Source: United Kingdom – Executive Government & Departments
The case of Concept Scaffolding Services Ltd, recently heard by the Traffic Commissioner for the East of England and Senior Traffic Commissioner, Richard Turfitt, has highlighted issues from which other licence holders might learn.
The company holds a restricted goods vehicle operator’s licence authorising two vehicles. Both directors, Andrew Erskine and Karl Takkou were present at the hearing.
On 4 September 2024, a Traffic Examiner stopped a vehicle driven by Karl Takkou and discovered multiple infractions. Mr. Takkou failed to insert his digital tachograph driver card, admitting he had left it in another vehicle despite knowing the requirement to use it. The vehicle also lacked an operator licence disc, and the vehicle unit had not been downloaded for over seven years. No driver card had been inserted into the vehicle’s unit for 28 days.
A subsequent visit by another Traffic Examiner on 4 October 2024 was marked as unsatisfactory, identifying deficiencies in compliance systems. The investigation found prolonged failures to download vehicle unit and driver card data, as well as instances of driving without tachograph use.
Simply put, directors had not adequately equipped themselves with the necessary knowledge to manage transport operations effectively. While they had engaged a transport consultant, serious concerns remained.
In deciding to only curtail the licence by one vehicle for one month, Mr Turfitt took account of the corrective measures employed after the stop: introducing a driver defect reporting system, acquiring a company card for vehicle downloads, and adopting a structured compliance monitoring approach. Mr. Takkou had attended a Transport Manager Refresher Course, and the directors committed to ongoing compliance training. Additionally, driver Karl Takkou’s vocational entitlement was suspended for the same period.
Commissioner Turfitt commented: “The Directors were so ill-equipped that there was little prospect of them meeting the licence obligations and yet it is difficult to understand why any business, which all carry obligations under health and safety legislation, had failed to identify the risks and to at least employ basic measures or seek advice. The fitness of this operator has been severely tarnished by their failures…Applicants should read the published guidance and work out what is required before even attempting to complete the application form. Scaffolders and similar operators applying for restricted operator licences need to start giving the same attention to these basic requirements as they would the tax or health & safety regimes.”
Undertakings were accepted to ensure future compliance, including appointing an independent compliance auditor and ongoing oversight from a transport consultant. The operator must submit an audit report to the Office of the Traffic Commissioner within six months.
While improvements have been noted, the Commissioner emphasised that compliance with licensing regulations is fundamental, and future breaches will result in harsher consequences.
B.C.’s lowest-paid workers will see a 2.6% wage increase on June 1, 2025, keeping pace with inflation.
The general minimum wage increases from $17.40 to $17.85 per hour. This follows the changes made in spring 2024 to the Employment Standards Act, which mandated annual wage increases.
“Minimum wage earners are vulnerable to jumps in the price of groceries, rent and gas,” said Jennifer Whiteside, Minister of Labour. “That’s why we took action last year to ensure the minimum wage keeps up with the cost of living so workers don’t fall further behind.”
Minimum wage rates for residential caretakers, live-in home-support workers, camp leaders and app-based ride-hailing and delivery services workers will receive the same 2.6% increase on June 1. On Dec. 31, 2025, the minimum piece rates for 15 hand-harvested crops will also increase by the same percentage.
“Making minimum wage, I know how important this increase is for workers,” said Olivia Brand, who works at the Burquitlam Liquor Store in Coquitlam. “It’s vital for government to continue to raise the minimum wage in line with inflation because it helps workers like me cover everyday expenses more easily and it shows us our hard work is valued.”
The minimum wage rates increase on June 1 of each year, except for the minimum agricultural piece rates that increase on Dec. 31 of each year to ensure crop producers will not have to adjust wages in the middle of the harvesting season.
The changes align with government priorities to help lift more people out of poverty, make life more affordable, and build a strong and fair economy for B.C.
Quotes:
Philip Aguirre, owner of Old Surrey Restaurant, and executive director of the Newton Business Improvement Association –
“Supporting workers is crucial for the success of my business. When my employees are paid a fair minimum wage, they feel appreciated and that translates into a more positive work environment. It also leads to higher efficiency and lower turnover, two things every business owner strives for.”
Fred Soofi, former employer, Pasta Polo, Coquitlam –
“As a small-business owner for the past 40 years, whenever the government increases the minimum wage, I have always been supportive. I firmly believe it benefits businesses by increasing the productivity and morale of employees. I appreciate our government in B.C. implementing annual minimum wage increases, which are going to help workers and families with the high cost of living we are facing at the present time.”
Learn More:
For more information about B.C.’s minimum wage, visit: https://www2.gov.bc.ca/gov/content/employment-business/employment-standards-advice/employment-standards/wages/minimum-wage
For more information about TogetherBC, B.C.’s poverty-reduction strategy, visit: https://www2.gov.bc.ca/assets/gov/british-columbians-our-governments/initiatives-plans-strategies/poverty-reduction-strategy/togetherbc.pdf
For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation
The Securities and Exchange Commission today filed settled charges against New York-based registered investment adviser One Oak Capital Management LLC, and former One Oak investment adviser representative, Michael DeRosa, for misconduct related to advisory services provided to their retail clients.
According to the SEC’s order, from approximately June 2020 through October 2023, One Oak and DeRosa recommended that DeRosa’s customers at an unaffiliated broker-dealer, at which he was simultaneously employed, convert more than 180 brokerage accounts to advisory accounts at One Oak. Most of these customers were elderly and had been long-time customers of DeRosa’s at the broker-dealer, which charged the customers on a commission basis. According to the order, One Oak and DeRosa ignored their fiduciary duty and failed to adequately disclose that the conversions from brokerage accounts to advisory accounts would result in significantly higher fees for the clients and increased compensation for DeRosa; nor did they disclose the resulting conflict of interest. The order finds that the change in fee structure resulted in significantly increased costs, but the clients generally received no additional services or benefits. The order further finds that One Oak and DeRosa failed to adequately consider whether it was in their clients’ best interests to convert their brokerage accounts to advisory accounts, and in fact, many of the accounts were not suitable to be advisory accounts.
“We remain committed to holding accountable investment advisers who breach their fiduciary duties at the expense of retail clients,” said Tejal D. Shah, Associate Regional Director in the New York Regional Office. “One Oak and DeRosa converted brokerage accounts to advisory accounts when it benefitted them through higher fees, but that conversion was not in their clients’ best interests.”
The SEC’s order finds that One Oak and DeRosa willfully violated the antifraud provisions of Section 206(2) of the Investment Advisers Act of 1940, and that One Oak also violated the compliance rule provisions of the Advisers Act. Without admitting or denying the SEC’s findings, One Oak consented to an order requiring it to pay a civil penalty of $150,000 and to retain an independent compliance consultant to review certain of its policies and procedures related to its retail business. Without admitting or denying the findings in the order, DeRosa agreed to a civil penalty of $75,000 and to a nine-month industry suspension.
The SEC’s investigation was conducted by Alexander M. Levine, Hermann A. Vargas, and Liora Sukhatme under the supervision of Ms. Shah, all of the New York Regional Office. The SEC appreciates the assistance of Thomas Strafaci, Stephanie A. Morena, David Jaffe, and Jennifer A. Grumbrecht of the Division of Examinations in the New York Regional Office.
EVANSVILLE, Ind., Feb. 14, 2025 (GLOBE NEWSWIRE) — First Federal Savings Bank and Independent Community Bankers of America® (ICBA) are reminding consumers that banking locally is an investment in the community and creates a lifelong relationship with a hometown lender with community ties and a vested interest in their customers’ financial success.
“At First Federal Savings Bank, we believe that banking is about more than transactions – it’s about relationships and giving back to the place we call home. Thank you for being part of our story. We pledge to continue supporting local initiatives, investing in our neighbors, and making a positive difference together,” said Courtney Schmitt, VP, Marketing Manager.
Community banks are financial stewards of their communities, funding more than 60 percent of small businesses, more than 80 percent of agricultural loans, and helping local families finance major purchases and build financial security. Community banks:
Respect and honor community ties by channeling loans to neighborhoods where their depositors live and work, which helps drive the local economy.
Are relationship lenders, taking a holistic approach to lending to consider numerous data sources, including credit history and discretionary spending.
Understand and embrace local businesses. The Federal Reserve has repeatedly found that small businesses that apply for loans with community banks are more successful and satisfied.
Are innovative, partnering with technology providers (as showcased through ICBA’s Innovation initiatives), to deliver high-tech, high-touch experiences.
“Community banks are motivated to provide support through every phase of your financial journey, building a reputation as relationship lenders,” ICBA President and CEO Rebeca Romero Rainey said. “ICBA is proud to represent the nation’s community bankers who are not only committed to empowering their customers to succeed financially but also to strengthening the communities they serve.”
For more information about community banks and to find one of First Federal’s local branches, visit banklocally.org. Join the conversation on social media with the hashtag #BankLocally.
About First Federal Savings Bank Member FDIC
First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.
About ICBA The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.
Framingham, MA / Las Vegas, NV, February 14, 2025 – xSuite, a leading software provider specializing in Accounts Payable Invoice Automation, will showcase its latest workflow solutions at SAPinsider Las Vegas 2025, taking place from March 18–20, 2025, at the Bellagio Hotel & Casino.
This highly anticipated event serves as a global hub for SAP professionals, providing attendees with the opportunity to explore cutting-edge technologies and actionable strategies to enhance SAP environments. Whether you’re a seasoned expert or new to SAP, SAPinsider Las Vegas promises hands-on insights and valuable networking opportunities with industry leaders and peers.
Visit xSuite at Booth #205 xSuite invites attendees to experience its innovative solutions firsthand through live demos, interactive sessions, and engaging activities. At Booth #205, visitors can gain valuable insights into how xSuite leverages AI on the SAP Business Technology Platform (SAP BTP) to revolutionize Accounts Payable processes.
Don’t Miss xSuite’s Featured Sessions
xSuite is proud to host a series of expert-led sessions designed to help organizations optimize their AP processes and maximize the benefits of SAP technology.
Session Highlights:
March 19, 11:40 AM: Customer Success Story with TDS, Inc. – Matthew Dolezol, Senior Manager of A/P, T&E, Payroll, and Cash at TDS, and Sanjeev Gupta, Senior SAP Consultant at xSuite will present how the company streamlined its AP operations using xSuite’s solutions.
March 18, 11:10 AM: The Key to S/4HANA Success” with Jan Schulze, xSuite’s Global Vice President Product Management will discuss how AI plays a critical role in Accounts Payable transformation on SAP BTP.
March 19, 2:00 PM: “Automating AP Workflows” with Bob Buettner, Senior Account Executive at xSuite. Bob Buettner will explore how automation reduces costs and transforms Accounts Payable workflows.
Event Details Date: March 18–20, 2025 Location: Bellagio Hotel & Casino, Las Vegas xSuite Booth: #205
About xSuite With offices in Asia, Europe, and the U.S., xSuite is a leading innovator in optimizing SAP-based P2P workflows. The company provides software solutions and implementation services to over 1,600 clients worldwide, making it a trusted partner in modernizing AP systems and automating manual, paper-based processes.
For media inquiries, please contact: Caitlyn Paroff Field Marketing Manager North America xSuite North America Inc Caitlyn.Paroff@xsuite.com Tel. +1 603-913-4323
Governor Kathy Hochul today announced two free snowmobile weekends for all out-of-state and Canadian snowmobilers to rev their engines and explore what New York has to offer. New York State will waive registration fees for out-of-state snowmobilers February 28-March 2 and March 7-9, 2025, encouraging out-of-state visitors to come ride the more than 10,000 miles of snowmobile trails in New York State.
“New York is home to more than 10,000 miles of snowmobile trails, making it the perfect place to explore everything from snow peaked mountains and endless forests to pristine valleys and the Great Lakes,” Governor Hochul said. “I encourage everyone to take advantage of the beauty our state has to offer, and we’re making it easier with free snowmobiling weekends for adventurers to see it for themselves.”
During the weekends, the registration requirement in New York is waived for already properly registered and insured out-of-state snowmobiling enthusiasts. Participants in these free snowmobiling events must operate a snowmobile that is registered in their home state/province and must carry any applicable insurance as required. Outside of this promotion, out-of-state and Canadian snowmobilers are required to register their snowmobiles with New York State before hitting the State’s trails — from the Hudson Valley to the North Country to Western New York.
These free snowmobiling weekends, February 28-March 2 and March 7-9, 2025, help boost tourism for State and local economies, and reinforce New York’s commitment to the industry. New York State has made an ongoing commitment to snowmobile trail maintenance and our local grants program is funded by snowmobile registration fees collected by the State Department of Motor Vehicles and deposited into the Snowmobile Trail Development and Maintenance Fund. County and municipal governments distribute the grants to about 230 snowmobile clubs across the State, which in turn groom and maintain the trails.
New York State Office of Parks, Recreation and Historic Preservation Commissioner Pro Tempore Randy Simons said, “New York State is fortunate to have many snowmobile clubs, counties, and municipalities who do great work to groom and maintain our trail network, ensuring a smooth ride and a safe, enjoyable journey for all. Our trails offer a thrilling escape into winter wonderlands—winding through pristine forests, across snowy fields, and offering breathtaking views at every turn. It’s not just a ride, it’s an adventure leaving visitors eager to return again and again and explore more of what the Empire State has to offer.”
Empire State Development President CEO and Commissioner Hope Knight said, “New York’s free snowmobiling weekends are the perfect time for visitors to explore the state’s picturesque winter landscape and its vast network of snowmobile trails. Tourism is crucial to our regional economies, and opportunities like this help to welcome guests who stay, dine and shop in our vibrant communities, supporting local jobs and small businesses.”
New York State Department of Motor Vehicles Commissioner Mark J.F. Schroeder said, “Our state is enjoying an exceptional snowmobiling season, and these free weekends are the perfect opportunity for non-New Yorkers to experience all that we have to offer. Remember that visitors who snowmobile here outside of designated free weekends must obtain a temporary snowmobile registration, while New Yorkers must renew their snowmobile registrations annually online. The registration fees go toward maintaining our beautiful trail network, which all snowmobilers must enjoy safely and responsibly. That means always wearing a helmet and never riding while impaired.”
New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “New York’s network of snowmobile trails provides extraordinary winter recreation for residents and visitors alike. I encourage the public to take advantage of these free weekends to enjoy some of the thousands of miles of trails the state has to offer and to ride safely and responsibly to protect themselves and others.”
New York State Snowmobile Association President Rosanne Warner said, “The New York State Snowmobile Association and all of its member clubs would like to thank the Governor for promoting snowmobiling as an important part of the winter tourism economy. In-state snowmobilers as well as out-of-state visitors enjoy riding our trail system and are always pleased with the diversity of riding opportunities New York State has to offer. Snowmobilers are very important contributors to our local winter economy and we appreciate the support and recognition of Governor Hochul.”
New York State reminds riders to observe trail conditions and safety procedures while snowmobiling. Trail conditions vary depending on snowfall amounts and other factors. Snowmobilers, fishermen, skiers and snowshoers should put safety first and to proceed with extreme caution before venturing on ice- or snow-covered bodies of water. Historically, the two leading causes of snowmobile injuries in New York State are excessive speed and operator intoxication.
Top safety recommendations include:
INSPECT and properly maintain your snowmobile; carry emergency supplies
ALWAYS wear a helmet with DOT-certified standards and make sure you wear appropriate snowmobile gear including bibs, jackets, boots, and gloves to withstand the elements
ALWAYS ride with a buddy or group and tell a responsible person where you will be riding and your expected return time
SLOW DOWN. Ride within your ability
STAY ON MARKED TRAILS. Respect landowners and obey posted signs
NEVER drink alcohol or use drugs and ride
FROZEN BODIES OF WATER are not designated trails; if you plan to ride on ice, proceed with caution and be aware of potential hazards under the snow. If you choose to ride on ice, wear a snowmobile suit with flotation built-in and carry a set of ice picks as a precaution.
Check the websites of area snowmobile clubs for information on trail conditions, including the status of grooming. Individuals operating a snowmobile should be familiar with safe riding practices and all applicable laws, rules and regulations. The New York State Snowmobile Association website provides information about snowmobiling and snowmobile clubs. Maps of the State snowmobile trail network are available on New York State Parks’ website.
More information on planning a great snowmobile getaway and other ways to enjoy winter in New York State is available at iloveny.com/winter.
The DMV reminds New York riders that snowmobile registrations must be renewed annually. DMV allows snowmobilers to renew registrations online on the DMV website, by mail or in person at a DMV office. Snowmobile registration costs $100 but is decreased to $45 if the snowmobiler is a member of a local snowmobile club.
Non-New Yorkers who wish to use a snowmobile in New York State before or after this promotional weekend can use the NYS Registration for Out-of-State Snowmobile service to get a 15-day registration and operate their snowmobile here immediately. DMV will send a permanent registration in the mail.
The free snowmobile weekend complements Governor Hochul’s efforts to encourage outdoor recreation. The FY26 Executive Budget proposes $200 million for State Parks to invest in and aid the ongoing transformation of New York’s flagship parks and support critical infrastructure projects throughout the park system. The Governor’s new Unplug and Play initiative also earmarks $100 million for construction and renovation of community centers through the Build Recreational Infrastructure for Communities, Kids and Seniors (NY BRICKS), $67.5 million for the Places for Learning, Activity and Youth Socialization (NY PLAYS) initiative helping New York communities construct new playgrounds and renovate existing playgrounds; and an additional $50 million for the Statewide Investment in More Swimming (NY SWIMS) initiative supporting municipalities in the renovation and construction of swimming facilities.
For information on snowmobiling, visit parks.ny.gov. Visit the DEC website for more information on snowmobiling on State lands.
Samsung Electronics Co., Ltd. has announced the local availability of the new Galaxy S25 series. Together with One UI 7, Gemini is officially available at launch in 46 languages,1 making it easier than ever to perform seamless interactions across Samsung and Google apps.
“The Galaxy S25 series is a fundamental shift in how we interact with our phones,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “We are thrilled to see how our users will enjoy this true AI companion that offers seamless and intuitive solutions in their daily lives.”
On the Galaxy S25 series, AI agents with multimodal capabilities are integrated within the One UI 72 platform to perform complex tasks seamlessly across apps and enable natural user interactions through speech, text, videos and images. Now Brief3 provides tailored suggestions to guide through the day and Now Bar4 offers a new hub for ongoing activities. From enhanced productivity with Writing Assist to limitless creativity unleashed by Drawing Assist,5 the expanded capabilities of Galaxy AI6 continue to empower users in every aspect of their daily lives.
Interactions with the Galaxy S25 series are also more intuitive. With just a single command, Gemini7 can effortlessly find a user’s favourite sports team’s schedule and add it to Samsung Calendar. Additionally, Google’s enhanced Circle to Search8 now gives users more helpful information with AI Overviews and one-tap actions.
The Galaxy S25 series further refines and enhances the core capabilities that define the Galaxy experience. Powering the Galaxy S25 series globally, the Snapdragon® 8 Elite Mobile Platform for Galaxy fuels on-device processing for more responsive AI experiences. With unique customisations for Galaxy, including ProScaler9 and Samsung’s mobile Digital Natural Image engine (mDNIe), the Galaxy S25 series boasts enhanced AI image processing and display power efficiency. The newly introduced 50MP ultrawide camera sensor for the Galaxy S25 Ultra delivers epic shots from every range in exceptional clarity, while professional grade controls like Virtual Aperture and Samsung Log turn any photo or video into the ultimate visual experience.
The Galaxy S25 series is the industry’s first smartphone lineup to support Content Credentials, based on the open technical standard from the Coalition for Content Provenance and Authenticity (C2PA). Samsung has also joined the C2PA as a member, alongside industry leaders including Adobe, Microsoft, OpenAI, Google, Publicis Groupe and more, all collaborating to establish Content Credentials as the universal standard for digital content provenance. In line with its commitment to responsible mobile AI innovation, Samsung adopted this standard to enhance transparency for content created and edited with generative AI.
Starting February 14, the Galaxy S25 series will be widely available through carriers and retailers and on Samsung websites. Galaxy S25 Ultra is available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ come in Navy, Silver Shadow, Icyblue and Mint.
All Galaxy S25 devices will come with six months of Gemini Advanced and 2TB of cloud storage at no extra cost. Gemini Advanced comes with Samsung’s most capable AI models and priority access to the newest features like Gems, custom AI experts for any topic, and Deep Research, which acts as a personal AI research assistant.
1 Supported languages include Arabic, Bengali, Bulgarian, Chinese (Simplified / Traditional), Croatian, Czech, Danish, Dutch, English, Estonian, Farsi, Finnish, French, German, Greek, Gujarati, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Kannada, Korean, Latvian, Lithuanian, Malayalam, Marathi, Norwegian, Polish, Portuguese, Romanian, Russian, Serbian, Slovak, Slovenian, Spanish, Swahili, Swedish, Tamil, Telugu, Thai, Turkish, Ukrainian, Urdu and Vietnamese.
2The official One UI 7 release will commence with the latest Galaxy S series devices. The update is expected to gradually roll out to other Galaxy devices.
3 Now Brief feature requires Samsung Account login. Service availability may vary by country, language, device model, or apps. Some features may require a network connection.
4 Availability of functions supported within the apps may vary by country. Some functional widgets may require a network connection and/or Samsung Account login.
5 Drawing Assist feature requires a network connection and Samsung Account login. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by AI. The accuracy and reliability of the generated output is not guaranteed.
6 Samsung Account login may be required to use certain Samsung AI features. Samsung does not make any promises, assurances or guarantees as to the accuracy, completeness or reliability of the output provided by AI features. Availability of Galaxy AI features may vary depending on the region/country, OS/One UI version, device model and phone carrier. Some function availability may vary by device model. Galaxy AI service may be limited for minors in certain regions with age restrictions over AI usage. Galaxy AI features will be provided for free until the end of 2025 on supported Samsung Galaxy devices. Different terms may apply for AI features provided by third parties.
7 Gemini Extensions feature availability varies based on content. Internet connection, Android device, and set up required. Language availability varies. Results for illustrative purposes and may vary. Check responses for accuracy.
8 Sequences shortened and simulated. Results for illustrative purposes only. Service availability may vary by country, language, or device model. Requires internet connection. Users may need to update Android and Google app to the latest version. Results may vary depending on visual or audio matches. Accuracy of results is not guaranteed. Works on compatible apps and surfaces, and with ambient music only. Will not identify music coming through headphones or if phone volume is off.
9 ProScaler feature is supported on Galaxy S25+ and Ultra models. Image quality can be enhanced up to QHD+, depending on the screen resolution setting of the device.
Samsung is making it easier than ever to upgrade your home with its Blue Tag Sale, offering unbeatable discounts on a wide range of home appliances designed to enhance convenience, energy efficiency, and overall home organisation. With Samsung’s innovative technology, you can create a seamlessly connected living space, save time, and reduce energy consumption[1], all while enjoying the ease and functionality of your appliances.
Maximise Efficiency and Convenience with Samsung Home Appliances
Samsung’s state-of-the-art home appliances are crafted to simplify your daily routines, helping you create the ultimate convenient and efficient home. Whether it’s managing your kitchen remotely or using eco-friendly features to reduce energy consumption, Samsung’s smart and stylish appliances are built to meet the demands of modern living.
From smart fridges keep track your groceries, create shopping lists, and receive expiration alerts, all from your smartphone, ensuring you never run out of essentials. Samsung’s Blue Tag Sale offers incredible savings on products designed to improve the functionality and efficiency of your home.
Samsung Fridges: Smart, Stylish, and Efficient
Samsung’s range of fridges is engineered to meet the needs of today’s dynamic households. Featuring FlexZone technology, these fridges allow you to adjust the temperature of specific areas, making it easier to store different types of food while maximising space.
Side by Side Fridge, Plumbed Water & Ice Dispenser, Gentle Silver, 617L (RS65DG54R3S9FA) – Now R28,999* (Save R2,200). With SpaceMax technology, this fridge offers more storage while maintaining a sleek, space-efficient exterior.
Side by Side Fridge, Non-Plumbed Water Dispenser, Gentle black Matt, 560 L (RS57DG4100B4FA) – Now R19,999* (Save R4,000). Store plenty of food in the spacious 560 litre interior.
Samsung Washing Machines: Energy-Efficient Cleaning for a Sustainable Home
Samsung’s washing machines combine smart technology with energy-saving[2] features to provide powerful, eco-friendly cleaning. With EcoBubble technology, washing at lower temperatures helps reduce energy use without compromising on wash performance. Meanwhile, Digital Inverter Technology ensures quieter operation, increased durability, and long-term energy savings.
[1]In SmartThings Energy Services, selecting “Maximum savings mode” for AI Energy Mode’s “Set monthly target usage” will only work for some courses and is only supported by SmartThings. Energy savings in AI Energy Mode may vary depending on the conditions set by the user in each mode.
[2]For energy saving: Tested in accordance with IEC 60456-2010 / 4kg Wash Load / Super Eco Wash cold (WF80F5E5U4W) vs. Cotton 40°C without Ecobubble (WF0702WKU). Individual results may vary.
Offers available at participating Retailers and Online Stores. T&Cs apply.
The Icelandic Government is preparing to sell its remaining stake in Íslandsbanki, approximately 42,5% of the bank’s shares, over the coming months. The sale will be conducted in accordance with Act no. 80/2024 and grants individuals priority in the offering.
The offering process will be guided by the principles of objectivity, cost-efficiency, equity and transparency. Following expert consultation, the Ministry of Finance and Economic Affairs has identified opportunities to enhance the offering’s structure. As outlined in a draft bill currently open for consultation, the proposed changes include the addition of a third order book (Order Book C).
Order Book A: Reserved exclusively for individuals, allowing bids up to ISK 20 million. The price per share will be fixed, based on the average closing price of Íslandsbanki hf. shares over the 15 trading days preceding the publication of the offering prospectus, or the last recorded closing price, with a discount of up to 5%. Allocations in Order Book A will not be reduced due to demand in other order books. In the event of oversubscription, shares will be allocated proportionally, ensuring that individuals receive the lowest price and priority access.
Order Book B: Open to both individuals and legal entities, with a minimum bid of ISK 2 million. Allocations will be price-based. The price will be decided via a dutch auction process but will not fall below the fixed price established for Order Book A. Order Book B allocations will not be affected by allocations in Order Book C.
Order Book C: Designed for large, regulated institutional investors submitting bids of at least ISK 300 million. The price of the shares in Order Book C will be the same is in Order Book B. Eligible participants must manage total assets of at least ISK 70 billion.
These adjustments ensure participation across all investor groups. The revised structure maintains the lowest price and priority access for individuals, establishes transparent price formation in Order Book B that is also applicable to Order Book C, and provides institutional investors with a more conventional allocation process. Additionally, the updated approach is expected to facilitate the sale of a greater volume of shares.
ATLANTA – Governor Brian P. Kemp today joined the Georgia Department of Economic Development (GDEcD) in announcing that the State of Georgia surpassed $53.1 billion in exports, a year-over-year increase of 6.4% that outpaced the national average of 2.3%. The state also moved up a rank to sixth in the United States for dollar value of trade, serving as a global gateway to facilitate more than $198.7 billion in trade to 222 unique countries and territories.
“With more than 87% of Georgia exporters being small businesses, these record-breaking numbers represent economic opportunity and success in every corner of the state,” said Governor Brian Kemp. “In 2024, Georgia outpaced the national average for growth in exports and moved up another rank in total trade, further demonstrating that our strategic investments and commitment to working with job creators to meet their needs are delivering results for hardworking Georgians.”
Exporting to 219 unique destinations in 2024, Georgia retained its No. 12 ranking in the U.S. for dollar value of exports. Civilian aircraft and ancillary parts also remained the state’s No. 1 export, followed by motor vehicles, data processing machines (computers), electrical apparatus for line telephony (telephone sets), and medical devices.
“Georgia’s diverse industry base and connectivity to more than 200 global markets create a more resilient state economy,” said GDEcD Commissioner Pat Wilson. “Georgia offers extensive partnerships, expert guidance on export strategies, and top-tier infrastructure – including deepwater ports, railways, highways, and airports – that empower businesses to thrive in the global market. We appreciate the General Assembly, local leaders, and statewide partners for ensuring Georgia remains the No. 1 state for business, supporting companies in expanding, investing, and moving products both statewide and worldwide.”
The state’s international trade efforts are bolstered by representatives in key markets around the world that facilitate connections between Georgia exporters and key global customers. Markets where Georgia maintains full-time representation accounted for 66% of exports and 83% of bilateral trade in 2024.
“A fourth consecutive year of record-breaking exports is an incredible accomplishment that requires strong partnerships at all levels, from global to local,” said Deputy Commissioner of Trade Lizann Grupalo. “Georgia’s international representatives are a key link to global markets, providing on the ground insights to navigate an ever-changing global environment. Their contributions allow our Georgia-based team members to serve Georgia’s small business exporters who otherwise may not have access to this information and opportunities.”
Georgia is home to the busiest and most efficient airport in the world, Hartsfield-Jackson Atlanta International Airport; the fastest growing and third-busiest container gateway in the U.S. at the Port of Savannah; and one of the nation’s busiest gateways for Roll-on/Roll-off cargo at the Port of Brunswick. The Georgia Ports Authority also recently announced twelve consecutive months of year-over-year container volume growth, on top of consistent growth for multiple years prior. In addition, Georgia offers a robust rail and highway infrastructure, with more rail miles than any other state in the Southeast.
About the Annual International Trade Report
GDEcD’s annual International Trade Report is an overview of the state of Georgia’s annual trade activity based on data from Trade Data Monitor. Trade Data Monitor tracks the value of merchandise trade, meaning tangible products or goods only, using four-digit Harmonized System (HS) codes and origin of movement.
To read the full report, click here.
About GDEcD’s Trade Team
Georgia’s nationally recognized Trade team works to bolster Georgia exports and brand the state as a competitive source of quality products and services. The team includes International Representatives located in more than a dozen strategic global markets who assist Georgia companies with expanding their sales worldwide. GDEcD’s Trade professionals provide Georgia businesses with the global insight and connections they need to successfully diversify their international customer base.
Local small and medium-sized businesses can now apply to take part in a new city centre promotion designed to drive more people into the area – Freebie Fortnight.
The promotion will run next month in co-ordination with local retail and hospitality businesses to boost city centre footfall, visitor numbers, and local spend.
Council Co-Leader Councillor Ian Yuill said: “I’d urge local eligible businesses – particularly those near the current construction works at Union Street Central and the new market building – to apply and take part in the Freebie Fortnight promotion.
“This initiative will help towards providing a truly vibrant city centre which attracts locals, visitors, residents and tourists to the area.”
Finance and Resources Committee convener Councillor Alex McLellan said: “The Freebie Fortnight will be a help to local shops, cafes, and restaurants, in the city centre to further develop and diversify their offering to customers while taking part in a fun promotion.
“Shifts in consumer behaviour, pandemic recovery, and rising energy and living costs have all had an impact on why and how often people visit their local high street. Promotions such as Freebie Fortnight will help to attract people into the city centre.”
The Freebie Fortnight is to take place from 10 March to 23 March, dates which would avoid existing key events such as Aberdeen Restaurant Week and Mother’s Day.
Each retailer will be asked to select an in-store offering of value up to either £5 or £10, to be made available to a set number of customers per day over the period, for free. Customers will need to use a verbal code to access the offering.
The expectation around free in-store offerings, for up to £5, could be a hot drink or baked good for example. For up to £10, could be a lunch deal with soft drink in a restaurant, or a free gift in a retail setting. Participating businesses will have an opportunity to devise their own deal based on stock and deliverability.
A variety of offerings will be ensured, from ‘grab and go’ options which may attract workers and commuters, to sit-down or browsing options which may attract visitors and increase dwell time spent in the city centre.
Customers will be required to use a verbal code to access the offering will avoid cannibalisation of regular sales for the participating business. There is also the likelihood of additional spend, with customers purchasing extra items to ‘complement’ the free offering, ie a cake with a coffee. In a retail setting, it will be suggested that the free offering is attached to a minimum spend, ie customers spending £10 will receive a £10 voucher to spend next time they return.
There will be a supporting marketing campaign to accompany the ‘Freebie Fortnight’ for participating retailers alongside support from Aberdeen Inspired, Business Gateway, Opportunity North East, Our Union Street, and the Federation of Small Businesses.
There will be a particular emphasis on targeting businesses near the current construction works at Union Street Central and the new market building.
It is expected that funding will support up to 20 businesses to take part, and criteria will be set around these being local SMEs, with fewer than three stores, rather than national chains. Care will be taken to ensure that the participating businesses are representative of multiple sectors.
Funding from UK Government administered by Aberdeen City Council will meet the cost of the promotion by reimbursing each participating business.
Mission focuses on natural resources, agriculture, education and more.
Minister of Trade and Export Development Warren Kaeding is leading a delegation to Vietnam and Singapore to maintain and grow trade opportunities, increase investment attraction, encourage collaboration in higher education, and showcase Saskatchewan’s capacity to support nations around the world to meet food and energy security needs. A portion of the mission will also be dedicated to labour and immigration recruitment efforts.
“Vietnam and Singapore are two vitally important markets for Saskatchewan as we continue to build relationships abroad,” Minister Kaeding said. “The ASEAN region is an area where we’ve seen rapid growth, and we want to continue to build on that positive momentum. Strengthening international trade relationships and diversifying our export markets are more important than ever as we look to promote our sustainable food and energy security to the world.”
The mission will cover many of Saskatchewan’s main sectors, including mining, critical minerals, energy, and agri-value.
One of the highlights of the mission will be attending the Canada in Asia Conference. The conference brings together key stakeholders and decision makers from across Canada and Asia for discussions and sessions on agri-foods, food security, clean technology, and energy transitions.
Provincial exports to the ASEAN region totaled $1.5 billion in 2024. Of that, $130.6 million and $10.3 million worth of goods were exported to Vietnam and Singapore respectively. Saskatchewan currently operates trade and investment offices in both Vietnam and Singapore. Saskatchewan’s trade offices work with industry partners and support the province’s engagement efforts across the ASEAN region.
Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. For more information visit: InvestSK.ca.
SHREVEPORT, La. – Acting United States Attorney Alexander C. Van Hook announced that Elijah D. Brown, 24, has been sentenced by United States District Judge S. Maurice Hicks, Jr. for conspiracy to commit bank fraud. Brown was sentenced to 63 months in prison, to run consecutive to a 42-month federal prison sentence he is currently serving for illegal possession of a machine gun, for a total of 105 months (8 years, 9 months) in prison. In addition, Brown was ordered to pay restitution in the amount of $1,254,790.
In April 2024, a federal grand jury in Shreveport returned an indictment charging 21 defendants in connection with a federal bank fraud case in the Shreveport area. All of those defendants have now entered guilty pleas or entered into pretrial diversion agreements. A summary of the 20 remaining defendants and their status is as follows:
Defendant Name
Conviction/Sentence
Destane Glass, 23,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/27/25
Sharmaine Jackson, 26,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 6/5/2025
ZarRajah Z. Watkins, 23,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 4/24/2025
Arazhia R. Gully, 24,
Bossier City, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 2/20/2025
Eric D. Loud, 24,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/20/2025
Maya L. Green, 24,
Bossier City, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/27/2025
Olivia M. Deboe, 23,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentenced to 3 years supervised probation and ordered to pay $34,261.81 in restitution
Donte N. Larrimore, 24,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentenced to 3 years supervised probation
Shamaya S. Pouncy, 27,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentenced to 9 months in prison and ordered to pay restitution in the amount of $9,317.50
Precious Wilbert, 25,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentenced to 3 years of supervised probation
Cynthia R. Bryant, 22,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 4/10/2025
Trameka McGinty, 25,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/27/2025
Shaquentalas B. McGinty,
26, Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 6/5/25
Javonte J. Lejay, 28,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/27/2025
Octavia L. Mitchell, 33,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/20/2025
Shmarrian J. Taylor, 27,
Shreveport, LA
Pleaded guilty to conspiracy to commit bank fraud
Sentencing set for 3/27/2025
Rakeydra S. Shepherd, 28,
Shreveport, LA
Pleaded guilty to possession of a counterfeit security
Sentencing set for 2/20/2025
Tina Marie Bryant, 43,
Shreveport, LA
Entered into Pretrial Diversion Agreement
Lakysa S. Barfield, 26,
Shreveport, LA
Entered into Pretrial Diversion Agreement
Kyra D. Washington-Bates,
24, Shreveport, LA
Entered into Pretrial Diversion Agreement
This scheme to defraud began in January 2021 and continued through October 31, 2022. The defendants admitted to their involvement in the conspiracy to defraud banks including USAA Savings Bank (“USAA Bank”), Navy Federal Credit Union, JP Morgan Chase Bank, Barksdale Federal Credit Union and Bank of America.
Arazhiah Gully, Maya Green and ZarRajah Watkins worked at Teleperformance, a multinational company that provided business services including a call center in Shreveport. The call center provided customer service to USAA Bank. Gully, Green and Watkins all had access to USAA Bank customer information including names of customers, their ages, account balances, and account numbers. These three defendants admitted to conspiring with Destane Glass, Elijah Brown, Sharmaine Jackson, and others to defraud USAA Bank. Gully, Green and Watkins improperly obtained account holder information so that it could be used by others to create counterfeit USAA Bank checks, and they were paid to provide the account information. Counterfeit checks traced to accounts that these defendants accessed totaled over $4 million.
Glass, Brown and Jackson used social media and other methods to recruit individuals in the Shreveport area with bank accounts to use their accounts to deposit the counterfeit checks to make money. The co-defendants involved in the scheme would open accounts at various financial institutions under their own names and then provide their access cards and login information to other co-defendants. Counterfeit checks were then provided to these co-defendants to be deposited into their own personal bank accounts, and they were instructed to withdraw the funds in various ways, including making withdrawals at local casinos, through ATMs, Apple Cash payments, and PayPal payments. After withdrawing the money, the defendants would meet Glass, Brown, Jackson and other co-defendants in various places, including casino parking lots, and give the funds to them, with a portion of the proceeds going to the one who made the withdrawal. Activity in the casinos were captured by the surveillance cameras at those locations which helped solve the case. The counterfeit checks that were deposited were in varying amounts ranging from $5,000 to $40,000.
“The defendants involved in this conspiracy shamelessly targeted vulnerable elderly victims, stealing their personal identifying and bank account information and using it to take advantage of them,” said Acting U.S. Attorney Alexander C. Van Hook. “We urge everyone to make a habit of checking your bank accounts regularly to avoid becoming a victim of this type of fraud. If you see suspicious transactions, report it to your bank immediately.”
This case was investigated by the United States Secret Service, Federal Bureau of Investigation, Louisiana State Police and Shreveport Police Department and was prosecuted by Acting United States Attorney Alexander C. Van Hook.
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Name of exempt principal trader:
Investec Bank plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree
Dowlais Group Plc
(c) Name of the party to the offer with which exempt principal trader is connected:
Investec is Broker to Dowlais Group Plc
(d) Date dealing undertaken:
05th February 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”
N/A
2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security
Purchases/ sales
Total number of securities
Highest price per unit paid/received
Lowest price per unit paid/received
Ordinary shares
Purchases
1,501,500
69.575
68.75
Ordinary shares
Sales
1,343,410
69.6
68.75
(b) Cash-settled derivative transactions
Class of relevant security
Product description e.g. CFD
Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position
(d) Other dealings (including subscribing for new securities)
Class of relevant security
Nature of dealing e.g. subscription, conversion
Details
Price per unit (if applicable)
N/A
N/A
N/A
N/A
3. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”
None
Date of disclosure:
14thFebruary 2025
Contact name:
Priyali Bhattacharjee
Telephone number:
+91 9768034903
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.
TORTOLA, British Virgin Islands, Feb. 14, 2025 (GLOBE NEWSWIRE) — Goldmoney Inc. (TSX:XAU) (US:XAUMF) (“Goldmoney” or the “Company”) today announced financial results for the fiscal 2025 third quarter period ended December 31, 2024. All amounts are expressed in Canadian dollars unless otherwise noted.
Financial statements are available online at Sedar+ www.sedarplus.ca.
Financial Highlights
Group Tangible Capital of $138.8 million, an increase of 2.6% QoQ
Group Tangible Capital per Share of $10.40, an increase of 1.4% QoQ
Group Tangible Capital per Share excluding MENE of $9.45 per share, an increase of 1.6% QoQ
Adjusted Net Income of $3.9 million, a decrease of 11.2% QoQ
Quarterly Performance Metrics Table
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
KeyPerformanceMetrics(BalanceSheet)
Shares outstanding
13,348
13,182
13,060
13,137
13,449
13,777
13,926
13,996
Shareholder equity
152,487
149,026
147,984
141,178
173,761
172,602
173,224
172,123
Tangible equity inclusive of MENE
138,832
135,299
133,780
126,100
147,078
143,019
143,475
142,203
Tangible equity exclusive of MENE
126,164
122,631
113,217
105,457
113,059
108,396
108,756
107,599
Tangible equity per share ($CAD)
10.40
10.26
10.24
9.60
10.94
10.38
10.30
10.16
Tangible equity per share exclusive of MENE
9.45
9.30
8.67
8.03
8.41
7.87
7.81
7.69
KeyPerformanceMetrics(Operational)
Net income (loss)
2,891
(3,896
)
5,132
(32,095
)
6,005
2,009
1,995
(4,050
)
Total comprehensive income (loss)
2,628
792
6,077
(30,640
)
7,391
627
1,651
(4,053
)
Adjustments for revaluations, FX, stock compensation, and non-cash items
1,246
3,569
550
34,857
(1,350
)
2,310
1,903
7,020
Non-IFRS adjusted net income
3,874
4,361
6,627
4,217
6,040
2,937
3,554
2,966
KeyPerformanceMetrics(EarningsperShare)
Basic earnings (loss) per share
0.22
(0.29
)
0.39
(2.42
)
0.44
0.15
0.14
(0.27
)
Diluted earnings (loss) per share
0.22
(0.29
)
0.38
(2.42
)
0.44
0.14
0.14
(0.27
)
Non-IFRS adjusted net income per share
0.29
0.33
0.51
0.32
0.45
0.21
0.26
0.21
Financial Statement Restatement
Goldmoney also announces the restatement of previously issued financial statements for the years ended March 31, 2024 and 2023 (the “Restatement”).
Since the Company’s wholly owned subsidiary Goldmoney.com was founded, client cash and client precious metals had been treated as an off-balance sheet item and clearly disclosed as such in the Notes to the Company’s audited annual financial statements. The Restatement recognizes and presents client cash within Goldmoney.com on the Company’s consolidated balance sheet with a corresponding liability. This has been presented in prior years as a line item separate from the Company’s cash and cash equivalents. Consequently, the March 31, 2024, audited consolidated financial statements have been restated to capture this change in presentation, along with the related management’s discussion and analysis, and the 2024 Annual Information Form (collectively, the “Restatement Package”). This restated accounting presentation for client cash has also been reflected in the Company’s December 31, 2024, unaudited interim financial statements. There has been no impact to the Company’s financial statement presentation of historic equity or earnings as a result of this restatement.
The Restatement has been approved by the Board of Directors on the recommendation of the Audit Committee and management in connection with a review of its historic accounting treatment of client cash as off-balance sheet assets. Management considers these restatements to result from a material weakness in internal controls over financial reporting, and accordingly has implemented measures to address this weakness. As described in the restated annual information form and other public disclosure, Goldmoney Inc.’s wholly owned subsidiary Goldmoney.com operates an online platform which provides clients with access to purchase and sell precious metals, and to arrange for custody and storage in accordance with the terms of a standard-form client agreement available on the Goldmoney website (the “Client Agreement”). Cash balances used to settle purchases and sales are held in Company bank accounts.
Shareholders and users of Goldmoney’s financial statements should note that the Restatement is not a result of any change to its operations, business or financial operating performance for the restated periods. The Company continues to hold customer cash on behalf of its clients in accordance with and in full compliance with all of the terms of the Client Agreement.
The Restatement Documents have been filed at Sedar+ www.sedarplus.ca with the unaudited interim financial statements for the three- and nine-month period ended December 31, 2024, with restated unaudited comparative interim financial statements the three- and nine-month period ended December 31, 2023.
The effect of the restatement on the condensed consolidated interim statement of financial position and condensed consolidated interim statements of cash flows for the periods ended June 30, 2024 and September 30, 2024 are as follows:
Effect on Condensed Consolidated Interim Statements of Financial Position
As at June 30, 2024
Previously Reported ($)
Adjustment ($)
Restated ($)
Client cash
–
61,472,682
61,472,682
Total assets
193,484,934
61,472,682
254,957,616
Client liabilities
–
61,472,682
61,472,682
Total liabilities
45,500,586
61,472,682
106,973,268
Total liabilities and shareholders’ equity
193,484,934
61,472,682
254,957,616
As at September 30, 2024
Previously Reported ($)
Adjustment ($)
Restated ($)
Client cash
–
67,446,073
67,446,073
Total assets
195,538,391
67,446,073
262,984,464
Client liabilities
–
67,446,073
67,446,073
Total liabilities
46,512,066
67,446,073
113,958,139
Total liabilities and shareholders’ equity
195,538,391
67,446,073
262,984,464
Effect on Condensed Consolidated Interim Statements of Cash Flows
For the three month period ended June 30, 2024
Previously Reported ($)
Adjustment ($)
Restated ($)
Net cash provided by operating activities
7,683,278
2,859,508
10,542,786
Net cash used in investing activities
(6,963,178
)
–
(6,963,178
)
Net cash used in financing activities
(1,328,262
)
–
(1,328,262
)
Decrease in cash and cash equivalents and client cash
(608,162
)
2,859,508
2,251,346
For the three month period ended September 30, 2024
Previously Reported ($)
Adjustment ($)
Restated ($)
Net cash provided by operating activities
4,726,457
5,973,391
10,699,848
Net cash used in investing activities
(6,793,363
)
–
(6,793,363
)
Net cash used in financing activities
(1,640,059
)
–
(1,640,059
)
Decrease in cash and cash equivalents and client cash
(3,706,965
)
5,973,391
2,266,426
For the six month period ended September 30, 2024
Previously Reported ($)
Adjustment ($)
Restated ($)
Net cash provided by operating activities
12,409,735
8,832,899
21,242,634
Net cash used in investing activities
(13,756,541
)
–
(13,756,541
)
Net cash used in financing activities
(2,968,321
)
–
(2,968,321
)
Decrease in cash and cash equivalents and client cash
(4,315,127
)
8,832,899
4,517,772
About Goldmoney Inc.
Founded in 2001, Goldmoney (TSX:XAU) is a TSX listed company invested in the real economy. The leading custodians and traders of precious metals, Goldmoney Inc. also owns and operates businesses in jewelry manufacturing and property investment. For more information about Goldmoney, visit goldmoney.com.
Financial Information and IFRS Standards
The selected financial information included in this release is qualified in its entirety by, and should be read together with, the Company’s amended and restated consolidated financial statements for the fiscal year ended March 31, 2024 and prepared in accordance with IFRS Accounting Standards (“IFRS”) and the corresponding restated management’s discussion and analysis (“MD&A”), which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Non-IFRS Measures
This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company’s operating results.
Tangible Capital is a non-IFRS measure. This figure excludes from total shareholder equity (i) intangibles, and (ii) goodwill, and is useful to demonstrate the tangible capital employed by the business.
Non-IFRS Adjusted Net Income is a non-IFRS measure, defined as total comprehensive income (loss) adjusted for non-cash and non-core items which include, but is not limited to, revaluation of precious metal inventories, fair value movements, stock-based compensation, depreciation and amortization, foreign exchange fluctuations and gains and losses on investments.
For a full reconciliation of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled “Reconciliation of Non-IFRS Financial Measures” in the Company’s MD&A for the year ended March 31, 2024.
Media and Investor Relations inquiries:
Sean Ty Chief Financial Officer Goldmoney Inc. +1 647 250 7098
Forward-Looking Statements
This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.
Forward-looking information in this release includes, but is not limited to, statements with respect to: financial performance and growth of the Company’s business; expected results of operations, the market for the Company’s products and services and competitive conditions; the establishment of a real estate investment strategy and the success of the Company’s real estate portfolio;the expected value and return on investment in the Company’s real estate acquisitions, and the properties described herein (the “Properties”) in particular, the ability of the current tenants on the Properties to meet their rental obligations, the future state of the Properties and the environment surrounding it, the ability of the Company to maintain and service the indebtedness incurred to acquire the properties, including any future refinancings, the ability of the Company to redevelop the properties as anticipated and, in general, return value from the Properties to shareholders; and the basis for the Restatement. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; the ability to identify and complete the acquisition of suitable real estate investment opportunities on terms which are economic or at all; the global inflationary environment and its effect on real estate prices, interest rates, and the Properties in particular; the ability of the Company to integrate the Properties into its current operations; the anticipated value and income growth in connection with the Properties; the ability to maintain current and procure future commercial tenants for the Properties; the surrounding environment and infrastructure of the Properties remaining suitable; the ability to redevelop the Properties on terms which are economic or at all; the anticipated variable interest rate for the loan used to finance the acquisition of the Properties, and the effect on this interest rate from the SONIA as set by the Bank of England; the ability to successfully develop and manage the Company’s real estate portfolio; the risks of concentration of the Company’s real estate portfolio in the United Kingdom; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; the potential that additional restatements of the financial statements will be required; the impact on the Company’s reputation and customer relation in respect of the Restatement; risks associated with regulatory reviews and investigations; risks that the Restatement or any future required restatement may negatively affect the Company’s financial condition or result in additional liabilities; the potential impact on investor confidence, market perception, and the Company’s reputation in respect of the Restatement; risks related to maintaining adequate liquidity and access to capital while resolving restatement matters; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.
Product structured to provide crypto asset exposure by tracking the Nasdaq Crypto US™ Index (NCIUS™), a benchmark for institutional investment in certain market-leading crypto assets
Hashdex and Nasdaq Global Indexes continue to be at the forefront of crypto index product innovation, offering investors and wealth managers access tothefirst multi-asset spot crypto ETP in the United States
New York, February 14, 2025 – Hashdex Asset Management Ltd. (“Hashdex”), a leading global crypto-focused asset manager, and Nasdaq Global Indexes, which has been creating innovative, transparent indexes for more than 50 years, today announced the launch of the Hashdex Nasdaq Crypto Index US ETF (the “Product” or “NCIQ”) [Ticker: NCIQ], the first multi-asset spot crypto exchange traded product (“ETP”) available to U.S. investors. The Product, which is now trading on the Nasdaq Stock Market® under ticker NCIQ, currently offers exposure to both spot bitcoin (“BTC”) and ether (“ETH”). NCIQ’s management fee is contractually set at 0.25% per annum of the daily net asset value (“NAV”) of the Product through the end of 2025, and then 0.50% thereafter.
The Hashdex Nasdaq Crypto Index US ETF provides U.S. investors with direct access to the two leading crypto assets by trading volume in the U.S., currently with a combined market capitalization of over $2.3 trillion,1 all through one tradeable product. NCIQ tracks the Nasdaq Crypto US™ Index (“NCIUS”), which was co-developed by Nasdaq Global Indexes and Hashdex to measure the performance of a material portion of the overall crypto asset market by investing in the index constituents. The NCIUS is based on strict criteria like liquidity, market capitalization, and regulatory compliance. Currently, only bitcoin and ether are eligible for inclusion in the NCIUS. The launch of NCIQ builds on Hashdex’s track record of innovation and global market leadership in crypto index-based products, with the firm currently managing the largest multi-asset crypto ETP in Europe2 and the largest ETF in Latin America.3
“Since our founding, Hashdex has held the belief that a basket of crypto assets offers multiple benefits and is a great way for many investors to participate in the crypto ecosystem. Until today, U.S. investors have been forced to either purchase coins directly or invest in single-asset vehicles,” said Marcelo Sampaio, Co-Founder and CEO of Hashdex. “Now, with the launch of NCIQ, we are proud to deliver a familiar and readily tradeable U.S.-based product that provides seamless exposure to bitcoin and ether. Alongside our partners at Nasdaq Global Indexes, we are thrilled to take this exciting step in bringing our expertise in crypto index and crypto index-based products to U.S. investors, and we look forward to continuing to deliver innovative crypto index products as the industry and regulatory landscape further evolves.”
The launch of NCIQ marks an important milestone in the U.S. crypto market and continues the long-term partnership between Hashdex and Nasdaq Global Indexes. Hashdex and Nasdaq Global Indexes have been among the pioneers in developing crypto index and index-based products since 2021.
“Nasdaq Global Indexes and Hashdex share a mission of advancing crypto asset indexes and financial vehicles to meet the ever-growing demand from investors looking for access to the rapidly evolving crypto sector,” said Cameron Lilja, Vice President and Global Head of Index Product and Operations, Nasdaq Global Indexes. “Nasdaq Crypto™ Indexes offer a standardized approach to capturing the performance of a material portion of the overall crypto asset market, serving as a guidepost in the dynamic crypto asset landscape. Today’s announcement marks a significant step forward in bringing a rules-based methodology-driven benchmark to US investors, adding to comparable products in Europe and Latin America.”
Hashdex serves as the sponsor for NCIQ. Paralel Distributors LLC serves as marketing agent, and Coinbase Custody and BitGo Trust serve as crypto asset custodians. Nasdaq serves as the index administrator and listing venue. The fund administrator is U.S. Bank Global Fund Services.
“With interest in crypto asset ETFs continuing to grow, reaching over $120 billion in U.S. AUM alone4, we believe that what investors really need is an easy, passive way to invest in a product that is constantly evolving to capture the latest trends in the broader crypto market. With a structure similar to traditional index products, NCIQ offers investors a multi-asset investment approach that is proven, familiar, and readily tradeable,” said Samir Kerbage, CIO at Hashdex. “As the crypto market continues to develop, we expect there to be ongoing volatility with newer coins that disrupt the market share of bitcoin, ether and other dominant assets, and we expect index-based products will enable wealth managers and investors to benefit from the growth of the rapidly changing sector without needing to be actively managing single asset crypto exposure.”
Hashdex has no role in maintaining, calculating or publishing NCIUS.
A registration statement (including a prospectus) has been filed with the SEC for the offering to which this communication relates and can be found here:https://www.sec.gov/Archives/edgar/data/2031069/000121390025013738/ea0209567-10.htm. Before you invest, you should read the prospectus in that registration statement and other documents that have been filed with the SEC for more complete information about NCIQ and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Hashdex will arrange to send you the prospectus, if you request it by calling toll-free 917-525-5635.
About Hashdex Hashdex is a global pioneer in crypto asset management. The firm’s mission is to provide educational resources and best-in-class products that advance its efforts to help open the crypto ecosystem to investors around the world. Hashdex co-developed the Nasdaq Crypto™ Index (NCI™) with Nasdaq to provide global investors with a reliable benchmark for the crypto asset class. In 2021, Hashdex introduced the world’s first crypto ETF5 and other innovative products, enabling over 350,000 investors to simply and securely add crypto to their portfolios. Since 2018, Hashdex has established itself as a global leader in crypto index ETFs, helping to pave the way for crypto’s mainstream adoption across eight countries. Hashdex currently offers 4 index products tracking the global version of the NCI™, including the largest multi-asset crypto ETF in the world.6 Additionally, the Hashdex Nasdaq Crypto Index Europe ETP (“HASH”) is the largest multi-asset crypto ETP in Europe and recently won ETF Stream’s Digital Asset ETP of the year award.7 The firm’s total AUM across its range of products is more than $1.3 billion.8
Hashdex Media Contacts: Kendal Till/Josh Gerth Dukas Linden Public Relations Hashdex@DLPR.com
Legal Disclaimer
Carefully consider the investment objectives, risks, charges and expenses before investing.
Investing involves risk, including possible loss of principal. The Product, an exchange traded product, is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”). Shares of the Product are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.
Shares of the Product are bought and sold at a market price, not at net asset value. Brokerage commissions will reduce returns.
This material expresses the opinion of Hashdex Group and its subsidiaries and affiliates (“Hashdex”) for informational purposes only and does not consider the investment objectives, financial situation or individual needs of any one investor or a particular group of investors. Certain opinions and viewpoints expressed may reflect personal views of the authors and not necessarily those of Hashdex. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing in their products. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.
Important Risks
Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicle will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex investment methodology or that investing in any of the Product or crypto assets referenced herein may be considered “conservative,” “safe,” “risk free,” or “risk averse.”
Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” and “seek” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or crypto assets may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.
This material is not an offer or solicitation of any kind to buy or sell any securities outside of the United States of America.
Product Risks
An investment in the Product involves significant risks and you could incur a partial or total loss of your investment in the Product.
Crypto assets generally are volatile, and instruments whose underlying investments include crypto assets are not suitable for all investors. Crypto assets represent a new and rapidly evolving industry. The value of the Product depends on the acceptance of the crypto assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the crypto assets. Crypto platforms may be largely unregulated or may be largely or entirely non-compliant with applicable regulation and may therefore be more exposed to fraud and failure. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the Product.
The market for crypto assets is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Product’s NAV and its market price. The lack of active trading markets for the Product shares may result in losses on investors’ investments at the time of disposition of the Product’s shares.
Both the Index and the Product are new with a limited operating history.
Nasdaq® is a registered trademark of Nasdaq, Inc. Corporations make no representation or warranty, whether express or implied, to the owners of the fund(s) or any member of the public regarding the suitability of investing in securities in general or in the fund(s) in particular, or the ability of the Nasdaq Crypto US Index to track the performance of the market for crypto assets, or any portion thereof. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.
1 Bitcoin’s market cap was $1.92T and ether’s market cap was $387B, according to Messari.io data as of January 13, 2025 2 The Hashdex Nasdaq Crypto Index Europe ETP (HASH) is the largest multi-asset crypto ETP in Europe according to Bloomberg fund asset data for the “Western Europe” region as of January 7, 2025 3 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in Latin America according to Bloomberg fund asset data for the “Central & South America” region as of January 7, 2025 4 Blockworks.co data on Bitcoin and Ethereum ETFs in the U.S. as of February 10, 2025. 5 The Hashdex Nasdaq Crypto Index ETF began trading on the Bermuda Stock Exchange on February 9, 2021. 6 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in the world according to Bloomberg fund asset data for all regions as of January 7, 2025 7 https://www.etfstream.com/articles/etf-stream-reveals-winners-of-etf-awards-2024 8 Hashdex AUM data as of February 10, 2025, https://hashdex.com/en-US
LAFAYETTE, La., Feb. 14, 2025 (GLOBE NEWSWIRE) — Marauder Capital (“Marauder”) is pleased to announce its acquisition of Mako Lift (“Mako” or the “Company”), a premier manufacturer and service provider of gas lift solutions.
Founded in 2019, Mako Lift has rapidly expanded to become a trusted partner for blue-chip energy companies. With operational facilities in Lafayette, Houston and Midland, Mako is uniquely positioned to serve the Permian Basin, the largest oil-producing region in the United States.
Drew Dixson, President of Mako Lift, commented on the transaction: “Mako Lift is driven by a committed team of experienced gas lift professionals focused on innovation and exceptional service delivery. Our cutting-edge products, design expertise, and manufacturing capabilities set a new standard for gas lift performance. Partnering with Marauder Capital will allow us to accelerate our growth trajectory, expand into new markets, and introduce new products that address critical industry challenges.”
Marauder’s Managing Partner, Adam Hurley, stated: “We are thrilled to welcome Mako Lift into the Marauder portfolio. The gas lift market is undergoing tremendous growth, and Mako’s differentiated product offerings, experienced leadership team, and commitment to quality make this an exceptional investment opportunity. We see significant potential for organic expansion, new product innovation, and strategic acquisitions to further strengthen Mako’s market position.”
About Mako Lift
Mako Lift is a leading artificial lift manufacturing and service company, specializing in high-performance artificial lift solutions. The Company’s customized in-house design expertise, R&D, and manufacturing capabilities enable it to produce superior-quality products with measurable performance advantages.
About Marauder Capital
Founded in 2023, Marauder Capital is a Fort Worth-based private equity firm specializing in strategic investments in critical, production-levered energy service and equipment companies.
Advisors Duane Morris LLP served as Marauder Capital’s legal advisor for the transaction.
For more information contact: Lora Fitzgerald lora@maraudercap.com (682) 900-9020
PUBLIC DEALING DISCLOSUREBY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”)
1.
KEY INFORMATION
(a)
Full name of discloser:
Invesco Ltd.
(b)
Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c)
Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree
Dowlais Group plc
(d)
If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e)
Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure
13.02.2025
(f)
In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”
Yes, American Axle & Manufacturing Holdings, Inc.
2.
POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a)
Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
1p ordinaryGB00BMWRZ071
Interests
Short Positions
Number
%
Number
%
(1)
Relevant securities owned and/or controlled:
352,945
0.02
(2)
Cash-settled derivatives:
(3)
Stock-settled derivatives (including options) and agreements to purchase/sell:
Total
352,945
0.02
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b)
Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
3.
DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a)
Purchases and sales
Class of relevant security
Purchase/sale
Number of securities
Price per unit
1p ordinary GB00BMWRZ071
Sale
7,607
0.67 GBP
(b)
Cash-settled derivative transactions
Class of relevant security
Product descriptione.g. CFD
Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position
Other dealings (including subscribing for new securities)
Class of relevant security
Nature of dealinge.g. subscription, conversion
Details
Price per unit (if applicable)
4.
OTHER INFORMATION
(a)
Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
None
(b)
Agreements, arrangements, or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”
None
Is a Supplemental Form 8 (Open Positions) attached?
NO
Date of disclosure
14.02.2025
Contact name
Philippa Holmes
Telephone number
+441491417447
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website atwww.thetakeoverpanel.org.uk.
GADSDEN, Ala., Feb. 14, 2025 (GLOBE NEWSWIRE) — The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced net income of approximately $369,000, or $0.49 per basic share and $0.48 per diluted share, for the three months ended December 31, 2024, as compared to net income of approximately $471,000, or $0.62 per basic share and $0.61 per diluted share, for the three months ended December 31, 2023. For the six months ended December 31, 2024, the Company recorded net income of approximately $545,000, or $0.72 per basic share and $0.71 per diluted share, as compared to net income of approximately $837,000, or $1.10 per basic share and $1.09 per diluted share, for the six months ended December 31, 2023. The Company’s fiscal year ends June 30, 2025.
Gates Little, President and Chief Executive Officer of the Company, stated that the Company’s net interest income before provision for loan losses totaled approximately $2.213 million during the three months ended December 31, 2024, as compared to approximately $2.013 million in the same period in 2023, an increase of approximately $201,000, or 9.96%. The increase in the net interest income before provision for loan losses for the three months ended December 31, 2024, was primarily attributable to an increase in total interest income of approximately $430,000, offset by an increase in total interest expense of approximately $230,000. In the three months ended December 31, 2024, the Bank recorded a provision for loan losses of approximately $70,000 and no provision for loan losses in during the three months ended December 31, 2023. For the three months ended December 31, 2024, total non-interest income increased approximately $9,000, or 6.09%, while total non-interest expense increased approximately $278,000, or 18.25%, as compared to the same three-month period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $10,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $222,000, office building expense of approximately $6,000, other operating expense of approximately $16,000, professional service expense of approximately $45,000, offset by a decrease in data processing expense of approximately $12,000.
For the six months ended December 31, 2024, the Company’s net interest income before provision for loan losses totaled approximately $4.363 million, an increase of approximately $479,000, or 12.33%, when compared to the six months ended December 31, 2023. The increase in net interest income before provision for loan losses was primarily attributable to an increase in total interest income of approximately $965,000, or 20.38%, offset by an increase in total interest expense of approximately $486,000, or 57.19%. For the six months ended December 31, 2024, the Bank recorded provisions for loan losses of approximately $442,000. There was no provision for loan losses during the six months ended December 31, 2023. For the six months ended December 31, 2024, total non-interest income increased approximately $12,000, or 4.10%, compared to the same period in 2023, while non-interest expense increased approximately $444,000, or 14.59%. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $14,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $340,000, office and equipment of approximately $14,000, professional service expenses of approximately $119,000 offset in part by decreases in data processing expense of approximately $15,000, and other operating expense of approximately $15,000.
The Company’s total assets at December 31, 2024 were approximately $117.0 million, as compared to approximately $113.0 million at June 30, 2024. Total stockholders’ equity was approximately $15.5 million at December 31, 2024, or 13.2% of total assets, as compared to approximately $14.5 million at June 30, 2024, or 12.80% of total assets.
The Bank has four full-service banking offices located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL. The stock of The Southern Banc Company, Inc. trades in the over-the-counter market under the symbol “SRNN”.
Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
(Selected financial data attached)
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands)
December 31,
June 30,
2024
2024
Unaudited
Audited
ASSETS
CASH AND CASH EQUIVALENTS
$
16,592
$
12,632
SECURITIES AVAILABLE FOR SALE, at fair value
39,238
37,912
FEDERAL HOME LOAN BANK STOCK
120
120
LOANS RECEIVABLE, net of allowance for loan losses of $1,548 and $1,151, respectively
56,999
58,199
PREMISES AND EQUIPMENT, net
1,059
1,133
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE
946
934
PREPAID EXPENSES AND OTHER ASSETS
2,055
2,124
TOTAL ASSETS
$
117,009
$
113,054
LIABILITIES
DEPOSITS
$
95,528
$
92,250
FHLB ADVANCES
0
0
OTHER LIABILITIES
6,035
6,338
TOTAL LIABILITIES
101,563
98,588
STOCKHOLDERS’ EQUITY:
Preferred stock, par value $.01 per share
500,000 shares authorized; no shares issued and outstanding
–
–
Common stock, par value $.01 per share,
3,500,000 authorized, 1,454,750 shares issued
15
15
Additional paid-in capital
13,946
13,943
Shares held in trust, 49,081 and 46,454 shares at cost, respectively
(804
)
(772
)
Retained earnings
14,429
13,884
Treasury stock, at cost, 648,664 shares
(8,825
)
(8,825
)
Accumulated other comprehensive (loss) income
(3,315
)
(3,779
)
TOTAL STOCKHOLDERS’ EQUITY
15,446
14,466
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
117,009
$
113,054
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data)
Three Months Ended
Six Months Ended
December 31,
December 31,
2024 (Unaudited)
2023
2024 (Unaudited)
2023
INTEREST INCOME:
Interest and fees on loans
$
2,598
$
2,210
$
5,072
$
4,176
Interest and dividends on securities
179
183
345
369
Other interest income
126
80
281
188
Total interest income
2,903
2,473
5,698
4,733
INTEREST EXPENSE:
Interest on deposits
690
460
1,335
849
Interest on borrowings
0
0
0
0
Total interest expense
690
460
1,335
849
Net interest income before provision for loan losses
2,213
2,013
4,363
3,884
Provision for loan losses
69
0
442
0
Net interest income after provision for loan losses
SINGAPORE, Feb. 14, 2025 (GLOBE NEWSWIRE) — As the price of Bitcoin hovers around the $100,000 mark, many analysts predict that the market is entering a high-volatility phase. To help traders capitalize on these dynamic market conditions, BexBack Exchange has rolled out an unbeatable offer, featuring 100x leverage, a 100% deposit bonus, and a $50 welcome bonus for new users. What sets BexBack apart is its no KYC policy, ensuring seamless, private, and efficient trading for users globally.
Key Features of BexBack:
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No KYC Required BexBack stands out by offering a no KYC (Know Your Customer) approach, allowing users to start trading instantly, without having to submit personal identification documents. This policy ensures that users can begin their trading journey quickly and securely.
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$50 Welcome Bonus New users can also enjoy a $50 welcome bonus, available after completing their first trade. This bonus can be used for trading, and any profits gained from it are fully withdrawable.
Comprehensive Trading Options BexBack offers a variety of cryptocurrencies for trading, including BTC, ETH, XRP, ADA, and SOL, among others. The platform offers 100x leverage on all these futures contracts, allowing traders to optimize their strategies and trading opportunities.
Why Choose BexBack?
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About BexBack:
BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore, with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. BexBack holds a US MSB (Money Services Business) license and is trusted by over 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, providing an inclusive and user-friendly experience for traders globally.
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Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
DUBAI, United Arab Emirates, Feb. 14, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has unveiled the first ecosystem partner of the Bybit Card, AVAX. First in the market to enable rewards in AVAX, the Bybit Card has expanded its auto cashback options yet again, affording users more flexibility in their crypto payment journey. The activation comes with extra perks for Bybit Card holders in a limited-time campaign for the popular altcoin.
AVAX is the native utility token of the Avalanche network. Avalanche is a high-performance blockchain platform designed for builders who need to scale. Engineered with a revolutionary three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, ensuring near-instant finality for transactions. The platform also features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchains with high throughput on both public and private networks.
Now with the Bybit Card, users have the option to turn on AVAX Cashback, experiencing a brand new seamless on and off-ramp experience with AVAX. Supporting paying, saving, and holding with AVAX, Bybit users can earn AVAX through cashback rewards on daily spending using the Bybit Card.
For Avalanche’s global community, the new feature opens up a new avenue for them to foster the growth of the network with a swipe of the Bybit Card. Eligible cardholders will also qualify for extra bonuses through the Bybit Card’s year-round rewards campaigns, making their shopping sprees and holiday spending more worthwhile.
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Home » Latest News » Work to start in four parks and gardens
Our exciting plans to transform some of the city’s parks and gardens through our Connected Canterbury project are coming along nicely.
As part of this, you will notice some early work taking place at four sites over the next couple of weeks – the Dane John Gardens, Canterbury Castle grounds, Greyfriars Gardens and the Three Cities Garden.
This will involve some shrub and vegetation clearance and some crown lifting of trees (not tree felling) and has been timed for now to ensure we are complete before the start of the bird nesting season.
This is the basic equivalent of a private homeowner clearing out overgrown vegetation from their garden prior to a revamp, but just on a bigger scale and right in the public eye.
The majority of the shrub clearance is the removal of overgrown non-native species that you might describe as having ‘got a bit out of hand’. These areas will be replaced with new planting such as wildflower meadows and perennial flower beds.
The new landscape and planting scheme has been designed by HTA, a landscape architect company who are currently designing a new garden in London’s Regent’s Park to commemorate the life of Queen Elizabeth II, and leading planting designer and writer Noel Kingsbury.
We want people to be reassured that while some areas may look a bit bare for a while, this is simply a necessary part of the process in order to achieve what we believe will be fantastic looking parks a few months down the line.
The picture above shows some of the area around the Dane John Mound where work will take place, and for which there is a landscaping and planting scheme.
Source: United Kingdom – Executive Government & Departments
The Medicines and Healthcare products Regulatory Agency (MHRA) has today, 14 February 2025, approved efanesoctocog alfa (brand name Altuvoct) to be used to treat and prevent bleeding in patients aged 2 years and above with severe or moderate haemophilia A.
The Medicines and Healthcare products Regulatory Agency (MHRA) has today, 14 February 2025, approved efanesoctocog alfa (brand name Altuvoct) to be used to treat and prevent bleeding in patients aged 2 years and above with severe or moderate haemophilia A.
Efanesoctocog alfa, the active substance, is a replacement factor VIII protein. This protein is naturally found in the body and is necessary for the blood to form clots and stop bleeding.
People with severe haemophilia A have undetectable factor VIII and, if untreated, may experience up to about 40 episodes of bleed per year.
This medicine is administered as an intravenously (into a vein).
Julian Beach, MHRA Interim Executive Director of Healthcare Quality and Access, said:
“Patient safety is our top priority, which is why I am pleased to confirm approval of efanesoctocog alfa to treat and prevent bleeding in patients 2 years and above with severe or moderate haemophilia A.
“We’re assured that the appropriate regulatory standards of safety, quality and efficacy for the approval of this new formulation have been met.
“As with all products, we will keep its safety under close review.”
In a study with 159 patients aged 12 and above with severe haemophilia A, weekly injections of Altuvoct as prophylaxis led to 65% patients reporting zero overall episodes of bleed over the course of the year-long study; the remaining 35% had much reduced episodes of bleed. Altuvoct was also used to treat individual bleeds.
In a study involving 74 children under 12 years of age with severe haemophilia A, treatment with efanesoctocog alfa yielded similar results to those in older patients.
Efanesoctocog alfa was therefore considered effective for the prophylaxis and treatment of severe haemophilia A in children aged 2yrs and above.
The company extended the indication to those with moderate haemophilia A by means of a modelling exercise.
Like all medicines, this medicine can cause side effects, although not everybody gets them. Some of the potential side effects include headaches and arthralgia (joint pain).
For the full list of all side effects reported with this medicine, see Section 4 of the PIL or the SmPC available on the MHRA website.
Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the MHRA Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.
ENDS
Notes to editors
The new marketing authorisation was granted on 14 February 2025 to Swedish Orphan Biovitrum AB
This product was submitted and approved via an international recognition procedure.
More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe. All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.
The MHRA is an executive agency of the Department of Health and Social Care.
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651
Source: State University Higher School of Economics – State University Higher School of Economics –
Photo: Higher School of Economics
Thanks to the rapid development of digital technologies, the banking sector is going through a period of profound transformation. One of the key changes was the transition to a human-centric model, in which priority is given to the interests and needs of the client. This topic was discussed at the webinar Laboratories of human-centeredness and leadership practices HSE and the Bank of Russia. The event brought together over 1,400 representatives of banking and financial organizations from all over Russia.
The webinar was a logical continuation conferences “Focus on the Client”, which was attended by the Chairman of the Bank of Russia Elvira Nabiullina and top management of leading Russian banks. The moderator of the plenary session was Vladimir Solovyov, Head of the Laboratory of Human-Centricity and Leadership Practices at the National Research University Higher School of Economics (CHIL Laboratory). The experts discussed what a smart bank of the future should be like.
The webinar participants were able to delve deeper into the theory and practice of implementing human-centricity in banks, noted Ekaterina Butova, First Deputy Head of the Service for the Protection of Consumer Rights and Ensuring the Availability of Financial Services of the Bank of Russia.
The key event of the webinar was the presentation of the results of the study conducted last year by the CHIL Laboratory and the International Laboratory of Digital Transformation in Public Administration under the auspices of the Bank of Russia. It was based on a model developed by the CHIL Laboratory, consisting of eight key aspects that allow measuring the level of human-centricity in an organization. This tool can be used by banks to assess the current situation and further development. A survey of more than 16 thousand respondents was conducted – managers and employees of government agencies.
“The results showed that the bank of the future is a human-centric cognitive bank, where artificial and human intelligence work in synergy to deeply understand customers and offer personalized solutions,” the head of the bank noted. International laboratory of CTSU Evgeny Styrin.
At the same time, in-depth interviews revealed that the introduction of AI and other digital tools into banking processes has both significant advantages and a number of disadvantages, and also leads to the emergence of ethical challenges.
“34% of respondents do not want to communicate with virtual voice assistants. At the same time, negative emotions that arise during communication with them multiply very quickly, while the emergence and consolidation of positive associations requires serious efforts,” explained Oleg Samolyanov, chief expert of the CHIL Laboratory.
Representatives of major Russian banks shared their vision of the smart bank of the future. Nikolay Tiden, Director of the Modeling and Data Research Division of the Sales Network Block of Sberbank, believes that the basis for the development of banks of the future is personalization and security. The use of artificial intelligence at all stages of interaction with clients makes user services simpler, more convenient, more reliable and more profitable.
“A smart bank of the future values its employees, understands its clients and knows how to adapt its products and services to their needs, including actively introducing new technologies,” says Vyacheslav Rodnishev, Director of the Customer Experience and Retail Business Coordination Department at Alfa-Bank.
At the same time, the implementation of AI solutions in the banking sector is associated with a number of ethical challenges, including data bias, protection of personal information, responsibility for AI decisions and transparency of algorithms.
“One of the most important aspects of monitoring the ethics and correctness of artificial intelligence is monitoring its work and quality. The user must feel that the bank’s AI is attentive to his interests, accurate in its answers and financial forecasts,” says Ivan Sidorovsky, head of products for ecosystem assistants at T-Bank.
Currently, the issues of customer trust in smart assistants developed by banking organizations and the ethics of using artificial intelligence have not been fully resolved; their discussion in the expert community continues. The solution will require a comprehensive approach combining technological, organizational and regulatory measures.
“From the point of view of the Central Bank as a regulator, human-centricity is the key that helps to solve the root problems underlying some disputes, misunderstandings and difficulties that arise between the consumer and the financial institution,” notes Mikhail Mamuta, Head of the Service for Consumer Rights Protection and Ensuring Accessibility of Financial Services at the Bank of Russia.
He emphasizes that human-centricity in financial organizations should begin with caring for employees, who, in turn, will transfer it to clients. Then the financial world will become more harmonious.
The content of the discussion about human-centricity in the context of digital transformation and the use of AI largely depends on the ability to rely on structured data and the results of sociological research.
“Today, an important and urgent task for our team is to monitor the transformation of the banking sector towards human-centricity: what new tools are emerging, what problems organizations face and how they solve them. And artificial intelligence in all its manifestations is certainly one of the key factors influencing the development of human-centricity,” Vladimir Solovyov summarized.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Famine Early Warning Systems Network (Fews Net), a web-based platform for predicting famine, went offline on 30 January 2025. The system had provided up-to-date data to predict and track food insecurity in nearly 30 countries in Africa, central America and Asia for 40 years. It was funded by the US Agency for International Development (USAid). It went offline following USAid’s shutdown by the new US administration.
In Kenya, Fews Net worked with the National Drought Management Agency and the Kenya Food Security Steering Group to develop regular outlook reports at national and county levels. Timothy Njagi Njeru, an agricultural economist who researches food security and emergency responses, explains what Fews Net’s abrupt departure portends for Kenya.
What are the highlights of the network’s work in Kenya?
The famine early warning network provided data and interpretation to shape decisions on food insecurity in Kenya. The Kenyan pages on the web platform – which has gone dark – included:
an outlook for crop production based on climate data and extreme weather events
a standardised measure of food insecurity that helped governments prioritise their responses
a forecast of potential food crises using climate, economic and conflict data.
Fews Net was launched in response to devastating famines in east and west Africa in the mid-1980s. Its main objective was to gather and analyse data to help governments avert food security crises.
This evolved to support other critical areas that affected food security. For example, in the beginning, the network used weather information to generate forecasts on food crises. In time, it also collected price data and trade data, especially on staple commodities, to inform market stabilisation policies. And it tracked climate adaptation strategies.
Its work helped highlight the regions vulnerable to food insecurity, assessed the support these communities got and tracked the effects of weather variability.
In Kenya, the network worked with the Kenya Food Security Steering Group, which is made up of government, multilateral and non-profit agencies. The National Drought Management Authority, Kenya Meteorological Department and Kenya National Bureau of Statistics are in the group. So are the ministries of agriculture, health, water and education, and county governments. Development partners such as the Food and Agriculture Organization (FAO) and Unicef, and civil society organisations, such as the World Food Program and World Vision, are also members.
Their work was published in regular Food and Nutrition Security Assessments.
Fews Net also provided country and county-level briefs. These provided updates on the scale of food insecurity and assistance provided to these regions. They contained forecasts of crop and livestock production. They provided analyses of food trade, price trends, conflict incidences, and performance of assistance programmes. The forecasts helped generate recommendations for specific regions.
All this data was critical for market intelligence and developing value chains. It helped stakeholders make decisions about services, infrastructure support and demand or supply.
What difference has it made?
The Famine Early Warning Systems Network made a huge contribution to Kenya and the region as a whole. The seasonal food security forecasts enabled governments and development partners to respond to crises adequately and in a coordinated manner.
The network’s analytics on price trends and food trade proved very useful in overcoming obstacles to food trade. These included information asymmetry on demand and supply trends. The analytics also highlighted where infrastructural or security challenges might affect the flow of food from surplus to deficit areas. This equipped the government and stakeholders with the information to respond appropriately.
The analytics on household data provided information on household income, food availability and mechanisms to cope with food shocks. This informs government and others about local communities’ capacity to respond to shocks.
The tracking of local market price data informed policy responses, such as livestock offtake programmes at the height of drought or famines. Offtake programmes provide a ready market for families grappling with drought. They enable them to sell their cattle before incurring losses caused by livestock deaths during drought seasons. These programmes help communities enhance their market participation and reduce losses as they are able to sell their livestock at fair prices.
What gaps will its absence create?
The absence of the early warning network will affect Kenya’s ability to address food insecurity. It leaves a gap in financial and technical capacity to generate timely forecasts to inform decision making.
It will take time for other institutions to replace that contribution. In the short run, stakeholders can use the information that’s already been generated. In the medium term, there may be uncertainty and incoherence in interventions and investments.
Because Kenya’s weather has been so variable, the country needs seasonal forecasts at both national and county levels.
What should Kenya do to fill the gap?
Kenya can strengthen the capacity in institutions such as the drought management authority and statistics bureau.
In the long term, the country must increase financial investments that support food security. And it must build technical capacity to produce credible, reliable and timely food security forecasts.
Timothy Njagi Njeru 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.
A spontaneous memorial of flowers in St Petersburg, Russia, on the day of Alexei Navalny’s death, February 16 2024.Aleksey Dushutin/Shutterstock
This is the best day of the past five months for me … This is my home … I am not afraid of anything and I urge you not to be afraid of anything either.
These were Alexei Navalny’s words after landing at Moscow’s Sheremetyevo Airport on January 17 2021. Russia’s leading opposition figure had spent the past months recovering in Germany from an attempt on his life by the Russian Federal Security Service (FSB). Minutes after making his comments, Navalny was detained at border control. And he would remain behind bars until his death on February 16 2024, in the remote “Polar Wolf” penal colony within the Arctic Circle.
“Why did he return to Russia?” That’s the question I’m asked about Navalny most frequently. Wasn’t it a mistake to return to certain imprisonment, when he could have maintained his opposition to Russia’s president, Vladimir Putin, from abroad?
But Navalny’s decision to return didn’t surprise me. I’ve researched and written about him extensively, including co-authoring Navalny: Putin’s Nemesis, Russia’s Future?, the first English-language, book-length account of his life and political activities. Defying the Kremlin by returning was a signature move, reflecting both his obstinacy and bravery. He wanted to make sure his supporters and activists in Russia did not feel abandoned, risking their lives while he lived a cushy life in exile.
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Besides, Navalny wasn’t returning to certain imprisonment. A close ally of his, Vladimir Ashurkov, told me in May 2022 that his “incarceration in Russia was not a certainty. It was a probability, a scenario – but it wasn’t like he was walking into a certain long-term prison term.”
Also, Navalny hadn’t chosen to leave Russia in the first place. He was unconscious when taken by plane from Omsk to Berlin for treatment following his poisoning with the nerve agent Novichok in August 2020. Navalny had been consistent in saying he was a Russian politician who needed to remain in Russia to be effective.
In a subsequent interview, conducted in a forest on the outskirts of the German capital as he slowly recovered, Navalny said: “In people’s minds, if you leave the country, that means you’ve surrendered.”
Video: ACF.
Outrage, detention and death
Two days after Navalny’s final return to Russia, the Anti-Corruption Foundation (ACF) – the organisation he established in 2011 – published its biggest ever investigation. The YouTube video exploring “Putin’s palace” on the Black Sea coast achieved an extraordinary 100 million views within ten days. By the start of February 2021, polling suggested it had been watched by more than a quarter of all adults in Russia.
Outrage at Navalny’s detention, combined with this Putin investigation, got people on to the streets. On January 23 2021, 160,000 people turned out across Russia in events that did not have prior approval from the authorities. More than 40% of the participants said they were taking part in a protest for the first time.
But the Russian authorities were determined to also make it their last time. Law enforcement mounted an awesome display of strength, detaining protesters and sometimes beating them. The number of participants at protests on January 31 and February 2 declined sharply as a result.
Between Navalny’s return to Russia in January 2021 and his death in February 2024, aged 47, he faced criminal case after criminal case, adding years and years to his time in prison and increasing the severity of his detention. By the time of his death, he was in the harshest type of prison in the Russian penitentiary system – a “special regime” colony – and was frequently sent to a punishment cell.
The obvious intent was to demoralise Navalny, his team and supporters – making an example of him to spread fear among anyone else who might consider mounting a challenge to the Kremlin. But Navalny fought back, as described in his posthumously published memoir, Patriot. He made legal challenges against his jailers. He went on hunger strike. And he formed a union for his fellow prisoners.
He also used his court appearances to make clear his political views, including following Russia’s full-scale invasion of Ukraine in February 2022, declaring: “I am against this war. I consider it immoral, fratricidal, and criminal.”
Navalny’s final public appearance was via video link. He was in good spirits, with his trademark optimism and humour still on display. Tongue firmly in cheek, he asked the judge for financial help:
Your Honour, I will send you my personal account number so that you can use your huge salary as a federal judge to ‘warm up’ my personal account, because I am running out of money.
Navalny died the following day. According to the prison authorities, he collapsed after a short walk and lost consciousness. Although the Russian authorities claimed he had died of natural causes, documents published in September 2024 by The Insider – a Russia-focused, Latvia-based independent investigative website – suggest Navalny may have been poisoned.
A mourner adds her tribute to Alexei Navalny’s grave in Moscow after his burial on March 1 2024. Aleksey Dushutin/Shutterstock
Whether or not Putin directly ordered his death, Russia’s president bears responsibility – for leading a system that tried to assassinate Navalny in August 2020, and for allowing his imprisonment following Navalny’s return to Russia in conditions designed to crush him.
Commenting in March 2024, Putin stated that, just days before Navalny’s death, he had agreed for his most vocal opponent to be included in a prisoner swap – on condition the opposition figure never returned to Russia. “But, unfortunately,” Putin added, “what happened, happened.”
‘No one will forget’
Putin is afraid of Alexei, even after he killed him.
Yulia Navalnaya, Navalny’s wife, wrote these words on January 10 2025 after reading a curious letter. His mother, Lyudmila Navalnaya, had written to Rosfinmonitoring – a Russian state body – with a request for her son’s name to be removed from their list of “extremists and terrorists” now he was no longer alive.
The official response was straight from Kafka. Navalny’s name could not be removed as it had been added following the initiation of a criminal case against him. Even though he was dead, Rosfinmonitoring had not been informed about a termination of the case “in accordance with the procedure established by law”, so his name would have to remain.
This appears to be yet another instance of the Russian state exercising cruelty behind the veil of bureaucratic legality – such as when the prison authorities initially refused to release Navalny’s body to his mother after his death.
“Putin is doing this to scare you,” Yulia continued. “He wants you to be afraid to even mention Alexei, and gradually to forget his name. But no one will forget.”
Alexei Navalny and his wife, Yulia Navalnaya, at a protest rally in Moscow, May 2012. Dmitry Laudin/Shutterstock
Today, Navalny’s family and team continue his work outside of Russia – and are fighting to keep his name alive back home. But the odds are against them. Polling suggests the share of Russians who say they know nothing about Navalny or his activities roughly doubled to 30% between his return in January 2021 and his death three years later.
Navalny fought against an autocratic system – and paid the price with his life. Given the very real fears Russians may have of voicing support for a man still labelled an extremist by the Putin regime, it’s not easy to assess what people there really think of him and his legacy. But we will also never know how popular Navalny would have been in the “normal” political system he fought for.
What made Navalny the force he was?
Navalny didn’t mean for the humble yellow rubber duck to become such a potent symbol of resistance.
In March 2017, the ACF published its latest investigation into elite corruption, this time focusing on then-prime minister (and former president), Dmitry Medvedev. Navalny’s team members had become masters of producing slick videos that enabled their message to reach a broad audience. A week after posting, the film had racked up over 7 million views on YouTube – an extraordinary number at that time.
The film included shocking details of Medvedev’s alleged avarice, including yachts and luxury properties. In the centre of a large pond in one of these properties was a duck house, footage of which was captured by the ACF using a drone.
Video: ACF.
Such luxuries jarred with many people’s view of Medvedev as being a bit different to Putin and his cronies. As Navalny wrote in his memoir, Medvedev had previously seemed “harmless and incongruous”. (At the time, Medvedev’s spokeswoman said it was “pointless” to comment on the ACF investigation, suggesting the report was a “propaganda attack from an opposition figure and a convict”.)
But people were angry, and the report triggered mass street protests across Russia. They carried yellow ducks and trainers, a second unintended symbol from the film given Medvedev’s penchant for them.
Another reason why so many people came out to protest on March 26 2017 was the organising work carried out by Navalny’s movement.
The previous December, Navalny had announced his intention to run in the 2018 presidential election. As part of the campaign, he and his team created a network of regional headquarters to bring together supporters and train activists across Russia. Although the authorities had rejected Navalny’s efforts to register an official political party, this regional network functioned in much the same way, gathering like-minded people in support of an electoral candidate. And this infrastructure helped get people out on the streets.
The Kremlin saw this as a clear threat. According to a December 2020 investigation by Bellingcat, CNN, Der Spiegel and The Insider, the FSB assassination squad implicated in the Novichok poisoning of Navalny had started trailing him in January 2017 – one month after he announced his run for the presidency.
At the protests against Medvedev, the authorities’ growing intolerance of Navalny was also on display – he was detained, fined and sentenced to 15 days’ imprisonment.
The Medvedev investigation was far from the beginning of Navalny’s story as a thorn in the Kremlin’s side. But this episode brings together all of the elements that made Navalny the force he was: anti-corruption activism, protest mobilisation, attempts to run as a “normal” politician in a system rigged against him, and savvy use of social media to raise his profile in all of these domains.
Courting controversy
In Patriot, Navalny writes that he always “felt sure a broad coalition was needed to fight Putin”. Yet over the years, his attempts to form that coalition led to some of the most controversial points of his political career.
In a 2007 video, Navalny referred to himself as a “certified nationalist”, advocating for the deportation of illegal immigrants, albeit without using violence and distancing himself from neo-Nazism. In the video, he says: “We have the right to be Russians in Russia, and we’ll defend that right.”
Although alienating some, Navalny was attempting to present a more acceptable face of nationalism, and he hoped to build a bridge between nationalists and liberals in taking on the Kremlin’s burgeoning authoritarianism.
But the prominence of nationalism in Navalny’s political identity varied markedly over time, probably reflecting his shifting estimations of which platform could attract the largest support within Russia. By the time of his thwarted run in the 2018 presidential election, nationalist talking points were all but absent from his rhetoric.
However, some of these former comments and positions continue to influence how people view him. For example, following Russia’s annexation of Crimea in 2014, Navalny tried to take a pragmatic stance. While acknowledging Russia’s flouting of international law, he said that Crimea was “now part of the Russian Federation” and would “never become part of Ukraine in the foreseeable future”.
Many Ukrainians take this as clear evidence that Navalny was a Russian imperialist. Though he later revised his position, saying Crimea should be returned to Ukraine, some saw this as too little, too late. But others were willing to look past the more controversial parts of his biography, recognising that Navalny represented the most effective domestic challenge to Putin.
Another key attempt to build a broad political coalition was Navalny’s Smart Voting initiative. This was a tactical voting project in which Navalny’s team encouraged voters to back the individual thought best-placed to defeat the ruling United Russia candidate, regardless of the challenger’s ideological position.
The project wasn’t met with universal approval. Some opposition figures and voters baulked at, or flatly refused to consider, the idea of voting for people whose ideological positions they found repugnant – or whom they viewed as being “fake” opposition figures, entirely in bed with the authorities. (This makes clear that Navalny was never the leader of the political opposition in Russia; he was, rather, the leading figure of a fractious constellation of individuals and groups.)
But others relished the opportunity to make rigged elections work in their favour. And there is evidence that Smart Voting did sometimes work, including in the September 2020 regional and local elections, for which Navalny had been campaigning when he was poisoned with Novichok.
In an astonishing moment captured on film during his recovery in Germany, Navalny speaks to an alleged member of the FSB squad sent to kill him. Pretending to be the aide to a senior FSB official, Navalny finds out that the nerve agent had been placed in his underpants.
How do Russians feel about Navalny now?
It’s like a member of the family has died.
This is what one Russian friend told me after hearing of Navalny’s death a year ago. Soon afterwards, the Levada Center – an independent Russian polling organisation – conducted a nationally representative survey to gauge the public’s reaction to the news.
The poll found that Navalny’s death was the second-most mentioned event by Russian people that month, after the capture of the Ukrainian city of Avdiivka by Russian troops. But when asked how they felt about his death, 69% of respondents said they had “no particular feelings” either way – while only 17% said they felt “sympathy” or “pity”.
And that broadly fits with Navalny’s approval ratings in Russia. After his poisoning in 2020, 20% of Russians said they approved of his activities – but this was down to 11% by February 2024.
Video: BBC.
Of course, these numbers must be taken for what they are: polling in an authoritarian state regarding a figure vilified and imprisoned by the regime, during a time of war and amid draconian restrictions on free speech. To what extent the drop in support for Navalny was real, rather than reflecting the increased fear people had in voicing their approval for an anti-regime figure, is hard to say with certainty.
When asked why they liked Navalny, 31% of those who approved of his activities said he spoke “the truth”, “honestly” or “directly”. For those who did not approve of his activities, 22% said he was “paid by the west”, “represented” the west’s interests, that he was a “foreign agent”, a “traitor” or a “puppet”.
The Kremlin had long tried to discredit Navalny as a western-backed traitor. After Navalny’s 2020 poisoning, Putin’s spokesman, Dmitry Peskov, said that “experts from the United States’ Central Intelligence Agency are working with him”. The Russian state claimed that, rather than a patriot exposing official malfeasance with a view to strengthening his country, Navalny was a CIA stooge intent on destroying Russia.
Peskov provided no evidence to back up this claim – and the official propaganda wasn’t believed by all. Thousands of Russians defied the authorities by coming out to pay their respects at Navalny’s funeral on March 1 2024. Many, if not all, knew this was a significant risk. Police employed video footage to track down members of the funeral crowd, including by using facial recognition technology.
The first person to be detained was a Muscovite the police claimed they heard shouting “Glory to the heroes!” – a traditional Ukrainian response to the declaration “Glory to Ukraine!”, but this time referencing Navalny. She spent a night in a police station before being fined for “displaying a banned symbol”.
Putin always avoided mentioning Navalny’s name in public while he was alive – instead referring to him as “this gentleman”, “the character you mentioned”, or the “Berlin patient”. (The only recorded instance of Putin using Navalny’s name in public when he was alive was in 2013.)
However, having been re-elected president in 2024 and with Navalny dead, Putin finally broke his long-held practice, saying: “As for Navalny, yes he passed away – this is always a sad event.” It was as if the death of his nemesis diminished the potency of his name – and the challenge that Navalny had long presented to Putin.
Nobody can become another Navalny
Someone else will rise up and take my place. I haven’t done anything unique or difficult. Anyone could do what I’ve done.
So wrote Navalny in the memoir published after his death. But that hasn’t happened: no Navalny 2.0 has yet emerged. And it’s no real surprise. The Kremlin has taken clear steps to ensure nobody can become another Navalny within Russia.
In 2021, the authorities made a clear decision to destroy Navalny’s organisations within Russia, including the ACF and his regional network. Without the organisational infrastructure and legal ability to function in Russia, no figure has been able to take his place directly.
More broadly, the fate of Navalny and his movement has had a chilling effect on the opposition landscape. So too have other steps taken by the authorities.
Russia has become markedly more repressive since the start of its war on Ukraine. The human rights NGO First Department looked into the number of cases relating to “treason”, “espionage” and “confidential cooperation with a foreign state” since Russia introduced the current version of its criminal code in 1997. Of the more than 1,000 cases, 792 – the vast majority – were initiated following Russia’s full-scale invasion of Ukraine in 2022.
Russian law enforcement has also used nebulous anti-extremism and anti-terrorism legislation to crack down on dissenting voices. Three of Navalny’s lawyers were sentenced in January 2025 for participating in an “extremist organisation”, as the ACF was designated by a Moscow court in June 2021. The Russian legislature has also passed a barrage of legislation relating to so-called “foreign agents”, to tarnish the work of those the regime regards as foreign-backed “fifth columnists”.
Mass street protests are largely a thing of the past in Russia. Restrictions were placed on public gatherings during the COVID pandemic – but these rules were applied selectively, with opposition individuals and groups being targeted. And opportunities for collective action were further reduced following the full-scale invasion of Ukraine.
Freedom of speech has also come under assault. Article 29, point five of the Russian constitution states: “Censorship shall be prohibited.” But in September 2024, Kremlin spokesperson Peskov said: “In the state of war that we are in, restrictions are justified, and censorship is justified.”
Legislation passed very soon after the 2022 invasion of Ukraine made it illegal to comment on the Russian military’s activities truthfully – and even to call the war a war.
YouTube – the platform so central to Navalny’s ability to spread his message – has been targeted. Without banning it outright – perhaps afraid of the public backlash this might cause – the Russian state media regulator, Roskomnadzor, has slowed down internet traffic to the site within Russia. The result has been a move of users to other websites supporting video content, including VKontakte – a Russian social media platform.
In short, conditions in Russia are very different now compared to when Navalny first emerged. The relative freedom of the 2000s and 2010s gave him the space to challenge the corruption and authoritarianism of an evolving system headed by Putin. But this space has shrunk over time, to the point where no room remains for a figure like him within Russia.
In 2019, Navalny told Ivan Zhdanov, who is now director of the ACF: “We changed the regime, but not in the way we wanted.” So, did Navalny and his team push the Kremlin to become more authoritarian – making it not only intolerant of him but also any possible successor?
There may be some truth in this. And yet, the drastic steps taken by the regime following the start of the war on Ukraine suggest there were other, even more significant factors that have laid bare the violent nature of Putin’s personal autocracy – and the president’s disdain for dissenters.
Plenty for Russians to be angry about
How can we win the war when dedushka [grandpa] is a moron?
In June 2023, Evgeny Prigozhin – a long-time associate of Putin and head of the private military Wagner Group – staged an armed rebellion, marching his forces on the Russian capital. This was not a full-blown political movement against Putin. But the target of Prigozhin’s invective against Russia’s military leadership had become increasingly blurry, testing the taboo of direct criticism of the president – who is sometimes referred to, disparagingly, as “grandpa” in Russia.
And Prigozhin paid the price. In August 2023, he was killed when the private jet he was flying in crashed after an explosion on board. Afterwards, Putin referred to Prigozhin as a “talented person” who “made serious mistakes in life”.
In the west, opposition to the Kremlin is often associated with more liberal figures like Navalny. Yet the most consequential domestic challenge to Putin’s rule came from a very different part of the ideological spectrum – a figure in Prigozhin leading a segment of Russian society that wanted the Kremlin to prosecute its war on Ukraine even more aggressively.
Video: BBC.
Today, there is plenty for Russians to be angry about, and Putin knows it. He recently acknowledged an “overheating of the economy”. This has resulted in high inflation, in part due to all the resources being channelled into supporting the war effort. Such cost-of-living concerns weigh more heavily than the war on the minds of most Russians.
A favourite talking point of the Kremlin is how Putin imposed order in Russia following the “wild 1990s” – characterised by economic turbulence and symbolised by then-president Boris Yeltsin’s public drunkenness. Many Russians attribute the stability and rise in living standards they experienced in the 2000s with Putin’s rule – and thank him for it by providing support for his continued leadership.
The current economic problems are an acute worry for the Kremlin because they jeopardise this basic social contract struck with the Russian people. In fact, one way the Kremlin tried to discredit Navalny was by comparing him with Yeltsin, suggesting he posed the same threats as a failed reformer. In his memoir, Navalny concedes that “few things get under my skin more”.
Although originally a fan of Yeltsin, Navalny became an ardent critic. His argument was that Yeltsin and those around him squandered the opportunity to make Russia a “normal” European country.
Navalny also wanted Russians to feel entitled to more. Rather than be content with their relative living standards compared with the early post-Soviet period, he encouraged them to imagine the level of wealth citizens could enjoy based on Russia’s extraordinary resources – but with the rule of law, less corruption, and real democratic processes.
‘Think of other possible Russias’
When looking at forms of criticism and dissent in Russia today, we need to distinguish between anti-war, anti-government, and anti-Putin activities.
Despite the risk of harsh consequences, there are daily forms of anti-war resistance, including arson attacks on military enlistment offices. Some are orchestrated from Ukraine, with Russians blackmailed into acting. But other cases are likely to be forms of domestic resistance.
Criticism of the government is still sometimes possible, largely because Russia has a “dual executive” system, consisting of a prime minister and presidency. This allows the much more powerful presidency to deflect blame to the government when things go wrong.
There are nominal opposition parties in Russia – sometimes referred to as the “systemic opposition”, because they are loyal to the Kremlin and therefore tolerated by the system. Within the State Duma, these parties often criticise particular government ministries for apparent failings. But they rarely, if ever, now dare criticise Putin directly.
Nothing anywhere close to the challenge presented by Navalny appears on the horizon in Russia – at either end of the political spectrum. But the presence of clear popular grievances, and the existence of organisations (albeit not Navalny’s) that could channel this anger should the Kremlin’s grip loosen, mean we cannot write off all opposition in Russia.
Navalny’s wife, Yulia, has vowed to continue her husband’s work. And his team in exile maintain focus on elite corruption in Russia, now from their base in Vilnius, Lithuania. The ACF’s most recent investigation is on Igor Sechin, CEO of the oil company Rosneft.
But some have argued this work is no longer as relevant as it was. Sam Greene, professor in Russian politics at King’s College London, captured this doubt in a recent Substack post:
[T]here is a palpable sense that these sorts of investigations may not be relevant to as many people as they used to be, given everything that has transpired since the mid-2010s, when they were the bread and butter of the Anti-Corruption Foundation. Some … have gone as far as to suggest that they have become effectively meaningless … and thus that Team Navalny should move on.
Navalny’s team are understandably irritated by suggestions they’re no longer as effective as they once were. But it’s important to note that this criticism has often been sharpest within Russia’s liberal opposition. The ACF has been rocked, for example, by recent accusations from Maxim Katz, one such liberal opposition figure, that the organisation helped “launder the reputations” of two former bank owners. In their response, posted on YouTube, the ACF referred to Katz’s accusations as “lies” – but this continued squabbling has left some Russians feeling “disillusioned and unrepresented”.
So, what will Navalny’s long-term legacy be? Patriot includes a revealing section on Mikhail Gorbachev – the last leader of the Soviet Union, whom Navalny describes as “unpopular in Russia, and also in our family”. He continues:
Usually, when you tell foreigners this, they are very surprised, because Gorbachev is thought of as the person who gave Eastern Europe back its freedom and thanks to whom Germany was reunited. Of course, that is true … but within Russia and the USSR he was not particularly liked.
At the moment, there is a similar split in perceptions of Navalny. Internationally, he was nominated for the Nobel Peace Prize, awarded the Sakharov Prize by the European Parliament, and a documentary about him won an Oscar.
But there are also those outside of Russia who remain critical: “Navalny’s life has brought no benefit to the Ukrainian victory; instead, he has caused considerable harm,” wrote one Ukrainian academic. “He fuelled the illusion in the west that democracy in Russia is possible.”
Trailer for the Oscar-winning documentary Navalny.
Inside Russia, according to Levada Center polling shortly after his death, 53% of Russians thought Navalny played “no special role” in the history of the country, while 19% said he played a “rather negative” role. Revealingly, when commenting on Navalny’s death, one man in Moscow told RFE/RL’s Russian Service: “I think that everyone who is against Russia is guilty, even if they are right.”
But, for a small minority in Russia, Navalny will go down as a messiah-like figure who miraculously cheated death in 2020, then made the ultimate sacrifice in his battle of good and evil with the Kremlin. This view may have been reinforced by Navalny’s increasing openness about his Christian faith.
Ultimately, Navalny’s long-term status in Russia will depend on the nature of the political system after Putin has gone. Since it seems likely that authoritarianism will outlast Putin, a more favourable official story about Navalny is unlikely to emerge any time soon. However, how any post-Putin regime tries to make sense of Navalny’s legacy will tell us a lot about that regime.
While he was alive, Navalny stood for the freer Russia in which he had emerged as a leading opposition figure – and also what he called the “Beautiful Russia of the Future”. Perhaps, after his death, his lasting legacy in Russia remains the ability for some to think – if only in private – of other possible Russias.
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Ben Noble has previously received funding from the British Academy and the Leverhulme Trust. He is an Associate Fellow of Chatham House.
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European Commission Approves CSL and Arcturus Therapeutics’ KOSTAIVE®, the First Self-amplifying mRNA COVID-19 Vaccine
– KOSTAIVE represents a significant advancement in vaccine technology, demonstrating superior immunogenicity and antibody persistence for up to 12 months post-vaccination compared to conventional mRNA COVID-19 vaccines in clinical trials
WALTHAM, Mass. and SAN DIEGO, Feb. 14, 2025 /PRNewswire/ — Global biotechnology leader CSL (ASX: CSL; USOTC: CSLLY) and sa-mRNA pioneer Arcturus Therapeutics (Nasdaq: ARCT) today announced that the European Commission has granted marketing authorization for KOSTAIVE ® (ARCT-154), a self-amplifying mRNA COVID-19 vaccine, for individuals 18 years and older. KOSTAIVE is the first sa-mRNA COVID-19 vaccine to receive approval from the European Commission (EC). KOSTAIVE is currently marketed in Japan against COVID-19.
The European Commission approval follows a positive opinion adopted by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) on December 12, 2024. The centralized marketing authorization of KOSTAIVE is valid in all EU member states and in the EEA countries.
“The European Commission’s approval marks a significant milestone in our ongoing development program for KOSTAIVE,” said Jonathan Edelman, MD, Senior Vice President of the Vaccines Innovation Unit, CSL. “We are actively working to optimize KOSTAIVE’s formulation to better meet the needs of healthcare professionals and their patients. As COVID-19 remains an unpredictable global threat, CSL is dedicated to completing these technical enhancements and making this innovative vaccine available in Europe as soon as possible.”
The approval is based on positive clinical data from several studies, including an integrated phase 1/2/3 study demonstrating KOSTAIVE’s efficacy and tolerability, and Phase 3 COVID-19 booster trials, which achieved higher immunogenicity results compared to a conventional mRNA COVID-19 vaccine comparator. A follow-up analysis evaluating a booster dose of KOSTAIVE also showed that the vaccine elicited superior immunogenicity and antibody persistence for up to 12 months post-vaccination against multiple SARS-CoV-2 strains in both younger and older adult age groups versus the same mRNA comparator.
“KOSTAIVE and sa-mRNA technology signify a major advancement in vaccine innovation, providing the potential for broader and more enduring protection,” said Joseph Payne, CEO of Arcturus. “This approval highlights the clinical promise of KOSTAIVE and its ability to protect against the ever-changing COVID-19 virus.”
About sa-mRNA mRNA vaccines help protect against infectious diseases by providing a blueprint for cells in the body to make a protein to help our immune systems recognize and fight the disease. Unlike standard mRNA vaccines, self-amplifying mRNA vaccines instruct the body to make more mRNA and protein to boost the immune response.
About CSL CSL (ASX: CSL; USOTC: CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest. For inspiring stories about the promise of biotechnology, visit CSLBehring.com/Vita and follow us on Twitter.com/CSL.
For more information about CSL, visit www.CSL.com.
About Arcturus Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a commercial mRNA medicines and vaccines company with enabling technologies: (i) LUNAR® lipid-mediated delivery, (ii) STARR® mRNA Technology (sa-mRNA) and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus developed KOSTAIVE®, the first self-amplifying messenger RNA (sa-mRNA) COVID vaccine in the world to be approved. Arcturus has an ongoing global collaboration for innovative mRNA vaccines with CSL Seqirus, and a joint venture in Japan, ARCALIS, focused on the manufacture of mRNA vaccines and therapeutics. Arcturus’ pipeline includes RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF), along with its partnered mRNA vaccine programs for SARS-CoV-2 (COVID-19) and influenza. Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, circular RNA, antisense RNA, self-amplifying RNA, DNA, and gene editing therapeutics. Arcturus’ technologies are covered by its extensive patent portfolio (over 400 patents and patent applications in the U.S., Europe, Japan, China, and other countries). For more information, visit www.ArcturusRx.com. In addition, please connect with us on Twitter and LinkedIn.
Forward-Looking Statements This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, are forward-looking statements, including those regarding strategy, future operations, the likelihood of success (including safety, efficacy and commercialization) of KOSTAIVE, the likelihood that clinical results received to date will be predictive of future clinical results of protection against changing virus variants, the likelihood of optimizing KOSTAIVE’s formulation and completing technical enhancements, and the impact of general business and economic conditions. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements, including those discussed under the heading “Risk Factors” in Arcturus’ most recent Annual Report on Form 10-K, and in subsequent filings with, or submissions to, the SEC, which are available on the SEC’s website at www.sec.gov. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
“It is so beautiful to see a movie that is cinema,” gushed Mexican director Guillermo del Toro. Another Mexican filmmaker, Issa López, who directed “True Detective: Night Country,” called it a “masterpiece,” adding that Audiard portrayed issues of gender and violence in Latin America “better than any Mexican facing this issue at this time.”
The film is a musical about a Mexican drug lord named Manitas del Monte, played by trans actress Karla Sofía Gascón. Del Monte hires a lawyer to facilitate her long-awaited gender transition. After her surgery, she fakes her death with her lawyer’s help and sends her wife, Jessi, played by Selena Gómez, and their children to Switzerland. Four years later, Manitas – now known as Emilia Pérez – tries to reunite with her family by posing as Manitas’ distant cousin.
So why is it bombing among Mexican moviegoers?
Modest research into a ‘modest’ language
As a scholar of gender and sexuality in Latin America, I study LGBTQ+ representation in media, particularly in Mexico. So it’s been interesting to follow the negative reaction to a film that critics claim has broken new ground in exploring themes of gender, sexuality and violence in Mexico.
Many of the film’s perceived errors seem self-inflicted.
Audiard admitted that he didn’t do much research on Mexico before and during the filming process. And even though he doesn’t speak Spanish, he chose to use a Spanish script and film the movie in Spanish.
The director told French media outlet Konbini that he chose to make the film in Spanish because it is a language “of modest countries, developing countries, of poor people and migrants.”
Not surprisingly, an early critique of the film centered on its Spanish: It uses some Mexican slang words, but they’re spoken in ways that sound unnatural to native speakers. Then there’s the film’s overreliance on clichés that border on racism, perhaps most egregiously when Emilia’s child sings that she smells of “mezcal and guacamole.”
Of course, an artist need not belong to a culture in order to depict or explore it in their work. Filmmakers like Sergei Eisenstein and Luis Buñuel became renowned figures in Mexican cinema despite being born in Latvia and Spain, respectively.
When choosing to explore sensitive topics, however, it is important to take into account the perspective of those being portrayed, both for accuracy’s sake and as a form of respect. Take Martin Scorsese’s “Killers of the Flower Moon.” The director collaborated with members of the Osage nation to further the film’s historical and cultural accuracy.
Glossing over the nuance
“Emilia Pérez” centers on how violence stems from the corruption prevalent in Mexico. Multiple musical numbers denounce the collusion between authorities and criminals.
This is certainly true. But to many Mexicans, it feels like an oversimplification of the issue.
The film fails to acknowledge the confluence of factors behind the country’s violence, such as U.S. demand for illegal drugs stemming from its opioid crisis, or the role that American guns play in Mexico’s violence.
Professor and journalist Oswaldo Zavala, who has written extensively about Mexican cartels, argues that the film perpetuates the idea that Latin American countries are solely to blame for the violence of drug trafficking. Furthermore, Zavala contends that this perspective reinforces the narrative that the U.S.-Mexico border needs to be militarized.
The musical features few male characters; the ones who do appear are invariably violent, and this includes Manitas before undergoing their transition. The cruelty of Manitas contrasts with Emilia’s kindness: She helps the “madres buscadoras,” which are the Mexican collectives made up of mothers searching for missing loved ones presumed to be kidnapped or killed by organized crime. One of these collectives, Colectivo de Víctimas del 10 de Marzo, criticized the film for depicting groups like theirs as recipients of money from organized crime and beneficiaries of luxurious galas attended by politicians and celebrities.
Members of the Madres Buscadoras de Sonora search for the remains of missing persons on the outskirts of Hermosillo, a city in northwestern Mexico, in 2021. Alfred Estrella/AFP via Getty Images
Backlash on multiple fronts
These political and cultural blind spots have spurred a backlash among Mexican moviegoers.
When the movie premiered in Mexico in January 2025, it bombed at the box office, with some viewers demanding refunds. Mexico’s Federal Consumer Protection Agency had to intervene after the movie chain Cinépolis refused to honor its satisfaction-guarantee policy.
Trans content creator Camila Aurora playfully parodied “Emilia Pérez” in her short film “Johanne Sacrebleu.” In scenes filled with stereotypical French symbols such as croissants and berets, it tells the story of an heiress who falls in love with a member of her family’s business rivals.
While some viewers have nonetheless praised “Emilia Pérez” for its nuanced portrayal of trans women and the casting of a trans actress, the LGBTQ advocacy group GLAAD described it as “a step backward for trans representation.”
One point of contention is the musical number Emilia sings, “medio ella, medio él,” or “half she, half he,” which insinuates that trans people are stuck between two genders. The movie also seems to portray the character’s transition as a tool for deception.
A social media viper pit
Meanwhile, Gascón’s historic nominations as the first trans actress recognized by the Oscars and other awards have been overshadowed by her controversial statements.
She made headlines when she accused associates of Brazilian actress Fernanda Torres of disparaging her work. Torres is also an Oscar nominee for best actress.
The latest controversy began in late January 2025 when Gascón’s old social media posts resurfaced. The now-deleted messages included attacks on Muslims in Spain and a post calling co-star Selena Gómez a “rich rat,” which Gascón has denied writing.
“Emilia Pérez” is limping into the Oscars. Netflix and Audiard have distanced themselves from Gascón to try to preserve the film’s prospects at the annual Academy Awards ceremony.
It could be too little too late.
Alejandra Marquez Guajardo does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
When nonprofits use multiple strategies during their online fundraising campaigns, such as thanking donors for their support, telling the public about their missions and conveying how they are helping people, they receive more donations than if they stick to only one kind of post.
We figured this out after analyzing data from 752 nonprofits that participated in Omaha Gives, an online 24-hour fundraising event in 2015 and 2020. While reviewing the Facebook posts shared during those events, which have since been discontinued, we saw that these appeals fell into six categories:
Beneficiaries: Explaining how the group helps people.
Goals: Encouraging donors to help reach a fundraising goal.
Gratitude: Thanking donors for their gifts.
Mission: Focusing on how the organization helps people.
Social media engagement: Asking donors to share the post or change their profile picture to boost the campaign.
Solicitation: Asking for donations.
We also considered the size of the nonprofits’ budgets, what they do, how long they’ve been operating, their prior experience in online fundraising, the total number of likes their Facebook profiles have garnered, the number of posts they made during the fundraising events, and how many times these posts were shared. The impact of having a mix of fundraising messages was consistent regardless of these other factors.
In addition to determining that using different types of messaging works best, we found that when nonprofits frequently share messages of gratitude or that highlight progress toward their goals, they tend to raise more money than if they just ask for donations.
Taking the strategy our study supports – making different kinds of posts – could help nonprofits beyond simply getting more donations. We suspect that it may also reduce donor fatigue. That is, it could make it less likely that donors will become so overwhelmed by the repetition of the same requests that they stop supporting a group they used to fund.
Online giving has grown in importance in recent years. It amounted to an estimated 12% of all nonprofit fundraising in 2023, the most recent year for which data is available. Social media campaigns are an important part of online fundraising strategies, even though nonprofits still raise much more money through email.
What still isn’t known
It’s unclear how much of what we found is specific to Facebook. Had we examined fundraising data from other social media platforms, the results might have been different. We also didn’t assess the nonprofits’ other fundraising activities, such as how engaged their board members were in these campaigns, or the extent of their other strategies, such as direct mail.
We aim to conduct a future study that will look at both offline and online fundraising efforts to isolate the impact of social media posts on fundraising.
The Research Brief is a short take about interesting academic work.
Abhishek Bhati does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.