Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – U.S. Senators Joni Ernst (R-Iowa) and Michael Bennet (D-Colo.) are standing up for families and fighting to reverse changes to the Free Application for Federal Student Aid (FAFSA) process that could reduce or even eliminate access to need-based student aid for farm families and small business owners.
Their bipartisan Family Farm and Small Business Exemption Act would amend the FAFSA Simplification Act to restore the original exemption of all farmland, machinery, other operational materials, and small businesses with fewer than 100 employees from being declared on the FAFSA form.
“No one should have to sell off the farm – or their small business – to afford college. As a farm kid myself, I know the enormous impacts grants and financial aid have on rural students’ decision to go to college,” said Ernst. “I’m fighting for Iowa families, so unfair policies don’t hold them back from investing in their child’s education.”
“From Colorado to Iowa, federal financial aid helps ensure more students can afford college – including students from farm families, whose businesses are vital to our communities and economies,” said Bennet. “Our bipartisan bill will help ensure these students receive the financial aid they need.”
Congressman Tracey Mann (R-Kan.) is introducing this legislation in the House:
“Across Kansas’ Big First District and the country, net farm income has decreased by nearly 25% since 2022,” said Rep. Mann. “Between navigating record-levels of inflation and skyrocketing input costs, our family farmers, ranchers, agricultural producers, and small business owners are doing their best to make an honest living. When young people from these families are applying for higher education financial aid, the assets tied up in the family farm or the small business should not count against them. Congress should work to make life easier, not harder, for these dedicated families and students. My bill evens the playing field for these students and families, while protecting the American dream for every student regardless of their parents’ career ventures.”
Under the previous contribution formula, the expected family contribution – calculated from information taken from the FAFSA form – did not include farm or small business assets. However, under the new formula the student aid index will take those assets into account, drastically driving up the amount a family is expected to contribute.
“Senator Ernst has taken an important step to restore equity to farm families whose special circumstances were lost in the efforts to simplify the FAFSA. Leaving deserving farm families out of federal student aid programs is not simplification, it is bad policy. The nation’s private colleges are very appreciative for all she is doing to fix this mistake,” said Barbara Mistick, President of the National Association of Independent Colleges and Universities.
“Senator Ernst’s bill is a win for Iowa families, ensuring students from family farms and small businesses across the country don’t lose out on critical financial aid. This is a step forward for Iowans and removes an unnecessary barrier to higher education,” said Brenda Buzynski, Assistant Provost and Director of Student Financial Aid at University of Iowa.
“Our country’s farmers and ranchers are facing tremendous challenges, from a strained farm economy to legislative and regulatory uncertainty. Making it more difficult for their children to attain a college education shouldn’t be an added burden. We know that farmers’ assets are tied up in the value of their land, livestock and equipment, yet their kids may not qualify for federal financial student aid. AFBF commends Senator Ernst’s work to find a solution to the challenges created by the asset calculation changes in the FAFSA Simplification Act,” said Ryan Yates, Managing Director of Government Affairs at American Farm Bureau Federation.
“NASSGAP is pleased to support Senator Joni Ernst’s efforts to ensure continued access to the financial aid children of family farmers need to attend college. Family farmers are the backbone of America and NASSGAP is honored to help Sen. Ernst ensure their children have the same access to higher education,” said Frank Ballman, Director of Federal Relations at the National Association of State Student Grant and Aid Programs.
Background:
Ernst has been a strong advocate for Iowa families to be able to responsibly finance their child’s education.
After Biden’s Department of Education botched their FAFSA rollout, Ernst supported the FAFSA Deadline Act that became law and gave families the certainty they deserve. To ensure more Iowa families are not left out, Ernst conducted critical oversight, demanded answers on behalf of agricultural communities, and worked to get input directly from impacted Iowans.
On her annual River to River Tour, Ernst hosted town halls and met with students and schools to discuss the effects of FAFSA to bring Iowans’ concerns to Washington.
Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senator Gary Peters (MI) reintroduced bipartisan legislation to establish a National Manufacturing Advisory Council within the U.S. Department of Commerce. The Advisory Council would bring together leaders in manufacturing, labor, and education to advise both Congress and the Secretary of Commerce on how best to ensure the United States remains the top destination globally for investment in manufacturing. It would serve as a bridge between the manufacturing sector and federal government to improve communication and collaboration, and better support the industry and its workforce. Peters introduced the National Manufacturing Advisory Council for the 21st Century Act with U.S. Senator Marsha Blackburn (R-TN). The bill passed the Senate with unanimous support last Congress.
“Our manufacturers, labor leaders, and experts bring an important real-world perspective that can help ensure the United States remains at the forefront of advanced manufacturing globally,” said Senator Peters. “This bipartisan legislation would give our industry leaders a seat at the table to help shape federal manufacturing policy and inform our response to emerging challenges and threats.”
“This initiative, the National Manufacturing Advisory Council Act, is designed to improve the resources and support for our nation’s small and medium-size manufacturers, which are a truly vital driver of our economy. I applaud Senator Peters for his steadfast, unwavering commitment to American manufacturing,” said Ingrid Tighe, President of the Michigan Manufacturing Technology Center, the Michigan representative of the Hollings Manufacturing Extension Partnership (MEP) program, part of the National Institute of Standards and Technology (NIST).
“We applaud Senator Gary Peters for introducing this bill to improve the federal government’s planning and coordination of efforts to strengthen domestic manufacturing,” said Scott Paul, President of the Alliance for American Manufacturing. “Recent supply chain disruptions have made clear that it is time for the United States to shore up its critical manufacturing capabilities, which will not only better prepare us for the next crisis but also create jobs and boost the economy. This increased coordination between the many programs designed to support our manufacturers and their workers is an important step towards rebuilding our industrial base. We are grateful to Senator Peters for his efforts to bolster American manufacturing.”
“The Association of Equipment Manufacturers applauds Senator Gary Peters and Senator Marsha Blackburn for their continued leadership on behalf of the manufacturing sector and for introducing legislation that will prioritize a national strategy focused on ensuring American manufacturing policy can rapidly respond to changes in the global marketplace,” said Kip Eideberg, AEM Senior Vice President of Government and Industry Relations. “Our economic prosperity and national security depend on a strong manufacturing sector, and establishing a National Manufacturing Advisory Council will help unleash innovation and mobilize a comprehensive, coordinated, and competent national effort in support of the manufacturing sector and its workforce.”
“We commend Senator Gary Peters (D-MI) and Senator Marsha Blackburn (R-TN) for today introducing legislation to establish a National Manufacturing Advisory Council,” said Ana Meuwissen, Senior Vice President of Government Affairs for MEMA, The Vehicle Suppliers Association. “This council will be a forum for manufacturers and other key stakeholders to provide input to the Department of Commerce (DOC) on important long-range issues such as workforce, supply chain, technology, and defense industrial base. The NMAC legislation would also foster better coordination of federal manufacturing policy in the DOC and across the federal government. When this legislation is enacted, it will be an asset to assist in retaining U.S. competitiveness in critical manufacturing sectors like motor vehicle parts.”
The Advisory Council would meet at least twice a year and be tasked with providing lawmakers with a national strategic plan – including recommendations to address workforce issues, supply chain interruptions, and other logistical and emerging challenges. Specifically, the Advisory Council would be required to:
IDENTIFY AND ASSESS the impacts of technological developments, production capacity, skill availability, investment patterns, and emerging defense needs on the manufacturing competitiveness of the United States.
SOLICIT INPUT from the public and private sectors as well as academia on emerging trends in manufacturing.
PROVIDE RECOMMENDATIONS to the Secretary regarding global and domestic manufacturing trends threatening the U.S. manufacturing sector, including supply chain interruptions, regulatory and logistical challenges, and technological changes. The Advisory Council would also advise the Secretary on areas to increase federal attention with respect to manufacturing – as well as matters relating to the U.S. manufacturing workforce such as the impact of burgeoning technology and worker training and education priorities.
Peters has made strengthening domestic manufacturing a top priority of his work in the Senate. Peters helped craft and pass into law the CHIPS and Science Act, which includes a provision he authored to support the domestic production of mature semiconductor technologies and ensure that projects supporting critical manufacturing industries, such as the auto industry, are given priority status. This funding was in addition to $50 billion already in the bill to incentivize the production of semiconductors of all kinds in the U.S. – for a total of $52 billion.
The CHIPS and Science Act also authorized increased funding for the Manufacturing Extension Partnership (MEP) program, which has been a priority for Peters. Peters also supported and helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, combat the climate crisis and create millions of American jobs.
Irrigation helps farmers increase yields, grow more diverse crops and improve productivity and crop quality to put more food on tables in Alberta and around the world. The irrigation district network is essential to farmers, ranchers, food processors and communities, providing much-needed water for agriculture, processing and other industries, domestic use, recreation and wildlife habitat.
In Budget 2024, Alberta’s government increased funding for the Irrigation Rehabilitation Program to $19 million, up from $13.5 million the year before. This cost-shared program helps irrigation districts modernize infrastructure to deliver water efficiently and reliably to producers, processors and communities. Since the funding was announced, 14 projects have begun or progressed in Alberta’s 11 irrigation districts.
“We’re maximizing water use efficiency through initiatives like the Irrigation Rehabilitation Program, helping farmers boost yields, crop diversity and quality. By increasing funding for irrigation infrastructure, we support Alberta’s economy and enhance resilience against droughts and dry conditions, ensuring a stable agricultural future. These investments are vital for both local and global food security.”
“The Irrigation Rehabilitation Program continues to successfully support the rehabilitation of irrigation delivery infrastructure within Alberta’s irrigation districts. Replacing canals with buried water pipelines and modernizing water control structures maintains an efficient and dependable system providing water security for irrigated agriculture, communities, industry, wetlands and recreation.”
One project that began under the program is a partnership between the St. Mary River and Raymond Irrigation Districts. Together, they are working on major upgrades to the Chin Chute, a project that benefits both districts. The Chin reservoir is supplied by the St. Mary River Irrigation District’s main canal, which conveys irrigation water from the Milk River Ridge Reservoir, south of the Town of Raymond, about 74 kilometres. The project is expected to be completed this spring.
“We were thankful for the increase in Irrigation Rehabilitation Program funding to $19 million announced in the 2024 budget. It is allowing us to replace the chute at Chin Reservoir. This is a critical component of the infrastructure in the St. Mary irrigation project. Chin reservoir supports up to 400,000 acres of agriculture irrigation and water for many communities downstream of Chin.”
Quick facts
The annual Irrigation Rehabilitation Program was established in 1969 and is currently cost-shared between Alberta’s government (75 per cent) and Alberta’s 11 irrigation districts (25 per cent).
Funding is used for planning, engineering and rehabilitation of existing infrastructure such as converting canals to pipelines.
Projects funded under the 2024 program include:
Bow River Irrigation District – BK-2-2 (Vauxhall) Pipeline – replacing four kilometres of open channel canal with buried pipeline at an estimated cost of $1,705,000.
Bow River Irrigation District – BK-2 (Vauxhall) Pipeline – replacing 16.7 kilometres of open channel canal with buried pipeline at an estimated cost of $2,772,000.
Eastern Irrigation District – West Bantry Canal – Armour – add armour to upgrade 8.6 kilometres of existing earth canal at an estimated cost of $1,300,000.
Lethbridge Northern Irrigation District – Lateral A3 Pipeline – replacing 1.6 kilometres of open channel canal with buried pipeline at an estimated cost of $819,000.
Lethbridge Northern Irrigation District – Lateral 61C Pipeline – replacing 6.6 kilometres of open channel canal with buried pipeline at an estimated cost of $7,500,000.
Magrath Irrigation District – Miller Pipeline – replacing three kilometres of open channel canal with buried pipeline at an estimated cost of $701,000.
Raymond Irrigation District – New Dayton CPR Crossing – replacing two open channel canals totalling 11.5 kilometres with buried pipeline at an estimated cost of $1,905,000.
Raymond Irrigation District – Aerial Photos – to assist with future and ongoing planning at an estimated cost of $5,000.
Raymond Irrigation District – 9 Mile Phase 4 – replacing two open channel canals totalling 11.5 kilometres with buried pipeline at an estimated cost of $1,905,000.
St. Mary River Irrigation District & Raymond Irrigation District – Chin Chute Rehabilitation – replace aging spillway structure and increase flowrate capacity at an estimated cost of $27,097,432.
Southwest Irrigation District – Upper Lateral K Pipeline – replacing 2.3 kilometres of open channel canal with buried pipeline at an estimated cost of $1,507,000.
United Irrigation District – Lateral F Phase 2 – replacing 700 metres of open channel canal with buried pipeline at an estimated cost of $788,000.
Western Irrigation District – Secondary C Controls – replacing four aging structures, including upgrades and automation at an estimated cost of $1,066,000.
Western Irrigation District – Secondary C Inline Storage – investigation and feasibility study for four strategic water storage sites at an estimated cost of $634,000.
VANCOUVER, British Columbia, Feb. 07, 2025 (GLOBE NEWSWIRE) — PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that three of its funds were awarded a FundGrade A+ Award at the Celebration of Excellence ceremony in Toronto on February 6, 2025.
The Pender Bond Universe Fund, Pender Corporate Bond Fund and Pender Strategic Growth & Income Fund were all winners. This is the sixth consecutive year that the Pender Corporate Bond Fund has been honoured with this award, and this trio of funds were all recipients for the year 2022.
The FundGrade A+ methodology1 is fully quantitative, with funds assessed monthly using a range of metrics against peers. The goal is to identify and grade funds demonstrating consistent outperformance on a risk-adjusted basis.
“Applying our fundamental investment process consistently, through the good times and the bad, is the bedrock of our firm and our fund success,” said David Barr, CEO. “To have three funds recognized for outperformance over industry peers this year not only demonstrates that consistency of approach but also showcases something we are equally proud of the breadth of our fund line-up.”
“These awards highlight the great work done by our team in not only finding attractive opportunities in the credit markets, but also in carefully following developments at the holding level,” stated Lead Portfolio Manager, Fixed Income, Geoff Castle. “It is only through strong understanding of each issuer’s situation that we are able to put the most weight in areas with the highest return potential.”
“Receiving this Award is a testament to our team’s unwavering dedication to excellence and our differentiated approach to ‘balanced’ and strategic asset allocation across Pender’s award-winning line up,” commented Felix Narhi, Portfolio Manager of the Pender Strategic Growth & Income Fund.
About the Pender Bond Universe Fund The Pender Bond Universe Fund is an income fund with an investment grade focus. The Fund aims to preserve capital and generate returns through current income and capital appreciation. It invests primarily in investment grade fixed income securities but can make equity investments when the risk/reward trade-off is believed to be in the investors’ favor.
About the Pender Corporate Bond Fund The Pender Corporate Bond Fund is an income fund that is both conservatively managed to preserve capital, as well as opportunistic to generate returns. The Fund is focused on key credit characteristics – coverage, seniority and duration. It is driven by bottom-up fundamental analysis, the Fund seeks to use its nimble size to invest in opportunities large or index based funds cannot. This advantage could provide investors with an attractive cash yield, while maintaining positions in attractively valued securities that provide a margin-of-safety for investors.
About the Pender Strategic Growth & Income Fund The Pender Strategic Growth and Income Fund is a diversified balanced fund. It aims to generate long-term growth and income by making allocations across Pender’s investment lineup, specifically in Pender’s fixed income and equity funds which aim for best-in-class results with an possible allocation of up to 10% of its net assets in Pender’s liquid alternative funds to further diversify the portfolio. We believe this approach is an important differentiator to traditional balanced funds.
About PenderFund Capital Management Ltd. Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage a suite of differentiated investment funds, exploiting inefficient parts of the investing universe to achieve our goal. Please visit www.penderfund.com.
About Fundata Canada Inc.’s FundGrade A+® Rating The FundGrade A+® rating is used with permission from Fundata Canada Inc., all rights reserved. Fundata is a leading provider of market and investment funds data to the Canadian financial services industry and business media. The FundGrade A+® rating identifies funds that have consistently demonstrated the best risk-adjusted returns throughout an entire calendar year. For more information on the rating system, please visit www.Fundata.com/ProductsServices/FundGrade.aspx.
For further information, please contact: Melanie Moore Vice President of Marketing, PenderFund Capital Management Ltd. mmoore@penderfund.com (604) 688-1511 Toll Free: (866) 377-4743
LONDON, Feb. 07, 2025 (GLOBE NEWSWIRE) — BitconeMine, a leading cloud mining provider, announces the official launch of its AI-powered cloud mining platform, designed to help investors achieve stronger wealth potential with minimal effort. This innovation marks a significant breakthrough in crypto mining, making Bitcoin mining more accessible, cost-effective, and profitable for users worldwide.
AI-Driven Mining for Higher Efficiency
Traditional Bitcoin mining requires substantial investment in high-end hardware, energy costs, and technical expertise. BitconeMine’s newly launched AI-powered cloud mining platform eliminates these barriers, allowing users to participate in cryptocurrency mining without the need for expensive equipment or specialized knowledge.
Through advanced AI-driven optimization, BitconeMine enhances mining efficiency by reducing energy consumption, dynamically managing hardware performance, and minimizing downtime. This cutting-edge technology ensures higher returns while maintaining an environmentally friendly approach.
Key Benefits of BitconeMine’s Cloud Mining Service
Instant Mining Access with Flexible Contracts – Users can choose from various mining contract packages, providing fixed daily income based on their investment preferences.
Zero Equipment & Maintenance Costs – No need to purchase or maintain mining rigs; BitconeMine handles all operational expenses.
Global Accessibility with Mobile Monitoring – Investors can mine Bitcoin from anywhere in the world using just a smartphone. The BitconeMine app provides real-time income tracking.
Enhanced Security & Insurance Protection – All user data is safeguarded by SSL encryption, and mining investments are protected through L&G insurance policies.
Multiple Cryptocurrency Support – Users can settle earnings in USDT-TRC20, BTC, ETH, LTC, USDC, USDT-ERC20, BCH, DOGE, SOL, and XRP.
Exclusive Welcome Bonus – New users receive a $10 registration bonus and can earn a daily passive income of $0.6 through the mining experience program.
24/7 Customer Support – BitconeMine offers round-the-clock assistance to resolve any user inquiries or technical issues.
Shaping the Future of Cloud Mining
BitconeMine’s AI-powered platform aims to revolutionize the crypto mining industry by diversifying revenue sources and reducing dependence on Bitcoin price fluctuations. By leveraging artificial intelligence, miners can optimize their operations, ensuring long-term stability and enhanced profitability.
For more details on how to start mining effortlessly and earn passive income, visit https://bitconemine.com today.
Disclaimer: This press release is provided by BitconeMine. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including potential loss of capital. Readers are strongly advised to conduct their own research and consult a qualified financial advisor before making any investment decision.
Photos accompanying this announcement are available at
(NEW HAVEN, CT) – Ahead of National Pizza Day, which is celebrated this year on Sunday, February 9, Governor Ned Lamont, state and local officials, and dozens of small business owners from across Connecticut announced a bold set of new initiatives the state is taking to celebrate its world-famous pizza culture, including through a series of high-profile events and activations that blend food, fashion, and pop culture.
“Connecticut pizza isn’t just food, it’s a way of life,” Governor Lamont said. “From New Haven to Hartford to Mystic, our pizza culture is unmatched, and these initiatives will make sure the whole world knows it. This isn’t just about great sauce and slices – it’s about the stories, traditions, and rivalries that have made Connecticut the beating heart of America’s pizza culture.”
Leading the charge is the launch ofThe Pizza Capital Trail, a statewide collection of Connecticut’s top pizzerias as determined by public voting and a panel of food experts. Other highlights include an interactive pizza-inspired art installation, a fashion collaboration featuring custom Air Jordan 1’s, and a record-setting pizza party aiming to claim a spot in the Guinness World Records.
“Connecticut pizza isn’t just something you eat – it’s something you argue about, obsess over, and defend like your sibling or favorite sports team,” Anthony Anthony, Connecticut’s chief marketing officer said. “We’ve always known we’re the Pizza Capital of the United States, but now we’re proving it in ways that go beyond the food – through art, fashion, and experiences that celebrate the passion baked into every slice.”
Anewly released reportfrom the Office of Comptroller Sean Scanlon finds that there are 1,376 pizza restaurants in Connecticut, with New Haven leading the way with 63 pizza establishments. The report also notes Connecticut leads national rankings when it comes to pizzerias per capita and locally-owned establishments.
Key initiatives unveiled
The Pizza Capital Trail: Connecticut is preparing to launch The Pizza Capital Trail, which celebrates the state’s top pizzerias. Beginning March 14, 2025, (Pi Day!) the public and a panel of experts will able to vote on the best pizzerias in the state. Voting will be open daily and will close on May 1. The trail will be unveiled in late September, prior to National Pizza Month. Fans will soon be able to cast their votes online by visitingPizzaCapitalTrail.com.
“The Pizza State” Art Installation: An interactive nine-foot by six-foot fine art piece designed by Michael Pollack of New Haven Pizza Club (NHVPC), made entirely from Connecticut highway signs. It will be displayed at New Haven Pizza Club inside of District (470 James Street, New Haven) for the month of February for visitors to sign and share their favorite pizza spot in Connecticut. It will then be permanently moved for display at Tweed New Haven Airport, which will be seen by more than 1.5 million travelers this year.
Pizza-Themed Air Jordans: Pollack has custom-designed three pairs of Nike Air Jordan 1’s featuring Connecticut pizza-inspired elements. They will be displayed at Sneaker Junkies (976 Chapel Street, New Haven), and then later auctioned at the Strength in Numbers Fashion Show on June 7, 2025, at District (470 James Street, New Haven) with proceeds benefiting Feeding Families Foundation.
Strength in Numbers Fashion Show: On June 7, 2025, at District (470 James Street, New Haven), fashion designer Justin Haynes (Jus10) and artist Michael Pollack will showcase a pizza-themed fashion collection. Yale New Haven Children’s Hospital and the State of Connecticut are title sponsors, and proceeds support Feeding Families Foundation.
A Throne Fit for a Pizza Queen: This oversized throne was designed and custom built by Pollack as a “Thank You” to Congresswoman Rosa DeLauro (CT-03), dubbing her the “Apizza Queen” for her work proclaiming Connecticut the “Pizza Capital of the United States” in 2024, as well as her work supporting Feeding Families Foundation. It can be viewed at New Haven Pizza Club in District (470 James Street, New Haven).
Pizza Capital Bus Wrap: Transportation company DATTCO has unveiled a “Pizza Capital of the U.S.” bus wrap, taking Connecticut’s pizza legacy on the road.
Guinness World Record Attempt: Taste of New Haven’s Colin Caplan is leading an effort to break the Guinness World Record for the largest pizza party at the Apizza Feast on Friday, September 12, 2025. The State of Connecticut is the title sponsor of the attempt, and a crowdfunding campaign is underway to bring Guinness World Records to Connecticut. Contributions can be made attasteofnewhaven.com/apizza-feast.
Tweed New Haven Airport and Avelo Airlines Join the Pizza Party: Tweed-New Haven Airport is collaborating with the Connecticut Office of Statewide Marketing and Tourism to enhance the airport experience with pizza-themed signage, like the 20-foot by 20-foot sign that will sit outside of arrivals, and artwork that will be on display in various locations.
Additionally, New Haven’s hometown airline, Avelo Airlines, is teaming up with Taste of New Haven to offer $40 off roundtrip base fares to New Haven from 31 cities along with $40 off Taste of New Haven’s popular pizza tours. Travelers may use the CTPIZZA promo code to receive the discount on eligible flights and pizza tours.
“A Pizza Play” at the International Festival of Arts and Ideas: A Broken Umbrella Theatre in New Haven will debut a pizza-themed theatrical production as part of the International Festival of Arts and Ideas in June, blending storytelling and Connecticut’s deep pizza legacy in a unique and engaging way.
Leaders weigh in
“Pizza is so rooted in Connecticut culture, and the creation of The Pizza Capital Trail is the perfect way to capture our affinity for it,” Lt. Governor Susan Bysiewicz said. “This initiative offers a unique opportunity for our residents to actively participate in some of the most heated discussions surrounding our beloved pizza establishments. Whether it’s plain with mozzarella or a classic white clam pie, I can’t wait to explore more restaurants across the state in September.”
“We all know Connecticut has the best pizza in the country. But what most people may not know is that pizza is actually important to our state’s economy,” Comptroller Scanlon said. “AreportI’m releasing today shows that we actually have the most pizza places per capita in the entire United States. That means jobs, economic activity and, yes, even tourism. So, as we celebrate National Pizza Day, let’s also celebrate how much being the Pizza Capital of the United States really means to Connecticut, beyond just the bragging rights.”
“Connecticut is home to countless legendary, renowned pizzerias that bring world-wide recognition to our great state,” Senator Richard Blumenthal said. “Our local pizzerias and their employees dedicate their lives every day to curating the best pizza in the world – a tradition of culinary excellence spanning generations. In Connecticut, pizza is more than just food – it’s a cornerstone of our culture, the favorite comfort food that brings us together with family and friends, and a sense of pride in our community.”
“New Haven-style apizza is not just famous – it is legendary, a blueprint,” Congresswoman DeLauro said. “For generations, Connecticut’s family-owned pizzerias have been perfecting their craft, setting the bar for what great apizza should be. From the coal-fired ovens to the crisp, charred crusts – it’s about a relentless pursuit of perfection that has made our state an apizza powerhouse.”
“New Haven is, and always will be, the epicenter of America’s pizza scene,” New Haven Mayor Justin Elicker said. “With initiatives like these, we’re giving the world more reasons to come to New Haven and to see, taste, and experience for themselves what we’ve known all along. New Haven ah-beetz can’t be beat.”
“I wanted to create something that truly captures the passion Connecticut has for its pizza –not just as food, but as a cultural experience,” Michael Pollack, founder of the New Haven Pizza Club, said. “This project is for everyone – locals, visitors, and die-hard pizza fanatics alike. Because once you experience apizza, you don’t just eat it – you become part of its story.”
“New York can have its apple pie and New Jersey its pork roll, but in Connecticut it’s all about pizza,” Colin M. Caplan of Taste of New Haven said. “Pizza, a multibillion-dollar industry, is not only a big part of our economy, but it has come to symbolize our state pride and our great taste. Here pizza is meant to be shared, and we can all share in the accolades these mom-and-pop restaurants have achieved.”
“As a company that transports people across Connecticut every day, we’re thrilled to showcase our state’s pizza pride on the road,” Don DeVivo, president of DATTCO, said. “Our new ‘Pizza Capital of the U.S.’ bus wrap is a rolling celebration of Connecticut’s legendary pizza scene, and we can’t wait for travelers to experience it firsthand.”
Get involved
Public voting for the Pizza Capital Trail opens March 14, 2025, atPizzaCapitalTrail.com. Upcoming events will be posted on Connecticut’s official tourism website atCTVisit.com. Contribute to the Pizza Capital Pizza Party’s attempt to break the world record for the largest pizza party attasteofnewhaven.com/apizza-feast.
Thank you, Jon, and thank you for the opportunity to speak to you today.1 It is such a pleasure to be back in Miami, a city I have seen grow and become ever more dynamic over the decades, as I have come many times to visit my large extended family here ever since the 1980s. As I discussed in my final speech of 2024, two positive supply shocks have significantly benefited the U.S. economy over the past two years and have also affected the conduct of monetary policy.2 The first of these has been the surge in population over the past few years that has helped bring labor supply into balance with labor demand and, thus, also helped move inflation toward the Federal Open Market Committee’s (FOMC) 2 percent goal. The other positive supply shock, which I outlined in my remarks in December, has been a step-up in aggregate productivity growth since 2020, which is an increase in the amount of economic output, across the economy, per hour worked or some other unit of labor. Although productivity growth, measured quarterly, can be quite volatile, over the past five years this acceleration is quite evident. While productivity grew by about 1.5 percent a year from 2005 to 2019, starting in 2020 it has grown about 2 percent a year. This difference may not look dramatic, but because of compounding year-over-year, the consequences of an additional 1/2 percentage point in growth over the past five years are significant for workers and the U.S. economy. When workers are more productive, it effectively means that businesses can produce more without needing to add workers, and that they can pay workers more without needing to raise prices. When they are more productive, it can also serve as an incentive for businesses to expand. Across the economy, higher productivity growth means that real wages and living standards for workers can rise faster without putting upward pressure on inflation. And that is exactly what has been happening recently, a period when inflation has been falling while the economy is expanding. While fast growth in wages was one of the factors driving inflation in 2021 and 2022, most likely some of that increase was due to productivity growth and, hence, was not inflationary. If productivity continues to grow at an accelerated pace, it would support the FOMC’s efforts to keep unemployment low and return inflation to a sustained level of 2 percent. For that reason, I would like to spend the balance of my remarks exploring some of the possible reasons why productivity has accelerated, and the prospects that this fortunate development will continue. Numerous factors affect aggregate productivity, and several may have driven the increase in productivity growth in the U.S. since the pandemic, in contrast to the subdued productivity growth experienced by other advanced economies around the world. One such factor may have been a result of the enormous movement of workers caused by the pandemic. It began with the dramatic loss of 22 million jobs in the spring of 2020, the reemployment of many of those workers and the continued mobility as people quit jobs, switched occupations and careers, and relocated in response to the enormous changes in work and home life brought about by the pandemic. In finding new jobs, in what became a very tight labor market, workers had the opportunity to find better matches for their skills and, to some extent, work that they were motivated to carry out and which made them more productive. One indication that this was probably a significant factor in the U.S. is that other advanced economies where there was less worker movement have experienced lower rates of productivity growth.3 Economic data and research suggest that periods of strong job re-allocation are accompanied or followed by higher productivity growth.4 The tightness of the labor market since 2021 has also likely led firms to invest to a greater extent in labor-saving as well as labor-enhancing technologies, which, of course, is traditionally one of the major sources of productivity gains. For example, many retail businesses seemed to have installed more self-checkout machines after the onset of the pandemic, allowing employers to substitute capital for workers when workers could not come to work in person and when there were severe shortages. More generally, digital technology allowed employees to continue working from home during the period of the pandemic and beyond, saving commuting time and making employees potentially more productive.5 To the extent that these factors are boosting productivity growth, they are by their nature one-off developments that eventually will fade. A notable exception may turn out to be productivity improvements from investments in artificial intelligence (AI). AI investment by businesses has stepped up in the past two years, and it appears to be accelerating.6 The advent of the internet and related innovations boosted productivity growth for about 10 years starting in the mid-1990s, and the benefits of AI could potentially be that revolutionary and persistent. In addition to being temporary, the factors that I have outlined that could be boosting productivity, job re-allocation, and technological investments are themselves hard to measure across the economy. And so are their effects on productivity as well. But there is another important factor that is likely to be driving productivity higher whose effects may well persist, and that is the surge in new business formation experienced since 2019. As I will explain, new businesses are associated with higher rates of overall productivity growth, and that may be particularly true for some of the sectors in which these businesses were created. Applications for new business tax identification numbers jumped shortly after the pandemic began and have remained elevated since then.7 In 2024, the pace of applications that are likely to result in employer business formation was about 30 percent above its 2019 pace. This surge is largely unique to the U.S. In the euro zone, for example, business registrations have been relatively flat. This may help explain why labor productivity growth in Europe has been well below that of the U.S. in recent years.8 The surge in applications in early 2020 was an early signal of an acceleration in the creation of job-creating new firms.9 The latest data available indicate that new firms created 1.9 million jobs in 2023, 14 percent higher than the total for 2019.10 A couple of aspects of this surge in business entry in the U.S. are noteworthy. First, the surge was particularly noticeable in high-tech industries that, historically, are important for overall innovation and productivity growth.11 Second, while the pace of business applications has cooled somewhat over the past year, it still remains elevated and well above pre-pandemic norms. It is, in fact, proving somewhat more persistent than some expected. For these reasons, the surge in new business formation is highly relevant to our discussion about productivity. There is a large body of research that finds that new firms are key contributors to innovation and growth in aggregate productivity.12 This might seem surprising and counterintuitive, since it is well known that many new firms fail in their first year or two. But in the commotion of competition that these many new businesses face, there are always businesses that persist and keep their lights on, and those often do so because they are innovative and more productive. New businesses are the essence of the competition that drives market-based economies, and it is not surprising that they would be an important source of new products or processes for doing business—and a source of growth.13 Of course, not every new firm has to innovate and grow to make important economic contributions. Every entrepreneur contributes even if they just create a job for themselves and their family members. But those new firms that do innovate and grow are critical for improvements in overall productivity over time. As I noted before, since the surge in entrepreneurship after the onset of the pandemic featured an increase in high-tech businesses as well, the productivity implications could be significant. Indeed, the last period of strong productivity growth in the U.S., which ran from the late 1990s into the early 2000s, was preceded by a surge of new business creation in high-tech industries, including those industries that more recently have been associated with AI-related developments.14 So this is one source of my optimism about continued robust productivity growth in the U.S. But it is not only the innovations produced directly by new businesses that are important, since by any measure these new firms are a small share of total businesses. New businesses also help drive innovation by existing firms. As they scramble for funding, customers, and human capital, new businesses will increase competition with existing ones, forcing them to innovate as well so they can succeed. This is surely also driving the recent acceleration in productivity growth. Many predicted that the surge in new business creation would disappear as effects of the pandemic have faded, but this has not really happened. It is possible that the surge in entry will recede and that its productivity effects will likewise be temporary. On the other hand, the productivity gains from a surge in entry could last for some time, since these highly productive young firms have been found to grow rapidly for several years, contributing to aggregate productivity growth along the way. Time will tell, but for now, it seems likely that this is a factor supporting productivity growth at a higher-than-historical rate. I will confess to you all that it is not a coincidence that I have come to Miami to highlight the role of entrepreneurship in innovation and productivity growth. Miami and the Miami metropolitan area is an extraordinarily entrepreneurial area, a place with high rates of new business creation, and it is likely an important source of the recent productivity surge. Out of more than 900 U.S. cities for which we have data, Miami’s post-pandemic new firm entry rate ranked 8th in the nation.15 And Miami is not alone in Florida; 5 of the top 20 cities for pandemic-era business formation are here in your state.16 Miami specifically, and Florida generally, has been a key part of the U.S. entrepreneurship story for some time. During the decade before the pandemic, Miami ranked 5th out of more than 900 U.S. cities for firm entry rates, and Florida featured 8 of the top 20 U.S. cities.17 Miami is special in this regard. I wonder what is in the water here to produce such a dynamic, entrepreneurial culture. Perhaps it is the extent of sunshine, which has long been associated with optimism. Perhaps it is the friendly economic climate—in my own academic research, I have found that policies that facilitate business entry and support worker or job re-allocation are indeed helpful for dynamism and productivity.18 But an interesting question for me as the first Hispanic at the Board of Governors since its creation is whether the large Hispanic population in Florida is also a factor behind the impressive pace of business dynamism that I have just described. More than 25 percent of Florida’s population is Hispanic, compared with around 20 percent for the United States as a whole.19 Nationwide, recent data indicate that Latinos account for a dominant—and rapidly growing—share of new entrepreneurship in the U.S., with a particular increase since the pandemic.20 Of course, many of these Latino entrepreneurs are also immigrants, another group with a well-known proclivity for entrepreneurship.21 There are immigrants in Miami from the Caribbean and all over the world who contribute to the entrepreneurial culture of this city, and it is surely this culture, as much as the efforts of any nationality or group, that is the real engine of the dynamism here. I applaud you all for fostering that culture here in Florida, which is such an important contributor to the economic growth of our nation. More entrepreneurs means more productivity, which is crucial to U.S. prosperity. Let me conclude with an outline of my views on the outlook for the U.S. economy and the FOMC’s efforts to return inflation to our 2 percent goal while maintaining a strong labor market. The U.S. economy remains on a firm footing. Real gross domestic product (GDP) continues to grow at a solid pace. The Bureau for Economic Analysis estimates that real GDP grew 2.3 percent in the fourth quarter of 2024, and private domestic final purchases, which is the best indicator for GDP one quarter ahead, grew a solid 3.2 percent. Therefore, I anticipate solid GDP growth also in the first quarter of this year. In addition, earlier today the Labor Department reported that U.S. employers created 143,000 jobs in January and the unemployment rate edged down to 4 percent, consistent with a healthy labor market that is neither weakening nor showing signs of overheating. Inflation has fallen significantly since its peak in the middle of 2022, and in September the FOMC judged that it was time to begin reducing our policy interest rate from levels intended to strongly restrict aggregate demand and put downward pressure on inflation. We reduced our policy rate 100 basis points through December, but the recent progress on inflation has been slow and uneven, and inflation remains elevated. There is also considerable uncertainty about the economic effects of proposals of new policies. Going forward, in considering the appropriate federal funds rate, we will watch these developments closely and continue to carefully assess incoming data, the evolving outlook, and the balance of risks. Thank you again for the opportunity to speak to you today.
1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text 2. See Adriana D. Kugler (2024), “A Year in Review: A Tale of Two Supply Shocks,” speech delivered at the Detroit Economic Club, Detroit, Michigan, December 3. Return to text 3. See Joaquin García-Cabo, Anna Lipińska, and Gaston Navarro (2023), “Sectoral Shocks, Reallocation, and Labor Market Policies,” European Economic Review, vol. 156 (July), 104494. Return to text 4. See, for example, Lucia Foster, John Haltiwanger, and C.J. Krizan (2001), “Aggregate Productivity Growth: Lessons from Microeconomic Evidence,” in Charles R. Hulten, Edwin R. Dean, and Michael J. Harper, eds., New Developments in Productivity Analysis (Chicago: University of Chicago Press), pp. 303–63; and John Haltiwanger, Henry Hyatt, Erika McEntarfer, and Matthew Staiger (2025), “Cyclical Worker Flows: Cleansing vs. Sullying,” Review of Economic Dynamics, vol. 55 (January), 101252. Return to text 5. See Myrto Oikonomou, Nicola Pierri, and Yannick Timmer (2023), “IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic,” Labour Economics, vol. 81 (April), 102330. Return to text 6. Estimates of current AI usage by firms vary widely, but uptake appears to be significant and rising. See Leland Crane, Michael Green, and Paul Soto (2025), “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5). Return to text 7. These data, which track applications to the Internal Revenue Service for new Employer Identification Numbers, are available from the Census Bureau’s Business Formation Statistics. I focus specifically on “high-propensity applications,” which are those applications deemed by the Census Bureau to be particularly likely to result in the creation of new firms with formal employees. Return to text 8. See Francois de Soyres, Joaquin Garcia-Cabo Herrero, Nils Goernemann, Sharon Jeon, Grace Lofstrom, and Dylan Moore (2024), “Why Is the U.S. GDP Recovering Faster Than Other Advanced Economies?” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, May 17). Return to text 9. For extensive documentation and analysis of the pandemic business entry patterns, see Ryan A. Decker and John Haltiwanger (2024), “Surging Business Formation in the Pandemic: Causes and Consequences?” Brookings Papers on Economic Activity, Fall, pp. 249–302; and Ryan Decker and John Haltiwanger (2024), “Surging Business Formation in the Pandemic: A Brief Update,” working paper. Return to text 10. Data on employment among firms with age zero from the Bureau of Labor Statistics Business Employment Dynamics. These are annual data with a March reference period. Return to text 11. For documentation of the pandemic high-tech entry surge, see Ryan Decker and John Haltiwanger (2024), “High Tech Business Entry in the Pandemic Era,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, April 19). For the role of high-tech industries in aggregate productivity growth, see John G. Fernald (2015), “Productivity and Potential Output before, during, and after the Great Recession,” NBER Macroeconomics Annual, vol. 29, pp. 1–51. Return to text 12. The relevant literature is vast. For example, see Marcela Eslava, John Haltiwanger, Adriana Kugler, and Maurice Kugler (2004), “The Effects of Structural Reforms on Productivity and Profitability Enhancing Reallocation: Evidence from Colombia,” Journal of Development Economics, vol. 75 (December), pp. 333–71; Titan Alon, David Berger, Robert Dent, and Benjamin Pugsley (2018), “Older and Slower: The Startup Deficit’s Lasting Effects on Productivity Growth,” Journal of Monetary Economics, vol. 93 (January), pp. 68–85; and Ryan Decker, John Haltiwanger, Ron Jarmin, and Javier Miranda (2014), “The Role of Entrepreneurship in US Job Creation and Economic Dynamism,” Journal of Economic Perspectives, vol. 28 (Summer), pp. 3–24. Return to text 13. See Daron Acemoglu, Ufuk Akcigit, Harun Alp, Nicholas Bloom, and William Kerr (2018), “Innovation, Reallocation, and Growth,” American Economic Review, vol. 108 (November), pp. 3450–91; and Vincent Sterk, Petr Sedlacek, and Benjamin Pugsley (2021), “The Nature of Firm Growth,” American Economic Review, vol. 111 (February), pp. 547–79. Return to text 14. See Lucia Foster, Cheryl Grim, John C. Haltiwanger, and Zoltan Wolf (2021), “Innovation, Productivity Dispersion, and Productivity Growth,” in Carol Corrado, Jonathan Haskel, Javier Miranda, and Daniel Sichel, eds., Measuring and Accounting for Innovation in the Twenty-First Century (Chicago: University of Chicago Press). Return to text 15. Entry rates are measured as new firms as a share of all firms for 2021–22 (average) from the Census Bureau Business Dynamics Statistics; the Census Bureau data report entry rates for core-based statistical areas. Return to text 16. The 5 Florida cities in the top 20 are Orlando-Kissimmee-Sanford, Miami-Fort Lauderdale-West Palm Beach, Cape Coral-Fort Myers, Tampa-St. Petersburg-Clearwater, and Crestview-Fort Walton Beach-Destin. Return to text 17. I measure the pre-pandemic decade using average firm entry rates for 2010–19. The 8 Florida cities in the top 20 are Orlando-Kissimmee-Sanford, Miami-Fort Lauderdale-West Palm Beach, Cape Coral-Fort Myers, Wildwood-The Villages, Tampa-St. Petersburg-Clearwater, Naples-Marco Island, North Port-Bradenton-Sarasota, and Jacksonville. Return to text 18. See, for example, David Autor, William Kerr, and Adriana Kugler (2007), “Do Employment Protections Reduce Productivity? Evidence from U.S. States,” Economic Journal, vol. 117 (June), pp. F189–F217; and Marcela Eslava, John Haltiwanger, Adriana Kugler, and Maurice Kugler (2004), “The Effects of Structural Reforms on Productivity and Profitability Enhancing Reallocation: Evidence from Colombia,” Journal of Development Economics, vol. 75 (December), pp. 333–71. Return to text 19. Data from the 2023 American Community Survey. Return to text 20. Analysis by Robert Fairlie using Bureau of Labor Statistics Current Population Survey data reported in Ruth Simon (2024), “Latinos Are Starting U.S. Businesses at a Torrid Pace,” Wall Street Journal, March 26. Return to text 21. See Sari Pekkala Kerr and William Kerr (2020), “Immigrant Entrepreneurship in America: Evidence from the Survey of Business Owners 2007 & 2012,” Research Policy, vol. 49 (April), 103918. Return to text
The Justice Department announced today that a federal judge in Oklahoma City has approved an agreement with Oklahoma City Public Schools (OKCPS) to resolve allegations that OKCPS violated Air Force Reserve Staff Sergeant Michael J. McCullough’s rights under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA). The department’s lawsuit alleged that OKCPS violated USERRA when it failed to renew Mr. McCullough’s employment contract because of his military deployment and then failed to reinstate him on his return.
“When servicemembers answer their nation’s call — leaving home and work to serve and protect us — federal law protects them against employment discrimination and unjust termination,” said Deputy Assistant Attorney General Kathleen Wolfe of the Justice Department’s Civil Rights Division. “Veterans must be able to serve their country free from worry about jeopardizing civilian career opportunities.”
“We owe it to our service members to safeguard their employment rights when they are deployed,” said U.S. Attorney Robert J. Troester for the Western District of Oklahoma. “Doing so shields the service member and their families from suffering financial and other hardships extending beyond the term of the deployment. My office will continue to vigorously defend the rights justly earned by military veterans who serve our country.”
According to the complaint, filed in the U.S. District Court for the Western District of Oklahoma, Mr. McCullough was employed as a music teacher at OKCPS’s Fillmore Elementary School in January 2022. He was under contract for the remainder of the school year, and his principal told him that she wanted him to return to teach the following year. In February 2022, Mr. McCullough was ordered to perform military service. When he notified his principal, she suggested it would be easier if he just resigned his teaching position. Less than a month later, during his deployment, OKCPS advised Mr. McCullough that his contract would not be renewed for the 2022-2023 school year. Prior to and on his return from active military duty, OKCPS refused Mr. McCullough’s repeated requests for reemployment, despite available positions.
Under the agreement, OKCPS will pay Mr. McCullough monetary damages, and it will revise its polices, practices, and trainings to prevent violations of USERRA.
USERRA is a federal statute that prohibits employment discrimination based on military status, service, or obligation and protects the rights of uniformed servicemembers to retain their civilian employment following absences due to military service obligations. The Justice Department gives high priority to the enforcement of servicemembers’ rights under USERRA. Additional information about USERRA can be found on the Justice Department’s websites at https://www.justice.gov/crt/laws-we-enforce and www.justice.gov/servicemembers, as well as on the Department of Labor’s website at www.dol.gov/vets/programs/userra.
The Department of Labor referred this matter to the Justice Department following an investigation by its Veterans’ Employment and Training Service.
Senior Trial Attorneys Robert Galbreath and Kathleen Lawrence of the Civil Rights Division’s Employment Litigation Section and Assistant U.S. Attorney Emily Fagan for the Western District of Oklahoma are handling this case.
Following Donald Trump’s repeated claims that the US needs to “take back” the Panama canal from Chinese control, the US secretary of state, Marco Rubio, visited Panama to demand the country reduce China’s influence. On the surface, it seems Rubio has succeeded.
On February 3, the Panamanian authorities withdrew from the China’s international infrastructure programme, the Belt and Road Initiative (BRI). This makes Panama the first Latin American country both to endorse and to end cooperation with the BRI.
On February 4, local lawyers urged the country’s supreme court to cancel the concession given to Hong Kong-based CK Hutchison Port Holdings which allows it to operate two ports at either end of the Panama canal. They say it violates the country’s constitution since it contains excessive tax breaks and cedes significant land areas to the port company. The Panamanian authorities are reportedly still considering this.
But what is the reality of China’s presence in the canal, and what does increased US scrutiny mean for Xi Jinping’s signature project?
The Panama canal is a key passage for US trade and military. The US accounts for 74% of canal cargo. However, while Trump’s fears of losing the canal may be understandable, his assertions about China’s influence are exaggerated.
The Panamanian government administers the canal through the Panama Canal Authority. Since 1997, CK Hutchison Port Holdings Limited, a Hong Kong-listed conglomerate with interests in over 53 ports in 24 countries, has operated the Port of Balboa and Port of Cristobal on either end of the canal. These are two out of five ports in the vicinity.
CK Hutchison Holdings Limited is one of the world’s leading port investors and is owned by billionaire Li Ka-shing. The company and projects have no direct ties with the BRI.
The primary risks concerning China’s influence over the canal, as outlined by the US, are the potential for the Chinese Communist Party (CCP) to control the canal and “shut it down”.
Washington has also expressed concerns that the CCP’s access to dual-use port technology allows it to gather intelligence about US ships, such as transshipment patterns and naval routes. It also fears that China can exert an “economic chokehold” on the US in terms of the imposition of rate hikes on transit fees.
The first two points encompass the potential for China to use ports for naval purposes. But while the People’s Liberation Army navy has access to Chinese-owned ports under domestic laws and policies, they require host country permission to use Chinese-operated foreign ports. These ports are also often ill-suited for military support and operations.
So the most probable risk concerns intelligence. If the CCP deems it necessary to national security, it may use the 2020 national security law to gather sensitive data from Hong Kong-based companies.
As for rate hikes, there have been recent increases in response to droughts, maintenance investments and demand. Following Rubio’s visit, the US has claimed it is allowed to transit without paying fees.
This has been denied by Panama’s President, José Raúl Mulino. The fees are equally imposed due to neutrality principles initiated in 1977. There is no evidence that China has played any role in these rate hikes.
Panama’s ‘BRI-xit’ and Trump’s geopolitical gamble
In the unlikely event that CK Hutchison’s concession is cancelled, what would that mean for China’s presence in Panama? China’s investments in Panama precede the BRI, even if they have increased since the initiative’s launch.
The country holds geostrategic importance due to its location and role in international trade. So it’s a critical link for China’s establishment of a regional gateway for its economic and political influence.
This includes securing raw material and energy resource imports and enhancing export capabilities. China’s engagements in Panama include foreign direct investments (FDI), which amounted to around 0.8% in 2023 (compared to 3.6% by Spain and 19.6% by the US), primarily in the logistics, infrastructure, energy and construction sectors.
Most have been promoted as part of the BRI and faced renegotiation or cancellation for various – often geopolitical – reasons.
Since BRI projects in the canal are already quite limited, withdrawing from the initiative is unlikely to result in significant short-term changes. CK Hutchison will only be “slightly affected” in case of a contract cancellation.
What’s more, as the case of Brazil shows, a country can remain unaffiliated with the BRI and still receive Chinese investments.
Therefore, Chinese engagements will probably resume outside the BRI framework. Still, even though China has shown restrained disappointment and argued that Panama has made a “regrettable decision,” Sino-Panamanian relations may cool until Trump’s attention has turned elsewhere.
Trump’s rhetoric over the Panama canal may be exaggerated to appease a domestic audience rooting for a “strongman president”. But it also reflects decades of US concerns about China’s growing clout.
So the administration’s focus on containing China is hardly surprising. Instead, it demonstrates Trump’s broader “make America great again 2.0” strategy. Therefore, Panama’s “BRI-xit” may bolster US resolve on “reclaiming” the Americas.
The Panamanian authorities seem caught between US pressure to limit China’s influence and the economic boost provided by Chinese “pragmatic” investments. So like other BRI countries, they face tough choices in the coming years.
As the largest provider of FDI – US$3.8 billion (£3.05 billion) per annum – and the canal’s biggest customer, US influence and economic leverage over Panama is substantial. Conversely, China’s interests and engagements in the country have increased, and the CCP has made it clear that it is patient and wants to continue cooperation and “resist external interruption”.
Protests have erupted in Panama over Trump’s “muscular approach”, and residents have expressed strong reluctance to return to US rule. Therefore, the question remains whether this is the “great step forward” for Panama’s ties with the US that Rubio suggests or whether Trump’s actions will ultimately push Panama closer to Beijing.
Tabita Rosendal does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Manchester Crane survey from Deloitte measures the scale of developments and their impact across Manchester and Salford city centres.
Report covers residential, office, hotel, retail and leisure, student accommodation, education and research facilities and healthcare.
Salford growth being driven by residential sector.
The 2025 Manchester Crane Survey, the latest report which records the levels of development taking place across Manchester and Salford has been released. Published on 4 February, the report provides an update on ongoing activity across the construction sector from the past 12 months.
Once again there’s positivity across the sector on both sides of the Irwell, with the report highlighting that “Manchester and Salford continue to demonstrate remarkable resilience in the face of economic headwinds, solidifying their position as a thriving hub in the UK.
“This enduring strength is evident in the cities’ diversified economy, commitment to social equity, and focus on sustainability. While the construction sector faces challenges, Manchester’s skyline remains active with cranes, reflecting ongoing investment in its future.”
Paul Dennett, Salford City Mayor said: “We have clearly highlighted our strategic approach of delivering growth through regeneration and our commitment to promoting inclusive growth through our This is Our Salford Corporate Plan.
“Our goal is focused on providing all Salford residents with the opportunity to benefit from the city’s economic prosperity. A key component to this is rooted in improving the quality, range, and affordability of homes in the city, as well as increasing the number of homes across the city. Appropriate and sustainable residential growth is vital to creating a fairer, greener, healthier, and more inclusive city for all our residents.
These latest figures are positive, showing our approach and commitment in action as we continue to enable residential growth in a key and attractive area of the city.”
Produced by Deloitte, the international professional services company, the annual findings are seen as a key reflection of progress and growth for both cities. It records the volume and impact of development projects taking place across both cities. The focus is on Manchester and Salford city centres, which Deloitte classifies as the area which closely borders Manchester city centre.
The report focuses on four key themes: the resilience of Manchester and Salford’s economy; the commitment to inclusive growth, connecting residents to opportunity; the factors driving its success as a thriving city centre; and its strategic focus on innovation as a catalyst for continued prosperity.
Salford key highlights from the past year with projects either completed or under construction include:
100 affordable homes being constructed as part of a housing scheme at Peru Street, with new homes designed to Passivhaus standards
250 residential units at Berkeley Square Phase 1
376 residential units at Bridgewater Wharf
196 residential units at Merchants Wharf
178 residential units at The Dye Works
160 residential units at Silkbank Wharf
433 residential units at CityView Salford (Regent Plaza)
189 residential units at The Railings
296 residential units at Oldfield Wharf
196 residential units at Novella Phase 2
96 residential units at Greenhaus
250 residential units at Obsidian
542 residential units at Waterloo Place
300 residential units at The Embankment
444 residential units at Bankside
156 residential units at Uptown
Plus 175,000sqft of new office space at Four New Bailey – office 175,000sq ft completed 2024 and the new Maldron Hotel Chapel Street with 188 rooms.
Marc H. Silverman, Acting United States Attorney for the District of Connecticut, and Michael J. Krol, Special Agent in Charge of Homeland Security Investigations (HSI), New England, today announced that the U.S. Attorney’s Office has returned approximately $328,573 to the victim of a computer support scam.
A computer support scam is a type of fraud scheme where an alert appears on the victim’s computer imitating a customer support alert, tricking the victim into contacting the bad actors. When the victim contacts the scammers, the scammers then take remote control of the computer and either directly transfer money from the victim to the scammers or trick the victim into sending money to the scammers.
According to the complaint (3:24cv840), in February 2024, an elderly woman who was tricked by a computer support scheme that mimicked Microsoft customer support transferred approximately $550,000 to the scammers in two wire transfers. Within two days of the transfers, the victim and a family member reported the incident to the Simsbury Police Department, who then partnered with HSI to investigate the crime. Fortunately, one of the wire transfers, in the amount of $221,000, was reversed by the bank and returned to the victim. HSI traced the remaining money, totaling approximately $328,573, and seized it. The U.S. Attorney’s Office then filed a civil asset forfeiture action to forfeit the money to the government, and the U.S. Attorney’s Office and HSI then worked with the Department of Justice’s Money Laundering and Asset Recovery Section (MLARS) to return the money to the victim. MLARS initiated the return of the money on February 4, 2025.
Generally, the U.S. Attorney’s Office first forfeits the money, then returns it to the crime victims, so that the crime victims have clear title to the property without risk of further litigation.
“The U.S. Attorney’s Office is committed to helping victims of crime, and civil asset forfeiture is a powerful tool that allows the government to return money to victims of fraud schemes,” said Acting U.S. Attorney Silverman. “As we continue to pursue criminal prosecution of the individuals responsible for this and other computer crimes, it is equally important to ensure that the government uses all of its tools to minimize, and in this case, undo, the financial impact these crimes have on victims. This case represents the best case scenario, where nearly every dollar taken from the victim was returned to her. While it can be difficult to come forward and admit that you have been victimized by online scammers, know that federal law enforcement and our state and local partners stand ready to help you to the fullest extent possible.”
“Cyber scams run by foreign malign actors are becoming more common and more sophisticated every day,” said HSI New England Special Agent in Charge Krol. “The victim in this case contacted authorities quickly resulting in the recovery of most of her money by the bank and by HSI – a best case scenario and rare result. It is essential for victims of these kinds of cybercrimes to come forward as soon as possible. We want the public to know that help is available and to reach out immediately if they’ve been victimized by international scammers.”
If you think you have been a victim of a computer support scam, immediately contact your bank or financial institution to request a recall or reversal as well as a Hold Harmless Letter or Letter of Indemnity, and contact local law enforcement. Additionally, file a detailed complaint with the Internet Crime Complaint Center at www.ic3.gov. The Internet Crime Complaint Center is run by the FBI and serves as the country’s hub for reporting cybercrime. Visit www.ic3.gov for updated information regarding cyber fraud schemes.
This case is being prosecuted by Assistant U.S. Attorney David C. Nelson.
The Lucy Letby case is the latest in a number of UK criminal medical cases that, beyond the rights and wrongs of each verdict, raise serious questions around how such cases are tried – especially when the evidence is limited, complex, and circumstantial. These cases often rely heavily on expert witnesses, whose testimony is crucial yet can be open to interpretation.
As an expert in the intersection of criminal and medical law, I am particularly concerned with how prosecution teams gather expert evidence in such cases – and how it is then communicated to juries through expert witnesses.
Generally speaking, in complex medical cases, police and prosecutors may risk becoming overly reliant on a small pool of experts when dealing with highly technical issues beyond their expertise. This dependence can inadvertently lead to “cherry-picking” – selectively presenting evidence that supports a particular narrative, while overlooking alternative perspectives that could provide a more comprehensive or balanced view.
In the Letby case, the prosecution’s selection and interpretation of evidence has now been challenged by an independent panel of 14 neonatal and paediatric experts. Letby is serving 15 whole-life prison terms after being convicted of murdering seven babies and attempting to kill another seven at the Countess of Chester hospital in north-west England. The chair of the panel, retired Canadian neonatologist Dr Shoo Lee, was co-author of a 1989 academic paper on air embolism in babies that was used in the prosecution’s case, but now says this evidence was misinterpreted by the prosecution.
In complex medical cases, I’m concerned that prosecutors – who may lack the medical expertise needed to fully grasp these complexities – may gravitate toward experts whose opinions align with a prosecutorial narrative, whether consciously or not. This can result in a narrowing of expert perspectives which might tend to focus only on those that bolster the case for conviction, while alternative views that could provide a more balanced assessment are excluded or marginalised.
In trials where juries hear only a limited number of expert voices, there’s a risk they may not receive a sufficiently balanced understanding of the case. In addition, rare diagnoses may lack the robust scientific literature typically needed to validate medical opinions in court.
Medical experts, like professionals in any field, can have differing opinions, especially in cases involving judgment calls or grey areas in medical practice. Without exposure to a range of viewpoints, jurors may miss alternative interpretations of the same evidence, which could be crucial for fair deliberation.
Of course, the defence also has the opportunity to call its own experts, potentially offering counter-arguments to prosecution evidence. But decisions by a defence team not to call certain experts may be based on legal strategy, resource constraints, or concerns about how the testimony will withstand cross-examination. When this happens, it can amplify the weight of the prosecution’s selected experts, potentially skewing the jury’s understanding.
Jurors naturally place a high level of trust in experts, assuming their testimony is both accurate and confined to their area of expertise. So, when experts venture beyond their remit, jurors may accept these statements uncritically, unaware that such testimony may lack the depth required in such complex medical cases. This issue is particularly concerning in circumstantial prosecutions where the case often hinges more on expert interpretation than on direct evidence, increasing the risk of misunderstanding or misjudgment.
Expert overreach
Testimony from experts unfamiliar with the practical pressures of certain clinical settings may lead to distorted interpretations of what a “reasonable” course of action would have been under the circumstances. This can result in unfair judgments, particularly when the nuances of clinical decision-making aren’t fully explored.
Experts also sometimes “overreach” their duties in court, offering opinions that extend beyond their remit. In the case of surgeon David Sellu, who was jailed for gross negligence manslaughter in November 2013 before being freed three years later, having spent 15 months in prison, the court of appeal noted that expert witnesses had repeatedly expressed opinions on whether Sellu’s conduct amounted to gross negligence – an assessment the court said should have been left to the jury.
In that case, the experts directly addressed the “ultimate issue” of whether Sellu’s actions were grossly negligent. But that was for the jury to decide, not the experts, and I believe the trial judge should have intervened. A key change needed by the UK legal system, in my view, is to establish clearer guidelines to ensure experts do not exceed their role – whether in a complex financial fraud or criminal medical trial.
Incidentally, while the judge in the Sellu trial didn’t give the jury correct direction (this was a key finding by the court of appeal that made the conviction unsafe), I don’t think it was entirely the judge’s fault. The law surrounding gross negligence manslaughter, particularly when applied to doctors unintentionally causing a patient’s death, is fraught with ambiguity. The lack of clear guidelines on what constitutes “gross” negligence, coupled with inconsistent application of the law, has sparked widespread concerns about its fairness and appropriateness in the medical context..
Make-up of a jury
Letby’s trial also highlights the limitations of the current jury system in such complex medical cases. The original trial was one of the longest in UK legal history, lasting ten months. The idea of jury trials is you’re tried by your peers, but if you’re a healthcare professional, you’re arguably not really being tried by your peers.
In England, jury service is compulsory and jurors are chosen randomly from the electoral register, but there are some exemptions and deferrals available in specific circumstances, such as serious illness, disability, or full-time caregiving. Additionally, people can apply for deferral if serving would cause significant hardship due to work commitments, including shift work or conflicts with important public duties. This is particularly relevant for professionals who cannot easily take extended time away from their roles.
This adds to the question of whether a jury, composed of 12 lay people with no specialised medical knowledge, can effectively assess intricate, often conflicting medical evidence. As Rebecca Helm highlights in her book How Juries Work (2024), while expert testimony aims to enhance jury understanding of complex evidence, jurors often lack the necessary background knowledge to fully grasp or critically assess it. This can lead to challenges in properly weighing competing expert opinions, especially in adversarial systems where experts present differing views.
In the Letby case, the vast amount of medical evidence presented for each baby likely made it challenging for a lay jury to fully comprehend. Additionally, they may have felt intimidated or hesitant to ask the judge questions, further complicating their ability to critically engage with the evidence.
Of course, it’s important to understand the backdrop for cases like this. I’m very aware of how overstretched, understaffed and under-resourced our hospitals are. And in the Letby case, we know that severely premature babies who are born on the cusp of viability often have a lot of comorbidities. It’s vital that jurors have a clear understanding of such specific context – which is outside the normal experience of most of us – when they come to make their decisions.
The jury’s role is to assess expert evidence independently, yet this can be difficult without clear guidance. In the Sellu trial, the absence of a “route to verdict” document was another significant issue. While not always mandatory, such a document is often used in complex cases to help jurors separate medical facts from legal conclusions.
Without it, the jury was left without clear guidance, increasing the risk of confusion and misapplication of the law. While the court of appeal did not say a route to verdict was strictly required, it strongly indicated that its omission contributed to an unfair trial process.
Expert advisors for juries
In complex criminal cases, like fraud or medical trials, where a large amount of expert evidence is presented, it can be challenging for lay jurors to fully understand and assess the evidence. Elsewhere in Europe – including in Italy, Spain and France – expert judges or advisers are often involved in complex cases to help guide the jury and clarify professional standards relevant to the case.
Given the complexity of cases like Sellu and Letby, it’s worth considering whether jury reform is needed in the UK to ensure fair trials. A potential solution is the inclusion of an expert, such as a medico-legal advisor, who can assist juries in understanding and weighing medical evidence. This would provide clarity on complex issues and help jurors navigate the case more effectively. It would be a practical, cost-effective step that maintains the integrity of jury trials, while addressing challenges specific to complex medical manslaughter and murder cases.
This medico-legal expert would serve solely to assist the jury in understanding complex issues presented during the trial, and would have no role in the deliberation or decision-making process. They are separate to the judge who oversees the trial, and their precise expertise would be dependent on the particular nature of the case.
Of course, everything would have to be confidential in accordance with jury rules – their introduction would simply be to facilitate decision-making and explain complex matters to the jury.
I believe it’s in the interests of both parties, the defendant and the prosecution, that the jury fully understands the evidence presented in court. An impartial medico-legal expert could help ensure this understanding, without influencing the case’s outcome. Their role would be beneficial for clarity, helping both parties ensure the jury comprehends the complex evidence before them.
Further, it may also be worth considering specialist medical juries for certain complex criminal cases, such as the Letby trial, where the evidence is highly technical. The sheer volume of complex medical information presented for each baby in this case suggests that a jury without specialised medical knowledge could struggle to fully grasp the evidence.
Appeals process
One of the Letby appeal grounds involved an application to admit fresh evidence from Lee, challenging the conclusions reached from the 1989 study he co-authored. The court of appeal denied this, noting it did not meet the standards for fresh evidence. Refusals such as this highlights an essential aspect of public debate: the need for transparency about how the court of appeal evaluates new evidence, especially in cases that receive significant media attention.
While it remains to be seen whether the court grants a new appeal for Letby, after the criminal cases review commission reviews the latest evidence provided by Lee’s panel, the Thirlwall inquiry has been sitting since September 2023, looking at events at the Countess of Chester Hospital on the basis that Letby is guilty. It will ultimately make recommendations about different aspects of this wider medical ecosystem, but it’s got no legal authority. Inquiries can make valuable recommendations, but they are advisory in nature and cannot enforce legal changes or compel action.
There are numerous other examples where criminal trials have not led to the systemic-level changes that they highlight are urgently needed, beyond the individual verdict. During the trial of Hadiza Bawa-Garba – a junior doctor found guilty of manslaughter in November 2015 on the grounds of gross negligence manslaughter following the death of a six-year-old boy in her care – it was revealed that the Leicester NHS trust’s serious incident report had identified 93 failures, only six of which were attributable to the doctor herself.
Ultimately, while holding individuals accountable is essential, we must also shift our focus towards long-term, systemic reform. Only by addressing the root causes and strengthening oversight within healthcare institutions can we ensure that tragedies are never repeated. The criminal justice system, though necessary in cases of clear criminal conduct, should be complemented by proactive, preventative measures that foster a culture of safety, accountability and transparency in healthcare.
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Amel Alghrani does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Mark Middling, Assistant Professor of Accounting, Northumbria University, Newcastle
When billionaire Jim Ratcliffe took a 27.7% stake in Manchester United back in February 2024, he had big plans. He would, he said, take the club “back to the top of English, European and world football, with world-class facilities for our fans”.
A year later, those ambitions remain a distant dream. Results have not been great, and for many fans, the 2024-25 season is looking like one to forget.
But while the club has been far from ruthless on the pitch, it has been fairly ruthless off it. Cost-cutting measures led to the loss of 250 jobs in a bid to save £10 million a year
And now there is fresh tension between the club and its fan base after supporters were warned of a possible rise in ticket prices to prevent the club breaching the Premier League’s “profit and sustainability rules” (PSR).
These rules were put in place in 2011, with the aim of getting clubs to balance their spending against income. This includes an allowance for an “acceptable” loss level set at a cumulative £105 million over a rolling three-year period.
And some well-established clubs have been close to the limits of PSR, with both Nottingham Forest and Everton receiving point deductions in 2024 for spending breaches.
In their defence, football clubs are not immune from cost pressures, such as rising wages and energy bills, leading to price increases. Nor is Manchester United alone in raising ticket prices.
Fulham was criticised for its “completely misguided” ticket pricing strategy in 2023, and in 2016 Liverpool fans staged a stadium walk out against price hikes. Issues such as these have led to the Football Supporters’ Association’s “Stop Exploiting Loyalty” campaign.
But asking fans to help foot the bill to support the club’s PSR position raises a wider question around the “social contract” between a club and its supporters – and the responsibilities on each side.
Our research suggests that Manchester United’s planned price rise would probably break this social contract.
We found that two of a club’s key responsibilities were fair ticket pricing and maintaining financial sustainability (which PSR aim to control). By suggesting ticket price rises to cover the PSR position, Manchester United would be in breach of both those aspects, essentially using one to deal with the other.
There’s nothing illegal about this approach, but it’s a tactic that might backfire. Our research suggests that a relationship between the club and its supporters should involve everybody pulling in the same direction. However, United have already seen some fans turn away from the club, and further ticket price hikes (they already went up to £66 at the end of 2024) may alienate others.
Clarity
Transparency between club and fans is another issue. For it is difficult for fans to know how close the club are to a potential PSR breach – and how much a ticket price increase would alleviate any pressure.
Although Manchester United file detailed accounts, they do not include clear numbers on PSR calculations. These are only provided privately to Premier League officials.
And while it is understandable that internal club finances would be considered commercially sensitive or private, clubs could do more in terms of being transparent with their fan base. This could be through a broad explanation of PSR in their accounts, or in communication with supporters’ groups.
PSR may be a concern for the club, but should the fans have to help foot the bill for financial issues? Again, our social contract model would suggest not. We advocate that clubs are ultimately responsible for their own financial sustainability, and that they should be as transparent as possible, involving fans in decision-making wherever they can.
That said, our research also shows that fans do have a role to play in contributing to a club’s income, supporting its financial sustainability – but not to the extent that the cost to fans is excessive. Yet a recent BBC poll found that most fans were willing to pay “slightly” or “significantly more” for their tickets next season.
This may provide clubs with a sense of justification for ticket price increases, but they need to be aware of tipping points. Our research found that fans should hold clubs to account, with many well practised at this.
So club owners should take heed of the social contract when thinking about putting more financial pressure on their supporters. If, of course, they sympathise with the view that football without the fans “is nothing”.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
US Drug Enforcement Administration images accompanying a warning about the emergence of nitazenes in Washington DC, June 2022USDEA
In the early hours of September 14 2021, three men parked in a quiet car park in the southern English market town of Abingdon-on-Thames. The men, returning from a night out, had pulled over to smoke heroin.
Unknown to them, the drug had been fortified with a nitazene compound called isotonitazene, a highly potent new synthetic opioid. Two of the men, Peter Haslam and Adrian Davies, overdosed and went into cardiac arrest. The third, Michael Parsons, tried to save them and himself by injecting naloxone, an opioid overdose antidote. Despite paramedics also trying to resuscitate Haslam and Davies, both died at the scene.
Their deaths were among at least 27 fatalities linked to nitazenes that year in the UK. Since then, nitazenes – otherwise known as 2-benzylbenzimidazole opioids – have become more prevalent in the UK’s illegal drug supply, leading some experts to warn that they are a major new threat because of their extreme potency.
In June 2023, the UK’s most recent outbreak of deaths linked to synthetic opioids emerged in the West Midlands when drug dealers used nitazenes to fortify low-purity heroin. By August, there were 21 nitazene-related fatalities in Birmingham alone. In some cases, dealers also added xylazine (colloquially known as “tranq”), a non-opioid sedative used by vets.
The increasing availability of these and other synthetic drugs led the UK’s National Crime Agency (NCA) to warn in August 2024 that “there has never been a more dangerous time to take drugs”. Like Haslam and Davies, many heroin users are unaware they might also be consuming nitazenes, which significantly increase the risk of overdose.
Given their potency, only a small amount of nitazene is required to produce a fatal dose. While some studies have concluded that nitazenes are even more potent than the synthetic opioid fentanyl, which causes many thousands of deaths in the US, the NCA judges it a “realistic possibility” that the potency of both substances are “broadly equivalent” – making them roughly 50 times more potent than heroin.
Illicit drug use is damaging large parts of the world socially, politically and environmentally. Patterns of supply and demand are changing rapidly. In our new longform series Addicted, leading drug experts bring you the latest insights on drug use and production as we ask: is it time to declare a planetary emergency?
Officially, more than 400 deaths plus many non-fatal overdoses were linked to nitazenes in the UK between June 2023 and January 2025. But this is likely to be an underestimate because of gaps within forensic and toxicology reporting. These figures come amid record levels of drug-related deaths in England and Wales. In 2023, there were 5,448 deaths related to drug poisoning, an 11% increase on the previous year and the highest total since records began in 1993.
This is of particular concern given that the UK has the largest heroin market in Europe, comprising around 300,000 users in England alone. While nitazene-related deaths are still relatively low (although by no means insignificant) compared with those from heroin and other opioids, these new synthetic opioids are cheap and easy to buy, and offer dealers multiple advantages over traditional plant-based drugs.
Unlike opium, nitazenes and other synthetic opioids can be produced anywhere in the world using precursor chemicals that are often uncontrolled and widely available. Producer countries including China and India have not yet banned all nitazene compounds, meaning they are sold legally – mostly online. Chemical manufacturing companies in these countries can synthesise nitazenes at scale using a comparatively easy three or four-step process.
Opioid use death rates around the world:
Estimated deaths from opioid use disorders per 100,000 people in 2021. Our World In Data, CC BY
For the past 15 years, I have researched and advised on the international narcotics industry, especially the Afghan drug trade, as an academic, UK Home Office official and consultant. I’ve observed many shifts within global drug markets, and I believe the increasing availability of synthetic drugs in the UK and Europe may represent a new chapter in illicit drug use here – with the emergence of nitazenes only adding to these concerns.
A brief history of synthetic opioids
New synthetic opioids (NSOs) are one of the fastest-growing groups of new psychoactive substances around the world. The EU Drugs Agency (EUDA) currently monitors 81 NSOs – the fourth-largest group of drugs under observation.
NSOs largely fall into two broad groups: fentanyl and its analogues, and non-fentanyl-structured compounds – these include nitazenes, among many other substances.
Many of these “new” synthetic opioids have, in fact, existed for decades. Nitazenes were first synthesised in the 1950s by the Swiss pharmaceutical company, Ciba Aktiengesellschaft, as pain-relieving analgesics, although they were never approved for medical use.
Prior to 2019, there had only been limited reports of nitazenes in the illegal drug supply – including a “brownish looking powder” found in Italy in 1966; the discovery of a lab in Germany in 1987; several nitazene-related deaths in Moscow in 1998; and a US chemist illegally producing the drug for personal use in 2003. But since nitazenes re-emerged at the end of the last decade, over 20 variants have been discovered.
Paul Janssen, the Belgian chemist who first made fentanyl. Johnson & Johnson
The most common NSO in the illegal drug market, fentanyl, was first synthesised by Belgian chemist Paul Janssen in 1960. Fentanyl, which is roughly 100 times more potent than morphine, was approved in the US in 1968 for pharmaceutical use as an analgesic.
Over the next four decades, however, illegally produced fentanyl resulted in three relatively small outbreaks of deaths in the US. A fourth, larger fentanyl outbreak in Chicago, Detroit and Philadelphia resulted in about 1,000 deaths between 2005 and 2007.
The current US fentanyl crisis started in 2013, expanding to affect much of the country. Between 2014 and 2019, Chinese companies were the main manufacturers of finished fentanyl substances in the US – to combat this, both the Obama and Trump administrations lobbied Beijing to curtail the fentanyl industry.
The Chinese government responded by controlling specific fentanyl analogues. However, every time an analogue was banned, chemists there would slightly adjust the formula to produce a new compound that mirrored the banned substance.
China finally banned all fentanyl-related substances in May 2019, prompting two significant changes in the drug’s supply: a slowdown in the development of new fentanyl analogues, and a reduction in their direct sale to the US from China. Instead, Chinese companies increasingly sent fentanyl precursors to Mexican drug cartels who would synthesise fentanyl (or counterfeit medication) in clandestine labs, before smuggling it across the US border. Consequently, Mexico is now the primary source of fentanyl in the US.
But these supply changes led to another shift in the global drugs arena, as China’s chemical and pharmaceutical businesses – keen to develop new markets – adjusted their focus to producing uncontrolled synthetic substances, including nitazenes. At the same time, they expanded their geographical focus from North America to include Europe and the UK.
The nitazene supply chain
Producing nitazenes is a relatively low-cost exercise. They are largely manufactured in laboratories – both legal and illegal – in China, before being smuggled to the UK and Europe via fast parcel and post networks.
Nitazenes’ high potency means only small quantities are required, making them easier to transport and harder for border officials to detect. Some Chinese vendors have reportedly been offering to hide nitazenes in legitimate goods such as dog food and catering supplies, to circumvent custom controls. All of this decreases the risk to sellers, and lessens the price of doing business.
In March 2024, two China-based sellers operating on the dark web were selling a kilo of nitazene for between €10,000 and €17,000 (£12,000-£20,000). During roughly the same period, a kilo of heroin at the wholesale level in the UK was selling for between £23,000 and £26,000. Once bought, nitazenes are largely used to fortify low-purity heroin, although the drug can also be made into pills.
Video by The Guardian.
Nitazenes are not limited to the dark web. They are widely and openly advertised on the internet, social media and music streaming platforms. In February 2024, one China-based e-commerce site displayed 85 advertisements for nitazenes. Such sites also sell a range of other synthetic drugs, including fentanyl analogues and precursors, xylazines, cannabinoids and methamphetamine.
This means drug dealers in the UK and across the world no longer need to have established connections to underworld figures to source illegal drugs. With a click of a mouse, they can have them delivered to their home address. In this sense, the internet has democratised the drug trade by widening access beyond “traditional” criminals.
In the UK, while the supply of nitazenes is currently assessed as “low”, a number of smaller-scale organised crime groups are importing them to fortify low-purity heroin, before largely dealing it at the “county lines” level. This involves organised crime groups moving drugs – primarily heroin and crack cocaine – across towns, cities and county borders within the UK, using mobile phones or another form of “deal line” to sell to customers.
In November 2023, Leon Brown from West Bromwich was imprisoned for seven years for dealing drugs containing nitazenes – a verdict described as “a great result in our ongoing efforts to tackle county lines drug dealing” by detective sergeant Luke Papps of the South Worcestershire county lines team.
A few larger UK criminal networks have also been involved in nitazene distribution. In October 2023, the police and Border Force conducted raids across north London, arresting 11 people. They dismantled a drug processing site and seized 150,000 tablets containing nitazene – the UK’s largest ever seizure of synthetic opioids – as well as a pill-pressing machine, a firearm, more than £60,000 in cash and £8,000 in cryptocurrency. The police suspected the group had been selling the tablets on the dark web.
Anecdotal reports suggest there have been mixed reactions to the introduction of nitazenes into the illegal drug supply. Richard, a recovering heroin user from Bristol, told Vice magazine that, given their potency, some “people are scared of [nitazenes]” while others are “actively seeking” them.
As has been the case with fentanyl in the US, users build up tolerance and therefore seek stronger doses. Manny, a heroin user from Bristol, told Vice: “I smoked [heroin cut with nitazenes] and it felt like the first time I’d ever taken drugs.”
Video by Vice.
UK-based criminals also use the dark web to export nitazenes abroad. In October 2023, the Australian Border Force identified 22 nitazene discoveries in packages shipped to the country via mail cargo from the UK. British criminals have also trafficked counterfeit medicines containing nitazenes to Ireland and Norway.
Use of nitazenes is now being detected all over the world. Within Europe, Ireland experienced several nitazene outbreaks in 2023-24 while in Estonia, nitazenes now account for a large share of overdose deaths – a trend also seen (to a lesser extent) in Latvia. Preliminary data suggests at least 150 deaths were linked to nitazenes in Europe in 2023.
Nitazenes have also been discovered in fake pain medication such as benzodiazepines, oxycodone and diazepam, which widens the number of people at risk to include those with no opioid tolerance. The death in July 2023 of Alex Harpum, a 23-year-old British student who was preparing for a career as an opera singer, was a stark reminder of the danger of buying fake medicine online that may have been contaminated with nitazenes.
The nitazene ‘boom’ and the global heroin trade
For decades, Afghanistan was the world’s largest opium producer and the source of most of Europe’s heroin. Then in April 2022, the ruling Taliban announced a comprehensive prohibition on the use, trade, transport, production, import and export of all drugs. As a result, poppy cultivation has fallen to historically low levels for a second consecutive year.
While this has not, as yet, translated into a shortage of heroin on European streets, including in the UK and Germany, some indicators suggest a slowdown in heroin supplies to the UK. In the year March 2023-24, the quantity of heroin seized in the UK fell by 54%, from 950kg to 441kg. This is the lowest quantity of heroin seized since 1989, when about 350kg was intercepted.
The NCA assesses that the Taliban ban has created market “uncertainty”. The wholesale price of heroin has increased from roughly £16,000 per kilo prior to the COVID-19 pandemic to about £26,000, while anecdotal reports suggest average heroin purity for users dropped to under 30% (often to 10-20%) in 2024, compared with around 35% in 2023 and 45% in 2022.
Video by UN Story.
Even without the Taliban’s ban, heroin is not easy to produce and supply. Cultivating opium poppy is labour-intensive, taking five or six months. The static nature of opium fields means they are visible and susceptible to eradication; poppy crops can also be negatively affected by blight or drought.
Converting opium into heroin base is also a labour-intensive process that can involve (depending on the production method) at least 17 steps. Acetic anhydride, the main chemical used to convert morphine into heroin, is relatively expensive compared with synthetic precursors. Moreover, heroin is a bulky product, which means it is harder to move in large volumes.
While the relationship between events in opiate-producer countries and the introduction of synthetic opioids to consumer markets should not be overstated, this new type of drug offers economic advantages to criminals whose “sole motivation is greed”.
For decades, Turkish, Kurdish and Pakistani criminal networks have been responsible for importing heroin into the UK. Once in the UK, both Turkish and British groups largely control its wholesale supply, with some participation of Albanian gangs.
To date, there is little evidence to suggest these groups have transitioned to supplying NSOs, including nitazenes. The shifting dynamics in the global drug supply chain, however, could upend traditional markets and the gangs who profit from them.
America’s synthetic drug crisis
The synthetic opioid fentanyl has devastated the US, having been linked to about 75,000 deaths in 2023 alone. It is the primary cause of death for Americans aged 18-49. Canada, too, has experienced a wave of deaths: between January 2016 and June 2024, there were 49,105 apparent opioid deaths there, with fentanyl implicated in a large proportion.
More than 4,300 reports of nitazenes have reached the US National Forensic Laboratory Information System since 2019. They are typically used to fortify fentanyl and other opioids, which can produce a fatal concoction.
Efforts to stem the flow of NSOs, including nitazenes, from China to the US and elsewhere will prove challenging. And even if China does implement stricter controls, other countries could step in to fill the void. According to the Commission on Combating Synthetic Opioid Trafficking:
The overall sizes of these industries, limited oversight efforts and political incentives contribute to an atmosphere of impunity among firms and individuals associated with those industries.
While US and Chinese counter-narcotics cooperation ended in 2022 amid increasing geopolitical tensions, the following November’s summit in Woodside, California, between presidents Joe Biden and Xi Jinping saw them agree to recommence collaboration.
As a result, China recently closed several chemical companies that were shipping fentanyl precursors and nitazenes to the US. These vendors used encrypted platforms and cryptocurrency to conduct the deals, and mislabelled the consignments to try to ensure the substances evaded border controls. China has also outlawed more chemicals and substances, including several nitazene variants.
But President Trump’s imposition of tariffs on imports from China – which sit alongside proposed taxes on imports from Canada and Mexico, in part for supposedly not doing enough to curb the trafficking of fentanyl and its precursors to the US – threatens this counter-narcotics cooperation.
While nitazenes are not yet widely available in the US, their presence within some fentanyl batches is complicating the US opioid crisis – and according to some experts, has the potential to further increase the already shocking number of synthetic opioid-related deaths.
The UK response to nitazenes
Successive UK governments have made tackling NSOs a high priority. Shortly after the most recent nitazene-related deaths were discovered in the UK in summer 2023, the NCA launched Project Housebuilder to lead and coordinate the law enforcement and public health response.
This was soon followed by the establishment of a government-wide Synthetic Opioids Taskforce “to improve…understanding, preparedness and mitigation against this evolving threat”. Chris Philp, then the UK’s combatting drugs minister, stated that “synthetic opioids are at the top of [this government’s] list because of the harm they cause”.
The taskforce has taken a range of measures, such as controlling more NSOs as class A drugs, conducting more intelligence operations at UK borders, widening access to naloxone, and enhancing the UK’s real-time, multi-source drug surveillance system. The government also worked with the US and Canada to learn from their experiences.
Recently, the current UK government banned a further six synthetic opioids and introduced a generic definition of nitazenes as class A drugs. And the UK’s current government, unlike its Conservative predecessor, has also indicated its willingness to consider evidence from the UK’s first drug consumption facility, which recently opened in Glasgow.
Other policy measures worthy of consideration include expanding drug checking services whereby drug users submit drugs to a lab to test what is in them, then are provided with information about the sample. These services offer vital information to the public and authorities about current drug trends.
While there is high uncertainty about what is going to happen next in the UK regarding illicit drug trends, the evolution of the US drug landscape over generations provides some important lessons.
Lessons from the US
The US fentanyl crisis shows drug markets can change quickly with long-lasting consequences. Most heroin on US streets contains – or has been replaced by – fentanyl. According to DEA seizure data, US heroin seizures declined by nearly 70% between 2019 and 2023, whereas fentanyl seizures have increased by 451%.
However, illegal drug markets evolve in different ways and at different paces. In May 1989, Douglas Hogg, a UK Home Office minister, travelled to the US and the Bahamas on a fact-finding mission about crack cocaine, a drug that was predicted to spread from the US to the UK. Upon his return, Hogg noted:
The ethnic, social and economic characters of many of our big cities are very similar to those in the US. If they have a crack problem, why should not we? … The use of crack in Great Britain is likely to develop very substantially over the next few years.
But this “crack invasion”, as some called it, did not materialise in the UK to the extent it had in the US – and the same was true about a predicted wave of methamphetamine use in the UK, which remains low compared with the US.
It is also unlikely the UK and Europe will experience a synthetic opioid crisis on the same scale as the US. The first wave of the US crisis was driven by extensive overprescription of opioids for pain relief. This increased the number of people addicted to opioids, some of whom later turned to heroin, before transitioning to fentanyl. In contrast, large-scale opioid prescriptions have not been a major issue in the UK or Europe, although there is some diversion of legal fentanyl into the illegal drug market in Europe.
Video by The Brookings Institution.
According to Alex Stevens, professor of criminology at the University of Sheffield, another factor differentiating the US and Europe is the provision of drug treatment and harm reduction programmes. Opioid users in Europe, and to a lesser extent in the UK, are much more likely to be in medication-assisted treatment than their US counterparts, thus reducing the number of people at risk. These interventions are reinforced by different socioeconomic factors in much of Europe, such as lower economic inequality, stronger social protections, and better healthcare systems.
None of this, though, means the nitazene threat in the UK and Europe should be underestimated, nor that use and supply of these drugs (and other NSOs) will not increase from its current relatively low base. As the NCA recently warned:
While a zero-tolerance approach from law enforcement, plus advice to users on the heightened dangers, may contain or slow the current uptake, we must prepare for these substances to become widely available, both unadvertised in fortified mixes and in response to user demand as a more potent high.
The future of new synthetic opioids
Predicting the future of NSO use and trafficking is a challenging task. Projections for Europe range from existing opiate stockpiles ensuring that heroin consumer markets remain serviced (assuming the Taliban ban is short-lived), to a heroin shortage which results in more drug dealers turning to NSOs to plug the shortfall, which in turn could lead to lasting changes in European drug markets (as happened in a few countries following the Taliban’s first opium ban in 2000-01).
In such a scenario, it is possible that Turkish criminal networks may exploit their links with Mexico’s Sinaloa cartel to source NSOs. Mexican criminal gangs also operate in Europe, which may increase the likelihood of them trying to open a new NSO market on the continent.
There is also evidence that some Italian criminal organisations have entered the NSO marketplace. In November 2023, Italian authorities announced the seizure of 100,000 doses of synthetic drugs, including fentanyl, as part of operation Painkiller, a joint Italian-American initiative.
Given the many advantages for criminal groups of NSOs, it seems likely they are here to stay. A key question is whether nitazenes (or other NSOs) will supplant traditional heroin as the opioid of choice, as they have done in the US, or remain at relatively low levels in Europe, co-existing with or mixed into the heroin supply.
In December 2023, Paul Griffiths, the EUDA’s scientific director, told Vice: “We’re not seeing much new initiation of heroin use in Europe. So in five to ten years … as heroin users get older and more vulnerable, we’re not going to have much of an opiate problem left.”
But he warned that if heroin use does dry up: “You might then see opioids appearing in other forms and preparations, such as pills, that could potentially become popular among younger age groups who currently do not appear attracted to injecting heroin.”
While previous NSO outbreaks in the UK were relatively short-lived and limited in scale, the most recent nitazene outbreak, which started in summer of 2023, has been more sustained, covered more parts of the UK, and involved more fatalities. The broader trend in Europe also suggests the prevalence and variations of NSOs are increasing at a faster pace than in previous years.
Notwithstanding, nitazene use and supply in the UK currently remains relatively low. In fact, the rate of nitazene-linked deaths – at least those officially reported – decreased between spring 2024 and the end of the year.
In the short term, then, it seems unlikely there will be a nitazene “explosion”. Rather, criminal groups will probably try to increasingly embed nitazenes into the UK drug market at a similar pace to the last 18 months.
However, this situation could change rapidly in future, especially if larger criminal networks involved in heroin importation switch to smuggling NSOs, and there is a genuine shortage of Afghan heroin. This problem would be compounded if drug users start seeking nitazenes, thus creating demand for them.
Either way, the UK government, along with its European partners, should continue to reinforce the whole drug system, to prepare for the worst-case scenario.
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Philip A. Berry does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United Kingdom – Executive Government & Departments
Scientists comment on the Public Accounts Committee (PAC) report on Carbon Capture, Usage and Storage (CCUS) technologies.
Prof Hannah Chalmers, Personal Chair of Sustainable Energy Systems, Institute for Energy Systems, School of Engineering, University of Edinburgh, said:
“CCUS technologies can play a unique role in tackling carbon dioxide emissions. They can be used at large industrial sites to ensure that most of the carbon dioxide produced by activities like iron and steel production is not emitted to the atmosphere. Instead, the carbon dioxide is permanently stored in geological formations (rocks). In the UK, CCUS projects are developing plans to store carbon dioxide in layers of rock that are deep underneath the sea.
“There is also ongoing work to develop and deploy cost-effective approaches to remove carbon dioxide directly from the air. This provides an important option to respond to the widely reported increases in carbon dioxide levels in the atmosphere that are causing significant concern.
“There is significant evidence that including CCUS in a mix of technologies to reduce carbon dioxide emissions will be the most cost-effective way to address climate change. Several large-scale projects have been operating in other countries for many years. Experience from these projects is being used to ensure that the CCUS projects that are being developed in the UK are designed to be reliable and cost-effective.”
Dr Stuart Gilfillan, Reader in Geochemistry, University of Edinburgh, said:
What is CCUS technology, how does it work, does it have limitations?
“CCUS stands for Carbon Capture, Utilisation, and Storage, which is a developing technology which reduces the amount of carbon dioxide (CO2) released into the atmosphere. It works by capturing CO2 at the point source, transporting it and then burying it for safe storage in rocks over a kilometre below the ground surface. Like any technology, it has pros and cons, and costs more than simply releasing the CO2 directly to the atmosphere, which is currently free. CCUS is the only currently available technology that can directly reduce CO2 emissions from sources like power plants and industrial processes. Given that global temperature records are now being broken on an almost daily basis and yesterday’s announcement of the hottest January on record, it is essential tool in the urgent fight against runaway climate change.
What is the existing evidence around the efficacy of CCUS?
“CO2 capture technology has proven successful in capturing up to 90-95% of CO2 emissions from point of sources from power stations and industrial facilities. Successful examples include the Boundary Dam power station in Saskatchewan, Canada, where a large-scale CCUS unit has been operational since 2014, capturing about 1 million tonnes of CO2 per year.
“The long-term storage of CO2 is proven by natural CO2 reservoirs around the world and engineered projects like Sleipner in the North Sea, which have been injecting CO2 beneath the seabed since 1996 without significant issues. Research over the past two decades has developed monitoring technologies that can detect and mitigate potential leakage and to ensure that CO2 remains securely buried in rocks deep underground.
What more evidence may be needed to be confident in its applications?
“No more evidence is required, as exemplified by the UK’s Climate Change Committee (CCC), which is an independent body established under the Climate Change Act who advise the government on emissions targets and report to Parliament on progress made in reducing greenhouse gas emissions. The CCC is clear that CCUS is a critical technology for the decarbonisation of the UK economy, particularly in sectors that are hard to decarbonize directly, such as heavy industry (steel, cement, chemicals) and power generation.
“CCUS is not only as a standalone technology but is an essential part of a broader strategy to reach net-zero emissions by 2050. It compliments energy efficiency, renewable energy deployment, and electrification. CCUS is a clear driver for regional economic development, particularly in regions with suitable geological storage sites and industrial bases, such as the East Coast of Scotland, the Humber region, and North East England, areas that have been ‘left behind’ in recent times.”
Dr Tim Dixon, IEA Greenhouse Gas, Director and General Manager, said:
“Carbon Capture and Storage (CCS) is a necessary technology for the UK and other countries to achieve net-zero, and we need all low-carbon energy technologies. The science case for the role of CCS is provided by the UK’s Climate Change Committee, the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) and cannot be disputed if climate change is to be taken seriously. The key aspect of CCS is the secure long-term retention of CO2 in deep geological formations, and we have decades of experience in this from around the world. With over 40 large scale projects in operation injecting millions of tonnes every year and many pilot-scale projects, this has allowed us to test the science, the monitoring and the practicalities of geological storage of CO2. Hence CO2 geological storage is a proven technology and the regulations to enable and to ensure that it is safe and secure are based upon this sound science and experience. ”
Professor Paul Fennell FIchemE, Professor of Clean Energy, Imperial College London, said:
“The idea that Carbon Capture and Storage is an unproven technology is simply untrue. There are projects ongoing around the world, and millions of tonnes of CO2 have been safely stored over the last couple of decades. This has not happened in the U.K. because of our sclerotic inability to develop public infrastructure, not because the technology is unproven.”
Dr Greg Mutch, Researcher in Carbon Capture and Storage, Newcastle University, said:
“Carbon capture and storage is a technology that prevents carbon dioxide from entering the atmosphere, by capturing it and storing it underground in ‘empty’ oil & gas reservoirs or saline aquifers. According to the world’s foremost experts on the subject, gathered to contribute the International Panel on Climate Change, carbon capture and storage processes are necessary to achieve climate change mitigation goals at lowest cost. Without scalable CCS technologies by the end of the century, climate change mitigation will cost between 29 and 297% (mean value 138%) more.[1] Moreover, CCS is predicted to provide tens of thousands of jobs in the UK, add several billion pounds in terms of gross value added per year by 2050,[2] and enable other important technologies (hydrogen production etc) that will come with further jobs and economic value.”
[1] IPCC, 2018: Global Warming of 1.5 °C. An IPCC Special Report on the impacts of global warming of 1.5 °C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty, ed. V. Masson-Delmotte, P. Zhai, H.-O. Portner, D. Roberts, J. Skea, P. R. Shukla, A. Pirani, W. Moufouma-Okia, C. Pean, R. Pidcock, S. Connors, J. B. R. Matthews, Y. Chen, X. Zhou, M. I. Gomis, E. Lonnoy, T. Maycock, M. Tignor and T. Waterfield, Cambridge University Press, 2018.
[2] Energy Innovation Needs Assessment Sub-theme report: Carbon capture, utilisation, and storage, Vivid Economics, Carbon Trust, E4tech, Imperial College London, Frazer-Nash Consultancy, Energy Systems Catapult. Commissioned by the Department for Business, Energy & Industrial Strategy, 2019.
Professor Peter Styring, Director of the UK Centre for Carbon Dioxide Utilization, Professor of Chemical Engineering & Chemistry, University of Sheffield, said:
What is CCUS technology, how does it work, does it have limitations?
“CCUS is carbon capture and storage. This has been primarily focused on CCS as the main driver. It aims to capture carbon dioxide from emitters such as power stations and industries. The current technology temperature swing absorption (TSA) using a chemical reaction with an aqueous amine solvent to capture the CO2 from the mixed waste gas and then to release it in a purified form by increased temperature chemical desorption and then further drying and purification to get a gas that can be in theory transported to a site where the gas can be stored underground. It works but at a high energy cost and the production of amine decomposition products that need to be removed and more amine added. It costs a lot!
“Limitations are the energy and financial costs, permitting regulations on solvent disclosure and the large physical footprint. Full system lifecycle analysis is required but this is not always reported.”
What is the existing evidence around the efficacy of CCUS?
“This is not proven using current technologies. The problem is that the current government funded projects use old technologies to achieve CCS and what is actually needed is a step change to new, lower cost more efficient processes such as solid based pressure swing adsorption (PSA). The whole system tends to be simpler and the energy costs and land use is significantly reduced.”
What more evidence may be needed to be confident in its applications?
“Full evaluation of new technologies and rapid acceleration from proof of concept to capture at scale. The Innovate UK funded Flue2Chem project is a good example of how this is being addressed using mid-TRL technologies. The UK also needs to move away from a single minded storage approach to adding value through the use of CO2 in the production of chemicals that would otherwise be sourced from virgin fossil carbon. SUSTAIN project is making synthetic fuels from captured CO2 and Flue2Chem is making FMCG components, including surfactants and precursors from the CO2.”
Dr Stuart Jenkins, Net Zero Fossil Fuel Fellow, University of Oxford, said:
“The Public Accounts Committee are wrong to have labelled CCUS as ‘unproven’, there are many commercial scale projects around the world, but they are right to question the current model for funding it. We need to make sure the CCUS industry becomes self-sustaining, without the need for major taxpayer funding. One option — asking fossil fuel suppliers to contribute to these costs via a carbon storage mandate — is a fair and responsible approach going forward.
In a recent report we published working with researchers at the University of Oxford and Carbon Balance Initiative [1] we looked at the use of Carbon Storage Mandates, which place an obligation on fossil fuel producers to capture and store a rising fraction of the CO2 they produce, to support the UK’s CCUS industry.
Carbon storage mandates, in tandem with carbon pricing and other mechanisms, could deliver subsidy-free CCUS to the UK and provide investment certainty for companies.”
Dr Stuart Jenkins Our report was funded by the Carbon Capture and Storage Association, and consulted regulators, fossil fuel companies, capture and storage entities, UK Government, and academics on models for CCUS sector support packages.
Professor Paul Fennell: No conflicts other than being involved in CCs research.
Dr Tim Dixon: “Tim is a Director of IEA Environmental Projects Ltd (UK), a Non-Executive Director on the Board for The International CCS Knowledge Centre (Canada). He is also proud to be an Honorary Senior Research Fellow at the Bureau of Economic Geology, University of Texas in Austin, and an Honorary Lecturer at the School of Geosciences at University of Edinburgh. He was an original Board Member of the UK CCS Research Centre. Previously he worked in CCS, emissions trading, clean energy technologies and related areas for AEA Technology (ETSU), for the UK Government‘s Department of Trade and Industry (DTI) and for the Global CCS Institute. He was the EU’s Lead Negotiator for getting CCS in the CDM in UNFCCC in 2011, and a UK negotiator for getting CCS in the London Convention 2004-7, in OSPAR 2006-7, in the EU Emission Trading Scheme 2004-8, and inputting to the EU CCS Directive 2007-8. He gives talks on climate and CCS to schools and public organisations and supported the start of Oxford Climate Society at the University of Oxford. He is a Fellow of the UK Energy Institute, and member of the UK Institute of Physics and the UK Environmental Law Association.”
Dr Stuart Gilfillan “I have received funding from TotalEnergies in the past, for research related to CO2 origins in the subsurface and reservoir connectivity and Equinor on CO2 dissolution in natural CO2 reservoirs. I currently receive funding from the Natural Environment Research Council and Carbfix on CO2 mineralisation.”
Prof Hannah Chalmers “I work collaboratively with industrial partners who are developing CCUS projects in the UK (e.g. as a member of the Advisory Board for the Industrial Decarbonisation Research and Innovation Centre). I currently receive no funding from industry, but have received funding from industrial partners who are actively developing CCUS projects in the UK in the past (e.g. SSE plc).”
Professor Peter Styring: Peter is Professor of Chemical Engineering and Chemistry at the University of Sheffield (an investigator on Flue2Chem and SUSTAIN) and a Co-founder and Director of CCU International.
For all other experts, no response to our request for DOIs was received.
Premier Scott Moe will travel to Washington D.C. this week for meetings with U.S. elected representatives, industry organizations and to participate in the premier’s Council of the Federation (COF) joint-mission to Washington.
Prior to the COF mission, Premier Moe will meet with U.S. elected representatives and businesses to emphasize the strong trade relationship between Canada and the U.S, and the role Saskatchewan plays in supplying the continent with energy and food security.
“It’s important in the current economic environment that we engage with our counterparts in the United States to emphasize the shared benefit of trade between our two countries and turn the conversation toward building on those strengths rather than jeopardizing them with tariffs,” said Moe.
The U.S. is Saskatchewan’s largest and most important trading partner. About $40 billion worth of imports and exports cross the border every year. The current tariff-free border allows businesses to add value to products and economies, whether flowing from north to south or vice versa.
Premier Moe’s meetings will focus on maintaining strong Canada-U.S. relations by addressing shared issues such as the economy, energy, supply chains and the impacts of the Trump Administration’s proposed tariffs.
Premier Moe will also express Saskatchewan’s support for strong measures to secure the Canada-U.S. border.
“Strengthening border security and preventing the flow of illicit drugs like Fentanyl is a concern that has been identified by the U.S. and one that I share,” Moe added. “We are already taking action as a province through our Border Security Plan to ensure we have more officers and law enforcement presence at the Saskatchewan-U.S. border.”
The Council of the Federation’s joint-mission to Washington will allow all thirteen premiers to present a united voice on the important benefits that free-trade brings to Canada and the U.S. and the concern over the negative impact of tariffs to consumers and businesses on both sides of the border.
The COF program will take place on Feb 12 and will include meetings with U.S. elected representatives, business leaders and the Canada American Business Council.
Following the COF mission Premier Moe will travel to Mexico to engage with business and elected officials to advance relationships with this key trading partner.
Over the course of the next few weeks, Premier Moe and multiple cabinet Ministers will be travelling within Canada and beyond to advocate for Saskatchewan’s interests. These engagement efforts will focus on promoting the province as a global supplier of food and energy security, while strengthening relationships with our key international trading partners.
CALGARY, Alberta, Feb. 07, 2025 (GLOBE NEWSWIRE) — Canoe Financial LP (“Canoe Financial”) is recognized with three 2024 FundGrade A+® Awards for outstanding performance.
Canoe Financial 2024 FundGrade A+ Award winning funds:
FundGrade calculation date 12/31/2024.
The FundGrade A+® rating recognizes the best performing funds that deliver the most consistent risk-adjusted returns. It is a yearly award that honours the “best of the best” among Canadian investment funds that have maintained a high FundGrade rating throughout a calendar year.
“These awards are a testament to the strength of our investment philosophy and the dedication of our team. At Canoe Financial, we’re committed to helping Canadians build lasting wealth through disciplined, active management and a focus on delivering consistent, long-term performance,” said Darcy Hulston, President and Chief Executive Officer, Canoe Financial.
About Canoe Financial Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing $20 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.
About FundGrade A+ Awards FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.
Canoe Equity Portfolio Class Series, Canadian Focused Equity category out of a total of 70 funds: 20.20% (1 year), 9.46% (3 years), 14.48% (5 years), 10.16% (10 years) and 8.02% (since inception-February 2011); Canoe Asset Allocation Portfolio Class, Tactical Balanced category out of a total of 56 funds: 14.65% (1 year), 6.35% (3 years), 10.46% (5 years), 7.36% (10 years) and 5.85% (since inception-February 2011); Canoe North American Monthly Income Portfolio Class, Global Neutral Balanced category out of a total of 224 funds: 13.40% (1 year), 6.22% (3 years), 8.25% (5 years), 6.47% (10 years) and 7.25% (since inception- December 2012).
Further information Investor Relations Canoe Financial LP 1–877–434–2796 info@canoefinancial.com
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
NAPERVILLE, Ill., Feb. 07, 2025 (GLOBE NEWSWIRE) — Track Group, Inc. (OTCQB: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its fiscal quarter ended December 31, 2024 (“Q1 FY25”). In Q1 FY25, the Company posted (i) total revenue of $8.7 Million (“M”), a decrease of approximately 3.3% over total revenue of $9.0M for the quarter ended December 31, 2023 (“Q1 FY24”); (ii) Q1 FY25 operating income of $0.1M compared to Q1 FY24 operating loss of ($0.2M); and (iii) net loss attributable to common shareholders of ($2.0M) in Q1 FY25 compared to net income attributable to common shareholders of $0.1M in Q1 FY24.
“The quarter ending December 31, 2024 showed increases in gross profit, operating income and Adjusted EBITDA. This progress reflects the increased use of our products and services in legacy programs and continued expansion through newly awarded contracts domestically and abroad. With a strong pipeline and a commitment to delivering value, we are poised for continued success in fiscal year 2025,” said Derek Cassell, Track Group’s CEO.
FINANCIAL HIGHLIGHTS
Total Q1 FY25 revenue of $8.7M decreased approximately 3.3% compared to Q1 FY24 revenue of $9.0M. The decrease in revenue was driven principally by a decrease in people assigned to monitoring for clients in Michigan and Virginia, and our recently sold Chilean subsidiary. This decrease was partially offset by revenue increases for clients in Illinois, Puerto Rico and the Bahamas who experienced increases in the number of people assigned to monitoring.
Gross profit of $4.4M in Q1 FY25 increased approximately 5.2% compared to Q1 FY24 gross profit of $4.2M due to a decrease in monitoring center costs, partially offset by a decrease in revenue.
Operating income in Q1 FY25 of $0.1M increased compared to the operating loss of ($0.2M) in Q1 FY24. The increase in net income in Q1 FY25 is primarily due to a decrease in cost of revenue and a decrease in operating expense.
Adjusted EBITDA for Q1 FY25 of $1.2M, increased compared to $1.1M for Q1 FY24 due to an increase in operating income and gross profit. Adjusted EBITDA in Q1 FY25 as a percentage of revenue increased to 14.4%, compared to 11.8% for Q1 FY24 for the same reasons.
Unrestricted cash balance of $3.7M for Q1 FY25 increased compared to $3.6M for Q1 FY24. The change in cash position was principally due to the sale of our Chilean subsidiary.
Net loss attributable to shareholders in FY24 was ($2,010,849) compared to net income of $461 in FY23, a change principally attributable to lower revenue and a foreign currency exchange rate loss.
Business Outlook
Growth in gross profit and operating income in Q1 FY25 reinforces our confidence in the strategic reinvestment in technology and the implementation of new programs initiated in late FY23. These endeavors position us well for sustained growth throughout FY25. As a result, the Company’s preliminary outlook for FY25 is as follows:
Actual
Outlook
FY 2023
FY 2024
FY 2025
Revenue:
$34.5
M
$36.9
M
$35M – $36M
Adjusted EBITDA Margin:
11.1
%
14.6
%
14% – 15%
About Track Group, Inc. Track Group designs, manufactures, and markets location tracking devices; as well as develops and sells a variety of related software, services, and accessories, networking solutions, and monitoring applications. The Company’s products and services are designed to empower professionals in security, law enforcement, corrections, and rehabilitation organizations worldwide with single-sourced offender management solutions that integrate reliable intervention technologies to support re-socialization and monitoring initiatives.
The Company currently trades under the ticker symbol “TRCK” on the OTCQB exchange. For more information, visit www.trackgrp.com.
Forward-Looking Statements Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Track Group, Inc., and subsidiaries (“Track Group”) are intended to identify such forward-looking statements. These statements are only predictions and reflect Track Group’s current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time-to-time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Track Group’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Non-GAAP Financial Measures This release includes financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.
Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, gains and losses, currency effects, one-time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based or other non-cash compensation or other stated cash and non-cash charges (the “Adjustments”).
The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company’s financial results, including management’s analysis of results from operations and financial condition, are contained in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2023, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company’s Form 10-K and other reports, including the risk factors contained in such Form 10-K.
TRACK GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
September 30,
2024
2024
Assets
Current assets:
Cash
$
3,740,043
$
3,574,215
Accounts receivable, net of allowance for credit losses of $525,141 and $432,904 respectively
5,319,041
4,428,535
Prepaid expense and deposits
420,680
638,293
Inventory, net of reserves of $99,041 and $82,848, respectively
811,992
582,481
Assets held for sale
–
969,481
Total current assets
10,291,756
10,193,005
Property and equipment, net of accumulated depreciation of $293,419 and $430,003, respectively
351,353
317,206
Monitoring equipment, net of accumulated depreciation of $5,145,204 and $5,982,972, respectively
4,550,033
4,598,864
Intangible assets, net of accumulated amortization of $19,954,086 and $19,699,966, respectively
13,415,776
13,959,571
Goodwill
7,913,369
7,941,190
Other assets, net
1,238,608
660,170
Total assets
$
37,760,895
$
37,670,006
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable
$
3,336,084
$
3,082,467
Accrued liabilities
2,542,932
2,639,318
Liabilities held for sale
–
732,028
Total current liabilities
5,879,016
6,453,813
Long-term debt, net of current portion
42,659,634
42,639,197
Long-term liabilities
679,823
186,407
Total liabilities
49,218,473
49,279,417
Stockholders’ equity (deficit):
Common stock, $0.0001 par value: 30,000,000 shares authorized; 11,863,758 and 11,863,758 shares outstanding, respectively
Series A Convertible Preferred stock, $0.0001 par value: 1,200,000 shares authorized; 0 shares outstanding
–
–
Paid in capital
302,600,546
302,600,546
Accumulated deficit
(315,274,178
)
(312,691,811
)
Accumulated other comprehensive loss
1,214,868
(1,519,332
)
Total equity (deficit)
(11,457,578
)
(11,609,411
)
Total liabilities and stockholders’ equity (deficit)
$
37,760,895
$
37,670,006
TRACK GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Unaudited)
Three Months Ended December 31,
2024
2023
Revenue:
Monitoring and other related services
$
8,441,307
$
8,674,485
Product sales and other
227,021
292,487
Total revenue
8,668,328
8,966,972
Cost of revenue:
Monitoring, products and other related services
3,508,762
3,973,989
Depreciation and amortization included in cost of revenue
735,224
789,463
Total cost of revenue
4,243,986
4,763,452
Gross profit
4,424,342
4,203,520
Operating expense:
General & administrative
2,431,118
2,757,887
Selling & marketing
901,189
706,531
Research & development
669,391
682,463
Depreciation & amortization
227,553
239,760
Loss on sale of subsidiary
66,483
–
Total operating expense
4,295,734
4,386,641
Operating income (loss)
128,608
(183,121
)
Other income (expense):
Interest income
2,839
48,162
Interest expense
(571,798
)
(486,084
)
Currency exchange rate gain (loss)
(1,499,262
)
538,945
Total other income (expense)
(2,068,221
)
101,023
Net income (loss) before income taxes
(1,939,613
)
(82,098
)
Income tax expense (benefit)
71,236
(82,559
)
Net income (loss) attributable to common stockholders
(2,010,849
)
461
Release of cumulative translation adjustment for sale of subsidiary
1,390,913
–
Equity adjustment for sale of subsidiary
571,518
–
Foreign currency translation adjustments
771,769
(106,702
)
Comprehensive income (loss)
$
723,351
$
(106,241
)
Net income (loss) per share – basic:
Net income (loss) per common share
$
(0.17
)
$
0.00
Weighted average common shares outstanding
11,863,758
11,863,758
Net income (loss) per share – diluted:
Net income (loss) per common share
$
(0.17
)
$
0.00
Weighted average common shares outstanding
11,863,758
11,863,758
TRACK GROUP, INC. AND SUBSIDIARIES NON-GAAP ADJUSTED EBITDA DECEMBER 31 (UNAUDITED) (amounts in thousands, except share and per share data)
Three Months Ended December 31,
2024
2023
Non-GAAP Adjusted EBITDA
Net income (loss) attributable to common shareholders
$
(2,011
)
$
–
Interest expense, net
569
438
Depreciation and amortization
963
1,029
Income taxes (1)
71
(83
)
Board compensation and stock-based compensation
75
53
Foreign exchange expense (gain)
1,499
(539
)
Loss on sale of subsidiary
66
–
Other charges (2)
18
164
Total Non-GAAP Adjusted EBITDA
$
1,250
$
1,062
Non-GAAP Adjusted EBITDA, percent of revenue
14.4
%
11.8
%
Non-GAAP earnings per share – basic:
Weighted average common shares outstanding
11,863,758
11,863,758
Non-GAAP earnings per share
$
0.11
$
0.09
Non-GAAP earnings per share – diluted:
Weighted average common shares outstanding
11,863,758
11,863,758
Non-GAAP earnings per share
$
0.11
$
0.09
(1
)
Currently, the Company has significant U.S. tax loss carryforwards that may be used to offset future taxable income, subject to IRS limitations. However, the Company is still subject to certain state, commonwealth, and other foreign based taxes.
(2
)
Other charges are expenses related to the board of directors, severance, and other Chile monitoring center costs for our recently sold subsidiary.
James Berg Chief Financial Officer jim.berg@trackgrp.com
Headline: ICC and Palestine Emerging continue to promote economic opportunity in the Middle East
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A second meeting of the ICC-Palestine Emerging Steering Committee was held virtually on 7 February, marking a progress-tracking milestone since the collaboration was announced in October 2024. With a focus on the economic development and reconstruction of Gaza and the West Bank, the ICC-Palestine Emerging partnership works to promote strong private sectors across the Middle East.
Another key achievement has been the formal affiliation of the Federation of Palestinian Chambers of Commerce, Industry and Agriculture (FPCCIA) with the ICC World Chambers Federation. The affiliation will allow Palestinian companies to participate in ICC’s global business events and to gain international market access. It will also provide Palestinian companies with direct access to ICC OneClick, ICC’s gateway supporting SMEs in their export journey, now available in Arabic.
ICC Secretary General, John W.H. Denton AO said:
“By combining the breadth and credibility of ICC’s network and expertise with Palestine Emerging’s local insights, this collaboration will continue to foster Palestine’s engagement with the global economy with integrity”
The ICC-Palestine Emerging partnership has identified 15 workstreams aimed at growing the Palestinian economy, and the Middle East region at large. These include concrete initiatives to strengthen the Palestinian private sector’s involvement with ICC’s global network, including through the establishment of a new national committee.
ICC is working closely with Palestine Emerging to promote the Palestinian entrepreneurship ecosystem by facilitating engagement between local startups, education institutions and international investors. The initiative also aims to enhance investment attraction efforts and support economic reconstruction, including by developing local arbitration capabilities and bringing ICC’s alternative dispute resolution services to Palestine.
Senior ICC representatives have actively engaged in Palestine Emerging activities. These include joint events with the United States Institute of Peace in Washington D.C. in December 2024 and the Palestine Emerging International Advisory Group meeting in London in January 2025.
ICC and Palestine Emerging have secured support from key international players for these joint initiatives through engagement with key government and business leaders.
As momentum builds, ICC and Palestine Emerging’s collaboration will continue to drive economic opportunity and integration for Palestinian businesses with the global economy.
UK Government Scotland Office Minister Kirsty McNeill in conversation at the The Scottish Council for Voluntary Organisations (SCVO), the Gathering event.
I can’t tell you how happy I am to be here, back among friends devoting their lives to a social purpose.
As some of you might know, I spent much of my life in the voluntary and community sector, both on staff and as a volunteer.
And I’m still a proud member and supporter of a lot of organisations I was involved with before I became an MP.
As a minister too I’ve had the chance to visit organisations like Greener Kirkcaldy, Bairn’s Hoose in Dundee, Macaulay College in the Western Isles, Barnardos Nurture Service Inverclyde and Bravehound to name but a few.
And I want to reassure people who do the mail outs to MPs that yes, there really is someone who reads every single bit of bumpf they are sent or handed and that’s me! That’s how I know stuff like the people in the War Memorial Trust diligently cleaning and protecting these sacred places, or about the 850 people involved in Scottish Mountain Rescue who go out in all weathers to save the lives of perfect strangers.
So I will always want to hear from and spend time with you.
Because we are pals. But because we are pals I want us to have a really honest conversation today. You are busy people – nobody here has time to beat around the bush.
So I wanted to come here today to say I think we are both punching below our weight right now – both civil society and government – because we haven’t yet found the right way to work together.
When we do, we are going to be unstoppable. But right now, we are still finding our way.
Let me give you some examples. The UK Government’s budget delivered nearly £5 billion extra for Scotland’s public services – money which, if well spent, could take pressure off of everyone here who works in health, education, transport, poverty or community development. We should be talking to each other and the Scottish Government about how to make that money have the maximum impact for Scots.
Instead almost all of our conversation has been about the changes to employer national insurance contributions. I get that this decision is unpopular in this room and we need to get into it in the Q and A. I’m not trying to shy away from the fact that we had to make tough choices and that has in turn created tough choices in your board rooms and senior management meetings. Let’s talk about it.
But I hope you can also see that we are missing out on a major chance to transform Scotland together if we aren’t collaborating on how this truly game-changing amount of money should be spent.
Or here is another example – the New Deal for Working People. Now I am a proud trade unionist and the UK Ggovernment is indebted to the trade union movement for all of their support on the development of this package. But why are the only people lobbying for it in the trade union movement itself? Because if people are better paid and better protected at work then the missions of every organisation in this room becomes easier to achieve.
The Child Poverty Taskforce on which I am proud to sit has received a lot of input and evidence on welfare questions and rightly so, but we are at risk of having lots of narrow, disjointed conversations about individual policy areas when nobody lives their lives in policy silos. No policy tweak is a substitute for creating an economy that works for working people and that’s the biggest prize on offer. Let’s all keep our eyes on it.
So I do think there are some areas where we could have worked together better in these first few months of a new government. There are national conversations you should be not just a part of but leading.
And I know what some of you will be thinking. That you don’t want to be co-opted or politicised and I understand that risk.
So I want to be really clear about this: the UK Government will never compromise your independence.
Not just because it would be improper, but because it would make you less effective, because one of your most important roles is to challenge us.
And I want to stress how much I really mean this. Not in a mealy-mouthed way to say of course there is a ‘right’ to protest and to speak out in this country.
No, I’m saying something bigger than that – that you have not just the right but the duty to challenge us when you think we’re getting it wrong.
It’s not an accident that the members of charity boards are called ‘trustees’, because they are indeed entrusted with something very important. It is their job to steward an institution on behalf of all society at large but in particular on behalf of the beneficiaries the organisation exists to support. Those beneficiaries need you to bring their perspective right to the heart of the national debate – even if, especially if, they are marginalised or traditionally shut out of power.
In my old life I often used to say to the teams I worked with that ‘campaigners make things possible, politicians make things happen’.
Civil society’s job is to inform conversations, challenge assumptions, pioneer new practice and give support that the state is unable, unwilling or not best placed to give.
Government’s job is to pass laws, devise budgets, enact policies and, above all, to reconcile competing interests for the common good. In the end, we make decisions about how best to get things done and it’s our jobs on the line if we get things wrong.
These roles in our democracy are distinct, but mutually reinforcing. Both sides need each other.
But if we are to each play our parts well then we need to have a proper dialogue. Yes you should tell us when you think we’re getting it wrong. But you should also let us know when you think we’re getting it right and, crucially, when we are not focusing on something that really matters.
Because there are some things that civil society is simply best placed to know.
One of the great privileges of my job as a minister is getting to spend so much time with civil society. From a farm supporting children with disabilities to an arts project helping people to walk the long hard road to recovery after addiction, from an organisation helping women get smart clothes for job interviews after seeking asylum or fleeing domestic abuse to community allotments that give people in mental health crisis a safe place to go, I have seen Scottish civil society at its very best when the times people face are at their very worst.
And because of this special role you have, deep in the heart of communities, you see things we in government just can’t see from where we are sitting. As you know, 36% of Scottish voluntary organisations are based in remote or rural locations. You know every nook and cranny of Scotland and wrestle with questions about how to change lives every day.
What is the best way to provide food for hungry folk, without compromising their dignity? How can we best fight loneliness so everyone feels that they matter and that they belong? Just what kind of Christmas support might make the biggest difference for the care experienced kid, not sure whether they’ll be in the same placement this time next year?
This is your expertise and we need to hear it.
Now I said earlier that we’ve both been punching below our weight. On your side I think that’s because you’ve shied away from the biggest debates about how to rewire our economy, on our side I think it’s because we’ve not yet been able to rewire government to become more open to outside expertise like yours.
You’ll have heard the Prime Minister talk about mission based government.
I am such a nerd for this, because it’s a completely different way of thinking about how this change can happen – one where the job of government is to coordinate and collaborate, not direct and dictate – and one where you have the power to make the difference for the people and places you love.
That’s why the UK Government is creating a new Civil Society Covenant, based on four principles: recognition for your contribution, partnership rooted in respect, participation so you can be heard and transparency, so that both civil society and government have the information we need to come to shared diagnosis and prescriptions.
We are doing that to unleash your extraordinary potential. There are more than 46 thousand organisations in the Scottish sector, employing 5% of Scotland’s workers and mobilising 300 million hours of volunteering every year.
Those are enormous figures.
Just imagine if those efforts could be aligned with investment from the private sector, policy ambition from UK Government and proper support from the Scottish Government.
Implementing the Covenant is where we will start, but it won’t be where we will end.
I want to see a new deal for the third sector in Scotland. That should start with multi-year funding for the sector.
Too many of you face the annual anguish of issuing redundancy notices to your own staff because there are question marks over whether your funding will be renewed and the money delivered on time.
I know many of you face significant bureaucracy and feel like you are jumping through hoops and getting tangled in red tape to access funding.
That places unfair stress on you and your staff when you want to be laser focused on helping others.
I know you’ll have a lot of questions about how the UK Government can make your lives easier and I know we will get into them in the discussion. So just let me underline that today is just the next stage in our discussions – with SCVO and its members.
As long as I am there, you will always have an open door to the Scotland Office. And when you walk through it we will sit around the table as equals and have a proper debate about how we all can play a part in creating the better Scotland we both – civil society and politicians alike – come to work every day to build.
In collaboration with Government of Ukraine, UNICEF and the World Bank, £25m of UK funding will support an inclusive and sustainable social recovery in Ukraine.
The SPIRIT programme (Social Protection for Inclusion, Resilience, Innovation and Transformation) will support Ukraine to strengthen more inclusive and efficient social protection systems and revitalise community and family-based services.
SPIRIT will support the Foreign Secretary’s priority to ensure a safe and loving family for every child, improving social care services for 10,000 families across 10 regions
The programme will help Ukraine lay foundations for a recovery that meets the needs of citizens in all their diversity including people with disabilities, veterans and other war-impacted groups.
The UK will invest £25 million to strengthen Ukraine’s social protection system and services to support an inclusive and barrier-free recovery. The funding announced during the visit of the Foreign Secretary, David Lammy to Kyiv will catalyse Ukraine’s ambition for reform of the social sphere. This support will help Ukraine to meet the varied needs of the population and accelerate Ukraine’s Euro-Atlantic pathway. The UK will partner with UNICEF Ukraine and the World Bank to deliver SPIRIT, working closely with the Ministry of Social Policy of Ukraine, the European Union and key partners in the social sector.
The SPIRIT programme recognises that investing in people – and the support and services they need – will be critical for Ukraine’s long-term recovery and socio-economic future.
Russia’s full-scale invasion has had an immense and devastating human impact in Ukraine. This has been disproportionately felt by the most vulnerable and war-impacted groups, including women, children and families, people with disabilities, older people, veterans, and those in frontline areas.
The programme will support Government of Ukraine in their social reform agenda, bringing together Ministries and local government, international financial organisations, donors, civil society, academia, and private sector.
Following the signing of the ‘Social Recovery and Inclusion Partnership for Ukraine’ by the UK, the Ministry of Social Policy of Ukraine, the European Union, UNICEF and the World Bank at the Berlin Ukraine Recovery Conference 2024, SPIRIT demonstrates commitment of the UK government and partners to support Ukraine’s socio-economic future and further our collaboration.
The SPIRIT programme has three main priorities:
Improving access to high-quality community and family-based social services for at least 10,000 families with children across 10 regions. In cooperation with the Ministry of Social Policy, we will deliver small grants and capacity-building to 100 civil society and local community actors to enable them to provide social services, while building a local marketplace of accessible service providers and empowering local actors to meet the growing demand for social protection support.
Establishing a Social Recovery Office with the Ministry of Social Policy to drive reforms, improve coordination in the sector, and enhance collaboration with international financial institutions and development partners. The Social Recovery Office will help Ukraine respond to pressing demographic challenges, meet the needs of the most vulnerable, and support development of a more robust and inclusive social protection framework.
Launching a range of cross-sectoral initiatives that support social recovery and inclusion priorities in Ukraine. Projects will work across health, economic and social sectors, piloting new models of support and services to cater for the most vulnerable and war-impacted groups. This includes women, families with children, people with disabilities, older people, and veterans. These initiatives will foster human capital, enable inclusive reforms and build the institutional capacity needed for Ukraine to address the demographic, economic, and societal changes driven by the war.
The SPIRIT programme will support the Foreign Secretary’s campaign to realize family-based care for every child. Ukraine is a key partner in the Foreign Secretary’s new global alliance to progress sustainable, lasting reform of children’s social care around the world. Working with the Government of Ukraine and UNICEF, SPIRIT includes a specific focus on accelerating ‘Better Care Reform’ to strengthen families, prevent separation, and ensure a safe and loving family environment for all Ukrainian children.
The British Ambassador to Ukraine, Martin Harris said:
I am proud that the UK is announcing critical funding for Ukraine’s social recovery. The £25m contribution will strengthen Ukraine’s social systems and services that are under overwhelming pressure from Russia’s brutal invasion. Investing in Ukraine’s social systems is an investment in Ukraine’s people – and we know that Ukraine’s people are its greatest resource.
SPIRIT is a testament to 100 Year Partnership and shared values between our two countries, including our commitment to meet the needs of women, children, people with disabilities, older people, veterans, and marginalised groups.
In the very worst of circumstances, Ukraine is pursuing an ambitious reform agenda to build a brighter, fairer and ‘barrier-free’ society. In partnership with the Government of Ukraine, UNICEF and the World Bank, the SPIRIT programme will drive forward this vision and lay the foundations for a future where the well-being, dignity and potential of every Ukrainian is ensured.
Oksana Zholnovych, Minister of Social Policy of Ukraine outlined:
Human capital development is at the centre of Ukraine’s recovery. The SPIRIT programme represents a crucial step in building institutional capacity, strengthening the social protection system and supporting critical reforms to improve efficiency, effectiveness, and inclusion. We are grateful to our partners, the FCDO, World Bank, and UNICEF, for their support and shared commitment to fostering social cohesion, leaving no one behind.
Munir Mammadzade, UNICEF Representative to Ukraine indicates:
The SPIRIT programme is a critical investment in protecting and improving the lives of the most vulnerable, especially children and families in need across Ukraine. This initiative will further strengthen national systems and community-based services to nurture and maximize the country’s most important resource, its human capital, to drive inclusive and prosperous growth.
Bob Saum, World Bank Regional Country Director for Eastern Europe added:
Addressing social cohesion and inclusion, including meeting the needs of vulnerable populations will contribute to maximizing benefits of Ukraine’s post-war recovery economic growth. The SPIRIT program will help build institutional capacity to support veterans, people with disabilities, and other at-risk groups while advancing Ukraine’s EU integration goals.
class=”has-text-align-left”>“Today’s jobs report reveals the Biden economy was far worse than anyone thought, and underscores the necessity of President Trump’s pro-growth policies. During his first weeks in office, President Trump declared a national energy emergency to Make America Energy Dominant Again, pledged to cut 10 regulations for every new regulatory action, and outlined a plan to deliver the largest tax cut in history for hardworking Americans. President Trump is delivering on his promise to restore our broken economy, revive small business optimism, create jobs, and ignite a new Golden Age for America.”
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UN human rights chief Volker Türk on Friday expressed profound concerns at the ongoing violent escalation in eastern Democratic Republic of the Congo (DRC) caused by the ongoing Rwanda-backed M23 offensive. “If nothing is done, the worst may be yet to come, for the people of the eastern DRC, but also beyond the country’s borders,” he told a Special Session of the Human Rights Council in Geneva.
Since 26 January, nearly 3,000 people have been killed and 2,880 injured in attacks by the M23 and their allies “with heavy weapons used in populated areas, and intense fighting against the armed forces of the DRC and their allies”, the High Commissioner said, as UN Member States weighed setting up a fact-finding mission to investigate extreme rights violations still being committed in the DRC provinces of North Kivu and South Kivu.
Hostilities have continued unabated in this mineral-rich region that has been unstable for decades amid a proliferation of armed groups, forcing hundreds of thousands to flee their homes. Fighting escalated in late January when majority-Tutsi M23 fighters seized control of parts of North Kivu, including areas near Goma, and advanced towards South Kivu and the eastern DRC’s second city of Bukavu.
A draft resolution circulated before the Special Session – the 37th since the Council was created in 2006 – also condemned Rwanda’s military support of the M23 armed group and called for both Rwanda and M23 to halt their advance and to allow lifesaving humanitarian access immediately.
Hospitals targeted
Addressing the emergency session, Mr. Türk noted that two hospitals in Goma had been bombed on 27 January, killing and injuring multiple patients, including women and children.
In a mass prison break at Muzenze Prison in Goma on the same day, at least 165 female inmates were reportedly raped and most were later killed in a fire under suspicious circumstances, he said, citing the authorities.
“I am horrified by the spread of sexual violence, which has been an appalling feature of this conflict for a long time. This is likely to worsen in the current circumstances,” the UN rights chief continued, adding that UN staff were now verifying multiple allegations of rape, gang rape and sexual slavery in eastern DRC’s conflict zones.
MONUSCO role
Echoing those concerns, Bintou Keita, Special Representative of the Secretary-General in the DRC and chief of UN peacekeeping mission (MONUSCO) told the Council that dead bodies still lie in the streets of Goma, which M23 fighters now control. The situation is “catastrophic”, she continued.
“While I am speaking, youth are being subjected to forced recruitments and human rights defenders, civil society actors and journalists have also become a major population at risk. MONUSCO continues to receive requests for individual protection from them as well as from judicial authorities under threat and at risk of reprisals from M23 in areas under its control.”
She issued a stark warning on the health risks linked to ongoing fighting, “especially the resurgence of cholera and the high risk of mpox, the sudden interruption of children’s schooling, and the rise of conflict-related sexual violence and gender-based violence”.
According to latest reports, medical personnel face electricity cuts and lack fuel for their generators for basic services, including morgues, Ms. Keita continued. “I again call on international community to advocate for humanitarian assistance to reach Goma immediately.”
Countries respond
In response to the ongoing crisis, DRC’s Minister of Communications and Media, Patrick Muyaya Katembwe, spoke out against the continued logistical, military and financial support of countries including Rwanda “to armed groups operating on our territory”.
The minister maintained that Rwanda’s support for the M23 had fuelled the violence in eastern DRC “for more than 30 years, exacerbating the war for reasons linked to the exploitation of the strategic mining resources of the Democratic Republic of Congo”.
Dismissing that claim, Ambassador James Ngango of Rwanda to the UN in Geneva, insisted that a large-scale attack against Rwanda was “imminent”.
He accused the “Kinshasa-backed coalition” of stockpiling a large number of weapons and military equipment near Rwanda’s border, mostly in or around Goma airport.
“These weapons include rockets, kamikaze drones, heavy artillery guns capable of shooting precisely within the Rwandan territory. The weapons were not turned at the theatre of operations against the M23, rather they were pointed directly at Rwanda,” he said.
‘We are all implicated’
Highlighting the need for international efforts to end the long-running conflict, Mr. Türk called for greater understanding of the political and economic background.
“The population in the eastern DRC is suffering terribly, while many of the products we consume or use, such as mobile phones, are created using minerals from the east of the country. We are all implicated.”
Governor Kathy Hochul today announced that, as part of New York State’s continued effort to combat the spread of highly pathogenic avian influenza (HPAI), the Department of Agriculture and Markets (AGM) has issued a new Notice and Order for live bird markets that have not had a detection of HPAI in New York City and Westchester, Suffolk, and Nassau counties. The order requires those markets to sell down all inventory, complete cleaning and disinfection procedures, and remain closed for a period of five days after cleaning and disinfection. In addition, the Notice and Order further outlines quarantine and depopulation procedures for markets that have confirmed detections of HPAI. This Notice and Order follows seven detections of HPAI in markets in Queens, the Bronx, and Brooklyn during routine surveillance conducted by AGM since January 31, 2025. The State reminds farmers to follow good biosecurity measures and emphasizes that the risk to humans remains low.
“Safeguarding public health is all about being proactive, and New York State is continuing our coordinated effort to monitor for the Avian Influenza,” Governor Hochul said. “My top priority will always be to keep New Yorkers safe, and I have directed our state agencies to use all available resources to ensure we are taking every measure necessary to keep the risk to the public low. We will continue to take these measured, common sense steps that will curb the spread of bird flu and ultimately protect our communities.”
New York State Agriculture Commissioner Richard A. Ball said, “We’re continuing to work hard with our partners to combat the spread of HPAI in New York. Today, I signed a Notice and Order requiring that live bird markets in New York City and the surrounding areas close for cleaning and disinfection, even if they haven’t yet had a detection of HPAI in their market. Following seven detections of HPAI in live bird markets in the last week, this Notice and Order is a commonsense measure aimed at getting ahead of the virus, rather than chasing it. We’re working with USDA and other partners to make sure that we can minimize the economic impact to these markets, and we very much appreciate the markets’ cooperation and assistance in protecting public and animal health.”
New York State Health Commissioner Dr. James McDonald said, “While there is no immediate threat to public health and no known cases of HPAIin humans in New York State, we support the Department of Agriculture and Markets’ latest proactive measures to prevent the spread of the disease between animals and humans by temporarily closing live bird markets in New York City and surrounding counties. Those who have regular contact with livestock and wild birds should safeguard their health by wearing personal protective equipment when in contact with these animals. We will remain vigilant in working with our state and local partners to monitor for detections and reduce any potential risks to public health and safety.”
New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “Through Governor Hochul’s leadership, New York State is acting aggressively to monitor for and advance actions to reduce the spread of Highly Pathogenic Avian Influenza. DEC remains committed to working comprehensively with our state and federal partners to respond to HPAI and encourages New Yorkers to use our new web-based tool to report suspected HPAI outbreaks in wildlife, and follow proper precautions when handling deceased wildlife. Visit DEC’s website for additional information on safe wildlife handling and proper disposal techniques.”
New York City Health Department Acting Commissioner Michelle Morse said, “The current risk to New Yorkers of bird flu (H5N1) remains low. Avian influenza viruses only present a wider risk if the virus develops the ability to transmit between people – which we have not seen. The NYC Health Department will continue to work closely with the NYS Department of Agriculture and NYS Department of Health to ensure that Live Bird Market staff receive essential information and, if symptoms present themselves, receive any treatment they may need. We are prepared to respond to any disease outbreak, including quickly ramping up testing and treatment, and working closely with providers and community partners to rapidly disseminate messaging.”
HPAI is a contagious viral disease that is known to be deadly to domestic poultry and has been transmitted within and between farms and live bird markets. The temporary shutdown mandated by the Notice and Order is necessary and essential to ensuring a break in HPAI virus transmission within the impacted markets. While AGM’s routine surveillance is effective, after finding seven detections of HPAI in live bird markets within the last week, the temporary shutdown ensures that the State can get ahead of any additional opportunities for transmission of the virus within the markets at the current time. A uniform market closure for a five-day period addresses the persistence and circulation of the virus within the markets by quickly reducing the virus prevalence to zero percent.
Effective immediately, the Notice and Order requires that:
No poultry shall be delivered to live bird markets or distributors covered by the Order from February 7, 2025 through February 14, 2025.
Any market that harbors birds exhibiting clinical signs of HPAI must contact the Department of Agriculture and Markets immediately to undergo investigation and testing.
Markets that test positive for HPAI shall be depopulated; undergo cleaning and disinfection and be empty of birds for five days, at a minimum; and shall remain closed until the market passes cleaning and disinfection inspection by an AGM animal health inspector.
All unaffected live bird markets in New York City and Westchester, Suffolk, and Nassau counties must sell down all inventory for a period of three days beginning on February 7, 2025; complete cleaning and disinfection procedures; and subsequently close for a period of five days following cleaning and disinfection. These markets must pass a cleaning and disinfection inspection by an AGM animal health inspector before reopening.
Cleaning and disinfection includes the removal of all organic debris from all equipment, caging, flooring, etc.; and requires that all surfaces be cleaned with soap or detergent, rinsed with water, and saturated with a disinfectant appropriate for killing the avian influenza virus, in accordance with the manufacturer’s label.
USDA provides indemnity and compensation for losses incurred following a confirmed detection of HPAI on a premise.
State Senator Michelle Hinchey said, “This proactive decision by NYS Agriculture and Markets to temporarily close at-risk poultry markets as a precaution against avian flu is a difficult yet necessary step to curb the spread of this highly contagious disease. New York benefits immensely from having one of the country’s top Animal Diagnostic Labs at Cornell University, which will play a critical role in limiting further spread and reducing disruptions for both farmers and businesses. We are committed to ensuring that the lab has the necessary resources to quickly respond to this and any other pathogen-based threats that may emerge.”
Assemblymember Donna Lupardo said, “After detecting avian flu at seven live bird markets across NYS, the decision was made to temporarily close these markets. Proactive measures, while concerning to businesses and consumers alike, are necessary to help prevent the spread of a virus that has devastated poultry farms across the country. We are fortunate in NYS to have one of the country’s premier Animal Diagnostic Labs at Cornell University whose expertise will be invaluable as we navigate these waters.”
HPAI in Poultry
At Governor Hochul’s direction, AGM, DOH, and DEC continue to collaborate closely on proactive measures to prevent the spread of HPAI and facilitate early detection, as the risk to humans remains low. The New York State Department of Health is also reminding the public that the finding of HPAI in this market does not present an immediate public health concern. Individuals working in the markets will be assessed for potential high-risk exposure and be monitored for symptoms by the New York City Department of Health and Mental Hygiene accordingly. If any become ill, they will be evaluated for infection with avian influenza. Since the start of 2024, there have been 67 human cases of avian influenza in the United States, and none of these have been in New York State.
AGM encourages those involved in poultry production to take extra steps to prevent their flocks from becoming infected. All poultry producers, from small backyard to large commercial operations, should review their biosecurity plans and take precautions to protect their birds. Poultry biosecurity materials and checklists can be found on the USDA’s “Defend the Flock” website.
In addition to practicing good biosecurity, poultry owners should keep their birds away from wild ducks and geese and their droppings. Outdoor access for poultry should be limited at this time, particularly as the State continues to see HPAI detections in wild bird populations.
To report sick birds, unexplained high number of deaths, or sudden drop in egg production, please contact AGM’s Division of Animal Industry at (518) 457-3502 or the USDA at (866) 536-7593.
HPAI in Dairy Cattle
In January, AGM announced that it is implementing new testing initiatives on dairy farms as part of its aggressive, proactive response to the outbreak of HPAI in livestock in other states. Working in close collaboration with federal partners, including USDA’s Animal and Plant Health Inspection Service, FDA, and the National Association of State Departments of Agriculture, and State partners, including DOH, this enhanced testing strategy is part of the State’s effort to protect animal and human health and prevent the transmission of HPAI in livestock in New York State. While there have been no detections of HPAI in livestock in New York to date, the State’s comprehensive approach is aimed at ensuring the state remains free of HPAI and facilitating early detection.
In addition to the new testing initiative, New York State has taken multiple preventative measures to prevent the spread of HPAI and protect animal and human health since the first detection of HPAI in dairy cattle in Texas in March 2024. In April, June, and August 2024, the Department issued orders on import requirements for dairy cattle coming into New York as well as testing requirements for lactating dairy cattle entering fairs or exhibitions. These orders continue to remain in place until further notice.
USDA offers several producer support programs that are available to all dairy producers as well as certain programs only available to dairy producers with HPAI-positive herds. These programs include tools to support biosecurity planning and implementation as well as financial support programs to offset costs associated with HPAI testing, veterinary expenses, personal protective equipment purchases, milk disposal, and milk losses.
SINGAPORE, Feb. 07, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.
What Is 100x Leverage and How Does It Work?
Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:
Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.
One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.
With BexBack’s deposit bonus
BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.
Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.
How Does the 100% Deposit Bonus Work? The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.
About BexBack?
BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 200,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.
Why recommend BexBack?
No KYC Required: Start trading immediately without complex identity verification.
High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.
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Take Action Now—Don’t Miss Another Opportunity!
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Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
DUBAI, United Arab Emirates, Feb. 07, 2025 (GLOBE NEWSWIRE) —
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest weekly crypto derivatives report in collaboration with Block Scholes, providing a retrospective of the past week’s panic sell-off and analysis of options price movements.
The broad retreat mirrored equities markets, leaving an estimated $10 billion-sized hole in open interest after a high-flying Friday in the 24/7 crypto markets. BTC stood out in the bloodbath as the only mainstream token maintaining positive funding rates. Meanwhile, ETH endured heightened turbulence, with sustained options market inversion suggesting continued downward pressure ahead.
Key Insights:
Risk-off Monday: Trump’s tariff threats sparked a broad market sell-off on Monday, Feb. 3, hammering crypto alongside U.S. equities. The carnage wiped out $3.1B in perpetual swap open interest across BTC, ETH, XRP, and SOL. Ben Zhou, co-founder and CEO of Bybit, revealed $8-10B in total liquidations as leveraged positions crumbled, an estimate based on Bybit’s platform data. The turmoil drove trading volumes to a monthly high of $31B in perpetual swaps on Feb. 2 as traders rushed for the exits.
Altcoins Took a Hit: Bears dominated crypto markets in the aftermath of another Monday in the red. Perpetual swap funding rates spiraled downwards, likely caused by spooked traders liquidating long positons in droves. BTC faithfuls, however, managed to keep BTC funding rates afloat at neutral level.
ETH Readies for a Bumpy Ride: ETH has demonstrated less resilience than BTC in the latest turmoil. Its spot prices suffered and dipped below $2.5k, but open interest levels held reasonably steady thanks to less-than-expected volatility in ETH options market. Still, ETH realized volatility already surged to almost 140% in the price correction, with further risks evident in options term structure, suggesting the downside hasn’t been fully priced in.
Access the full report, including detailed analysis of volatility trends, funding rates, and options market dynamics.
#Bybit / #TheCryptoArk /#BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
Source: Federal Bureau of Investigation (FBI) State Crime News
BECKLEY, W.Va. – James E. Monroe Jr., 59, of Daniels, pleaded guilty today to money laundering.
According to court documents and statements made in court, on February 25, 2022, Monroe filed a petition for personal bankruptcy. Monroe knew he was required to submit true and correct schedules listing his assets and a statement detailing his financial affairs as part of the bankruptcy process. Monroe admitted that he sold his collection of over 10,000 sports trading cards after filing for bankruptcy and without disclosing its existence or its post-petition sale in the bankruptcy filings as required. Monroe further admitted that he sold the collection to a friend online to convert the collection into cash and disguise the nature of the resulting proceeds.
Monroe admitted that his asset schedules and statement of financial affairs also did not disclose the December 2021 sale of his marital home in the Glade Springs residential development for $525,000, or the existence of a retirement account, two loans he obtained by using the equity associated with his whole-life insurance policy as collateral, and a storage unit he rented in the Shady Spring area that contained property belonging to the bankruptcy estate. Monroe further admitted that his schedules falsely stated that his then-minor daughter lived with him and was his dependent when neither was true.
Monroe is scheduled to be sentenced on May 15, 2025, and faces a maximum penalty of 20 years in prison, up to three years of supervised release, and a $500,000 fine.
United States Attorney Will Thompson made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI). The United States Trustee’s Charleston field office, which serves West Virginia, made the criminal referral of this case to the U.S. Attorney’s Office. The United States Trustee Program is a component of the Department of Justice whose mission is to promote the integrity and efficiency of the bankruptcy system for the benefit of all stakeholders — debtors, creditors and the public.
United States Magistrate Judge Omar J. Aboulhosn presided over the hearing. Assistant United States Attorney Jonathan T. Storage is prosecuting the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 5:24-cr-121.
NEW YORK, Feb. 07, 2025 (GLOBE NEWSWIRE) — Freedom Holding Corp. (NASDAQ: FRHC), a U.S.-based financial services company, has announced its financial results for the quarter ended December 31, 2024. The holding company reported a 57% increase in total revenue, with revenues reaching $655.2 million compared to $418.6 million in the same quarter of 2023. Total assets increased to $9.1 billion from $8.3 billion as of March 31, 2024.
The company’s revenue has surged due to the increase of net gain on trading securities, which has risen from a $5.1 million loss to a $89.6 million gain. Additionally, company’s performance was significantly bolstered by its insurance underwriting income, which surged by 125% to $177.5 million, reflecting the expansion of pension annuities and accident insurance operations. The banking segment also demonstrated robust growth, with a 47% increase in revenue compared to the same period last year.
“In the era of globalization, we are building the Freedom ecosystem as a unified platform where diverse business segments — ranging from banking and insurance to lifestyle services — seamlessly interact to serve over 7 million clients. Recently, the holding’s revenue has become significantly more diversified; while brokerage was once the primary income driver, revenue is now evenly distributed across the insurance and banking segments, creating a more stable and balanced ecosystem,” Timur Turlov, the founder of Freedom Holding, said.
Segment Performance
Brokerage: Revenue increased by 29% to $213.3 million, driven by an increase in net gains on trading securities and fee and commission income.
Banking: Revenue rose by 47% to $206.4 million, supported by net gains on trading securities and derivatives.
Insurance: Revenue doubled to $197.8 million, reflecting strategic growth in insurance underwriting income.
Other Segments: Revenue grew by 120% to $37.7 million, largely due to net gains on foreign exchange operations.
Despite strong revenue growth, the company’s net income declined by 19% to $78.1 million, compared to $96.1 million in the previous year’s quarter. This was due to increased fees and commission expenses, general and administrative expenses, payroll and bonuses, advertising costs and stock-based compensation expenses. Total expenses for the quarter amounted to $556.9 million, up from $307.0 million in Q3 2024 fiscal year.
During the same period, fee and commission income increased from $120.2 million to $143.4 million.
Freedom Holding Corp. remains committed to expanding its product portfolio, improving operational efficiencies, capitalizing on emerging market opportunities, and considering selective acquisitions. In October 2024, the company acquired EliteCom, a telecommunications services company, for $3 million. The acquired licenses and assets will be used to develop Freedom Holding’s own telecommunications business.
About Freedom Holding Corp.
Freedom Holding Corp. is an international financial and investment services group specializing in capital markets, asset management, and brokerage services.
Freedom Holding Corp.’s common shares are registered with the United States Securities and Exchange Commission and trade on the Nasdaq Capital Market under the symbol FRHC. The Company has its principal market of operation in Kazakhstan and operates through its subsidiaries in 22 countries. With a strong presence in Central Asia, Europe, and the U.S., the company is committed to delivering innovative financial products to individual and institutional investors.
WASHINGTON, DC – The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) increased 0.3 points in January to 73.4, bouncing back slightly after falling last month for the first time since July. Improvements in consumer optimism toward both homebuying and home-selling conditions, along with even greater expectations that home prices will rise over the next 12 months, drove the increase. However, after a surge in mortgage rate optimism in the second half of last year, January saw a 13-percentage-point decline in the net share of consumers who believe mortgage rates will go down in the next 12 months. In addition, the share of consumers who expect rental prices will go up increased 8 percentage points from last month to 65%. Year over year, the HPSI is up 2.7 points.
“Consumers seem increasingly pessimistic that housing affordability conditions will improve across the board, as a growing share expects home prices, rent prices, and mortgage rates will all go up,” said Kim Betancourt, Vice President of Multifamily Economics and Strategic Research. “The lower optimism toward the mortgage rate outlook was largely expected, as rates have continued to stay elevated and even crossed the 7% threshold in mid-January. As noted in our latest forecast, we currently expect mortgage rates to end 2025 around 6.5%, relatively little changed from where we are today, which will likely continue to hinder relief for housing affordability and home sales activity.”
Betancourt continued: “On the rental side, consumers have indicated a sharply growing expectation over the past two months that rent prices will increase. This mirrors our expectation that multifamily rents will grow between 2.0% and 2.5% this year — up from an estimated 1.0% last year. Even though it remains relatively cheaper for consumers to rent than buy in nearly every U.S. metro, we expect affordability issues will remain a real challenge for both renters and homeowners alike for the foreseeable future.”
Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) increased 0.3 points in January to 73.4. The HPSI is up 2.7 points compared to the same time last year. Read the full research report for additional information.
Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home (22%) and the percentage who say it is a bad time to buy (78%) both stayed the same from last month. The net share of those who say it is a good time to buy increased 2 percentage points month over month to -55%.
Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home (63%) and the percentage who say it’s a bad time to sell (36%) both remained unchanged month over month. The net share of those who say it is a good time to sell increased 1 percentage point month over month to 28%.
Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months increased from 38% to 43%, while the percentage who say home prices will go down decreased from 27% to 22%. The share who think home prices will stay the same decreased from 35% to 34%. As a result, the net share of those who say home prices will go up in the next 12 months increased 9 percentage points month over month to 20%.
Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 42% to 35%, while the percentage who expect mortgage rates to go up increased from 25% to 32%. The share who think mortgage rates will stay the same increased from 32% to 33%. As a result, the net share of those who say mortgage rates will go down over the next 12 months decreased 13 percentage points month over month to 3%.
Job Loss Concern: The percentage of employed respondents who say they are not concerned about losing their job in the next 12 months increased from 77% to 78%, while the percentage who say they are concerned stayed at 22%. As a result, the net share of those who say they are not concerned about losing their job increased 2 percentage points month over month to 56%.
Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago remained at 17%, while the percentage who say their household income is significantly lower decreased from 11% to 9%. The percentage who say their household income is about the same increased from 70% to 73%, a new survey high. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased 2 percentage points month over month to 8%.
About Fannie Mae’s Home Purchase Sentiment Index The Home Purchase Sentiment Index® (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision-making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher or lower than they were a year earlier.
About Fannie Mae’s National Housing Survey The National Housing Survey (NHS) is a monthly attitudinal survey, launched in 2010, which polls a representative sample of adult household financial decision makers in the United States, to assess their attitudes toward owning and renting a home, purchase and rental prices, household finances, and overall confidence in the economy. Each respondent is asked more than 100 questions, making the NHS one of the most detailed longitudinal surveys of its kind to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). For more information, please see the Technical Notes.
Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to support the housing market. The January 2025 National Housing Survey was conducted between January 2, 2025, and January 21, 2025. Most of the data collection occurred during the first two weeks of this period. The latest NHS was fielded exclusively through AmeriSpeak®, NORC at the University of Chicago’s probability-based panel, in coordination with Fannie Mae and PSB Insights. Calculations are made using unrounded and weighted respondent-level data to help ensure precision in NHS results from wave to wave. As a result, minor differences in calculated data (summarized results, net calculations, etc.) of up to 1 percentage point may occur due to rounding.
Detailed HPSI & NHS Findings For detailed findings from the Home Purchase Sentiment Index and National Housing Survey, as well as a brief HPSI overview and detailed white paper, technical notes on the NHS methodology, and questions asked of respondents associated with each monthly indicator, please visit the Surveys page on fanniemae.com. Also available on the site are in-depth special topic studies, which provide a detailed assessment of combined data results from three monthly studies of NHS results.
To receive e-mail updates with other housing market research from Fannie Mae’s Economic and Strategic Research Group, please click here.
About the ESR Group Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets.
