Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.
Listen to President Christine Lagarde present today’s decisions. The statement also covers:
• how the economy is performing
• how we expect prices to develop
• the risks to the economic outlook
• the dynamics behind financial and monetary conditions
Published and recorded during our press conference on 17 October 2024
Source: United Kingdom – Executive Government & Departments
Lea Paterson announced as Chair of the Senior Salaries Review Body.
Today, Thursday 17 October 2024, the Government has announced that Lea Paterson will be the new Chair of the Senior Salaries Review Body (SSRB).
Lea brings extensive experience from public policy, regulation, HR and financial journalism. She has held a number of senior roles at the Bank of England, including serving as the Bank’s Executive Director of People & Culture, and as the organisation’s first Director of Independent Evaluation.
Lea is currently a Board Member at the Independent Parliamentary Standards Authority, an independent member of Warwick University’s Remuneration Committee, and a Civil Service Commissioner. She also holds a number of voluntary and community roles.
As Chair of the SSRB, Lea will provide strong leadership at a senior level and a clear direction of the policy, financial and operational levers that impact on remuneration decisions, especially in the public sector.
The SSRB provides independent advice to the Prime Minister and senior ministers on the pay of many of the nation’s top public servants.
The SSRB’s remit covers senior civil servants, the judiciary, the senior military, certain senior managers in the NHS, Police and Crime Commissioners and chief police officers.
This is a Prime Ministerial appointment with Cabinet Office being the sponsoring department. The appointment process for this role was in full accordance with the Commissioner for Public Appointments’ Code of Practice.
The Rt Hon Pat McFadden, Chancellor of the Duchy of Lancaster, said:
Congratulations to Lea on her appointment as Chair of the Senior Salaries Review Body.
This role requires someone with financial expertise, strong leadership skills and dedication to public service, and Lea’s skills and experience across many relevant fields will be invaluable.
I wish her the best of luck in her new role.
Lea Paterson, incoming Chair of the Senior Salaries Review Body, said:
I’m delighted to have been appointed as Chair of the Senior Salaries Review Body.
I’m looking forward to working with colleagues to deliver independent, evidence-based advice that not only helps to attract and retain great talent for our public services, but also ensures value for money for the taxpayer.
I would also like to thank the outgoing Chair Pippa Lambert for her sterling leadership of the SSRB.
Source: The Conversation – UK – By Kieran Maguire, Senior Teacher in Accountancy and member of Football Industries Group, University of Liverpool
When the Premier League broke away from the rest of English football in 1992, its 22 clubs generated £205 million in its debut season, and the average player earned £2,050 a week. Thirty years later, despite having two fewer clubs, the league’s revenue had increased by 2,850% to £6.1 billion and the average player earned £93,000 a week.
At the heart of this extraordinary growth is an American revolution. In the Premier League’s inaugural season, football was still in recovery from the horrors of the stadium disasters at Hillsborough and Heysel. Owners tended to be from the local area and with a business background. The only foreign owner was Sam Hamman at Wimbledon, a Lebanese millionaire who bought the club on a whim having reportedly been much more interested in tennis. The season ended with Manchester United (under Alex Ferguson) winning the English game’s top league for the first time in 26 years.
Now, if the Texas-based Friedkin Group’s recent deal to buy Everton goes through, 11 of the 20 Premier League clubs will be controlled or part-owned by American investors. The US – long seen as football’s final frontier when it comes to the men’s game – suddenly can’t get enough of English “soccer”.
Four of the Premier League’s “big six” are American-owned – Manchester United, Liverpool, Arsenal and Chelsea – while a fifth, Manchester City, has a significant US minority shareholding. Aston Villa, Fulham, Bournemouth, Crystal Palace, West Ham and Ipswich Town also have varying degrees of American ownership.
And it’s not even just the glamour clubs at the top of the tree. American investment has also been significant lower down the football pyramid, led by the high-profile acquisition of then non-league Wrexham by Hollywood actors Ryan Reynolds and Rob McElhenny, and Birmingham City’s purchase by US investors including seven-time Super Bowl winner Tom Brady. American investment in football has reached places as geographically diverse as Carlisle and Crawley in England, and Aberdeen and Edinburgh in Scotland.
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Manchester United was the first Premier League club to come under American ownership – after a row about a horse.
In 2005, United was owned by a variety of investors including Irish businessmen and racehorse owners John Magnier and J.P. McManus. Their erstwhile friend Ferguson, the United manager, thought he co-owned the champion racehorse Rock of Gibraltar with them – a stallion worth millions in stud rights. They disagreed – and their bitter dispute was such that Magnier and McManus decided to sell their shares in the football club.
The Miami-based Glazer family – already involved in sport as owners of NFL franchise the Tampa Bay Buccaneers – had already been buying up small tranches of shares in United, but the sudden availability of the Irish shares allowed Malcolm Glazer to acquire a controlling stake for £790 million (around £1.5 billion at today’s prices).
The fact Glazer did not actually have sufficient funds to pay for these shares was a solvable problem. In the some-might-say commercially naive world of top-flight English football before the Premier League, Manchester United was a club without debt, paying its way without leveraging its position as one of the world’s most famous football clubs. Glazer saw the opportunity this presented and arranged a leveraged buy-out (LBO), whereby the football club borrowed more than £600 million secured on its own assets to, in effect, “buy itself” in 2005.
Despite the need to meet the high interest costs to fund the LBO, United continued winning trophies under Ferguson – including three Premier League titles in a row in 2007, 2008 and 2009, as well as a Champions League victory in 2008. Amid this success, the club felt that ticket prices were too low and set about increasing them, with matchday revenue increasing from £66 million in 2004/05 to over £101 million by 2007/08.
Commercial income was another area the Glazers were keen to increase. United set up offices in London and adopted a global approach to finding new official branding deals ranging from snacks to tractor and tyre suppliers – doubling revenues from this income source too.
But in this new, more aggressive world of “sweating the asset”, the debts lingered – and most United fans remained deeply suspicious of their American owners. (Following their father’s death in 2014, the club was co-owned by his six children, with brothers Avram and Joel Glazer becoming co-chairmen.)
Today, despite its partial listing on the New York Stock Exchange and the February 2024 sale of 27.7% of the club to British billionaire Sir Jim Ratcliffe for a reputed £1.25 billion, United still has borrowings of more than £546 million, having paid cumulative interest costs of £969 million since the takeover in 2005. But with the club now valued at US$6.55 billion (around £5bn), it represents a very smart investment for the Glazer family.
Indeed, while the prices being paid for football clubs across Europe have reached record levels, they are still seen as cheap investments compared with US sports’ leading franchises. Forbes’s annual list of the world’s most valuable sports teams has American football (NFL), baseball (MLB) and basketball (NBA) teams occupying the top ten positions, with only three Premier League clubs – Manchester United, Liverpool and Manchester City – in the top 50.
With NFL teams having an average franchise value of US$5.1 billion and NBA $3.9 billion, many English football clubs still look like a bargain from the other side of the pond.
The risk of relegation
The latest to join this US bandwagon, the Friedkin Group – a Texas-based portfolio of companies run by American businessman and film producer Dan Friedkin – is reported to have offered £400m to buy Everton, despite the club’s poor financial state.
“The Toffees” have been hit by loss of sponsorships as well as two sets of points deductions for breaching the Premier League’s financial rules, leading to revenue losses from lower league positions. While the new stadium being built at Liverpool’s Bramley-Moore dock has been yet another financial constraint, it will at least increase matchday income from the start of next season.
Everton’s new stadium at Bramley-Moore dock will open in time for the start of the 2025-26 season. Phil Silverman / Shutterstock
A wider reason for the relative bargain in valuations of European football clubs is the risk of relegation – something that is not part of the closed leagues of most US sports. While the threat of relegation (and promise of promotion) has always been an integral part of English and European football, the jeopardy this brings for supporters – and a club’s finances – does not exist in the NFL, NBA, Major League Soccer and similar competitions.
The Premier League, with its three relegation spots at the end of each season, has featured 51 different clubs since it launched in 1992. Only six clubs – Arsenal, Spurs, Chelsea, Manchester United, Liverpool and Everton – have been ever present, with Arsenal now approaching 100 years of consecutive top-flight football.
Other Premier League clubs have experienced the dramatic cost-benefit of relegation and promotion. Oldham Athletic, who were in the Premier League for its first two seasons, now languish in the fifth tier of the game, outside the English Football League (EFL). In contrast, Luton Town, who were in the fifth tier as recently as 2014, were promoted to the Premier League in 2023 – only to be relegated at the end of last season.
While it is difficult to compare football clubs with basketball and American football teams, the financial difference between having an open league, with relegation, and a closed league becomes apparent when you look at women’s football on both sides of the Atlantic.
Angel City, a women’s soccer team based in Los Angeles, only entered the National Women’s Soccer League (NWSL) in 2022 and is yet to win an NWSL trophy. But last month, the club was sold for US$250 million (£188m) to Disney’s CEO Bob Iger and TV journalist Willow Bay – the most expensive takeover in the history of women’s professional sport.
In comparison, Chelsea – seven-time winners of the English Women’s Super League and one of the most successful sides in Europe – valued its women’s team at £150 million ($US196m) earlier this summer. While there are a number of factors to this price differential, the confidence that Angel City will always be a member of the big league of US soccer clubs – and share very equally in its revenue – will have made its new owners very confident in the long-term soundness of their deal.
The story of Angel City FC, the most expensive team in women’s sport.
A further attraction for American investors is the potential to enter two markets – one mature (men’s football) and one effectively a start-up (the women’s game) – in a single purchase. In the US, the top men’s and women’s clubs are completely separate. But in Europe, most top-flight women’s teams are affiliated to men’s clubs – with the exception of eight-time Women’s Champions League winners Olympique Lyonnais Feminin, which split from the French men’s club when Korean-American businesswoman Michele Kang bought a majority stake in the women’s team in February 2024).
While interest in, and hence value of, the WSL is now growing fast, the women’s game in England is dwarfed by viewer ratings for the Premier League – the most watched sporting league in the world, viewed by an estimated 1.87 billion people every week across 189 countries.
These figures dwarf even the NFL which, while currently still the most valuable of all sporting leagues in terms of its broadcasting deals, must be looking at the growth of the Premier League with some jealousy. This may explain why some US franchise owners, such as Stan Kroenke, the Glazer family, Fenway Sports Group and Billy Foley, have subsequently purchased Premier League football clubs.
Ironically, for many spectators around the world, it is the intensity and competitiveness of most Premier League matches – brought on in part by the threat of relegation and prize of European qualification – that makes it so captivating. However, billionaire investors like guaranteed numbers and dislike risk – especially the degree of financial risk that exists in the Premier League and English Football League.
European not-so-Super League
In April 2021, 12 leading European clubs (six from England plus three each from Spain and Italy) announced the creation of the European Super League (ESL). This new mid-week competition was to be a high-revenue generating, closed competition with (eventually) 15 permanent teams and five annual additions qualifying from Europe. According to one of the driving forces behind the plan, Manchester United co-chairman Joel Glazer:
By bringing together the world’s greatest clubs and players to play each other throughout the season, the Super League will open a new chapter for European football, ensuring world-class competition and facilities, and increased financial support for the wider football pyramid.
The problem facing the Premier League’s “big six” clubs – and their ambitious owners – is there are currently only four slots available to play in the Champions League. So, their thinking went, why not take away the risk of not qualifying? However, the proposal was swiftly condemned by fans around Europe, together with football’s governing bodies and leagues – all of whom saw the ESL proposal as a threat to the quality and integrity of their domestic leagues. Following some large fan protests, including at Chelsea’s Stamford Bridge, Manchester City was the first club to withdraw – followed, within a couple of days, by the rest of the English clubs.
Under the terms of the ESL proposals, founding member clubs would have been guaranteed participation in the competition forever. Guaranteed participation means guaranteed revenues. The current financial gap between the “big six” and the other members of the Premier League, which in 2022/23 averaged £396 million, would have widened rapidly.
For example, these clubs would have been able to sell the broadcast rights for some of their ESL home fixtures direct to fans, instead of via a broadcaster. All of a sudden, that database of fans who have downloaded the official club app, or are on a mailing list, becomes far more valuable. These are the people most willing to watch their favourite team on a pay-per-view basis, further increasing revenues.
At the same time, a planned ESL wage cap would have stopped players taking all these increased revenues in the form of higher wages, allowing these clubs to become more profitable and their ownership even more lucrative.
American-owned Manchester United and Liverpool had previously tried to enhance the value of their investments during the COVID lockdowns era via ProjectBig Picture – proposals to reduce the size of the Premier League and scrap one of the two domestic cup competitions, thus freeing up time for the bigger clubs to arrange more lucrative tours and European matches against high-profile opposition.
Most importantly, Project Big Picture would have resulted in changing the governance of the domestic game. Under its proposals, the “big six” clubs would have enjoyed enhanced voting rights, and therefore been able to significantly influence how the domestic game was governed.
Any attempt to increase the concentration of power raises concerns of lower competitive balance, whereby fewer teams are in the running to win the title and fewer games are meaningful. This is a problem facing some other major European football leagues including France’s Ligue 1, where interest among broadcasters has dwindled amid the perceived dominance of Paris St-Germain.
So while to date, American-led attempts to change the structure of the Premier League have been foiled, it’s unlikely such ideas have gone away for good. The near-universal fear of fans – even those who welcome an injection of extra cash from a new billionaire owner – is that the spectacle of the league will only be diminished if such plans ever succeed.
And there is evidence from the women’s game that the US closed league format is coming under more pressure from football’s global forces. The NWSL recently announced it is removing the draft system that is designed (as with the NFL and NBA) to build in jeopardy and competitive balance when there is no risk of relegation.
Top US women’s football clubs are losing some of their leading players to other leagues, in part because European clubs are not bound by the same artificial rules of employment. In a truly global professional sport such as football, international competition will always tend to destabilise closed leagues.
Why do they keep buying these clubs?
Does this mean that American and other wealthy owners of Premier League clubs seeking to reduce their risks are ultimately fighting a losing battle? And if so, given the potential risks involved in owning a football club – both financial and even personal – why do they keep buying them?
The motivations are part-financial, part technological and, as has always been the case with sports ownership, part-vanity.
The American economy has grown far faster than that of the EU or UK in recent years. Consequently, there are many beneficiaries of this growth who have surplus cash, and here football becomes an attractive proposition. In fact, football clubs are more resilient to recessions than other industries, holding their value better as they are effectively monopoly suppliers for their fans who have brand loyalty that exists in few other industries.
From 1993 to 2018, a period during which the UK economy more than doubled, the total value of Premier League clubs grew 30 times larger. And many fans are tied to supporting one club, helping to make the biggest clubs more resilient to economic changes than other industries. While football, like many parts of the entertainment industry, was hit by lockdown during Covid, no clubs went out of business, despite the challenges of matches being played in empty stadiums.
Added to this, the exchange rates for US dollars have been very favourable until recently, making US investments in the UK and Europe cheaper for American investors.
So, while Manchester United fans would argue that the Glazer family have not been good for the club, United has been good for the Glazers. And Fenway Sports Group (FSG), who bought Liverpool for £300 million in 2010, have recouped almost all of that money in smaller share sales while remaining majority owners of Liverpool.
Despite this, the £2.5 billion price paid for Chelsea by the US Clearlake-Todd Boehly consortium in May 2022 took markets by surprise.
The sale – which came after the UK government froze the assets of the club’s Russian oligarch owner, Roman Abramovich, following the invasion of Ukraine – went through less than a year after Newcastle United had been sold by Sports Direct founder Mike Ashley to the Saudi Arabian Public Investment Fund for £305 million – approximately twice that club’s annual revenues. Yet Clearlake-Boehly were willing to pay over five times Chelsea’s annual revenues to acquire the club, even though it was in a precarious financial position.
Clearlake is a private equity group whose main aim is to make profits for their investors. But unlike most such investors, who tend to focus on cost-cutting, the Chelsea ownership came in with a high-spending strategy using new financial structuring ideas, such as offering longer player contracts to avoid falling foul of football’s profitability and sustainability rules (although this loophole has since been closed with Uefa, European football’s governing body, limiting contract lengths for financial regulation purposes to five years).
Chelsea’s location in the one of the most expensive areas of London, combined with its on-field success under Abramovich, all added to the attraction, of course. But there are other reasons why Clearlake, along with billionaire businessman Boehly, were willing to stump up so much for the club.
From Hollywood to the metaverse
While some British football fans may have viewed the Ted Lasso TV show as an enjoyable if slightly twee fictional account of American involvement in English soccer, it has enhanced the attraction of the sport in the US. So too Welcome To Wrexham – the fly-on-the-wall series covering the (to date) two promotions of Wales’s oldest football club under the unlikely Hollywood stewardship of Reynolds and McElhenney.
Welcome To Wrexham, season one trailer.
The growth in US interest in English football is reflected in the record-breaking Premier League media rights deal in 2022, with NBC Sports reportedly paying $2.7 billion (£2.06bn) for its latest six-year deal.
But as well as football offering one of increasingly few “live shared TV experiences” that carry lucrative advertising slots, there may also be more opportunity for more behind-the-scenes coverage of the Premier League – as has long been seen in US coverage of NBA games, for example, where players are interviewed in the locker room straight after games.
According to Manchester United’s latest annual report, the club now has a “global community of 1.1 billion fans and followers”. Such numbers mean its owners, and many others, are bullish about the potential of the metaverse in terms of offering a matchday experience that could be similar to attending a match, without physically travelling to Manchester.
Their neighbours Manchester City, part-owned by American private equity company Silverlake, broke new (virtual) ground by signing a metaverse deal with Sony in 2022. Virtual reality could give fans around the world the feeling of attending a live match, sitting next to their friends and singing along with the rest of the crowd (for a pay-per-view fee).
Some investors are even confident that advancements in Abba-style avatar technology could one day allow fans to watch live 3D simulations of Premier League matches in stadiums all over the world. Having first-mover advantage by being in the elite club of owners who can make use of such technology could prove ever more rewarding.
More immediately, there are some indications that competitive matches involving England’s top men’s football teams could soon take place in US or other venues. Boehly, Chelsea’s co-owner, has already suggested adopting some US sports staples such as an All-Star match to further boost revenues. Indeed, back in 2008, the Premier League tentatively discussed a “39th game” taking place overseas, but that idea was quickly shelved.
The American owners of Birmingham City were keen to play this season’s EFL League One match against Wrexham in the US, but again this proposal did not get far. Liverpool’s chairman Tom Werner says he is determined to see matches take place overseas, and recent changes to world governing body Fifa’s rulebook could make it easier for this proposal to succeed.
The potential benefits of hosting games overseas include higher matchday revenues, increased brand awareness, and enhanced broadcast rights. While there is likely to be significant opposition from local fans, at least American owners know they would not face the same hostility about rising matchday prices in the US as they have encountered in England.
When the Argentinian legend Lionel Messi signed for new MLS franchise Inter Miami in 2023, season ticket prices nearly doubled on his account. And while there is vocal opposition to higher ticket prices in England, this is not borne out in terms of lower attendances for matches against high-calibre opposition – as evidenced by Aston Villa charging up to £97 for last week’s Champions League meeting with Bayern Munich.
Villa’s director of operations, Chris Heck, defended the prices by saying that difficult decisions had to be made if the club was to be competitive.
Manchester United’s matchday revenue per EPL season (£m)
For much of the 2010s, with broadcast revenues increasing rapidly, many Premier League owners made little effort to stoke hostilities with their loyal fan bases by putting up ticket prices. Indeed, Manchester United generated little more from matchday income in the 2021-22 season, as football emerged from the pandemic, than the club had in 2010-11 (see chart above).
However, this uneasy truce between fans and owners has ceased. The relative flatlining of broadcast revenues since 2017, along with cost control rules that are starting to affect clubs’ ability to spend money on player signings and wages, has changed club appetites for dampened ticket prices. This has resulted in noticeable rises in individual ticket and season ticket prices by some clubs.
However, season ticket and other local “legacy” fans generate little money compared with the more lucrative overseas and tourist fans. They may only watch their favourite team live once a season, but when they visit, they are far more likely not only to pay higher matchday prices, but to spend more on merchandise, catering and other offerings from the club.
Today’s breed of commercially aware, profit-seeking US Premier League owners – pioneered by the Glazer family, who saw that “sweating the asset” meant more than watching football players sprinting hard – understand there is a lot more value to come from English football teams. The clubs’ loyal local supporters may not like it, but English football’s American-led revolution is not done yet.
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Kieran Maguire has taught courses and presented on football finance for the Professional Footballers Association, League Managers Association, FIFA and national football associations in Europe.
Christina Philippou is affiliated with the RAF FA, and Premier League education programs.
Source: United Kingdom – Executive Government & Departments 3
New rules will give millions of Buy-Now, Pay-Later users key protections offered by other forms of credit.
Providers will have to ensure lending is affordable – stopping users from accumulating unmanageable debt
Rules deliver better protection for shoppers and clarity for innovative sector after years of uncertainty
Millions of shoppers are set to be protected by new rules for Buy-Now, Pay-Later products.
Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently do not have access to a range of key protections provided by other consumer credit products.
The Government has today launched a consultation on proposals to fix this by bringing Buy-Now, Pay-Later companies under the supervision of the Financial Conduct Authority (FCA) and applying the Consumer Credit Act, ensuring users receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise.
Economic Secretary to the Treasury Tulip Siddiq said:
Millions of people use Buy-Now, Pay-Later to manage their finances, but the previous government’s dither and delay left them unprotected.
We promised to take action before the election and now we are delivering. Our approach will give shoppers access to the key protections provided by other forms of credit while providing the sector with the certainty it needs to innovate and grow.
The new rules will allow the FCA to apply rules on affordability – meaning that Buy-Now, Pay-Later companies will have to check that shoppers are able to afford repayments before offering a loan, which will help to prevent people building up unmanageable debt.
Companies will also need to provide clear, simple and accessible information about loan agreements in advance so that shoppers can make fully informed decisions and understand the risks associated with late repayments. Consumer Credit Act information disclosure rules will be disapplied so that the FCA can consult on bespoke rules that ensure users are given this information in a way that is tailored to the online setting in which Buy-Now, Pay-Later products are generally used.
Buy-Now, Pay-Later users will be given stronger rights if issues arise with products they purchase, making it quicker and easier to get redress. This includes applying Section 75 of the Consumer Credit Act, which allows consumers to claim refunds from their lender, and access to the Financial Ombudsman Service to make complaints.
Rocio Concha, Which? Director of Policy and Advocacy, said:
Which? has been a leading voice calling for the regulation of Buy Now Pay Later for years so it’s positive that new rules are coming in that should provide much-needed protections for users of these products.
Our research found that many BNPL customers do not realise they are taking on debt or consider the prospect of missing payments, which can result in uncapped fees, so clearer information about the risks involved as well as the use of affordability checks and options for redress would be a win for consumers.
We are keen to see legislation quickly passed to ensure that BNPL users are protected as strongly as consumers using other credit products.
Sebastian Siemiatkowski, Co founder and CEO of Klarna, said:
Congratulations to Tulip Siddiq and the government on moving quickly! They have been working with the industry and consumer groups long before coming into office. We’re looking forward to carrying on that work to put proportionate rules in place that protect consumers while fostering growth.
Michael Saadat, International Head of Public Policy at Clearpay said:
We welcome today’s update from City and FinTech Minister, Tulip Siddiq, on BNPL regulation. It is encouraging that HM Treasury has listened to industry feedback and evolved the previous framework to ensure a more proportionate approach to regulation. We have always called for fit-for-purpose regulation that prioritises customer protection, delivers much-needed innovation in consumer credit and that sets high industry standards across the board.
We will continue to support the Government and the FCA to deliver fit-for-purpose regulation that ensures consumers are protected in a way that supports the UK’s thriving FinTech sector.
Chris Woolard, Author of the 2021 Woolard Review, which looked at change and innovation in the unsecured credit market, said:
Today marks a significant milestone for consumer-focused financial regulation. The proposed package of regulation would implement the recommendations of the Review and mean millions of people up and down the UK will benefit from stronger financial protection as they borrow using BNPL, especially the most vulnerable in society. The incoming regulation will also provide long-term certainty and standards for the market.
The consultation will be conducted quickly – closing on 29 November – to reflect the urgent need for action to protect consumers.
Final legislation is expected to be laid in Parliament in early 2025. Once the legislation is laid, the FCA will finalise the rules so they can take effect in 2026 – bringing clarity to the sector after years of uncertainty about how it will be regulated.
This follows the Prime Minister saying he would remove regulation that needlessly holds back investment and growth. Today’s announcement brings in much needed regulation that stops people spiralling into debt.
Justin Basini, Co-Founder and CEO of The ClearScore Group said:
We welcome this consultation to bring Buy-Now, Pay-Later borrowers under the same protections and creditworthiness assessments as other mainstream financial products such as credit cards and loans.
It is a sensible step in ensuring that this new, important form of credit continues to provide much-needed flexibility for consumers while also managing any risks.
Purchase of Own Securities and Total Voting Rights
Octopus Apollo VCT plc (the ‘Company’) announces that on 17 October 2024 the Company purchased for cancellation 6,676,869 ordinary shares of 0.1p each at a price of 47.6749p per share.
Following this transaction, the issued share capital and total voting rights of the Company will be 875,919,396 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
WOODS CROSS, Utah, Oct. 17, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced the Company will ring the closing bell at the Nasdaq MarketSite in Times Square, New York on Friday, October 25, 2024.
“We are honored to ring the closing bell to celebrate our recent listing on the Nasdaq Exchange,” said David Sealock, Chief Executive Officer, Co-Founder, and Chairman of Sky Quarry. “This celebration marks a significant milestone for the Company, its team members, and our shareholders as we continue our waste-to-energy mission of repurposing and upcycling millions of tons of asphalt shingle waste, diverting them from landfills. By leveraging our innovative technology, we plan to not only address a significant environmental challenge, but to also create economic opportunities that benefit the planet as well as our stakeholders. We look forward to everyone joining our bell ringing ceremony either in-person or via livestream.”
Mr. Sealock will be accompanied at the closing bell ceremony by Sky Quarry Co-Founder and VP Executive Marcus Laun and Chief Financial Officer Darryl Delwo.
Management will also take part in a Behind the Bell interview from the Nasdaq MarketSite after the closing bell ceremony, which will be available here once published.
Company management will also be in New York City from October 24 – 25, 2024 for investor meetings and in-person media interviews. Interested parties should contact MZ Group at 949-491-8235 or SKYQ@mzgroup.us to schedule a meeting or interview.
For more information about Sky Quarry, please visit skyquarry.com.
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.
Forward-Looking Statements
This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.
The International Atomic Energy Agency (IAEA) will host the International Conference on Small Modular Reactors and their Applications next week for stakeholders to discuss opportunities, challenges and enabling conditions to accelerate the development and ensure safe and secure operation of SMRs.
The conference, which is the first IAEA conference on SMRs, will take place from 21 to 25 October at IAEA headquarters in Vienna. The Conference, including Industry Night, is open to the media.
IAEA Director General Rafael Mariano Grossi will open the conference on 21 October at 14:00 (CET), followed by a ministerial keynote from Ghana and a high-level panel with industry and regulatory executive leaders.
Over 1000 participants from 95 countries and 17 international organizations and non-governmental organizations are registered to participate in the event.
The conference is organized into 44 technical sessions under four main topics: SMR design, technology and fuel cycle; legislative and regulatory frameworks; safety, security and safeguards; and considerations to facilitate deployment of SMRs. In addition, five plenary sessions, four side events and about 100 posters will be presented. The provisional programme is available here.
Plenary sessions will be livestreamed on the IAEA website (no login required). For further virtual access to technical sessions, please register online as an observer. Recordings will be available on the “IAEA Conference and Meetings” App available on Google Play and the iTunes Store.
Please note, side events will be livestreamed through the app. Industry Night will not be livestreamed.
IAEA experts will be available for interviews. Please send your request to press@iaea.org.
Industry Night
SMR developers will present their projects at all development stages during Industry Night, Tuesday, 22 October, 17:45 to 20:00. Organized by the IAEA and World Nuclear Association, about 20 companies will engage with participants to discuss topics related to specific designs.
Accreditation
All journalists – including those with permanent accreditation to the Vienna International Centre (VIC) – are requested to inform the IAEA Press Office of their plans to attend the conference in person. Journalists without permanent accreditation to the VIC must send copies of their passport and press ID topress@iaea.orgby 12:00 CEST on Friday, 18 October.
We encourage those journalists who do not yet have permanent accreditation to request it at UNIS Vienna.
Headline: Disaster Recovery Centers Open in Cherokee, Saluda Counties
Disaster Recovery Centers Open in Cherokee, Saluda Counties
Two Disaster Recovery Centers will be open in Cherokee and Saluda counties to provide in-person assistance to South Carolinians affected by Hurricane Helene.
Cherokee County East Gaffney Baptist Church 2308 Cherokee Ave. Gaffney, SC 29340 Open Oct. 17-20, 8 a.m.–7 p.m.
Saluda County County Administration Building 407 W. Butler Ave. Saluda, SC 29138 Open Oct. 17-19, 8 a.m.–7 p.m.
These locations join the centers previously opened in Aiken, Anderson, Greenville, Laurens and Pickens counties.
Aiken County Nancy Carson Library 135 Edgefield Road North Augusta, SC 29841 Open through Oct. 19, 8 a.m.-7 p.m.
Anderson County Anderson County Library 300 N. McDuffie St. Anderson, SC 29621 Open 16-17, 9 a.m. – 8 p.m. Oct. 18-19, 9 a.m. – 5 p.m. Oct. 20, 2 p.m. – 5 p.m. Oct. 21-24, 9 a.m. – 6:30 p.m. Oct. 25-26, 9 a.m. – 5 p.m. Oct. 27, 2 p.m. – 5 p.m.
Greenville County Freetown Community Center 200 Alice Ave. Greenville, SC 29611 Open daily, 8 a.m.–7 p.m.
Laurens County Laurens County Public Library 1017 W. Main St. Laurens, SC 29360 Open through Oct. 19, 8 a.m.-7 p.m.
Pickens County Captain Kimberly Hampton Memorial Library 304 Biltmore Road Easley, SC 29640 Open through Oct. 21, 8 a.m.-7 p.m.
Additional Disaster Recovery Centers are open in other South Carolina counties. You can visit any open center to meet with representatives of FEMA, the state of South Carolina and the U.S. Small Business Administration. No appointment is needed. To find other center locations, go to fema.gov/drc or text “DRC” and a Zip Code to 43362.
Homeowners and renters in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation can apply for federal assistance.
The quickest way to apply is to go online to DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link.
FEMA programs are accessible to survivors with disabilities and others with access and functional needs.
Media Alert: Low-level helicopter flights to image geology over parts of Iowa, Illinois, and Wisconsin
USGS low-level helicopter survey set to begin in October
Editor: In the public interest and in accordance with Federal Aviation Administration regulations, the USGS is announcing this low-level airborne project. Your assistance in informing the local communities is appreciated.
Media Advisory: Members of the news media are invited to attend a media day at the Dubuque Regional Airport to see first-hand the aircraft and equipment that will be used to image geology during a U.S. Geological Survey Earth Mapping Resources Initiative (Earth MRI) low-level airborne survey of the tristate region later this month. View the full advisoryhere.
RESTON, Va. — Low-level helicopter flights are planned over areas of Iowa, Illinois, and Wisconsin to image geology using airborne geophysical technology.
The survey will be conducted from October 2024 for approximately one to two months, weather and flight restriction permitting. Surveying is expected to be completed by December of 2024.
Flights will cover areas within the Iowa counties of Clayton, Dubuque, and Jackson; Wisconsin counties of Grant and Lafayette; and Jo Daviess County in Illinois.
The flights will be based out of the Dubuque, Iowa area. Flights could shift with little warning to other parts of the survey area as necessary to minimize ferrying distances and avoid adverse flying conditions.
The purpose of the airborne electromagnetic (AEM) survey is to provide images of subsurface electrical resistivity that expand the fundamental knowledge of geology underpinning an area near Dubuque, Iowa and spanning portions of Illinois, Iowa and Wisconsin.
The helicopter will fly along pre-planned flight paths relatively low to the ground at about 100-200 feet (30-60 meters) above the land surface. The ground clearance will be increased as needed and will comply with Federal Aviation Administration (FAA) regulations. Flight lines will be flown along lines of variable orientation with an approximate spacing of 1,300 ft (400 m).
The survey will use a helicopter equipped with an elongated tube-like “bird” slung below the aircraft. Sensors in the bird will measure small electromagnetic signals and variations in the Earth’s magnetic field that can be used to map geologic features.
None of the instruments carried beneath or on the aircraft pose a health risk to people, animals, or plant life. No photography or video data will be collected. The data collected will be made freely available to the public on ScienceBase, typically within one year of flight completion. The aircraft will be flown by experienced pilots who are specially trained and approved for low-level flying. The survey company works with the FAA to ensure flights are safe and in accordance with U.S. law.
The surveys will be conducted during daylight hours only. Surveys do not occur over densely populated areas and the helicopter will not directly overfly buildings at low altitude.
The survey is funded by the USGS Earth Mapping Resources Initiative and is designed to meet needs related to mineral resource assessments, regional geologic framework and mapping studies, as well as water resource investigations and surficial mapping studies. The AEM survey is focused on a phosphate horizon at the base of a regional shale unit that shows local enrichment in Rare-Earth Element concentrations. The primary goals of the survey are to map the thickness of unconsolidated sediments, the spatial extent and thickness of the regional shale unit, and the depth to the top of an underlying limestone unit.
The new geophysical data will be processed to develop high-resolution three-dimensional representations of near-surface geology at depths up to 300 ft (roughly 100 meters) below the surface. The 3D models and maps derived from this project are important for improving our understanding of critical mineral resource potential, water resources, groundwater pathways near legacy mining areas, parameters for infrastructure and land use planning.
The survey fits into a broader effort by the USGS, Iowa Geological Survey, Illinois State Geological Survey, Wisconsin Geological and Natural History Survey, and other partners, including private companies, academics, and state and federal agencies to modernize our understanding of the Nation’s fundamental geologic framework and knowledge of mineral resources. This effort is known as the Earth Mapping Resources Initiative, and it includes airborne geophysical surveys like this one, geochemical reconnaissance surveys, topographic mapping using LiDAR technology, hyperspectral surveys, and geologic mapping projects.
The USGS has contracted Fugro and Xcalibur Smart Mapping to collect data.
The IAM and organized labor are critical partners to grow manufacturing here at home and expand economic security for workers, said IAM Midwest Territory Grand Lodge Representative Kevin Murch at a recent manufacturing town hall discussion in Milwaukee.
The Future of Manufacturing panel, hosted by Milwaukee PBS and the Milwaukee Journal Sentinel, brought together labor and company representatives to discuss the importance of partnering to attract and train workers for the industries of today and tomorrow.
WATCH: The Future of Manufacturing Town Hall
“We discussed a variety of issues facing manufacturing, including the great opportunities we in have in the IAM to enhance our presence in the re-shoring of our manufacturing jobs,” said Murch. “I had a chance to talk about the great success we have achieved with Local 701 and their training center and our many apprenticeships we encourage to have in our collective bargaining agreements, which provide better economic stability for the working class.”
The IAM also had a table at the event’s career fair, where IAM Midwest Territory Special Representative Bob Beloit, District 10 Organizer Anne Wiberg and District 10 Business Representative Hunter Scott had conversations with attendees about the IAM’s presence in the community.
“Collective bargaining gives workers an opportunity to come together and negotiate with employers to provide security, stability and long-term employment,” Murch said on the panel. “That’s what we do within the IAM.”
Murch and the panel also discussed the need for increased vocational training in K-12 education and more apprenticeship opportunities in critical industries.
“The IAM is proud to be a partner and a leader in expanding opportunities for workers in communities all across North America,” said IAM Midwest Territory General Vice President Sam Cicinelli. “We’re grateful for this opportunity to continue to expand our reach and spread the message that the IAM is here to help create good, family-sustaining careers.”
Headline: COP16: Business views on a multilateral benefit sharing mechanism
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Moody’s Ratings (Moody’s) has affirmed the A1 Insurance Financial Strength Rating (IFSR) of ageas SA/NV (“Ageas”), the holding company of the Ageas Group also operating as a reinsurance company. At the same time Moody’s has affirmed Ageas’s A1 long-term issuer rating, AG Insurance’s A1 IFSR and the Baa2 (hyb) rating on the junior subordinated notes (FRESH securities) issued by Ageasfinlux S.A. The outlooks on all entities remain stable.
The ratings affirmation reflects the Group’s success in meeting its targets under the Impact24 strategic plan, and the launch of the new Elevate27 plan aimed at improving business diversification, margins, and capital generation. The ratings continue to reflect Ageas’s strong position in its European markets, particularly in Belgium with a very strong AG Insurance brand, and its revenue growth in Asia, a key market for the Group. It also reflects Ageas’s diversified earnings and strong capitalization. However, these strengths are partly offset by limited control over fast-growing entities in Asia (mostly non-consolidated subsidiaries) and distribution channels, as well as by a relatively high proportion of high-risk assets in the investment portfolio for the rating level.
The stable outlooks on Ageas, AG Insurance, and Ageasfinlux S.A. indicate Moody’s expectation that, in the next 12-18 months, the Ageas Group will maintain a solid financial profile, including diversified earnings profile and strong capitalization, as well as a strong position in its main markets.
Ageas is a listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 17.1 billion in 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the “Offering“) for aggregate gross proceeds of C$6,000,004.50, which includes the full exercise of the agent’s option for proceeds of C$1,000,002.50. Under the Offering, the Company sold the following:
10,000,000 units of the Company (each, a “Unit”) at a price of C$0.15 per Unit for gross proceeds of C$1,500,000 from the sale of Units;
5,714,300 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “Traditional FT Share”) at a price of C$0.175 per Traditional FT Share for gross proceeds of C$1,000,002.50 from the sale of Traditional FT Shares; and
15,909,100 flow-through units of the Company (each, a “Charity FT Unit”, and collectively with the Units and Traditional FT Shares, the “Offered Securities”) at a price of C$0.22 per Charity FT Unit for gross proceeds of C$3,500,002 from the sale of Charity FT Units.
In connection with the Offering, Rob McEwen made a strategic investment of C$1.5 million. Following the completion of the Offering, Mr. McEwen owns approximately 5.3% of the issued and outstanding common shares of the Company. Mr. McEwen is the founder and former Chairman of Goldcorp, is currently the Executive Chairman and largest shareholder of McEwen Mining Inc. and is a member of the Mining Hall of Fame.
Each Unit consists of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit consists of one common share of the Company that quality as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a “Charity FT Unit Share”) and one half of one Warrant, which will also qualify as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.22 per Warrant Share at any time on or before October 17, 2026.
Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for their services, the Agent received a cash commission of C$346,867.77 and 1,815,564 broker warrants (the “Broker Warrants”), with each such Broker Warrant exercisable for one common share of the Company (a “Broker Share”) at a price of C$0.15 per Broker Share at any time on or before October 17, 2026.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units and Charity FT Units (the “LIFE Securities”), representing gross proceeds of C$5,000,002.00, were sold to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan (the “Canadian Selling Jurisdictions”), the United States and certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The Unit Shares, Charity FT Unit Shares and Warrants that were issued, and the Warrant Shares that may be issued upon due exercise of the Warrants, pursuant to the sale of the LIFE Securities will be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Traditional FT Shares sold pursuant to the Offering were offered by way of the “accredited investor” exemption under NI 45-106 in the Canadian Selling Jurisdictions and Quebec. The Traditional FT Shares are subject to a hold period under Canadian securities laws ending on February 18, 2025.
The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the sale and issuance of the Traditional FT Shares and the Charity FT Units will be used to incur “Canadian exploration expenses” on the Company’s mineral projects in British Columbia and will qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) (collectively, “Qualifying Expenditures”), which will be incurred on or before December 31, 2025 and renounced to the subscribers of the Offering with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the sale of the Traditional FT Shares and Charity FT Units. In addition, with respect to British Columbia resident subscribers or those who are eligible individuals under the Income Tax Act (British Columbia), the Qualifying Expenditures will be eligible for the 20% BC mining flow-through share tax credit.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
“Gareth Thomas”
Gareth Thomas, President, CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~60,950 hectares (609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at http://www.westhavengold.com
Forward Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering, including the use of proceeds of the Offering. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information involve 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 the forward-looking statements. Such risks and other factors include, among others, and without limitation: the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at http://www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
TOPEKA – Governor Laura Kelly announced today that the 2024 Kansas Economic Report shows growth in the state’s labor workforce, continued low unemployment, and record exports. The report, produced by the Labor Market Information Services division of the Kansas Department of Labor (KDOL), comprehensively analyzes the state’s economic health and labor market trends.
The annual publication highlights critical data on employment, unemployment, labor force participation, job growth, personal income, and more, providing an essential resource for businesses, policymakers, and job seekers.
Labor Force Growth: In 2023, Kansas saw a 0.6% increase in its labor force, adding 8,385 individuals and bringing the total labor force to over 1.51 million. The number of employed Kansans reached a record high of 1.47 million, reflecting the state’s resilience and ongoing recovery.
Unemployment Rates: Kansas maintained a low unemployment rate, rising slightly to 2.7% in 2023, still well below the national average of 3.6%. Despite the modest increase, Kansas continues to outperform the national labor market.
Job Market Rebounds: Kansas’ nonfarm jobs surpassed pre-pandemic levels, with a total of 1.44 million jobs in 2023. Private sector employment led this growth, adding 23,800 jobs, while the government sector added 3,700 jobs.
Industry and Occupational Projections: Health care, transportation, and computer-related occupations are expected to grow significantly through 2032. Occupations typically requiring a bachelor’s degree are expected to add the most jobs from 2022 to 2032.
Export Growth: Kansas’ export market hit a record of $14.1 billion in sales, driven by growth in the transportation equipment and processed foods sectors. However, exports to Kansas’ top trade partners—Mexico, Canada, and Japan—have declined over the year.
“The growth we are seeing is encouraging and shows the progress made in revitalizing our state’s economy,” Governor Laura Kelly said. “This report reinforces my administration’s commitment to making Kansas the best state to live, work, and raise a family.”
“Kansas continues to show resilience in its economic recovery, as demonstrated by rising employment numbers and strong job growth in key sectors,” KansasSecretary ofLabor Amber Shultz said. “However, demographic challenges such as a shrinking younger population highlight the need for careful attention to workforce development as we plan for the future.”
The report also discusses long-term demographic trends, citing concerns about the state’s aging population and declining numbers of younger workers, which could pose challenges to future labor force sustainability.
To address those issues, the Kansas Department of Commerce has been working with businesses to attract new talent. It recently launched its Love, Kansas campaign to bring those who left the state back to their roots in Kansas.
“It’s simple: we need more humans in Kansas to keep up with the phenomenal economic growth our state is experiencing,” Lieutenant Governor and Secretary of Commerce David Toland said. “The best way to do that is to first approach Kansans who left the state for economic opportunities elsewhere and invite them to build a life in a place they know and have connections to, whether in their hometown or elsewhere in the state. And with the Love, Kansas campaign, we aren’t just extending an invitation to those who once called Kansas home to come back–we’re also inviting families from around the country to build their lives in the Sunflower State.”
Source: United States Small Business Administration
WASHINGTON – Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Florida following the announcement of a Presidential disaster declaration for Hurricane Milton that began on Oct. 5. SBA has opened a Business Recovery Center (BRC) at the Entrepreneurs Collaborative Center, in Tampa. The SBA opened the Center to assist businesses and residents who were affected by Hurricanes Milton, Helene and Debby.
“SBA’s mission-driven team stands ready to help small businesses and residents in Florida impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,” said SBA Administrator Isabel Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
The disaster declaration covers Brevard, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Volusia and the Miccosukee Tribe of Indians of Florida which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Alachua, Baker, Bradford, Broward, Levy, Miami-Dade, Monroe and Nassau counties in Florida.
SBA’s Customer Service Representatives are available at the Centers to assist business owners complete their disaster loan application, accept documents, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Business Recovery Center in advance. The Centers will operate as indicated below.
Business Recovery Center (BRC)
Pinellas County
Entrepreneurs Collaborative Center
2101 E Palm Ave
Tampa, FL 33605
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Saturday, 9 a.m. to 2 p.m.
Closed: Sunday
Business Recovery Center (BRC)
Pinellas County
SPC Epicenter at St. Petersburg College
13805 58th Street N, Suite 1-200
Clearwater, FL 33760
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Closed: Saturday and Sunday
Business Recovery Center (BRC)
Manatee County
Rocky Bluff Library
6750 US-301
Ellenton, FL 34222
Hours: Monday – Saturday, 9 a.m. to 6 p.m.
Closed: Sunday
Business Recovery Center (BRC)
Sarasota County
Sarasota Christian Church
2923 Ashton Rd
Sarasota, FL 34231
Hours: Monday – Saturday, 9 a.m. to 5 p.m.
Closed: Sunday
“SBA’s Business Recovery Centers are a cornerstone of our support for business owners,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “At these centers, business owners can meet face-to-face with specialists to apply for disaster loans and access a wide range of resources to guide them through their recovery.”
Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future disasters.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” said Sánchez. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant.
Survivors impacted by Hurricanes Helene and Debby should submit separate applications for each disaster. For information and to apply online visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Dec. 10, 2024. The deadline to return economic injury applications is July 11, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.
Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)
U.S. Department of Agriculture (USDA) Rural Development has awarded Pembroke Telephone Cooperative a $10 million loan. The funding will support the deployment of a fiber-to-the-premises network benefiting Craig, Giles and Montgomery Counties. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:
“Investments in broadband infrastructure prepare rural communities for access to high-speed internet.
“This USDA Rural Development loan for $10 million helps Pembroke Telephone Cooperative deliver reliable broadband to individuals, businesses and farms in the rural communities they serve.”
BACKGROUND
The funding is made available through the USDA Rural Development Broadband Reconnect Program, which furnishes loans and grants to provide funds for the costs of construction, improvement, or acquisition of facilities and equipment needed to provide broadband service in eligible rural areas.
In 2022, Pembroke Telephone Cooperative received a USDA Rural Development loan guarantee of $5 million to construct fiber-to-the-premises facilities.
Congressman Griffith has advocated for greater access to broadband in the Ninth District, recently speaking in a Communications & Technology Subcommittee hearing with an official from the National Telecommunications and Information Administration (NTIA) as well as monitoring and encouraging approval of Virginia’s Broadband Equity, Access and Deployment (BEAD) program submitted by Governor Youngkin.
Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)
“Flavored e-cigarettes put a new generation of kids at risk of nicotine addiction and the serious health harms that result from tobacco use. When children’s health is at stake, we cannot tolerate any delay. Unfortunately, the most popular tobacco products with kids have been on the market for several years, with observable negative consequences for public health, and I am very disappointed that the FDA still has not finalized reviewing pending applications per the court-ordered deadline, nor has it removed all these illegal products from the shelves,” said Wasserman Schultz. “Leaving flavored e-cigarette products widely available without understanding the full impact they have on attracting youth and other non-tobacco users is dangerous and the FDA must swiftly finalize this review process and use all its enforcement tools available to make sure that kids are protected against illegal, kid-friendly products.”
Washington, DC – Today, U.S. Reps. Debbie Wasserman Schultz(FL-25) and Diana DeGette (CO-01) announced that they led 65 Members of Congress in a letter to call on the U.S. Food and Drug Administration (FDA) to finalize review of outstanding Premarket Tobacco Product Applications (PMTAs) for e-cigarette products and to take aggressive enforcement action to remove the thousands of illegal, flavored e-cigarettes that remain on the market without approval. The Members also urged the agency to follow the science on the well-documented risks that flavored e-cigarettes pose to youth and deny PMTAs for all non-tobacco-flavored e-cigarettes, including menthol-flavored products.
“Flavored e-cigarettes put a new generation of kids at risk of nicotine addiction and the serious health harms that result from tobacco use. When children’s health is at stake, we cannot tolerate any delay. Unfortunately, the most popular tobacco products with kids have been on the market for several years, with observable negative consequences for public health, and I am very disappointed that the FDA still has not finalized reviewing pending applications per the court-ordered deadline, nor has it removed all these illegal products from the shelves,” said Wasserman Schultz. “Leaving flavored e-cigarette products widely available without understanding the full impact they have on attracting youth and other non-tobacco users is dangerous and the FDA must swiftly finalize this review process and use all its enforcement tools available to make sure that kids are protected against illegal, kid-friendly products.”
“Over 1.6 million middle and high-school aged students use e-cigarettes – an unacceptably high figure. There are thousands of products on the market designed specifically to appeal to young people, including flavored e-cigarettes,” said DeGette. “The FDA must follow the science and crack down on bad actors looking to hook America’s youth on nicotine instead of allowing Big Tobacco to continue to jeopardize the health of our young people while padding their own pockets.”
“We applaud Reps. Wasserman Schultz and DeGette and all the signers of this letter for their leadership in urging the FDA to finish its review of e-cigarette marketing applications and step up enforcement against the thousands of illegal, flavored e-cigarette products on the market,” said Yolonda C. Richardson, President and CEO of the Campaign for Tobacco-Free Kids. “We cannot allow e-cigarette companies to continue targeting our kids with products that are more addictive than ever, with some now even having built-in video games. The FDA and other agencies must act to take these products off the market.”
The FDA was under a court-ordered deadline to complete review of pending e-cigarette applications that were filed on time by September 9, 2021. While FDA has completed its review of many e-cigarettes, reviews of thousands of PMTAs remain incomplete, including applications for some products with a large market share that are most popular with youth, such as Juul. At a recent Energy and Commerce Health Subcommittee hearing, FDA indicated that nearly 500,000 e-cigarette PMTAs remain under review at the agency. Completing these premarket reviews and taking aggressive enforcement actions to clear that market of illegal e-cigarette products that do not have FDA authorization are important ways to protect youth from e-cigarettes.
Signers include: Becca Balint; Nanette Barragán; Joyce Beatty; Ami Bera; Lisa Blunt Rochester; Suzanne Bonamici; Brendan Boyle; Julia Brownley; Nikki Budzinski; Judy Chu; Emanuel Cleaver; Steve Cohen; Angie Craig; Danny Davis; Madeleine Dean; Rosa DeLauro; Mark DeSaulnier; Lloyd Doggett; Adriano Espaillat; Dwight Evans; Brian Fitzpatrick; Lois Frankel; John Garamendi; Raúl Grijalva; Robin Kelly; Andy Kim; Raja Krishnamoorthi; Ann Kuster; Greg Landsman; Barbara Lee; Mike Levin; Ted Lieu; Celeste Maloy; Betty McCollum; Grace Meng; Kevin Mullin; Jerrold Nadler; Eleanor Norton; Chris Pappas; Brittany Pettersen; Dean Phillips; Chellie Pingree; Mark Pocan; Katie Porter; Mike Quigley; Jamie Raskin; Janice Schakowsky; Hillary Scholten; Kim Schrier; Terri Sewell; Eric Sorensen; Darren Soto; Melanie Stansbury; Eric Swalwell; Rashida Tlaib; Jill Tokuda; Ritchie Torres; Lori Trahan; David Trone; Lauren Underwood; Juan Vargas; Maxine Waters; Bonnie Watson Coleman.
DAERA launches £1.55 million rural micro business development grant aid fund
17 October 2024
Small businesses in the Derry City and Strabane Council area are being encouraged to stake their claim for development grant funding worth up to £4,999.00. DAERA’s Rural Business Development Grant Scheme will deliver a total of £1.55 million in capital grants to support rural micro businesses across Northern Ireland. The programme is funded through the Department of Agriculture, Environment and Rural Affairs Rural Business Development Grant Scheme (RBDGS) and is delivered in partnership with local Councils. Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi-Barr, encouraged local businesses to find out more about the application process and avail of the opportunity to give their business a competitive edge. “This programme offers rural micro businesses the opportunity to take their enterprise to the next level,” she said, “It is an opportunity to invest in equipment and machinery that can streamline your business and give you a competitive edge in the marketplace “I would urge applicants to book their attendance at the Pre Application workshops now as these are mandatory for a successful application,” she added. Eligible rural businesses can apply for capital assistance of 50% up to the value of £4,999 for the purchase of capital equipment that will help their business to enhance sustainability or lead to growth opportunities and the creation of employment opportunities which in turn strengthen the rural economy. Launching the scheme, Minister of Agriculture, Environment and Rural Affairs, Andrew Muir, MLA, said: “I am pleased to announce the opening of the £1.55 million Rural Business Development Grant Scheme. “This fund is important in delivering on the Department’s priority of building strong sustainable and diverse rural communities and the draft Programme for Government priority of growing a globally competitive and sustainable economy with a focus on addressing regional balance”. Minister Muir continued: “I urge all eligible rural businesses to go online and apply as soon as possible. “Rural Businesses continue to play a vital role in our rural communities and I want to support them at this challenging time and provide them with opportunities that will maximise their potential and stimulate business growth”.
Only online applications can be accepted for this scheme. The Scheme opens for applications at 9.00am on 16 October 2024 and closes at 12 noon on 8 November 2024.
For more details on pre-application workshops and link to the Application visit http://www.derrystrabane.com/businesssupport The workshops will take place on Wednesday October 23rd at 6pm (Online), Wednesday 30th October at 1pm (Glenelly Room, Strabane) and Tuesday November 5th at 1pm (Online).
Details of the Rural Business Development Grant Scheme are on the DAERA website at Rural Business Development Grant Scheme (RBDGS) 2024/2025 | Department of Agriculture, Environment and Rural Affairs (daera-ni.gov.uk).
Only online applications can be accepted for this scheme. The Scheme opens for applications at 9.00am on 16 October 2024 and closes at 12 noon on 8 November 2024.
The governments of Canada and Ontario are investing nearly $1.8 million over 2 years to provide international agricultural workers (IAWs) in Ontario with enhanced access to mental health supports in Spanish, Tagalog, French and English.
Federal-provincial investment will provide new mental health resources
The governments of Canada and Ontario are investing nearly $1.8 million over 2 years to provide international agricultural workers (IAWs) in Ontario with enhanced access to mental health supports in Spanish, Tagalog, French and English.
Delivered by the Canadian Mental Health Association (CMHA), Ontario Division, in close partnership with its Windsor-Essex and Brant-Haldimand-Norfolk regional branches, the International Agricultural Worker Wellness Program will support IAWs with managing stress, homesickness and isolation. The program will provide referrals to free local services, including recreational activities, primary care, counselling, support groups, in-person workshops, and more.
The program will launch in early 2025 and be delivered over 2 years, with resources available in Spanish, French and English in year 1, expanding to include Tagalog in year 2. The program will focus on the Windsor-Essex region first and then expand to Brant-Haldimand-Norfolk in year two. Both regions have high populations of IAWs. In the second year, the program will also offer support to farm operators with workshops on how to create safer workplaces.
This investment recognizes the critical contribution IAWs make in Ontario’s agricultural economy. It builds on the success of the IAW Welcome Centre and the IAW Welcoming Communities Initiative.
This program is funded through the Sustainable Canadian Agricultural Partnership (Sustainable CAP), a 5-year (2023-2028), $3.5-billion investment by federal, provincial and territorial governments to strengthen competitiveness, innovation, and resiliency of Canada’s agriculture, agri‐food and agri‐based products sector. This includes $1 billion in federal programs and activities and a $2.5 billion commitment that is cost-shared 60% federally and 40% provincially/territorially for programs designed and delivered by the provinces and territories.
Quotes
“Working far from home can be tough, and it’s so important that our international agricultural workers have access to the mental health supports they need. Through the IAW Wellness Program, we can better support these workers with tailored programs and services so they can continue to help us deliver top-quality products to Canadians, and the world.”
– The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food
“Ontario respects and appreciates the international agricultural workers who call our province home and who contribute so much to our almost $51 billion agri-food sector. The IAW Wellness Program will help these important workers access the supports and services needed to improve their quality of life and better integrate into our dynamic agri-food workforce of over 871,000 men and women.”
– Rob Flack, Ontario Minister of Agriculture, Food and Agribusiness
“International agricultural workers are integral to Ontario’s agriculture industry and food supply, so it’s critical that this population has mental health support while they’re living and working in our province. Since 2022, CMHA’s team at Agriculture Wellness Ontario has been working to reduce mental health stigma and meet the needs of the agricultural community. We’re delighted to work with our branches to offer this new program for international agricultural workers.”
– Camille Quenneville, Chief Executive Officer, Canadian Mental Health Association, Ontario Division
“Mental health care plays a crucial role in supporting the well-being of migrant workers, who often face unique challenges like family separation and cultural transitions. It’s heartening to see the governments of Canada and Ontario develop the IAW Wellness Program. By offering services in their first languages, this initiative ensures that migrant workers feel understood and supported, which is vital for their mental health. This empowers individuals to navigate daily challenges and fosters a more inclusive and compassionate community for everyone. Such efforts are essential for building a society that values the well-being of every migrant worker.”
– Martin Varela, Chairman, Migrant Worker Community Program
Quick facts
In 2023, Ontario launched the Virtual Welcome Centre, a web page of resources for IAWs available in English, Spanish and French. It includes information and links about worker rights and responsibilities, adjusting to life in Ontario, health care, human and labour trafficking, and living and working safely in the community.
The IAW Welcoming Communities Initiative, announced in September, supports municipalities and not-for-profits in creating an inclusive and welcoming environment for international agricultural and food workers. Eligible activities include introducing or enhancing translation supports and transportation services.
The governments of Canada and Ontario also recently announced a $178,000 expansion of the Farmer Wellness Initiative to include delivery of services in Spanish for Ontario farm workers.
For more information about OMAFA programs and services, contact the Agricultural Information Contact Centre (AICC) at 1-877-424-1300 or at ag.info.omafa@ontario.ca.
Associated links
Contacts
For media:
Annie Cullinan Director of Communications Office of the Minister of Agriculture and Agri-Food annie.cullinan@agr.gc.ca
SAN FRANCISCO, Oct. 17, 2024 (GLOBE NEWSWIRE) — Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced a new integration with Ping Identity. The integration uses PingOne DaVinci™, a no-code identity orchestration service, and allows Ping Identity customers to leverage Sift’s AI-powered platform to prevent account takeover (ATO) attacks and streamline the consumer experience.
Businesses have faced an onslaught of account takeover fraud in recent years, with blocked attack rates increasing 24% across the Sift Network in Q2 2024 compared to the same period in 2023. This jump is on top of the 354% increase seen in the previous year, aligning with the availability of generative AI tools. Account takeover has become a favored tactic by fraud actors in part because it allows cybercriminals to both immediately drain stored value from consumers’ online accounts and then use their stored payment details to commit payment fraud.
Sift’s integration with Ping Identity allows businesses to protect against ATO attacks by leveraging Sift’s Global Data Network, which processes over 1 trillion risk and identity signals per year. Sift provides customers with a trio of machine learning models that identify fraudulent behavior before attacks hit, so businesses can thwart attacks in real-time, while accurately and dynamically applying friction only when necessary.
“As account takeover attacks grow in scale and complexity, it is crucial to align fraud and Consumer Identity Access & Management (CIAM) workflows to fully protect the entire user journey,” said Raviv Levi, Chief Product Officer at Sift. “Through our integration with DaVinci, businesses can create a more secure and seamless consumer experience and effectively mitigate the risk of fraud at every touchpoint.”
Sift joins a growing network of technology partners developing integrations with DaVinci through the Ping Identity Global Technology Partner Program. Partner solutions that integrate with DaVinci deliver an improved customer experience in a fraction of the time, through easy drag-and-drop design of digital user journeys across multiple applications and ecosystems.
“Ping Identity is committed to expanding our technology partner ecosystem to deliver better, more frictionless customer experiences,” said Loren Russon, the SVP of product management at Ping Identity. “Our collaboration with Sift leverages DaVinci’s seamless orchestration to ensure dynamic user journeys are delivered quickly and efficiently at every stage of the user journey.”
For more information on Sift’s work with Ping Identity, go here.
About Sift Sift is the AI-powered fraud platform securing digital trust for leading global businesses. Our deep investments in machine learning and user identity, a data network scoring 1 trillion events per year, and a commitment to long-term customer success empower more than 700 customers to grow fearlessly. Brands including DoorDash, Yelp, and Poshmark rely on Sift to unlock growth and deliver seamless consumer experiences. Visit us at sift.com and follow us on LinkedIn.
About Ping Identity Ping delivers unforgettable user experiences and uncompromising security. We make crafting digital experiences simple for any type of user—partners, customers, employees, and beyond. We are anti-lock-in. That means integration with existing ecosystems, clouds, and on-prem technologies is simple. Out-of-the-box templates let businesses leverage our identity expertise to give their users frictionless experiences. Whether they’re building a foundation of modern digital identity, or out-innovating their competitors with cutting-edge services like digital credentials, AI-driven fraud prevention and governance, Ping is the one-stop shop for game-changing digital identity.
Media Contact Victor White VP, Corporate Communications, Sift press@sift.com
More than $13 million through PrairiesCan will support the region’s innovative, high-growth companies to ramp up production and enter new markets
More than $13 million through PrairiesCan will support the region’s innovative, high-growth companies to ramp up production and enter new markets
October 17, 2024 – Calgary, Alberta – PrairiesCan
The Calgary region is rapidly emerging as one of North America’s top technology hubs and is home to some of Canada’s most innovative, high-growth companies that are strengthening our economy. The federal government is supporting Calgary’s leading-edge companies to continue growing and creating quality jobs that Canadians can count on.
Today, George Chahal, Member of Parliament for Calgary Skyview, on behalf of the Honourable Dan Vandal, Minister for PrairiesCan, announced a federal investment of over $13 million for eight Calgary and area companies to scale-up, access new markets for their products and services, and create new opportunities for job seekers. Each of these companies is a leader in developing innovative applications in sectors such as digital, healthcare and clean technology.
Local companies receiving support include:
Aligned Outcomes is receiving up to $178,088 to upgrade its Enterprise Digital Twin platform software to support expansion into the post-secondary market and create new jobs in Alberta’s digital sector.
Avanti Software is receiving up to $3,000,000 to optimize functionality and competitiveness of human resource management software to scale-up the company’s business prospects nationally and increase market share.
Global Analyzer Systems is receiving up to $1,500,000 to launch and scale-up an advanced nitrogen dioxide analyzer using enhanced efficient and cost-effective technology that supports more stringent pollutant regulation and lowering the carbon footprint.
Morweb is receiving up to $850,000 to accelerate the growth of its sales, marketing and product development to enhance its cutting-edge website platform, which empowers non-profit organizations worldwide to build and manage dynamic, mission-driven websites with ease and advanced functionality.
PK Sound is receiving up to $2,282,377 to accelerate the manufacturing of its patented robotic audio systems to meet growing global demand.
Surface Medical is receiving up to $262,362 to accelerate sales and marketing to fuel revenue growth for its market-first, patented product called CleanPatch which helps keep healthcare surfaces clean and safe for patients and workers.
TEKTELIC is receiving up to $3,979,752 to develop, test, certify, manufacture and launch digital health ‘Internet of Things’ products and solutions for the Canadian health sector.
WaitWell is receiving up to $1,000,000 to enhance capabilities of current software to digitally transform services for clients, including analytics that will streamline operations as well as expand further into Canadian and American markets.
In total, these investments are expected to help support approximately 180 jobs and enhance the ability of local companies to access the talent, technology and resources they need to bring Alberta-made innovations to new domestic and global markets.
In line with the principles of the Government of Canada’s Framework to Build a Green Prairie Economy, these investments are about collaborating on local priorities and building on local strengths to support economic development, making a sustainable and prosperous net-zero economy achievable by enhancing capacity and skills development in Prairie communities, and providing support to grow businesses.
Quotes
“Today’s investments will further enable some of Calgary’s most innovative companies to grow their production capacity, launch new services and applications, and expand to new markets locally, nationally and globally. Each of these firms is playing a key role in helping strengthen and diversify the region’s economy while creating quality jobs that Albertans can rely on.”
–The Honourable Dan Vandal, Minister for PrairiesCan
“Calgary has become a hothouse for innovation, attracting talent and generating sustainable jobs. Today’s announcement reinforces our city’s reputation for having Canada’s most dynamic small- and medium-sized technology firms while positioning Alberta as the place to watch for technological advancements that make life better for all Canadians.”
–George Chahal, Member of Parliament for Calgary Skyview
“Global Analyzer Systems is leading the way in advancing air emissions measurement technology, and with the support of PrairiesCan, our G60 CRDS NOx-NO2-NO analyzer is bringing greater certainty to air emissions measurement. This technology benefits many industries, ensuring scientifically defensible data and promoting a higher level of environmental responsibility. We are deeply committed to shaping an innovative future and extend our heartfelt gratitude to PrairiesCan for their pivotal role in this next step of our journey.”
–Brian Rosentreter, CEO and CTO, Global Analyzer Systems
“We’re deeply grateful for the support of PrairiesCan. Being proudly Albertan founded and headquartered, we’ve been able to accelerate our technology transformation efforts and positively influence hundreds of Canadian companies supporting over a hundred thousand employees in Canada who are compensated and managed through our Human Capital Management software-as-a-service. All of this in a field dominated by large public and private-equity owned incumbents.”
–David Owen Cord, CEO, Avanti Software
“Our team at PK Sound is incredibly proud that technologies we develop, test, and manufacture right here in Calgary go on to support a wide array of live events all around the world – from major concerts and festivals for hundreds of thousands of people to intimate theatrical productions, corporate and philanthropic events, and beyond. PrairiesCan’s Business Scale-up and Productivity program enables PK Sound to keep up with our significant year-over-year growth and ensures our made-in-Canada innovations are increasingly viable and available options for a growing list of customers and collaborators.”
–Jeremy Bridge, CEO, PK Sound
“We are very grateful for the support from Prairies Economic Development Canada, which aids TEKTELIC in introducing innovative, practical, and affordable Digital Medicine solutions for everyone. Our solutions will reduce the time and effort nurses spend on routine vital sign measurements, allowing them to focus more on patient care. By increasing response times to adverse conditions and enabling earlier discharges for patients to recover at home, we are enhancing overall healthcare delivery. We believe these advancements will transform how patients are monitored and observed in hospitals and at home, leading to significantly more effective outcomes.”
–Roman Nemish, President, TEKTELIC
Quick facts
Federal funding for eight Calgary and area companies is being provided through PrairiesCan’s Business Scale-up and Productivity program, as well as the Jobs and Growth Fund.
The Business Scale-up and Productivity program supports high-growth businesses that are scaling up and producing innovative goods, services or technologies. Funding is interest-free and repayable.
The Jobs and Growth Fund helps job creators and the organizations that support them future proof their businesses, build resiliency, and prepare for growth. Funding is interest-free and repayable.
The Framework to Build a Green Prairie Economy is a long-term commitment to work differently, through stronger coordination among federal departments on investments for the Prairies and closer collaboration with Prairie partners on their priorities for a prosperous and sustainable Prairie economy.
Associated links
Contacts
Carson Debert Press Secretary Office of the Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor Carson.Debert@rcaanc-cirnac.gc.ca
Rail Campus Derby has officially launched at a special event on Thursday 17 October. Over 200 delegates and stakeholders from the rail sector and beyond attended the widely anticipated event.
A joint effort between Derby City Council, Great British Railways Transition Team, East Midlands Combined County Authority, and wider stakeholders, Rail Campus Derby will become a key hub for the UK’s rail industry, supporting collaboration across all facets of the sector.
Secretary of State for Transport, Louise Haigh MP, and the Mayor of the East Midlands, Claire Ward, both attended the event, highlighting the project’s significance both on a regional and a national level.
Rail Campus Derby was born out of Great British Railways’ mission to create a simpler and more efficient railway system for everyone in Britain.
With its impressive rail heritage and position at the heart of Europe’s largest rail cluster, Derby is the ideal location for this industry-wide hub. For over 180 years the city has been a leader in the rail sector, which still employs more than 11,000 in the area.
Beyond the railways, Derby is a home to advanced manufacturing, hi-tech employment, major global companies such as Rolls-Royce, and Toyota. The city’s skilled workforce, and its easy accessibility, makes it an attractive destination for investment.
Councillor Nadine Peatfield, Leader of Derby City Council said:
This is a once in a lifetime opportunity for Derby; one that will create more training and jobs for local people, and bring huge opportunities for further regeneration.
Rail Campus Derby will not only preserve our rail heritage, but will also be a catalyst for future economic growth, bringing together all aspects of the railway industry, attracting more investment, and creating further opportunities for collaboration across the sector.
I know the potential that Derby has. We already boast an incredibly skilled workforce and are home to major players and an unrivalled rail sector. By working together we can make Rail Campus Derby the beating heart of the UK’s rail network.
Secretary of State for Transport, Louise Haigh MP, said:
“Derby is already a hub for rail with the largest concentration of innovation and expertise in Europe, and today I was delighted to see how the local council plans to expand this even further through a new Rail Campus.
“The railways are at the centre of our plans for change, and I look forward to seeing how the Campus will lead to greater innovation, growth and collaboration, benefitting not only our rail network but the wider economy too.”
Claire Ward, Mayor of the East Midlands, said:
The new Rail Campus will be a hub of learning and innovation. It will bring together public and private sector organisations in a collaborative environment, working towards faster and more efficient outcomes for all the railway’s stakeholders. As the Mayor of the East Midlands, my vision is to ensure that local people have the skills they need to access the well-paid jobs that this industry provides.
“That’s why we will be investing in training programmes and creating new opportunities in partnership with Derbyshire and Nottinghamshire’s educational institutions. We want to see local people—our young people—benefiting from the jobs and careers this project will generate.
Rufus Boyd, Lead Director of Great British Railways Transition Team, said:
The presence of GBR HQ in Derby is just one component of the Rail Campus Derby vision.
Today’s event is about driving collaboration between the private sector, the supply chain, local government, and educational partners. Bringing the sector closer together and offering the chance to co-locate, share knowledge, and experience work across different businesses will embed the practices, culture and behaviour Britain’s railway must embod to succeed.
The Museum of Oxford has been awarded a £136,309 grant by The National Lottery Heritage Fund to mark its 50-year anniversary in 2025.
The National Lottery funding will support a new project titled “50 Years and Beyond: Embedding Community Voices”, which aims to engage Oxford’s diverse communities in celebrating and sharing their heritage and the city’s rich history.
As part of the project, the Museum of Oxford will collaborate with Oxford’s communities to co-create an exhibition and year-long programme of events. Working closely with local people, community groups, and Oxfordshire County Council’s Museum Collections Team, the museum will identify existing and new objects, stories, and artefacts that reflect the cultural diversity of Oxford’s residents. These materials will become part of the museum’s permanent collections through loans or acquisition, ensuring they remain accessible to future generations.
The project will invite community contributors to co-curate exhibition content, sharing their perspectives on Oxford’s history and offering new heritage stories. Through expert talks, family activities, and special events, the public programme will celebrate Oxford’s unique heritage while fostering community cohesion.
Key Project Outcomes
Public programme: A celebratory year-long series of events including talks, family activities, and exhibitions.
Workforce development: Recruitment of a Cultural Learning and Participation Apprentice, who will undertake a Level 3 apprenticeship, gaining skills in partnership working, consultation, and exhibition development.
Sustainable heritage: The project will establish a cross-generational, cross-community approach, ensuring the museum continues to reflect and represent Oxford’s diverse cultural landscape for years to come.
The Museum of Oxford will begin preparations this autumn, with the project running for 26 months leading up to and beyond the 50th anniversary celebrations in 2025.
Comment
“We are delighted to support this project, which thanks to money raised by National Lottery players, will mean that more people will be able to get involved with, protect, and learn about the exciting heritage right on their doorstep. Heritage has a huge role to play in instilling pride in communities and boosting local economies, and this project is a fantastic example of achieving those aims.”
Stuart McLeod, Director of England – London & South at The National Lottery Heritage Fund
“We are really pleased to have received this support from The National Lottery Heritage Fund. This project is a great opportunity to bring more voices into the Museum of Oxford’s story, ensuring that our heritage reflects the rich diversity of our city. By working closely with local communities, we’re not just celebrating 50 years of the museum, but also creating a lasting legacy that represents everyone who calls Oxford home.”
Alex Hollingsworth, Cabinet Member for Business, Culture, and an Inclusive Economy at Oxford City Council
CED grants a total of nearly $2 million in financial contributions to La Trappe à Fromage de l’Outaouais, Precision Doors & Trim, Courges & cie and Flirt Drinks.
CED grants a total of nearly $2 million in financial contributions to La Trappe à Fromage de l’Outaouais, Precision Doors & Trim, Courges & cie and Flirt Drinks.
Supporting businesses so they can seize economic development and diversification opportunities that are promising for the future contributes to economic development in Quebec’s regions.
That is why the Honourable Steven MacKinnon, Member of Parliament for Gatineau and Minister of Labour and Seniors, and Stéphane Lauzon, Member of Parliament for Argenteuil—La Petite-Nation and Parliamentary Secretary to the Minister of Citizens’ Services, today announced, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a total of $1.75 million in repayable contributions to four Gatineau businesses.
The funding details are as follows:
$750,000 is being provided to La Trappe à Fromage de l’Outaouais to expand its plant.
$600,000 is being granted to Precision Doors & Trim to build its new plant and acquire production equipment.
$250,000 is being provided to the Courges & cie agri-tourism farm to enhance its range of tourism activities, including by establishing a market garden economuseum.
$150,000 is being granted to Flirt Drinks to acquire specialized production equipment.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic growth relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.
Quotes
“Gatineau’s economic vitality depends on collaboration among businesses, governments and the community. By investing in innovative projects such as those by Flirt Drinks, Precision Doors & Trim and La Trappe à Fromage, we are creating an ecosystem where local development is at the core of our actions. This not only reinforces the appeal of our region, but also fosters citizen well-being. We are making Gatineau into a dynamic economic hub capable of attracting new investments and supporting diverse sectors.”
The Honourable Steven MacKinnon, Member of Parliament for Gatineau and Minister of Labour and Seniors
“SMEs are at the core of community development and are a key component of a strong economy. That is why the Government of Canada is proud to assist SMEs such as Courges et cie. Through our support, we are helping to increase their productivity, develop new products and improve the products and services they offer in our community.”
Stéphane Lauzon, Member of Parliament for Argenteuil—La Petite-Nation and Parliamentary Secretary to the Minister of Citizens’ Services
“Our government has a mission to guide the country’s businesses and regions into tomorrow’s economy and help them seize the business opportunities that will arise. That is why we are providing our assistance to develop the specific assets of Quebec’s different regions, including here in Gatineau. We are thereby ensuring all our communities receive economic support.”
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
Quick facts
The projects by Precision Doors & Trim and Flirt Drinks are receiving support under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and increase their competitiveness.
The funding for the project by La Trappe à Fromage de l’Outaouais has been granted under the Jobs and Growth Fund. This program, which is now closed, provided businesses and economic organizations with assistance to prepare local economies for long-term growth.
The project by Courges & cie is receiving assistance through the Tourism Growth Program (TGP). This program complements funding measures provided to the tourism industry under other federal, provincial, and territorial programs and will end on March 31, 2026. In Quebec, the TGP has a budget of $21.1M in financial support. It falls under CED’s Quebec Economic Development Program, which aims to help communities seize economic development and diversification opportunities that are promising for the future.
CED is the key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
Associated links
Information
Media Relations Canada Economic Development for Quebec Regions media@dec-ced.gc.ca
Marie-Justine Torres Press Secretary Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions Cell: 613-327-5918 marie-justine.torresames@ised-isde.gc.ca
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
IMF has reached staff-level agreement with Benin on the Fifth Review of Benin’s EFF/ECF and the Second Review of the Resilience and Sustainability Facility (RSF).
There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism.
The authorities recently submitted to Parliament a draft 2025 budget that targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of GDP, with significant increases in social spending.
Washington, DC: An International Monetary Fund (IMF) team led by Constant Lonkeng visited Cotonou during October 8–17, 2024 to hold discussions on the Fifth Review of Benin’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) and the Second Review of the Resilience and Sustainability Facility (RSF) arrangement.
At the end of the mission, Mr. Lonkeng issued the following statement:
“IMF staff and Beninese authorities have reached a staff-level agreement on policies to complete the Fifth Review of Benin’s 42-month blended EFF/ECF and the Second Review of the RSF. Subject to approval by the IMF Executive Board, Benin will receive a disbursement of SDR 31.2 million (about $42 million) under the ECF and EFF arrangements and up to SDR 39.6 million (about $53 million) under the RSF arrangement, bringing the total disbursement under the EFF/ECF to SDR 431 million (about $576 million).
“There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. Economic activity is estimated to have expanded by 6.5 percent year-over-year in the first half of this year; growth is expected to remain strong in the near-term. The balance of payments has deteriorated temporarily, due to large investments, including related to the special economic zone (SEZ). It is expected to recover gradually as the transformation of local commodities at the SEZ boosts exports.
“Program performance has been strong—all quantitative targets for end-June 2024 were met, with fiscal consolidation well underway, supported by robust tax collection.
“The authorities recently submitted to Parliament the 2025 draft budget which targets compliance with the WAEMU overall deficit norm of 3 percent of GDP. Fiscal consolidation is set to be revenue-based (drawing on the Medium-Term Revenue Strategy), with significant increases in social spending (education, health, and social protection). Updating regularly and fully operationalizing the social registry will improve the targeting of expanded social assistance programs.
“The mission discussed next steps in strengthening Benin’s anti-corruption framework further, complementing the recently operationalized anti-corruption agency, as well as mechanisms to safeguard hard-won macroeconomic gains over the political cycle.
“The authorities are advancing their climate finance agenda following the climate finance roundtable that took place in Cotonou in July. They have mainstreamed climate change in the draft 2025 budget. The mission discussed next steps in advancing water tariff reform and a fuel subsidy reform that accounts for the specificities of Benin’s local fuel market.
“The mission met with Senior Minister of Economy and Finance Wadagni, Senior Minister of Development and Government Action Bio Tchane, National Director of the BCEAO (the regional central bank) Assilamehoo, and other senior government officials. The team also met with the Head of Opposition, the Finance Commission of the National Assembly in Porto Novo, the civil society, university students, the association of women entrepreneurs and a farmers’ association, the donor community, and other stakeholders.
“The IMF team would like to thank the authorities and various stakeholders for their warm hospitality and open and constructive dialogue.”
Source: World Trade Organization – WTO (video statements)
In the second episode of Marrakesh Coffee, Anabel González, former WTO Deputy Director-General and now Vice President for Countries at the Inter-American Development Bank, takes us down memory lane—from her early days to unforgettable moments at the WTO. She also shares her insights on today’s trade challenges and explores the concept of re-globalization.
An Alabama man was arrested by the FBI this morning in Athens, Alabama, on charges related to the January hack of the Securities and Exchange Commission (SEC)’s social media account on X, formerly known as Twitter.
According to court documents, on or about Jan. 9, Eric Council Jr., 25, of Athens, allegedly conspired with others to take unauthorized control of the SEC’s X account and, in the name of SEC Chair Gary Gensler, prematurely announced the approval of bitcoin Exchange Traded Funds. Immediately following the false announcement, the price of bitcoin increased by more than $1,000 per bitcoin. Shortly after this unauthorized post, the SEC regained control over its X account and confirmed that the announcement was unauthorized and the result of a security breach. Following this corrective disclosure, the value of BTC decreased by more than $2,000 per bitcoin.
The conspirators gained control of the SEC’s X account through an unauthorized Subscriber Identity Module (SIM) swap, allegedly carried out by Council. A SIM swap refers to the process of fraudulently inducing a cell phone carrier to reassign a cell phone number from the legitimate subscriber or user’s SIM card to a SIM card controlled by a criminal actor. As part of the scheme, Council and the co-conspirators allegedly created a fraudulent identification document in the victim’s name, which Council used to impersonate the victim; took over the victim’s cellular telephone account; and accessed the online social media account linked to the victim’s cellular phone number for the purpose of accessing the SEC’s X account and generating the fraudulent post in the name of SEC Chairman Gensler.
“The indictment alleges that Eric Council Jr. unlawfully accessed the SEC’s account on X by using the stolen identity of a person who had access to the account to take over their cellphone number,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Council’s co-conspirators then allegedly used this unauthorized access to the X account to falsely announce that the SEC had approved listing bitcoin ETFs, which caused the price of bitcoin to rise by $1,000 and then fall by $2,000. Council’s indictment underscores the Criminal Division’s commitment to countering cybercrime, especially when it threatens the integrity of financial markets.”
“These SIM swapping schemes, where fraudsters trick service providers into giving them control of unsuspecting victims’ phones, can result in devastating financial losses to victims and leaks of sensitive personal and private information,” said U.S. Attorney Matthew M. Graves for the District of Columbia. “Here, the conspirators allegedly used their illegal access to a phone to manipulate financial markets. Through indictments like this, we will hold accountable those who commit these serious crimes.”
“The FBI works to identify, disrupt, and investigate cyber-enabled frauds, including SIM swapping,” said Acting Special Agent in Charge David E. Geist of the FBI Washington Field Office Criminal and Cyber Division. “SIM swapping is a method bad actors exploit to illicitly access sensitive information of an individual or company, with the intent of perpetrating a crime. In this case, the unauthorized actor allegedly utilized SIM swapping to manipulate the global financial market. The FBI will continue to work tirelessly with our law enforcement partners around the country and globe to hold accountable those who break U.S. laws.”
“This criminal indictment demonstrates our commitment to holding bad actors accountable for undermining the integrity of the financial markets,” said Inspector General Deborah Jeffrey of the SEC.
A federal grand jury in the District of Columbia returned an indictment on Oct. 10 charging Council with one count of conspiracy to commit aggravated identity theft and access device fraud. If convicted, he faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI Washington Field Office and SEC Office of Inspector General are investigating the case.
Trial Attorney Ashley Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section, Trial Attorney Lauren Archer of the Criminal Division’s Fraud Section, and Assistant U.S. Attorney Kevin Rosenberg for the District of Columbia are prosecuting the case.
For more information on SIM swapping, go to www.ic3.gov/PSA/2024/PSA240411.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Following the final agreement signed on 10 April 2024, Rubis has completed on 16 October 2024 the sale of its 55% stake in the Rubis Terminal JV (now branded Tepsa) to I Squared Capital.
As announced previously, Rubis has received a first payment of €124 million1 at closing, c. €77 million of which will be returned to shareholders through an exceptional interim dividend for 2024 of €0.75 per share. The interim dividend will be detached on 6 November 2024 and paid on 8 November 2024. This dividend is in addition to the usual annual dividend as per the Group’s dividend policy.
The remainder of the proceeds will be dedicated to the acceleration of the development of both Energy Distribution and Renewable Electricity Production businesses.
As the anchor tenant at 1001 Boylston St., CarGurus debuts state-of-the-art space designed to maximize connectivity, collaboration, and innovation
BOSTON, Oct. 17, 2024 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today marked the opening of its new global headquarters in Boston’s Back Bay neighborhood. Located at 1001 Boylston Street, the new office underscores CarGurus’ commitment to the Boston region with a world-class space designed for the needs of today’s flexible workplace, balancing versatile collaboration areas with a variety of workspaces that support individual work preferences.
“After nearly 20 years in Cambridge, CarGurus’ move to this inspiring new space represents a meaningful chapter in our growth story in the region,” said Jason Trevisan, CarGurus Chief Executive Officer. “Our best-in-class work environment enhances opportunities for deeper collaboration and connectivity, all in service of our mission to help people reach their destination. This mission comes to life through our focus on delivering an exceptional experience to our employees, driving innovations that benefit our dealer and consumer customers, and supporting the communities in which we live and work.”
The new global headquarters features approximately 225,000 sq. ft. of workspace anchoring the dynamic mixed-use project known as Lyrik. It unites nearly 1,000 employees who previously occupied two separate offices in Cambridge. The move reinforces CarGurus’ commitment to continued growth in the region, where the company is recognized for its award-winning workplace culture and focus on community impact through volunteer efforts and purpose-driven charitable giving.
“Massachusetts is the best state in the country to live, work, grow a business, and build a future — and that’s in large part because of the incredible, innovative companies that call our state home, like CarGurus,” said Massachusetts Governor Maura Healey. “We’re thrilled to celebrate the grand opening of their global headquarters in Boston today, and we’re grateful for their commitment to their employees, their customers, our communities, and our economy.”
“It is very exciting to see the CarGurus logo in the Boston skyline atop its new headquarters,” said Massachusetts Secretary of Economic Development Yvonne Hao. “I look forward to seeing the company continuing to invest in the region’s growth and innovation while entering a new chapter as it expands here as part of Team Massachusetts.”
An Office Designed with Flexibility, Collaboration, and Sustainability at the Forefront Designed by IA Interior Architects, the CarGurus headquarters was created with a hybrid work culture in mind, offering spaces that support all types of meeting scenarios and individual work modes. The result is a dynamic collaboration hub comprised of 10 floors offering 900 choice work points, 30 collaborative spaces, and central social spaces, all with flexibility baked into the design to support changing needs.
Amenities are distributed throughout the office floors to encourage interaction and include a multi-story reception area, tech bar, barista bar, multiple training spaces, all-hands meeting areas, video production suite, and dining area. The workspace also offers two libraries for quiet focus work, several balconies/terraces, and exclusive access to a penthouse gathering space with two large roof decks equipped with seating for individual or group work.
Designed for LEED Gold certification, design features prioritize sustainability and a connection to nature. Views of the Boston skyline and natural light are maximized for all occupants, along with the addition of wood textures, natural materials, and greenery throughout the space.
To learn more about working at CarGurus and view open roles, please visit careers.cargurus.com.
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.
Media Contact: Maggie Meluzio Director, Public Relations & External Communications pr@cargurus.com
Governor Kathy Hochul today announced that 6 gigawatts (GW) of distributed solar have been installed across New York, marking the early achievement of the State’s Climate Leadership and Community Protection Act statutory goal a year ahead of schedule. The solar power generation, which benefits homes, business owners and off-takers of community solar projects, is enough to power more than a million homes, underscoring New York’s leadership in growing one of the strongest distributed solar markets in the nation.
“Today we celebrate the early achievement of New York’s 6-GW milepost, which brings us one step closer to a reliable and resilient zero-emission grid,” Governor Kathy Hochul said. “Distributed solar is at the heart of reducing greenhouse gas emissions, expanding the availability of renewable energy, and delivering substantial benefits for our health, our environment, and our economy.”
New York State Energy Research and Development Authority (NYSERDA) President and CEO Doreen M. Harris made the announcement at a distributed solar project in the Town of New Scotland. The project, developed by New Leaf Energy and owned by Generate Capital, includes a 5.7-megawatt solar array that will produce 6.7 million kilowatt-hours of solar energy annually, enough to power nearly one thousand homes. The project participates in the Solar for All pilot program with utility partner National Grid where the energy harnessed by this project benefits low-income households.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “As the top community solar market in the nation, New York State has provided a replicable model for others to deliver clean, low-cost renewable energy to more consumers. Our public-private partnerships are the catalysts which have helped us to achieve our 6-GW goal well ahead of target, trailblazing New York’s path to an equitable energy transition.”
With the achievement of New York’s 6-GW goal—which is underpinned by support from the State’s signature $3.3 billion NY Sun initiative—distributed solar is generating enough energy to power more than a million homes and businesses across the state, including those in disadvantaged communities. The expeditious achievement of the 6-GW goal has also generated approximately $9.2 billion in private investment across New York.
To date, solar projects in New York have created more than 14,000 solar jobs statewide, from engineering and design to installation. In addition, New York requires all solar projects more than 1 megawatt (MW) in size to pay prevailing wages, further supporting the opportunity to advance family sustaining clean energy jobs across New York.
In anticipation of the success, three years ago Governor Hochul directed NYSERDA and the Department of Public Service to expand the goal to 10 GW by 2030. With 6 GW now complete, New York continues to be ahead of schedule for reaching the expanded 10-GW goal with almost 3.4 GW already in development.
New York State Public Service Commission Chair Rory M. Christian said, “Hitting this 6 GW milestone is an important accomplishment, and all involved in this endeavor deserve a round of applause. This is further evidence that distributed solar is a critically important piece of the equation and, through Governor Hochul’s leadership, we are well on our way to creating a clean energy economy.”
New York Power Authority President and CEO Justin E. Driscoll said, “Today’s milestone is a testament to the power of strong partnerships in advancing distributed solar projects across New York State. As we work together to expand the deployment of solar energy, NYPA is committed to working with municipalities, school districts, and state entities to build a portfolio of projects that reduce greenhouse gas emissions and provide energy savings for our customers.”
Generate Capital Investments Managing Director Peggy Flannery said, “Customers and consumers are asking for access to clean energy, and New York state is listening. We’re very excited to have helped New York reach six gigawatts of solar and deliver the benefits of clean energy to the community. Generate operates 69 projects and counting in New York, and this celebration is another proof point of our successful efforts in serving developers, customers, and local communities and accelerating the clean energy transition.”
New Leaf Energy Director of Policy and Business Development Sam Jasinski said, “New Leaf is honored to be celebrating this impressive milestone with the many State and local agencies, towns, fellow industry members, and utilities that made it happen. It shows real progress towards meeting New York’s nation-leading clean energy goals. And while we’re incredibly proud of the work and partnerships that have led to this achievement, we’re more excited that it can be repeated and multiplied. With the State’s continued leadership, we’re confident we can get to 10 GW and beyond.”
New York is the national leader in community solar deployments, allowing renters, low-income residents, and others who cannot install their own panels to benefit from solar energy. In 2023, New York ranked first in the nation in total installed community solar capacity. Last year was also the state’s most productive year ever for solar installations, with 885 MW of capacity installed.
Through NY-Sun, New York is making it much easier for low-income households to benefit from solar projects through the first of its kind Solar for All pilot program. The Solar for All program, which is administered through NYSERDA, allows solar project developers to partner with National Grid to provide additional bill savings to low-income customers in their Energy Affordability Program (EAP). The Public Service Commission has approved an order to replicate NYSERDA’s Solar for All pilot program statewide, including solar projects in National Grid, ConEdison, Orange and Rockland, New York State Electric and Gas, Central Hudson Gas & Electric, and Rochester Gas and Electric utility territories.
The statewide Solar for All program delivers an electric bill credit to EAP customers. The long-term program design is driving continued community solar and storage growth and directs the benefits of that growth to New York State’s low-income residents.
Building on this effort, in April 2024, NYSERDA was selected to receive nearly $250 million from the United States Environmental Protection Agency (EPA) Solar for All program to enhance New York State’s existing portfolio of highly successful and effective solar deployment, technical assistance, and workforce development programs for the benefit of over 6.8 million residents that live in low-income households and disadvantaged communities. As part of the grant funding, the New York State Housing and Community Renewal, the New York City Department of Environmental Protection, and New York City Housing Preservation and Development, will also implement new programs that target specific barriers to solar deployment for this population.
Clean solar energy reduces the need for fossil fuel-based power generation while producing less harmful emissions, resulting in cleaner air and improved public health.
New York Solar Energy Industries Association Executive Director Noah Ginsburgh said, “New York has achieved its 2025 rooftop and community solar goal ahead of schedule and under budget, and we’re just getting started. Distributed solar projects are lowering New Yorkers’ electric bills, providing tax revenue to local governments, and employing thousands of workers across the Empire State. NYSEIA congratulates Governor Hochul, the legislature, NYSERDA, the Public Service Commission, the solar industry, and all New Yorkers on this important milestone.”
Coalition for Community Solar Access Northeast Regional Director Kate Daniel said, “The Coalition for Community Solar Access (CCSA) congratulates the Empire State on reaching this impressive milestone. We are tremendously proud of the large role community solar has played in achieving the first Climate Act requirement ahead of schedule. The 6 GW of rooftop and community solar operating today in New York means direct bill savings for millions of customers, good-paying jobs and economic benefits to host communities, and millions of tons of reduced greenhouse gas emissions. We look forward to continued growth in New York’s community solar programs to help New York on its way to the remaining Climate Act goals.”
State SenatorKevin Parker said, “The installation of six gigawatts of distributed solar energy is a giant step to meeting the state’s renewable energy goals and a major win for clean energy development, the environment and New York’s disadvantaged communities. I applaud Governor Hochul and NYSERDA for taking strong action to ensure New York is a national leader in solar energy production and making tremendous progress toward the goals under the CLCPA.”
State Senator Neil Breslin said, “This program spreads the economic opportunities of solar power beyond corporate investors to local homeowners, property owners and small businesses. It is an increasingly important part of the clean energy mix New York State, and our nation, needs to leverage.”
Assemblymember Patricia Fahy said, “Meeting New York’s ambitious climate mandates under the nation-leading CLCPA is not a question of if – but when. Today’s announcement showcases New York’s commitment to responsibly building out solar energy to help us transition to clean energy and reduce emissions that are driving costly extreme-weather events for too many communities across the state. Climate change is the transcendent threat of our time, and we are already paying for it. I couldn’t be prouder to see the Town of New Scotland right here in the 109th District leading the way to ensure that New York’s clean energy future is bright, affordable, and within reach.”
New Scotland Town Supervisor Douglas LaGrange said, “As a Climate Smart Community, the Town of New Scotland is proud to have been a part of seeing this project come to fruition. We are equally proud that we can do our part to help reach Governor Hochul’s goals for renewable energy in New York State.”
New York League of Conservation Voters President Julie Tighe said, “The state reaching its goal of 6GW of installed distributed solar is an important reminder that, with strong leaders like Governor Hochul and NYSERDA President Dorreen Harris, we are capable of tackling difficult challenges. And as the climate crisis grows more urgent by the day, there is no more important challenge than transitioning to a clean energy economy, which is why we must increase the pace of our renewable energy development and double down on our efforts to meet all of our CLCPA obligations, including by continuing to increase the distributed solar goal as we exceed initial targets.”
Vote Solar Northeast Director Elena Weissmann said, “Distributed solar is a key component of NY’s decarbonization mandate, and promises cleaner air, good jobs, and lower energy bills for New Yorkers. As we celebrate this remarkable milestone – a year ahead of schedule – we must seize this opportunity to double down on what’s working so well. This moment is a testament to the power of distributed solar and a call to accelerate deployment of solar for our homes and communities, so that communities across the State can harness the benefits of a clean energy future.”
National Grid’s Chief Operating Officer for Electric Brian Gemmell said, “Today’s announcement is an important next step in our ongoing efforts to build a smarter, stronger, cleaner electric grid that delivers reliable power for all New Yorkers. Greater access to renewable generation resources like solar power not only advances the state’s clean energy goals, but also helps secure long-term economic stability. We appreciate the partnership of Governor Hochul, NYSERDA, and all the other stakeholders who share our commitment to ensuring a safe, reliable, and accessible energy future.”
New York State’s Nation-Leading Climate Plan
New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 130 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.
