diligent moving forward and work even harder to defend against the oncoming identity fraud attacks such as those in account creations, social engineering scams, and account takeovers.”
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1 The BRS is based on the quantity and severity of the particular identity credentials the affected entity determined to have been exposed.
| While U.S. Data Breach Volume Ticked Down in 2024, Data Breach Severity Reached Record Levels | |||||
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Volume | |||||
| Primary data Breaches | 1,248 | 1,841 | 1,834 | 2,842 | 2,577 |
| Third-party data breaches | 689 | 567 | 1,757 | 2,731 | 515 |
| Average Breach Risk Score | |||||
| Primary data Breaches | 3.9 | 4.0 | 4.0 | 4.1 | 5.6 |
| Third-party data breaches | 2.8 | 3.1 | 3.4 | 4.2 | 5.2 |
| Source: TransUnion TruEmpower™ | |||||
These data breaches played a key role in significant financial losses faced by consumers due to fraud. Among consumers TransUnion surveyed in 18 countries and regions in November and December 2024, 29% said they lost money due to online, email, phone or text message fraud in the last year. The newly-released TransUnion (NYSE: TRU) H1 2025 Update to the State of Omnichannel Fraud Report found that the median amount those consumers said they lost due to fraud in the past year was $1,747.
Communities and Video Gaming Among Top Industries Targeted by Suspected Digital Fraud Globally
Communities, which include venues such as online dating and forums, had the highest rate of suspected digital fraud2 attempts globally in 2024. Nearly 12% of all attempted communities transactions were suspected to be digital fraud last year. This is closely followed by video gaming (11%), with gaming (including online betting, poker, etc.) at 8% and retail (8%) rounding out the top four.
The logistics industry, which has seen growth in shipping fraud (often perpetrated by organized crime rings), saw the greatest suspected digital fraud volume growth globally in 2024, up more than 100% over 2023. That being said, the fraud rate remains at a relatively modest 3%. Gaming also saw a significant year-over-year (YoY) volume change, up 20%. Telecommunications (-79%), insurance (-29%) and video gaming (-23%) saw the greatest decreases in suspected digital fraud volume YoY.
“Digital fraud on community platforms is by no means a new phenomenon. However, in 2024, it appears that fraudsters targeted these areas with a renewed vigor,” said Richard Tsai, senior director of global fraud solutions at TransUnion. “Cybercriminals, taking advantage of the trust inherent on community-based platforms, targeted members with a wide range of scammer solicitations, the most reported type of digital fraud in communities.”
For transactions where the consumer or fraudster was located in the U.S., gaming continues to see the highest suspected digital fraud rate. About 14% of attempted transactions were suspected to be digital fraud, roughly the same as 2023. This marks the fifth consecutive year since TransUnion began research on this metric five years ago, where 13% or more of attempted gaming transactions in the U.S. were suspected to be digital fraud.
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2 The rate or percentage of suspected digital fraud attempts reflects those which TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) fraudulent upon customer investigation, or 4) a corporate policy violation upon customer investigation — compared to all transactions assessed. The country and regional analyses examined transactions in which the consumer or suspected fraudster was located in a select country or region when conducting a transaction. Global statistics represents every country worldwide and not just the select countries and regions.
| Communities Saw the Highest Suspected Digital Fraud Rates in 2024 Globally, While Logistics Saw the Greatest Volume Increase | ||
| Industry | Suspected digital fraud attempt rate 2024 | Change in volume of suspected digital fraud attempts from 2023 to 2024 |
| Communities (online dating, forums, etc.) | 11.6% | +9% |
| Video gaming | 10.8% | -23% |
| Gaming (online sports betting, poker, etc.) | 7.8% | +20% |
| Retail | 7.6% | -45% |
| Financial services | 4.9% | +3% |
| Telecommunications | 3.0% | -79% |
| Logistics | 2.6% | +101% |
| Insurance | 2.0% | -29% |
| Government | 1.7% | +6% |
| Travel & leisure | 0.9% | -38% |
| Source: TransUnion TruValidate™ | ||
As part of the same aforementioned consumer survey, 11% of U.S. respondents indicated that they were targeted by online, email, phone call or text messaging fraud from August to December 2024 and fell victim to it. Four in 10 respondents (41%) indicated that they were aware of being targeted, but did not fall victim. Among those able to identify being targeted, the most commonly reported fraud scheme in the U.S. was smishing. Smishing is a type of phishing that uses text messages to mislead people into giving away personal information. The term combines “SMS” and “phishing”.
“While cybercriminals will attack at any time using any channel, they appear to focus on channels most popular in the regions they are targeting,” said Yin. “Text messaging remains incredibly popular in the U.S. and, among many demographic groups, is a far more ubiquitous way to communicate with mobile devices than phone calls. As such, it would stand to reason that smishing would be such a common fraud tactic among fraudsters targeting this region.”
In contrast, nearly half of respondents (48%) indicated that they were not targeted by these types of fraud at all. This raises questions as to whether these respondents were in fact targeted, yet simply unaware.
| India and South Africa Saw the Greatest Percentage of Respondents Falling Victim to Digital Fraud in H2 2024 | ||||
| Country | Targeted and fell victim | Targeted but didn’t fall victim | Not targeted | Most reported fraud scheme |
| India | 13% | 41% | 46% | Identity theft |
| South Africa | 13% | 55% | 31% | Phishing |
| Dominican Republic | 12% | 24% | 64% | Vishing |
| Kenya | 11% | 71% | 19% | Smishing |
| Mexico | 11% | 31% | 58% | Stolen credit card |
| Namibia | 11% | 52% | 37% | Vishing |
| Philippines | 11% | 63% | 26% | Phishing |
| Puerto Rico | 11% | 25% | 63% | Stolen credit card |
| United States | 11% | 41% | 48% | Smishing |
| Brazil | 10% | 30% | 60% | Vishing |
| Rwanda | 10% | 57% | 33% | Money mule |
| Spain | 10% | 25% | 65% | Phishing |
| Canada | 9% | 47% | 44% | Phishing |
| Chile | 9% | 30% | 61% | Vishing |
| Colombia | 9% | 33% | 58% | Vishing |
| Zambia | 9% | 70% | 21% | Smishing |
| Hong Kong | 6% | 45% | 48% | Phishing |
| United Kingdom | 6% | 44% | 50% | Phishing |
| Source: TransUnion consumer survey | ||||
TransUnion came to its conclusions about digital fraud and data breaches based on intelligence from TransUnion TruValidate and TruEmpower respectively.
Specific country and regional data in the report include the United States, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, India, Kenya, Mexico, Namibia, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom and Zambia. Download the TransUnion H1 2025 Update to the State of Omnichannel Fraud Report for more information and insights about the global fraud trends.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
| Contact | Dave Blumberg TransUnion |
|
| david.blumberg@transunion.com | ||
| Telephone | 312-972-6646 | |
Source: GlobeNewswire (MIL-OSI)
TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, together with global alliance partner, Arval, a major player in vehicle leasing and specialist in mobility solutions, are marking the 30th anniversary of the Element-Arval Global Alliance (“EAGA” or the “Alliance”) with new insights published in the 2025 Fleet and Mobility Barometer.
“Our global alliance uniquely offers our fleet and mobility customers the expertise and relationship management needed to deploy strategies across 55 different countries, ensuring solutions meet local needs and maintain very high quality standards,” says Bart Beckers, Chief Commercial Officer of Arval. “The Element-Arval Global Alliance purpose is to support and assist our international clients to successfully build and run their global fleet strategy.“
For 30 years the EAGA has been a global leader within fleet and mobility management. To expand its presence in additional geographies, notably in Asia, the Alliance welcomed Sumitomo Mitsui Auto Service (SMAS) in 2023 and now counts eight members. With presence in 55 countries and the Alliance Members managing 4.5 million vehicles, the Alliance delivers comprehensive expertise and resources to empower their international clients across the globe, helping them to manage their fleets at a strategic, tactical, and operational level.
“We greatly value the extensive relationship we’ve built with Arval and are proud that our global Alliance remains the longest standing across fleet and mobility,” says David Madrigal, Executive Vice President and Chief Commercial Officer. “The insights captured within the annual Fleet and Mobility Barometer we’ve produced together represent one of the many ways we leverage our partnership, shared expertise, and extensive global presence to deliver comprehensive, scalable, and tailored solutions to meet our clients’ needs across the globe.”
The Fleet and Mobility Barometer (the “Barometer”) is an industry-leading annual publication of the Arval Mobility Observatory and Element-Arval Global Alliance, offering a robust and detailed look into evolving industry trends, and providing country-specific insights, deep-dive policy considerations, as well as industry-leading benchmarking. This year’s report addresses three main areas of fleet and mobility transformation: environmental sustainability, cost efficiency, and employee satisfaction.
Key insights from the Barometer include:
Initiated by the Arval Mobility Observatory nearly 20 years ago, Element joined the global Barometer in 2023 to expand benchmarking capabilities to include trends across the United States, Canada, Mexico, Australia, and New Zealand. This year’s benchmarking survey involves more than 8,000 interviews with corporate fleet decision-makers across 28 countries and provides a forward-looking perspective on the next three years.
To read more about the Element-Arval Global Alliance and the 2025 Fleet and Mobility Barometer, visit Global Fleet Management Solutions | Element-Arval Global Alliance – Element Arval.
About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: www.elementfleet.com
About Arval:
Arval is a major actor in full-service vehicle leasing and a specialist in mobility solutions founded in 1989. Arval is fully owned by BNP Paribas and positioned within the Group’s Commercial, Personal Banking & Services division. Arval was leasing nearly 1.8 million vehicles as of the end of 2024. Every day, nearly 8,600 Arval employees in 29 countries offer flexible solutions to make journeys seamless and sustainable for its customers, ranging from large international corporate groups to smaller companies and private customers.
Arval is a founding member of the Element-Arval Global Alliance. The fleets of all the Alliance members represent more than 4.5 million vehicles in 55 countries.
Arval has been rewarded with the highest level of the EcoVadis medal, the platinum level, placing its CSR strategy in the Top 1% of the companies assessed.
www.arval.com
About BNP Paribas:
Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
https://group.bnpparibas/en/
This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target, “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding new product offerings, including the benefits of the products, client demand and profitability, the Company’s ability to execute on its product plans, and the Company’s expectations regarding the risk and insurance industries. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct. External factors outside of Element’s reasonable control may impact our ability to achieve our goals and expectations, including industry dynamics, legislation and regulatory actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, client decisions and preferences. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adjust its initiatives and activities. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa484c54-9cb4-4c81-835c-d59ab8841d95
Source: US Bureau of Economic Analysis
Real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the fourth quarter of 2024 (October, November, and December), according to the third estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.
The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased.
Real GDP was revised up 0.1 percentage point from the second estimate, primarily reflecting a downward revision to imports. For more information, refer to the “Technical Notes” below.
Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down.
From an industry perspective, the increase in real GDP reflected an increase of 2.3 percent in real value added for private goods-producing industries, an increase of 2.4 percent for private services-producing industries, and an increase of 2.7 percent for government.
Real gross output increased 1.7 percent in the fourth quarter, reflecting an increase of 0.3 percent for private goods-producing industries, an increase of 2.0 percent for private services-producing industries, and an increase of 3.1 percent for government.
The price index for gross domestic purchases increased 2.2 percent in the fourth quarter, revised down 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4 percent, the same as previously estimated. Excluding food and energy prices, the PCE price index increased 2.6 percent, revised down 0.1 percentage point from the previous estimate.
Real gross domestic income (GDI) increased 4.5 percent in the fourth quarter compared with an increase of 1.4 percent in the third quarter.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $204.7 billion in the fourth quarter, in contrast to a decrease of $15.0 billion in the third quarter.
| Real GDP and Related Measures | |||
|---|---|---|---|
| (Percent change from Q3 to Q4) | |||
| Advance Estimate | Second Estimate | Third Estimate | |
| Real GDP | 2.3 | 2.3 | 2.4 |
| Current-dollar GDP | 4.5 | 4.8 | 4.8 |
| Real GDI | … | … | 4.5 |
| Average of Real GDP and Real GDI | … | … | 3.5 |
| Gross domestic purchases price index | 2.2 | 2.3 | 2.2 |
| PCE price index | 2.3 | 2.4 | 2.4 |
| PCE price index excluding food and energy | 2.5 | 2.7 | 2.6 |
Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), the same as previously estimated. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.
From an industry perspective in 2024, private goods-producing industries increased 3.4 percent, private services-producing industries increased 2.8 percent, and government increased 1.9 percent.
The price index for gross domestic purchases increased 2.4 percent in 2024, the same as previously estimated. The PCE price index increased 2.5 percent and the PCE price index excluding food and energy prices increased 2.8 percent, both the same as previously estimated.
Real gross domestic income (GDI) increased 3.0 percent in 2024, compared with an increase of 1.7 percent in 2023.
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $281.3 billion in 2024, compared with an increase of $229.8 billion in 2023.
Next release: April 30, 2025, at 8:30 a.m. EDT
Gross Domestic Product (Advance Estimate)
1st Quarter 2025
Real GDP increased at an annual rate of 2.4 percent (0.6 percent at a quarterly rate1), an upward revision of 0.1 percentage point from the previous estimate, primarily reflecting a downward revision to imports that was partly offset by a downward revision to consumer spending.
More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.
1Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?. .
Source: US State of California
Task Force Invites Public Input Targeting Red Tape that Hinders Free Market Competition
Today, the Justice Department launches an Anticompetitive Regulations Task Force to advocate for the elimination of anticompetitive state and federal laws and regulations that undermine free market competition and harm consumers, workers, and businesses. The Antitrust Division has a long history of advocacy against laws and regulations that create unnecessary barriers to competition. The Task Force will surge resources to these efforts and invite public comments to support the Administration’s mission to unwind laws and regulations that hinder business dynamism and make markets less competitive.
“Realizing President Trump’s economic Golden Age will require unwinding burdensome regulations that stifle free market competition. This Antitrust Division will stand against harmful barriers to competition whether imposed by public regulators or private monopolists,” said Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division. “We look forward to working with the public and with other federal agencies to identify and eliminate anticompetitive laws and regulations.”
On Jan. 31, President Trump signed Executive Order 14192 declaring “the policy of the executive branch” to be that federal agencies should “alleviate unnecessary regulatory burdens placed on the American people.” Consistent with this policy, on Feb. 19, President Trump signed Executive Order 14219 directing agencies to “initiate a process to review all regulations” and identify regulations that, among other things, “impose undue burdens on small businesses and impede private enterprise and entrepreneurship.” Consistent with longstanding practice, the Antitrust Division will support federal agencies’ deregulatory initiatives by sharing its market expertise on regulations that pose the greatest barriers to economic growth.
Regulatory capture is a well-studied phenomenon in which agencies become “captured” by special interests and big businesses, rather than serving the interests of the American people. But when regulations serve the few and impose undue burdens on small businesses, private enterprise, and entrepreneurs, they also harm competition and ultimately hurt American consumers, workers, and businesses. For example, regulations can increase compliance costs, preventing businesses from competing on a level playing field with powerful corporations. Regulations can also discourage or even intentionally prohibit small businesses and new products from entering markets and lowering prices for American families. In contrast, eliminating unnecessary anticompetitive regulations makes it easier for businesses to compete. More competition empowers the American people — not government regulators — to drive economic progress and innovation. When every American has a fair opportunity to enjoy the benefits of competitive free markets, every American has an opportunity to realize the American dream.
By identifying and working with state and federal agencies to revise or eliminate these laws and regulations, the Anticompetitive Regulations Task Force will contribute to making the American dream a reality. As a first step, the Antitrust Division will initiate a public inquiry to identify unnecessary laws and regulations that raise the highest barriers to competition. In particular, the Division will seek information from the public about laws and regulations that make it more difficult for businesses to compete effectively, especially in markets that have the greatest impact on American households, including:
The public will have 60 days to submit comments at Regulations.gov, no later than May 26. Once submitted, comments will be posted to Regulations.gov. All market participants are invited to provide comments in response to this inquiry, including consumers, consumer advocates, small businesses, employers, trade groups, industry analysts, and other entities that are impacted by anticompetitive state or federal laws and regulations.
In addition to reviewing responses from the public, the Task Force will bring together attorneys, economists, and other staff from across the Division, together with interagency partners, to identify state and federal laws and regulations that unnecessarily harm competition. The Antitrust Division will then take appropriate action, including helping agencies revise or eliminate these regulations.
The Task Force will also consider other ways to advocate for the removal of anticompetitive laws and regulations. The Division routinely files amicus briefs and statements of interests in private litigation, and it will continue to do so to promote competition and oppose anticompetitive laws and regulations. The Division also provides comments on proposed legislation in the states on the request of state legislators. These efforts will continue with an eye toward protecting competition and interstate commerce in light of dormant Commerce Clause principles.
The Justice Department has a long history of serving as the Executive Branch’s chief competition advocate by working with agencies to identify and eliminate unnecessary regulations. In 2018, the Justice Department released a report on how regulations can harm competition. Following this report, the Justice Department submitted dozens of comments to federal agencies supporting efforts to eliminate unnecessary regulations and increase competition. For example, the Justice Department, in consultation with the Federal Trade Commission, submitted a comment opposing regulations that would have protected incumbent electricity transmission companies from much-needed competition in energy markets across the country. The Justice Department filed comments aimed at making it easier for individuals and small businesses to navigate the federal government bureaucracy. The Justice Department also provided technical assistance and trainings to federal agencies to help them analyze how new and existing regulations might affect competition, or whether competition may be a better alternative to regulation altogether.
The Anticompetitive Regulations Task Force will continue these efforts, supporting ongoing efforts across the Trump Administration to unleash competition by eliminating unnecessary, burdensome, and wasteful government regulations. For more information on the Task Force, including contact information, see the Anticompetitive Regulations Task Force page on the Division’s website.
FOR FURTHER INFORMATION CONTACT: AnticompetitiveRegulations@usdoj.gov.
Source: US Army (video statements)
The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.
Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L
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Web: https://www.army.mil
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#USArmy #Soldiers #Military #Shorts
Source: The Conversation – Canada – By Lori Turnbull, Professor of Political Science in the Faculty of Management at Dalhousie University, Dalhousie University
This federal election is being described as the most consequential in modern Canadian history. The country is in a tariff and trade war with its closest ally, the United States, and President Donald Trump is threatening Canada’s sovereignty.
No wonder Canadians are feeling anxious and fearful. And in times of crisis, people tend to look extra hard for leaders they can trust.
Liberal Leader Mark Carney, a rookie in politics but an internationally respected economist, is enjoying a wave of momentum. Due to his stints as governor of the Bank of Canada during the 2008-09 financial crash and the Bank of England during Brexit, he’s well-qualified to manage economic roller-coasters. Can his impressive CV help calm the fears of Canadians?
Conservative Leader Pierre Poilievre, on the other hand, has been connecting with supporters by giving voice to their worries about the economy, jobs, crime and the housing crisis. He’s made people feel heard, but he’s also been accused of building his brand appeal by stoking — rather than soothing — Canadians’ fears about the future.
Carney’s track record as a fixer could give him the edge now that the election campaign is in full swing and Canada’s fears are being amplified.
Before Justin Trudeau announced his plans to leave politics, the next federal election was shaping up to be a showdown between Trudeau and Poilievre, two career politicians with likeability problems and a palpable mutual resentment.
Each of them often used fear as a tool to warn Canadians about the dangers of electing the other. The mood in the country was sour.
In July 2024, an Abacus Data poll indicated only 23 per cent of Canadians felt the country was headed in the right direction. The affordability crisis was weighing on people, as 45 per cent of respondents reported having a hard time keeping up with daily expenses due to rising prices.
The long-standing consensus around the benefits of immigration was crumbling due to the lack of suitable housing for everyone.
Read more:
Canada at a crossroads: Understanding the shifting sands of immigration attitudes
A third of Canadians also self-identified as “political orphans” who felt that none of the political parties truly represented them.
Most of the public was blaming the Liberals for the broad mismanagement of various important complex policy files, and the Conservatives were the largest beneficiaries of voter frustration. They looked like they had the next election in the bag.
It’s now March 2025 and the political playing field looks wildly different. Though the aforementioned issues remain salient, Trudeau has resigned and Carney has erased the lead in public support that Poilievre and the Conservatives held not long ago.
Most polls suggest the parties are in a dead heat while others have Carney pulling ahead. In the hope of winning enough votes to form a majority government — in Carney’s own words, he’s asked the public for a “strong, positive mandate” — he is running on a platform aimed at the political centre to offer a home to those political orphans.
Carney’s pitching tax cuts, pipeline projects, reduced trade barriers between the provinces and balanced operational spending while running deficits for investments that would grow the economy. He’s done away with the unpopular consumer carbon tax.
Given that Carney is pulling the Liberals back to the centre, and that there is actually overlap between the Conservatives and the Liberals — both spent the first full day of the campaign promising income tax cuts — it seems the real choice in this election is about leadership rather than dramatically different policy platforms.
It’s no surprise that Carney’s unique professional experience elevates his bid to be prime minister in the current political climate. So far, he’s been a calm presence amid a volatile and developing storm. Despite Conservative efforts to try to diminish him, his credentials speak for themselves.
This helps him to build trust among voters. At any other time, his snippiness with the media when asked about his financial holdings might cost him some political capital, but in the current moment, he will likely be given a pass.
Read more:
Can Mark Carney truly connect with Canadian voters? Canada will now find out
As British Prime Minister Harold Macmillan once explained, politics is about “events, dear boy, events.”
Much to the certain chagrin of Conservatives, the polls suggest this moment was custom-made for Carney.
Trump’s attacks and threats against Canadian sovereignty tee up Carney’s pitches for Canada’s economic independence perfectly. His campaign material basically writes itself, and his economic gravitas makes him a solid messenger.
Carney is both reassuring Canadians in this moment of anxiety as well as tapping into Canadian pride, in his own words and through celebrity proxies like comedian Mike Myers who are helping him reach audiences who tuned out Trudeau a long time ago.
This is not to count out Poilievre. With the Conservative base firmly behind him, he could be poised to form a government or keep Carney to a minority.
But the question on the ballot is no longer about Trudeau — it’s about who Canadians trust to lead them through a disruptive and unpredictable time.
Poilievre has been working tirelessly for years to position himself as the person for the job.
But the peculiar circumstances of the moment — and the fear and anxiety that Canadians are having trouble shaking amid Trump’s continuing threats — might drive many voters towards the non-politician whose track record as a fixer gives people the reassurance they are looking for.
Lori Turnbull 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. Canadians are anxious as they ponder how to vote this election. Which leader can ease their fears? – https://theconversation.com/canadians-are-anxious-as-they-ponder-how-to-vote-this-election-which-leader-can-ease-their-fears-252701
Source: GlobeNewswire (MIL-OSI)
– Revenue of $56 million, up 21% Y/Y –
– Gross mining margin of 47%, down from 57% from Q4 2023 –
– 18.6 EHuM up 186% from Q4 2023-
– Current efficiency of 19w/TH a 45% improvement from Q4 2023-
-Total energy pipeline of ~1.4 GW, ~80% based in the U.S.-
-Completed acquisition of Stronghold Digital Mining & sale of Yguazu, Paraguay data center-
This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, Ontario and BROSSARD, Québec, March 27, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the fourth quarter ended December 31, 2024. All financial references are in U.S. dollars.
CEO Ben Gagnon stated, “Bitfarms is a completely different company than we were at the beginning of 2024. Across nearly every metric, we have rapidly transformed from the international Bitcoin miner to a North American energy and compute company. We now have one of the largest portfolios of flexible MW in the PJM market among Bitcoin miners and are well-positioned to capitalize on macro tailwinds and surging demand for U.S. power and infrastructure. From January 2024, we’ve grown our energized capacity over 90% to 461 MW and secured a multi-year pipeline of over 1.4 GW, nearly 80% of which is based in the U.S and over 90% of which is based in North America.
“Just last week, we closed both the transformative acquisition of Stronghold Digital Mining, the largest M&A deal between two public miners in our industry, and the strategic sale of our 200 MW Yguazu data center, our largest constructed site. Thus far this quarter, we advanced our HPC/AI strategy with the engagement of two new advisors, hired two new critical team members, an SVP of HPC and an SVP of Infrastructure, and significantly improved our hashrate, reaching 18.6 EHuM, which we expect will generate operating cash flow through 2026 and beyond.
“While we remain confident in the significant upside potential of our BTC mining operations and continue to maximize the value of our assets, our revenue diversification strategy—both in the U.S. and with HPC/AI—is geared toward driving greater shareholder value. We aim to secure long-term, predictable cash flows from a well-capitalized HPC/AI customer, while diversifying our revenue streams, reducing our dependency on BTC price volatility, and capitalizing on the growing demand for AI computing. Our two recent strategic transactions, the Stronghold acquisition and the Yguazu data center sale, demonstrate execution of this strategy,” concluded Mr. Gagnon.
SVP of Mining Operations Alex Brammer stated, “We’ve made significant progress with our mining operations over the past year, nearly tripling our hashrate and improving our efficiency by over 40%. This momentum continues to accelerate. In the last three months alone, we grew our hashrate over 40% to 18.6 EH/s and reached our first half efficiency target of 19 w/TH three months ahead of schedule. This was achieved through the energization of two North American sites, new miner deliveries and continued optimizations across all of our sites.”
CFO Jeff Lucas stated, “The recent acquisition of Stronghold and sale of Yguazu have expanded our growth opportunities and strengthened our financial profile. Our identified capex requirements for 2025 are now 20% lower than previously planned and we have no plans for large miner purchases in 2025 or 2026; instead, we will be deploying this capital towards developing U.S. energy and HPC infrastructure. We expect that this shift in our strategy will enable us to raise capital more cost-effectively and to secure steadier earnings streams and greater operating margins, the culmination of which we expect will drive long-term shareholder value.”
Anticipated Megawatt Growth
Mining Operations
Recent Strategic Developments
Q4 2024 Financial Highlights
Liquidity**
As of March 26, 2025, the Company had total liquidity of approximately $135 million.
Q4 2024 and Recent Financing Activities
| Quarterly Operating Performance | |||
| Q4 2024 | Q3 2024 | Q4 2023 | |
| Total BTC earned | 654 | 703 | 1,236 |
| Average Watts/Average TH efficiency*** | 22 | 23 | 35 |
| BTC sold | 502 | 461 | 1,135 |
| As of December 31, | As of September 30, | As of December 31, | |
| 2024 | 2024 | 2023 | |
| Operating EH/s | 12.8 | 11.3 | 6.5 |
| Operating capacity (MW) | 394 | 310 | 240 |
| Quarterly Average Revenue**** and Cost of Production per BTC* | ||||||||||
| Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | ||||||
| Avg. Rev****/BTC | $82,400 | $60,900 | $65,800 | $52,400 | $36,400 | |||||
| Direct Cost*/BTC | $40,800 | $36,600 | $30,600 | $18,400 | $14,400 | |||||
| Total Cash Cost*/BTC | $60,800 | $53,700 | $47,600 | $27,900 | $23,300 | |||||
* Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.
** Liquidity represents cash and balance of unrestricted digital assets.
*** Average watts represent the energy consumption of miners.
**** Average revenue per BTC is for mining operations only and excludes Volta revenue.
Conference Call
Management will host a conference call today at 8:00 am EST. All Q4 2024 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.
The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.
Non-IFRS Measures*
As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.
The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 15 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the the Company’s energy pipeline and its anticipated megawatt growth in each of the years 2025, 2026 and 2028, its revenue diversification strategy, the success of the Company’s HPC/AI strategy and its ability to capitalize on growing demand for AI computing while securing predictable cash flows, the Company’s ability to drive greater shareholder value, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Investor Relations Contacts:
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com
Media Contacts:
Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com
| Bitfarms Ltd. Consolidated Financial & Operational Results | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (U.S.$ in thousands except where indicated) | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
| Revenues | 56,163 | 46,241 | 9,922 | 21 | % | 192,881 | 146,366 | 46,515 | 32 | % | ||||||
| Cost of revenues | (54,776 | ) | (44,484 | ) | (10,292 | ) | 23 | % | (225,240 | ) | (167,868 | ) | (57,372 | ) | 34 | % |
| Gross (loss) profit | 1,387 | 1,757 | (370 | ) | (21) | % | (32,359 | ) | (21,502 | ) | (10,857 | ) | 50 | % | ||
| Gross margin (1) | 2 | % | 4 | % | — | — | (17) | % | (15) | % | — | — | ||||
| Operating expenses | ||||||||||||||||
| General and administrative expenses | (18,042 | ) | (13,405 | ) | (4,637 | ) | 35 | % | (71,240 | ) | (39,292 | ) | (31,948 | ) | 81 | % |
| Reversal of revaluation loss on digital assets |
— | 1,183 | (1,183 | ) | (100) | % | — | 2,695 | (2,695 | ) | (100) | % | ||||
| Gain (loss) on disposition of property, plant and equipment and deposits |
270 | (2 | ) | 272 | nm | (336 | ) | (1,778 | ) | 1,442 | (81) | % | ||||
| Impairment on short-term prepaid deposits, property, plant and equipment and assets held for sale |
— | (2,270 | ) | 2,270 | 100 | % | (3,628 | ) | (12,252 | ) | 8,624 | (70) | % | |||
| Operating loss | (16,385 | ) | (12,737 | ) | (3,648 | ) | 29 | % | (107,563 | ) | (72,129 | ) | (35,434 | ) | 49 | % |
| Operating margin (1) | (29) | % | (28) | % | — | — | (56) | % | (49) | % | — | — | ||||
| Net financial income (expenses) | 21,843 | (49,686 | ) | 71,529 | 144 | % | 39,210 | (37,194 | ) | 76,404 | 205 | % | ||||
| Net (loss) income before income taxes | 5,458 | (62,423 | ) | 67,881 | 109 | % | (68,353 | ) | (109,323 | ) | 40,970 | (37) | % | |||
| Income tax recovery | 9,707 | 378 | 9,329 | nm | 14,290 | 401 | 13,889 | nm | ||||||||
| Net (loss) income | 15,165 | (62,045 | ) | 77,210 | 124 | % | (54,063 | ) | (108,922 | ) | 54,859 | (50) | % | |||
| Basic (loss) earnings per share (in U.S. dollars) | 0.03 | (0.21 | ) | — | — | (0.13 | ) | (0.42 | ) | — | — | |||||
| Diluted earnings (loss) per share (in U.S. dollars) | 0.03 | (0.21 | ) | — | — | (0.13 | ) | (0.42 | ) | — | — | |||||
| Change in revaluation surplus – digital assets, net of tax | 26,421 | 7,675 | 18,746 | 244 | % | 39,120 | 9,242 | 29,878 | 323 | % | ||||||
| Total comprehensive income (loss), net of tax | 41,586 | (54,370 | ) | 95,956 | 176 | % | (14,943 | ) | (99,680 | ) | 84,737 | (85 | %) | |||
| Gross Mining profit (2) | 25,786 | 25,454 | 332 | 1 | % | 94,469 | 70,277 | 24,192 | 34 | % | ||||||
| Gross Mining margin (2) | 47 | % | 57 | % | — | — | 50 | % | 50 | % | — | — | ||||
| EBITDA (2) | 29,752 | (40,542 | ) | 70,294 | 173 | % | 68,315 | (21,879 | ) | 90,194 | 412 | % | ||||
| EBITDA margin (2) | 53 | % | (88) | % | — | — | 35 | % | (15) | % | — | — | ||||
| Adjusted EBITDA (2) | 14,315 | 16,332 | (2,017 | ) | (12) | % | 54,661 | 43,558 | 11,103 | 25 | % | |||||
| Adjusted EBITDA margin (2) | 25 | % | 35 | % | — | — | 28 | % | 30 | % | — | — | ||||
| 1 | Gross margin and Operating margin are supplemental financial ratios; refer to Section 10 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A. |
| 2 | Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 10 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A. |
| Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (U.S.$ in thousands except where indicated) | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
| Revenues | 56,163 | 46,241 | 9,922 | 21 | % | 192,881 | 146,366 | 46,515 | 32 | % | ||||||
| Net (loss) income before income taxes | 5,458 | (62,423 | ) | 67,881 | nm | (68,353 | ) | (109,323 | ) | 40,970 | (37) | % | ||||
| Interest (income) and expense | (290 | ) | 91 | (381 | ) | (419) | % | (4,299 | ) | 2,659 | (6,958 | ) | (262) | % | ||
| Depreciation and amortization | 24,584 | 21,790 | 2,794 | 13 | % | 149,727 | 84,785 | 64,942 | 77 | % | ||||||
| Sales tax recovery – depreciation and amortization | — | — | — | — | % | (8,760 | ) | — | (8,760 | ) | 100 | % | ||||
| EBITDA | 29,752 | (40,542 | ) | 70,294 | nm | 68,315 | (21,879 | ) | 90,194 | nm | ||||||
| EBITDA margin | 53 | % | (88) | % | — | — | 35 | % | (15) | % | — | nm | ||||
| Share-based payment | 4,021 | 3,906 | 115 | 3 | % | 13,949 | 10,915 | 3,034 | 28 | % | ||||||
| Impairment on short-term prepaid deposits, property, plant and equipment and assets held for sale | — | 2,270 | (2,270 | ) | 100 | % | 3,628 | 12,252 | (8,624 | ) | (70) | % | ||||
| Reversal of revaluation loss on digital assets | — | (1,183 | ) | 1,183 | 100 | % | — | (2,695 | ) | 2,695 | 100 | % | ||||
| Gain on extinguishment of long-term debt and lease liabilities | — | — | — | — | % | — | (12,835 | ) | 12,835 | 100 | % | |||||
| (Gain) loss revaluation of warrants | (6,314 | ) | 42,760 | (49,074 | ) | (115) | % | (19,603 | ) | 42,974 | (62,577 | ) | (146) | % | ||
| Gain on disposition of marketable securities | (782 | ) | (999 | ) | 217 | (22) | % | (2,313 | ) | (12,245 | ) | 9,932 | (81) | % | ||
| Service fees not associated with ongoing operations | 1,287 | — | 1,287 | 100 | % | 13,766 | — | 13,766 | 100 | % | ||||||
| Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) | — | 2,485 | (2,485 | ) | 100 | % | (16,081 | ) | 9,281 | (25,362 | ) | (273) | % | |||
| Net financial (income) expense and other | (13,649 | ) | 7,635 | (21,284 | ) | (279) | % | (7,000 | ) | 17,790 | (24,790 | ) | (139) | % | ||
| Adjusted EBITDA | 14,315 | 16,332 | (2,017 | ) | (12) | % | 54,661 | 43,558 | 11,103 | 25 | % | |||||
| Adjusted EBITDA margin | 25 | % | 35 | % | — | — | 28 | % | 30 | % | — | — | ||||
nm: not meaningful
| 1 | Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. |
| Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (U.S.$ in thousands except where indicated) | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
| Gross (loss) profit | 1,387 | 1,757 | (370 | ) | (21) % | (32,359 | ) | (21,502 | ) | (10,857 | ) | 50 | % | |||
| Non-Mining revenues¹ | (1,592 | ) | (1,285 | ) | (307 | ) | 24 | % | (5,102 | ) | (5,060 | ) | (42 | ) | 1 | % |
| Depreciation and amortization | 24,584 | 21,790 | 2,794 | 13 | % | 149,727 | 84,785 | 64,942 | 77 | % | ||||||
| Sales tax recovery – depreciation and amortization | — | — | — | — | % | (8,760 | ) | — | (8,760 | ) | (100) | |||||
| Electrical components and salaries | 1,403 | 1,095 | 308 | 28 | % | 4,081 | 4,151 | (70 | ) | (2) | % | |||||
| Sales tax recovery – prior years – energy and infrastructure² | — | 2,211 | (2,211 | ) | 100 | % | (14,338 | ) | 8,366 | (22,704 | ) | (271) | % | |||
| Other | 4 | (114 | ) | 118 | nm | 1,220 | (463 | ) | 1,683 | nm | ||||||
| Gross Mining profit | 25,786 | 25,454 | 332 | 1 | % | 94,469 | 70,277 | 24,192 | 34 | % | ||||||
| Gross Mining margin | 47 | % | 57 | % | — | — | 50 | % | 50 | % | — | — | ||||
nm: not meaningful
| (1 | ) | Non-Mining revenues reconciliation: |
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (U.S.$ in thousands except where indicated) | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
| Revenues | 56,163 | 46,241 | 9,922 | 21 | % | 192,881 | 146,366 | 46,515 | 32 | % | ||||||
| Less Mining related revenues for the purpose of calculating gross Mining margin: | ||||||||||||||||
| Mining revenues³ | (54,571 | ) | (44,956 | ) | (9,615 | ) | 21 | % | (187,779 | ) | (141,306 | ) | (46,473 | ) | 33 | % |
| Non-Mining revenues | 1,592 | 1,285 | 307 | 24 | % | 5,102 | 5,060 | 42 | 1 | % | ||||||
| (2 | ) | Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. |
| (3 | ) | Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services. |
| Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (U.S.$ in thousands except where indicated) | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
| Cost of revenues | 54,776 | 44,484 | 10,292 | 23 | % | 225,240 | 167,868 | 57,372 | 34 | % | ||||||
| Depreciation and amortization | (24,584 | ) | (21,790 | ) | (2,794 | ) | 13 | % | (149,727 | ) | (84,785 | ) | (64,942 | ) | 77 | % |
| Sales tax recovery – depreciation and amortization | — | — | — | — | % | 8,760 | — | 8,760 | 100 | % | ||||||
| Electrical components and salaries | (1,403 | ) | (1,091 | ) | (312 | ) | 29 | % | (4,081 | ) | (4,141 | ) | 60 | (1) | % | |
| Infrastructure | (1,456 | ) | (1,607 | ) | 151 | (9) | % | (5,784 | ) | (3,909 | ) | (1,875 | ) | 48 | % | |
| Sales tax recovery – prior years – energy and infrastructure (1) | — | (2,211 | ) | 2,211 | 100 | % | 14,338 | (8,366 | ) | 22,704 | 271 | % | ||||
| Other | (649 | ) | — | (649 | ) | (100) | % | — | 82 | (82 | ) | (100) | % | |||
| Direct Cost | 26,684 | 17,785 | 8,899 | 50 | % | 88,746 | 66,749 | 21,997 | 33 | % | ||||||
| Quantity of BTC earned | 654 | 1,236 | (582 | ) | (47) | % | 2,914 | 4,928 | (2,014 | ) | (41) | % | ||||
| Direct Cost per BTC (in U.S. dollars) | 40,800 | 14,400 | 26,400 | 183 | % | 30,500 | 13,500 | 17,000 | 126 | % | ||||||
nm: not meaningful
| Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| (U.S.$ in thousands except where indicated) | 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||
| Cost of revenues | 54,776 | 44,484 | 10,292 | 23 | % | 225,240 | 167,868 | 57,372 | 34 | % | ||||||
| General and administrative expenses | 18,042 | 13,405 | 4,637 | 35 | % | 71,240 | 39,292 | 31,948 | 81 | % | ||||||
| 72,818 | 57,889 | 14,929 | 26 | % | 296,480 | 207,160 | 89,320 | 43 | % | |||||||
| Depreciation and amortization | (24,584 | ) | (21,790 | ) | (2,794 | ) | 13 | % | (149,727 | ) | (84,785 | ) | (64,942 | ) | 77 | % |
| Non-cash service expense (2) | (688 | ) | — | (688 | ) | (100) | % | (1,252 | ) | — | (1,252 | ) | (100) | % | ||
| Sales tax recovery – depreciation and amortization | — | — | — | — | % | 8,760 | — | 8,760 | 100 | % | ||||||
| Electrical components and salaries | (1,403 | ) | (1,091 | ) | (312 | ) | 29 | % | (4,081 | ) | (4,141 | ) | 60 | (1) | % | |
| Share-based payment | (4,021 | ) | (3,906 | ) | (115 | ) | 3 | % | (13,949 | ) | (10,915 | ) | (3,034 | ) | 28 | % |
| Service fees not associated with ongoing operations | (1,287 | ) | — | (1,287 | ) | (100) | % | (13,766 | ) | — | (13,766 | ) | (100) | % | ||
| Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) | — | (2,485 | ) | 2,485 | 100 | % | 16,081 | (9,281 | ) | 25,362 | 273 | % | ||||
| Other | (1,078 | ) | 201 | (1,279 | ) | (636) | % | (5,659 | ) | 890 | (6,549 | ) | (736) | % | ||
| Total Cash Cost | 39,757 | 28,818 | 10,939 | 38 | % | 132,887 | 98,928 | 33,959 | 34 | % | ||||||
| Quantity of BTC earned | 654 | 1,236 | (582 | ) | (47) | % | 2,914 | 4,928 | (2,014 | ) | (41) | % | ||||
| Total Cash Cost per BTC (in U.S. dollars) | 60,800 | 23,300 | 37,500 | 161 | % | 45,600 | 20,100 | 25,500 | 127 | % | ||||||
nm: not meaningful
| 1 | Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. |
| 2 | Non-cash service expense, included in infrastructure, which was exchanged for computational power sold. |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d24a5e36-6201-4d4f-a4f9-8fdc9aaeb95b
