Health and Safety changes driven by ACT party ideology, not evidence said NZCTU Te Kauae Kaimahi President Richard Wagstaff.
Changes to health and safety legislation proposed by the Minister for Workplace Relations and Safety Brooke van Velden today comply with ACT party ideology, ignores the evidence, and will compound New Zealand’s dismal health and safety performance.
“It’s disappointing to see the Minister has ignored the widespread consensus on what New Zealand needs to do to improve its poor track record and instead has chosen to carve out small businesses from good health and safety practices,” Wagstaff said.
“Exempting small businesses from best practice health and safety makes no sense when we know that small business are riskier and need more support.
“The Government seems to think the biggest obstacle to our poor productivity and health and safety outcomes is too many road cones. It’s no wonder New Zealand can’t get ahead when our leaders in Government seem so out of touch, and have no credible responses to these challenges.
“Given the massive challenge we have as a country to improve our health and safety performance, it’s astounding the Minister would target the use of road cones and expect WorkSafe to focus its scarce time and energy on creating a hotline.
“The Minister has been quick to cut support for important issues like modern slavery, and sat on her hands on other important health and safety concerns, like banning engineered stone. It would seem that this Government is more concerned about road cones than either of these issues.
“What’s worse is that these changes are being justified on the basis of cutting red tape for economic growth. Good business know that proper health and safety is not a compliance cost.
“On average there is a workplace fatality every week, another 20 are killed from occupational disease, and thousands more are incapacitated by injuries. Nothing in these proposals signals an intent to improve these numbers,” said Wagstaff.
Last weekFree Pressextolled the Government’s RMA reforms. We thanked ACT and Simon Court for resource management law based on property rights. We think we understated it,Free Presshas campaigned for this for a decade (yes, we are ten). RMA reforms are the best policy change so far this century. If New Zealanders cannot develop the land, we have no advantage as a country. It’s a country saver.
Meanwhile the Greens have gone (more) insane. Last week one Green MP effectively said police patrols are worthless. The Press Gallery finally rounded on them, because young people in Central Wellington know the world can be a dangerous place and a few coppers are a welcome sight at night. Chlöe Swarbrick’s increasingly deranged economics become clearer every week in Question Time. She seems to think profit is a line item that businesses just add on to their customers’ bill. Now there are some serious questions for the Green Party leaders to answer around another one of their MPs’ social media accounts.Free Presspredicts the Greens polling will soften this year.
If it Pleases the Gods
Free Presshas seen correspondence demanding courts must now begin and end with a Karakia, or prayer in English and Māori. Gary Judd KC has written to MPs making (as usual) lucid arguments as to why this is wrong, and there are legal precedents from the Privy Council finding it is wrong for people in public service to be subject to prayers.
Parliament begins with a prayer, but Parliament is a self-Governing political body with rules decided by its members. Besides, there is no requirement to attend it. Judd points out, however, that lawyers are required to arrive before the judge and leave after, so they cannot avoid being present for the Karakia.
They’ll be required to read along because “Large prints of the karakia will be installed in each courtroom for all those present to use to read along to.” Judd points out the Bill of Rights says, “Everyone has the right to freedom of thought, conscience, religion, and belief, including the right to adopt and to hold opinions without interference.”
Judd goes on to reference precedent from the Privy Council. It found for a Muslim soldier in The Bahamas (a Commonwealth country) who did not want to be part of a Christian prayer during colours parades. The Privy Council relied on The Bahamas’ constitution, which is remarkably similar to New Zealand’s Bill of Rights.
A lot of people might ask, so what, who cares? It’s up to the Court anyway and surely a minute of praying can’t hurt, even if technically it does interfere with some lawyers’ practice of their faith?
Will it harm the impartiality of justice? Probably yes, it chips away at neutrality when the Courts give the nod to some religious or spiritual views but not others. Is that critical? Probably no. Is it the biggest problem we have right now? No.
We’re writing about this because it is such a good example. Such a good example of people’s basic rights being trampled for no reason. The right to think your thoughts and speak your mind, or not, without being hindered and harassed by do-gooders. It could be any organisation, it just happens to be the Courts.
AtFree Press,we often wonder where these people come from. What drives their behaviour? Why can’t they just leave other people alone? Here’s our theory.
For 100,000 years humans lived in tribes, closed societies where a person’s role was decided for them. The instinct to make other people conform to rituals is deep. They reassure you the people partaking are in your tribe. The idea of living as an individual choosing your own adventure in life is WEIRD. Specifically, Western, Educated, Industrialised, Rich and Democratic.
Most people in most of history didn’t live weird lives. They lived tribal lives. Much of what is happening in New Zealand today, weird rituals, compulsory courses, demands to be part of a race first and a citizen second, it all comes from deep tribal urges.
Free Pressand friends and allies have to get better at explaining the alternative. A civilised society where each person is treated as a thinking and valuing being, required not to do any violence against anyone else but otherwise free to go about their lives unhindered. It would be a start.
Source: United States Senator Alex Padilla (D-Calif.)
Padilla, Schiff, Panetta Lead California Democratic Delegation Demanding Continuation of Critical Food Programs
WASHINGTON, D.C. — U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.), along with Representative Jimmy Panetta (D-Calif.-19), led all members of the California Democratic Congressional delegation in demanding that the U.S. Department of Agriculture (USDA) reverse harmful federal program cancellations and freezes impacting state food banks and farmers. Chair of the California Democratic Congressional delegation Zoe Lofgren (D-Calif.-18) and Speaker Emerita Nancy Pelosi (D-Calif.-11) also co-led the letter.
Despite encompassing less than 4 percent of the country’s farmland, California generates over 11 percent of the U.S. agricultural value — over a third of the country’s vegetables and over three-quarters of the country’s fruits and nuts are grown in California. The Trump Administration’s discontinuation of the Local Food Purchase Assistance (LFPA) Cooperative Agreements for 2025 and the Local Food for Schools (LFS) Cooperative Agreement Program, along with its freeze of the Emergency Food Assistance Program (TEFAP) funds, jeopardizes food assistance for more than 6 million Californians and threatens the livelihoods of more than 600 California farmers. A network of 49 food banks, serving 58 counties in California, have already seen over 300 food loads paused or canceled.
“These programs provide critical support to farmers and food producers in California while ensuring access to nutritious, locally sourced food for families, students, and communities, which we feel are in line with this Administration’s stated goals to provide more opportunities for Americans to eat healthy, support farmers, and boost domestic demand for produce,” wrote the lawmakers.
“We remain committed to working with USDA to find solutions that sustain and expand market access for American farmers while ensuring that families and communities continue to benefit from fresh, locally produced food. We respectfully request that you revisit these decisions in light of the millions of our constituents who would be impacted,” continued the lawmakers.
In addition to Padilla, Schiff, Panetta, Lofgren, and Pelosi, the letter was also signed by Representatives Pete Aguilar (D-Calif.-33), Nanette Barragán (D-Calif.-44), Ami Bera (D-Calif.-06), Julia Brownley (D-Calif.-26), Salud Carbajal (D-Calif.-24), Judy Chu (D-Calif.-28), Gil Cisneros (D-Calif.-31), Lou Correa (D-Calif.-46), Jim Costa (D-Calif.-21), Mark DeSaulnier (D-Calif.-10), Laura Friedman (D-Calif.-30), John Garamendi (D-Calif.-08), Robert Garcia (D-Calif.-42), Jimmy Gomez (D-Calif.-34), Adam Gray (D-Calif.-13), Josh Harder (D-Calif.-09), Jared Huffman (D-Calif.-02), Sara Jacobs (D-Calif.-51), Sydney Kamlager-Dove (D-Calif.-37), Ro Khanna (D-Calif.-17), Mike Levin (D-Calif.-49), Sam Liccardo (D-Calif.-16), Ted Lieu (D-Calif.-36), Doris Matsui (D-Calif.-07), Dave Min (D-Calif.-47), Kevin Mullin (D-Calif.-15), Scott Peters (D-Calif.-50), Luz Rivas (D-Calif.-29), Raul Ruiz (D-Calif.-25), Linda Sánchez (D-Calif.-38), Brad Sherman (D-Calif.-32), Lateefah Simon (D-Calif.-12), Eric Swalwell (D-Calif.-14), Mark Takano (D-Calif.-39), Mike Thompson (D-Calif.-04), Norma Torres (D-Calif.-35), Derek Tran (D-Calif.-45), Juan Vargas (D-Calif.-52), Maxine Waters (D-Calif.-43), and George Whitesides (D-Calif.-27).
Earlier this month, Senator Padilla joined a Senator Schiff-led letter demanding the reversal of the USDA’s cancellation of $1 billion in food purchase programs across the United States, warning of the harmful impacts this move will have on both families and American farmers.
Full text of letter is available here and below:
Dear Madam Secretary,
We write regarding recent decisions to discontinue the Local Food Purchase Assistance (LFPA) Cooperative Agreements for 2025, the Local Food for Schools (LFS) Cooperative Agreement Program, and the freeze of the Emergency Food Assistance Program (TEFAP) funds. These programs benefit producers of all sizes, expand market opportunities, and increase resilience in our local food systems, particularly as farmers continue to navigate rising input costs and economic uncertainty. With these cancellations, more than 600 California farmers will lose a vital market, and families and children will lose an important lifeline and access to healthy, locally grown food. We request and encourage you to reverse this decision and continue to fully fund and support these important initiatives.
As Members of the California Delegation, we proudly represent the farmers and producers that contribute to California’s agricultural abundance and the nation’s food supply. Despite encompassing less than 4% of the country’s farmland, California generates over 11% of the U.S. agricultural value; over a third of the country’s vegetables and over three-quarters of the country’s fruits and nuts are grown in California. It is important that this Administration continues to support California producers and bolster their access to local markets.
Given the significant role that USDA plays in bolstering local and regional agricultural supply chains in California and across the country, we urge your reconsideration of the discontinuation of the LFPA Cooperative Agreements for 2025 and LFS Cooperative Agreement Program. As you know, LFPA strengthens agricultural supply chains by facilitating the purchase of regionally grown food, while LFS helps schools and childcare facilities provide fresh, local options to students. These programs provide critical support to farmers and food producers in California while ensuring access to nutritious, locally sourced food for families, students, and communities, which we feel are in line with this Administration’s stated goals to provide more opportunities for Americans to eat healthy, support farmers, and boost domestic demand for produce.
Additionally, both the freeze and cancellation of TEFAP funds will significantly impact our state’s food banks who partner with their network of churches, schools, and food pantries. As of the writing of this letter, we are aware that food banks across the state have had over 300 food loads paused or cancelled across the network of 49 food banks for distribution to eligible individuals and households within 58 counties. This means less food than expected for food banks who are serving more than 6 million Californians each month.
We remain committed to working with USDA to find solutions that sustain and expand market access for American farmers while ensuring that families and communities continue to benefit from fresh, locally produced food. We respectfully request that you revisit these decisions in light of the millions of our constituents who would be impacted. Thank you for your attention to this matter, and we look forward to your response.
The following table lists the LCT thresholds for the financial year the car was imported, acquired or sold.
If you import or sell a car with a GST-inclusive value above these LCT thresholds, you must pay LCT except in certain circumstances. In general, the LCT value of a car includes the value of any parts, accessories or attachments you supplied, or imported, at the same time as the car.
An eligible vehicle is a four wheel drive, or all-wheel drive, and is either:
a ‘passenger car’ with a ground clearance of at least 175mm
an ‘off road passenger vehicle’.
Emergency vehicles
The following vehicles are considered emergency vehicles:
a vehicle registered in a state or territory as an emergency vehicle
an ambulance
a mobile intensive care ambulance (MICA) or similar vehicle that is
fitted with a siren and flashing warning lights
used to transport paramedics and equipment to the site of an accident
a fire-fighting vehicle
designed, permanently fitted out and equipped for fighting and preventing fires
with external markings identifying it as a fire-fighting vehicle
a police vehicle equipped with a siren and flashing warning lights
an emergency-response or search-and-rescue vehicle
designed and permanently fitted out for emergency-response or search-and-rescue operations
with external markings identifying it as a vehicle of that kind
a vehicle
designed and permanently fitted out for responding to and dealing with an environmental emergency
with external markings that identify it as a vehicle of that kind
a vehicle purchased for immediate modification or conversion into a vehicle mentioned in one of the items above before its first use
an ambulance or similar vehicle specially equipped for carrying sick or wounded animals.
Fuel-efficient cars
From 1 July 2025, a fuel-efficient car is defined as a vehicle that has a fuel consumption that does not exceed 3.5 litres per 100 kilometres as a combined rating under the vehicle standards in force under section 12 of the Road Vehicle Standards Act 2018.
Prior to 1 July 2025, a fuel-efficient car was defined as a vehicle with a fuel consumption that doesn’t exceed 7 litres per 100 kilometres.
However, the pre-1 July 2025 definition will apply to a car, if, before 1 July 2025:
an entity made a supply or importation of the car, and
the car was used in Australia for a purpose other than a purpose mentioned in subsection 9-5(1) of the LCT Act.
Luxury car tax value
The price of a vehicle excluding any luxury car tax (LCT) and any other Australian tax or Australian fee or charge other than GST and customs duty.
If you supply a car to an associate or by hire/lease, the LCT value is the full GST market value of the car (excluding any LCT and any other Australian tax or Australian fee or charge other than GST and customs duty).
Net amount
Your ‘net amount’ is increased by the amount of LCT attributable to that tax period.
It doesn’t include the amount of LCT payable for a taxable importation.
Price
The term ‘price’ for LCT purposes is generally the amount of money paid for the car.
To the extent the payment for the supply is not in money, the price means the GST inclusive market value of the consideration supplied.
About the Top 500 private groups tax performance program
The Top 500 private groups tax performance program seeks to give the community confidence that Australia’s largest privately owned groups are paying the right amount of tax. It is one of the programs under the Tax Avoidance Taskforce.
The program uses a one-to-one approach to collaborative engagements, with the aim to increase willing participation through a focus on prevention rather than correction.
By working together, we’re able to better understand the activities carried on by a Top 500 group and tailor their experience when they need to engage with us. This increased transparency means we can identify and resolve issues early and provide services efficiently.
Our objective is to provide a level of assurance based on the principles of justified trust and give the Top 500 group certainty around whether it is complying with its tax obligations.
If a Top 500 private group doesn’t engage with us and demonstrate they want to comply with their tax obligations, we will seek to assure the correct amount of tax has been paid through traditional review and audit action. Where applicable, we will also use our formal information gathering powers.
Who is covered by the Top 500 program
The Top 500 private groups program includes private groups:
with over $500 million net assets, regardless of turnover
with over $200 million turnover and over $250 million in net assets
that are market leaders or groups of specific interest.
We use sophisticated data matching and analytic models to identify wealthy privately owned groups and link them to associated entities. We then look at the group of entities as a whole. This private group approach helps us to understand the business, which allows us to focus on the issues that are relevant and provide a more tailored experience.
no longer includes private groups with over $250 million turnover, regardless of net asset value
turnover threshold has increased from $100 million to $200 million for groups with net assets over $250 million.
Groups that were previously included in the Top 500 program will undergo an exit process after any current issues under enquiry are finalised and we have achieved a requisite level of assurance. Groups will have the option to remain in the Top 500 program where they are in justified trust or close to achieving justified trust.
New categories
We will also categorise groups in the program as either ‘significant’ or ‘general’. When full tax assurance is achieved by a group in the general category, they can benefit from a one-year monitoring and maintenance period and streamlined future engagements. We will notify groups of their categorisation after the finalisation of their current engagements.
Widening of provisional justified trust
Our provisional justified trust approach, previously only available to predominantly passive investor groups, will be widened (subject to the necessary modifications). It will include all groups that achieve full tax assurance.
We will contact you
We will contact groups impacted by these changes and advise you of the next steps.
How we tailor our approach for Top 500 groups
Our engagement approach is tailored and matched to:
the level of complexity of the Top 500 group’s business and tax affairs
whether the Top 500 group’s representatives are open and transparent with us
the Top 500 group’s commitment to demonstrating a willingness to participate in the tax and superannuation systems over the long term
the quality of tax governance that the group has in place to ensure that the correct amount of tax will be paid in the future.
By engaging directly, we build a better understanding of the group’s business, the issues that drive its success and its approach to risk. Ongoing engagement means we can track compliance from year to year and work together to prevent issues from recurring. The forward-looking aspects of our engagement approach helps the group to maintain good compliance into the future.
Our one-to-one engagements will focus on:
assuring that the correct amount of tax has been paid in the year or years under review and will continue to be paid into the future (that is, the justified trust approach)
identifying opportunities where we can work together to help the Top 500 group engage with the tax system
resolving, in real time, any issues that may arise prior to lodgment.
The engagement process generally includes the following steps.
ATO issues notification letter
ATO calls client or their representative to arrange a meeting
Meeting (face-to-face, video conference, or phone)
ATO issues a letter explaining our approach to engagements with the Top 500 and states the agreed principles that will guide the engagement
One-to-one engagement interactions commence
ATO initiates the assurance process with a request for information (RFI) which is tailored in collaboration with the Top 500 client
Client sends RFI response to ATO
Analysis of the four key areas of justified trust:
tax governance
tax risks flagged to the market
verify treatments of ongoing and atypical transactions
alignment between accounting and tax
Ongoing discussion or further RFI (if required)
ATO issues an assurance letter providing details of assurance outcomes for entities within the group for the relevant years and next actions are detailed (where applicable)
Subsequent yearly engagement will be tailored based on level of assurance
How justified trust applies to your engagement
We use an assurance-based approach to determine whether a Top 500 group is paying the correct amount of tax by applying the justified trust methodology. The process of assurance requires that we have a thorough understanding of a Top 500 group’s income producing and wealth extraction activities.
When engaging with a Top 500 client, we review the 4 key areas that underpin the justified trust methodology.
Effective tax governance
Tax governance means having clear processes and procedures in place within a corporate governance framework to support decision-making, and to ensure that the group is meeting its taxation and superannuation obligations.
Tax governance is effective when the Top 500 group can demonstrate that the framework, processes and procedures that they have in place will result in ongoing compliance with their lodgment, reporting and payment obligations. The Top 500 tax governance area is particularly important because effective tax governance provides the foundations upon which a private group can demonstrate that they are achieving the other 3 key areas of justified trust.
Tax risks flagged to market
We flag compliance risks to the market through communications such as:
public rulings
taxpayer alerts
practical compliance guidelines.
We need to:
be satisfied that these risks are not present within the group
ensure that the likelihood of their arising in the future is appropriately mitigated through a group’s tax governance framework.
Ongoing and atypical transactions
We must have a high degree of confidence that the tax treatment of ongoing income producing activities of a Top 500 group is correct.
Similarly, we must have a high degree of confidence that the tax treatment of any atypical transactions entered into by the group are also correct (for example, CGT consequences of asset disposals, restructures, acquisitions).
Differences in accounting and tax results
We must understand the adjustments that are included in the Top 500 group’s tax reconciliations. We need to be satisfied that the material book-to-tax adjustments are complete and correct in the context of the activities that are being carried on.
Assurance over book-to-tax requires transparency so we can verify that the adjustments to the group’s accounting treatments appropriately reflect the correct tax principles.
The process includes:
obtaining an understanding of the accounting treatments used by each relevant entity
conducting an in-depth reconciliation of the
working papers supporting the tax return
group’s accounting records (financial statements, trial balance, general ledger).
Tax assurance and justified trust
A Top 500 group can obtain holistic tax assurance and achieve justified trust where it satisfies all 4 of the key areas at a group level. Achieving justified trust will generate a tangible change in a Top 500 private group’s experience. Groups will see a reduction in the intensity of our engagement interactions and reduced compliance costs, as we move into a 3-year monitoring and maintenance period. We will also partner with the Top 500 group’s representatives to deliver timely and efficient services that will help the group meet its tax obligations.
A Top 500 group can also achieve tax assurance for some or all entities in the group where it has been determined that those entities are reporting correctly and have paid the correct amount of tax in an income year. This may be the case even though the Top 500 group has not achieved justified trust (for example, because the group does not have adequate tax governance in place to give us confidence that they will continue to report correctly, or where some entities have not yet been assured).
For some Top 500 groups, a streamlined engagement approach will be available after the group achieves full tax assurance. The categorisation of a Top 500 group as ‘significant’ or ‘general’ determines whether a streamlined approach is available following full tax assurance.
Significant and general groups categorisation
Top 500 groups have been divided into the following 2 categories:
Categorisation is based on several factors, including wealth, market leadership and specific interest groups.
Significant groups, which make up approximately one-third of Top 500 groups, have ongoing annual assurance engagements based on the key areas of justified trust. These groups have a significant impact on the tax system, which is reflected in our ongoing assurance and the standard of tax governance needed to achieve justified trust. Significant groups that achieve justified trust will benefit from a 3-year monitoring and maintenance period.
General groups, that make up the remaining two-thirds of Top 500 groups, are encouraged to achieve justified trust and benefit from a 3-year monitoring and maintenance period. In addition, general groups that achieve full tax assurance may benefit from a one-year monitoring and maintenance period, irrespective of their tax governance rating, followed by an assurance refresh engagement. The assurance refresh engagement will reconsider some tax issues previously assured. Provided no issues are identified, the group will continue with a further year of monitoring and maintenance.
We aim to provide a streamlined experience for Top 500 groups, and to continue building community confidence that Australia’s largest private groups are paying the right amount of tax.
Provisional justified trust approach
Top 500 groups that have achieved full tax assurance, but do not have the required tax governance in place to achieve justified trust, will have the opportunity to enter into provisional justified trust.
Top 500 groups will benefit from a break from assurance activities to dedicate resources toward developing an effective tax governance framework. This tax governance framework will be assessed for design effectiveness and tested for operational effectiveness before the group achieves justified trust.
For groups that predominantly generate income from passive investments, the provisional justified trust approach is further streamlined. Passive investor groups, in general, tend to treat their tax issues correctly. The provisional justified trust approach for passive investor groups only requires an assessment of the design effectiveness of their tax governance. Operational effectiveness testing is not required to achieve justified trust. We have published more information about our differentiated approach for passive investors in our Passive investor guide for Top 500 groups.
Monitoring and maintenance approach
Reaching justified trust will generate a tangible change in a Top 500 private group’s experience. There will be a consequential scale-down in engagement interactions, as we move into a 3-year justified trust monitoring and maintenance period.
During this 3-year period, we will rely on the tax governance framework operating effectively to mitigate tax risk. We will provide contemporary services and only seek to verify the treatment of new tax issues or other material changes to the group.
Top 500 groups in the general category that achieve full tax assurance can benefit from a one-year monitoring and maintenance period. This is irrespective of their tax governance rating.
For both the 3-year monitoring and maintenance period, and the one-year monitoring and maintenance period, we will conduct an annual check in. We also expect that representatives of the group will tell us in real time if the group:
identifies tax risks that have been newly flagged to market subsist within the group
has experienced material changes to the nature of their ongoing transactions
enters into new or atypical transactions of a type not previously assured
has made material changes in their approach to book-to-tax treatments
has taken new tax positions or changed tax positions that have previously been assured
identifies disclosure issues or errors that should be corrected.
We also expect groups in justified trust to tell us if there are any material changes to the design of its tax governance framework or changes to the management of the tax function (for example, a new CFO, tax manager, tax agent or tax partner).
After monitoring and maintenance
Justified trust refresh engagement
At the end of the 3-years of justified trust monitoring and maintenance, we will refresh our understanding and evidence base to reaffirm our confidence that the Top 500 group continues to pay the right amount of tax. We will do this by conducting a justified trust refresh engagement.
The assurance activities for the justified trust refresh engagement will resume a whole-of-business approach. They will cover all of the Top 500 group’s tax outcomes in applying the 4 key areas of justified trust. However, our assurance activities will build on the detailed understanding we already have of the group’s activities. Therefore, in ordinary circumstances we expect to leverage off:
existing information
the evidence we hold
our knowledge of the group.
This will mean less resource investment by taxpayers and us.
The justified trust refresh year engagement will focus on the current income year. It will generally not involve enquiries into the years covered by monitoring and maintenance, unless key or material issues remain unassured for those years.
We will work with taxpayers on the scope and timing of the plan for their justified trust refresh engagement.
In certain circumstances, we may conduct a justified trust refresh engagement earlier than the fourth year, such as when:
there has been a fundamental change in business (a takeover, for example) with a new business operation we need to obtain assurance over
we have reason to consider that our justified trust should no longer be maintained.
Assurance refresh engagement
Groups in the general category that have previously achieved full tax assurance and had one year of monitoring and maintenance, will then undergo a one-year assurance refresh engagement. The assurance refresh engagement will reconsider some tax issues previously assured together with any new issues which warrant consideration.
Provided the issues under consideration are assured, and the group continues to engage with us in a timely manner, the group will continue with the streamlined approach. That is, cycling between one year of monitoring and maintenance, followed by one year of assurance refresh engagement. The assurance provided during the refresh engagement will be limited to the tax issues or transactions considered, and not provide holistic tax assurance of the Top 500 group.
What you can expect during an engagement
If you’re the controller or representative of a Top 500 private group, you can expect our engagements with you to cover your group’s tax and superannuation obligations.
We undertake an initial engagement to confirm our understanding of your business and industry and to understand your approach to managing your group’s tax obligations.
Our aim is to:
provide a level of assurance around whether your group has been getting things right
work with you to obtain high levels of assurance that you will report correctly in the future.
In some cases, this may involve correcting tax treatments that have been applied in prior years.
Our engagement will typically involve:
building an understanding of your ordinary business activities and any atypical transactions that have occurred during the year
identifying tax issues that arise from your income-generating activities and any atypical transactions that you have undertaken
conducting an assessment of your tax governance arrangements (where applicable)
reviewing evidence to establish whether each of the 4 areas of justified trust have been achieved.
At the end of engagement for a year, we’ll:
outline the activities and transactions where we agree with the tax treatments that have been applied
give specific feedback on what we have observed during the engagement. We may highlight areas for improvement and provide guidance on what your group can do to mitigate risks in the future
outline the risks that we have identified and explain the next steps that we intend to take, where relevant.
Findings report – Top 500 tax performance program
Each year we publish our Findings report for the Top 500 program, based on our engagement with Top 500 privately owned and wealthy groups. The report:
provides an update to the community about the work undertaken in the Top 500 program
communicates our observations and insights from our engagements with the Top 500 population and provide our findings in the context of the 4 areas of justified trust
highlights impediments that are preventing a significant number of Top 500 groups from achieving justified trust
provides insights into some of the most common tax issues and risks that are present in the Top 500 population
outline improvements and changes we are making to the program in response to
TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired an aggregate of 4,568,000 common shares of SPC Nickel Corp. (the “Issuer”) by way of open market purchases.
Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned or controlled 19,180,555 common shares and 3,000,000 warrants representing an approximate 9.97% interest on an undiluted basis and a 11.36% interest on a partially diluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 23,748,555 common shares and 3,000,000 warrants representing an approximate 12.35% interest on an undiluted basis and a 13.70% interest on a partially diluted basis.
Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:
Dundee Corporation Legal Department 80 Richmond Street West, Suite 2000 Toronto, Ontario M5H 2A4 Tel: (416) 365-5172
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.
A man was arrested after allegedly riding a motorcycle at police officers in Walkerville overnight.
Police were called by reports of a suspicious motorbike loitering in Queen Street, Walkerville just after 3am on Tuesday 1 April.
When the patrol started speaking with the rider, he became aggressive and additional officers arrived to assist.
It will be alleged the rider then rode the motorcycle down the narrow one-way street at police. One officer accidentally put his hand through a window as he leapt out of the way. The police officer sustained a laceration to the hand and was treated in hospital. Fortunately, his injury does not appear serious at this time.
The Kawasaki rode off.
Police were later called to a Clearview address about 4.15am and located the man at the property.
The 27-year-old Para Hills man was arrested and charged with riding in a manner dangerous to the public, acts to endanger life, riding unlicensed, unregistered and uninsured, with no number plates or helmet, and breach of bail.
He was refused police bail and will appear in the Adelaide Magistrates Court later today.
SUMMARY…Small thunderstorm clusters and a linear band of thunderstorms will move east across much of the Watch area this afternoon into the evening. The stronger thunderstorms will pose primarily a risk for scattered damaging gusts (55-70 mph).
The severe thunderstorm watch area is approximately along and 75 statute miles east and west of a line from 40 miles north northeast of Raleigh NC to 40 miles southeast of Florence SC. For a complete depiction of the watch see the associated watch outline update (WOUS64 KWNS WOU0).
PRECAUTIONARY/PREPAREDNESS ACTIONS…
REMEMBER…A Severe Thunderstorm Watch means conditions are favorable for severe thunderstorms in and close to the watch area. Persons in these areas should be on the lookout for threatening weather conditions and listen for later statements and possible warnings. Severe thunderstorms can and occasionally do produce tornadoes.
&&
OTHER WATCH INFORMATION…CONTINUE…WW 87…WW 88…WW 89…
AVIATION…A few severe thunderstorms with hail surface and aloft to 1 inch. Extreme turbulence and surface wind gusts to 60 knots. A few cumulonimbi with maximum tops to 450. Mean storm motion vector 26040.
…Smith
Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas. SAW0 WW 90 SEVERE TSTM NC SC CW 312005Z – 010200Z AXIS..75 STATUTE MILES EAST AND WEST OF LINE.. 40NNE RDU/RALEIGH NC/ – 40SE FLO/FLORENCE SC/ ..AVIATION COORDS.. 65NM E/W /34NNE RDU – 35SE FLO/ HAIL SURFACE AND ALOFT..1 INCH. WIND GUSTS..60 KNOTS. MAX TOPS TO 450. MEAN STORM MOTION VECTOR 26040.
LAT…LON 36397716 33757792 33758053 36397985
THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS FOR WOU0.
Watch 90 Status Report Message has not been issued yet.
Note: Click for Complete Product Text.Tornadoes
Probability of 2 or more tornadoes
Low (10%)
Probability of 1 or more strong (EF2-EF5) tornadoes
Headline: Thales to provide hybrid networking kits for French Army vehicles
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The French defence procurement agency (DGA) has awarded Thales a contract to provide hybrid networking kits for French Army vehicles, an innovative solution that can be installed without the need to make design changes to the platforms.
Installed on military vehicles such as the Griffon, VBCI and Serval, the kits provide access to commercial communication services (OneWeb1 and 5G), integrate them with theatre-wide networking capabilities and tie together communication systems at every level from combined/joint forces command to infantry fighting vehicles.
With developments in collaborative combat driving a growing need for connectivity, hybridisation solutions will complement existing hardened communications systems (SYRACUSE IV military satellite communications, CONTACT radios, HF radios) to provide higher data rates, longer range capabilities and improved resilience.
“Thales will be supporting the French Army in its strategic transition to hybrid communication networks. This latest stage in the ASTRIDE 3 programme will combine technological innovation with a deep understanding of operational requirements to provide the hyperconnectivity needed for collaborative combat in high-intensity conflict scenarios,” said Alexandre Bottero, Vice President, Networks and Infrastructure Systems, Thales.
This hybrid networking technology has been developed in an agile, incremental approach with the DGA and operational users to augment the communication capabilities of French Army vehicles. With current developments in collaborative combat, the ability of the armed forces to deploy operational networks of sensors and effectors calls for enhanced capabilities in terms of massification, usability and resilience of military communication systems. With this innovative hybridisation solution, commercial networks will complement existing hardened communication systems including the LOS radios developed for the ASTRIDE programme, the secure, high-data-rate, jam-resistant military satcom services provided by the SYRACUSE satellites, the latest-generation software-defined radios developed under the CONTACT programme and the MELCHIOR series of HF radios.
The hybrid networking solution for OneWeb satcom and 5G services is packaged as a non-intrusive kit, overcoming the need for design changes to the vehicle. It offers significant improvements in connectivity to enhance operational capabilities in the theatre of operations by supporting more extensive data sharing and closer multi-domain collaboration. The hybrid networking kit offers a combination of high performance and usability, and its modular design is part of an end-to-end approach encompassing communication systems at every level, from combined/joint forces command to infantry fighting vehicles.
Thales will provide an initial batch of 25 kits for field trials during the EXTO SJO 2025 exercise at the end of this year, with an additional 25 kits scheduled for delivery in 2026. Ultimately these hybrid networking kits are expected to equip all French Army vehicles that require them.
The ASTRIDE 3 programme’s central role in collaborative combat
Thales has been involved in the ASTRIDE 3 programme since 2022 and has designed a range of modular mobile communication stations offering the NATO-interoperable networking capabilities needed to provide a secure, resilient command infrastructure for deployed forces. The addition of this hybridisation solution further underscores the programme’s decisive role in making collaborative combat a reality while guaranteeing technological sovereignty.
1OneWeb is a constellation of approximately 650 Low Earth Orbit(LEO) telecommunications satellites providing broadband Internet access to private and professional users in regions that are poorly served by terrestrial networks.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.
The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.
Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.
F. Scott Fitzgerald’s The Great Gatsby, a top contender for the title of Great American Novel, turns 100 on April 10.
A century later, it is invoked to help make sense of a world that still confuses “material enterprise with moral achievement” – as critic Sarah Churchwell wrote in the foreword to Gatsby’s centennial edition.
A Meta insider’s memoir takes its title, Careless People, from Fitzgerald’s novel. The same phrase circulated on social media and in The New York Times during Donald Trump’s first presidency, referring to his administration’s downplaying of COVID-19.
In 2018, The Atlantic compared Trump to Tom Buchanan, one of Fitzgerald’s “careless people”, describing “an eerie symmetry […] as if the villain of F. Scott Fitzgerald’s 1925 novel had been brought to life in a louder, gaudier guise for the 21st century”. More recently, others have compared Trump to Gatsby himself.
The Great Gatsby tells the tale of a lovesick man striving for social acceptance, believing personal reinvention and riches can help to rewrite the past. It is a story of longing: not just for lost love, but for an unattainable ideal.
The centenary couldn’t be more timely for this literary masterpiece, preoccupied by the same things we are: immense affluence, privilege, the limits of social mobility and the hidden underbelly of the American Dream. The Great Gatsby, while a relative literary failure in Fitzgerald’s lifetime, is enduringly popular today, with at least 25 million copies sold to date, numerous film and stage adaptations (and literary riffs), and a staple position on school and university reading lists.
“What we think about Gatsby illuminates what we think about money, race, romance and history,” wrote The New York Times’ A.O. Scott recently. “How we imagine him has a lot to do with how we see ourselves.”
The Great Gatsby is set against the backdrop of Roaring Twenties America: an era Fitzgerald famously dubbed the Jazz Age.
Fuelled by the infectious rhythms of jazz, driven by the economic forces of market prosperity and mass consumerism, and heady on the alcoholic vapours and illicit thrills associated with Prohibition-era nightlife, the 1920s were a decade where American fortunes were made and lost.
It was also, as Fitzgerald’s novel outlines, a period where individual ambition burned as fiercely as desire.
Picryl
The plot follows the enigmatic Jay Gatsby, a spotlight-eschewing, self-made millionaire whose seemingly breezy approach to life masks a singular obsession: the rekindling of a lost romance with a beautiful woman from his past.
Born James Gatz, Fitzgerald’s charismatic protagonist reinvents himself in the hope of winning back the love of his life, wealthy socialite Daisy Buchanan. Taken at face value, Gatsby’s world is one of incredible luxury and dazzling excess – lavish parties, fast cars and ostentatious attire – all designed to lure Daisy back into his arms.
But as we begin to scratch beneath the surface, the glittering facade Gatsby has constructed gives way to something far more fragile and tragic: an impossible fantasy driven by jealously, obsession and self-deception.
As the reader comes to appreciate, Gatsby’s accumulated gains may grant him partial access to the world of old money, but he will never truly be accepted by America’s elite. No matter how hard he might try, he cannot surmount the barriers of class and entitlement.
Ultimately, Gatsby’s misguided belief that he can somehow crowbar his way into the upper echelons of high society while simultaneously turning back the hands of time leads to his downfall. In Fitzgerald’s words, he ends up paying “a high price for living too long with a single dream”.
F. Scott Fitzgerald’s novel is still invoked to help make sense of a world that often confuses ‘material enterprise with moral achievement’. Nickolas Muray/Picryl
F. Scott Fitzgerald, literary celebrity
Francis Scott Key Fitzgerald was born in St. Paul, Minnesota, on September 24 1896. The son of middle-class Catholic parents, he spent much of his youth living in upstate New York. In 1913, he enrolled at Princeton University, where he formed a lasting friendship with future literary critic Edmund Wilson.
More absorbed in literary and dramatic endeavours than his studies, Fitzgerald’s grades suffered and he dropped out in 1917 – though not before falling deeply in love with Ginevra King, an heiress who would leave an indelible imprint on his writing. She would inspire many of his fictional female characters, including Daisy Buchanan.
Fitzgerald first encountered King during a winter vacation in St. Paul in January 1915. The debutante daughter of a wealthy Chicago stockbroker, she quickly became the object of Fitzgerald’s intense devotion (much to the disapproval of her family, who thought him beneath her).
In the wake of his heartbreak after the relationship broke down, Fitzgerald enlisted in the United States Army, earning a commission as a second lieutenant. During his military service, he met Zelda Sayre, the woman he would eventually marry. Meanwhile, he began work on his first novel, This Side of Paradise.
Released in 1920, Fitzgerald’s formally adventurous debut was a critical success and cultural sensation, capturing the restless energy and shifting moral landscape of a cohort coming of age in the wake of World War I.
The novel’s transparently autobiographical narrative centres on Amory Blaine, a young Midwesterner whose intellectual and romantic adventures at Princeton – especially a doomed affair with the beautiful, elusive Isabelle Borgé – struck a chord with readers. It turned Fitzgerald into a media celebrity and unofficial spokesman for his generation.
Two years later, Fitzgerald published The Beautiful and Damned. It details the disintegration of a wealthy, aimless couple – Anthony and Gloria Patch – whose hedonistic lifestyle and misplaced belief in their own brilliance leads to ruin.
Fitzgerald’s tonally pessimistic second novel was again shaped by his own experiences, drawing heavily on his tempestuous marriage to Zelda, who was exhibiting symptoms of profound mental instability.
However, in stark contrast to This Side of Paradise, The Beautiful and Damned sold well, but received a lukewarm reception from reviewers. Some found its characters unappealing and its plot depressing.
By then, the Fitzgeralds had grown accustomed to the finer things in life. Which meant they needed money. Lots of it. To keep up with their lavish spending, Fitzgerald started to churn out short stories for popular magazines at a rapid pace. While this move provided him with a degree of financial security, some critics and contemporaries questioned whether he was squandering his literary gifts. Ernest Hemingway, for one, was “shocked” by his friend’s willingness to pander to commercial tastes and imperatives.
‘I want to write something new’
That said, while he was generating copy for mass-market publication, Fitzgerald was also hard at work on The Great Gatsby. In July 1922, he declared:
I want to write something new – something extraordinary and beautiful and simple + intricately patterned.
Determined to prove his worth as an artist, Fitzgerald, who wanted “to write a novel better than any ever written in America”, began to play with “form and emotion”. As his ideas for the new novel – which at one point bore the working title Trimalchio – took shape, Fitzgerald set up shop in Great Neck, Long Island. This location became the inspiration for East and West Egg, the fictionalised island communities that are the novel’s primary setting.
Fitzgerald, clearly not lacking in confidence, set his sights high for his third novel, taking inspiration from James Joyce’s Ulysses and T.S. Eliot’s The Waste Land.
Departing from conventional realism, Fitzgerald experimented with modernist techniques, layering his narrative with symbolic depth, synesthetic imagery, fragmented storytelling and complex characterisation.
The result was a work both lyrical and impressionistic. Here’s a vivid, illustrative excerpt:
The lights grow brighter as the earth lurches away from the sun, and now the orchestra is playing yellow cocktail music, and the opera of voices pitches a key higher. […] The groups change more swiftly, swell with new arrivals, dissolve and form in the same breath; already there are wanderers, confident girls who weave here and there among the stouter and more stable, become for a sharp, joyous moment the center of a group, and then, excited with triumph, glide on through the sea-change of faces and voices and color under the constantly changing light.
Fitzgerald’s Midwestern narrator, Nick Carraway, is describing one of Gatsby’s legendary West Egg parties. He is renting the house next to Gatsby’s mansion,
“a colossal affair by any standard”, with “a marble swimming pool, and more than forty acres of lawn and garden”.
At first, Nick is fascinated by his enigmatic neighbour, drawn in by the sheer force of Gatsby’s optimism and his unrelenting faith in the transformative power of love and the trappings of wealth. But as the novel progresses, events lead Nick to reevaluate. He describes his charming friend as possessing “one of those rare smiles with a quality of eternal reassurance in it, that you may come across four or five times in life”.
He continues, outlining attributes essential to a good confidence man:
It understood you just so far as you wanted to be understood, believed in you as you would like to believe in yourself, and assured you that it had precisely the impression of you that, at your best, you hoped to convey.
When he isn’t with Gatsby, Nick is often with his cousin Daisy and her husband, Tom, the embodiment of American aristocracy and snobbery. They are, in Nick’s damning estimation, “careless” and “rotten” people.
An unreconstructed white supremacist prone to casual displays of extreme prejudice and physical violence, the adulterous Tom – who wouldn’t be out of place in the more dismal real-world and online recesses of today – is, in particular, deeply suspicious of Gatsby, regarding him as an interloper with dubious intentions.
The Atlantic wrote that Tom, “the Yale man, the football star, the spender of old money, the scion of what he calls the Nordic race – embodies the peak of social status in his century”. And that “Trump – the former Playboy-cover subject, the billionaire celebrity, the most powerful man in America – does the same for his”.
And their shared personality traits are the product of their shared relationship to power – the casual unreflective certainty that comes from inheritance, and enables its holders to wield its blunt force as both a weapon and a shield.
Tom’s “little investigation” into Gatsby’s background and finances reveals they are not what they seem. This leads to unintended, disastrous consequences.
Nick, our disillusioned observer, doesn’t quite know what to make of it all. We take leave of him at the end of the novel, on “the beach and sprawled out on the sand”, reminiscing about “Gatsby’s wonder when he first picked out the green light at the end of Daisy’s dock”.
‘A flying leap into the future’
Fitzgerald knew he had achieved something special with The Great Gatsby. His peers did too. T.S. Eliot considered it “the first step” forward “American fiction has taken since Henry James”. Edith Wharton concurred, calling it “a flying leap into the future.”
Yet, for all this critical acclaim, The Great Gatsby failed to resonate with the reading public – much to Fitzgerald’s dismay. By October, the book had sold less than 20,000 copies. (By comparison, This Side of Paradise had sold nearly 50,000 copies, across multiple printings.) As his biographer Arthur Mizener observed, by February 1926, “a few thousand more copies had been sold and the book was dead”. It was a blow the writer never really recovered from.
Fitzgerald’s personal life was tumultuous, marred by alcoholism, Zelda’s mental health issues and financial debt. This had a negative effect on his work. While he completed one more novel in 1934 – the excellent, darkly romantic Tender is the Night, arguably his best book – Fitzgerald struggled to be productive.
Following several failed suicide attempts, in 1940 he died of a heart attack, believing himself an abject failure and his career a total write-off. His most recent royalty cheque had been for $13.13. He was 44.
In the immediate aftermath of his death, writers and critics began to reassess Fitzgerald’s accomplishments. This effort was initially spearheaded by his friends, notably Edmund Wilson, who, in 1941, organised a series of tributes to be published in The New Republic.
In 1945, Viking Press released The Portable F. Scott Fitzgerald, edited by Dorothy Parker, which brought Fitzgerald to the attention of a new generation of readers. At the same time, the US military distributed 150,000 copies of The Great Gatsby to American servicemen during World War II as part of their Armed Services Editions.
Before long, The Great Gatsby made its way into the classroom, where it remains a staple of countless high school and university syllabuses. It continues to inspire readers, many of whom encounter it at a formative stage in their lives.
Amazon
It has been adapted for the screen on multiple occasions – with mixed results. Jack Clayton’s 1974 version, starring Robert Redford as the eponymous Gatsby, was faithful to Fitzgerald’s vision, but utterly lifeless, while Baz Luhrmann’s 2013 adaptation, a hollow exercise in audiovisual bluster, failed to do justice to the novel’s subtleties. For all their shortcomings, these films helped cement Gatsby’s place in the popular imagination.
An ‘uncannily prescient’ enduring classic
Novelist Jesmyn Ward suggests Fitzgerald’s novel is
a book that endures, generation after generation, because every time a reader returns to The Great Gatsby, we discover new revelations, new insights, new burning bits of language.
I agree – and I think Fitzgerald would have had rich material to work with, had he been alive today. Ours, lest we forget, is a world where ersatz robber barons hoard nearly all our shared available assets and resources, where racist discourse resounds, and where rampant consumerism remains unchecked.
Last year America magazine argued Gatsby himself “gives the greatest insight into why Mr. Trump is still popular”, comparing Trump’s “fraudulent real estate deals” to Gatsby’s nefarious way of making his money, and Gatsby’s huge parties to Trump’s rallies. Both, the writer argued, are nouveau riche outsiders, “hell-bent on being accepted by the Manhattan set”, and scorned by the elites. (Though Trump’s second presidency seems to be ushering in a new elite.)
Thinking aloud, perhaps it’s more accurate to say Trump is a weird combination of characters. On one hand, he resembles Gatsby: a self-mythologising social climber, nostalgic for a past that never really existed. On the other, he shares much with Tom Buchanan: unscrupulous, self-interested and protected by his wealth.
In a historical moment that mirrors his own in many ways, Fitzgerald’s essentially tragic masterwork, which ends suggesting we are all forever “borne back ceaselessly into the past”, strikes me as uncannily prescient and relevant today.
Alexander Howard does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: Hong Kong Government special administrative region
The Government of the Hong Kong Special Administrative Region (HKSAR) today (April 1) strongly condemns the United States (US) for including six Central Authorities and HKSAR officials in a so-called “sanctions” list in an attempt to intimidate the relevant officials safeguarding national security. It, once again, clearly exposed the US’ barbarity under its hegemony, which is exactly the same as its recent tactics in bullying and coercing various countries and regions. The HKSAR despises such so-called “sanctions” and is not intimidated by such despicable behaviour. The HKSAR officials will continue to resolutely discharge the duty of safeguarding national security. The HKSAR Government will make every effort to protect the legitimate rights and interests of all personnel.
A spokesman for the HKSAR Government pointed out, “The specified absconders mentioned in the US statement are wanted and have arrest warrants issued by the court against them not because they ‘exercised their freedom of speech’, but because they have been at large in the US, the United Kingdom (UK) and Australia, etc. and continue to blatantly engage in activities endangering national security, including inciting secession and requesting foreign countries to impose ‘sanctions’ or blockade and engage in other hostile activities against the People’s Republic of China and the HKSAR. The US, however, gives cover for them who have committed these evil deeds. It is therefore necessary for the HKSAR to take all lawful measures in accordance with the law, including measures specified under section 89 of the Safeguarding National Security Ordinance, to strongly combat such acts. The specified measures aim at addressing, combating, deterring and preventing acts of abscondment by suspects, and procuring the return of the absconded persons to Hong Kong to face judicial proceedings. All specified measures align with human rights requirements; and quite a number of countries including the US, the UK and Canada would also impose such measures on wanted criminals. The US deliberately smeared and spread irresponsible remarks on the measures and actions taken by the HKSAR Government in accordance with the law in an attempt to mislead the public. The HKSAR Government strongly disapproves of such acts.”
The spokesman also pointed out, “The fact is that the US has been ignoring the non-interference principle under international law, interfering with other countries’ internal affairs, grooming agents, instigating ‘colour revolutions’, creating social unrest and multiple humanitarian disasters through economic and military coercion, causing suffering to people in many countries. With the Central Authorities having enacted the Hong Kong National Security Law and the HKSAR having completed the legislative exercise to implement Article 23 of the Basic Law, Hong Kong has strengthened the legal regime in safeguarding national security and prevented the US from succeeding. The false accusation thereafter against the HKSAR personnel safeguarding national security dutifully, faithfully and in accordance with the law and, on top of that, the imposition of the so-called ‘sanctions’ in the guise of defending human rights and democracy indeed constitute a demonstration of shameless hypocrisy with double standards on the part of the US.
“The HKSAR Government has the responsibility to pursue, in accordance with the law, those who are suspected to have committed offences endangering national security and absconded overseas. The HKSAR law enforcement agencies have been taking law enforcement actions based on evidence and strictly in accordance with the law in respect of the acts of the persons or entities concerned, which have nothing to do with their political stance, background or occupation. The Department of Justice of the HKSAR is in charge of criminal prosecutions under Article 63 of the Basic Law, with all its prosecutorial decisions made on an objective analysis of all admissible evidence and applicable laws.”
First Half Fiscal Year 2025 Revenue up 13.1% to $16.4 Million Period over Period
Accelerating Enterprise AI Adoption Fuels Market Expansion, Unlocking New Opportunities in AI-Powered Customer Engagement
Management to Host Conference Call Today, March 31, 2025 at 4:30 PM ET
SINGAPORE and SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport AI” or the “Company”), an AI technology company serving enterprise clients with intelligent customer communication software and services, today announced financial results for the six months ended December 31, 2024.
First Half Fiscal Year 2025 Highlights
Average monthly subscribed seats were 6,469 for the six months ended December 31, 2024, representing an increase of 29.1% from 5,011 in the same period of 2023.
Revenue for the six months ended December 31, 2024, was $16.4 million, representing an increase of 13.1% from $14.5 million in the six months ended December 31, 2023, driven by increased enterprise adoption of AI-driven solutions.
Gross profit for the first half of fiscal year 2025 was $9.0 million, representing a decrease of 7.7% from $9.7 million in the first half of fiscal year 2024, as a result of continued investment in AI infrastructure and product innovation.
Net income was $1.1 million in the first half of fiscal year 2025, compared to $6.2 million in the first half of fiscal year 2024, representing a decrease of 82.9%, as a result of our increased investments in R&D, public company regulatory compliance costs, and global expansion expenses.
Net cash provided by operating activities was $3.9 million for the six months ended December 31, 2024, supporting business expansion and strategic initiatives.
As of December 31, 2024, there were 37,132,968 ordinary shares and 18,845,000 warrants issued and outstanding.
Subsequent Operational Milestones
As of December 2024, Helport AI Assist software is officially approved and available on Google Cloud Marketplace, allowing businesses across sectors to access Helport’s AI-driven software.
Successful rollout of partnership with Google by delivering AI-driven software and services to one of its US west coast government accounts. First phase completed with further collaboration underway.
In December 2024, Helport AI formed a strategic partnership with a US wholesale mortgage lender to offer Helport AI Assist software to its network of over 100,000 loan officers nationwide.
Opened new office in the Philippines in January 2025, establishing a ‘Global Center of Excellence’ to drive artificial intelligence operations and service offerings in the business process outsourcing (BPO) industry. In less than three months, headcount has grown to more than 100 workers, reflecting strong demand from customers in the region.
Appointed Amy Fong as President, Director, and Interim Chief Financial Officer, bringing over 25 years of experience as a seasoned professional across multiple industries, including banking, private equity, management consulting, and the not-for-profit sector.
Progress in the debt collection space since January 2025, having secured partnerships with three consumer financing companies in Southeast Asia, two of which are publicly listed in the U.S.
Since February 2025, the Company has signed partnerships with seven U.S. insurance agencies to pilot Helport AI Assist software.
Company to host “Investor/Analyst Day” at its North America HQ in San Diego in Q2 of 2025.
Outlook for Second Half Fiscal Year 2025 & Beyond:
Revenue Growth: Accelerating revenue materialization from a robust pipeline of customers in our core sectors of insurance, mortgage sales, BPO call centers, consumer financing, and government services. Driving further expansion in the U.S. and Southeast Asia through enterprise partnerships and focused execution in these core industries.
Profitability & Cost Optimization: Improving AI training efficiency and cloud infrastructure to enhance margins over time.
AI+BPO Monetization: Expanding in-house AI + human service delivery model to facilitate new customer acquisition and rapid proof of concept. Leveraging this software plus service offering to efficiently scale user base and revenue generation across global markets.
Continued R&D Innovation: Investing in AI capabilities, including voice cloning, multilingual automation, and industry-specific integrations.
Management Commentary
“The first half of fiscal year 2025 delivered revenue growth of 13.1%, which was driven by continued enterprise adoption of AI-powered software, technology improvements, and the scaling of our international sales and operations teams,” said Guanghai Li, Chief Executive Officer of Helport AI. “During this time, we made significant investments in product development, cloud infrastructure, and international expansion, which temporarily impacted gross margins and profitability. However, we believe that these investments are essential to scaling our platform and expanding into new markets, and we maintained profitability despite these investments. Moreover, we have seen our enterprise customers increasingly leverage our AI-powered BPO solutions to drive cost efficiencies and improve customer engagement, helping differentiate ourselves as a market leader in the AI-driven customer contact space.”
“On the technology front, our products are now comprehensively integrated with large language models (LLMs), which has been shown to enhance their ability to digest raw, unstructured information and provide smart, domain-specific applications for our growing customer base. We have also built new industry-specific knowledge bases, achieving major milestones for the Company across key sectors. Demonstrating this ability to penetrate new industries where we see vast growth potential, we have partnered with U.S.-based LendSure Mortgage Corp. (“LendSure”), a wholesale lender with a network of over 100,000 loan officers, as well as with seven insurance agencies across multiple US states. These scalable seeds represent early traction across multiple industry sectors, each of which represents significant market opportunities.”
“Operationally, we continued to make strategic investments in our team and infrastructure to strengthen and expand our capabilities and global reach. We have established offices in the Philippines and the U.S. and are in the process of opening additional offices in North America and Southeast Asia to execute on both existing and potential demand in these regions. We also welcomed Amy Fong as President, Director, and Interim CFO. Amy is a seasoned executive who is now overseeing our finance functions, leading strategy across capital markets, partner and customer development, and global operations.”
“Looking ahead to the second half of fiscal year 2025, we are building on our foundation and doubling down on strategic initiatives to accelerate revenue growth and enhance profitability. We are deepening penetration in what we anticipate will be high-growth markets, specifically North America and Southeast Asia. As demonstrated with our recent customer acquisitions across mortgage, insurance, and debt collection, we are tailoring our AI-powered solutions for industry-specific needs, aiming to expand adoption among BPOs, financial services, and public sector industries. We are driving monetization and acceleration of our AI+BPO offering, which has seen noteworthy demand in new segments such as consumer financing, which we expect will allow us to capture greater market share in AI-driven customer engagement solutions.”
“We will continue to prioritize R&D investments and building next-generation AI products that further differentiate Helport AI in the market. We are also focusing on cost efficiencies, including optimizing AI training costs and cloud infrastructure, and improving unit economics per deployment, to strengthen profitability and deliver long-term value to our shareholders,” concluded Li.
Financial Review for the Six Months Ended December 31, 2024 and 2023
Revenue
During the six months ended December 31, 2024 and 2023, all of our revenue was derived from AI services. Revenue increased by approximately US$1.9 million, or 13.1%, from US$14.5 million for the six months ended December 31, 2023 to US$16.4 million for the six months ended December 31, 2024. The increase was primarily attributable to the average monthly subscribed seats, which grew from 5,011 for the six months ended December 31, 2023 to 6,469 for the six months ended December 31, 2024. The growth was driven by (i) our efforts in continuous optimization and development in our service offerings and software platform, (ii) our abilities to improve overall cost performance for customers in their business management process, and (iii) the growing demand for AI software in the professional technology services market. During the first half of FY2025, the Company entered the U.S. market and secured several customers, demonstrating initial business traction and expansion potential.
Cost of Revenue
Cost of revenue primarily consists of amortization of software, payments to a third-party service provider for outsourced operations, as well as cloud infrastructure costs. Cost of revenue related to AI services increased by approximately US$2.6 million, or 55.2%, from US$4.8 million for the six months ended December 31, 2023 to US$7.4 million for the six months ended December 31, 2024, mainly due to the corresponding rise in outsourced operation costs as revenue increased. The growth rate of cost of revenue is proportionally higher than that of revenue, primarily due to investments required to serve new markets and customers. These investments enable us to enhance our product and service offerings with differentiated, competitive technology—particularly through the development of industry-specific application scenarios. These tailored solutions are essential for entering new sectors such as insurance, mortgage sales, and government services, as well as for localizing our platform to meet the regulatory and operational demands of new geographic regions like North America and Southeast Asia.
Gross Profit
As a result of the foregoing, we recorded gross profit of US$9.0 million and US$9.7 million for the six months ended December 31, 2024 and 2023, respectively. This reduction of gross profit margin from 67.0% to 54.6% is the result of the aforementioned elevated amortization costs from software R&D, increased outsourcing operation fees, and expanded cloud infrastructure, which we believe are necessary for our future growth and profitability.
Selling and Marketing Expenses
Our selling and marketing expenses increased by 953.0% from US$50,214 for the six months ended December 31, 2023 to US$528,746 for the six months ended December 31, 2024, which was mainly due to (i) the increase of payroll expenses of US$303,050, primarily driven by the establishment and ramp-up of dedicated sales and marketing teams in our U.S. subsidiary; and (ii) the increase of share-based compensation expense of US$121,800, resulting from share grants under the Company’s 2024 Equity Incentive Plan. The U.S. team expansion is part of our broader international growth strategy, aimed at strengthening our presence in North America—a key strategic market. As part of this effort, we significantly expanded our U.S. office presence, increasing headcount to support go-to-market execution, client onboarding, business development, and marketing in the region. In February 2024, we established the U.S. team, and by December 2024, it had expanded to twenty-two staff, among whom eight were engaged in selling and marketing activities.
General and Administrative Expenses
Our general and administrative expenses increased by 125.2% from US$2.0 million for the six months ended December 31, 2023 to US$4.6 million for the six months ended December 31, 2024, which was primarily attributable to: (i) an increase of US$1.5 million in professional service fees such as advisory fees, audit fees and legal fees for overseas listing; (ii) an increase of US$0.4 million in insurance expenses; (iii) an increase of US$0.2 million in payroll expenses resulting from the expansion of the management team’s headcount; and (iv) an increase of US$0.2 million in withholding tax incurred from 10% withholding tax on AI services provided to our customers in China.
Research and Development Expenses
Our research and development expenses increased by US$1.3 million from US$78.8 thousand for the six months ended December 31, 2023 to US$1.4 million for the six months ended December 31, 2024. The increase was attributable to an additional US$0.8 million in AI training service fees and US$0.3 million in product development fees incurred during the six months ended December 31, 2024, allowing us to better differentiate and diversify our product and services offerings with competitive technologies, especially as they relate to the development of industry-specific application scenarios.
Financial Expenses, net
Our financial expenses, net increased from US$19,162 for the six months ended December 31, 2023 to US$312,437 for the six months ended December 31, 2024, primarily due to an increase in foreign exchange loss of US$266,669 and the increase in interest expenses accrued for convertible promissory notes and the loan from a third party of US$22,139.
Income Tax Expenses
As a result of our operating income position for the six months ended December 31, 2024 and 2023, we incurred income tax expenses of US$0.7 million and US$1.3 million for the six months ended December 31, 2024 and 2023, respectively.
Net Income
As a result of the foregoing, our net income decreased by US$5.1 million, or 82.9%, from US$6.2 million for the six months ended December 31, 2023 to US$1.1 million for the six months ended December 31, 2024. The decrease in net income was mainly due to a US$2.6 million increase in general and administrative expenses, a US$1.4 million increase in research and development expenses, and a US$0.7 million decrease in gross profit.
Liquidity and Capital Resources
Cash was $0.9 million as of December 31, 2024, as compared to $0.1 million on December 31, 2023. We had a positive working capital of $7.6 million and $10.6 million as of December 31, 2024 and June 30, 2024, respectively. Our liquidity is based on our ability to enhance our operating cash flow position and obtain financing from equity and debt investors to fund our general operations and capital expenditure. Our ability to further enhance our liquidity depends on management’s ability to execute our business plan successfully, which includes optimizing accounts receivable collection and striking a balance between revenue growth and investments in R&D activities.
Use of Non-GAAP Financial Measures
We consider adjusted net income, a non-GAAP financial measure, as a supplemental measure to review and assess our operating performance. We define adjusted net income for a specific period as net income in the same period excluding share-based compensation expenses and changes in fair value of warrant liabilities.
We present this non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Accordingly, we believe that adjusted net income helps identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net income and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. We also believe that the use of the non-GAAP financial measure facilitates investors’ assessment of our operating performance, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision making.
The non-GAAP financial measure should not be considered in isolation from or construed as an alternative to its most directly comparable financial measure prepared in accordance with GAAP. Investors are encouraged to review the historical non-GAAP financial measure in reconciliation to its most directly comparable GAAP financial measure. As the non-GAAP financial measure has material limitations as an analytical metric and may not be calculated in the same manner by all companies, such measure may not be comparable to other similarly titled measure used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measure as a substitute for, or superior to, its most directly comparable financial measure prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
The following table reconciles our adjusted net income for the periods indicated to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is net income.
For the six months ended December 31,
2024
2023
Net income
$
1,066,894
$
6,243,606
Add:
Share-based compensation expenses
223,933
–
Change in fair value of warrant liabilities
336,136
–
Total
$
1,626,963
$
6,243,606
First Half Fiscal Year 2025 Financial Results Conference Call
Guanghai Li, Chief Executive Officer, and Amy Fong, President and Interim Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
To access the call, please use the following information:
Date:
Monday, March 31, 2025
Time:
4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time
Toll-free dial-in number:
1-800-274-8461
International dial-in number:
1-203-518-9814
Conference ID (Required for Entry):
HELPORT
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1712485&tp_key=f52524cadf and via the investor relations section of the Company’s website here.
A replay of the webcast will be available after 9:30 p.m. Eastern Time through July 1, 2025.
Toll-free replay number:
1-844-512-2921
International replay number:
1-412-317-6671
Replay ID:
11158521
About Helport AI Limited
We are a global AI technology company serving enterprise clients with intelligent customer communication software and services. Our proprietary software offering, Helport AI Assist (“AI Assist”), is a real-time, AI-driven “co-pilot” providing intelligent guidance for customer contact professionals across business settings. In addition, we provide AI+BPO (Business Process Outsourcing) services to facilitate customer engagement, helping clients grow sales, improve customer service, and reduce operational costs.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, HPAI’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on HPAI’s current expectations and projections about future events that HPAI 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 “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions, although not all forward-looking statements contain these identifying words. HPAI 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 HPAI 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 HPAI 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 HPAI’s registration statement and other filings with the U.S. Securities and Exchange Commission.
External Investor Relations Contact: Chris Tyson Executive Vice President MZ North America Direct: 949-491-8235 HPAI@mzgroup.us www.mzgroup.us
HELPORT AI LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in and U.S. dollars (“US$”), except share data)
As of December 31,
As of June 30,
2024
2024
(unaudited)
Cash
$
852,463
$
2,581,086
Accounts receivable
22,016,884
21,313,735
Deferred offering costs
–
817,871
Prepaid expenses and other receivables
2,027,167
41,966
Total current assets
24,896,514
24,754,658
Intangible assets, net
8,592,817
2,425,694
Right-of-use assets, net
762,644
–
Total non-current asset
9,355,461
2,425,694
Total assets
$
34,251,975
$
27,180,352
Accounts payable
$
3,280,565
$
284,067
Income tax payable
2,508,021
2,724,998
Amount due to related parties
536,538
965,776
Convertible promissory notes
–
4,889,074
Warrant liabilities
4,782,915
–
Accrued expenses and other liabilities
5,684,775
5,263,239
Lease liabilities, current
110,832
–
Deferred tax liabilities
332,626
–
Total current liabilities
17,236,272
14,127,154
Lease liabilities, non-current
687,093
–
Total non-current liabilities
687,093
–
Total liabilities
17,923,365
14,127,154
Commitments and contingencies
Ordinary shares (US$0.0001 par value per share; 500,000,000 authorized as of December 31, 2024 and June 30, 2024, respectively; 37,132,968 and 30,280,768 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively)*
3,713
3,028
Additional paid-in capital*
2,212,361
4,528
Retained earnings
14,112,536
13,045,642
Shareholders’ equity
16,328,610
13,053,198
Total liabilities and shareholders’ equity
$
34,251,975
$
27,180,352
*Par value of ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 to the unaudited condensed consolidated financial statements.
HELPORT AI LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in and U.S. dollars (“US$”), except share data)
For the six months ended December 31,
2024
2023
(unaudited)
(unaudited)
Revenue
$
16,406,402
$
14,506,363
Cost of revenue
(7,440,338
)
(4,793,021
)
Gross profit
8,966,064
9,713,342
Selling expenses
(528,746
)
(50,214
)
General and administrative expenses
(4,598,484
)
(2,042,289
)
Research and development expenses
(1,448,115
)
(78,757
)
Total operating expenses
(6,575,345
)
(2,171,260
)
Income from operation
2,390,719
7,542,082
Financial expenses, net
(312,437
)
(19,162
)
Change in fair value of warrant liabilities
(336,136
)
–
Income before income tax expense
1,742,146
7,522,920
Income tax expense
(675,252
)
(1,279,314
)
Net income
$
1,066,894
$
6,243,606
Total comprehensive income
$
1,066,894
$
6,243,606
Earnings per ordinary share
Basic
0.03
0.21
Diluted
0.03
0.21
Weighted average number of ordinary shares outstanding*
Basic
35,990,935
30,280,768
Diluted
35,990,935
30,280,768
*Share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 to the unaudited condensed consolidated financial statements.
HELPORT AI LIMITED UNAUDITED CONDENSED CONDOLIDATED STATEMENTS OF CASH FLOWS (Amounts in and U.S. dollars (“US$”), except share data)
For the six months ended December 31,
2024
2023
(unaudited)
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
1,066,894
$
6,243,606
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets
1,957,877
1,166,667
Amortization of right-of-use assets
36,806
–
Share-based compensation
223,933
–
Change in fair value of warrant liabilities
336,136
–
Changes in operating assets and liabilities:
Accounts receivable
(703,149
)
(5,809,454
)
Prepaid expenses and other receivables
1,028,346
(57,896
)
Accounts payable
2,996,498
1,654,223
Amount due to related parties
–
10,800
Accrued expenses and other liabilities
(3,196,882
)
1,939,154
Income tax payable
(216,977
)
1,279,315
Deferred tax liabilities
332,626
–
Lease liabilities
(10,810
)
–
Net cash provided by operating activities
3,851,298
6,426,415
CASH FLOWS FORM INVESTING ACTIVITY
Purchase of intangible assets
(8,125,000
)
(7,000,000
)
Net cash used in investing activity
(8,125,000
)
(7,000,000
)
CASH FLOWS FORM FINANCING ACTIVITIES
Deferred offering costs
(213,052
)
(467,465
)
Loan from a third party
–
954,909
Repayment of loans from a third party
(199,582
)
–
Repayment of loans from related parties
(429,238
)
(5,143
)
Cash inflow from reverse recapitalization
1,136,951
–
Proceeds from PIPE investments
2,600,000
–
Repayment of sponsor loans
(350,000
)
–
Net cash provided by financing activities
2,545,079
482,301
Effect of exchange rate changes
–
(130
)
Net change in cash
(1,728,623
)
(91,414
)
Cash at the beginning of the period
2,581,086
142,401
Cash at the end of the period
$
852,463
$
50,987
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Recognition of right-of use assets and lease liabilities
OSWEGO, N.Y., March 31, 2025 (GLOBE NEWSWIRE) — James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company’s voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2025. The first quarter 2025 dividend will be payable to all shareholders of record on April 18, 2025 and will be paid on May 9, 2025.
About Pathfinder Bancorp, Inc. Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The Bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp). The Bank has twelve full service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.
This release may contain certain forward-looking statements, which are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.
CONTACT: James A. Dowd, President and CEO, (315) 343-0057
Wendel completes the acquisition of a controlling stake in Monroe Capital LLC, a transformational transaction in line with its strategic roadmap
Wendel’s Asset Management platform now represents c.€34 billion1 of AuM in private assets and is expected to generate, on a full year basis, c.€160 million2 of Fee Related Earnings and c.€185 million of total pre-tax profit in 2025
Wendel (MF-FP) today announced that it has completed the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.
As part of the initial transaction, Wendel has invested $1.133 billion to acquire 72% of Monroe Capital’s shares (from Monroe Capital management and Bonaccord Capital Partners which owns is a minority interest in Monroe Capital) together with rights to c.20% of the carried interest generated on past and future funds. The sellers will continue to own 25% of the Company post-closing of the initial transaction.
AXA IM Prime, through its GP4 Stake strategy, has completed the acquisition alongside Wendel, of a minority equity stake in Monroe Capital. This investment is made in conjunction with Wendel’s acquisition of its majority stake in Monroe Capital and reflects AXA IM Prime’s robust relationship with both managers.
This initial transaction involving 75% of Monroe Capital would be complemented by an earn-out mechanism with a maximum amount of $255 million, subject to Fee Related Earnings (“FRE”) performance thresholds (Max if CAGR above c.26%) in the period, and if achieved would be paid in cash in 2028.
Wendel will have a path to purchase the remaining 25% of Monroe Capital’s shares in subsequent transactions (put / call mechanisms) that would take place in three instalments over 2028 and 2032 and be payable in cash. The purchase of the remaining 25% shares would be valued through variable purchase multiples determined depending on realized FRE growth.
A private credit leader in the U.S. middle market with a demonstrated strong track record across market cycles
Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing more than $205 billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.
Through December 31, 2024, Monroe Capital has directly originated over 800 transactions, has invested over $47 billion and has earned c.10% gross unlevered IRR6 for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth investors from across the globe.
The firm, which is headquartered in Chicago maintains eleven locations. Monroe Capital has grown to a team of over 275 employees, including 115 investment professionals. The firm currently has employees in the United States, South Korea, Australia and United Arab Emirates.
Wendel Third Party Asset Management Platform has reached a meaningful scale alongside its historical Principal Investment activity
Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.
With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€34 billion in AUM7, and on a full year basis, c.€ 455 million revenues, c.€160 million pre-tax FRE8 (c.€100 million in pre-tax FRE (Wendel share) by 2025 and has the objective to reach €150 million (Wendel share) in pre-tax FRE by 2027 .
This evolution of Wendel’s business model is designed to enable the development, over time, of a value-creating platform with the potential to generate operational synergies.
The third-party Asset Management platform will be developed alongside Wendel’s Principal Investment strategy, with the objective of generating double-digit Total Shareholder Return.
Laurent Mignon, Wendel Group CEO, commented:
“This acquisition marks an important step forward for Wendel’s asset management platform, which we are committed to scaling. Wendel is now becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors. We are thrilled to collaborate with Ted Koenig, Chairman and CEO, Zia Uddin, President, and their talented teams to support their success and their ability to deliver robust financial performance over the coming years.
It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime. This first partnership with a leading global player such as AXA IM is for us a strong sign of confidence in the model we are building in private asset management.
Wendel is executing its strategic plan with determination, rigor and financial discipline, as demonstrated by this transformational acquisition, while also focusing on premium assets in our principal investment activities. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Our priority for the near future will be to build our platform and to work on the rotation of our Principal Investment assets.
I would like to express my gratitude to the Wendel teams for their unwavering dedication and to the Supervisory Board of Wendel for its constant support in driving this ambitious strategy forward.”
Theodore L. Koenig, Chairman & CEO of Monroe Capital commented:
“”We are proud to finalize our partnership with Wendel and AXA IM Prime, a milestone achievement in our two-decade journey. Together, we are eager to collaborate and align our efforts to deliver exceptional results for our investors and clients worldwide.”
Gilles Dusaintpère, Head of AXA IM Prime GP Stake Investments at AXA IM said: “We are proud and excited to partner with two institutions we know well and to further strengthen our existing relationship with Monroe, a franchise we have been investing with foryears and that we are now happy to accompany as a minority shareholder. Our GP Stake strategy aims to partner with best-in-class private markets players and we look forward to supporting Monroe and its team, alongside Wendel, to help further grow its impressive platform.”
UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis LLP acted as legal counsel to Wendel. Wendel was also assisted by Fenchurch Advisory for this transaction. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Monroe Capital, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Monroe Capital.
About Monroe Capital
Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 11 locations throughout the United States, Asia and Australia.
Visit our website: http://www.monroecap.com
About AXA IM Prime
Launched in 2022, AXA IM Prime is the Private Markets Enabler and Hedge Funds platform of AXA IM with c. €40 billion of assets under management as at the end of September 2024. It offers global and diversified private market solutions through primaries, secondaries and co-investments across private equity, infrastructure equity, private debt and hedge funds.
As both a principal investor and a General Partner, AXA IM Prime holds a deep understanding of client needs and offers a differentiated, global perspective of the investment world. It aims to create sustainable value for its clients, integrating ESG practices and encouraging ESG best practices within the industry.
Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)
Thursday, October 23, 2025
Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)
Friday, December 12, 2025
2025 Investor Day
About Wendel
Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also announced in October 2024 the acquisition of 75% of Monroe Capital. Pro forma of Monroe Capital, Wendel manages more than 33 billion euros on behalf of third-party investors, and c.7.4 billion euros invested in its principal investments activity.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.
For more information: wendelgroup.com
Follow us on LinkedIn @Wendel
1 As of December 2024
2 c.€100m of FRE expected in 2025, Wendel share. EURUSD @ 1.05
3 This amount includes usual closing adjustments
4 General Partner
5 Committed and managed capital (as of December 31, 2024)
ROSEMONT, Ill., March 31, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced it will release first quarter 2025 earnings results after the market closes on Monday, April 21, 2025 and host a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT).
For individuals wanting to listen to a simultaneous audio-only web cast, this may be accessed at Webcast Link.
Individuals interested in participating in the call by addressing questions to management should register for the call at Conference Call Link to receive a dial-in number and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).
An accompanying slide presentation will be available on the Company’s web site at http://www.wintrust.com, Investor Relations link.
A replay of the audio-only webcast and an accompanying slide presentation will subsequently be available at http://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls link. The text of the first quarter 2025 earnings release will be available at http://www.wintrust.com, Investor Relations, Investor News and Events, Press Releases link.
About Wintrust
Wintrust is a financial holding company with approximately $65 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit www.wintrust.com.
Forward-Looking Information
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in Wintrust’s Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.
FOR MORE INFORMATION CONTACT: Timothy S. Crane, President & Chief Executive Officer David A. Dykstra, Vice Chairman & Chief Operating Officer (847) 939-9000 Website address: www.wintrust.com
One year after Video Ezy opened its first store in Aotearoa New Zealand, the Broadcasting Act 1989 was introduced. It established frameworks and funding for local content that largely still exist.
But in 2025, New Zealanders’ viewing and listening habits are radically different. We’ve shifted from local broadcasters to international streaming and online media services. Video and music streaming platforms now reach more people than local TV and radio.
This brings convenience and access to a world of film, TV, news, and music. But it also means local content risks being swamped on its own shores. A recent discussion document from Manatū Taonga/Ministry for Culture and Heritage is the latest attempt to address the problem.
Among the suggested changes to local content funding, promotion, and distribution are:
requiring newly manufactured smart TVs to pre-install New Zealand apps
the merger of NZ On Air with the NZ Film Commission
changes to the Broadcast Standards Authority
increased captioning and audio description
and requiring local and global media providers to invest in and promote New Zealand content.
Some of these are welcome – and long overdue. But broader media reform must also take this opportunity to create future-proofed policy; one that’s responsive to where local audiences are consuming content, and which supports the media sector to adapt to a rapidly changing landscape.
Why local content struggles
New Zealand media, already hit by wider platform choice and the movement of advertising revenue offshore, has experienced deep job cuts, including at state-owned TVNZ, and the complete closure of Newshub.
While that might seem positive, Netflix, YouTube, Facebook, and Instagram each individually outperform TVNZ+ viewership. And many global video-on-demand platforms have fewer than ten local titles available for New Zealand audiences to watch.
These figures might suggest New Zealanders aren’t interested in local content – but that isn’t necessarily true. If we compare local media structures to overseas markets, we see major differences in the opportunities for local content to reach audiences.
Unlike other comparable countries, New Zealand lacks government-owned and fully-funded platforms for locally produced content to find local audiences. Where these platforms exist overseas, engagement with local content is higher.
Announcing his government’s creative sector strategy last year, Minister for Arts, Culture and Heritage Paul Goldsmith said it aims to “nurture talent and support a pipeline to provide sustainable career opportunities”.
Arts, Culture and Heritage Minister Paul Goldsmith. Getty Images
The strategy also speaks of “modernising and streamlining government regulation to enable our cultural sectors to thrive”.
But there are significant omissions in the latest discussion document. Video gaming, for example, is largely missing from the proposals, although research suggests the industry could represent up to 44% of global consumer entertainment spending by 2040.
Addressing those omissions and strategically embracing new opportunities offers a chance to support local producers in two key ways: enhancing the global presence of New Zealand content, and ensuring local audiences see themselves in the media they enjoy.
This would require an ambitious rethink around media infrastructure and investments, focused on what can have the biggest impact long term. This might include:
investing in a fully-funded youth radio station
changing the revenue structure of TVNZ to be primarily state funded
legislating global video sharing platforms like YouTube and TikTok to promote New Zealand content
or developing a progressive, industry-informed video game policy.
It’s vital that any proposed policy changes are fit for purpose and adaptable for years to come.
Past attempts at media reform in Aotearoa New Zealand have often been reactive to changing environments, rather than proactive. But there’s an opportunity now to consider more meaningful changes, addressing current challenges while looking to the future.
Jesse Austin-Stewart has completed commissioned research for NZ On Air and participated in focus groups for Manatū Taonga Ministry for Culture and Heritage. He has received competitive funding from Creative New Zealand, NZ On Air, Manatū Taonga Ministry for Culture & Hertiage, and the NZ Music Commission. He is a writer member of APRA AMCOS and a member of the Composer’s Association of New Zealand
Catherine Hoad has previously completed research in partnership with or commissioned by APRA AMCOS, Toi Mai Workforce Development Council, Manatū Taonga Ministry for Culture & Heritage, ScreenSafe, and NZ On Air.
Dave Carter is a writer member of APRA AMCOS and has previously received funding from Manatū Taongao Ministry for Culture and Heritage.
Oli Wilson has previously completed research in partnership with or commissioned by APRA AMCOS, Toi Mai Workforce Development Council, Manatū Taonga Ministry for Culture & Heritage and the NZ Music Commission. He has also received funding, or contributed to projects that have benefited from funding from NZ on Air, the NZ Music Commission and Recorded Music New Zealand. He has provided services to The Chills, owns shares in TripTunz Limited, and is a writer member of APRA AMCOS.
Drowning in streaming choices? If so, you’re not alone – as our experts have a particularly wide range of picks this month.
From musicals and comedy, to serial killers and twisted fictional corporations, there’s plenty to get stuck into.
The Pitt
Binge (Australia), Neon (NZ)
The Pitt is best described as a cross between ER and 24. The series follows an emergency room in Pittsburgh in real time across a 15-hour shift. Each one hour episode is an hour of their shift. Creator R. Scott Gemill and executive producer John Wells both worked extensively on ER, as did Noah Wyle who plays Michael “Robby” Robinavitch, the senior attending.
The day in question falls on the anniversary of the death of Robby’s mentor during the COVID pandemic and he experiences several flashbacks throughout the shift. The ER ward is chaotic due to the nursing shortage and failing American healthcare system. The series regularly cuts to the overcrowded waiting room of desperate people, waiting to receive care.
The large ensemble is fantastic and it’s great to see a medical show that actually includes nursing staff as key characters (take note, Grey’s Anatomy!). By unfolding in real time, we get a sense of how chaotic their work is, with several doctors jumping between patients. Several key cases also unfold across several episodes, with many building to dramatic effects.
It should also be noted that due to having its home on a streaming platform, the show is allowed to depict graphic and sometimes gruesome medical scenes without intruding soundtracks or montages, which only adds to the realism.
– Stuart Richards
Severance, season two
Apple TV
In absurdist psychological thriller Severance, individuals working for the multinational biotech corporation Lumon Industries can have their work-selves surgically “severed”, separating the memories and experiences of their workplace “innies” from those of their “outies”.
The second season, three years in the making, looks at the fallout from season one’s cliffhanger finale, in which the innies of Macrodata Analysis, Helly R (Britt Lower), Irving B (John Turturro) and Dylan G (Zach Cherry), led by Mark S (Adam Scott), staged a revolt and busted briefly into their outies’ worlds. In doing so, they exposed shocking secrets about Lumon – including that outie Mark’s wife, thought dead, is somehow alive but being held by Lumon.
This season has been as stylish and weird as the first, revelling in striking cinematography, impeccable direction, quirky scripting and inspired world-building. It also becomes increasingly eerie, focusing more on Lumon’s bizarre, cult-like history and culture, and the unsettling nature of the innies’ jobs.
Although lore-heavy, the show has avoided many of the pitfalls of “puzzle box” shows, balancing revelations with astonishingly good performances, particularly from Trammell Tillman as Lumon floor manager Mr Milchick. This uncanny and perversely funny season deserves its status as a water cooler hit. Let’s just hope we don’t have to wait three more years for a resolution.
– Erin Harrington
Happiness
ThreeNow (New Zealand) from April 3
With their new show Happiness, airing on Three and Three Now, Kip Chapman and Luke Di Somma have created a welcome New Zealand answer to the popular style of “backstage” musical TV show.
The protagonist is stage director Charlie (Harry McNaughton), who has returned from New York to his hometown of Tauranga having been dismissed from helming a Broadway revival of Cats. In a desperate attempt to demonstrate competency for a renewal of his visa, and to please his mum Gaye (Rebecca Gibney), Charlie decides to help out the local amateur musical theatre society Pizzaz (“the finest large-scale yet boutique classical musical theatre company in Tauranga”) with its latest production, an original musical called The Trojan Horse.
While the story is fairly predictable, the show blessed with an engaging pastiche score by Luke Di Somma that references a variety of fun musical theatre tropes. It is a welcome addition to the “let’s put on a show” backstager genre, and will appeal to fans of musical theatre as well as workplace comedies.
Happiness paints New Zealand musical theatre talent in a positive light – showing what the locals can do – while being highly entertaining in its own right.
– Gregory Camp
Running Point
Netflix
Running Point is writer-producer Mindy Kaling’s return to her roots with an office-family comedy. After spending some time in high-school with Never Have I Ever and college with Sex Lives of College Girls, Kaling returns to where she started her TV career with The Office and The Mindy Project. Based very loosely on the real-life story of Los Angeles Lakers President Jeanie Buss, this Kate Hudson vehicle is ripe with satire, family dynamics and absurdity.
When her older brother (Justin Theroux) goes to rehab, he names his sister (Hudson) as the new president of their family business: basketball empire the Los Angeles “Waves”. Running Point feels like a more fully-realised version of Kaling’s previous short-lived family sports comedy Champions.
The cast is stacked with TV comedy MVPs including Brenda Song, Drew Tarver, Scott MacArthur, Jay Ellis, Max Greenfield and Jon Glaser. Hudson is at her most Goldie Hawn-like here, mixing physical comedy with goofiness and heart. It’s easy and enjoyable watching, even if (like me) you are not a big sports fan!
– Jessica Ford
Gone Girls: The Long Island Serial Killer
Netflix
True crime documentaries, particularly those concerned with serial killers, are often criticised for their silencing of the victims, while elevating the perpetrator and perversely celebrating their crimes.
Gone Girls: The Long Island Serial Killer bucks that trend. Its focus is on the women who were murdered by Rex Heuermann, and the families and friends who band together in their shared suffering and pursuit of justice over a period of more than two decades. In particular, it is the disappearance of Shannan Gilbert, and her mother’s dogged perseverance in keeping the police department’s attention on her missing daughter, which leads to the discovery and identification of the bodies of another six women.
Like his namesake, the “Long Island Ripper”, Heuermann relied on the fact that his victims were sex workers – assuming their deaths would be of little consequence to law enforcement, or that their disappearances wouldn’t even be noticed. For some time this was true, as one interviewee observes: “knowing that sex workers might be afraid to come forward with information, police were not active in reaching out to them and making them feel comfortable coming forward”.
But these women were mothers, daughters, sisters and friends. Gone Girls rejects the marginalisation of the victims, just as their communities had worked so hard to do.
– Jessica Gildersleeve
Adolescence
Netflix
Why do children kill other children? What makes an intelligent boy from a loving suburban family borrow a knife from a school friend and, on a casual Sunday evening, stab another child to death? When someone so young commits a horrific act, who is to blame – the child, the family, or society?
With its technical mastery and gut-punch power, Adolescence is a tour de force. The series tracks the story of 13-year-old Jamie Miller (Owen Cooper) after he is arrested and later charged with the murder of his classmate, Katie. Co-creator Stephen Graham stars as Jamie’s father, Eddie.
The series is a harrowing take on male violence and rage, and the misogynist radicalisation of vulnerable boys. Trapped in the dark mirrors of the manosphere, and allured by the grim logic of Andrew Tate, Jamie represents a generation of boys tragically and perhaps permanently lost to incel culture.
Skilfully filmed in Philip Barantini’s signature one-shot style, the series pushes the limits of television production. The high-wire act of timing and trust amplifies the message that one misstep can lead to failure. In Adolescence, however, there are no easy outs. Just as the continuous filming style offers no reprieve, the show refuses to offer a simple explanation for why Jamie did it.
Adolescence is not an easy watch, but for those parenting teens, it is a necessary one.
Edutainment at its finest, The Role of a Lifetime approaches contemporary parenthood with good humour and even better, good research. Informative without being preachy, the short series focuses on parenting tweens (children in late primary school) and above, with a sympathetic approach to the pressures of modern life. In a nutshell: social media is everywhere, what can and should we do about it?
Leads Kate Ritchie and Nazeem Hussain serve as part-segment presenters and part-parent role players in this mixture of magazine show and sitcom, while the steady hands of Amanda Keller and Maggie Dent provide context and permission to get it wrong.
Aimed very squarely at a nuclear heterocentric Australian middle class, there are moments that still stray into cliché. For instance, why is mum still in charge of dinner even though she’s also worked a full day, often still in full work clothes, until late at night? Nonetheless, the warm dynamic between the family members and the chosen experts makes the show really engaging and invites further discussion rather than dictating rules and failures.
The featured “young experts” who participate in the casual panels are also excellent. If they are anything resembling Australia’s future, we are in good hands.
– Liz Giuffre
Nickel Boys
Prime Video
Nickel Boys, a new film adaptation of Colson Whitehead’s novel, follows Elwood Curtis – a studious, law-abiding teenager who is sent to the Nickel Academy in mid-1960s Florida after he unwittingly accepts a ride in a stolen car and is unjustly convicted as an accessory to the theft.
The Nickel Academy, based on the real-life Dozier School for Boys, is a segregated reform school operating as a front for the coercion of unpaid labour from the boys detained there. These boys are subject to beatings, rapes and psychological torture. And their efforts to run away or resist often prove fatal.
At Nickel, Elwood bonds with another 17-year-old inmate, Turner, whose cynicism provides a foil to Elwood’s idealism. A second timeline follows the adult Elwood’s efforts to build a life and maintain relationships in the aftermath of his imprisonment and escape.
You don’t watch Nickel Boys so much as experience it – seeing and hearing what Elwood and (later) Turner see and hear. The film’s first-person approach can sometimes be distracting, not least because of the impulse to compare it with your own sense of what looking looks like.
That said, the film honours Whitehead’s ambivalence, developing a visual style that amplifies a major plot twist in the novel. It turns the darkest events into a luminous fable of endurance.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
The future of Australia’s key climate policy is uncertain after Opposition Leader Peter Dutton said a Coalition government would review the measure, known as the “safeguard mechanism”, which is designed to limit emissions from Australia’s largest industrial polluters.
According to the Australian Financial Review, if the Coalition wins office it will consider relaxing the policy, as part of its plan to increase domestic gas supplies.
Evidence suggests weakening the mechanism would be a mistake. In fact, it could be argued the policy does not go far enough to force polluting companies to curb their emissions.
Both major parties now accept Australia must reach net-zero emissions by 2050. This bipartisan agreement should make one thing clear: winding back the safeguard mechanism would be reckless policy.
What’s the safeguard mechanism again?
The safeguard mechanism began under the Coalition government in 2016. It now applies to 219 large polluting facilities that emit more than 100,000 tonnes of greenhouse gases a year. These facilities are in sectors such as electricity, mining, gas, manufacturing, waste and transport. Together, they produce just under one-third of Australia’s emissions.
Under the policy’s original design, companies were purportedly required to keep their emissions below a certain cap, and buy carbon credits to offset any emissions over the cap. However, loopholes meant the cap was weakly enforced.
Labor strengthened the safeguard mechanism after it won office, by setting a hard cap for industrial emissions. The Coalition voted against the reforms.
Dutton has since labelled the safeguard mechanism a “carbon tax”
– a claim that has been debunked. Some members of the Coalition reportedly believe the policy makes manufacturers globally uncompetitive.
Now, according to media reports, a Coalition government would review the safeguard mechanism with a view to weakening it, in a bid to bolster business and increase gas supply.
Why the safeguard mechanism should be left alone
Weakening the safeguard mechanism would lead to several problems.
First, it would mean large facilities, including new coal and gas projects, would be permitted to operate without meaningful limits on their pollution. This threatens Australia’s international climate obligations.
Second, if polluters were no longer required to buy carbon offsets, this would disrupt Australia’s carbon market.
As the Clean Energy Regulator notes, the safeguard mechanism is the “dominant source” of demand for Australian carbon credits.
In the first quarter of 2024, about 1.2 million carbon-credit units were purchased by parties wanting to offset their emissions. The vast majority were purchased by companies meeting compliance obligations under the safeguard mechanism or similar state rules.
If companies are no longer required to buy offsets, or they buy fewer offsets, this would hurt those who sell carbon credits.
Carbon credits are earned by organisations and individuals who abate carbon – through measures such as tree planting or retaining vegetation. The activities are often carried out by farmers and other landholders, including Indigenous organisations. Indigenous-led carbon projects have delivered jobs, cultural renewal and environmental benefits.
The safeguard mechanism, together with the government pledge to reach net-zero emissions by 2050, also provides certainty for the operators of polluting facilities. Many in the business sector have called for the policy to remain unchanged.
And finally, winding back the safeguard mechanism would send a troubling signal to the world: that Australia is stepping back from climate action.
Now is not the time to abdicate our responsibilities on climate change. Atmospheric carbon dioxide levels have risen dramatically since 1960. This increase is driving global warming and climate change, leading to extreme weather events which will only worsen.
A hard-won policy
The safeguard mechanism has not had time to deliver meaningful outcomes. And it is far from perfect – but it is hard-won, and Australia needs it.
The 2023 reforms to the mechanism were designed to support trade-exposed industries, while encouraging companies to invest in emissions reduction.
Undoing this mechanism would risk our climate goals. It would leave the government limited means to curb pollution from Australia’s largest emitters, and muddy the roadmap to net-zero. It would also create uncertainty for all carbon market participants, including the polluting facilities themselves.
Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation (Au and NZ) – By Adam Frew, Lecturer in Mycorrhizal Ecology, Hawkesbury Institute for the Environment, Western Sydney University
If you’re walking outdoors, chances are something remarkable is happening under your feet. Vast fungal networks are silently working to keep ecosystems alive.
These fungi aren’t what you might picture. They are not mushrooms, or brightly coloured growths on tree trunks. Arbuscular mycorrhizal (AM) fungi look like spools of thread wrapped around plant roots.
What makes these fungi remarkable is the deal they struck almost half a billion years ago with another kingdom of life – plants.
AM fungi make threads of hyphae thinner than spider silk and weave them through plant roots. Then, they begin to trade, offering plants water and phosphorus, a vital plant nutrient in soils. In return, plants offer carbon-rich sugars and fats from photosynthesis. Fungi can’t photosynthesise, but plants can.
This symbiotic relationship can help plants survive periods of drought and live in nutrient poor soils. More than 80% of all plant families rely on these fungi, while AM fungi cannot live without plants.
Without these fungi, many of Australia’s plants — and the soil they grow in — would be in real trouble. Our continent is ancient, dry, and nutrient-poor. But while we monitor the fate of plants and animals in response to human impact and climate change, we haven’t been tracking the fungi who support it all. We don’t even know how many species there are, let alone if we’re losing them.
To help fill this gap, I have developed the first dedicated database recording species and distributions of AM fungi in Australia – AusAMF.
The underground economy of roots and filaments
AM fungi deserve to be better known. These essential companions to most of the world’s plants maintain plant diversity, suppress invasive species, store carbon, cycle nutrients and prevent soil erosion.
Here are five remarkable things about AM fungi:
1. They’re older than roots
Incredibly, this fungus-plant symbiosis emerged before plants evolved roots some 360–420 million years ago.
AM fungi have been around for 475 million years, partnering with very early land plants such as the ancestors of today’s liverworts – which have no roots. This ancient alliance actually helped plants colonise land.
2. They can boost native plants and reject invasives
AM fungi do more than transport nutrients, carbon and water. They shape entire plant communities. Some plants benefit more than others, influencing competition and species co-existence. By giving some species a competitive edge, AM fungi allow some plants to survive which might otherwise be lost.
When AM fungal diversity declines, it can lead to a loss of native plants and open the door to invasive plant species.
But with the right management — such as reducing pesticides or reintroducing locally adapted fungi — AM fungi can boost plant nutrition and ecosystem restoration. They can help native vegetation recover and stop invasive species from gaining a foothold.
3. They run an invisible underground economy
The fungi-plant trade is more organised than you might think.
In some instances, plants reward the fungi giving them the most phosphorus with more carbon, while the fungi prioritise plants offering them the most carbon – a bit like a marketplace. Some plants have figured out how to cheat the fungi, taking resources without giving anything in return.
This high-magnification video shows water and nutrients flowing inside the hyphae of the AM fungus Rhizophagus irregularis. Source: Oyarte Galvez et al. (2025) Nature
4. They boost plant defences against pests and disease
Fungi don’t just help plants grow, they help them fight. As AM fungi colonise a plant’s roots, they boost its defences against threats such as diseases and plant-eating insects by strengthening and speeding up chemical responses. My research shows the size of this fungal-defence boost for plants can depend on what AM fungi are present.
And if one plant is attacked, it puts out chemical signals which can move through the fungal network and let other plants know to ready their defences.
5. They take in vast amounts of carbon
Plants take carbon from the atmosphere and store it in their leaves, roots and wood. But AM fungi store carbon from plants too.
Because mycorrhizal fungi are found wherever there are plants, their underground networks are vast – and so is their carbon impact. Recent research estimates the annual figure is more than a third of global fossil fuel carbon emissions.
Vitally important, all but unknown
If AM fungi vanished, many plant species would likely follow suit. Others would become more vulnerable to drought, disease, and pests. Soil would erode more easily, and nutrient and carbon flows would shift dramatically.
Are they in trouble? We don’t know. AM fungi are out of sight, out of mind. No federal or state government agency seem to be tracking them. Our current National Soil Action Plan doesn’t mention fungi at all, despite their importance to soil health.
Other than Antarctica, Australia is the least sampled continent for soil AM fungi, with just 32 sites in global databases. Europe, by comparison, has data from more than 1,200 sites.
AM fungi help plants grow better. On the left is grass in symbiosis with AM fungi with visible white hyphae. On the right is grass without the fungi. Soil Ecology Wiki, CC BY
That’s where I hope the AusAMF database will help. I partnered with landholders and research networks to gather soil samples. So far, the database has data from 610 locations, with about 400 more on the way.
But this is still scratching the surface. AM fungal communities can differ between neighbouring fields or habitats, depending on land management methods and types of vegetation. Virtually all current records are a single snapshot in time — we lack the long-term monitoring needed to track seasonal or annual changes.
It would be a mistake to remain in the dark about AM fungi. The more we learn, the more we see their importance, not only in supporting biodiversity, but in helping our crops and ecosystems cope with a changing world. If they are in decline, we need to know – and set about protecting them.
Adam Frew receives funding from the Australian Research Council and the British Ecological Society.
standardised tobacco pack and cigarette stick sizes, no more novelty pack sizes or cigarette lengths
updated and improved graphic health warnings and quitting advice inserts within all tobacco packs
warnings printed directly on cigarettes
banning ingredients that make tobacco taste better and easier to smoke, including menthol.
Retailers have a three-month grace period to sell any old stock already in their stores by July 1.
Here’s what’s behind these changes – and what needs to happen next.
Packs warn about the harms of smoking. Department of Health and Ageing
New graphic health warnings
Cigarette packaging requirements have been stagnant since 2012, when Australia introduced plain packaging laws that banned the use of all on-pack logos and branding. This was a world-first.
New warnings replace those from 2012. Department of Health and Ageing
Cigarette packages must carry one of ten new health warnings. Fresh warnings that smoking doubles the risk of cervical cancer and leads to diabetes will be new information for many smokers.
There are also warnings for roll-your-own, cigar, bidi and shisha tobacco packaging.
The size, shape, and colour of cigarettes has also been standardised to prevent tobacco companies from using unique cigarette designs to attract new users. Long, thin cigarettes, for example, have been marketed to women as a fashion accessory and diet tool for nearly a century.
Warnings will now be on the sticks themselves. Department of Health and Ageing
The ingredients permitted in cigarettes are also changing, with ingredients that enhance the flavour of tobacco being now banned. The long list of prohibited ingredients includes everything from cloves, to sugar, to probiotics and vitamins.
Until now, the tobacco industry has had free reign to add ingredients that increase the palatability and attractiveness of cigarettes. This banned list also captures menthol and any ingredients that mimic the cooling properties of menthol.
Why ban menthol?
Menthol masks the harshness of smoke. Just like cold lollies that contain menthol to soothe sore throats and tame coughs, menthol in cigarettes prevents inexperienced smokers from reacting to the rough effects of tobacco smoke in the throat. This helps to make smoking a more pleasant experience that young users will return to.
The introduction of crushable menthol capsules in cigarette filters has proven very popular with Australian teenagers. Teens who use these products are more likely to have recently smoked and have higher smoking intentions in the future. The new laws also explicitly prohibit these “crush balls” or “flavour beads.”
Other counties that have banned menthol have seen drops in tobacco sales and use and increases in quitting behaviours.
The US Food and Drug Administration (FDA) proposed a rule banning menthol in 2022, and a 2024 US Surgeon General report highlighted that menthol products increase addiction and are:
disproportionately used by Black people, Native Hawaiian and Pacific Islander people, women and people who identify as lesbian, gay, or bisexual.
Under the Biden Administration, the FDA delayed issuing the final rule which meant the ban was not properly enacted before Trump was elected.
Organised criminals are operating in Australia’s tobacco supply chain to illegally import and sell tobacco products. Government action to step in and gain control of that supply system is long overdue.
Until this year, Australia’s two most populous states didn’t even require tobacco sellers to be licensed, and Queensland only introduced licensing last year.
Australia will need to change how tobacco is sold. It should not be so easy and commonplace to sell such an addictive and deadly product.
Both state and national governments need timely and transparent reporting on the size and scope of the illicit market, and strict licensing of the entire tobacco supply chain.
Businesses that sell illicit tobacco must face real consequences – not only large fines and loss of licences to operate, but also criminal charges.
All aspects of the tobacco supply chain – from wholesalers to retailers – must be tightly controlled.
Becky Freeman is an expert advisor to the Cancer Council tobacco issues committee and a member of the Cancer Institute vaping communications advisory panel. She has received relevant competitive grants from the NHMRC, MRFF, NSW Health, the Ian Potter Foundation, VicHealth, and Healthway WA.
Prime Minister Anthony Albanese has finally ended weeks of speculation and named the election date for the national parliament.
After months of unofficial campaigning, Australians will now be treated to a festival of democracy as promises are made, policies are announced, and the leaders travel the country to rally support.
Much of the campaigning by the parties will be focused on the House of Representatives. This is to be expected as the lower house is where government is formed by the party that wins the majority of seats in this chamber, and the leader of this party becomes prime minister.
While the election for the lower house dominates the campaign, the contest for the Senate is rarely mentioned.
This is a bit unfair as the Senate is an immensely powerful chamber.
The power of the Senate
Barring its inability to initiate or amend supply bills, the Senate has almost the same powers as the House of Representatives. Senators can introduce their own bills, as long as they’re not supply bills.
For any proposed bill to become law, it must be passed by the Senate as well as the House of Representatives.
All states have equal representation in the chamber. Currently, every state is represented by 12 senators, each with six-year terms.
This means half the Senate is up for election at every general election.
The territories are represented by two senators each and they face re-election at every general election. The current number of senators is 76.
Winning a majority in the Senate has no bearing on who forms government (it’s the result of the lower house – the House of Representatives – which determines this). It does, however, make it easier for the government to pass bills to become law if it enjoys a majority in this chamber.
Who wins seats in the Senate?
The voting system in the Senate is very different to the House of Representatives. To win a seat in the House of Representatives, a candidate must win 50% +1 of the votes cast in the district.
In the Senate, however, a candidate must win a proportion (approximately 14.3%) of the state-wide vote.
This makes it a bit easier for minor parties to win representation as they can rely on broad support from across the state to reach the required threshold.
Changes introduced in 2016 mean Australians have choice on how to complete their Senate ballot paper. They can either number six or more candidates of their choice above the black line, or vote below the line by numbering 12 or more candidates.
While parties will organise their own preference deals to benefit them, voters are ultimately in control of where their preferences go.
Thanks to the voting system used in the Senate, it is rare for a government to hold a majority of seats in the upper house. The last time this occurred was in 2004 when the John Howard-led Coalition enjoyed a majority in the chamber.
The current Senate
Following the 2022 election, both major parties lost ground in the Senate. To have a majority in the chamber, a party must have 39 seats. Currently, Labor has 25 representatives, while the Coalition has 30.
The remaining seats are held by the Greens with the third highest number of representatives (11), One Nation (2), Jacqui Lambie Network (1), United Australia Party (1), and six Independents.
Several high-profile senators are up for election in 2025. In Queensland, for example, Malcolm Roberts from Pauline Hanson’s One Nation will be up for re-election, Jacqui Lambie will be recontesting in Tasmania, while Independent Senator David Pocock from the ACT will be seeking another term.
There will also be some other prominent senators hoping to be re-elected from established parties.
These include Senator Jacinta Nampijinpa Price (Country Liberal Party) and Senator Malarndirri McCarthy (ALP) from the Northern Territory, Liberal James Paterson from Victoria, Sarah Hanson-Young from the Greens in South Australia, and Jordan Steele-John from the Greens in Western Australia.
The 2025 contest
Fewer people have been voting for the major parties in recent years. In 2022, the vote for non-major party candidates reached a high of 35.7% (which, as Antony Green reminds us, was higher than the primary vote for both the Coalition and Labor).
Since the 1980s, Australians appear to have become open to supporting non-major party candidates contesting the Senate. If this continues as expected in 2025, whoever becomes prime minister will have to deal with the diverse interests and policy demands from those in the upper house.
While the campaign for the Senate may go under the radar over the next few weeks, who is elected to the Senate will have a massive impact on Australian politics for years to come.
Zareh Ghazarian does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Danielle Mariann Dove, Surrey Future Fellow and Lecturer in English Literature, University of Surrey
The tiered ‘polonaise’ style dress would have been popular with women like Cathy Earnshaw during the period the book was set. Wikimedia, CC BY
The upcoming Wuthering Heights adaptation by Saltburn director Emerald Fennell has courted controversy since it was first announced, with Fennell’s choice of leading lady and man drawing internet critics.
Playing tragic heroine Catherine Earnshaw is the 34-year-old blonde Margot Robbie, and as tortured Heathcliff will be fellow Aussie, the 27-year-old Jacob Elordi. If you’re familiar with Emily Brontë’s 1847 novel then you know the ages, vibes and looks are just off.
Now online fans of the book are aghast in response to a series of leaked photographs of Margot Robbie wearing an elaborate white wedding gown.
Some were quick to point out the historical inaccuracy of the wedding gown, while others argued that “the tradition of a white wedding dress wouldn’t have come around until after the story took place”.
But is that really true? And what would Catherine Earnshaw have actually worn on her wedding day in the late-18th century?
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Most 18th-century brides would have probably worn their Sunday best on their wedding day. This was their finest day dress in the current fashion.
While it may have been an expensive dress, it wouldn’t necessarily have been a purpose-made wedding gown – unless the bride was very wealthy. Significantly, and unlike most wedding dresses today, the gown would also have been worn again on other social occasions.
Brontë tells us nothing about Cathy’s wedding clothes and very little about Cathy and Edgar Linton’s wedding day, which takes place in 1783. However, as the bride of a wealthy landowner she would likely have chosen to have a wedding gown specially made for the occasion in rich silk or satin.
The dress would have been a testament to her new family’s social standing. It would likely have featured a tightly fitted bodice with a low, round neckline characteristic of the period, a sash, and close-fitting, three-quarter length sleeves with a frill.
The wide skirts would have been open to reveal a longer petticoat underneath, or they might have been looped up with ribbons to form three layers in the popular “polonaise” style of the day.
By contrast, the wedding dress that Margot Robbie has been pictured wearing is much more reminiscent of the silhouette in vogue in 1840.
In fact, it appears to take direct inspiration from Queen Victoria’s wedding gown which she wore to marry Albert in February of that year – almost six decades after Cathy’s fictional wedding takes place. Like Queen Victoria’s wedding gown, Robbie’s features a similar off-the-shoulder neckline, short, puffed sleeves and a deep V-shaped bodice.
A white dress?
Queen Victoria is often credited with having started the trend for wearing a white wedding dress. But while she certainly helped to popularise the white gown in the 1840s, she was by no means the sole originator of the tradition. Women were married wearing white long before she chose to do so and they continued to marry wearing dresses of other colours long after.
In 1875, for example, the magazine Beeton’s Young Englishwoman advised one of its readers who wrote in asking for bridal fashion advice, that a grey wedding dress of “Japanese silk would be pretty”, and suggested a silk gown of “pale blue or pale mauve” which “would be useful afterwards”.
Contrary to popular belief that white wedding dresses were not in vogue until the Victorian period, white and silver were in fact the preferred colours for wedding gowns in the 18th century.
The preference for a white or silver wedding dress over a coloured gown can be seen in Oliver Goldsmith’s 1768 comedy play, The Good Natur’d Man, when Garnet, a lady’s maid, tells the soon-to-be married Olivia: “I wish you could take the white and silver [gown] to be married in. It’s the worst luck in the world, in anything but white.”
The historical inaccuracy of Robbie’s Wuthering Heights wedding dress stems not from its colour, then, but primarily from its problematic silhouette.
Of course, historical accuracy is not necessarily the end goal for film directors. Rather, Robbie’s anachronistic wedding gown appears to exemplify a broader trend in historical drama (think Bridgerton) towards a kind of strategic inaccuracy, in which producers and costume designers prioritise experimentation over strict fidelity to period detail.
For all we know, Fennell might have decided to set the adaptation around the time of the novel’s publication rather than its original late-18th and early-19th century setting. Even more intriguingly, she might be using the wedding dress to signal the adaptation’s more modern inflections.
Robbie’s wedding dress and cathedral-length veil wouldn’t look out of place at a contemporary wedding. Basque, or drop waist, wedding dresses dominated New York bridal fashion week in October 2024 and are poised to become a major trend in 2025 having been adopted by celebrities such as actor Millie Bobby Brown and podcaster Alex Cooper. Perhaps Fennell’s Cathy is just extremely fashion forward.
Danielle Mariann Dove does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Headline: Apple Intelligence comes to Apple Vision Pro today with visionOS 2.4
March 31, 2025
UPDATE
Apple Intelligence and new spatial experiences come to Apple Vision Pro today with visionOS 2.4
Alongside the first set of powerful Apple Intelligence features, users can discover new content with Spatial Gallery and the Apple Vision Pro app for iPhone, and share the magic of spatial computing with enhancements to Guest User
visionOS 2.4 is available today, bringing the first set of powerful Apple Intelligence features that help users communicate, write, and express themselves on Apple Vision Pro — all while taking an extraordinary step forward for privacy in AI.1 With the new Spatial Gallery app, users have access to a curated collection of spatial content spanning art, culture, nature, sports, and more. visionOS 2.4 also introduces the Apple Vision Pro app for iPhone to help users easily find new content and apps, and enhancements to Guest User make sharing Vision Pro experiences even easier.
Apple Intelligence on Apple Vision Pro
With Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write, including Mail, Notes, and many third-party apps. With Rewrite, users can adjust the tone of their text to make it more friendly, professional, or concise, or specify the change they’d like to make using Describe Your Change. Proofread checks grammar, word choice, and sentence structure, and provides suggested edits. Users can also select text and have it recapped in several formats with Summarize. With Compose, users can ask ChatGPT to generate content for anything they are writing about from the systemwide Writing Tools.2
Image Playground allows users to easily create fun and unique images from themes, costumes, accessories, and places. Users can add their own text descriptions, and can even create images in the likeness of a family member or friend using photos from their photo library. The experience is integrated directly into apps like Messages and Freeform, and is also available as a dedicated app for Apple Vision Pro.
Apple Intelligence takes emoji to an entirely new level, offering users the ability to create original Genmoji by simply typing or speaking a description into the emoji keyboard. Genmoji can be added inline to messages, shared as a sticker, or sent as a Tapback.
Smart Reply in Messages and Mail provides suggestions for a quick response, and will identify questions to ensure everything is answered.
With natural language search in the Photos app, it’s even easier to find a specific photo or moment in a video just by describing it. Create a Memory Movie lets users create the movies they want to see by simply typing a description. Using language and image understanding, Apple Intelligence will pick out photos and videos based on a user’s description, craft a storyline with chapters based on themes identified from the photos, and arrange them into a movie with its own narrative arc. As with all Apple Intelligence features, user photos and videos are kept private, and are not shared with Apple or anyone else.
visionOS 2.4 also includes support for Priority Messages in Mail, Mail Summaries, Image Wand in Notes, Priority Notifications in Notification Center, and Notification Summaries. The initial set of Apple Intelligence features is available in visionOS 2.4 for users with their device and Siri language set to U.S. English.
Apple Intelligence uses on-device processing whenever possible to protect users’ privacy. For requests that require access to even larger models, Private Cloud Compute extends the privacy and security of Apple products into the cloud to unlock even more intelligence. When using Private Cloud Compute, users’ data is never stored or shared with Apple; it is used only to fulfill the request. Independent experts can inspect the code that runs on Apple silicon servers to continuously verify this privacy promise, and are already doing so.
Curated Spatial Content with Spatial Gallery
Spatial Gallery, a new app for Apple Vision Pro, features spatial photos, spatial videos, and panoramas curated by Apple, and gives users a window to captivating and powerful moments spanning art, culture, entertainment, lifestyle, nature, sports, and travel, with new content released regularly.
At launch, users can discover stories and experiences from iconic brands including Red Bull, Cirque du Soleil, and Porsche; go behind the scenes with Apple Originals like Severance, The Studio, and The Morning Show; and listen to conversations with top artists like Bad Bunny, Charli xcx, and Keith Urban.
The Apple Vision Pro App for iPhone
The Apple Vision Pro app for iPhone offers a new way for users to discover new spatial experiences, queue apps and games to download, easily find tips, and quickly access information about their Vision Pro, all from their iPhone.
The Discover page features recommendations for new and notable experiences on Apple Vision Pro, from popular apps like Explore POV and JigSpace, to Apple Arcade games like Gears & Goo, to Apple Immersive experiences like Metallica, which gives viewers unprecedented access to the band through a remarkable storytelling format only possible on Vision Pro.
The My Vision Pro page helps users get the most out of their Apple Vision Pro, offering tips and key information such as their current visionOS version and device serial number. Users with vision correction needs can now store and view the App Clip code for their ZEISS Optical Inserts in the Apple Vision Pro app.
New Enhancements to Guest User
visionOS 2.4 lets users start a Guest User session on Apple Vision Pro with their nearby iPhone or iPad. To make it easier to guide a guest through the Vision Pro experience, users can now choose which apps are accessible to their guests and start View Mirroring with AirPlay from their iPhone.
New Apple Immersive Video Content
VIP: Yankee Stadium premieres this Friday, April 4, featuring an all-encompassing look at how elite athletes, die-hard fans, dedicated staff, and epic moments make the Bronx ballpark legendary. Bono: Stories of Surrender pulls back the curtain on the deeply personal experiences that have shaped Bono as a son, father, husband, activist, and U2 frontman. The groundbreaking film from Apple TV+ premieres May 30, and will be available in 2D and in Apple Immersive Video.
Availability
visionOS 2.4 is available today as a free software update for Apple Vision Pro. For more information, visit apple.com/visionos/visionos-2. Some features may not be available in all regions or languages.
Apple Vision Pro is available in Australia, Canada, China mainland, Hong Kong, France, Germany, Japan, Korea, Singapore, Taiwan, the UAE, the UK, and the U.S.
Apple Intelligence will be available in beta on Apple Vision Pro with visionOS 2.4. The first set of features will be available for Vision Pro users with their device and Siri language set to U.S. English. Feature availability varies by region; Apple Intelligence is subject to regulatory approval and not yet available in China.
The Spatial Gallery app will be installed with visionOS 2.4 for users in Australia, Canada, France, Germany, Hong Kong, Japan, Korea, Singapore, Taiwan, the UAE, the UK, and the U.S. It can be downloaded from the App Store for Vision Pro.
The Apple Vision Pro app for iPhone will be available with iOS 18.4. The app will be available to download from the App Store, and will automatically appear on a user’s iPhone once they update to iOS 18.4 and have both devices associated with the same Apple Account.
The first set of features will be available for Apple Vision Pro users with their device and Siri language set to U.S. English.
Integration with ChatGPT is available only in regions where the ChatGPT app and service is available. Refer to Open AI for Chat GPT availability.
March 31, 2025 Vancouver, British Columbia Canada Border Services Agency
Today, the CBSA announced the interception and seizure of a combined 148.8 kilograms of methamphetamine, representing an estimated street value of $500,000, in six separate occasions at Vancouver International Airport. In all instances, the narcotics were concealed in passengers’ suitcases and bound for export.
On January 18, 2025, CBSA border services officers intercepted 35.7 kg of methamphetamine destined for export to Hong Kong. The narcotics were wrapped in gift wrap and hidden in two suitcases.
On January 31, 2025, border services officers intercepted 28.5 kg of methamphetamine destined for export to Hong Kong. The narcotics were concealed in coffee bags and hidden in two suitcases.
On February 16, 2025, border services officers intercepted 23.5 kg of methamphetamine destined for export to Australia. The narcotics were concealed in packages wrapped in towels soaked with vinegar and cayenne pepper in an attempt to mask the smell.
On February 19, 2025, border services officers intercepted:
16.4 kg of methamphetamine destined for export to Australia. The narcotics were infused within various articles of clothing.
19.2 kg of methamphetamine destined for export to Australia. The narcotics were infused within various articles of clothing.
25.5 kg of methamphetamine destined for export to New Zealand. The narcotics were concealed in vacuum sealed packaging with a mixture of coffee and pepper substance.
On all six instances, the travellers were arrested and taken into custody by the RCMP’s Federal Police Pacific Region unit.
COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on March 24, 2025 to March 28, 2025
Paris, 31 March 2025 – 17.45
Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse1
The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2023 Universal Registration Document.
Q1-2025 results: 5 May 2025 (after market close) Annual General Shareholders’ Meeting: 14 May 2025 H1-2025 results: 31 July 2025 (after market close) 9M-2025 results: 3 November 2025 (after market close)
FINANCIAL INFORMATION This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).
Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the websitewww.wiztrust.com.
COFACE: FOR TRADE As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment. Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring. Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.
COFACE SA is listed in Compartment A of Euronext Paris ISIN: FR0010667147 / Ticker: COFA
1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.
Source: US National Oceanic and Atmospheric Administration
Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports. SEL7
URGENT – IMMEDIATE BROADCAST REQUESTED Severe Thunderstorm Watch Number 87 NWS Storm Prediction Center Norman OK 1130 AM EDT Mon Mar 31 2025
The NWS Storm Prediction Center has issued a
* Severe Thunderstorm Watch for portions of Central and Northern Georgia Western North Carolina Western and Central South Carolina
* Effective this Monday morning and evening from 1130 AM until 700 PM EDT.
* Primary threats include… Scattered damaging wind gusts to 70 mph likely Isolated large hail events to 1 inch in diameter possible A tornado or two possible
SUMMARY…A squall line will move into the Watch area with the primary hazard being damaging straight-line winds within bowing portions of the line. A brief tornado is also possible if a stronger embedded circulation in the squall line can develop.
The severe thunderstorm watch area is approximately along and 115 statute miles east and west of a line from 35 miles north of Greenville SC to 55 miles south southwest of Macon GA. For a complete depiction of the watch see the associated watch outline update (WOUS64 KWNS WOU7).
PRECAUTIONARY/PREPAREDNESS ACTIONS…
REMEMBER…A Severe Thunderstorm Watch means conditions are favorable for severe thunderstorms in and close to the watch area. Persons in these areas should be on the lookout for threatening weather conditions and listen for later statements and possible warnings. Severe thunderstorms can and occasionally do produce tornadoes.
&&
OTHER WATCH INFORMATION…CONTINUE…WW 84…WW 85…WW 86…
AVIATION…A few severe thunderstorms with hail surface and aloft to 1 inch. Extreme turbulence and surface wind gusts to 60 knots. A few cumulonimbi with maximum tops to 450. Mean storm motion vector 27045.
…Smith
Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas. SAW7 WW 87 SEVERE TSTM GA NC SC 311530Z – 312300Z AXIS..115 STATUTE MILES EAST AND WEST OF LINE.. 35N GSP/GREENVILLE SC/ – 55SSW MCN/MACON GA/ ..AVIATION COORDS.. 100NM E/W /27NNW SPA – 23NE PZD/ HAIL SURFACE AND ALOFT..1 INCH. WIND GUSTS..60 KNOTS. MAX TOPS TO 450. MEAN STORM MOTION VECTOR 27045.
LAT…LON 35398018 31958205 31958597 35398426
THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS FOR WOU7.
Watch 87 Status Report Message has not been issued yet.
Note: Click for Complete Product Text.Tornadoes
Probability of 2 or more tornadoes
Low (20%)
Probability of 1 or more strong (EF2-EF5) tornadoes
class=”wp-block-heading has-text-align-center”>National High Intensity Drug Trafficking Areas Awards Ceremony Recognizes Excellence Across 14 Key Categories
Washington, D.C.—Last night, the White House Office of National Drug Control Policy (ONDCP) recognized individuals and initiatives of the High Intensity Drug Trafficking Areas (HIDTA) Program at the 2025 National HIDTA Awards Ceremony for their critical work to combat the national security threat posed by drug traffickers, including those who traffic deadly illicit fentanyl in the United States, killing tens of thousands of Americans each year.
The Trump Administration is taking the fight to the cartels and drug traffickers in order to save American lives. The HIDTA Program plays a key role in disrupting and dismantling drug trafficking organizations and provides assistance to federal, state, local, Tribal, and territorial law enforcement agencies operating in areas determined to be critical drug trafficking regions across all 50 states. Last year, the 33 HIDTAs seized 4.1 million pounds of fentanyl and other drugs and denied drug traffickers $17.7 billion in illicit profits. For every dollar invested in the HIDTA Program, the American people get $68.07 in benefits, making HIDTA an effective and efficient use of taxpayers’ money, and an important tool in the nation’s effort to stop drug traffickers and save American lives.
The following awards were presented March 27 to individuals and initiatives of the HIDTA Program for their efforts to reduce the supply and trafficking of dangerous drugs in communities across the country:
INVESTIGATIVE COLLABORATION
Chicago HIDTA, Chicago HIDTA Counternarcotics and Cryptocurrency Task Force
Created to identify, disrupt, and dismantle transnational criminal organizations (TCOs), the Chicago HIDTA Counternarcotics and Cryptocurrency Task Force (CNCTF) targeted one of the largest, fastest-growing dark net markets in the world – Nemesis Market. This marketplace facilitated drug trafficking, fraud, hacking, and other illicit activities responsible for more than $20 million in illicit transactions to more than 150,000 registered users around the world. Led by DEA and comprising an array of federal and local partners, CNCTF undertook Operation Keyboard Warrior, which received designation by the Organized Crime Drug Enforcement Task Forces (OCDETF). In March 2024, CNCTF, working with the Federal Bureau of Investigation (FBI) and the German Bundescriminalamt, disrupted Nemesis Market by executing simultaneous, multinational search and seizure warrants on critical technological infrastructure. The warrants resulted in nearly $1 million in frozen and seized cryptocurrency-related assets, twelve computer servers, various electronic devices, and terabytes of data containing financial records and personal information of more than 1,000 vendors trafficking in drugs and engaging in fraud, hacking, and forgeries on the marketplace. CNCTF leveraged this information to effect arrests and warrants in eight U.S. federal districts, and provided investigative leads to foreign law enforcement counterparts in multiple countries using international treaty-based disclosure agreements that were novel to cyber cases.
PROSECUTION
South Florida HIDTA, Assistant U.S. Attorneys Kevin Gerarde and Sean McLaughlin
With the support of the South Florida HIDTA and assistance from the Drug Enforcement Administration (DEA), Assistant United States Attorneys (AUSAs) Kevin Gerarde and Sean McLaughlin secured a jury verdict against the Premier of the British Virgin Islands (BVI) for drug trafficking. Andrew Fahie, who was elected as the Premier in 2019, was accused of assisting the Sinaloa Cartel in transporting loads of cocaine weighing three metric tons from the coast of Colombia through the BVI en route to the United States for distribution. In exchange for his assistance, Fahie allegedly received a 12 percent cut of the proceeds when the cocaine was sold in the United States. After an extensive undercover operation conducted with the United Kingdom’s National Crime Agency and the Royal Virgin Islands Police Force, DEA arrested Fahie. In prosecuting Fahie, AUSAs Gerarde and McLaughlin overcame a variety of evidentiary challenges, including United Kingdom and BVI foreign law determinations regarding the applicability of U.S. money laundering statutes. On February 8, 2024, the jury returned a verdict finding Fahie guilty on all counts, and he was subsequently sentenced to 135 months imprisonment.
PUBLIC HEALTH/PUBLIC SAFETY COLLABORATION
Texoma HIDTA, Caprock Drug Initiative
The Texoma HIDTA’s Caprock Initiative launched a program at the behest of local officials to address alarming increases in fentanyl overdoses in and around Lubbock, Texas. Since its inception, the program has reached nearly 26 thousand individuals from all walks of life. Undertaken with substantial support from the United States Attorney’s Office, the Texas Anti-Gang Center, and the Lubbock County District Attorney’s Office, the program has become the most requested fentanyl awareness presentation in the South Plains region. It has been presented to numerous local schools, including to the Texas Tech football team. The program provides candid, factual information from people in recovery, overdose survivors, and families of overdose victims. It is credited with raising public awareness and contributing to a reduction in overdoses in the region.
HIDTA SUPPORT
Atlanta Carolinas HIDTA, Lydia Sheffield
Lydia Sheffield has served the Atlanta Carolinas HIDTA for two decades, providing continuity with her outstanding support to three executive directors. In addition to her myriad duties as the Executive Assistant, Ms. Sheffield is the primary Performance Management Process (PMP) Coordinator for the HIDTA, and has established herself as an expert user of PMP. In that role, she has generously provided training to PMP users from multiple other regional HIDTAs at the behest of the National HIDTA Assistance Center and to National HIDTA Program staff. Ms. Sheffield has drawn upon her own background and experience as a skilled trainer to develop curriculum materials to support trainings to both peer PMP coordinators and initiative commanders across the United States.
INVESTIGATION INVOLVING INNOVATIVE APPROACHES
Gulf Coast HIDTA, Mobile Baldwin Major Investigations Team
In 2023, the Mobile Baldwin Major Investigations Team (MBMIT) began investigating a deactivated DEA confidential source who was coordinating large shipments of methamphetamine, fentanyl, and cocaine from Texas and Georgia into the Mobile, Alabama area. Because the former source was familiar with law enforcement communication and investigative techniques and was still being used by local law enforcement agencies, the source was emboldened to conduct illicit drug-related transactions via an end-to-end encrypted phone app. MBMIT agents successfully executed a search warrant to clone the source’s phone and initiated real-time Title III intercepts of the encrypted app. This was the first time an end-to-end encryption application was successfully intercepted in the New Orleans Division and only the third time this type of intercept had been conducted worldwide within DEA. The success of this investigative technique enabled 120 electronic and voice Title III intercepts resulting in 24 state and federal arrests, the seizure of 19 kilograms of cocaine and 20 kilograms of methamphetamine, and the seizure of over $500,000 in cash, jewelry, and vehicles. Additionally, these intercepts lead to the identification and follow-on investigation of regional drug traffickers in the United States with links to multiple Mexican TCOs.
INTELLIGENCE AND INFORMATION SHARING
Nevada HIDTA, Investigative Research Assistant Phillip Scichilone
In early 2024, the Nevada Highway Patrol received a tip regarding a suspicious trucking company suspected of transporting illicit drugs from northern Nevada across the county, and subsequently passed the tip to Investigative Research Assistant Phillip Scichilone. Mr. Scichilone provided Northern Nevada Interdiction Task Force members with key intelligence related to the travel patterns of the vehicle involved, suspicious financial activity of the trucking company, and identification of the suspected owner and driver of the vehicle. The task force used this information to interdict the vehicle involved, resulting in the seizure of approximately $1 million and the identification of the driver and passenger, who were suspected of being linked to a known terrorist organization. After conducting follow-up analysis linking the suspects to out-of-state DEA and FBI investigations, Mr. Scichilone connected representatives of both agencies to deconflict and share information and then worked with both agencies to pass on key intelligence information.
INTERDICTION
New England HIDTA, Greater Boston HIDTA Task Force
The Greater Boston HIDTA Task Force, co-led by the FBI and Homeland Security Investigations (HSI), initiated an investigation targeting a California-based drug trafficking organization (DTO) involved in large-scale illicit drug smuggling, distribution, and transportation from the Southwest Border to destinations throughout the United States and Canada. The initial phase of this ongoing investigation resulted in the disruption of a large-scale criminal enterprise with two arrests and the interdiction of 32 kilograms of methamphetamine and 490 kilograms of cocaine from a tractor trailer that traveled cross country to meet with undercover law enforcement agents in Massachusetts. The Massachusetts State Police have claimed this to be the largest seizure of narcotics from a tractor trailer in New England history, and the ongoing investigation has wide-ranging impact on DTO operations in the United States, Mexico, and Canada.
INVESTIGATION INVOLVING A VIOLENT ORGANIZATION
Texoma HIDTA, ATF Oklahoma City Violent Crime Initiative
The ATF Oklahoma City Violent Crime Initiative led interagency Operation Sonic Boom that used information from the National Integrated Ballistic Information Network (NIBIN) to overlay maps of Oklahoma City with shooting incidents to identify critical, high gun violence areas to deploy additional resources. In a 60-day operation, ATF Confidential Sources and Undercover Agents conducted 117 undercover firearm purchases that led to the indictment of 64 defendants and the seizure of 110 firearms, 83 machinegun conversion devices (MCDs), 53 kilograms of methamphetamine, 5 kilograms of cocaine, and more than 1.5 kilograms of fentanyl tablets. Highlighting the critical links between the undercover operations in this case and the ongoing violent crime investigations in Oklahoma City, twelve of the firearms purchased by undercover agents had confirmed links in NIBIN to open shooting and homicide cases by violent criminal gangs in the greater Oklahoma City area. From a HIDTA perspective, the case was also a statistical success, with investigators identifying eight separate Drug Trafficking or Money Laundering Organizations and disrupting six of them during the course of the operation.
COMMUNITY IMPACT INVESTIGATION
Northwest HIDTA, DEA Bellingham Regional HIDTA Task Force
Over the past year, the DEA Bellingham Regional HIDTA Task Force (BRHTF) initiated an investigation that resulted in a substantial impact concerning public safety and health on the greater Lummi Nation Tribal Lands. Over a one-year period, BRHTF, along with partner agencies, seized over 850,000 fentanyl pills, seven kilograms of fentanyl powder, seven kilograms of cocaine, 29 illicit firearms, over $120,000 in U.S. currency, and disrupted a centralized DTO responsible for trafficking and distributing fentanyl and other drugs in the Lummi Nation within Whatcom County, WA. This investigation resulted in a notable decrease in both fentanyl availability and overdose deaths on Lummi Tribal Lands.
OVERDOSE REDUCTION
South Texas HIDTA, Laredo DEA HIDTA Task Force
In 2023, the DEA Laredo District Office created a HIDTA Overdose Task Force initiative to address the dramatic rise in overdose deaths in Laredo, Texas, and its surrounding communities. The City of Laredo experienced 21 overdose deaths in 2021, rose to 41 overdose deaths in 2022, and was on pace to experience nearly 100 overdose deaths in 2023, when the task force was launched. Formed with multiple local and federal agencies and comprising six task force officers, the task force proved to be effective, with Laredo reporting 73 deaths in 2023, well short of the expected numbers. Throughout 2024, Laredo and its surrounding communities experienced 40 overdose deaths, and preliminary data indicate the city is on pace for a remarkable 45 percent decrease.
INVESTIGATION
Arizona HIDTA, Metro Intelligence Support and Technical Investigative Center (MISTIC)
Throughout 2024, the Phoenix Police Department (PPD) Drug Enforcement Bureau’s (DEB) Conspiracy Squad and the DEA Phoenix Field Division’s Financial Investigations Group (FIG) conducted a long-term, complex investigation that targeted a TCO responsible for the trafficking and distribution of bulk quantities of illicit drugs, as well as for money laundering. Investigators conducted 2,000 hours of surveillance, utilized 225 court orders and search warrants, and initiated 35 wire intercepts targeting TCO members. Through the course of this investigation, detectives identified, disrupted, and dismantled the international drug trafficking activities of both foreign and United States-based sources of supply, load coordinators, couriers, stash house operators, and distribution coordinators, while also dismantling metropolitan Phoenix-based DTO operations.
TASK FORCE OF THE YEAR
Appalachia HIDTA, Appalachia HIDTA Diversion Task Force
In response to an influx of counterfeit pharmaceuticals flooding southeastern Kentucky that were contributing to a rise in drug poisoning deaths, investigators with the Appalachia HIDTA Diversion Drug Task Force initiated an investigation into a dark net market distributor operating under the name GreenBeansUSA. This investigation was conducted jointly with the Appalachia HIDTA DEA London Task Force in coordination with the FBI, Internal Revenue Service, and U.S. Postal Inspection Service under the OCDETF Operation “Loyal Business.” Investigators identified GreenBeansUSA as a global supplier responsible for the sale and distribution of over 16 million counterfeit pharmaceutical pills, and the receipt of over $11 million in drug proceeds in the form of illicit cryptocurrency. In the course of the operation, investigators issued more than 200 grand jury subpoenas, 47 pen registers, 8 ping orders, Mutual Legal Assistance Treaty (MLAT) requests, IP analysis, blockchain and cluster analysis, 2703(d) orders, undercover purchases, undercover money laundering operations, pole cameras, and electronic search warrants to multiple telecommunications and technological entities. Their efforts resulted in federal indictments of six key members of the organization, the seizure of 11 kilograms of controlled pharmaceuticals (nitazene, benzodiazepine, and ketamine), six pill press machines, and approximately $1.2 million in assets.
HIDTA AWARD FOR EXCELLENCE
Ohio HIDTA,Sergeant Breck Williamson, Ohio State Highway Patrol
Sergeant Breck Williamson has distinguished himself as both a prolific and successful interdictor of illicit drugs transiting the nation’s highways, and as an expert instructor and mentor to other officers conducting highway interdictions. Since October 2023, Sergeant Williamson has personally seized over 405 pounds of methamphetamines, 11 pounds of fentanyl, 141 pounds of cocaine, 3,203 pounds of marijuana, and $135,000 in U.S. currency. He also serves as an instructor for both the El Paso Intelligence Center (EPIC) and the Drug Interdiction Awareness Program (DIAP), sharing his expertise with hundreds of students throughout the past year. In addition to his day-to-day supervisory and highway interdiction duties, Sergeant Williamson is a DEA task force officer and is regularly called upon by DEA offices nationwide to advise on interdiction tactics and techniques.
HIDTA OF THE YEAR
SOUTH FLORIDA HIDTA
The South Florida HIDTA has demonstrated an exemplary capacity for multidimensional vision and leadership. Through its Executive Director and Executive Board, it has targeted emerging threats, such as synthetic drugs, while remaining steadfastly committed to the interdiction of metric tons of cocaine destined for the United States from South America. It has inspired national efforts, like the launch of Crime Gun Intelligence Centers in HIDTA regions across the United States, without losing focus of the core HIDTA mission to disrupt and dismantle DTOs and while maintaining deep and sustaining partnerships at the local level. It has launched enterprising collaborations with law enforcement partners, such as partnering with the Federal Aviation Administration to access radar interdiction operability and records of straw registration of aircraft, while embracing public health initiatives focused on overdose reduction and drug use prevention.
Among its many accomplishments, in 2023 South Florida HIDTA initiatives dismantled or disrupted 54 DTOs, of which 19 were international in scope and nearly 20 percent were OCDETF-designated or linked to consolidated or regional priority organization targets. Task forces seized illicit drugs with a total estimated value of $748 million, including 23 metric tons of cocaine, 248 kilograms of methamphetamine, and 224 kilograms of fentanyl. South Florida HIDTA initiatives also seized more than $105 million in cash and other assets, delivering a return on investment of $56.22 for every dollar financed by the National HIDTA Program. Finally, in pursuit of one of its most vital functions – ensuring officer safety – the South Florida HIDTA provided deconfliction services to all its partners, preventing more than 400 “blue on blue” incidents.
Details about the Provincial Health Services Authority (PHSA) appointees are as follows:
Tim Manning has completed his term as board chair, as have board members Donisa Bernardo, Dianne Doyle, Sandra A. Martin Harris (Wii Esdes), Piotr Majkowski and Richard Short. Additional departing directors are, Dr. Morgan Price, Gary Caroline, Bill Chan, Julia Dillabough, Joanna Gislason and Gloria Morgan.
The interim board of directors are:
Maureen Maloney, OBC, KC, chair –
Maureen Maloney is a professor at Simon Fraser University’s school of public policy and former dean of law and Lam chair in law and public policy at the University of Victoria. Maloney served as British Columbia’s deputy minister to the Attorney General from 1993 to 2000, and deputy attorney general from 1997 to 2000. She has been a member of the numerous boards, including the Canadian Human Rights Foundation, the International Commission of Jurists (Canadian Section), the International Centre for Criminal Law Reform and Criminal Justice Policy, and also served as a member of the Canadian Human Rights Tribunal. She chaired the Province’s Expert Panel on Money Laundering in Real Estate from 2018 to 2019.
Heather McKay –
Heather McKay is a professor at the University of British Columbia (UBC) where she is the Active Aging Research Team’s lead scientist. She has collaborated with the B.C. Ministry of Health for more than 15 years and leads a partnership between researchers, governments, health authorities and NGOs to enact Health Aging B.C. From 2006-16, McKay was the inaugural director of the Centre for Hip Health and Mobility, a multidisciplinary CFI centre funded by the Canadian Foundation for Innovation. More recently, she co-led UBC’s Health Aging Research Excellence cluster. McKay leads an Implementation Science Team at UBC. Her work focuses on healthy aging research. She also holds a position on the editorial board of the scientific journal Implementation Research and Practice. She has received a CIHR Knowledge Translation Award, a YWCA Woman of Distinction Award and has been inducted into the Canadian Academy of Health Sciences (2018) in recognition of her academic scholarship and community engagement.
Tiffany Ma, CPA –
Tiffany Ma is the associate deputy minister of the B.C. Ministry of Health. Since joining the BC Public Service in 2006, Ma has served in progressively senior capacities across several ministries, including as chief financial officer for the Ministry of Education. Prior to joining the Ministry of Health, Ma was the assistant deputy minister and deputy secretary to Treasury Board at the Ministry of Finance. Ma also served as a trustee on the Public Service Pension Board.
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