LAS VEGAS – A Las Vegas business owner made his initial appearance in court yesterday for allegedly misrepresenting that his company was a profitable, up-and-running artificial intelligence company that mined cryptocurrency, verified cryptocurrency transactions, paid fixed rates of return on investments, and provided a 100% money back guarantee. In total, the defendant obtained approximately $24 million from at least 400 investors.
“Mr. Kovar allegedly stole victims’ hard-earned money by making false representations regarding his investment company, including misleading some victims to believe their investments were backed by the FDIC,” said Ryan Korner, Special Agent in Charge with the Federal Deposit Insurance Corporation Office of Inspector General (FDIC OIG). “FDIC OIG is committed to identifying, and holding accountable, those who endanger our Nation’s financial system by victimizing others for their personal gain.”
Brent C. Kovar, 58, is charged with 12 counts of wire fraud, three counts of mail fraud, and three counts of money laundering. A jury trial has been scheduled to begin on April 8, 2025, before United States District Judge Jennifer A. Dorsey.
According to allegations contained in the indictment, from late 2017 to July 2021, Kovar owned Profit Connect, a Las Vegas, Nev., based company that purportedly used artificial intelligence software on a supercomputer to mine cryptocurrency and verify cryptocurrency transactions. He falsely represented to investors that Profit Connect paid a fixed rate of return of 15%-30% APR and provided a 100% money-back guarantee. In reality, Kovar used investor money to operate Profit Connect, buy gifts for employees, buy a house for himself, and repay investors as if those repayments came from mining cryptocurrency and verifying cryptocurrency transactions.
As part of the scheme, Kovar created a website, a YouTube video, and a PowerPoint presentation in which he made the misrepresentations to influence customers to buy investments. Furthermore, he leased office space for a sales office and a warehouse for a data center. As alleged, investments were sold through an entity known as Profit Connect Wealth Services. Kovar sent money via wire transfers to investors, he mailed checks through the U.S. Postal Service, and he engaged in monetary transactions greater than $10,000 that were derived from unlawful activity.
If convicted, Kovar faces a total maximum statutory penalty of 330 years in prison and a fine of not more than $4,500,000. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting United States Attorney Sue Fahami, Special Agent in Charge Spencer L. Evans for the FBI Las Vegas Division, Special Agent in Charge Ryan Korner for the FDIC OIG, and Special Agent in Charge Carissa Messick for the IRS Criminal Investigation (IRS-CI) Phoenix Field Office made the announcement.
The FBI, FDIC OIG, and IRS-CI investigated the case. Assistant United States Attorney Daniel Schiess is prosecuting the case.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: United States Senator for Idaho James E Risch
WASHINGTON – U.S. Senator Jim Risch released the following statement today celebrating action by President Donald Trump’s Secretary of Veterans Affairs, Doug Collins, allowing the Boise veterans’ home to complete an essential modernization project stalled for two years by the Biden administration.
“Secretary Collins made a promise to me that he would break down the bureaucratic barriers that have unjustly denied Idaho’s veterans from receiving their hard-earned benefits and care. He delivered. In just two weeks, President Trump’s Secretary of Veterans Affairs accomplished what the Biden administration refused to do for two years.
“The Biden administration played favorites by selectively applying red tape that blocked the modernization of veterans’ facilities across Idaho. Our veterans selflessly dedicated their lives to protecting our freedoms. They should never be forced to fight for access to the high-quality care and services they deserve.
“I am proud to have worked with Secretary Collins to honor our commitment to Idaho’s veterans. I look forward to partnering with President Trump and Secretary Collins to ensure that facilities across the Gem State can finally proceed with long overdue projects that are vital to our veterans’ health and safety.
“Together, we are removing obstacles to providing the brave men and women who served our great nation the care they rightfully earned.”
Background:
In December, Senator Risch met with Secretary Collins before his confirmation to discuss the significant roadblocks imposed by the Biden administration’s Department of Veterans Affairs (VA), which halted modernization projects at Idaho’s veterans’ homes.
Senator Risch specifically requested that Secretary Collins issue the necessary waivers that would exempt these projects from Build America, Buy America Act (BABAA) requirements. On Wednesday, Secretary Collins signed a BABAA waiver for the State Veteran Home in Boise, and personally called Senator Risch to deliver the news.
Despite repeated attempts by Senator Risch, the Idaho Congressional Delegation, and Idaho Constitutional Officers, the Biden administration refused to grant BABAA waivers to Idaho State Veteran Homes in Boise, Pocatello, and Lewiston. In 2024, Senator Risch introduced the Waiving Arbitrary and Inconsistent Veteran home Eligibility Requirements (WAIVER) Act as a legislative fix to the BABAA.
Most federal agencies, including the VA, previously granted BABAA waivers for projects that predated the legislation’s enactment in 2022. While the Biden administration’s VA indicated it intended to grant these waivers for Idaho’s homes, none were ever received. Instead, only three were issued—predominately to Democrat-led states.
Senator Risch will continue to work with Secretary Collins and President Trump to secure waivers for modernization projects at the Pocatello and Lewiston State Veteran Homes.
OTTAWA, Ontario, Feb. 14, 2025 (GLOBE NEWSWIRE) — The following matter was voted upon at the Annual Meeting of Shareholders of Calian® Group Ltd. (TSX:CGY), held on February 13, 2025 in Ottawa, Ontario. This and other matters voted upon are described in greater detail in the Notice of Annual Meeting of Shareholders and Management Proxy Circular dated December 30, 2024.
Detailed results of the vote for the election of directors are set out below.
Name of Nominee
Votes For
% Votes For
Votes Against
% Votes Against
George Weber
6,474,389
82.99%
1,327,223
17.01%
Josh Blair
7,786,162
99.80%
15,450
0.20%
Kevin Ford
7,788,179
99.83%
13,433
0.17%
Lisa Greatrix
7,781,072
99.74%
20,540
0.26%
Lori O’Neill
7,630,438
97.81%
171,174
2.19%
Young Park
7,634,699
97.86%
166,913
2.14%
Jo-Anne Poirier
7,635,858
97.88%
165,754
2.12%
Royden Ronald Richardson
7,633,263
97.84%
168,349
2.16%
Valerie Sorbie
7,638,974
97.92%
162,638
2.08%
For more details, including the outcome of other matters that came before the Meeting, please see the report of voting results filed at www.sedarplus.ca.
We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.
Product or service names mentioned herein may be the trademarks of their respective owners.
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8 Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com
ANDOVER, Mass., Feb. 14, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today announced that, on February 13, the International Trade Commission (“ITC”) issued a Notice of Final Determination in its Investigation No. 337-TA-1370 (“In the Matter of Certain Power Converter Modules and Computing Systems Containing the Same”), confirming that Vicor U.S. Patent Nos. 9,516,761 (“’761 patent”) and 9,166,481 (“’481 patent”) are valid and infringed, and that unlicensed computing systems containing infringing power modules should be barred from importation into the United States.
The ITC issued a Limited Exclusion Order against all Respondents and Cease and Desist Orders against Respondents Delta Electronics (Americas) Ltd., Quanta Computer USA Inc. and Quanta Computer Inc., FII USA Inc., and Ingrasys Technology USA Inc.
Following the determination, for a mandatory 60-day presidential review period, Respondents may import infringing power modules and computing systems upon posting a bond. The ITC set the bond amount for the computing systems at 100% of the system’s value. Following the expiration of the presidential review period, Respondents would be prohibited from importing infringing power modules and computing systems.
The Final Determination reversed a prior finding that Foxconn Respondents did not have a license to Vicor patents and instead found that two Foxconn affiliates—FII USA, Inc. and Ingrasys Technology, Inc.—have a license to the ’761 patent, based on boilerplate clauses in these entities’ purchase orders for Vicor components. Vicor intends to appeal this finding to the Federal Circuit.
“As expected, Respondents are now subject to exclusion and cease and desist orders, exposing their unlicensed customers to severe consequences,” stated Chief Executive Officer Dr. Patrizio Vinciarelli. “Mindful of the risk of AI and computing systems being barred from importation into the U.S., certain OEM and non-OEM customers of infringing contract manufacturers have taken licenses. We look forward to additional steps to protect Vicor IP, including a trial in the Eastern District of Texas, where Vicor seeks monetary damages for willful infringement.”
For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.
About Vicor
Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, aerospace and defense. www.vicorpower.com
Vicor is a registered trademark of Vicor Corporation.
Contact
James F. Schmidt Chief Financial Officer Office: (978) 470-2900 Email: invrel@vicorpower.com
Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senators Roger Wicker (R-MS) and Chris Coons (D-DE) in introducing the Healthy Poultry Assistance and Indemnification (HPAI) Act to expand USDA compensation to all poultry farmers in a highly pathogenic avian influenza (HPAI) control zone, rather than only pertaining to those whose flocks are infected. Alabama recently experienced a bird flu outbreak in Cullman and Pickens counties, resulting in the loss of more than 116,000 chickens.
“Our farmers are in desperate need of help if they are going to continue to feed, fuel, and clothe our country,” said Senator Tuberville. “As Alabama’s voice on the Senate Ag Committee, I want to find targeted ways to address the needs of our agriculture community. Our state ranks number two nationally in broiler chicken production, and our chicken producers cannot stay in business when they are losing out on profits from entire flocks. As we put together this year’s Farm Bill, I will keep working hard to ensure Alabama’s farmers have the help they need to keep our state at the forefront of food production.”
Complete text of the legislation can be found here.
BACKGROUND:
More than 138 million birds have been affected by HPAI since 2022, with cases found in all 50 states. APHIS has reported 79 new cases of HPAI over 31 different states in the past 30 days. Under current APHIS policies, all poultry farms located within 10-kilometer radius of a HPAI case are disallowed from placing flocks until the virus is contained. Afterward, all growers who have positive tests in their flocks receive compensation from the USDA, but not those within the 10-kilometer control area whose flocks do not contract HPAI.
The Healthy Poultry Assistance and Indemnification (HPAI) Act is endorsed by the American Farm Bureau Federation, National Chicken Council, United Egg Producers, Delmarva Chicken Association, Alabama Farm Bureau, and 17 other state farm bureaus across the country.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
Source: United Kingdom – Executive Government & Departments
Technology Secretary Peter Kyle spoke about the the UK’s approach to the responsible development of artificial intelligence at the Munich Security Conference.
Innovation is defined by its ability to surprise.
Only a few years ago, GPT-2 meant nothing to the public.
For many of us, AI felt like a distant possibility at best.
Something that would never – could never – live up to the hype.
And yet, overnight, ChatGPT became a household name.
It unleashed an unprecedented wave of technological change.
And the pace of progress shows no signs of slowing down.
With DeepSeek, we’ve just seen once again just how sudden, how unpredictable, innovation can be.
The AI revolution is happening.
Ignoring it is simply not an option.
In the UK, we reject the doomsayers and the pessimists.
Because we are optimistic about the extraordinary potential of this technology.
And hopeful for the radical, far-reaching change it will bring.
Working in collaboration with our international partners, we’re going to create one of the biggest clusters of AI innovation in the world and deliver a new era of prosperity and wealth creation for our country.
This is a once-in-a-generation opportunity.
If we can seize it, we will close the door on a decade of slow growth and stagnant productivity.
Of taxes that are just too high.
We will deliver new jobs that put more money in working people’s pockets.
And we will drive forward a digital revolution inside government to make our state smaller, smarter, and more efficient.
But none of that is possible unless we can mitigate its risks that AI presents.
After all, businesses will only use these technologies if they can trust them.
Security and innovation go hand in hand.
AI is a powerful tool and powerful tools can be misused.
State-sponsored hackers are using AI to write malicious code and identify system vulnerabilities, increasing the sophistication and efficiency of their attacks.
Criminals are using AI deepfakes to assist in fraud, breaching security by impersonating officials.
Last year, attackers used live deepfake technology during a video call to mimic bank officials.
They stole $25 million.
And now we are seeing instances of people using AI to assist them in planning violent and harmful acts.
These aren’t distant possibilities.
They are real, tangible harms, happening right now.
The implications for our people could be pervasive and profound.
In the UK, we have built the largest team in a government dedicated to understanding AI capabilities and risks in the world.
That work is rooted in the strength of our partnerships with the companies who are right at the frontier of AI.
Working with those companies, the government can conduct scientifically informed tests to understand new AI capabilities and the risks they pose.
Make no mistake, I’m talking about risks to our people, their way of life, and the sovereignty and stability which underpins it.
That is why today, I am renaming our AI Safety Institute as the AI Security Institute.
This change brings us into line with what most people would expect an Institute like this to be doing.
They are not looking into freedom of speech.
They are not deciding what counts as bias or discrimination.
They are not politicians – nor should they be.
They are scientists – scientists who are squarely focused on rigorous research into the most serious emerging risks.
They are researching AI’s potential to assist with the development of chemical and biological weapons.
They are building on the expertise of our National Cyber Security Centre (NCSC) to understand how this technology could be used to help malicious actors commit cyber-attacks.
They want to understand how AI could undermine human control.
Our research shows that those risks are clear:
There has been a clear upward trend in AI system capabilities most relevant to national security in the past 18 months.
For the first time last year, AI models demonstrated PhD-level performance on chemistry and biology question sets.
The safeguards designed to prevent these models doing harm are not currently sufficient.
Every model tested by the Institute is vulnerable to safeguard evasion attacks.
And it is almost certain that these capabilities will continue to improve, while novel risks will emerge from systems acting as autonomous agents to complete tasks with only limited human instruction.
The more we understand these risks, the better we can work with companies to address them.
And the faster we can keep our nation safe, the faster our people can embrace the potential of AI to create wealth and improve their lives.
There are certain security risks which require immediate action.
That is why the Security Institute will collaborate with the Defence Science and Technology Laboratory, the Ministry of Defence’s science and technology organisation, to assess the dual-use scientific capabilities of frontier AI.
Today, we are also launching a criminal misuse team in the Security Institute, who will partner directly with the Home Office to conduct research on a range of crime and security issues which threaten to harm our citizens.
Earlier this month, the UK set out plans to make it illegal to own AI tools optimised to make images of child sexual abuse.
Reports of AI-generated child sexual abuse material found online by the Internet Watch Foundation have quadrupled in a single year.
The Security Institute will work with the Home Office to explore what more we can do to prevent abusers using AI to commit their sickening crimes.
A security risk is a security risk, no matter where it comes from.
US companies have shown the lead in taking security risks seriously.
But we need to scrutinise all models regardless of their jurisdiction of origin.
So I’ve instructed the Security Institute to take a leading role in testing AI models wherever they come from, open or closed.
While we can’t discuss these results publicly, we will share them with our allies.
We are alive to the security risks of today.
But we need to focus on tomorrow, too, and the day after that.
We are now seeing the glimmers of AI agents that can act autonomously, of their own accord.
The 2025 International AI Safety Report, led by Yoshua Bengio, warns us that – without the checks and balances of people directing them – we must consider the possibility that risks won’t just come from malicious actors misusing AI models, but from the models themselves.
We don’t yet know the full extent of these risks.
However, as we deploy AI across our economy, our society, and the critical infrastructure that keeps our nation secure, we cannot afford to ignore them.
Because losing oversight and control of advanced AI systems, particularly Artificial General Intelligence (AGI), would be catastrophic.
It must be avoided at all costs.
I want to be clear exactly what this testing is, and what it’s not.
It’s not a barrier to market access. Not a blocker to innovation.
It is urgent scientific work to understand serious risks to our country.
Governments are not passive bystanders in the AI revolution.
We have agency in how AI shapes our society.
And we have a responsibility to use that agency to defend our democratic way of life.
Only countries with a deep and knowing understanding of this technology will be able to build the capacity they need to deliver for their citizens in the twenty-first century.
But success is not a given.
It depends on the democratic world rallying together to maintain our leadership in AI.
Together, we can protect our fundamental values – freedom, openness, and opportunity.
If we do that, we won’t just keep our people safe.
We will ensure that they are first to benefit from the new era of wealth and prosperity which AI will bring.
Framingham, MA / Las Vegas, NV, February 14, 2025 – xSuite, a leading software provider specializing in Accounts Payable Invoice Automation, will showcase its latest workflow solutions at SAPinsider Las Vegas 2025, taking place from March 18–20, 2025, at the Bellagio Hotel & Casino.
This highly anticipated event serves as a global hub for SAP professionals, providing attendees with the opportunity to explore cutting-edge technologies and actionable strategies to enhance SAP environments. Whether you’re a seasoned expert or new to SAP, SAPinsider Las Vegas promises hands-on insights and valuable networking opportunities with industry leaders and peers.
Visit xSuite at Booth #205 xSuite invites attendees to experience its innovative solutions firsthand through live demos, interactive sessions, and engaging activities. At Booth #205, visitors can gain valuable insights into how xSuite leverages AI on the SAP Business Technology Platform (SAP BTP) to revolutionize Accounts Payable processes.
Don’t Miss xSuite’s Featured Sessions
xSuite is proud to host a series of expert-led sessions designed to help organizations optimize their AP processes and maximize the benefits of SAP technology.
Session Highlights:
March 19, 11:40 AM: Customer Success Story with TDS, Inc. – Matthew Dolezol, Senior Manager of A/P, T&E, Payroll, and Cash at TDS, and Sanjeev Gupta, Senior SAP Consultant at xSuite will present how the company streamlined its AP operations using xSuite’s solutions.
March 18, 11:10 AM: The Key to S/4HANA Success” with Jan Schulze, xSuite’s Global Vice President Product Management will discuss how AI plays a critical role in Accounts Payable transformation on SAP BTP.
March 19, 2:00 PM: “Automating AP Workflows” with Bob Buettner, Senior Account Executive at xSuite. Bob Buettner will explore how automation reduces costs and transforms Accounts Payable workflows.
Event Details Date: March 18–20, 2025 Location: Bellagio Hotel & Casino, Las Vegas xSuite Booth: #205
About xSuite With offices in Asia, Europe, and the U.S., xSuite is a leading innovator in optimizing SAP-based P2P workflows. The company provides software solutions and implementation services to over 1,600 clients worldwide, making it a trusted partner in modernizing AP systems and automating manual, paper-based processes.
For media inquiries, please contact: Caitlyn Paroff Field Marketing Manager North America xSuite North America Inc Caitlyn.Paroff@xsuite.com Tel. +1 603-913-4323
Governor Kathy Hochul today announced two free snowmobile weekends for all out-of-state and Canadian snowmobilers to rev their engines and explore what New York has to offer. New York State will waive registration fees for out-of-state snowmobilers February 28-March 2 and March 7-9, 2025, encouraging out-of-state visitors to come ride the more than 10,000 miles of snowmobile trails in New York State.
“New York is home to more than 10,000 miles of snowmobile trails, making it the perfect place to explore everything from snow peaked mountains and endless forests to pristine valleys and the Great Lakes,” Governor Hochul said. “I encourage everyone to take advantage of the beauty our state has to offer, and we’re making it easier with free snowmobiling weekends for adventurers to see it for themselves.”
During the weekends, the registration requirement in New York is waived for already properly registered and insured out-of-state snowmobiling enthusiasts. Participants in these free snowmobiling events must operate a snowmobile that is registered in their home state/province and must carry any applicable insurance as required. Outside of this promotion, out-of-state and Canadian snowmobilers are required to register their snowmobiles with New York State before hitting the State’s trails — from the Hudson Valley to the North Country to Western New York.
These free snowmobiling weekends, February 28-March 2 and March 7-9, 2025, help boost tourism for State and local economies, and reinforce New York’s commitment to the industry. New York State has made an ongoing commitment to snowmobile trail maintenance and our local grants program is funded by snowmobile registration fees collected by the State Department of Motor Vehicles and deposited into the Snowmobile Trail Development and Maintenance Fund. County and municipal governments distribute the grants to about 230 snowmobile clubs across the State, which in turn groom and maintain the trails.
New York State Office of Parks, Recreation and Historic Preservation Commissioner Pro Tempore Randy Simons said, “New York State is fortunate to have many snowmobile clubs, counties, and municipalities who do great work to groom and maintain our trail network, ensuring a smooth ride and a safe, enjoyable journey for all. Our trails offer a thrilling escape into winter wonderlands—winding through pristine forests, across snowy fields, and offering breathtaking views at every turn. It’s not just a ride, it’s an adventure leaving visitors eager to return again and again and explore more of what the Empire State has to offer.”
Empire State Development President CEO and Commissioner Hope Knight said, “New York’s free snowmobiling weekends are the perfect time for visitors to explore the state’s picturesque winter landscape and its vast network of snowmobile trails. Tourism is crucial to our regional economies, and opportunities like this help to welcome guests who stay, dine and shop in our vibrant communities, supporting local jobs and small businesses.”
New York State Department of Motor Vehicles Commissioner Mark J.F. Schroeder said, “Our state is enjoying an exceptional snowmobiling season, and these free weekends are the perfect opportunity for non-New Yorkers to experience all that we have to offer. Remember that visitors who snowmobile here outside of designated free weekends must obtain a temporary snowmobile registration, while New Yorkers must renew their snowmobile registrations annually online. The registration fees go toward maintaining our beautiful trail network, which all snowmobilers must enjoy safely and responsibly. That means always wearing a helmet and never riding while impaired.”
New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “New York’s network of snowmobile trails provides extraordinary winter recreation for residents and visitors alike. I encourage the public to take advantage of these free weekends to enjoy some of the thousands of miles of trails the state has to offer and to ride safely and responsibly to protect themselves and others.”
New York State Snowmobile Association President Rosanne Warner said, “The New York State Snowmobile Association and all of its member clubs would like to thank the Governor for promoting snowmobiling as an important part of the winter tourism economy. In-state snowmobilers as well as out-of-state visitors enjoy riding our trail system and are always pleased with the diversity of riding opportunities New York State has to offer. Snowmobilers are very important contributors to our local winter economy and we appreciate the support and recognition of Governor Hochul.”
New York State reminds riders to observe trail conditions and safety procedures while snowmobiling. Trail conditions vary depending on snowfall amounts and other factors. Snowmobilers, fishermen, skiers and snowshoers should put safety first and to proceed with extreme caution before venturing on ice- or snow-covered bodies of water. Historically, the two leading causes of snowmobile injuries in New York State are excessive speed and operator intoxication.
Top safety recommendations include:
INSPECT and properly maintain your snowmobile; carry emergency supplies
ALWAYS wear a helmet with DOT-certified standards and make sure you wear appropriate snowmobile gear including bibs, jackets, boots, and gloves to withstand the elements
ALWAYS ride with a buddy or group and tell a responsible person where you will be riding and your expected return time
SLOW DOWN. Ride within your ability
STAY ON MARKED TRAILS. Respect landowners and obey posted signs
NEVER drink alcohol or use drugs and ride
FROZEN BODIES OF WATER are not designated trails; if you plan to ride on ice, proceed with caution and be aware of potential hazards under the snow. If you choose to ride on ice, wear a snowmobile suit with flotation built-in and carry a set of ice picks as a precaution.
Check the websites of area snowmobile clubs for information on trail conditions, including the status of grooming. Individuals operating a snowmobile should be familiar with safe riding practices and all applicable laws, rules and regulations. The New York State Snowmobile Association website provides information about snowmobiling and snowmobile clubs. Maps of the State snowmobile trail network are available on New York State Parks’ website.
More information on planning a great snowmobile getaway and other ways to enjoy winter in New York State is available at iloveny.com/winter.
The DMV reminds New York riders that snowmobile registrations must be renewed annually. DMV allows snowmobilers to renew registrations online on the DMV website, by mail or in person at a DMV office. Snowmobile registration costs $100 but is decreased to $45 if the snowmobiler is a member of a local snowmobile club.
Non-New Yorkers who wish to use a snowmobile in New York State before or after this promotional weekend can use the NYS Registration for Out-of-State Snowmobile service to get a 15-day registration and operate their snowmobile here immediately. DMV will send a permanent registration in the mail.
The free snowmobile weekend complements Governor Hochul’s efforts to encourage outdoor recreation. The FY26 Executive Budget proposes $200 million for State Parks to invest in and aid the ongoing transformation of New York’s flagship parks and support critical infrastructure projects throughout the park system. The Governor’s new Unplug and Play initiative also earmarks $100 million for construction and renovation of community centers through the Build Recreational Infrastructure for Communities, Kids and Seniors (NY BRICKS), $67.5 million for the Places for Learning, Activity and Youth Socialization (NY PLAYS) initiative helping New York communities construct new playgrounds and renovate existing playgrounds; and an additional $50 million for the Statewide Investment in More Swimming (NY SWIMS) initiative supporting municipalities in the renovation and construction of swimming facilities.
For information on snowmobiling, visit parks.ny.gov. Visit the DEC website for more information on snowmobiling on State lands.
Samsung Electronics Co., Ltd. has announced the local availability of the new Galaxy S25 series. Together with One UI 7, Gemini is officially available at launch in 46 languages,1 making it easier than ever to perform seamless interactions across Samsung and Google apps.
“The Galaxy S25 series is a fundamental shift in how we interact with our phones,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “We are thrilled to see how our users will enjoy this true AI companion that offers seamless and intuitive solutions in their daily lives.”
On the Galaxy S25 series, AI agents with multimodal capabilities are integrated within the One UI 72 platform to perform complex tasks seamlessly across apps and enable natural user interactions through speech, text, videos and images. Now Brief3 provides tailored suggestions to guide through the day and Now Bar4 offers a new hub for ongoing activities. From enhanced productivity with Writing Assist to limitless creativity unleashed by Drawing Assist,5 the expanded capabilities of Galaxy AI6 continue to empower users in every aspect of their daily lives.
Interactions with the Galaxy S25 series are also more intuitive. With just a single command, Gemini7 can effortlessly find a user’s favourite sports team’s schedule and add it to Samsung Calendar. Additionally, Google’s enhanced Circle to Search8 now gives users more helpful information with AI Overviews and one-tap actions.
The Galaxy S25 series further refines and enhances the core capabilities that define the Galaxy experience. Powering the Galaxy S25 series globally, the Snapdragon® 8 Elite Mobile Platform for Galaxy fuels on-device processing for more responsive AI experiences. With unique customisations for Galaxy, including ProScaler9 and Samsung’s mobile Digital Natural Image engine (mDNIe), the Galaxy S25 series boasts enhanced AI image processing and display power efficiency. The newly introduced 50MP ultrawide camera sensor for the Galaxy S25 Ultra delivers epic shots from every range in exceptional clarity, while professional grade controls like Virtual Aperture and Samsung Log turn any photo or video into the ultimate visual experience.
The Galaxy S25 series is the industry’s first smartphone lineup to support Content Credentials, based on the open technical standard from the Coalition for Content Provenance and Authenticity (C2PA). Samsung has also joined the C2PA as a member, alongside industry leaders including Adobe, Microsoft, OpenAI, Google, Publicis Groupe and more, all collaborating to establish Content Credentials as the universal standard for digital content provenance. In line with its commitment to responsible mobile AI innovation, Samsung adopted this standard to enhance transparency for content created and edited with generative AI.
Starting February 14, the Galaxy S25 series will be widely available through carriers and retailers and on Samsung websites. Galaxy S25 Ultra is available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ come in Navy, Silver Shadow, Icyblue and Mint.
All Galaxy S25 devices will come with six months of Gemini Advanced and 2TB of cloud storage at no extra cost. Gemini Advanced comes with Samsung’s most capable AI models and priority access to the newest features like Gems, custom AI experts for any topic, and Deep Research, which acts as a personal AI research assistant.
1 Supported languages include Arabic, Bengali, Bulgarian, Chinese (Simplified / Traditional), Croatian, Czech, Danish, Dutch, English, Estonian, Farsi, Finnish, French, German, Greek, Gujarati, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Kannada, Korean, Latvian, Lithuanian, Malayalam, Marathi, Norwegian, Polish, Portuguese, Romanian, Russian, Serbian, Slovak, Slovenian, Spanish, Swahili, Swedish, Tamil, Telugu, Thai, Turkish, Ukrainian, Urdu and Vietnamese.
2The official One UI 7 release will commence with the latest Galaxy S series devices. The update is expected to gradually roll out to other Galaxy devices.
3 Now Brief feature requires Samsung Account login. Service availability may vary by country, language, device model, or apps. Some features may require a network connection.
4 Availability of functions supported within the apps may vary by country. Some functional widgets may require a network connection and/or Samsung Account login.
5 Drawing Assist feature requires a network connection and Samsung Account login. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by AI. The accuracy and reliability of the generated output is not guaranteed.
6 Samsung Account login may be required to use certain Samsung AI features. Samsung does not make any promises, assurances or guarantees as to the accuracy, completeness or reliability of the output provided by AI features. Availability of Galaxy AI features may vary depending on the region/country, OS/One UI version, device model and phone carrier. Some function availability may vary by device model. Galaxy AI service may be limited for minors in certain regions with age restrictions over AI usage. Galaxy AI features will be provided for free until the end of 2025 on supported Samsung Galaxy devices. Different terms may apply for AI features provided by third parties.
7 Gemini Extensions feature availability varies based on content. Internet connection, Android device, and set up required. Language availability varies. Results for illustrative purposes and may vary. Check responses for accuracy.
8 Sequences shortened and simulated. Results for illustrative purposes only. Service availability may vary by country, language, or device model. Requires internet connection. Users may need to update Android and Google app to the latest version. Results may vary depending on visual or audio matches. Accuracy of results is not guaranteed. Works on compatible apps and surfaces, and with ambient music only. Will not identify music coming through headphones or if phone volume is off.
9 ProScaler feature is supported on Galaxy S25+ and Ultra models. Image quality can be enhanced up to QHD+, depending on the screen resolution setting of the device.
Samsung is set to elevate the shopping experience at Menlyn Shopping Centre with the opening of its latest Galaxy Studio on 14 February until 2 March 2025. Exciting and interactive, Galaxy Studio will give visitors a chance to experience Samsung Galaxy devices, including the recently unveiled Galaxy S25 Series which boasts advanced AI capabilities designed to open possibilities and seamlessly integrate into daily life.
“With its rich history, cultural diversity, and natural wonders, Tshwane, is a city that leaves a lasting impression. Galaxy Studio has grown over the years with every flagship launch in cities around the country including Cape Town, Durban and Johannesburg. We are excited to bring Galaxy Studio to Tshwane and showcase innovative features of the latest Galaxy S25 and highlighting Samsung’s cutting-edge technology. We hope attendees will have a memorable experience at the very first Galaxy Studio in Tshwane,” says Kgomotso Mosiane, Head of Marketing: Mobile eXperience at Samsung.
The Galaxy Studio offers a unique experience which includes an exclusive tour, live demonstrations and an up-close look at the first human-like AI companion. Studio has something for everyone and is a ‘must attend’ if you like to explore cutting-edge technology, are curious about smart and personalised AI enhancements that open you to a world of infinite [creative and productive] possibilities, or even if you are just thinking about your next device upgrade. PLUS, you can accumulate stamps at every stop of the tour to stand a chance to score BIG in limited giveaways.
What’s a galaxy without the stars? As part of the Galaxy Studio experience, attendees can look forward to some of SA’s hottest names making waves at Galaxy Studio with whom they can enjoy the studio experience.
Touted the most intuitive mobile AI device, the Galaxy S25 Series redefines how we interact with the world in the most natural experience – almost as if you were communicating with a friend. Powered with the all-new One UI 7, the Samsung latest flagship offering can understand the context of everything on your screen – from voice, images, etc.– to anticipating your needs and prompting next-step suggestions. Receive tailored actionable insights and suggestions based on your habits – generated-on-device – to make your day seamless from start to finish with Now Brief. See the information you need most, quickly and easily from your lock screens with Now Bar.
Galaxy Studio is Samsung’s invitation to all to come and experience the way users can interact with their phone – and their world through the world of Galaxy. Come and experience how AI can transform your every day and moments so you can Live More. Do Less.
Admission is free.
For more information and updates, follow Samsung South Africa on social media – @SamsungmobileSA (X, Instagram), Samsung South Africa (Facebook).
Samsung is making it easier than ever to upgrade your home with its Blue Tag Sale, offering unbeatable discounts on a wide range of home appliances designed to enhance convenience, energy efficiency, and overall home organisation. With Samsung’s innovative technology, you can create a seamlessly connected living space, save time, and reduce energy consumption[1], all while enjoying the ease and functionality of your appliances.
Maximise Efficiency and Convenience with Samsung Home Appliances
Samsung’s state-of-the-art home appliances are crafted to simplify your daily routines, helping you create the ultimate convenient and efficient home. Whether it’s managing your kitchen remotely or using eco-friendly features to reduce energy consumption, Samsung’s smart and stylish appliances are built to meet the demands of modern living.
From smart fridges keep track your groceries, create shopping lists, and receive expiration alerts, all from your smartphone, ensuring you never run out of essentials. Samsung’s Blue Tag Sale offers incredible savings on products designed to improve the functionality and efficiency of your home.
Samsung Fridges: Smart, Stylish, and Efficient
Samsung’s range of fridges is engineered to meet the needs of today’s dynamic households. Featuring FlexZone technology, these fridges allow you to adjust the temperature of specific areas, making it easier to store different types of food while maximising space.
Side by Side Fridge, Plumbed Water & Ice Dispenser, Gentle Silver, 617L (RS65DG54R3S9FA) – Now R28,999* (Save R2,200). With SpaceMax technology, this fridge offers more storage while maintaining a sleek, space-efficient exterior.
Side by Side Fridge, Non-Plumbed Water Dispenser, Gentle black Matt, 560 L (RS57DG4100B4FA) – Now R19,999* (Save R4,000). Store plenty of food in the spacious 560 litre interior.
Samsung Washing Machines: Energy-Efficient Cleaning for a Sustainable Home
Samsung’s washing machines combine smart technology with energy-saving[2] features to provide powerful, eco-friendly cleaning. With EcoBubble technology, washing at lower temperatures helps reduce energy use without compromising on wash performance. Meanwhile, Digital Inverter Technology ensures quieter operation, increased durability, and long-term energy savings.
[1]In SmartThings Energy Services, selecting “Maximum savings mode” for AI Energy Mode’s “Set monthly target usage” will only work for some courses and is only supported by SmartThings. Energy savings in AI Energy Mode may vary depending on the conditions set by the user in each mode.
[2]For energy saving: Tested in accordance with IEC 60456-2010 / 4kg Wash Load / Super Eco Wash cold (WF80F5E5U4W) vs. Cotton 40°C without Ecobubble (WF0702WKU). Individual results may vary.
Offers available at participating Retailers and Online Stores. T&Cs apply.
Most people in Europe think that digital technologies, including artificial intelligence (AI), have a positive impact on their jobs, the economy, society, and on quality of life. This is what reveals a new Eurobarometer survey, published today.
More than 60% of Europeans positively view robots and AI at work and over 70% believe they improve productivity. While a majority supports using robots and AI to make decisions at work, 84% of Europeans think that AI requires careful management to protect privacy and ensure transparency in the workplace.
Background
Today’s results of the survey align with one of the key objectives of the EU’s Competitiveness Compass, to integrate digital technologies and AI into workplaces to boost innovation and productivity. The EU has allocated €2 billion from the European Social Fund Plus (ESF+) and €23 billion from the Recovery and Resilience Fund (RRF) to Member States to support the development of digital skills. The Digital Europe Programme has also invested €580 million to advance digital skills between 2021-2027.
DLR Kredit A/S has set the following dates in 2025 for the publication of financial statements and the holding of the ordinary general meeting:
Annual Report 2024 7 February 2025 General Meeting 29 April 2025 Interim Report for Q1 2025 29 April 2025 Interim Report for H1 2025 21 August 2025 Interim Report for Q1-Q3 2025 29 October 2025
The announcements will be available on DLR Kredits’s A/S website: www.dlr.dk immediately after publication.
Kind regards,
DLR Kredit A/S
For further inquiries, please contact Jakob Kongsgaard Olsson, tel.: +45 40 30 33 51
GADSDEN, Ala., Feb. 14, 2025 (GLOBE NEWSWIRE) — The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced net income of approximately $369,000, or $0.49 per basic share and $0.48 per diluted share, for the three months ended December 31, 2024, as compared to net income of approximately $471,000, or $0.62 per basic share and $0.61 per diluted share, for the three months ended December 31, 2023. For the six months ended December 31, 2024, the Company recorded net income of approximately $545,000, or $0.72 per basic share and $0.71 per diluted share, as compared to net income of approximately $837,000, or $1.10 per basic share and $1.09 per diluted share, for the six months ended December 31, 2023. The Company’s fiscal year ends June 30, 2025.
Gates Little, President and Chief Executive Officer of the Company, stated that the Company’s net interest income before provision for loan losses totaled approximately $2.213 million during the three months ended December 31, 2024, as compared to approximately $2.013 million in the same period in 2023, an increase of approximately $201,000, or 9.96%. The increase in the net interest income before provision for loan losses for the three months ended December 31, 2024, was primarily attributable to an increase in total interest income of approximately $430,000, offset by an increase in total interest expense of approximately $230,000. In the three months ended December 31, 2024, the Bank recorded a provision for loan losses of approximately $70,000 and no provision for loan losses in during the three months ended December 31, 2023. For the three months ended December 31, 2024, total non-interest income increased approximately $9,000, or 6.09%, while total non-interest expense increased approximately $278,000, or 18.25%, as compared to the same three-month period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $10,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $222,000, office building expense of approximately $6,000, other operating expense of approximately $16,000, professional service expense of approximately $45,000, offset by a decrease in data processing expense of approximately $12,000.
For the six months ended December 31, 2024, the Company’s net interest income before provision for loan losses totaled approximately $4.363 million, an increase of approximately $479,000, or 12.33%, when compared to the six months ended December 31, 2023. The increase in net interest income before provision for loan losses was primarily attributable to an increase in total interest income of approximately $965,000, or 20.38%, offset by an increase in total interest expense of approximately $486,000, or 57.19%. For the six months ended December 31, 2024, the Bank recorded provisions for loan losses of approximately $442,000. There was no provision for loan losses during the six months ended December 31, 2023. For the six months ended December 31, 2024, total non-interest income increased approximately $12,000, or 4.10%, compared to the same period in 2023, while non-interest expense increased approximately $444,000, or 14.59%. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $14,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $340,000, office and equipment of approximately $14,000, professional service expenses of approximately $119,000 offset in part by decreases in data processing expense of approximately $15,000, and other operating expense of approximately $15,000.
The Company’s total assets at December 31, 2024 were approximately $117.0 million, as compared to approximately $113.0 million at June 30, 2024. Total stockholders’ equity was approximately $15.5 million at December 31, 2024, or 13.2% of total assets, as compared to approximately $14.5 million at June 30, 2024, or 12.80% of total assets.
The Bank has four full-service banking offices located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL. The stock of The Southern Banc Company, Inc. trades in the over-the-counter market under the symbol “SRNN”.
Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
(Selected financial data attached)
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands)
December 31,
June 30,
2024
2024
Unaudited
Audited
ASSETS
CASH AND CASH EQUIVALENTS
$
16,592
$
12,632
SECURITIES AVAILABLE FOR SALE, at fair value
39,238
37,912
FEDERAL HOME LOAN BANK STOCK
120
120
LOANS RECEIVABLE, net of allowance for loan losses of $1,548 and $1,151, respectively
56,999
58,199
PREMISES AND EQUIPMENT, net
1,059
1,133
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE
946
934
PREPAID EXPENSES AND OTHER ASSETS
2,055
2,124
TOTAL ASSETS
$
117,009
$
113,054
LIABILITIES
DEPOSITS
$
95,528
$
92,250
FHLB ADVANCES
0
0
OTHER LIABILITIES
6,035
6,338
TOTAL LIABILITIES
101,563
98,588
STOCKHOLDERS’ EQUITY:
Preferred stock, par value $.01 per share
500,000 shares authorized; no shares issued and outstanding
–
–
Common stock, par value $.01 per share,
3,500,000 authorized, 1,454,750 shares issued
15
15
Additional paid-in capital
13,946
13,943
Shares held in trust, 49,081 and 46,454 shares at cost, respectively
(804
)
(772
)
Retained earnings
14,429
13,884
Treasury stock, at cost, 648,664 shares
(8,825
)
(8,825
)
Accumulated other comprehensive (loss) income
(3,315
)
(3,779
)
TOTAL STOCKHOLDERS’ EQUITY
15,446
14,466
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
117,009
$
113,054
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data)
Three Months Ended
Six Months Ended
December 31,
December 31,
2024 (Unaudited)
2023
2024 (Unaudited)
2023
INTEREST INCOME:
Interest and fees on loans
$
2,598
$
2,210
$
5,072
$
4,176
Interest and dividends on securities
179
183
345
369
Other interest income
126
80
281
188
Total interest income
2,903
2,473
5,698
4,733
INTEREST EXPENSE:
Interest on deposits
690
460
1,335
849
Interest on borrowings
0
0
0
0
Total interest expense
690
460
1,335
849
Net interest income before provision for loan losses
2,213
2,013
4,363
3,884
Provision for loan losses
69
0
442
0
Net interest income after provision for loan losses
DUBAI, United Arab Emirates, Feb. 14, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has unveiled the first ecosystem partner of the Bybit Card, AVAX. First in the market to enable rewards in AVAX, the Bybit Card has expanded its auto cashback options yet again, affording users more flexibility in their crypto payment journey. The activation comes with extra perks for Bybit Card holders in a limited-time campaign for the popular altcoin.
AVAX is the native utility token of the Avalanche network. Avalanche is a high-performance blockchain platform designed for builders who need to scale. Engineered with a revolutionary three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, ensuring near-instant finality for transactions. The platform also features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchains with high throughput on both public and private networks.
Now with the Bybit Card, users have the option to turn on AVAX Cashback, experiencing a brand new seamless on and off-ramp experience with AVAX. Supporting paying, saving, and holding with AVAX, Bybit users can earn AVAX through cashback rewards on daily spending using the Bybit Card.
For Avalanche’s global community, the new feature opens up a new avenue for them to foster the growth of the network with a swipe of the Bybit Card. Eligible cardholders will also qualify for extra bonuses through the Bybit Card’s year-round rewards campaigns, making their shopping sprees and holiday spending more worthwhile.
To celebrate the occasion, the Bybit Card is welcoming AVAX into the ecosystem with an AVAX-only perk. Eligible users may toggle their AVAX default cashback option to get up to 10% cashback in AVAX for a limited time.
“Bybit and the Avalanche community are synchronized in our vision for a blockchain-enabled future that benefits all. Our efforts to increase adoption of scalable smart contracts and crypto as a digital asset class are building blocks of the digital economy. And with the Bybit Card, our customers can contribute to their favorite blockchains through simple daily spendings,” said Joan Han, Sales and Marketing Director at Bybit.
The Bybit Card offers an intuitive and rewarding way for believers in crypto to use, save, and potentially earn yield on their digital assets. Card holders can experience the entire customer journey online by applying for the Bybit Card and start tapping away as soon as they receive their approved virtual card. The crypto-native payment gateway also comes with year-round benefits, up to 8% APR on eligible holdings, and no-frills cashback mechanisms.
#Bybit / #TheCryptoArk #TheBybitCard
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
Source: United Kingdom – Executive Government & Departments
The Medicines and Healthcare products Regulatory Agency (MHRA) has today, 14 February 2025, approved efanesoctocog alfa (brand name Altuvoct) to be used to treat and prevent bleeding in patients aged 2 years and above with severe or moderate haemophilia A.
The Medicines and Healthcare products Regulatory Agency (MHRA) has today, 14 February 2025, approved efanesoctocog alfa (brand name Altuvoct) to be used to treat and prevent bleeding in patients aged 2 years and above with severe or moderate haemophilia A.
Efanesoctocog alfa, the active substance, is a replacement factor VIII protein. This protein is naturally found in the body and is necessary for the blood to form clots and stop bleeding.
People with severe haemophilia A have undetectable factor VIII and, if untreated, may experience up to about 40 episodes of bleed per year.
This medicine is administered as an intravenously (into a vein).
Julian Beach, MHRA Interim Executive Director of Healthcare Quality and Access, said:
“Patient safety is our top priority, which is why I am pleased to confirm approval of efanesoctocog alfa to treat and prevent bleeding in patients 2 years and above with severe or moderate haemophilia A.
“We’re assured that the appropriate regulatory standards of safety, quality and efficacy for the approval of this new formulation have been met.
“As with all products, we will keep its safety under close review.”
In a study with 159 patients aged 12 and above with severe haemophilia A, weekly injections of Altuvoct as prophylaxis led to 65% patients reporting zero overall episodes of bleed over the course of the year-long study; the remaining 35% had much reduced episodes of bleed. Altuvoct was also used to treat individual bleeds.
In a study involving 74 children under 12 years of age with severe haemophilia A, treatment with efanesoctocog alfa yielded similar results to those in older patients.
Efanesoctocog alfa was therefore considered effective for the prophylaxis and treatment of severe haemophilia A in children aged 2yrs and above.
The company extended the indication to those with moderate haemophilia A by means of a modelling exercise.
Like all medicines, this medicine can cause side effects, although not everybody gets them. Some of the potential side effects include headaches and arthralgia (joint pain).
For the full list of all side effects reported with this medicine, see Section 4 of the PIL or the SmPC available on the MHRA website.
Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the MHRA Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.
ENDS
Notes to editors
The new marketing authorisation was granted on 14 February 2025 to Swedish Orphan Biovitrum AB
This product was submitted and approved via an international recognition procedure.
More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe. All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.
The MHRA is an executive agency of the Department of Health and Social Care.
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651
Source: State University Higher School of Economics – State University Higher School of Economics –
Photo: Higher School of Economics
Thanks to the rapid development of digital technologies, the banking sector is going through a period of profound transformation. One of the key changes was the transition to a human-centric model, in which priority is given to the interests and needs of the client. This topic was discussed at the webinar Laboratories of human-centeredness and leadership practices HSE and the Bank of Russia. The event brought together over 1,400 representatives of banking and financial organizations from all over Russia.
The webinar was a logical continuation conferences “Focus on the Client”, which was attended by the Chairman of the Bank of Russia Elvira Nabiullina and top management of leading Russian banks. The moderator of the plenary session was Vladimir Solovyov, Head of the Laboratory of Human-Centricity and Leadership Practices at the National Research University Higher School of Economics (CHIL Laboratory). The experts discussed what a smart bank of the future should be like.
The webinar participants were able to delve deeper into the theory and practice of implementing human-centricity in banks, noted Ekaterina Butova, First Deputy Head of the Service for the Protection of Consumer Rights and Ensuring the Availability of Financial Services of the Bank of Russia.
The key event of the webinar was the presentation of the results of the study conducted last year by the CHIL Laboratory and the International Laboratory of Digital Transformation in Public Administration under the auspices of the Bank of Russia. It was based on a model developed by the CHIL Laboratory, consisting of eight key aspects that allow measuring the level of human-centricity in an organization. This tool can be used by banks to assess the current situation and further development. A survey of more than 16 thousand respondents was conducted – managers and employees of government agencies.
“The results showed that the bank of the future is a human-centric cognitive bank, where artificial and human intelligence work in synergy to deeply understand customers and offer personalized solutions,” the head of the bank noted. International laboratory of CTSU Evgeny Styrin.
At the same time, in-depth interviews revealed that the introduction of AI and other digital tools into banking processes has both significant advantages and a number of disadvantages, and also leads to the emergence of ethical challenges.
“34% of respondents do not want to communicate with virtual voice assistants. At the same time, negative emotions that arise during communication with them multiply very quickly, while the emergence and consolidation of positive associations requires serious efforts,” explained Oleg Samolyanov, chief expert of the CHIL Laboratory.
Representatives of major Russian banks shared their vision of the smart bank of the future. Nikolay Tiden, Director of the Modeling and Data Research Division of the Sales Network Block of Sberbank, believes that the basis for the development of banks of the future is personalization and security. The use of artificial intelligence at all stages of interaction with clients makes user services simpler, more convenient, more reliable and more profitable.
“A smart bank of the future values its employees, understands its clients and knows how to adapt its products and services to their needs, including actively introducing new technologies,” says Vyacheslav Rodnishev, Director of the Customer Experience and Retail Business Coordination Department at Alfa-Bank.
At the same time, the implementation of AI solutions in the banking sector is associated with a number of ethical challenges, including data bias, protection of personal information, responsibility for AI decisions and transparency of algorithms.
“One of the most important aspects of monitoring the ethics and correctness of artificial intelligence is monitoring its work and quality. The user must feel that the bank’s AI is attentive to his interests, accurate in its answers and financial forecasts,” says Ivan Sidorovsky, head of products for ecosystem assistants at T-Bank.
Currently, the issues of customer trust in smart assistants developed by banking organizations and the ethics of using artificial intelligence have not been fully resolved; their discussion in the expert community continues. The solution will require a comprehensive approach combining technological, organizational and regulatory measures.
“From the point of view of the Central Bank as a regulator, human-centricity is the key that helps to solve the root problems underlying some disputes, misunderstandings and difficulties that arise between the consumer and the financial institution,” notes Mikhail Mamuta, Head of the Service for Consumer Rights Protection and Ensuring Accessibility of Financial Services at the Bank of Russia.
He emphasizes that human-centricity in financial organizations should begin with caring for employees, who, in turn, will transfer it to clients. Then the financial world will become more harmonious.
The content of the discussion about human-centricity in the context of digital transformation and the use of AI largely depends on the ability to rely on structured data and the results of sociological research.
“Today, an important and urgent task for our team is to monitor the transformation of the banking sector towards human-centricity: what new tools are emerging, what problems organizations face and how they solve them. And artificial intelligence in all its manifestations is certainly one of the key factors influencing the development of human-centricity,” Vladimir Solovyov summarized.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
European Commission Approves CSL and Arcturus Therapeutics’ KOSTAIVE®, the First Self-amplifying mRNA COVID-19 Vaccine
– KOSTAIVE represents a significant advancement in vaccine technology, demonstrating superior immunogenicity and antibody persistence for up to 12 months post-vaccination compared to conventional mRNA COVID-19 vaccines in clinical trials
WALTHAM, Mass. and SAN DIEGO, Feb. 14, 2025 /PRNewswire/ — Global biotechnology leader CSL (ASX: CSL; USOTC: CSLLY) and sa-mRNA pioneer Arcturus Therapeutics (Nasdaq: ARCT) today announced that the European Commission has granted marketing authorization for KOSTAIVE ® (ARCT-154), a self-amplifying mRNA COVID-19 vaccine, for individuals 18 years and older. KOSTAIVE is the first sa-mRNA COVID-19 vaccine to receive approval from the European Commission (EC). KOSTAIVE is currently marketed in Japan against COVID-19.
The European Commission approval follows a positive opinion adopted by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) on December 12, 2024. The centralized marketing authorization of KOSTAIVE is valid in all EU member states and in the EEA countries.
“The European Commission’s approval marks a significant milestone in our ongoing development program for KOSTAIVE,” said Jonathan Edelman, MD, Senior Vice President of the Vaccines Innovation Unit, CSL. “We are actively working to optimize KOSTAIVE’s formulation to better meet the needs of healthcare professionals and their patients. As COVID-19 remains an unpredictable global threat, CSL is dedicated to completing these technical enhancements and making this innovative vaccine available in Europe as soon as possible.”
The approval is based on positive clinical data from several studies, including an integrated phase 1/2/3 study demonstrating KOSTAIVE’s efficacy and tolerability, and Phase 3 COVID-19 booster trials, which achieved higher immunogenicity results compared to a conventional mRNA COVID-19 vaccine comparator. A follow-up analysis evaluating a booster dose of KOSTAIVE also showed that the vaccine elicited superior immunogenicity and antibody persistence for up to 12 months post-vaccination against multiple SARS-CoV-2 strains in both younger and older adult age groups versus the same mRNA comparator.
“KOSTAIVE and sa-mRNA technology signify a major advancement in vaccine innovation, providing the potential for broader and more enduring protection,” said Joseph Payne, CEO of Arcturus. “This approval highlights the clinical promise of KOSTAIVE and its ability to protect against the ever-changing COVID-19 virus.”
About sa-mRNA mRNA vaccines help protect against infectious diseases by providing a blueprint for cells in the body to make a protein to help our immune systems recognize and fight the disease. Unlike standard mRNA vaccines, self-amplifying mRNA vaccines instruct the body to make more mRNA and protein to boost the immune response.
About CSL CSL (ASX: CSL; USOTC: CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest. For inspiring stories about the promise of biotechnology, visit CSLBehring.com/Vita and follow us on Twitter.com/CSL.
For more information about CSL, visit www.CSL.com.
About Arcturus Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a commercial mRNA medicines and vaccines company with enabling technologies: (i) LUNAR® lipid-mediated delivery, (ii) STARR® mRNA Technology (sa-mRNA) and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus developed KOSTAIVE®, the first self-amplifying messenger RNA (sa-mRNA) COVID vaccine in the world to be approved. Arcturus has an ongoing global collaboration for innovative mRNA vaccines with CSL Seqirus, and a joint venture in Japan, ARCALIS, focused on the manufacture of mRNA vaccines and therapeutics. Arcturus’ pipeline includes RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF), along with its partnered mRNA vaccine programs for SARS-CoV-2 (COVID-19) and influenza. Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, circular RNA, antisense RNA, self-amplifying RNA, DNA, and gene editing therapeutics. Arcturus’ technologies are covered by its extensive patent portfolio (over 400 patents and patent applications in the U.S., Europe, Japan, China, and other countries). For more information, visit www.ArcturusRx.com. In addition, please connect with us on Twitter and LinkedIn.
Forward-Looking Statements This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, are forward-looking statements, including those regarding strategy, future operations, the likelihood of success (including safety, efficacy and commercialization) of KOSTAIVE, the likelihood that clinical results received to date will be predictive of future clinical results of protection against changing virus variants, the likelihood of optimizing KOSTAIVE’s formulation and completing technical enhancements, and the impact of general business and economic conditions. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements, including those discussed under the heading “Risk Factors” in Arcturus’ most recent Annual Report on Form 10-K, and in subsequent filings with, or submissions to, the SEC, which are available on the SEC’s website at www.sec.gov. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
An alarming increase in the number of young people distracted while driving has been reported by road campaigners.
In a bid to combat the rising tide of mobile phone use behind the wheel, Liverpool City Council has launched a hard-hitting campaign aimed at young drivers.
The message is clear: Driving demands 100 per cent focus, and any distraction, especially from mobile phones, can have devastating consequences.
The campaign comes as alarming statistics reveal a surge in mobile phone use among young drivers. According to the RAC’s 2024 Report on Motoring, a staggering 43 per cent of young motorists admit to listening to voice notes while driving without hands-free technology, and 40 per cent confess to recording messages. These figures starkly contrast with the overall driving population, where the rates are just 14 per cent and 9 per cent, respectively.
Merseyside Police enforced nearly 2,500 mobile phone offences across Merseyside in 2024 – up from just over 1,600 in 2023.
The consequences of getting caught using a handheld phone while driving are severe: six penalty points on your license and a £200 fine. If you get six or more points within two years of passing your test, your licence will be revoked – which means you’ll also have to apply and pay for a new provisional licence and pass both theory and practical parts of the driving or riding test again to get a full licence.
You can also be taken to court where you can:
• be banned from driving or motor cycle riding. • get a maximum fine of £1,000.
Liverpool City Council is committed to making the City’s roads safer for everyone. This campaign is just one step in ongoing efforts to educate drivers and enforce the law.
Cllr Dan Barrington, Liverpool City Council Cabinet Member for Transport and Connectivity, said: “Driving is a responsibility, not a game.
“When you’re behind the wheel, your only ‘screen time’ should be looking through the windscreen. A momentary glance at your phone can lead to a lifetime of regret.
“It’s deeply concerning to see such a high proportion of young drivers putting themselves and others at risk,” Cllr Barrington added.
“We need to change this culture of distraction and make it clear that using a mobile phone while driving is simply unacceptable.
“We understand the temptation to check your phone, especially for young people who are constantly connected,” Cllr Barrington acknowledged. “But no message, no notification, no call is worth risking your life or the lives of others. Put your phone away, focus on the road, and arrive safely.”
Inspector Gavin Dixon of Merseyside Police, Roads Policing Department, said: “As a Roads Policing Department we have to deal with the very real consequences of distracted driving.
“Every year people are killed or serious injured by drivers not paying attention, whether that be mobile phone use or some other in car distraction. We use a number of tactics to catch drivers that wish to put their own convenience before other people’s safety.
“In the last 12 months, we have deployed unmarked vehicles, unmarked motorcycles, AI camera detection equipment and arial CCTV resulting in more and more people getting caught.
“Our message is simple, leave your phone alone or we might be speaking to you next. We can’t be everywhere, but we can be anywhere.”
Source: People’s Republic of China – State Council News
HARBIN, Feb. 14 — Chinese Premier Li Qiang on Friday met with Mongolian Prime Minister Luvsannamsrai Oyun-Erdene in Harbin, capital city of northeast China’s Heilongjiang Province.
Oyun-Erdene is here for the closing ceremony of the 9th Asian Winter Games.
China and Mongolia are friendly neighbors connected by mountains and rivers, said Li, noting that close cooperation and joint development are in the common interests of both sides.
China is willing to work with Mongolia to further implement the important consensus reached by the two heads of state, firmly grasp the right direction for the development of bilateral ties, consolidate political mutual trust, carry forward the traditional friendship, deepen mutually beneficial cooperation and bring more benefits to the two peoples, Li said.
Li added that China is ready to strengthen the synergy of development strategies and policy coordination with Mongolia, maintain the positive momentum of bilateral cooperation, and boost cooperation in traditional fields such as mineral, energy, connectivity and infrastructure, as well as expand cooperation in emerging areas such as artificial intelligence and green development.
Li called on both sides to deepen cooperation in fields such as culture, education and tourism, support youth exchanges, and consolidate public support for friendship between the two countries.
China is ready to work with Mongolia and other Asian countries to uphold the common values of peace, unity and cooperation, closely coordinate and cooperate with each other, practice genuine multilateralism, jointly safeguard regional peace, stability and development, and better safeguard common interests, the premier noted.
Oyun-Erdene extended his warm congratulations to China for successfully hosting the 9th Asian Winter Games, emphasizing that the event would further promote Asian values and amplify Asian voices.
Noting that Mongolia and China are eternal neighbors, he said developing long-term, stable and friendly relations with China is Mongolia’s primary foreign policy focus.
Oyun-Erdene said Mongolia firmly adheres to the one-China policy and looks forward to making joint efforts with China to strengthen high-level exchanges and strengthen the connection between Mongolia’s development strategy and the Belt and Road Initiative.
Mongolia is ready to deepen practical cooperation with China in fields such as economy and trade, connectivity, energy, resources and infrastructure, and push comprehensive strategic partnership to a higher level, Oyun-Erdene added.
TORONTO, Feb. 14, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its majority-owned subsidiary, Hivello Holdings Ltd (“Hivello”) has secured a strategic investment from Tony G.
Tony G led a strategic investment into Blockmate on December 17, 2024. And as per Hivello’s release below, Tony G has followed on with a direct investment into Hivello directly.
Below is the press release from Hivello:
Hivello Secures Strategic Investment from Antanas “Tony G” Guoga to Scale Decentralized Compute
London & Amsterdam, February 13, 2025 –Hivello, a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks, has announced a strategic investment from Antanas Guoga (Tony G), a well-known blockchain investor, entrepreneur, and advocate for decentralized infrastructure.
Antanas Guoga, widely known as Tony G, is a seasoned investor, entrepreneur, and advocate for blockchain innovation. As the chairman and major shareholder of TSXv-listed Sol Strategies Inc., a Canadian-based investment firm specializing in blockchain, AI, and decentralized technologies, Tony G has been instrumental in backing high-growth Web3 startups.
His strategic investments have helped scale multiple blockchain projects, with Sol Strategies recently surpassing a $500 million market capitalization. Beyond his role in the private sector, Tony G has a history of championing digital innovation in public policy. As a former Member of the European Parliament (MEP), he was a strong advocate for technological advancement, pushing for clearer blockchain regulations and greater adoption of decentralized solutions. His global network and deep understanding of the intersection between policy, technology, and finance make him a valuable partner for companies shaping the future of Web3.
Recognizing Hivello’s role in the future of DePIN, Tony G’s investment underscores his belief in DePIN as a major growth sector in Web3. His support will help accelerate Hivello’s expansion, enabling more users to seamlessly contribute to decentralized infrastructure while earning rewards. With his backing, Hivello is positioned to become a key player in the next generation of blockchain-powered compute networks.
“Hivello is tackling one of the biggest challenges in DePIN—bridging complex infrastructure with everyday users,” said Tony G. “Their platform makes it incredibly easy for anyone to participate in and benefit from the decentralized economy. I see huge potential in their approach and am excited to support their journey.”
“Tony G’s investment is a strong validation of Hivello’s vision to simplify and scale decentralized physical infrastructure networks,” said Domenic Carosa, Co-Founder of Hivello. “His deep expertise in blockchain and infrastructure scaling, combined with his ability to back high-growth projects, will help accelerate our mission to make DePIN accessible to millions of users worldwide.”
(ENDS)
About Hivello Hivello is a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks. The Swiss-based HVLO Association will issue the $HVLO token under license from Hivello Holdings Ltd.
For more information about Hivello and to stay updated on its developments, visit www.hivello.com
About Blockmate Ventures Inc. Blockmate Ventures is a venture creator focussing on building fast-growing technology businesses relating to cutting-edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.
The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.
Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
Justin Rosenberg, CEO Blockmate Ventures Inc justin@blockmate.com (+1-580-262-6130)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Information This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. 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. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.
MENLO PARK, Calif., Feb. 14, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for January 2025:
Funded Customers at the end of January were 25.5 million (up approximately 310 thousand from December 2024, up approximately 2 million year-over-year).
Assets Under Custody (AUC) at the end of January were $204 billion (up 6% from December 2024, up 99% year-over-year). Net Deposits were $5.6 billion in January, translating to a 35% annualized growth rate relative to December 2024 AUC. Over the last twelve months, Net Deposits were $52.3 billion, translating to an annual growth rate of 51% relative to January 2024 AUC.
Equity Notional Trading Volumes were $144.7 billion (down 3% from December 2024, up 144% year-over-year). Options Contracts Traded were 166.6 million (up 2% from December 2024, up 57% year-over-year). Crypto Notional Trading Volumes were $20.4 billion (down 32% from December 2024, up over 200% year-over-year).
Margin balances at the end of January were $8.3 billion (up 5% from the end of December 2024, up 131% year-over-year).
Total Cash Sweep balances at the end of January were $26.3 billion (up 1% from the end of December 2024, up 57% year-over-year).
Total Securities Lending Revenue in January was $25 million (down 11% from December 2024, up 108% year-over-year).
January 2025
December 2024
M/M Change
January 2024
Y/Y Change
(M – in millions, B – in billions)
Funded Customer Growth (M)
Funded Customers
25.5
25.2
+1%
23.5
+9%
Assets Under Custody (AUC) ($B)
Total AUC
$203.7
$192.9
+6%
$102.4
+99%
Net Deposits
$5.6
$5.3
NM
$3.8
NM
Trading
Trading Days (Equities and Options)
20
21
(5%)
21
(5%)
Total Trading Volumes
Equity ($B)
$144.7
$149.8
(3%)
$59.3
+144%
Options Contracts (M)
166.6
163.7
+2%
106.2
+57%
Crypto ($B)
$20.4
$30.2
(32%)
$5.9
+246%
Daily Average Revenue Trades (DARTs) (M)
Equity
2.6
2.8
(7%)
1.7
+53%
Options
1.1
1.0
+10%
0.7
+57%
Crypto
0.9
1.0
(10%)
0.3
+200%
Customer Margin and Cash Sweep ($B)
Margin Book
$8.3
$7.9
+5%
$3.6
+131%
Total Cash Sweep
$26.3
$26.1
+1%
$16.8
+57%
Gold Cash Sweep
$25.6
$25.4
+1%
$16.1
+59%
Non-Gold Cash Sweep
$0.7
$0.7
–
$0.7
–
Total Securities Lending Revenue ($M)
$25
$28
(11%)
$12
+108%
For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.
The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.
About Robinhood
Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.
Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.
“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.
Montclair, NJ, Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) today issued the following Q4 2024 Shareholder Letter:
Fellow Shareholders,
We are incredibly proud of our recent announcement of the signing of a definitive agreement for 180 Degree Capital Corp. (“180 Degree Capital”) to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak with our shareholders more extensively about the proposed Business Combination and the process that led to our Board’s unanimous approval of this strategically important transaction.
This proposed transaction is not the end of 180 Degree Capital. We believe it is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We will get to those below, but first, I want to touch on why we believe Mount Logan is a proverbial “diamond in the rough.”
Mount Logan has the following attributes that we believe will provide value to 180 Degree Capital shareholders:
Mount Logan has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe, its Co-Presidents, Matthias Ederer and Henry Wang, and its CFO, Nikita Klassen;
Mount Logan’s asset management platform has approximately $2.4+ billion of assets under management (as of September 30, 2024) that we believe generates predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders;
Mount Logan has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm;
Mount Logan is focused on what we believe is the fast-growing market of private credit;
We believe that Mount Logan remains undiscovered by the majority of investors due to it being listed on the Cboe Canada exchange rather than a US national exchange; and
We believe Mount Logan is significantly undervalued by public market investors.
For 35 years, I have been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we spent more time with Ted and his colleagues over the past six months, it became abundantly clear to us that 1) we believe Mount Logan is one of these great undiscovered and undervalued companies and 2) the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital shareholders by:
Shifting the valuation of our business from one based on net asset value to a valuation based on operating metrics with a foundation of what we believe will be more predictable fee-related revenues attributed to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses commonly trade based on multiples of operating metrics rather than discounts to net asset value.
Changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital’s current size; and
Substantially increasing the available capital for us to be able to leverage our relationships with small and microcapitalization public companies, to develop capital structure solutions that seek to unlock value and generate favorable risk-adjusted returns.
I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in 180 Degree Capital’s future under the leadership of Ted and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.
We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and the board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.
While we work toward filing the registration statement and joint proxy statement/prospectus for the proposed Business Combination with the SEC, we thought this would be a good time to reflect on our successes since the start of 180 Degree Capital in 2017. We believe that these successes have enabled us to enter at this next phase of 180 Degree Capital’s evolution and value creation for our fellow shareholders. Here are some of the data points we are proud of and show our contributions since I joined 180 Degree Capital’s predecessor company board of directors in June 2016, when we started 180 Degree Capital at the end of 2016, and the end of last year:
June 30, 2016
December 31, 2016
December 31, 2024
Change from December 31, 2016
Day-to-Day Operating Expenses
~$6.0 million
~$6.3 million
~$3.5 million
-44%
% Private Investments
86%
92%
<1%
-91%
% Public Investments
14%
8%
>99%
+91%
% Cash + Public Securities of NAV
21%1
27%
102%
+75%
Insider Ownership
2.1%2
2.6%2
12.7%
+10.1%
1. Net of $5,000,000 in debt on balance sheet as of June 30, 2016. 2. Excludes restricted stock subject to forfeiture provisions. The equity compensation program was terminated in March 2017 in conjunction with 180 Degree Capital’s transition from a business development company to a registered closed-end fund.
We slashed expenses, in part by transitioning from a business development company to a registered closed-end fund structure. A collateral impact of this transition was the elimination of our ability to compensate employees through the issuance of options or restricted stock. We didn’t care. It was the right decision for our shareholders. We transitioned the balance sheet. We substantially increased insider ownership through solely open market purchases. As noted previously, no equity was given to the management team or other employees as compensation. No one has bought and held more stock in the open market than me during that time period.
As the table below shows, we believe our shareholders have benefited from our ability to generate positive returns on our investments since we took over management of 180 Degree Capital. These returns were offset by material declines in the legacy private portfolio that we inherited.
Public Portfolio Contribution to Change in NAV (2017-2024)
Legacy Private Portfolio Contribution to Change in NAV (2017-2024)
+$3.13/share
-$2.41/share
TURN Public Portfolio Gross Total (Excluding SMA Carried Interest)
TURN Public Portfolio Gross Total (Including SMA Carried Interest)
Change in NAV
Change in Stock Price
Russell Microcap Index
Lipper Peer Group Average
Inception to Date Q4 2016 – Q4 2024
+185.7%
+204.5%
-33.9%
-11.4%
+68.5%
+81.8%
Math is math. Our public market investment strategy over the history of 180 Degree Capital outperformed our comparable peers and indices. It is fair to ask why our stock price has not followed. We believe it is largely because of the significant negative impact of the private portfolio that we inherited, and the discounts disproportionately applied to closed-end funds of our size. Hence, I come back to our proposed Business Combination with Mount Logan, and what we believe it can do to potentially unlock value for 180 Degree Capital shareholders when we are no longer constrained by the market dynamics ascribed to closed-end funds.
We will let our upcoming registration statement and included joint proxy statement/prospectus provide the truth to our shareholders regarding how and why our Board unanimously approved this proposed Business Combination. In the meantime, our work over the prior eight years set up 180 Degree Capital for this next phase of what we believe will be long-term shareholder value creation. We realize our lack of scale has caused our expense ratio to be too high. We believe we have uncovered a unique solution for that and other growth-limiting issues with our proposed Business Combination. Our Board and management team firmly believe that this Business Combination is in the best interest of all of our shareholders. We could not be more excited about the potential for future value creation as a result of combining with Mount Logan, and we look forward to discussing this proposed combination with all of you and prospective future shareholders of the combined entity.
All the best,
Kevin M. Rendino Chairman and Chief Executive Officer
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.
Press Contact: Daniel B. Wolfe Robert E. Bigelow 180 Degree Capital Corp. 973-746-4500 ir@180degreecapital.com
Additional Information and Where to Find It
In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.
Certain Information Concerning the Participants
180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.
Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.
Non-Solicitation
This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.
Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.
Source: People’s Republic of China – State Council News
BEIJING, Feb. 14 — China’s Ministry of Agriculture and Rural Affairs issued a notice on Friday outlining key sectors for agricultural technology innovation from 2024 to 2028, with the goal of accelerating progress toward high-level self-reliance in agricultural technology.
A new wave of agricultural technology revolution, driven by biotechnology and information technology, is on the verge of achieving significant breakthroughs, according to the document.
The notice highlights that emerging technologies such as gene editing and artificial intelligence are evolving rapidly, accelerating the restructuring of industrial and supply chains in the agricultural sector.
Breeding new varieties is one of the focuses of agricultural technology development over the next five years, as outlined in the document. China aims to accelerate the research, development and application of biotechnological breeding, while also cultivating high-quality varieties with independent intellectual property rights.
Other key areas of focus include improving the quality of arable land, developing and manufacturing agricultural machinery as well as ensuring the quality and safety of agricultural products, according to the notice.
On November 1 2024, the roof of a newly €55 million renovated railway station in Novi Sad, Serbia’s second biggest city, collapsed and killed 15 people. The deaths sparked Serbia’s largest wave of student-led anti-government protests since Yugoslavia’s disintegration in 2000.
The protests pose the most serious threat to Serbian president Aleksandar Vučić’s power since he became prime minister in 2014, and president in 2017. The protest movement has highlighted Vučić’s growing authoritarian rule and widespread corruption in Serbia.
Serbians believe that the deadly roof collapse was caused by government corruption. The station was renovated by a Chinese-led consortium as part of China’sBelt and Road Initiative investments and growing political ties with Serbia. The Chinese consortium and Vučić refused to publish the railway station restoration procurement contract after protesters demanded it.
The protesters have four demands: the publication of all procurement documents concerning the renovation of the station, a stop to the prosecution of students arrested during the protests, the prosecution of police and security forces involved in attacking students during the protests and a 20% increase in the budget for higher education.
However, the Serbian government and media — most of which Vučić controls through a network of political patronage and cronyism – are downplaying the protests and threatening students.
Vučić claims that foreign powers are behind the protests to topple him and destabilise Serbia. Russia and China have fully supported Vučić’s claims that Serbia is the target of a western plot to orchestrate the protesters and overthrow Vučić.
Serbia’s history of corruption
In the decade after former president Slobodan Milošević was overthrown, Serbia implemented a number of democratic and anti-corruption reforms. As a result, the country climbed to 72nd place out of 180 countries in Transparency International’s Corruption Perception Index in 2013. Serbia opened EU membership negotiations the following year.
However, since Vučić took office, Serbia has become more authoritarian. Corruption is widespread, and the government has exploited tensions and instability with most of its western Balkans neighbours, primarily Kosovo, for political gain.
Serbia was downgraded to partly free by Freedom House in 2019, and the V-Dem Institute (Varieties of Democracy) labelled it as as an “electoral autocracy”. Serbia dropped to 105th place in Transparency International’s Corruption Perception Index in 2024.
Many international organisations monitoring anti-corruption, human rights and democracy have reported Vučić’sauthoritarian tendencies and corruption in Serbia.
A report from Amnesty International published in December 2024 describes Serbia as a “digital prison”. It has been reported that Serbian authorities are using surveillance technology to monitor and suppress the protesters and other political opponents.
International response
The EU has mostly stayed silent since the protests began. After receiving letters from NGOs and activists, EU Commissioner for Enlargement Marta Kos stated that the EU is following the protests in Serbia, and backed the rule of law and freedom of assembly.
This is a far cry from the EU’s response to protests in Georgia last year. EU commission president Ursula von der Leyen said “the Georgian people are fighting for democracy” – yet has stayed silent on the protests in Serbia.
Some argue this (lack of) response is because in August 2024, Vučić made a deal with the EU to provide lithium to the bloc – a boon to the EU’s electric vehicle production. There were also widespread protests against the lithium deal over its transparency and concerns that the mine would cause irreversible environmental destruction to Serbia’s Jadar Valley.
The US has also stayed quiet. President Donald Trump’s associates were recently granted permission to build a Trump hotel in Belgrade. Further, Rod Blagojevich, the former governor of Illinois who served eight years in prison for corruption, is being considered as the new US ambassador to Serbia. Blagojevich, whose father is from Serbia, expressed support for Vučić and visited the country.
What is next for Serbia?
Serbia’s prime minister, Miloš Vučević, and Novi Sad’s mayor, Milan Đurić, both resigned in an effort to de-escalate the protests. Following the resignation of the PM, Vučić has said that he is open to the new government making the documents about the station collapse public.
While this may be a sign that the protests are loosening Vučić’s grip, the movement has only intensified, spreading to more than 200 towns on February 1.
Vučić has pledged to either form a new government within one month, or organise a new parliamentary election in the spring to address the protesters’ demands. However, this would barely paper over the cracks of systemic corruption in Serbia.
The student movement has revealed how democracy and the rule of law have eroded since Vučić came to power in 2014.
The protests have also exposed the international community’s complicity in supporting Vučić under the premise that he is a constructive partner for regional cooperation and stability in the western Balkans.
But to have a lasting impact in Serbia, the protesters should also demand a transitional government to undertake anti-corruption and democratic reforms to strengthen the rule of law, and to organise the next elections.
At the heart of these reforms must be constitutional changes, such as term limits on elected public office. Research shows stricter term limits can reduce the costs of corruption, abuse of power and attacks on the rule of law and democracy.
Term limits would also prevent figures with authoritarian tendencies, like Vučić, from becoming the state themselves with unlimited and unaccountable power.
The EU also has a role to play here. By not putting pressure on Vučić, the EU is empowering his authoritarian tendencies. Second, in EU membership negotiations, it should introduce electoral reform as a new requirement for all EU candidate countries.
Other leaders in the western Balkans have adopted similar authoritarian government models and patronage systems as Serbia to maintain power. These would undermine and threaten the EU rule of law, if they were to join the bloc today.
The EU must also publicly support student protesters who want Serbia to become more democratic and accountable. After all, the students are fighting for the very ideals on which the EU was founded.
Andi Hoxhaj 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.
In Aug. 2024, a team of NASA researchers and partners gathered in Missoula, to test new drone-based technology for localized forecasting, or micrometeorology. Researchers attached wind sensors to a drone, NASA’s Alta X quadcopter, aiming to provide precise and sustainable meteorological data to help predict fire behavior. Wildfires are increasing in number and severity around the world, including the United States, and wind is a major factor. It leads to unexpected and unpredictable fire growth, public threats, and fire fatalities, making micrometeorology a very effective tool to combat fire.
The campaign was run by NASA’s FireSense project, focused on addressing challenges in wildland fire management by putting NASA science and technology in the hands of operational agencies. “Ensuring that the new technology will be easily adoptable by operational agencies such as the U.S. Forest Service and the National Weather Service was another primary goal of the campaign,” said Jacquelyn Shuman, FireSense project scientist at NASA’s Ames Research Center in California’s Silicon Valley. The FireSense team chose the Alta X drone because the U.S. Forest Service already has a fleet of the quadcopters and trained drone pilots, which could make integrating the needed sensors – and the accompanying infrastructure – much easier and more cost-effective for the agency.
The choice of the two sensors for the drone’s payload was also driven by their adoptability. The first, called a radiosonde, measures wind direction and speed, humidity, temperature, and pressure, and is used daily by the National Weather Service. The other sensor, an anemometer, measures wind speed and direction, and is used at weather stations and airports around the world.
“Anemometers are everywhere, but are usually stationary,” said Robert McSwain, the FireSense uncrewed aerial system (UAS) lead, based at NASA’s Langley Research Center in Hampton, Virginia. “We are taking a sensor type that is already used all over the world, and giving it wings.”
Robert Mcswain FireSense Uncrewed Aerial System (UAS) Lead
Both sensors create datasets that are already familiar to meteorologists worldwide, which opens up the potential applications of the platform.
Traditionally, global weather forecasting data is gathered by attaching a radiosonde to a weather balloon and releasing it into the air. This system works well for regional weather forecasts. But the rapidly changing environment of wildland fire requires more recurrent, pinpointed forecasts to accurately predict fire behavior. It’s the perfect niche for a drone.
“These drones are not meant to replace the weather balloons,” said Jennifer Fowler, FireSense’s project manager at Langley. “The goal is to create a drop-in solution to get more frequent, localized data for wildfires – not to replace all weather forecasting.”
Jennifer Fowler FireSense Project Manager
Drones can be piloted to keep making measurements over a precise location – an on-site forecaster could fly one every couple of hours as conditions change – and gather timely data to help determine how weather will impact the direction and speed of a fire. Fire crews on the ground may need this information to make quick decisions about where to deploy firefighters and resources, draw fire lines, and protect nearby communities. A reusable platform, like a drone, also reduces the financial and environmental impact of forecasting flights. “A weather balloon is going to be a one-off, and the attached sensor won’t be recovered,” Fowler said. “The instrumented drone, on the other hand, can be flown repeatedly.”
Before such technology can be sent out to a fire, it needs to be tested. That’s what the FireSense team did this summer.
McSwain described the conditions in Missoula as an “alignment of stars” for the research: the complex mountain terrain produces erratic, historically unpredictable winds, and the sparsity of monitoring instruments on the ground makes weather forecasting very difficult. During the three-day campaign, several fires burned nearby, which allowed researchers to test how the drones performed in smokey conditions. A drone team out of NASA Langley conducted eight data-collection flights in Missoula. Before each drone flight, student teams from the University of Idaho in Moscow, Idaho, and Salish Kootenai College in Pablo, Montana, launched a weather balloon carrying the same type of radiometer.
Once those data sets were created, they needed to be transformed into a usable format. Meteorologists are used to the numbers, but incident commanders on an active fire need to see the data in a form that allows them to quickly understand which conditions are changing, and how. That’s where data visualization partners come in. For the Missoula campaign, teams from MITRE, NVIDIA, and Esri joined NASA in the field.
Measurements from both the balloon and the drone platforms were immediately sent to the on-site data teams. The MITRE team, together with NVIDIA, tested high-resolution artificial intelligence meteorological models, while the Esri team created comprehensive visualizations of flight paths, temperatures, and wind speed and direction. These visual representations of the data make conclusions more immediately apparent to non-meteorologists.
Development of drone capabilities for fire monitoring didn’t begin in Missoula, and it won’t end there. “This campaign leveraged almost a decade of research, development, engineering, and testing,” said McSwain. “We have built up a UAS flight capability that can now be used across NASA.”
Robert Mcswain FireSense Uncrewed Aerial System (UAS) Lead
The NASA Alta X and its sensor payload will head to Alabama and Florida in spring 2025, incorporating improvements identified in Montana. There, the team will perform another technology demonstration with wildland fire managers from a different region. To view more photos from the FireSense campaign visit: https://nasa.gov/firesense The FireSense project is led by NASA Headquarters in Washington and sits within the Wildland Fires program, with the project office based at NASA Ames. The goal of FireSense is to transition Earth science and technological capabilities to operational wildland fire management agencies, to address challenges in U.S. wildland fire management before, during, and after a fire.
DLNR News Release – LAND MANAGERS RECEIVE FUNDS TO SUPPORT CLIMATE CHANGE RESILIENCE, February 13, 2025
Posted on Feb 13, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI KA MOKU ʻĀINA O HAWAIʻI
DEPARTMENT OF LAND AND NATURAL RESOURCES KA ʻOIHANA KUMUWAIWAI ‘ĀINA
JOSH GREEN, M.D. GOVERNOR KE KIAʻĀINA
DAWN CHANG CHAIR
LAND MANAGERS RECEIVE FUNDS TO SUPPORT CLIMATE CHANGE RESILIENCE
FOR IMMEDIATE RELEASE
February 13, 2025
HONOLULU – The Carbon Smart Program has awardeda total of$1,000,000 to 10 grantees to develop and implement plans for regenerative sustainable practices, particularly carbon sequestration (capturing, securing and storing carbon dioxide from the atmosphere). The program is a pilot initiative to promote the preservation and enhancement of ranches, forests and farmlands in Hawaiʻi,
Developed bythe Hawaiʻi State Climate Change Mitigation and Adaptation Commission (CCMAC), the programprovides grant funding to landowners or lessees in the state with a focus on smaller land managers, who often have difficultyaccessingfederal funding.The awardeeswillwork to improve and expand practical solutions for soil health, carbon storage, andclimate change resilience.
Fundshavebeen awarded to land managersfrom Hawaiʻi County to Molokaʻi and Oʻahu. These include MĀLA ʻŌiwiwith Waiʻanae Community Redevelopment Corporation; OCR INC., dba Small Kine Farm; Healing Mountain Homestead, LLC; Living Life Source Foundation; The Kohala Center; Puʻu O Hoku Operations; Maluhia Fields, LLC; Mililani Agricultural Park, LLC; Protect & Preserve Hawaiʻi; and Kuilima Farm with Pono Pacific, LLC.
“The goal is to increase the strategies and options for land managers to develop greater carbon sequestration practices while building resilience and enhancing regenerative practices already in place,” said Leah Laramee, CCMAC Coordinator. “We are hoping to be able to continue this program in the future to fund a widerrange of projects. We wantto support local land managersandto implement community-led carbon sequestration actions.”
Examplesof grantee projects include transitioning fallow land to agroforestry systems, creating organic compost from mushrooms to provide to markets across the islands, removing invasive species and regenerating native forest through Hawaiian traditional ecological knowledge and supporting a hui of 14 ‘ōiwi-led organizations in diverse locally designed carbonsequestration activities.
Thisgrantprogram addresses the urgent need to mitigate climate vulnerability inHawaiʻi.Farmers, schools, communityhui, businesses and nonprofit organizations were among a diverse group expressing ahigh level of interest to participate in these efforts.
# # #
RESOURCES
(All images/video courtesy: DLNR)
Photographs –Soil sampling and native planting(September 2024 and February 2025):https://www.dropbox.com/scl/fo/6ku9c7djjfwgvyej189v2/AATGtERw8iLQfc4_NCDMGDc?rlkey=gxw0kj1qbyo94yymdpth5a6iq&st=on2uven8&dl=0
2025-26 ATTORNEY GENERAL LOPEZ FILES MULTISTATE LAWSUIT TO STOP ELON MUSK’S UNCONSTITUTIONAL POWER GRAB
Posted on Feb 13, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
DEPARTMENT OF THE ATTORNEY GENERAL
KA ʻOIHANA O KA LOIO KUHINA
JOSH GREEN, M.D. GOVERNOR
KE KIAʻĀINA
ANNE LOPEZ
ATTORNEY GENERAL
LOIO KUHINA
ATTORNEY GENERAL LOPEZ FILES MULTISTATE LAWSUIT TO STOP ELON MUSK’S UNCONSTITUTIONAL POWER GRAB
News Release 2025-26
FOR IMMEDIATE RELEASE
February 13, 2025
HONOLULU –Attorney General Anne Lopez, along with 13 other attorneys general, announced the filing of a lawsuit challenging the unlawful delegation of executive power to Elon Musk. The lawsuit argues that President Trump has violated the Appointments Clause of the United States Constitution, which ensures that executive appointments are subject to congressional oversight and Senate confirmation.
“The Appointments Clause of the U.S. Constitution is an important safeguard in our system of government,” said Attorney General Lopez. “Granting Musk sweeping powers over the entire federal government without seeking the advice and consent of the Senate is unconstitutional. I joined this lawsuit with my fellow attorneys general because we are the last line of defense to uphold the Constitution and enforce the rule of law.”
This lawsuit highlights how, with the president’s approval, Musk has unraveled federal agencies, accessed sensitive data, and caused widespread disruption for state and local governments, federal employees, and the American people.
“Musk’s seemingly limitless and unchecked power to strip the government of its workforce and eliminate entire departments with the stroke of a pen, or click of a mouse, is unprecedented,” the lawsuit states. “The sweeping authority now vested in a single unelected and unconfirmed individual is antithetical to the nation’s entire constitutional structure.”
Defendants’ actions threaten the financial and operational stability of the states by disrupting billions of dollars in federal funding essential for law enforcement, healthcare, education, and other critical services. State agencies depend on federal funds and cooperative agreements, and the termination of these partnerships will result in severe budget shortfalls, staffing crises, and the potential loss of key programs. Similarly, the proposed elimination of the U.S. Department of Education would strip away federal civil rights oversight in schools, leaving states with uncertain legal authority to address discrimination cases involving students with disabilities and enforce Individualized Education Programs (IEPs) and disability protections.
Beyond financial and regulatory harms, the reckless expansion of DOGE’s authority endangers cybersecurity and erodes public trust. DOGE operatives have reportedly accessed federal financial databases containing sensitive state tax records and banking information without proper oversight, increasing the risk of cyberattacks, data breaches, and foreign exploitation.
The manipulation of federal IT infrastructure by unauthorized individuals threatens not only state financial security but also the integrity of critical national systems. As reports of unauthorized access to Treasury databases emerge, citizens have expressed growing fear that their private financial data is at risk, leading to a chilling effect on participation in state-administered federal programs. The Plaintiff States are now forced to contend with both immediately.
Attorney General Lopez seeks a court ruling declaring Musk’s actions unconstitutional as well as an injunction barring him from issuing orders to any person in the Executive Branch outside of DOGE, as well as invalidating his previous actions.
Attorney General Lopez is joined in this lawsuit by the attorneys general of Arizona, California, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, Oregon, Rhode Island, Washington and Vermont.
2025-25 AG LOPEZ AND 13 OTHER ATTORNEYS GENERAL RELEASE STATEMENT ON PRELIMINARY INJUNCTION ISSUED IN BIRTHRIGHT CITIZENSHIP CASE
Posted on Feb 13, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
DEPARTMENT OF THE ATTORNEY GENERAL
KA ʻOIHANA O KA LOIO KUHINA
JOSH GREEN, M.D. GOVERNOR
KE KIAʻĀINA
ANNE LOPEZ
ATTORNEY GENERAL
LOIO KUHINA
ATTORNEY GENERAL LOPEZ AND 13 OTHER ATTORNEYS GENERAL RELEASE STATEMENT ON PRELIMINARY INJUNCTION ISSUED IN BIRTHRIGHT CITIZENSHIP CASE
News Release 2025-25
FOR IMMEDIATE RELEASE
February 13, 2025
HONOLULU –A federal judge has granted a preliminary injunction against President Trump’s unconstitutional executive order terminating birthright citizenship, drawing praise from Hawai‘i Attorney General Anne Lopez and attorneys general from 13 other states and the City of San Francisco. Attorney General Lopez joins theattorneys general of California, Colorado, Connecticut, Delaware, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Vermont, and the City of San Francisco in releasing the following statement:
“President Trump may believe that he is above the law, but today’s preliminary injunction sends a clear message: He is not a king, and he cannot rewrite the Constitution with the stroke of a pen.
“The president and his allies made clear long before he was sworn in that they would pursue this illegal action, and our coalition was prepared to challenge it as soon as President Trump fulfilled this unconstitutional campaign promise on Inauguration Day.
“We immediately stood up for our Constitution, for the rule of law, and for American children across the country who would have been deprived of their constitutional rights – and today we delivered for them. This is not yet over, and we will continue to fight every single step of the way until President Trump is permanently prevented from trampling on the Fourteenth Amendment rights of all Americans.
“President Trump issued an executive order on January 20, 2025, to end birthright citizenship, in violation of the Fourteenth Amendment of the United States Constitution and Section 1401 of the Immigration and Nationality Act.
“To stop the president’s unlawful action, which would harm hundreds of thousands of American children and their families, the coalitionsued in the District of Massachusetts to invalidate the executive order and to enjoin any actions taken to implement it. The statesrequested immediate relief to prevent the president’s order from taking effect. The request was granted by Judge Leo Sorokin. [This is the first birthright citizenship case in which a court has issued a permanent injunction.]
“Birthright citizenship dates back centuries—including to pre-Civil War America. Although the Supreme Court’s notorious decision in Dred Scott denied birthright citizenship to the descendants of slaves, the post-Civil War United States adopted the Fourteenth Amendment to protect citizenship for all children born in this country. As the Attorneys General’s filings explain, the U.S. Supreme Court has repeatedly confirmed that birthright citizenship does not depend on the immigration status of the baby’s parents.
“If allowed to stand, this order—for the first time since the Fourteenth Amendment was adopted in 1868—would mean babies born each year in Hawaiʻi who otherwise would have been citizens will no longer enjoy the privileges and benefits of citizenship.
“The children whose citizenship would be stripped by the president’s order would lose their most basic rights and would be forced to live under the threat of deportation. They would lose eligibility for a wide range of federal services and programs. They would lose their ability to obtain a Social Security number and, as they age, to work lawfully. They would also lose their ability to obtain a passport. And they would lose their right to vote, serve on juries, and run for certain offices. Despite the Constitution’s guarantee of citizenship, thousands of American children would—for the first time—lose their ability to fully and fairly be a part of American society as a citizen with all its benefits and privileges.
“In addition to harming hundreds of thousands of residents, the president’s order would significantly harm the states themselves, too. Among other things, this order will cause the states to lose federal funding to programs that they administer, such as Medicaid, the Children’s Health Insurance Program, and foster care and adoption assistance programs, which all turn in part on the immigration status of the resident being served. States would also be required—at their considerable expense—to immediately begin modifying their operation and administration of benefits programs to account for this change, which would impose significant burdens on multiple agencies that operate programs for the benefit of the states’ residents. The states’ filings explain that they should not have to bear these dramatic costs while their case proceeds because the order is directly inconsistent with the Constitution, the Immigration and Nationality Act, and two U.S. Supreme Court decisions.
This case on behalf of the state of Hawaiʻiwas handled by Solicitor General Kalikoʻonālani Fernandes and Special Assistant to the Attorney General Dave Day.
The Attorneys General joining Hawaiʻi in this lawsuit represent the states of California, Colorado, Connecticut, Delaware, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Rhode Island, Vermont, Wisconsin, as well as the District of Columbia and the City and County of San Francisco.
Copies of the relevant orders can be foundhereandhere.
NEWS RELEASE: DHHL Applicants, Lessees Encouraged To Participate In Home Build Program
Posted on Feb 13, 2025 in Latest Department News, Newsroom
STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI
DEPARTMENT OF HAWAIIAN HOME LANDS
KA ʻOIHANA ʻĀINA HOʻOPULAPULA HAWAIʻI
JOSH GREEN, M.D. GOVERNOR
KE KIAʻĀINA
KALI WATSON
DIRECTOR
KA LUNA HOʻOKELE
KATIE L. LAMBERT
DEPUTY DIRECTOR
KA HOPE LUNA HOʻOKELE
DHHL APPLICANTS, LESSEES ENCOURAGED TO PARTICIPATE IN HOME BUILD PROGRAM
Honolulu Habitat For Humanity Accepting Applications For New Builds, Demolitions
Lenchanko-Andrade ʻohana celebrates new home in Waimānalo (Courtesy: Osvaldo Olmos)
FOR IMMEDIATE RELEASE
February 13, 2025
HONOLULU – The Department of Hawaiian Home Lands (DHHL) encourages applicants and lessees to participate in Honolulu Habitat for Humanity’s Home Build Program during the organization’s open enrollment period.
“For our ʻohana who aren’t eligible for a turnkey development, this self-help option gives them the chance to invest sweat equity into their future home,” DHHL Director Kali Watson said. “Organizations like Habitat for Humanity will continue to receive support from DHHL, as they provide families – who may have been previously bypassed – the opportunity to achieve homeownership.”
Through the Home Build Program, lessees on Oʻahu will work alongside Honolulu Habitat personnel to achieve stability and self-reliance through homeownership. Habitat homebuyers contribute to the program by building their homes alongside volunteers, attending financial education classes, and paying an affordable mortgage.
“Honolulu Habitat provides housing solutions for families earning between 30% and 80% of Honolulu County’s Area Median Income (AMI),” said Shana Petelo of Honolulu Habitat for Humanity. “We value our longstanding partnership with the Department of Hawaiian Home Lands and the opportunity to help keep Native Hawaiian families in Hawaiʻi for generations to come.”
Honolulu Habitat for Humanity selects applicants based on four key criteria: access to land, housing need, ability to repay, and willingness to partner.
“The journey taught us a lot about ourselves, what we needed to do to accomplish this goal, our capabilities, and how to be financially stable,” said DHHL beneficiary, Duke Lenchanko-Andrade.
The Native American Housing Assistance and Self-Determination Act (NAHASDA) also serves as a vital funding source for the home-building initiatives within the program.
The Honolulu Habitat Home Build Program will accept applications for its open enrollment period from March 1, 2025 to May 30, 2025.
Those interested in the Home Build Program can visit Honolulu Habitat for Humanity’s website at www.honoluluhabitat.org for more information. To request an application or to speak to someone by phone, contact 808-777-4138.
For additional pictures, click here.
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About the Department of Hawaiian Home Lands:
The Department of Hawaiian Home Lands carries out Prince Jonah Kūhiō Kalanianaʻole’s vision of rehabilitating native Hawaiians by returning them to the land. Established by U.S. Congress in 1921 with the passage of the Hawaiian Homes Commission Act, the Hawaiian homesteading program run by DHHL includes the management of more than 200,000 acres of land statewide with the specific purpose of developing and delivering homesteading.
About Habitat for Humanity:
Habitat for Humanity is a global nonprofit housing organization working in local communities nationwide and in more than 70 countries worldwide. Seeking to put God’s love into action, Habitat brings people together to build homes, communities, and hope. Our vision is of a world where everyone has a decent place to live. At Habitat, we work to achieve this by building strength, stability, and self-reliance in partnership with people and families in need of a decent and affordable home.