Source: Privacy Commissioner
The February 2025 issue of Privacy News includes a reminder about giving feedback on the Biometrics Code, a piece about the Public Services Commission and Stats NZ reports, how to apply to speak in Privacy Week 2025, and new guidance for tenants and landlords on our website. You can also read about the EU Guidelines and task force on AI, and a note about privacy. org. nz being updated. Read the February 2025 issue.
Source: New Zealand Government
Upgraded tourism ventures on Rakiura Stewart Island promise a world-class experience for visitors, with enhanced guided nature walks and improved facilities, says Associate Regional Development Minister Mark Patterson.
Mr Patterson is on Stewart Island today, joining locals to celebrate the completion of the Rakiura Oneke Southern Wilderness Experience.
“The realisation of this project on Stewart Island is monumental. The people here have been holding this project in their hearts for many years, and it’s incredible to see the work finally completed. It’s a testament to the dedication this close-knit community has to their home,” says Mr Patterson.
Rakiura Māori Lands Trust (RMLT) was approved for grant and loan funding from the Provincial Growth Fund, totalling $2.18 million in 2020, to support the development of tourism infrastructure. The Trust provided funding to upgrade conservation efforts at Oneke (also known as ‘The Neck’), a remote area on Stewart Island that hosts an abundance of native wildlife and incredible coastal landscapes.
“Thanks to the new walking track at Oneke, visitors can take guided walks to discover the area’s early history and natural wonders. There’s also a new wharf, whare and shelter facilities. This infrastructure will support tourism on Oneke well into the future.
“Stewart Island has long been a habitat for native flora and fauna, and restoring the biodiversity of the land back to its natural state has been a priority for RMLT for many years. The new developments contribute to the continued work being done to restore the biodiversity at Oneke, with upgraded predator-proof fencing and biosecurity measures,” says Mr Patterson.
Source: Screen Australia
04 03 2025 – Media release
Crowded House
Screen Australia has announced support for eight documentaries that will share in $2.3 million of direct production funding. These projects reflect the incredible tenacity of local documentary makers to uncover stories in Australia and around the globe, from Western Sydney to Ecuador. The documentaries deep-dive into a wide array of topics, from the defining issues of our time to celebrating cultural icons and shining a light on marginalised or misunderstood communities.
Among the projects are Robodebt (working title), a three-part series for SBS that combines documentary storytelling with drama to reveal how ordinary Australians fought back against the notorious Robodebt scandal; Crowded House, which unravels the psychological complexities the iconic band faced in their extraordinary journey; End Game, following Tony Armstrong on a mission to tackle racism in Australian sports; and RISE, from writer/director Patrick Abboud, about participants preparing to compete on Western Sydney’s spectacular LGBTQIA+ ballroom scene.
Screen Australia Head of Documentary Richard Huddleston said, “These stories, spanning numerous genres and disciplines, are a reflection of the ambition, sophistication and creativity of the current Australian documentary sector. These projects will grow Australia’s reputation for innovative, premium storytelling and point to an exciting future of global partnerships.”
Projects supported:
Crowded House: A feature-length documentary that dives deep into the Crowded House journey, unravelling the psychological complexities they faced in the wake of their meteoric rise, and spotlighting the evolution of the current line-up that includes Neil’s two sons, Liam and Elroy Finn. Woven from a treasure-trove of never-before-seen family and band archive, candid interviews, and more, the narrative moves between the past, present and a dream-like place of investigation and analysis that has the genius of Neil Finn’s song writing at its core. Crowded House is a co-production between Ghost Pictures (Mystify: Michael Hutchence, Autoluminescent, In Bob We Trust) and Academy Award-nominated producer, Carthew Neal (Jojo Rabbit, Tickled) and his production company Fumes. Financed by the New Zealand Film Commission in association with the ABC and VicScreen. Produced with the support of Primary Wave and Nude Run. An Australian-New Zealand Co-production. Australia and New Zealand territories distributed by Madman.
RISE: With exclusive access into Western Sydney’s underground LGBTQIA+ ballroom scene, the documentary RISE follows participants as they prepare to compete at the iconic West Ball. In a world seeking to erase them, RISE will portray which of these queer rebels will finally have their moment on the cutthroat stage and transform their life. It is written and directed by Patrick (Pat) Abboud (Australia Uncovered: Kids Raising Kids), with Monique Keller and Billy Russell (The Role of a Lifetime) executive producing, and West Ball community leaders, Xander Khoury and Jamaica Moana co-executive producing.
Death of a Shaman: In the depths of the Ecuadorian Amazon, a renowned Shuar shaman selects his reluctant grandson as his apprentice in an attempt to preserve their tribe’s ancestral wisdom for another generation. Meanwhile, the shaman’s son leads an Indigenous uprising that seeks to overthrow the Ecuadorian president. What transpires next will foreshadow either the preservation or destruction of a people. The feature-length documentary Death of a Shaman is from writer/director/producer Dan Jackson (In the Shadow of the Hill) and executive producers Robert Fernandez (The Fog of War) and Dan Levinson. It is financed in association with Soundfirm, with Umbrella Entertainment distributing locally.
Silenced: A feature film from Stranger Than Fiction that follows internationally renowned human rights lawyer Jennifer Robinson as she goes inside courtrooms and behind the headlines, to reveal the tricks and tropes used to silence women all over the world. Silenced is from writer/director Selina Miles and producer Blayke Hoffman, whose credits include the acclaimed Harley & Katya. Jennifer Peedom (Sherpa, Mountain) is executive producing. It is financed in association with Minderoo Pictures and the ABC, with support from Screen NSW, the Shark Island Foundation and Soundfirm. Local distribution by Sharmill Films and international sales by Together Films.
Troublemaker: This feature film follows massacre survivor Wendy Scurr and South Australian writer/director Jared Nicholson (Starting from Scratch), as they slip down the rabbit hole of paranoia in a desperate search for solace and truth. Directing alongside Nicholson is Ben Lawrence, with Rebecca Barry, Scott Baskett, Madeleine Hetherton-Miau and Chris Kamen producing and Deanne Weir executive producing. It is financed in association with the Shark Island Foundation, with support from the Adelaide Film Festival Investment Fund, the South Australian Film Corporation, Screen NSW and WeirAnderson Films. Post, digital and visual effects are supported by the South Australian Film Corporation.
Digby & Camille: This feature film is an eight-year love story about Sydney artist and the documentary’s co-director Digby Webster and his girlfriend, trainee chef Camille Collins, who both live with Down Syndrome. Looking to take the next step in their relationship, the couple fervently wish to live together and marry. But complicating their dream of wedded bliss are the very real concerns and questions from those who love and support them most, their parents. Directing alongside Digby is Trevor Graham (Chef Antonio’s Recipes for Revolution), who is also producing with Lisa Wang (White Fever). It is written by Rose Hesp (Who Do You Think You Are?), with Mitzi Goldman (Knowing the Score), Roger Savage and Jenny Lalor executive producing. It is financed in association with the Melbourne International Film Festival (MIFF) Premiere Fund, with support from Screen NSW, the Shark Island Foundation, Soundfirm, the Andy Inc Foundation and Philanthropy via Documentary Australia. Local distribution by Bonsai Films.
Robodebt (working title): A three-part series for SBS that combines documentary storytelling with drama to reveal how ordinary Australians fought back against the notorious Robodebt scandal that struck at the heart of inequality and social cohesion in Australia. It is from director Ben Lawrence (Hearts and Bones) and writer Jane Allen (Troppo, In Our Blood). Executive producing is Paula Bycroft (Con Girl), Michael Cordell (Go Back to Where You Came From) and Andrew Farrell (Murder in the Outback, Undercurrent). It has received major production investment from SBS with support from Screen NSW.
End Game: This three-part series for the ABC follows Tony Armstrong on a global mission to find solutions to combat the rising tide of racism in Australian sports to create real change for future generations — unpicking his own experiences on a personal journey of discovery, surprise, passion and understanding. End Game is executive produced by Daniel Brown (The Hospital: In the Deep End), Steve Bibb (Matildas: The World at Our Feet) and Dean Gibson (First Weapons). It has received major production investment from the ABC, with support from Screenwest and Lotterywest. International sales by ABC Commercial.
Documentaries also announced and recently supported by Screen Australia include Stan Originals Death Cap, Into the Night and Zyzz & Chestbrah: The Poster Boys, as well as ABC’s Ages of Ice, and feature film The Golden Spurtle.
The full list of documentary blocklines is available here. The latest projects funded for documentary development are available here. For more information about Documentary funding at Screen Australia and to apply, click here.
Digby & Camille
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Source: GlobeNewswire (MIL-OSI)
DUBLIN, Ohio, March 03, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha” or the “Company”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announces that its subsidiary, AiChat Pte. Ltd. (“AiChat”), is launching its AI-powered digital agents (the “AI Agents”), further enhancing its intelligent customer engagement capabilities.
Next-Generation AI Capabilities: Elevating Customer Experiences
AiChat’s AI Agents include Voice AI and Agentic AI, both of which are designed to facilitate and further personalize the way businesses connect with their customers. For example, the AI Agents can personalize responses based on the context of previous conversations, remembering customer preferences and past interactions to deliver more relevant recommendations. reAlpha expects that these AI-powered technologies will empower brands to create more personalized, seamless, and human-like interactions across their digital platforms.
AiChat’s Voice AI enables businesses to interact with customers in natural, human-like manner and handle their complex queries in real-time. With capabilities like multi-language support, voice-cloning, real-time analytics, and integrations with automatic speech recognition, text-to-speech, and large language model technologies, AiChat believes it will deliver prompt and scalable voice interactions through Voice AI.
AiChat’s Agentic AI will interact with customers with autonomy, adaptability, and personalization. Unlike scripted AI, Agentic AI will be able to understand context and adapt in real time to deliver prompt, natural responses. With self-learning and multi-turn contextual awareness, businesses can scale human-like interactions while maintaining brand consistency, which we believe may also improve customer loyalty and a customer’s overall customer service satisfaction.
Giri Devanur, Chief Executive Officer of reAlpha, said, “We are thrilled to announce this exciting new chapter for AiChat under reAlpha’s vision. With AiChat’s enhanced capabilities, including the introduction of Agentic AI and Voice AI, we are empowering businesses to unlock the true potential of customer engagement through human-centric, innovative technologies.”
Market Growth: AI Agents on the Rise
The global autonomous AI and autonomous agents market is witnessing rapid expansion, with the total market size expected to reach $783.27 billion by 20371. As businesses increasingly embrace digital transformation, AiChat believes it is positioning itself as a leader in next-generation AI solutions by delivering intelligent, personalized, and streamlined customer experiences for businesses worldwide.
One example is MYDIN, one of Malaysia’s largest retail chains, which has utilized AiChat’s AI-powered solutions to enhance its customer service. Malik Murad Ali, Director of Information Technology, Digital, Human Resources, and Leap Production System at MYDIN, shared, “Since integrating AiChat’s AI solutions, we’ve seen a significant improvement in our customer service capabilities, and, as of January 2025, we have automated 74.7% of customer inquiries. The AI-powered chatbot platform has enabled us to engage with customers more authentically and efficiently, and since January 2024, we improved overall customer service satisfaction by over 7%. We look forward to continuing this journey with AiChat and exploring the next phase of its AI-driven innovations.”
A Fresh Identity for a Bold Future
Alongside its AI Agents, AiChat is also unveiling a refreshed brand identity that reflects its mission to shape the future of AI-powered customer engagement solutions. At the heart of this rebrand is AiChat’s new logo shown below, which blends a brain-inspired design, representing AI’s creative capabilities, with a communication symbol, representing meaningful, human-like AI interactions. This fusion embodies AiChat’s vision of creating AI that goes beyond just assisting customers and businesses, offering instead a more personalized and tailored customer engagement solution to business and allowing them to foster meaningful relationships with customers.
Kester Poh, Chief Executive Officer of AiChat, added, “The rebranding of AiChat marks a significant step in the evolution of conversational AI, embodying our vision to redefine customer engagement. At AiChat, we are pioneering next-generation AI agents that go beyond traditional text-based chatbots to also include voice interactions. This development will enable us to deliver comprehensive, omnichannel customer experiences by integrating personalization and voice capabilities. As we continue to drive AI innovation, we are exploring new ways to make interactions even more natural and human-like, bringing us closer to a future of truly humanized AI-powered customer engagement.”
About reAlpha Tech Corp.
reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha aims to offer an affordable, streamlined experience for homebuyers. For more information, visit www.reAlpha.com.
About AiChat Pte. Ltd.
AiChat Pte. Ltd., a subsidiary of reAlpha, is a Singapore-based company that develops AI-powered conversational customer experience solutions. Its platform leverages artificial intelligence to provide businesses with intelligent chatbots and automation tools that improve customer interactions and operational efficiency. For more information about AiChat, visit www.aichat.com.
Forward-Looking Statements
The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the announcement of AiChat’s AI Agents, Voice AI and Agentic AI; the anticipated benefits of AiChat’s AI Agents; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products, including that of its subsidiaries, will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate AiChat’s AI Agents into its existing business and the anticipated demand for AiChat’s AI Agents; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to obtain the necessary regulatory and legal approvals to expand into additional U.S. states and maintain, or obtain, brokerage licenses in such states; reAlpha’s ability to generate additional sales or revenue from having access to, or obtaining, additional U.S. states brokerage licenses; reAlpha’s ability to enhance its, and its subsidiaries’, loan processing efficiency by leveraging its AI-powered platform and overall resources; AiChat’s ability to improve customer satisfaction and overall operational efficiency of businesses through implementation of its services and products, including, but not limited to, its AI Agents; AiChat’s ability to maintain its brand reputation and recognition with its customers and intended customers after its re-branding; reAlpha’s ability to, through a business’ implementation of AiChat’s technologies, increase loyalty of customers users using AiChat’s technologies; AiChat’s ability to scale its technologies, including its AI Agents, for adopting businesses; reAlpha’s and AiChat’s ability to provide personalized, human-like customer service solutions through its services and offerings; the inability to maintain and strengthen reAlpha’s brand and reputation; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets; the potential loss of key employees of its acquired companies; reAlpha’s inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Adele Carey, VP of Investor Relations
investorrelations@realpha.com
Media Contact:
Fatema Bhabrawala, Director of Public Relations
fbhabrawala@allianceadvisors.com
________________________
1 https://www.researchnester.com/reports/autonomous-ai-and-autonomous-agents-market/5948
An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35c2d708-67b7-41b1-9cd1-d965f880da3e
Source: Australian Executive Government Ministers
The Albanese Government will invest over $6 million to bring 11 regional airport projects to life across Queensland, under Round 4 of the Regional Airports Program.
Airports are vital for regional communities, providing critical access to emergency healthcare, as well as commerce, industry, tourism and education.
These projects will include runway, apron and taxiway upgrades, lighting installation, generator replacements and drainage works – which will improve airport safety and enhance accessibility.
In Hervey Bay, $234,631 will support Fraser Coast Regional Council to replace the perimeter fencing and emergency generator at Hervey Bay Airport.
This will ensure the airport’s ongoing safety and security, which provides vital aviation access for the community, tourism, essential workers and medical flights.
In Roma, nearly $1.16 million will flow to Maranoa Regional Council to upgrade the general aviation apron at Roma Airport, to support reliable and safer access for aero‑medical, firefighting, charter, freight, tourism and other general aviation services.
Other works to be funded under Round 4 in Queensland include:
More than $1 million for the Gladstone Airport Corporation to construct a fit-for-purpose patient transfer facility at Gladstone Airport, primarily to be used by the Royal Flying Doctor Service.
$795,097 for Gympie Regional Council to reseal the runway and taxiway, strengthen the apron, and do line marking and drainage works at Gympie Aerodrome, to improve pilot and aircraft safety while ensuring reliable access to the airstrip.
$426,196 for Southern Downs Regional Council to upgrade the lighting system at Stanthorpe Aerodrome, to meet safety standards and improve usability by aircraft – especially during low visibility conditions and night operations.
More information on the Regional Airports Program, including a full list of Round 4 projects in Queensland, can be found here.
Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King:
“We know how vital regional airports are to the communities they service, ensuring access to other towns, to markets, and to vital services such as emergency health care.
“That’s why we are investing in safety and other upgrades at regional airports across Queensland, to ensure they can continue to service communities for years to come.”
Quotes attributable to Assistant Minister for Regional Development and Senator for Queensland, Anthony Chisholm:
“Regional airports are critical for a decentralised state like Queensland. They’re a gateway for tourism and help connect locals with the rest of the country.
“Our funding to replace the perimeter fencing and emergency generator here Hervey Bay Airport will back the airport’s ongoing operations by boosting safety and security.
“This is just one of 11 projects we’re investing in across Queensland under Round 4 of the Regional Airports Program, which will make a real difference for communities.”
Quotes attributable to Fraser Coast Regional Council Mayor, George Seymour:
“The Hervey Bay Airport is an essential link for our region, providing essential services for tourism, business, and emergency medical flights.
“This funding will allow Council to replace the aging emergency generator, ensuring the airport remains operational during power outages and severe weather events. Upgrading the security fencing will also strengthen safety and compliance, helping to protect passengers, staff, and aircraft operations.
“These improvements will enhance the airport’s long-term sustainability and ensure it continues to serve our growing community well into the future.”
Source: University of South Australia
04 March 2025
Computer scientists have developed a powerful machine learning model that can detect toxic social media comments with remarkable accuracy, paving the way for safer digital interactions.
A team of researchers from Australia and Bangladesh has built a model that is 87% accurate in classifying toxic and non-toxic text without relying on manual identification.
Researchers from East West University in Bangladesh and the University of South Australia say their model is an improvement on existing automated detection systems, many of which produce false positives.
Lead author, data science expert Ms Afia Ahsan, says the massive increase in cyberbullying and hate speech in recent years is leading to serious mental health issues, self-harm and – in extreme cases – suicide.
“Despite efforts by social media platforms to limit toxic content, manually identifying harmful comments is impractical due to the sheer volume of online interactions, with 5.56 billion internet users in the world today,” she says.
“Removing toxic comments from online network platforms is vital to curbing the escalating abuse and ensuring respectful interactions in the social media space.”
UniSA IT and AI researcher, Dr Abdullahi Chowdhury, says the team tested three machine learning models on a dataset of English and Bangla comments collected from social media platforms such as Facebook, YouTube and Instagram.
Their optimised algorithm achieved an accuracy of 87.6%, outperforming the other models which achieved accuracy rates of 69.9% (baseline Support Vector Machine) and 83.4% (Stochastic Gradient Descent model).
“Our optimised SVM model was the most reliable and effective among all three, making it the preferred choice for deployment in real-world scenarios where accurate classification of toxic comments is critical,” Dr Chowdhury says.
Future research will focus on improving the model by integrating deep learning techniques and expanding the dataset to include more languages and regional dialects. The team is now exploring partnerships with social media companies and online platforms to implement this technology.
…………………………………………………………………………………………………………………………
Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
Source: GlobeNewswire (MIL-OSI)
NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).
| The following dates apply to the distributions: | |
| Record Date | March 14, 2025 |
| Ex-Dividend Date | March 14, 2025 |
| Payable Date | March 31, 2025 |
| Distribution Schedule | ||||
| NYSE Ticker |
Closed-End Fund Name | Distribution Per Share |
Change from Previous Distribution |
Frequency |
| AVK | Advent Convertible and Income Fund | $0.1172† | Monthly | |
| GBAB | Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | $0.12573† | Monthly | |
| GOF | Guggenheim Strategic Opportunities Fund | $0.1821† | Monthly | |
| GUG | Guggenheim Active Allocation Fund | $0.11875† | Monthly | |
† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.
Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.
About Guggenheim Investments
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.
Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.
*Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.
This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.
Analyst Inquiries
William T. Korver
cefs@guggenheiminvestments.com
Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
Member FINRA/SIPC (03/25) 64065
US Senate News:
Source: United States Senator for Delaware Christopher Coons
WASHINGTON – A bipartisan resolution introduced by Senators Chris Coons (D-Del.) and Todd Young (R-Ind.) to establish February 15-22, 2025, as National FFA Week passed the Senate yesterday.
The resolution highlights the important role of the National FFA Organization in developing the next generation of leaders by providing educational and career opportunities to students. It also commemorates the 75th anniversary of President Harry S. Truman signing into law a bill that provided a federal charter for FFA, acknowledging the significance of agricultural education in America.
“Young Delawareans learn to meet today’s agricultural challenges and prepare for tomorrow’s opportunities through programs offered by the Delaware FFA and the National FFA Organization,” said Senator Coons. “I’m thrilled this bipartisan resolution honoring this vital organization and its talented educators and members who will become the next generation of leaders passed the Senate.”
“FFA plays a critical role in the development of students through agricultural education. The lessons, tools, and resources gained through the FFA program equip Indiana’s future leaders with the skills needed to succeed in a variety of fields,” said Senator Young. “I’m glad to lead this resolution establishing National FFA Week in support of the more than 14,000 Hoosier FFA members.”
“National FFA Week serves as a powerful reminder of the vital role that agricultural education and leadership development play in shaping our future,” said National FFA Advisor Dr. Travis Park. “It’s a time of celebration and reflection as FFA members, advisors, and supporters come together to honor the impact of this extraordinary organization. The week highlights the value of fostering inclusivity and leadership while addressing the critical demand for skilled talent in agriculture and related industries. Through outreach events, community engagement, and heartfelt gratitude to supporters, National FFA Week strengthens the bond between members and their communities, ensuring the legacy of agriculture and education thrives for generations to come.”
In Delaware, there are 42 FFA chapters, with nearly 4,430 members.
In addition to Senators Young and Coons, Senators John Thune (R-S.D.), Jim Banks (R-Ind.), Bill Hagerty (R-Tenn.), Richard Blumenthal (D-Conn.), Jim Justice (R-W. Va.), Cory Booker (D-N.J.), Steve Daines (R-Mont.), Lisa Blunt-Rochester (D-Del.), Thom Tillis (R-N.C.), Catherine Cortez Masto (D-Nev.), Jim Risch (R-Idaho), Dick Durbin (D-Ill.), Susan Collins (R-Maine), John Fetterman (D-Pa.), James Lankford (R-Okla.), Ruben Gallego (D-Ariz.), John Barrasso (R-Wyo.), Maggie Hassan (D-N.H.), Shelley Moore Capito (R-W. Va.), John Hickenlooper (D-Colo.), Roger Marshall (R-Kan.), Tim Kaine (D-Va.), Roger Wicker (R-Miss.), Angus King (I-Maine), Cynthia Lummis (R-Wyo.), Mark Kelly (D-Ariz.), Chuck Grassley (R-Iowa), Amy Klobuchar (D-Minn.), Marsha Blackburn (R-Tenn.), Ben Ray Lujan (D-N.M.), Katie Britt (R-Ala.), Jeff Merkley (D-Ore.), Cindy Hyde-Smith (R-Miss.), Jon Ossoff (D-Ga.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Mitch McConnell (R-Ky.), Raphael Warnock (D-Ga.), Pete Ricketts (R-Neb.), John Boozman (R-Ark.), Joni Ernst (R-Iowa), Tim Sheehy (R-Mont.), Deb Fischer (R-Neb.), Tom Cotton (R-Ark.), Markwayne Mullin (R-Okla.), Eric Schmitt (R-Mo.), Ted Budd (R-N.C.), John Hoeven (R-N.D.), Mike Rounds (R-S.D.), and Kevin Cramer (R-N.D.) also cosponsored the resolution.
U.S. Representatives Tracey Mann (R-Kan.), Jimmy Panetta (D-Calif.), Glenn Thompson (R-Pa.), and Suzanne Bonamici (D-Ore.) introduced a companion resolution in the House of Representatives.
You can view the full text of the resolution here.
Source: New Zealand Police (National News)
An investigation has been launched into the death of a man on State Highway 6 after he was struck by a vehicle last night.
Emergency services were called to the scene near Kawerau Bridge Historic Reserve at around 10pm.
Sadly, the man was located deceased at the scene.
Work is now underway to understand what has occurred, as well as to formally identify the victim.
Police would like to speak with anyone who might have witnessed the incident.
We’d also like to hear from anyone who may have seen a man wearing black pants and a black shirt, walking on SH6 near the area before 10pm, or anyone who has captured dashcam footage from the incident or surrounding times.
If you have any information that may assist Police in our investigation, please contact us online at 105.police.govt.nz, clicking “Update Report” or by calling 105.
Please use the reference number 250304/8199.
Information can also be provided anonymously through Crime Stoppers at 0800 555 111.
ENDS
Issued by Police Media Centre
Source: New Zealand Government
A major boost to regional innovation opens in Blenheim today, supported by a $578,000 grant from the Government’s Regional Strategic Partnership Fund (RSPF), Associate Regional Development Minister Mark Patterson says.
“The completion of Te Au Pūngao – Tech & Innovation Hub is a key regional development milestone which will provide opportunities for start-ups and existing agri-businesses, tech innovators, researchers, investors, and support agencies – they will have a place to connect and collaborate in shared workspaces, and hold start-up events, networking sessions, seminars and workshops” Mr Patterson says.
The 500 sq metre hub in central Blenheim received $635,000 in co-funding from the Marlborough District Council. The facilities include co-working space of up to 28 hot desks, meeting rooms, video conferencing facilities and a prototyping room.
“Marlborough is home to some of New Zealand’s most innovative minds and pioneering sectors, especially in viticulture and aquaculture,” Mr Patterson says.
“As these industries transform to adopt AI, robotics and advanced technologies, the region is attracting more agritech and marine tech innovators who work in these spaces.
“The hub is crucial in supporting these sectors by providing a space where local businesses can develop solutions and realise the ever-evolving opportunities that Marlborough and New Zealand’s agribusiness sector has to offer.
“I see strong alignment between the Government’s ‘Going for Growth’ economic plan and Te Au Pūngao – Tech & Innovation Hub, particularly through investment in the innovation, science and technology space. I look forward to seeing this new regional asset delivering high value innovation, economic growth, and well-paid jobs to Marlborough,” Mr Patterson says.
Every Bite has released its first annual report outlining in-depth its work, methods and outcomes in preventing food waste. What emerges are good news stories about how communities and individuals are connecting with each other and learning how to address Aotearoa NZ’s serious food waste problem.
“A lot of us tend to underestimate how much food we actually waste, and there is a lack of public awareness of how our behaviours impact food systems and lead to environmental degradation. Whilst most people declare that wasting food feels wrong, the complexity of our food systems combined with busy lives make it challenging to see how much food we do waste and build new habits to address this,” says Every Bite’s project manager Rachel Glaiser.
“This is why Every Bite was developed: to build a community of people making small but practical changes that over time will see a big impact. It is a model based on the zero waste hierarchy that prioritises preventing food waste in the first place rather than reducing it once it is created.”
The project aims to help New Zealanders make simple changes at home to waste less food.
“The Every Bite programme runs over four weeks and can be done in person or online, making it flexible for busy households. Among other things, participants receive a toolkit to experiment with ways to prevent food waste in their homes. The programme kick-off event brings people together and includes tips, tricks and hacks from zero waste chefs and others who have lots of experience in tackling their food waste.
“We all need inspiration, knowledge, practical tools and support so we can try new things at home to see what works for us. We are constantly learning how to build new habits and stay motivated to keep going on this journey. These learnings, together with staying across the latest research in behaviour change and food waste, are helping us to continue to improve the programme for our communities.”
“Every Bite’s first year involved four Hub partners who delivered the programme: Wastebusters (Wānaka), Sustainable Hawke’s Bay (Hastings), Environment Network Manawatū (Palmerston North), and Go Eco (Hamilton). These four Hubs brought experience, deep community connections and were strong collaborators.”
“Every Bite is excited to now move into years two and three of the programme, where it will reach new communities, welcome new Hubs, and deliver real impact to prevent food waste in Aotearoa.”
Notes:
Every Bite has been developed as part of the Ministry for the Environment’s ‘National Food Waste Reduction Programme’ that aims to deliver large-scale, national-level behaviour change programmes that reduce food waste and emissions.
The full report can be found here: https://static1.squarespace.com/static/6604ab9f601bc406c87b5ce7/t/67637e74ea92c508a72b7afa/1734573749062/Every+Bite+Year+1+Report.pdf
Source: Australian Executive Government Ministers
Canberrans will have more opportunities to walk, cycle and actively move through their communities thanks to funding from the Albanese Labor Government.
Two projects will share in $8.5 million to build new or upgrade existing pedestrian and cycle paths – from Dickson to Watson and from Gold Creek to Hall.
$5 million will go to the Transport Canberra and City Services Directorate to further extend the Garden City Cycleway through the inner north.
This will be built between North Ainslie Primary School and Majura Primary School via the Dickson District playing fields, Downer shops, Academy of Interactive Entertainment and Mount Majura Walking and Riding Trail.
The Albanese and Barr Governments have already invested $5 million each into the Garden City Cycleway, with work nearing completion on the first stage connecting Braddon to Ainslie.
This additional funding will ensure a further 3.15 kilometres can be enjoyed by cyclists and pedestrians.
Further north, almost $3.5 million will go to the directorate for a new community path to be built between Hall Village and Gold Creek known as the Hall Village Main Route.
At about 2.3 kilometres long with a width of three metres, it’ll provide safer and more accessible transport options for visitors and locals.
This is part of the Albanese Government’s new Active Transport Fund which supports our commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.
For more information visit Active Transport Fund | Infrastructure Investment Program.
Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:
“Canberra is a beautiful city for walking, cycling and getting outdoors, which is why we’re making it easier to do so by investing in active transport options to better connect the territory.
“We’re linking the city, changing the way locals move and visitors explore; Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier and safer to walk and cycle to school, work, and anywhere else.”
Quotes attributable to ACT Minister for City and Government Services Tara Cheyne
“The ACT Government welcomes this investment from the Albanese Government which will strengthen our walking and cycling network.
“The completion of the Garden City Cycleway will mean that both sides of this busy transport corridor have good connections helping people get in and out of the city.
“This investment will go some way in delivering our long-standing active travel plan, which is an ambitious proposal to build quality walking and cycling infrastructure right across Canberra.”
Quotes attributable to Federal Member for Canberra Alicia Payne:
“Canberrans love active travel, and I’m proud our Government is investing in making it a safer and more viable option. By improving active travel connections in community centres, we are creating more opportunities for people to travel by using physical activity, making our communities healthier and more liveable.
“We are now providing a far safer way to get around for students, pedestrians and cyclists across Canberra.”
Source: New Zealand Police (District News)
A woman has been charged with manslaughter after a young girl died when she was struck by a vehicle in Hawke’s Bay earlier this year.
About 5.30pm on 25 January, Police were called to Chatham Road, Lochain, after a crash involving a car and a pedestrian.
The pedestrian, an 11-year-old girl, died at the scene.
An investigation has been carried out and in relation to the matter, a 34-year-old woman has now been charged with a number of offences, including manslaughter.
She is due to appear in Hastings District Court about 11.45am today, 4 March.
Other charges include breath alcohol level over 400, dangerous driving, and failing to stop to ascertain injury.
As the matter is now before the courts, Police are limited in what further comment can be provided.
ENDS
Issued by the Police Media Centre
Source: New Zealand Police (National News)
Police have charged a 20-year-old driver for allegedly causing the deaths of two of his passengers in January.
The crash on Butchers Road, Clarkville, on 11 January, killed a 20-year-old man and a 17-year-old woman, both of whom were in a vehicle being driven by the accused.
The car they were travelling in hit a concrete power pole with such force, the vehicle split in half. Both the victims were located deceased at the scene, while the driver sustained minor injuries.
Following an investigation into the cause of the crash, Police arrested the 20-year-old North Canterbury man on 26 February and charged him with two counts of causing death while under the influence of drugs. Police allege the driver was under the influence of a drug to such an extent that he was incapable of having proper control of the vehicle.
He is due to appear in the Christchurch District Court today, 4 March.
As the case is before the court, Police are unable to comment further.
ENDS
Issued by the Police Media Centre
Source: IMF – News in Russian
March 3, 2025
Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]
Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.
Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.
Executive Board Assessment
In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:
Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.
Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.
Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.
The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.
Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.
Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.
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Selected Economic and Financial Indicators, 2020–30 |
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[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
PRESS OFFICER: Pavis Devahasadin
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation
Source: New Zealand Police (District News)
Two men have been arrested following a fleeing driver event involving a vehicle towing a caravan in Wellington.
Shortly after 5am, Police were notified that a caravan had been stolen from outside a Khandallah address.
Police were able to locate the vehicle and lay road spikes, however, the driver avoided the spikes and allegedly drove at the officer who laid them – fortunately the officer was not harmed.
The vehicle, still towing the caravan, travelled south through Northland and down into Aro Valley.
A brief pursuit was initiated before being abandoned.
Due to the manner of driving, the caravan tipped on its side at one point, but the vehicle continued.
The caravan hit a number of objects, including parked vehicles, throughout the incident, and broke into pieces, with parts and items from within being scattered across the road.
The driver then entered the motorway at the Terrace Tunnel, before exiting at Tinakori Road and crashing the vehicle near Grant Road.
Two occupants fled Police on foot, but were taken into custody by with the assistance of a Police dog handler around 5:30am.
A 25-year-old and a 31-year-old man have been arrested and charged with various offences relating to the theft and driving matters. They are due in Wellington District Court today.
Anyone who has this morning discovered they are the victim of damage to either cars or property in these areas this morning, who has not yet reported it to Police, is asked to please do so.
You can report matters via 105, either by phone or online at Update Report | New Zealand Police quoting job number 250304/8364.
ENDS
Issued by the Police Media Centre
Source: New Zealand Police (National News)
Police acknowledge the findings by the Independent Policy Conduct Authority in relation to the death of an Auckland man in June 2021.
The 43-year-old man was admitted into Auckland Hospital on 11 June with abdominal pain and shortness of breath. Hospital staff located a concealed package in his clothing and alerted Police who attended and found it contained over 24 grams of methamphetamine.
The following day medical staff discharged the man into police custody, and he was taken to the Auckland Custody Unit until his appearance in Court the following day on a charge of possessing methamphetamine.
He was arrested by Police that evening and CCTV shows the man is walking unaided, compliant and co-operative. In the custody unit he was talking with officers and placed into a cell at about 6:30pm and put on 2-hourly checks.
Police staff had an overview of why he had been in hospital and that he was likely under the influence of illegal substances. However, they believed his health was in a stable condition given he had just been discharged by a medical professional into Police custody.
Officers checked on the man through the night and spoke with him just before 9pm. Shortly after midnight, they found the man unresponsive. An ambulance was called and police staff commenced CPR. He was taken to Auckland Hospital where he died a short time a later.
The IPCA found Police officers should have conducted more frequent checks on the man, recognised he was deteriorating and provided quicker medical assistance when they realised he was unresponsive.
They do note that expert medical opinion indicates the man’s death may have been unavoidable, regardless of where he was.
WorkSafe filed a charge against New Zealand Police relating to this death but withdrew it in August of last year.
Relieving Auckland City District Commander Inspector Grae Anderson says Police are responsible for more than 120,000 people who come in our custody units across New Zealand each year in an often challenging and complex environment:
“Police have a duty of care to those who come into our custody, and we acknowledge there were learnings from this incident.
“As a direct result of what occurred, police have updated training to staff, and now ensure that we give stronger weighting to recent hospital admissions when assessing the level of care required for a detainee in similar circumstances.”
Police remain committed to continuous improvement in our custody units and have implemented a raft of significant changes over the last few years.
“Including the creation of a National Custody Team (NCT) which provides national oversight of the policy, practice, and training for all Police staff,” says Inspector Anderson.
“Police continues to work with all relevant stakeholders including WorkSafe, and the IPCA to look for opportunities to constantly improve our approach to the custody of people detained by Police.”
ENDS
Issued by the Police Media Centre
Source: New Zealand Government
Mental Health Minister Matt Doocey today officially marked the start of a new peer support service at Wellington Hospital Emergency Department, an initiative that will help people to have faster access to mental health support.
“The peer support specialists are workers with lived experience who are available talk to people who are presenting to the ED in mental distress, they provide comfort, as well as help connect people with the needed community services,” Mr Doocey says.
“I have been heartened to hear that early feedback is showing that peer support specialists are already proving to be beneficial for people presenting to emergency departments in mental distress.
“Mental health is about lived experience. Peer support specialists have the ability to offer others hope and show that there is a pathway forward. These are workers that have been trained on how to adequately support others going through similar experiences.
“I’m very pleased that this service is now being rolled out to Wellington ED. The hospital services a large community across the region, and ensuring we have peer support specialists available will mean extra support for people and their families.
Wellington ED is the most recent hospital to provide the service with Auckland Hospital and Middlemore hospital already rolled out. The service will be extended to Christchurch and Waikato EDs in the coming months and three further locations will be announced soon.
“One of the biggest barriers to support is the workforce, that is why we are focused on growing the mental health and addiction workforce so people can access timely mental health support when and where they need it.”
Source: GlobeNewswire (MIL-OSI)
EL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.
Fourth Quarter 2024 Financial Highlights
Full Year 2024 Financial Highlights
Operational Highlights
“2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.
In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”
“Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”
Business Outlook
The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
Share Repurchase Program
In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.
During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.
Conference Call
The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10045735-6sh8hd.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.
A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.
Forward-Looking Statements
This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology Inc
Investor Relations
Email: ir@gigacloudtech.com
PondelWilkinson, Inc.
Laurie Berman (Investors) – lberman@pondel.com
George Medici (Media) – gmedici@pondel.com
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except for share data and per share data) |
||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 259,759 | $ | 183,283 | ||||
| Restricted cash | 685 | 885 | ||||||
| Investments | 42,674 | — | ||||||
| Accounts receivable, net | 57,313 | 58,876 | ||||||
| Inventories | 172,489 | 132,247 | ||||||
| Prepayments and other current assets | 14,672 | 17,516 | ||||||
| Total current assets | 547,592 | 392,807 | ||||||
| Non-current assets | ||||||||
| Operating lease right-of-use assets | 451,930 | 398,922 | ||||||
| Property and equipment, net | 29,498 | 24,614 | ||||||
| Intangible assets, net | 6,198 | 8,367 | ||||||
| Goodwill | 12,586 | 12,586 | ||||||
| Deferred tax assets | 10,026 | 1,440 | ||||||
| Other non-current assets | 12,645 | 8,173 | ||||||
| Total non-current assets | 522,883 | 454,102 | ||||||
| Total assets | $ | 1,070,475 | $ | 846,909 | ||||
| 2024 | 2023 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively) | $ | 78,163 | $ | 69,757 | ||||
| Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively) | 4,486 | 5,537 | ||||||
| Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively) | 88,521 | 57,949 | ||||||
| Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively) | 13,615 | 15,212 | ||||||
| Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively) | 79,594 | 57,319 | ||||||
| Total current liabilities | 264,379 | 205,774 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively) | 395,235 | 343,511 | ||||||
| Deferred tax liabilities | 941 | 3,795 | ||||||
| Finance lease obligations, non-current | 382 | 111 | ||||||
| Non-current income tax payable | 4,321 | 3,302 | ||||||
| Total non-current liabilities | 400,879 | 350,719 | ||||||
| Total liabilities | $ | 665,258 | $ | 556,493 | ||||
| Commitments and contingencies | ||||||||
| 2024 | 2023 | |||||||
| Shareholders’ equity | ||||||||
| Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively) | $ | (11,816 | ) | $ | (1,594 | ) | ||
| Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively) | 1,643 | 1,584 | ||||||
| Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023) | 403 | 466 | ||||||
| Additional paid-in capital | 120,262 | 111,736 | ||||||
| Accumulated other comprehensive income (loss) | (4,136 | ) | 526 | |||||
| Retained earnings | 298,861 | 177,698 | ||||||
| Total shareholders’ equity | 405,217 | 290,416 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,070,475 | $ | 846,909 | ||||
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands except for share data and per share data) |
|||||||||||||||
| Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | |||||||||||||||
| Service revenues | $ | 97,107 | $ | 69,336 | $ | 350,273 | $ | 199,184 | |||||||
| Product revenues | 198,675 | 175,401 | 810,769 | 504,647 | |||||||||||
| Total revenues | 295,782 | 244,737 | 1,161,042 | 703,831 | |||||||||||
| Cost of revenues | |||||||||||||||
| Services | 78,188 | 57,291 | 284,951 | 161,215 | |||||||||||
| Product sales | 152,604 | 117,609 | 590,855 | 353,983 | |||||||||||
| Total cost of revenues | 230,792 | 174,900 | 875,806 | 515,198 | |||||||||||
| Gross profit | 64,990 | 69,837 | 285,236 | 188,633 | |||||||||||
| Operating expenses | |||||||||||||||
| Selling and marketing expenses | 18,041 | 14,004 | 70,686 | 41,386 | |||||||||||
| General and administrative expenses | 16,979 | 13,130 | 73,944 | 30,008 | |||||||||||
| Research and development expenses | 2,356 | 2,344 | 9,791 | 3,925 | |||||||||||
| Gains (losses) on disposal of property and equipment | (20 | ) | 3,236 | 193 | 3,236 | ||||||||||
| Total operating expenses | 37,356 | 32,714 | 154,614 | 78,555 | |||||||||||
| Operating income | 27,634 | 37,123 | 130,622 | 110,078 | |||||||||||
| Interest expense | (29 | ) | (108 | ) | (256 | ) | (1,240 | ) | |||||||
| Interest income | 2,849 | 1,293 | 9,405 | 3,304 | |||||||||||
| Foreign currency exchange gains (losses), net | (754 | ) | 4,239 | (1,233 | ) | 2,086 | |||||||||
| Government grants | 8 | 438 | 37 | 911 | |||||||||||
| Others, net | 678 | (137 | ) | 2,039 | (144 | ) | |||||||||
| Income before income taxes | 30,386 | 42,848 | 140,614 | 114,995 | |||||||||||
| Income tax expense | 573 | (7,273 | ) | (14,806 | ) | (20,887 | ) | ||||||||
| Net income | $ | 30,959 | $ | 35,575 | $ | 125,808 | $ | 94,108 | |||||||
| Net income attributable to ordinary shareholders | 30,959 | 35,575 | 125,808 | 94,108 | |||||||||||
| Foreign currency translation adjustment, net of nil income taxes | (715 | ) | 232 | (1,266 | ) | (278 | ) | ||||||||
| Net unrealized gains (losses) on available-for-sale investments | (12 | ) | — | 7 | — | ||||||||||
| Intra-entity foreign currency transactions gain (loss) | (2,565 | ) | — | (2,565 | ) | — | |||||||||
| Release of foreign currency translation reserve related to liquidation of subsidiaries | (838 | ) | — | (838 | ) | — | |||||||||
| Total other comprehensive income (loss) | (4,130 | ) | 232 | (4,662 | ) | (278 | ) | ||||||||
| Comprehensive Income | $ | 26,829 | $ | 35,807 | $ | 121,146 | $ | 93,830 | |||||||
| Net income per ordinary share | |||||||||||||||
| —Basic | $ | 0.76 | $ | 0.87 | $ | 3.06 | $ | 2.31 | |||||||
| —Diluted | $ | 0.76 | $ | 0.87 | $ | 3.05 | $ | 2.30 | |||||||
| Weighted average number of ordinary shares outstanding used in computing net income per ordinary share | |||||||||||||||
| —Basic | 40,869,106 | 40,770,882 | 41,079,672 | 40,788,448 | |||||||||||
| —Diluted | 40,944,311 | 40,901,772 | 41,201,026 | 40,922,590 | |||||||||||
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
|||||||
| Year Ended December 31, |
|||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 125,808 | $ | 94,108 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 8,524 | 2,873 | |||||
| Share-based compensation | 16,825 | 2,503 | |||||
| Operating lease | 29,282 | 2,485 | |||||
| Changes in accounts receivables, net | (234 | ) | (5,058 | ) | |||
| Changes in inventories | (46,875 | ) | (16,514 | ) | |||
| Changes in prepayments and other assets | (1,665 | ) | (9,249 | ) | |||
| Changes in accounts payable, accrued expenses and other current liabilities | 38,188 | 46,258 | |||||
| Changes in contract liabilities | (992 | ) | 1,473 | ||||
| Changes in income tax payable | (1,023 | ) | 10,977 | ||||
| Changes in deferred income taxes | (11,462 | ) | 398 | ||||
| Other operating activities | 1,702 | 3,198 | |||||
| Net cash provided by operating activities | 158,078 | 133,452 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for purchase of property and equipment | (15,536 | ) | (4,380 | ) | |||
| Cash received from disposal of property and equipment | 2,103 | 462 | |||||
| Acquisitions, net of cash acquired | — | (86,629 | ) | ||||
| Purchases of investments | (73,831 | ) | — | ||||
| Sale and maturities of investments | 31,845 | — | |||||
| Net cash used in investing activities | (55,419 | ) | (90,547 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayment of finance lease obligations | (1,726 | ) | (2,212 | ) | |||
| Repayment of bank loans | — | (197 | ) | ||||
| Repurchases of ordinary shares | (23,243 | ) | (1,594 | ) | |||
| Net cash used in financing activities | (24,969 | ) | (4,003 | ) | |||
| Effect of foreign currency exchange rate changes on cash and restricted cash | (1,414 | ) | 190 | ||||
| Net increase in cash and restricted cash | 76,276 | 39,092 | |||||
| Cash and restricted cash at the beginning of the year | 184,168 | 145,076 | |||||
| Cash and restricted cash at the end of the year | $ | 260,444 | $ | 184,168 | |||
| Supplemental disclosure of cash flow information | |||||||
| Cash paid for interest expense | 256 | 1,240 | |||||
| Cash paid for income taxes | 26,301 | 9,512 | |||||
| Non-cash investing and financing activities: | |||||||
| Purchase of property and equipment under finance leases | 767 | — | |||||
| Reversal of subscription receivable from ordinary shares | — | 312 | |||||
| Fair value of assets acquired by acquisition | — | 273,086 | |||||
| Cash paid for business combinations and asset purchases | — | 87,568 | |||||
| Liabilities assumed by acquisition | — | (185,518 | ) | ||||
| GigaCloud Technology Inc UNAUDITED RECONCILIATION OF ADJUSTED EBITDA (In thousands, except for per share data) |
|||||||||||||||
| Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (In thousands) | |||||||||||||||
| Net income | $ | 30,959 | $ | 35,575 | $ | 125,808 | $ | 94,108 | |||||||
| Add: Income tax expense | (573 | ) | 7,273 | 14,806 | 20,887 | ||||||||||
| Add: Interest expense | 29 | 108 | 256 | 1,240 | |||||||||||
| Less: Interest income | (2,849 | ) | (1,293 | ) | (9,405 | ) | (3,304 | ) | |||||||
| Add: Depreciation and amortization | 2,271 | 1,723 | 8,524 | 2,873 | |||||||||||
| Add: Share-based compensation expense | 1,245 | 429 | 16,825 | 2,503 | |||||||||||
| Add: Non-recurring items(1) | (180 | ) | — | 128 | — | ||||||||||
| Adjusted EBITDA | $ | 30,902 | $ | 43,815 | $ | 156,942 | $ | 118,307 | |||||||
_____________________
(1) One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.
| UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED | |||||||||||||||
| Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income per ordinary share – diluted | $ | 0.76 | $ | 0.87 | $ | 3.05 | $ | 2.30 | |||||||
| Adjustments, per ordinary share: | |||||||||||||||
| Add: Income tax expense | (0.01 | ) | 0.18 | 0.36 | 0.51 | ||||||||||
| Add: Interest expense | — | — | 0.01 | 0.03 | |||||||||||
| Less: Interest income | (0.07 | ) | (0.03 | ) | (0.23 | ) | (0.08 | ) | |||||||
| Add: Depreciation and amortization | 0.05 | 0.04 | 0.21 | 0.07 | |||||||||||
| Add: Share-based compensation expenses | 0.02 | 0.01 | 0.41 | 0.06 | |||||||||||
| Add: Non-recurring items(1) | — | — | — | — | |||||||||||
| Adjusted EPS – diluted | $ | 0.75 | $ | 1.07 | $ | 3.81 | $ | 2.89 | |||||||
| Weighted average number of ordinary shares outstanding – diluted | 40,944,311 | 40,901,772 | 41,201,026 | 40,922,590 | |||||||||||
_____________________
(1) One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.
_____________________
1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.
2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.
3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.
4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.
5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.
6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.
7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.
Source: GlobeNewswire (MIL-OSI)
FREMONT, Calif., March 03, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today announced its Single-Wafer High-Temperature Sulfuric Peroxide Mixture (SPM) tool has been qualified by a key logic device manufacturer in mainland China. To date, ACM has delivered its SPM tools to thirteen customers. The system features ACM’s proprietary nozzle design, which prevents acid mist splatter during the SPM process, improving particle performance, reducing chamber preventive maintenance cleaning frequency, and enhancing system uptime. It supports wet etching and wafer cleaning for both front- and back-end processes at 28-nanometer (nm) and below technology nodes.
“The Single-Wafer Moderate/High-Temperature SPM tool is a prime example of ACM’s commitment to innovation in solving customers’ challenges in high-volume 300mm semiconductor manufacturing. We’re already seeing great interest across our global customer base in this tool,” said Dr. David Wang, ACM’s President and Chief Executive Officer. “The Moderate/High-Temperature SPM represents a growing portion of the wafer-cleaning equipment market, especially High-Temperature SPM tool, which plays a critical role in manufacturing next-generation semiconductor devices.”
ACM’s Single-Wafer Moderate/High-Temperature SPM tool is suitable for a variety of front- and back-end wet etching and cleaning processes, including low-to-medium temperature sulfuric acid cleaning at 90 degrees Celsius (°C), high-temperature sulfuric acid photoresist stripping at 170°C, and ultra-high temperature sulfuric acid metal lift-off at 190°C. As semiconductor process nodes advance, the demand for single-wafer high-temperature sulfuric acid processing is increasing significantly. This trend brings increasingly stringent requirements for particle control, chamber environment management, and sulfuric acid temperature stability. In response to these challenges, ACM has introduced an innovative design for its Single-Wafer Moderate/High-Temperature SPM tool, positioning it as a ready-to-deploy solution to meet the evolving needs of the industry. ACM’s proprietary technologies integrated into the tool include:
The Single-Wafer Moderate/High-Temperature SPM tool is equipped with an inline chemical mixing system and a configurable process chamber that accommodates various chemical solutions. It can also be seamlessly integrated with ACM’s patented SAPS and TEBO megasonic technologies to enhance organic contaminant removal and improve wafer surface preparation.
About the ACM Single-Wafer Moderate/ High-Temperature SPM Tool
ACM’s Single-Wafer Moderate/High-Temperature SPM tool is designed for various wet-etching processes and both single- and double-sided cleaning. It is compatible with a wide range of chemicals and cleaning processes. By effectively removing organic defects while minimizing film loss, it outperforms most post-cleaning and photoresist wet stripping processes. Supporting wafer sizes from 150mm to 300mm, the system features four load ports, a configurable setup of 8 to 12 chambers, a multifunctional chemical distribution system, and a self-cleaning chamber.
Forward-Looking Statements
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
About ACM Research, Inc.
ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.
© ACM Research, Inc. ULTRA C, SAPS, TEBO and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean ACM will not assert, to the fullest extent under applicable law, its rights to such trademarks. All other trademarks are the property of their respective owners.
| Media Contact: | Company Contacts: |
| Alyssa Lundeen | USA |
| Kiterocket | Robert Metter |
| +1 218.398.0776 | +1 503.367.9753 |
| alundeen@kiterocket.com | |
| China | |
| Xi Wang | |
| ACM Research (Shanghai), Inc. | |
| +86 21 50808868 | |
| Korea | |
| David Kim | |
| ACM Research (Korea), Inc. | |
| +82 1041415171 | |
| Taiwan | |
| David Chang | |
| +886 921999884 | |
| Singapore | |
| Adrian Ong | |
| +65 8813-1107 |
Source: International Monetary Fund
Malaysia’s economic performance has significantly improved in 2024, supported by strong domestic and external demand. Disinflation is taking hold and external pressures have eased. The favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms, especially as risks to growth are tilted to the downside amid an uncertain global outlook. Risks to the inflation outlook are tilted to the upside, including from global commodity price shocks and potential wage pressures.
Source: International Monetary Fund
March 3, 2025
Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]
Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.
Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.
Executive Board Assessment
In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:
Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.
Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.
Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.
The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.
Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.
Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.
|
Selected Economic and Financial Indicators, 2020–30 |
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[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
PRESS OFFICER: Pavis Devahasadin
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: Botica Butler Raudon Partners
AUCKLAND – 3 March 2025 – The Drug Detection Agency (TDDA), New Zealand’s largest workplace drug testing provider, is announcing new drug testing capabilities for New Zealand workplaces.
Beginning in March, TDDA will make it easier for New Zealand workplaces to screen for tramadol and fentanyl, two high-risk opioids that pose significant safety concerns in workplaces worldwide. This is the first time in New Zealand that these tests will be incorporated into enhanced oral fluid and urine screening devices instead of needing independent testing strips or other costly devices.
This industry-leading innovation expands TDDA’s screening panel from seven to nine drug types without any additional cost. The updated devices, independently verified by an AS/NZS 4760:2019 & AS/NZS 4308:2008 accredited laboratory, will help businesses proactively mitigate risks associated with these potent, and widely abused, substances.
A rise in opioid detections
Globally, the use of opioids like tramadol and fentanyl poses a serious safety risk and New Zealand is now seeing an uptick in workplace detections. The 2024 New Zealand Drugs Trends Survey found that 27 percent of respondents reported non-medical use of pharmaceuticals in the previous six months.
While the opioid issue was shown affects all regions, the survey found that non-medical use of prescription opioids was highest in Southland and West Coast, signaling that employers may need to take action.
Additionally, TDDA’s latest Imperans Report highlighted that during October – December 2024, opioid use in workplaces in New Zealand accounted for 12.1 percent of positive workplace drug tests, up from 11.9 percent in the same quarter of 2023.
“Any increase in detection rates represents a significant workplace threat, regardless of opioids being used while legally prescribed or in a non-medical setting. The emerging trend of abusing pharmaceuticals like tramadol and fentanyl is what keeps me up at night,” says Glenn Dobson, CEO, TDDA.
“Until now, New Zealand largely avoided the opioid epidemic seen overseas, but there are indicators now saying otherwise. Any rise in detection rates is worth examination. As a workplace risk, opioids are at the top. Legally prescribed or illegally procured, they can cause workplace accidents, long-term addiction and lead to the loss of life in more way than one.”
TDDA’s 9-panel testing device rollout
TDDA is reinforcing its commitment to workplace safety with the addition of tramadol and fentanyl to its screening capabilities. These newly introduced screening strips are part of TDDA’s ongoing innovation, ensuring businesses have access to the most advanced substance detection tools available. TDDA is helping workplaces mitigate health and safety risks by incorporating these substances into standard testing, and in doing so, helping businesses achieve workplace health and safety compliance.
“TDDA follows and acts on global drug trends to provide cutting-edge solutions for workplace safety. As New Zealand faces evolving drug trends, including the rising threat of opioids, no industry or region is immune. We have been carefully tracking the issues that both tramadol and fentanyl have created globally and have developed these new screening devices to help our clients manage business risks,” says Dobson.
“By integrating tramadol and fentanyl into our screening devices, we’re helping businesses stay ahead of the curve and protect their people. These will now become our standard devices, ensuring companies can take decisive action to protect their workforce.”
To provide flexibility, TDDA has implemented an opt-in/opt-out process, allowing businesses to determine whether these new drug tests align with their workplace policies and risk assessments.
TDDA recommends that businesses take a proactive approach to workplace safety by implementing comprehensive drug testing programmes, including pre-employment, reasonable cause, and random drug and alcohol testing. Every worker has a right to a safe environment, and business owners, managers, and supervisors have a legal duty to ensure they’ve created a drug and alcohol-free culture of safety.
Failing to act not only risks legal consequences but can also erode workplace culture. As a leader in workplace drug detection, TDDA is committed to helping businesses stay ahead of these challenges, fostering safer and more productive workplaces.
About The Drug Detection Agency
The Drug Detection Agency (TDDA) is a leader in workplace substance testing with more than 300 staff, 90 mobile health clinics, 65 locations throughout Australasia, and processing more than 250,000 tests annually. TDDA was established in 2005 to provide New Zealand and Australian businesses with end-to-end workplace substance testing, education and policy services. TDDA holds ISO17025 accreditation for workplace substance testing in both AU and NZ. Refer to the IANZ and NATA websites for TDDA’s full accreditation details. Learn more about TDDA at https://tdda.com/.
Source: ProCare
Leading healthcare provider, ProCare, has today welcomed the Health Minister’s announcement around the funding uplift for primary care, as the sector has been underfunded for a number of years now.
Bindi Norwell, Chief Executive at ProCare says: “There is a significant need to invest in primary care, in order to keep people well, out of hospital, and at the same time, help improve the financial sustainability of general practices.
The costs of doing business have outstripped any increases in capitation, and a significant number of practices are struggling to meet the rising costs of supporting their patients, meeting population health needs and providing a service to their local communities.
“An additional $95 million per year, over the next three years, is an excellent start to helping practices who have been struggling. However, we will be very keen to understand what the ‘pre conditions’ and ‘key targets’ are the Minister alludes to in his announcement,” Norwell continues.
In terms of the workforce development announcement, the initiatives will help to ease some of the workforce pressures the sector has been facing.
“We’re around 600 GPs short in New Zealand at the moment, so an additional 100 GPs will certainly help ease wait times and pressure on burnt out GPs. Having experienced GPs driving taxis or Ubers while they wait to be qualified in Aotearoa is as frustrating for those individuals as it is for those desperate to welcome them into their practices.
“Having more nurses will certainly help practices, but we need to ensure that they are receiving the same remuneration as their hospital counterparts, otherwise, we will continue to have the same problems we have today,” points out Norwell.
Commenting on the digital consultation service, ProCare warmly welcomes the announcement, but is keen to see further details.
“On the face of it, a 24/7 service to support New Zealanders see a GP in a timely manner sounds amazing, and it will certainly help ease the pressure on hospitals,” says Norwell.
“However, as with anything, the devil is in the detail. We do have a number of questions that we would like answered in due course – what will the cost to patients be, who will be providing the service, and what does ‘subsidised’ consults look like?” she continues.
“We are meeting with the Minister in a few weeks’ time, so will look forward to whatever updated information we are able to provide our members with,” concludes Norwell.
About ProCare
ProCare is a leading healthcare provider that aims to deliver the most progressive, pro-active and equitable health and wellbeing services in Aotearoa. We do this through our clinical support services, mental health and wellness services, virtual/tele health, mobile health, smoking cessation and by taking a population health and equity approach to our mahi. As New Zealand’s largest Primary Health Organisation, we represent a network of general practice teams and healthcare professionals who provide care to nearly 700,000 patients across Auckland. These practices serve the largest Pacific and South Asian populations enrolled in general practice and the largest Māori population in Tāmaki Makaurau. For more information go to www.procare.co.nz
Source: New Zealand Government
Changes to the Firearms Prohibition Order (FPO) regime take effect today (Sunday 2 March).
Associate Justice Minister Nicole McKee says the Firearms Prohibition Order regime has been expanded to help Police to keep firearms out of the hands of gangs and other high-risk offenders.
“This is part of our commitment to reduce violent crime, restore law and order, and keep communities safe.
“Our changes target gangs and organised crime groups. We have expanded the qualifying criteria for the court to make an FPO, given police a new search power to monitor compliance with an FPO, and established a process which allows an FPO to be modified or removed,” Mrs McKee says.
Minister for Police Mark Mitchell says changes to the Act strengthen the existing FPO regime by sending a strong message that the Government is committed to addressing violent crime and enforcing consequences for gangs.
“This Government takes law and order seriously and we have shown we will not back down. These changes complement other tools we’ve already given Police to disrupt gangs and organised crime,” Mr Mitchell says.
“The changes in the Act mean courts will be able to issue FPOs to any gang member or associate convicted of a significant offence, and Police will have practical tools to ensure people with FPOs are complying with them.”
Firearms Prohibition Orders (FPOs) are made by the court when offenders have committed serious violent offences. They are in force for 10 years – prohibiting offenders from holding a firearms licence, and from being around or accessing firearms. Breaching the conditions of an FPO is a criminal offence, and offenders that do breach conditions can be liable for up to seven years in prison.
“This is not an extra punishment. It is about monitoring compliance with the order that has already been placed upon them, and of course, the ultimate outcome is about making our communities safer,” Mrs McKee says.
US Senate News:
Source: United States Senator Ron Wyden (D-Ore)
March 03, 2025
Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden—along with U.S. Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Andrea Salinas (OR-06), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—joined over 100 Members of Congress to demand that the Trump Administration stop and reverse its dangerous efforts to fire employees and defund programs that serve Tribes and Tribal members.
The lawmakers directed President Donald Trump, U.S. Department of the Interior Secretary Doug Burgum, and U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. to “take immediate action to halt, exempt, and reverse the impacts to federal employees and funding serving Indian Country, as those positions and programs are essential for the administration of legally mandated Tribal programs and services.”
Outlining the impact of the Trump administration’s actions to-date, the lawmakers further wrote, “Your administration’s recent executive actions undermine Tribal sovereignty, existing federal law, and the federal-Tribal government-to-government relationship.”
“In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of Interior, including more than 100 Bureau of Indian Affairs (BIA) employees, more than 40 Bureau of Indian Education (BIE) employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service (IHS) employees at the Department of Health and Human Services,” the lawmakers continued.
The lawmakers further reminded the President and Secretary Burgum that “Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court.”
“These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, we must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS,” the lawmakers stressed.
The letter is the latest in a series of actions by the Oregon delegation to sound the alarm on the Trump Administration’s attacks on Tribal communities, including staffing shortages at the IHS, layoffs at the IHS, and wrongful searches and interrogations of Tribal members by Immigration and Customs Enforcement (ICE) agents.
The full text of the letter is here.
US Senate News:
Source: United States Senator for Hawaii Brian Schatz
Published: 03.03.2025
WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), lead Democrat on the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs, released the following statement on reports that the U.S. Agency for International Development’s (USAID) Acting Assistant Administrator for Global Health was put on leave after authoring an internal memo detailing the failures at USAID to provide critical humanitarian aid.
“These new details confirm our worst fears: the illegal and systematic dismantling of USAID will cause real suffering and deaths that are entirely preventable. Instead of addressing the issues outlined by Acting Assistant Administrator for Global Health Nicholas Enrich, the State Department has silenced and sidelined him. It’s completely inappropriate and wrong. Congress and the American people deserve real action from the State Department to actually provide the assistance Congress has directed and answers on why obstacles were created at USAID to prevent that aid from flowing.”