Source: Federal Bureau of Investigation (FBI) State Crime News
CONCORD – After a 2-week trial,a Windham man was convicted by a federal petit jury, for wire fraud and money laundering in connection with his ownership of an information technology (IT) company that contracted with the United Way of Massachusetts Bay and Merrimack Valley (United Way) while being employed by United Way, United States Attorney Jane E. Young announces.
Imran Alrai, 50, was convicted of 12 counts of wire fraud and 6 counts of money laundering. United States District Court Judge Joseph Laplante ordered Alrai detained pending sentencing, which is scheduled for January 17, 2025.
“The jury’s swift verdicts in this case underscore the overwhelming evidence presented at trial of Mr. Alrai’s guilt,” said U.S. Attorney Jane E. Young. “Over the past two weeks, prosecutors skillfully untangled the web of the defendant’s deceit, highlighting for the jury how he used his position of trust to rig and maintain a major contract with United Way in favor of a company he owned and controlled. The United Way lost millions to the defendant – we hope the jury’s verdicts in this case is a step forward for their community.”
“Imran Alrai abused his position of trust with the United Way of Massachusetts Bay and Merrimack Valley to steal millions of dollars to which he knew he wasn’t entitled, money that was intended to help the less fortunate in our area. Instead, he used it to pay off his house, and increase his personal wealth,” said Jodi Cohen, Special Agent in Charge of the FBI Boston Division. “The FBI is grateful for the jury’s swift verdict, and we will not hesitate to investigate and bring to justice anyone engaged in such egregious financial fraud.”
Between 2012 and June 2018, Alrai, an IT professional at the United Way, obtained approximately $6.7 million in payments for IT services supposedly provided to United Way by an independent outside contractor, DigitalNet Technology Solutions, Inc. Alrai misrepresented material facts about DigitalNet and fraudulently concealed that he owned and controlled DigitalNet. In early 2013, Alrai rigged the bidding process for a major contract to provide managed IT services at the United Way so that DigitalNet was chosen. Alrai then gave fake references and false information about DigitalNet to United Way.
For the next five years, while serving as United Way’s Vice President for IT Services, Alrai steered additional IT work to DigitalNet, so that his company soon became United Way’s second-largest outside vendor, receiving more than $1 million annually. Alrai concealed his connection with DigitalNet from his colleagues. He routinely sent emails with attached invoices from a fictitious person to himself at United Way.
After the fraud came to light, in June 2018, officials at the United Way confronted Alrai and terminated him. Federal agents executed search and seizure warrants and seized incriminating documents and data from Alrai’s home office in Windham, as well as approximately $2.2 million in fraud proceeds in bank and investment accounts. During the scheme, Alrai wired $1.2 million in fraud proceeds to a DigitalNet bank account in Lahore, Pakistan.
According to expert testimony at the trial, United Way lost at least $3.5 million as a result of DigitalNet’s excessive billing, duplicate billing, and billing for services not delivered.
Homeland Security Investigations and the Federal Bureau of Investigation led the investigation. The Internal Revenue Service provided valuable assistance. Assistant U.S. Attorneys Charles L. Rombeau and John J. Kennedy are prosecuting the case.
Boussard & Gavaudan Holding Limited (the “Company”)
a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registration number 45582
Legal Entity Identifier: 5493002XNM3W9D6DF327
Particulars of Cash Exit
In accordance with the circular to Shareholders dated 25 June 2024 (the “Circular“) and the Articles, the Company announces the particulars of the compulsory redemption of Shares to be effected pursuant to the Cash Exit on 1 November 2024.
Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as set out in the Circular. Shareholders should refer to the Circular for full details of the Cash Exit, including the timetable for the redemption and distribution of redemption proceeds.
The redemption price payable to each Shareholder pursuant to the Cash Exit will be an amount equal to the net asset value (NAV) per Share of the relevant class of Shares as at the close of business of the Calculation Date, being 31 October 2024. The redemption monies will be payable in the currency of each relevant class of Shares and will be paid to Shareholders within 14 Business Days of the Cash Redemption Date (being 1 November 2024), or as soon as practicable thereafter.
On each Business Day, the Company announces on its website the estimated net asset value of its Euro Shares and Sterling Shares as at the close of business of the preceding Business Day. This information is available here: https://www.bgholdingltd.com/p/14/financial-announcements.
In the event that the net asset values per Share calculated as at the close of business of 31 October 2024 were equal to their most recent estimates, the resulting redemption price per Share payable to holders of Euro Shares (ISIN: GG00B1FQG453) and holders of Sterling Shares (ISIN: GG00B39VMM07) under the Cash Exit would be €28.4353 and £25.5630, respectively.
These figures are hypothetical, non-indicative of the actual redemption price and non-binding. They are provided for illustration purposes only and no reliance should be placed on them. The actual redemption price will be equal to the net asset value as at 31 October 2024, which may differ from the most recent estimated net asset values per Share provided above.
For further information please contact: Boussard & Gavaudan Investment Management LLP Emmanuel Gavaudan +44 20 3751 5389
JTC Fund Solutions (Guernsey) Limited Secretary +44 (0) 1481 702400
The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has been authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.
This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.
Neither the Company nor BG Master Fund ICAV have been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that:
all investment is subject to risk;
results in the past are no guarantee of future results;
the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.
This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.
The OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom”
Geneva, Switzerland – October 18, 2024: WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that, in collaboration with the OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom,” it reaffirms its commitment to defending human rights in the digital environment. Since its founding in 1998, the OISTE Foundation has focused its efforts on ensuring that human rights are respected both online and offline. As digital technologies advance, they also present challenges in terms of privacy, digital identity, and the misuse of surveillance tools, raising concerns about data protection and online violence.
This commitment resonates with the values promoted by the Vargas Llosa Chair, which, since its establishment in 2011, has fostered the study of contemporary literature and supported freedom of expression. Both institutions share a common mission: to defend democratic principles and promote a culture of freedom and respect, both in the literary and digital realms.
The OISTE Foundation is committed to finding feasible solutions for digital identity management as an essential component of a knowledge society. OISTE led a workshop titled “Matching the Speed of the Running Code: Public Awareness and Digital Identity Management,” aimed at raising public awareness among internet users about the risks of the current environment and the threats to individual privacy rights.
Trust among users is at the core of OISTE’s trust model, which strives for legitimacy that can only be achieved through documented consensus. As part of its adherence to OISTE Foundation’s trust model, the foundation aims to promote the security of electronic communications worldwide, ensuring compliance with regulations related to information protection. The company is a leading advocate for protecting individual privacy rights online while enabling individuals to maximize their use of the Internet.
About WISeKey WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.
WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.
Disclaimer This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Press and InvestorContacts
WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com
WISeKey Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com
Thank you for inviting me to speak today.1 I have participated in this conference for nearly 20 years and have often presented my research on monetary theory, banking, and payments. So, I believe this is the right audience to speak to regarding the role of centralized finance and the emergence of decentralized finance, or defi for short. Over the past few years, there has been a lot of attention and work on defi, which will be a major focus of my remarks. Many argue that defi will replace traditional centralized finance while others argue that it merely extends traditional finance methods and trading activities onto new platforms. It is in this sense that I want to address the question of whether centralized finance and defi are substitutes or complements to each other. Advances associated with defi have the potential to profoundly affect financial market trading. While I believe these advances could lead to efficiency gains, I recognize the significant value that has been delivered for centuries by financial intermediaries and through centralized financial markets. Before I share my views on the promise of these new technologies, let me tell you where I’m coming from on these issues. I am an economist, and so my first inclination is to think about the underlying economics driving an issue. But to understand the value proposition of defi, it is useful to first recall why centralized financial market trading arose in the first place. Centralized finance clearly provides benefits to people, but obviously also comes with some costs. I am going to take a few minutes to discuss those benefits and costs before turning to the question at hand. Let’s start with the economics of trading. Most financial trades are “pairwise” in that the seller of an object needs to find a buyer of that exact object. The problem is that it is often complicated, costly, and time-consuming to search for a buyer. This gives rise to the need for someone to step in and help buyers and sellers match in a faster and less costly manner. In short, there is a profit opportunity for someone to intermediate the trade. Another name for intermediaries is middlemen. Why would we pay a middleman? In their paper from nearly 40 years ago, Ariel Rubenstein and Asher Wolinsky described it eloquently: “What makes the middlemen’s activity possible is the time-consuming nature of the trade, which enables middlemen to extract surplus in return for shortening the time period that sellers and buyers have to wait for a transaction.”2 Let me contextualize the value of middlemen with an example I used for years when teaching money and banking. Suppose you had some extra income from saving and wanted to lend it out to earn interest. How would you do that? First, you would have to advertise that you had funds to lend. Then, you would have to wait for the right person who needed that exact amount of funds, which could be a long time. Once you met the right person, you would have to negotiate when repayment would occur. Next, you would need to know a lot of information about the person receiving your funds and the likelihood you would get repaid. This is needed to assess the risk of the transaction and the compensation you would need to give up your funds. You would also need a lot of legal advice to draw up a contract and stipulate how the contract would be enforced under a range of conditions. Finally, since you are the sole source of funding, you will bear the entire cost of a default. It should be clear that this would be a daunting exercise for most people and explains why they would turn to a middleman who specializes in this type of activity to do all this on their behalf. It is for these reasons that banks arose as early as in ancient Mesopotamia to carry out some of these functions.3 Similar issues arise when it comes to other ways of transferring resources from one person to another, as occurs from non-bank debt, equities and insurance contracts. Many point to trades of shares in the Dutch East India Trading Company in Amsterdam in the 1660s as the origins of the first modern stock exchange. Lloyds of London was founded as a means of pooling funds to share risk and return in the shipping industry, thus becoming the first insurance firm. The fact that similar arrangements still exist centuries later is a testament to the value of intermediation and centralized financial trading. However, these arrangements are not without drawbacks. An obvious drawback of intermediation from the perspective of those wishing to trade is that those middlemen must get paid. That is, there are transaction costs. Another drawback of intermediation is that you typically must turn over control of your assets, such as savings or stocks, to the intermediary for them to be traded. This creates a classic “principal-agent” problem whereby incentives between the principal—you—and the agent—the intermediary—may not be aligned. That can raise concerns about custody arrangements and recourse to regain control of one’s assets. Intermediation also requires recordkeeping arrangements that customers can trust accurately reflect their true holdings. In other words, centralized finance requires a substantial amount of trust. With all that in mind, let me turn to how and why technological innovations have given rise to defi. In a capitalist system, the existence of profits provides incentives for others to enter the market, offer a better product, and compete away any excess profits. This can be done by the creation of new financial firms that can provide the same or better service at a lower cost. Often that occurs through innovations and exploiting new technologies. Think about how the invention of the telegraph and the telephone revolutionized trading. More recently, the advent of the internet further advanced the ease and speed of financial trading. These are examples of how financial trading has evolved over time. And the next wave of innovations in financial market trading could be driven by technological advances that alleviate some potential drawbacks of the centralized approach. Often broad technological advances emanate from narrower efforts to design products or processes that solve specific problems. For example, one technology used to support portable home appliances like vacuum cleaners was originally developed to support the space program.4 Similarly, the development of crypto-assets led to the development of technologies that are fueling possibilities in defi. We don’t have enough time for me to cover the full history of crypto-assets, but I will focus on several key elements that have affected the evolution toward defi. An early crypto-asset—Bitcoin—was developed to function in a world in which trust among individuals did not exist. Rather than relying on intermediaries which require trust, Bitcoin relied on technology to facilitate trade. Bitcoin was also designed for privacy. No one would know who was buying or selling Bitcoin. This was achieved through cryptographic technology and private keys. In addition, it allowed individuals to maintain control of their crypto-assets throughout the entire trading process. That is, they no longer had to delegate control to others. Finally, all records were kept on a form of distributed ledger called a blockchain, which has design features that promote transparency and are censorship-proof. No individual or government could destroy the records of trades or take ownership of the objects traded. With that history in mind and before we delve into the question of whether defi and centralized finance are substitutes or complements, I think it is useful to carefully define some terms. This will make sure we’re all talking about the same things. As I described in a speech last year, I think of the crypto ecosystem as consisting of three parts:
a crypto-asset, which generally refers to any digital object traded using cryptographic techniques; technology that directly facilitates trading crypto-assets; this includes smart contracts and tokenization;5 and a database management protocol used to record trades and ownership of assets, commonly referred to as the blockchain, which includes both permissioned and permissionless distributed ledger technologies.
It is easy to see how the emergence of these technologies could lead one to think of defi as a substitute for centralized finance. For example, the technologies are allowing for individuals to trade assets without giving up control of those assets to an intermediary—a critical distinction with centralized finance. However, there are other uses emerging from these technologies that look more like complements to centralized finance. For example, distributed ledger technology, or DLT, may be an efficient and faster way to do recordkeeping in a 24/7 trading world. We already see several financial institutions experimenting with DLT for traditional repo trading that occurs 24/7. But before these ledgers can be used to facilitate transactions in traditional assets—like debt, equity, and real estate—these assets must be tokenized. Undertaking the process to tokenize assets and use distributed ledgers like blockchain can speed up transfers of assets and take advantage of another innovation: smart contracts. Rather than relying on each party to separately carry out the transaction, smart contracts can effectively combine multiple legs of a transaction into a single unified act executed by a smart contract. This can provide value as it can mitigate risks associated with settlement and counterparty risks by ensuring the buyer will not pay if the seller does not deliver. While these efforts are still in early stages, the functionality could expand to a broad set of financial activities. The bottom line is that things like DLT, tokenization, and smart contracts are just technologies for trading that can be used in defi or also to improve efficiency in centralized finance. That is why I see them as complements. Stablecoins are another important innovation in defi. Stablecoins were created in the crypto universe in hopes of providing a “safe” asset with a stable value for trading. Nearly all stablecoins are pegged to the U.S. dollar one-for-one. They provide an opportunity for buyers and sellers to transact in a decentralized fashion with the stablecoin used as the settlement instrument. Because they are effectively digital currency, stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally. But their safety is not assured. History is replete with cases in which synthetic dollars became subject to runs. Stablecoins thus face all of the same issues any substitute for genuine U.S. dollars faces. If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms. These technologies will almost certainly lead to efficiency gains over time, but as they develop, we should think carefully about their role in the broader financial landscape. Is it really possible to completely decentralize finance using these technologies? The answer is obviously “no.” Intermediation is still valuable for the average person, and we see this by the existence of trading exchanges in the crypto world. All these platforms involve giving custody of one’s crypto-assets to an intermediary, who conducts trades on behalf of the client. This reintroduces the need for trust in these platforms just as trust is needed in modern banking systems. Returning to the technologies behind defi, one must ask whether there are unique risks associated with the use of these technologies. If so, what is the nature of these risks? Are they contained to just those people directly engaging with the technologies, or could there be broader spillovers to society? For example, can these technologies increase the risk of inadvertently providing funds to bad actors? In centralized finance there are regulations that require banks to know who their clients are. Are similar rules and regulations needed around some of these new technologies? When it comes to our financial plumbing, which affects every person or business in one way or another, I think a balanced view of expeditious disruption and long-term sustainability is merited. So where does that leave us? Ultimately, I believe that advances in technology have the potential to drive efficiency gains in finance, just as technological innovation has done for centuries. While there are certain services emerging through defi that cannot be provided by centralized finance, the technological innovations stemming from defi are largely complementary to centralized finance. They have the potential to improve centralized finance, thereby increasing the significant value that financial intermediaries and centralized financial markets deliver. I look forward to seeing the continued evolution of financial technology and the benefits that evolution will bring to the households and businesses served by the financial system.
1. I would like to dedicate these remarks to an old friend and longtime participant of this conference, Paul Klein, who passed away unexpectedly two months ago. 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 Ariel Rubinstein and Asher Wolinsky, “Middlemen,” The Quarterly Journal of Economics 102 (August 1987): 581–93, https://academic.oup.com/qje/article-abstract/102/3/581/1887969. Return to text 3. See Benjamin Bromberg, “The origin of banking: religious finance in Babylonia (PDF),” The Journal of Economic History 2 (May 1942): 77–88. Return to text 4. See National Aeronautics and Space Administration, “Spinoff from a Moon Tool (PDF),” January 1, 1981. Return to text 5. See Christopher J. Waller, “Thoughts on the Crypto Ecosystem” (speech at Global Interdependence Center Conference: Digital Money, Decentralized Finance, and the Puzzle of Crypto, La Jolla, CA, February 10, 2023). Return to text
Jasper is one of Canada’s most iconic destinations, treasured by Canadians and renowned around the world.
October 18, 2024 – Jasper, Alberta
Jasper is one of Canada’s most iconic destinations, treasured by Canadians and renowned around the world. With its proximity to majestic mountains and clear blue lakes, Jasper draws over two million visitors from across Canada and around the world every year. This summer’s wildfires had a devastating impact on Jasper and the region’s economy, which is built on tourism. That’s why the Government of Canada is taking action to support Jasper’s recovery and help its tourism industry come back strong.
The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec, alongside Marsha Walden, President and CEO of Destination Canada, the Honourable Joseph Schow, Alberta Minister of Tourism and Sport, Richard Ireland, Mayor of the Municipality of Jasper, David Goldstein, CEO of Travel Alberta, and Tyler Riopel, CEO of Tourism Jasper, today announced $3 million in support from the Government of Canada to help Jasper and the region’s tourism industry recover, rebuild and retake its place on the world stage. This is made possible through collaboration between Destination Canada and Travel Alberta, which are integrating their marketing strategies to showcase one of Canada’s most sought-after experiences.
Key marketing initiatives delivered by Destination Canada include:
investing in Destination Canada-led seasonal marketing campaigns, in collaboration with Travel Alberta, with a focus on the United States—Canada’s top international arrivals market;
co-investing in opportunities for targeted Destination Canada-led marketing programs in additional key markets such as the United Kingdom, France, Germany, Japan, South Korea, Australia and Mexico;
hosting Canada’s largest global tourism media event in Jasper in September 2025, which will be organized in collaboration with Travel Aberta and Tourism Jasper and will serve as a platform to foster relationships between over 80 top-tier travel media outlets from around the world and Canadian tourism industry representatives; and
leveraging Destination Canada’s $50 million International Convention Attraction Fund.
These important investments build on significant support for Jasper already announced by the Government of Canada. This began with calling in the Canadian Armed Forces to fight the wildfires in July. As Jasper began to recover, the government matched donations and ensured local residents received the benefits and services they needed. As the town started rebuilding, the government quickly made changes to put the municipality in charge of the effort. This work is being directed by a special cabinet committee, led by the Honourable Randy Boissonnault.
Today’s announcement followed Minister Ferrada and Minister Schow’s co-hosting of the annual Canadian Council of Tourism Ministers meeting in Banff, Alberta and subsequent tour of the region. At the meeting, federal, provincial and territorial ministers responsible for tourism discussed challenges facing the tourism sector and cross-governmental opportunities to support its growth.
Marie-Justine Torres Press Secretary Office of the Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec marie-justine.torresames@ised-isde.gc.ca 613-327-5918
Media Relations Innovation, Science and Economic Development Canada media@ised-isde.gc.ca
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Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)
WASHINGTON — U.S. Representative Pramila Jayapal (WA-07), Ranking Member of the Immigration Integrity, Security, and Enforcement Subcommittee, released the following statement after Department of Homeland Security (DHS) Secretary Alejandro Mayorkas announced new actions to provide temporary immigration protections to eligible Lebanese nationals currently in the United States.
“Today’s announcement is welcome news amid the dire humanitarian crisis and regional conflict facing the Lebanese people. As the situation on the ground worsens, the United States must fulfill our responsibility to provide refuge to those fleeing violence and unprecedented economic, political, and financial disasters. I thank the Biden-Harris administration for supporting Lebanese nationals in their time of need through a new Temporary Protected Status (TPS) designation, which was one of the Progressive Caucus’ key recommendations on our executive action slate. Combined with President Biden’s previous Deferred Enforced Departure (DED) designation, these measures will provide some level of peace of mind to thousands of Lebanese families.”
Source: United Kingdom – Executive Government & Departments
Government marks ‘new beginning’ of relationship with civil society to tackle some of society’s most pressing issues with launch of a new ‘Civil Society Covenant’
Government marks ‘new beginning’ of relationship with civil society to tackle some of society’s most pressing issues
Prime Minister Keir Starmer and Culture Secretary Lisa Nandy host No10 roundtable discussion and reception with key civil society representatives
Event signals start of a period of wider engagement over the Autumn to forge a bold new partnership between Government and civil society
The creation of a ‘Civil Society Covenant’ will usher in a new era of partnership between government and civil society and help tackle some of the country’s biggest challenges, the Prime Minister and Culture Secretary will announce today.
The new Covenant is designed to harness the knowledge and expertise of voluntary, community, social enterprises (VCSEs) and charities to deliver better outcomes for communities right across the country.
Civil society occupies a unique place in public life by providing support to those in need, binding communities together and helping drive growth. Across the country, there are countless examples of what partnership between civil society and government can achieve, including youth activities to support vulnerable teenagers and tools to support people into work.
The new Covenant will build a new partnership between government and civil society based on trust and mutual respect. Crucially, it will unlock the dynamism, innovation and trusted reach of civil society across communities, helping to deliver the defining missions of this government; driving economic growth and opening up opportunity to all.
As a first step, a Covenant Framework has been developed in consultation with key civil society bodies, including the National Council for Voluntary Organisations (NCVO) and Association of Chief Executives of Voluntary Organisations (ACEVO).
The inclusion of key representative organisations recognises the expertise civil society offers in tackling disadvantage, driving cohesion, supporting democracy and community voices both at home and abroad.
Culture Secretary Lisa Nandy will chair a roundtable discussion with civil society leaders at 10 Downing Street today to launch the Covenant Framework. This will be followed by a reception hosted by Prime Minister Sir Keir Starmer to welcome leaders from a range of civil society organisations. Attendees will represent civil society from across the four nations, including grass roots charities and social enterprises covering a range of diverse communities.
Prime Minister, Sir Keir Starmer said:
To fix the foundations of our country we need a fundamental reset of the relationship between government and civil society.
That is why we’re building a new partnership with the sector to tackle the complex social and economic challenges we face as a country.
By harnessing the dynamism, innovation and trusted reach of civil society organisations, we can boost growth and deliver better outcomes for communities right across the country”.
Culture Secretary, Lisa Nandy said:
The Covenant paves the way for a new era in the relationship between government and civil society — one that recognises the critical role the sector plays as a trusted partner in achieving shared goals for the benefit of communities across the UK.
Voluntary organisations, charities and social enterprises all understand the challenges being faced every day in our villages, towns and cities and the government wants to work hand-in-hand with them to help fix them — changing lives for the better.
National Council for Voluntary Organisations (NCVO) CEO, Sarah Elliott said:
We are proud to be working with the Government on the Civil Society Covenant. This foundational moment resets the relationship between government and civil society, ensuring the expertise of charities and social enterprises are central to decision making. We look forward to continuing our work with partners across the sector to achieve this vision.
Association of Chief Executives of Voluntary Organisations (ACEVO) CEO, Jane Ide said:
ACEVO welcomes the government’s commitment to work together to develop a Civil Society Covenant which aims to redefine our relationship for the benefit of the people, causes and communities we serve. Effective leadership relies on collaboration, trust, and mutual respect — values that underpin this Covenant. Civil society leaders are essential partners in realising this vision and ensuring its principles are upheld.
Wales Council for Voluntary Action (WCVA) CEO, Dr Lindsay Cordery-Bruce said:
WCVA has proudly worked alongside the Welsh Government for over 20 years to ensure positive and meaningful engagement with the third sector. We welcome the new Covenant as the next step in the civil society movement across the UK. A new Covenant that complements the existing arrangements in the devolved nations will offer an opportunity to build on good practice.”
Locality CEO, Tony Armstrong said:
We welcome the government’s commitment to resetting its relationship with civil society. Local community organisations have long played a vital, yet often overlooked role in addressing society’s most pressing issues. We see every day what community power can achieve, and the support of government at all levels will allow community organisations to do even more to help local people thrive.
Refugee Council CEO, Enver Solomon said:
It is very encouraging to have a government firmly committed to reaching a new deal on how it works with the voluntary sector as it responds to the huge challenges society and public services face.
Charities bring years of invaluable frontline experience, service innovation and an independent perspective that can make government policy and delivery stronger and grounded in the reality of people’s lived experience.
Four key principles will form the basis of the Covenant Framework: transparency, recognition, participation and partnership. They will act as a starting point for wider engagement across Government, the public sector and civil society.
The initiative aims to improve Government and civil society’s ability to tackle complex social and economic challenges by uniting the unique capabilities of the two to facilitate better outcomes for communities which would otherwise be impossible to achieve in isolation.
Today’s events at Downing Street will kickstart a period of engagement throughout the autumn, with consideration given to ensuring broad representation is achieved across the full breadth of civil society, inclusive of organisations of all purposes, sizes, geographical locations and demographic focus.
In parallel, engagement will take place across Government including the Devolved Governments, Arm’s Length Bodies, local authorities and Mayoral Combined Authorities.
The robust engagement period will culminate in the publication of a final co-created Covenant to be published next year.
ENDS
Additional quotes:
National Association for Voluntary and Community Action (NAVCA) CEO, Maddy Desforges said:
We welcome Government’s explicit recognition of the VCSE’s role in tackling complex and deep rooted societal problems. Local VCSE support organisations form critical connections between the VCSE and statutory partners and capture communities’ unique knowledge and problem solving insights. We are excited to work with Government to collaborate and deepen our relationship to support and develop resilient communities.
Voice4Change England Director, Kunle Olulode MBE said:
Voice4change England welcomes the opportunity to work with government on setting out a new relationship with voluntary organisations, social enterprises and civil society generally.
It is long overdue for the government to engage seriously with the parts of the Black and Minoritised third sector we are involved in, so we are keen to make it work. We look forward to constructive, meaningful engagement and positive changes for all in British Society.
The Civil Society Covenant will support partnerships between: 1. national government and associated public bodies including executive agencies and arm’s length organisations 2. civil society organisations including charities, community groups, social enterprises, funders and contributors to the impact economy.
While the Covenant scope will focus on core Voluntary, Community and Social Enterprise (VCSE) organisations, relevant industry bodies including Trade Unions were also consulted as part of the initial drafting via engagement with NCVO and ACEVO.
The Covenant will not override existing arrangements between civil society and the Devolved Governments, local authorities and combined authorities, but will instead seek to support these existing relationships.
Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.
Listen to President Christine Lagarde present today’s decisions. The statement also covers:
• how the economy is performing
• how we expect prices to develop
• the risks to the economic outlook
• the dynamics behind financial and monetary conditions
Published and recorded during our press conference on 17 October 2024
Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour and Seniors, today announced a total FedNor investment of $1,696,000 in three projects in the East Algoma – Lake Huron North Shore area. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
FedNor funds will support three projects fostering new and existing businesses as well as tourism
October 17, 2024 – Elliot Lake, ON – Federal Economic Development Agency for Northern Ontario – FedNor
Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour and Seniors, today announced a total FedNor investment of $1,696,000 in three projects in the East Algoma – Lake Huron North Shore area. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
Of the total funds, $1,600,000 will go to the East Algoma Community Futures Development Corporation (EACFDC) in support of operating costs for a five-year period beginning April 1, 2024. The funding will help EACFDC provide business counselling and investment services to small and medium-sized businesses, as well as leadership in community strategic planning and socio-economic development. In the previous five-year operating period, EACFDC assisted over 50 businesses, including new startups. They also helped create or maintain over 100 jobs in their catchment area.
The remaining FedNor funds will go to the City of Elliot Lake for two projects. $72,000 will support the community in developing a detailed tourism strategy. This project will provide the City of Elliot Lake with detailed activities and measurable goals on how to increase tourism. The remaining $24,000 will support the community in completing infrastructure service for a new industrial park development. This will include project design and electrical hook up of a lift station. These two projects will strengthen the local economy by supporting business development, and by bolstering hospitality and retail in the community.
Quotes
“The East Algoma area is not only one of the most breathtaking places in a country of exceptional beauty, it is also a place of great opportunity made up of many diverse communities. These FedNor funds are going to help continue to strengthen and support communities in the area, and ensure that a strong economy continues to grow alongside the scenic views that make East Algoma a special place.”
– Terry Sheehan, Member of Parliament for Sault Ste. Marie and Parliamentary Secretary to the Minister of Labour and Seniors
“Today’s monumental federal investment will not only support local businesses in East Algoma, providing them with services needed to meet their growing operations and creating strong and diverse regional economies, but also help the City of Elliot Lake to help develop a detailed tourism strategy. Our government will continue funding strong and diverse regional economies because we understand: Canada is strongest when we are succeeding together.”
– The Honourable Patty Hajdu, Minister of Indigenous Services and Minister Responsible for FedNor
“We are very proud of the work we do in supporting local businesses, organizations, and their communities. Every person here at the East Algoma Community Futures Development Corporation loves this area, and these FedNor funds will help us to directly build our home communities. We look forward to continuing to collaborate with and help entrepreneurs and their businesses succeed.”
– Shawn Heard, General Manager, East Algoma Community Futures Development Corporation
“Our community is a special place home to welcoming, hard-working people, and we are excited to share Elliot Lake with the world. We are a small city of big outdoors and bigger hearts, and FedNor’s support is helping us to expand local businesses and capitalize on opportunities to showcase this beautiful area to people far and wide.”
Their catchment area is over 120,000 square kilometres and extends from St. Joseph Island in the west to Spanish in the east.
The City of Elliot Lake is located on Highway 108, Between Sudbury and Sault Ste. Marie. Elliot Lake serves as an important service hub for many surrounding small communities.
The majority of funds announced today are provided through FedNor’s Community Futures Program (CFP), through which FedNor supports 24 Community Futures Development Corporations (CFDCs) located throughout Northern Ontario.
These community-based, not-for-profit organizations are staffed by professionals and are each governed by local volunteer board of directors familiar with their communities’ needs, concerns and future development priorities.
Additional funds announced today are provided through FedNor’s Northern Ontario Development Program (NODP), through which FedNor invests in projects led by municipalities, First Nations, and other organizations and institutions that support community economic development, diversification, job creation and self-reliant communities in Northern Ontario.
Associated links
Contacts
Jennifer Kozelj Press Secretary Office of the Minister of Indigenous Services and Minister responsible for FedNor jennifer.kozelj@sac-isc.gc.ca
Federal Economic Development Agency for Northern Ontario Media Relations
Source: United Kingdom – Executive Government & Departments
Lea Paterson announced as Chair of the Senior Salaries Review Body.
Today, Thursday 17 October 2024, the Government has announced that Lea Paterson will be the new Chair of the Senior Salaries Review Body (SSRB).
Lea brings extensive experience from public policy, regulation, HR and financial journalism. She has held a number of senior roles at the Bank of England, including serving as the Bank’s Executive Director of People & Culture, and as the organisation’s first Director of Independent Evaluation.
Lea is currently a Board Member at the Independent Parliamentary Standards Authority, an independent member of Warwick University’s Remuneration Committee, and a Civil Service Commissioner. She also holds a number of voluntary and community roles.
As Chair of the SSRB, Lea will provide strong leadership at a senior level and a clear direction of the policy, financial and operational levers that impact on remuneration decisions, especially in the public sector.
The SSRB provides independent advice to the Prime Minister and senior ministers on the pay of many of the nation’s top public servants.
The SSRB’s remit covers senior civil servants, the judiciary, the senior military, certain senior managers in the NHS, Police and Crime Commissioners and chief police officers.
This is a Prime Ministerial appointment with Cabinet Office being the sponsoring department. The appointment process for this role was in full accordance with the Commissioner for Public Appointments’ Code of Practice.
The Rt Hon Pat McFadden, Chancellor of the Duchy of Lancaster, said:
Congratulations to Lea on her appointment as Chair of the Senior Salaries Review Body.
This role requires someone with financial expertise, strong leadership skills and dedication to public service, and Lea’s skills and experience across many relevant fields will be invaluable.
I wish her the best of luck in her new role.
Lea Paterson, incoming Chair of the Senior Salaries Review Body, said:
I’m delighted to have been appointed as Chair of the Senior Salaries Review Body.
I’m looking forward to working with colleagues to deliver independent, evidence-based advice that not only helps to attract and retain great talent for our public services, but also ensures value for money for the taxpayer.
I would also like to thank the outgoing Chair Pippa Lambert for her sterling leadership of the SSRB.
Source: The Conversation – UK – By Kieran Maguire, Senior Teacher in Accountancy and member of Football Industries Group, University of Liverpool
When the Premier League broke away from the rest of English football in 1992, its 22 clubs generated £205 million in its debut season, and the average player earned £2,050 a week. Thirty years later, despite having two fewer clubs, the league’s revenue had increased by 2,850% to £6.1 billion and the average player earned £93,000 a week.
At the heart of this extraordinary growth is an American revolution. In the Premier League’s inaugural season, football was still in recovery from the horrors of the stadium disasters at Hillsborough and Heysel. Owners tended to be from the local area and with a business background. The only foreign owner was Sam Hamman at Wimbledon, a Lebanese millionaire who bought the club on a whim having reportedly been much more interested in tennis. The season ended with Manchester United (under Alex Ferguson) winning the English game’s top league for the first time in 26 years.
Now, if the Texas-based Friedkin Group’s recent deal to buy Everton goes through, 11 of the 20 Premier League clubs will be controlled or part-owned by American investors. The US – long seen as football’s final frontier when it comes to the men’s game – suddenly can’t get enough of English “soccer”.
Four of the Premier League’s “big six” are American-owned – Manchester United, Liverpool, Arsenal and Chelsea – while a fifth, Manchester City, has a significant US minority shareholding. Aston Villa, Fulham, Bournemouth, Crystal Palace, West Ham and Ipswich Town also have varying degrees of American ownership.
And it’s not even just the glamour clubs at the top of the tree. American investment has also been significant lower down the football pyramid, led by the high-profile acquisition of then non-league Wrexham by Hollywood actors Ryan Reynolds and Rob McElhenny, and Birmingham City’s purchase by US investors including seven-time Super Bowl winner Tom Brady. American investment in football has reached places as geographically diverse as Carlisle and Crawley in England, and Aberdeen and Edinburgh in Scotland.
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Manchester United was the first Premier League club to come under American ownership – after a row about a horse.
In 2005, United was owned by a variety of investors including Irish businessmen and racehorse owners John Magnier and J.P. McManus. Their erstwhile friend Ferguson, the United manager, thought he co-owned the champion racehorse Rock of Gibraltar with them – a stallion worth millions in stud rights. They disagreed – and their bitter dispute was such that Magnier and McManus decided to sell their shares in the football club.
The Miami-based Glazer family – already involved in sport as owners of NFL franchise the Tampa Bay Buccaneers – had already been buying up small tranches of shares in United, but the sudden availability of the Irish shares allowed Malcolm Glazer to acquire a controlling stake for £790 million (around £1.5 billion at today’s prices).
The fact Glazer did not actually have sufficient funds to pay for these shares was a solvable problem. In the some-might-say commercially naive world of top-flight English football before the Premier League, Manchester United was a club without debt, paying its way without leveraging its position as one of the world’s most famous football clubs. Glazer saw the opportunity this presented and arranged a leveraged buy-out (LBO), whereby the football club borrowed more than £600 million secured on its own assets to, in effect, “buy itself” in 2005.
Despite the need to meet the high interest costs to fund the LBO, United continued winning trophies under Ferguson – including three Premier League titles in a row in 2007, 2008 and 2009, as well as a Champions League victory in 2008. Amid this success, the club felt that ticket prices were too low and set about increasing them, with matchday revenue increasing from £66 million in 2004/05 to over £101 million by 2007/08.
Commercial income was another area the Glazers were keen to increase. United set up offices in London and adopted a global approach to finding new official branding deals ranging from snacks to tractor and tyre suppliers – doubling revenues from this income source too.
But in this new, more aggressive world of “sweating the asset”, the debts lingered – and most United fans remained deeply suspicious of their American owners. (Following their father’s death in 2014, the club was co-owned by his six children, with brothers Avram and Joel Glazer becoming co-chairmen.)
Today, despite its partial listing on the New York Stock Exchange and the February 2024 sale of 27.7% of the club to British billionaire Sir Jim Ratcliffe for a reputed £1.25 billion, United still has borrowings of more than £546 million, having paid cumulative interest costs of £969 million since the takeover in 2005. But with the club now valued at US$6.55 billion (around £5bn), it represents a very smart investment for the Glazer family.
Indeed, while the prices being paid for football clubs across Europe have reached record levels, they are still seen as cheap investments compared with US sports’ leading franchises. Forbes’s annual list of the world’s most valuable sports teams has American football (NFL), baseball (MLB) and basketball (NBA) teams occupying the top ten positions, with only three Premier League clubs – Manchester United, Liverpool and Manchester City – in the top 50.
With NFL teams having an average franchise value of US$5.1 billion and NBA $3.9 billion, many English football clubs still look like a bargain from the other side of the pond.
The risk of relegation
The latest to join this US bandwagon, the Friedkin Group – a Texas-based portfolio of companies run by American businessman and film producer Dan Friedkin – is reported to have offered £400m to buy Everton, despite the club’s poor financial state.
“The Toffees” have been hit by loss of sponsorships as well as two sets of points deductions for breaching the Premier League’s financial rules, leading to revenue losses from lower league positions. While the new stadium being built at Liverpool’s Bramley-Moore dock has been yet another financial constraint, it will at least increase matchday income from the start of next season.
Everton’s new stadium at Bramley-Moore dock will open in time for the start of the 2025-26 season. Phil Silverman / Shutterstock
A wider reason for the relative bargain in valuations of European football clubs is the risk of relegation – something that is not part of the closed leagues of most US sports. While the threat of relegation (and promise of promotion) has always been an integral part of English and European football, the jeopardy this brings for supporters – and a club’s finances – does not exist in the NFL, NBA, Major League Soccer and similar competitions.
The Premier League, with its three relegation spots at the end of each season, has featured 51 different clubs since it launched in 1992. Only six clubs – Arsenal, Spurs, Chelsea, Manchester United, Liverpool and Everton – have been ever present, with Arsenal now approaching 100 years of consecutive top-flight football.
Other Premier League clubs have experienced the dramatic cost-benefit of relegation and promotion. Oldham Athletic, who were in the Premier League for its first two seasons, now languish in the fifth tier of the game, outside the English Football League (EFL). In contrast, Luton Town, who were in the fifth tier as recently as 2014, were promoted to the Premier League in 2023 – only to be relegated at the end of last season.
While it is difficult to compare football clubs with basketball and American football teams, the financial difference between having an open league, with relegation, and a closed league becomes apparent when you look at women’s football on both sides of the Atlantic.
Angel City, a women’s soccer team based in Los Angeles, only entered the National Women’s Soccer League (NWSL) in 2022 and is yet to win an NWSL trophy. But last month, the club was sold for US$250 million (£188m) to Disney’s CEO Bob Iger and TV journalist Willow Bay – the most expensive takeover in the history of women’s professional sport.
In comparison, Chelsea – seven-time winners of the English Women’s Super League and one of the most successful sides in Europe – valued its women’s team at £150 million ($US196m) earlier this summer. While there are a number of factors to this price differential, the confidence that Angel City will always be a member of the big league of US soccer clubs – and share very equally in its revenue – will have made its new owners very confident in the long-term soundness of their deal.
The story of Angel City FC, the most expensive team in women’s sport.
A further attraction for American investors is the potential to enter two markets – one mature (men’s football) and one effectively a start-up (the women’s game) – in a single purchase. In the US, the top men’s and women’s clubs are completely separate. But in Europe, most top-flight women’s teams are affiliated to men’s clubs – with the exception of eight-time Women’s Champions League winners Olympique Lyonnais Feminin, which split from the French men’s club when Korean-American businesswoman Michele Kang bought a majority stake in the women’s team in February 2024).
While interest in, and hence value of, the WSL is now growing fast, the women’s game in England is dwarfed by viewer ratings for the Premier League – the most watched sporting league in the world, viewed by an estimated 1.87 billion people every week across 189 countries.
These figures dwarf even the NFL which, while currently still the most valuable of all sporting leagues in terms of its broadcasting deals, must be looking at the growth of the Premier League with some jealousy. This may explain why some US franchise owners, such as Stan Kroenke, the Glazer family, Fenway Sports Group and Billy Foley, have subsequently purchased Premier League football clubs.
Ironically, for many spectators around the world, it is the intensity and competitiveness of most Premier League matches – brought on in part by the threat of relegation and prize of European qualification – that makes it so captivating. However, billionaire investors like guaranteed numbers and dislike risk – especially the degree of financial risk that exists in the Premier League and English Football League.
European not-so-Super League
In April 2021, 12 leading European clubs (six from England plus three each from Spain and Italy) announced the creation of the European Super League (ESL). This new mid-week competition was to be a high-revenue generating, closed competition with (eventually) 15 permanent teams and five annual additions qualifying from Europe. According to one of the driving forces behind the plan, Manchester United co-chairman Joel Glazer:
By bringing together the world’s greatest clubs and players to play each other throughout the season, the Super League will open a new chapter for European football, ensuring world-class competition and facilities, and increased financial support for the wider football pyramid.
The problem facing the Premier League’s “big six” clubs – and their ambitious owners – is there are currently only four slots available to play in the Champions League. So, their thinking went, why not take away the risk of not qualifying? However, the proposal was swiftly condemned by fans around Europe, together with football’s governing bodies and leagues – all of whom saw the ESL proposal as a threat to the quality and integrity of their domestic leagues. Following some large fan protests, including at Chelsea’s Stamford Bridge, Manchester City was the first club to withdraw – followed, within a couple of days, by the rest of the English clubs.
Under the terms of the ESL proposals, founding member clubs would have been guaranteed participation in the competition forever. Guaranteed participation means guaranteed revenues. The current financial gap between the “big six” and the other members of the Premier League, which in 2022/23 averaged £396 million, would have widened rapidly.
For example, these clubs would have been able to sell the broadcast rights for some of their ESL home fixtures direct to fans, instead of via a broadcaster. All of a sudden, that database of fans who have downloaded the official club app, or are on a mailing list, becomes far more valuable. These are the people most willing to watch their favourite team on a pay-per-view basis, further increasing revenues.
At the same time, a planned ESL wage cap would have stopped players taking all these increased revenues in the form of higher wages, allowing these clubs to become more profitable and their ownership even more lucrative.
American-owned Manchester United and Liverpool had previously tried to enhance the value of their investments during the COVID lockdowns era via ProjectBig Picture – proposals to reduce the size of the Premier League and scrap one of the two domestic cup competitions, thus freeing up time for the bigger clubs to arrange more lucrative tours and European matches against high-profile opposition.
Most importantly, Project Big Picture would have resulted in changing the governance of the domestic game. Under its proposals, the “big six” clubs would have enjoyed enhanced voting rights, and therefore been able to significantly influence how the domestic game was governed.
Any attempt to increase the concentration of power raises concerns of lower competitive balance, whereby fewer teams are in the running to win the title and fewer games are meaningful. This is a problem facing some other major European football leagues including France’s Ligue 1, where interest among broadcasters has dwindled amid the perceived dominance of Paris St-Germain.
So while to date, American-led attempts to change the structure of the Premier League have been foiled, it’s unlikely such ideas have gone away for good. The near-universal fear of fans – even those who welcome an injection of extra cash from a new billionaire owner – is that the spectacle of the league will only be diminished if such plans ever succeed.
And there is evidence from the women’s game that the US closed league format is coming under more pressure from football’s global forces. The NWSL recently announced it is removing the draft system that is designed (as with the NFL and NBA) to build in jeopardy and competitive balance when there is no risk of relegation.
Top US women’s football clubs are losing some of their leading players to other leagues, in part because European clubs are not bound by the same artificial rules of employment. In a truly global professional sport such as football, international competition will always tend to destabilise closed leagues.
Why do they keep buying these clubs?
Does this mean that American and other wealthy owners of Premier League clubs seeking to reduce their risks are ultimately fighting a losing battle? And if so, given the potential risks involved in owning a football club – both financial and even personal – why do they keep buying them?
The motivations are part-financial, part technological and, as has always been the case with sports ownership, part-vanity.
The American economy has grown far faster than that of the EU or UK in recent years. Consequently, there are many beneficiaries of this growth who have surplus cash, and here football becomes an attractive proposition. In fact, football clubs are more resilient to recessions than other industries, holding their value better as they are effectively monopoly suppliers for their fans who have brand loyalty that exists in few other industries.
From 1993 to 2018, a period during which the UK economy more than doubled, the total value of Premier League clubs grew 30 times larger. And many fans are tied to supporting one club, helping to make the biggest clubs more resilient to economic changes than other industries. While football, like many parts of the entertainment industry, was hit by lockdown during Covid, no clubs went out of business, despite the challenges of matches being played in empty stadiums.
Added to this, the exchange rates for US dollars have been very favourable until recently, making US investments in the UK and Europe cheaper for American investors.
So, while Manchester United fans would argue that the Glazer family have not been good for the club, United has been good for the Glazers. And Fenway Sports Group (FSG), who bought Liverpool for £300 million in 2010, have recouped almost all of that money in smaller share sales while remaining majority owners of Liverpool.
Despite this, the £2.5 billion price paid for Chelsea by the US Clearlake-Todd Boehly consortium in May 2022 took markets by surprise.
The sale – which came after the UK government froze the assets of the club’s Russian oligarch owner, Roman Abramovich, following the invasion of Ukraine – went through less than a year after Newcastle United had been sold by Sports Direct founder Mike Ashley to the Saudi Arabian Public Investment Fund for £305 million – approximately twice that club’s annual revenues. Yet Clearlake-Boehly were willing to pay over five times Chelsea’s annual revenues to acquire the club, even though it was in a precarious financial position.
Clearlake is a private equity group whose main aim is to make profits for their investors. But unlike most such investors, who tend to focus on cost-cutting, the Chelsea ownership came in with a high-spending strategy using new financial structuring ideas, such as offering longer player contracts to avoid falling foul of football’s profitability and sustainability rules (although this loophole has since been closed with Uefa, European football’s governing body, limiting contract lengths for financial regulation purposes to five years).
Chelsea’s location in the one of the most expensive areas of London, combined with its on-field success under Abramovich, all added to the attraction, of course. But there are other reasons why Clearlake, along with billionaire businessman Boehly, were willing to stump up so much for the club.
From Hollywood to the metaverse
While some British football fans may have viewed the Ted Lasso TV show as an enjoyable if slightly twee fictional account of American involvement in English soccer, it has enhanced the attraction of the sport in the US. So too Welcome To Wrexham – the fly-on-the-wall series covering the (to date) two promotions of Wales’s oldest football club under the unlikely Hollywood stewardship of Reynolds and McElhenney.
Welcome To Wrexham, season one trailer.
The growth in US interest in English football is reflected in the record-breaking Premier League media rights deal in 2022, with NBC Sports reportedly paying $2.7 billion (£2.06bn) for its latest six-year deal.
But as well as football offering one of increasingly few “live shared TV experiences” that carry lucrative advertising slots, there may also be more opportunity for more behind-the-scenes coverage of the Premier League – as has long been seen in US coverage of NBA games, for example, where players are interviewed in the locker room straight after games.
According to Manchester United’s latest annual report, the club now has a “global community of 1.1 billion fans and followers”. Such numbers mean its owners, and many others, are bullish about the potential of the metaverse in terms of offering a matchday experience that could be similar to attending a match, without physically travelling to Manchester.
Their neighbours Manchester City, part-owned by American private equity company Silverlake, broke new (virtual) ground by signing a metaverse deal with Sony in 2022. Virtual reality could give fans around the world the feeling of attending a live match, sitting next to their friends and singing along with the rest of the crowd (for a pay-per-view fee).
Some investors are even confident that advancements in Abba-style avatar technology could one day allow fans to watch live 3D simulations of Premier League matches in stadiums all over the world. Having first-mover advantage by being in the elite club of owners who can make use of such technology could prove ever more rewarding.
More immediately, there are some indications that competitive matches involving England’s top men’s football teams could soon take place in US or other venues. Boehly, Chelsea’s co-owner, has already suggested adopting some US sports staples such as an All-Star match to further boost revenues. Indeed, back in 2008, the Premier League tentatively discussed a “39th game” taking place overseas, but that idea was quickly shelved.
The American owners of Birmingham City were keen to play this season’s EFL League One match against Wrexham in the US, but again this proposal did not get far. Liverpool’s chairman Tom Werner says he is determined to see matches take place overseas, and recent changes to world governing body Fifa’s rulebook could make it easier for this proposal to succeed.
The potential benefits of hosting games overseas include higher matchday revenues, increased brand awareness, and enhanced broadcast rights. While there is likely to be significant opposition from local fans, at least American owners know they would not face the same hostility about rising matchday prices in the US as they have encountered in England.
When the Argentinian legend Lionel Messi signed for new MLS franchise Inter Miami in 2023, season ticket prices nearly doubled on his account. And while there is vocal opposition to higher ticket prices in England, this is not borne out in terms of lower attendances for matches against high-calibre opposition – as evidenced by Aston Villa charging up to £97 for last week’s Champions League meeting with Bayern Munich.
Villa’s director of operations, Chris Heck, defended the prices by saying that difficult decisions had to be made if the club was to be competitive.
Manchester United’s matchday revenue per EPL season (£m)
For much of the 2010s, with broadcast revenues increasing rapidly, many Premier League owners made little effort to stoke hostilities with their loyal fan bases by putting up ticket prices. Indeed, Manchester United generated little more from matchday income in the 2021-22 season, as football emerged from the pandemic, than the club had in 2010-11 (see chart above).
However, this uneasy truce between fans and owners has ceased. The relative flatlining of broadcast revenues since 2017, along with cost control rules that are starting to affect clubs’ ability to spend money on player signings and wages, has changed club appetites for dampened ticket prices. This has resulted in noticeable rises in individual ticket and season ticket prices by some clubs.
However, season ticket and other local “legacy” fans generate little money compared with the more lucrative overseas and tourist fans. They may only watch their favourite team live once a season, but when they visit, they are far more likely not only to pay higher matchday prices, but to spend more on merchandise, catering and other offerings from the club.
Today’s breed of commercially aware, profit-seeking US Premier League owners – pioneered by the Glazer family, who saw that “sweating the asset” meant more than watching football players sprinting hard – understand there is a lot more value to come from English football teams. The clubs’ loyal local supporters may not like it, but English football’s American-led revolution is not done yet.
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Kieran Maguire has taught courses and presented on football finance for the Professional Footballers Association, League Managers Association, FIFA and national football associations in Europe.
Christina Philippou is affiliated with the RAF FA, and Premier League education programs.
Source: United Kingdom – Executive Government & Departments 3
New rules will give millions of Buy-Now, Pay-Later users key protections offered by other forms of credit.
Providers will have to ensure lending is affordable – stopping users from accumulating unmanageable debt
Rules deliver better protection for shoppers and clarity for innovative sector after years of uncertainty
Millions of shoppers are set to be protected by new rules for Buy-Now, Pay-Later products.
Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently do not have access to a range of key protections provided by other consumer credit products.
The Government has today launched a consultation on proposals to fix this by bringing Buy-Now, Pay-Later companies under the supervision of the Financial Conduct Authority (FCA) and applying the Consumer Credit Act, ensuring users receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise.
Economic Secretary to the Treasury Tulip Siddiq said:
Millions of people use Buy-Now, Pay-Later to manage their finances, but the previous government’s dither and delay left them unprotected.
We promised to take action before the election and now we are delivering. Our approach will give shoppers access to the key protections provided by other forms of credit while providing the sector with the certainty it needs to innovate and grow.
The new rules will allow the FCA to apply rules on affordability – meaning that Buy-Now, Pay-Later companies will have to check that shoppers are able to afford repayments before offering a loan, which will help to prevent people building up unmanageable debt.
Companies will also need to provide clear, simple and accessible information about loan agreements in advance so that shoppers can make fully informed decisions and understand the risks associated with late repayments. Consumer Credit Act information disclosure rules will be disapplied so that the FCA can consult on bespoke rules that ensure users are given this information in a way that is tailored to the online setting in which Buy-Now, Pay-Later products are generally used.
Buy-Now, Pay-Later users will be given stronger rights if issues arise with products they purchase, making it quicker and easier to get redress. This includes applying Section 75 of the Consumer Credit Act, which allows consumers to claim refunds from their lender, and access to the Financial Ombudsman Service to make complaints.
Rocio Concha, Which? Director of Policy and Advocacy, said:
Which? has been a leading voice calling for the regulation of Buy Now Pay Later for years so it’s positive that new rules are coming in that should provide much-needed protections for users of these products.
Our research found that many BNPL customers do not realise they are taking on debt or consider the prospect of missing payments, which can result in uncapped fees, so clearer information about the risks involved as well as the use of affordability checks and options for redress would be a win for consumers.
We are keen to see legislation quickly passed to ensure that BNPL users are protected as strongly as consumers using other credit products.
Sebastian Siemiatkowski, Co founder and CEO of Klarna, said:
Congratulations to Tulip Siddiq and the government on moving quickly! They have been working with the industry and consumer groups long before coming into office. We’re looking forward to carrying on that work to put proportionate rules in place that protect consumers while fostering growth.
Michael Saadat, International Head of Public Policy at Clearpay said:
We welcome today’s update from City and FinTech Minister, Tulip Siddiq, on BNPL regulation. It is encouraging that HM Treasury has listened to industry feedback and evolved the previous framework to ensure a more proportionate approach to regulation. We have always called for fit-for-purpose regulation that prioritises customer protection, delivers much-needed innovation in consumer credit and that sets high industry standards across the board.
We will continue to support the Government and the FCA to deliver fit-for-purpose regulation that ensures consumers are protected in a way that supports the UK’s thriving FinTech sector.
Chris Woolard, Author of the 2021 Woolard Review, which looked at change and innovation in the unsecured credit market, said:
Today marks a significant milestone for consumer-focused financial regulation. The proposed package of regulation would implement the recommendations of the Review and mean millions of people up and down the UK will benefit from stronger financial protection as they borrow using BNPL, especially the most vulnerable in society. The incoming regulation will also provide long-term certainty and standards for the market.
The consultation will be conducted quickly – closing on 29 November – to reflect the urgent need for action to protect consumers.
Final legislation is expected to be laid in Parliament in early 2025. Once the legislation is laid, the FCA will finalise the rules so they can take effect in 2026 – bringing clarity to the sector after years of uncertainty about how it will be regulated.
This follows the Prime Minister saying he would remove regulation that needlessly holds back investment and growth. Today’s announcement brings in much needed regulation that stops people spiralling into debt.
Justin Basini, Co-Founder and CEO of The ClearScore Group said:
We welcome this consultation to bring Buy-Now, Pay-Later borrowers under the same protections and creditworthiness assessments as other mainstream financial products such as credit cards and loans.
It is a sensible step in ensuring that this new, important form of credit continues to provide much-needed flexibility for consumers while also managing any risks.
WOODS CROSS, Utah, Oct. 17, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced the Company will ring the closing bell at the Nasdaq MarketSite in Times Square, New York on Friday, October 25, 2024.
“We are honored to ring the closing bell to celebrate our recent listing on the Nasdaq Exchange,” said David Sealock, Chief Executive Officer, Co-Founder, and Chairman of Sky Quarry. “This celebration marks a significant milestone for the Company, its team members, and our shareholders as we continue our waste-to-energy mission of repurposing and upcycling millions of tons of asphalt shingle waste, diverting them from landfills. By leveraging our innovative technology, we plan to not only address a significant environmental challenge, but to also create economic opportunities that benefit the planet as well as our stakeholders. We look forward to everyone joining our bell ringing ceremony either in-person or via livestream.”
Mr. Sealock will be accompanied at the closing bell ceremony by Sky Quarry Co-Founder and VP Executive Marcus Laun and Chief Financial Officer Darryl Delwo.
Management will also take part in a Behind the Bell interview from the Nasdaq MarketSite after the closing bell ceremony, which will be available here once published.
Company management will also be in New York City from October 24 – 25, 2024 for investor meetings and in-person media interviews. Interested parties should contact MZ Group at 949-491-8235 or SKYQ@mzgroup.us to schedule a meeting or interview.
For more information about Sky Quarry, please visit skyquarry.com.
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.
Forward-Looking Statements
This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.
Source: United Kingdom – Executive Government & Departments
Insolvency Service working with regulators to improve support for people with debt
Research was commissioned by the Insolvency Service in light of concerns about the Individual Voluntary Arrangement market.
Of the 310 terminated IVAs that were examined, 60% showed evidence of poor practice by providers.
The Insolvency Service is working with the industry’s regulators to address the situation.
Latest research commissioned by the Insolvency Service has shown evidence of poor practice among providers of Individual Voluntary Arrangements.
Individual Voluntary Arrangements (IVAs) are a legally binding agreement between a person who is insolvent and their creditors.
They are administered by licensed Insolvency Practitioners, usually last for between five and six years, and give people the opportunity to pay an affordable monthly contribution towards their debts.
After concerns were raised about the way IVAs were being offered to people who signed up to them, the Insolvency Service commissioned independent research to look into the market.
The research, which has been published today, looked at 310 randomly selected IVAs which had been both registered and terminated between 2021 and 2023, and found that 60% showed evidence of poor practice in the early stages.
Examples of poor practice included people’s income and expenditure not being recorded accurately by providers, other debt solutions being incorrectly dismissed and providers failing to make sure people understood what they were signing up to.
Claire Hardgrave, the Head of Insolvency Practitioner Regulation for the Insolvency Service said:
Poor practice in the IVA market isn’t in anyone’s interest. It is bad for the economy, for creditors and providers, and it has negative consequences for people dealing with problem debt, including those who are vulnerable.
While IVAs can work well for many, if an IVA is unsuitable it can leave people struggling with their household budget, being in debt for longer, or even taking on more debt to make their IVA payments.
We are working with the industry’s regulators on ways to improve this important area of support for people with debt, to make sure they are always given the best advice.
Across England and Wales, a total of 64,050 IVAs were registered in 2023.
The agreements freeze a person’s debts, stop recovery action and provide debt-relief, allowing them to become debt free over a set period. They often provide a better outcome for consumers and creditors than alternative debt solutions, such as bankruptcy.
Despite steps to improve poor practices over the past few years, the Insolvency Service has still received reports of poor practices, including aggressive marketing towards people in financial distress which fails to mention the fees which organisations charge or the cheaper alternatives available.
Following the publication of its research, the Insolvency Service is continuing to progress its work with regulatory bodies on actions to improve the IVA market.
Measures being investigated include creating new advertising protocols, simplifying the process for people entering IVAs, making sure people are presented with more information before they sign up to an IVA and providing better training for Insolvency Practitioners’ staff.
Anna Hall, Corporate Director for Debt at the Money and Pensions Service, said:
This research shows how incredibly important it is that those who are struggling with debt have access to free and impartial advice, helping them to understand the best way to manage their financial situation.
For free and impartial guidance, visit MoneyHelper.org.uk to access our debt advice locator tool which provides information about free and confidential debt advice online, over the phone or near to where you live.
A debt adviser will treat everything you say in confidence, never judge you, and will suggest ways of dealing with debts that you might not know about.
For more information about IVAs and this research, see here.
Moody’s Ratings (Moody’s) has affirmed the A1 Insurance Financial Strength Rating (IFSR) of ageas SA/NV (“Ageas”), the holding company of the Ageas Group also operating as a reinsurance company. At the same time Moody’s has affirmed Ageas’s A1 long-term issuer rating, AG Insurance’s A1 IFSR and the Baa2 (hyb) rating on the junior subordinated notes (FRESH securities) issued by Ageasfinlux S.A. The outlooks on all entities remain stable.
The ratings affirmation reflects the Group’s success in meeting its targets under the Impact24 strategic plan, and the launch of the new Elevate27 plan aimed at improving business diversification, margins, and capital generation. The ratings continue to reflect Ageas’s strong position in its European markets, particularly in Belgium with a very strong AG Insurance brand, and its revenue growth in Asia, a key market for the Group. It also reflects Ageas’s diversified earnings and strong capitalization. However, these strengths are partly offset by limited control over fast-growing entities in Asia (mostly non-consolidated subsidiaries) and distribution channels, as well as by a relatively high proportion of high-risk assets in the investment portfolio for the rating level.
The stable outlooks on Ageas, AG Insurance, and Ageasfinlux S.A. indicate Moody’s expectation that, in the next 12-18 months, the Ageas Group will maintain a solid financial profile, including diversified earnings profile and strong capitalization, as well as a strong position in its main markets.
Ageas is a listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 17.1 billion in 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the “Offering“) for aggregate gross proceeds of C$6,000,004.50, which includes the full exercise of the agent’s option for proceeds of C$1,000,002.50. Under the Offering, the Company sold the following:
10,000,000 units of the Company (each, a “Unit”) at a price of C$0.15 per Unit for gross proceeds of C$1,500,000 from the sale of Units;
5,714,300 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “Traditional FT Share”) at a price of C$0.175 per Traditional FT Share for gross proceeds of C$1,000,002.50 from the sale of Traditional FT Shares; and
15,909,100 flow-through units of the Company (each, a “Charity FT Unit”, and collectively with the Units and Traditional FT Shares, the “Offered Securities”) at a price of C$0.22 per Charity FT Unit for gross proceeds of C$3,500,002 from the sale of Charity FT Units.
In connection with the Offering, Rob McEwen made a strategic investment of C$1.5 million. Following the completion of the Offering, Mr. McEwen owns approximately 5.3% of the issued and outstanding common shares of the Company. Mr. McEwen is the founder and former Chairman of Goldcorp, is currently the Executive Chairman and largest shareholder of McEwen Mining Inc. and is a member of the Mining Hall of Fame.
Each Unit consists of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit consists of one common share of the Company that quality as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a “Charity FT Unit Share”) and one half of one Warrant, which will also qualify as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.22 per Warrant Share at any time on or before October 17, 2026.
Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for their services, the Agent received a cash commission of C$346,867.77 and 1,815,564 broker warrants (the “Broker Warrants”), with each such Broker Warrant exercisable for one common share of the Company (a “Broker Share”) at a price of C$0.15 per Broker Share at any time on or before October 17, 2026.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units and Charity FT Units (the “LIFE Securities”), representing gross proceeds of C$5,000,002.00, were sold to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan (the “Canadian Selling Jurisdictions”), the United States and certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The Unit Shares, Charity FT Unit Shares and Warrants that were issued, and the Warrant Shares that may be issued upon due exercise of the Warrants, pursuant to the sale of the LIFE Securities will be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Traditional FT Shares sold pursuant to the Offering were offered by way of the “accredited investor” exemption under NI 45-106 in the Canadian Selling Jurisdictions and Quebec. The Traditional FT Shares are subject to a hold period under Canadian securities laws ending on February 18, 2025.
The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the sale and issuance of the Traditional FT Shares and the Charity FT Units will be used to incur “Canadian exploration expenses” on the Company’s mineral projects in British Columbia and will qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) (collectively, “Qualifying Expenditures”), which will be incurred on or before December 31, 2025 and renounced to the subscribers of the Offering with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the sale of the Traditional FT Shares and Charity FT Units. In addition, with respect to British Columbia resident subscribers or those who are eligible individuals under the Income Tax Act (British Columbia), the Qualifying Expenditures will be eligible for the 20% BC mining flow-through share tax credit.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
“Gareth Thomas”
Gareth Thomas, President, CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~60,950 hectares (609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at http://www.westhavengold.com
Forward Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering, including the use of proceeds of the Offering. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at http://www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
TOPEKA – Governor Laura Kelly announced today that the 2024 Kansas Economic Report shows growth in the state’s labor workforce, continued low unemployment, and record exports. The report, produced by the Labor Market Information Services division of the Kansas Department of Labor (KDOL), comprehensively analyzes the state’s economic health and labor market trends.
The annual publication highlights critical data on employment, unemployment, labor force participation, job growth, personal income, and more, providing an essential resource for businesses, policymakers, and job seekers.
Labor Force Growth: In 2023, Kansas saw a 0.6% increase in its labor force, adding 8,385 individuals and bringing the total labor force to over 1.51 million. The number of employed Kansans reached a record high of 1.47 million, reflecting the state’s resilience and ongoing recovery.
Unemployment Rates: Kansas maintained a low unemployment rate, rising slightly to 2.7% in 2023, still well below the national average of 3.6%. Despite the modest increase, Kansas continues to outperform the national labor market.
Job Market Rebounds: Kansas’ nonfarm jobs surpassed pre-pandemic levels, with a total of 1.44 million jobs in 2023. Private sector employment led this growth, adding 23,800 jobs, while the government sector added 3,700 jobs.
Industry and Occupational Projections: Health care, transportation, and computer-related occupations are expected to grow significantly through 2032. Occupations typically requiring a bachelor’s degree are expected to add the most jobs from 2022 to 2032.
Export Growth: Kansas’ export market hit a record of $14.1 billion in sales, driven by growth in the transportation equipment and processed foods sectors. However, exports to Kansas’ top trade partners—Mexico, Canada, and Japan—have declined over the year.
“The growth we are seeing is encouraging and shows the progress made in revitalizing our state’s economy,” Governor Laura Kelly said. “This report reinforces my administration’s commitment to making Kansas the best state to live, work, and raise a family.”
“Kansas continues to show resilience in its economic recovery, as demonstrated by rising employment numbers and strong job growth in key sectors,” KansasSecretary ofLabor Amber Shultz said. “However, demographic challenges such as a shrinking younger population highlight the need for careful attention to workforce development as we plan for the future.”
The report also discusses long-term demographic trends, citing concerns about the state’s aging population and declining numbers of younger workers, which could pose challenges to future labor force sustainability.
To address those issues, the Kansas Department of Commerce has been working with businesses to attract new talent. It recently launched its Love, Kansas campaign to bring those who left the state back to their roots in Kansas.
“It’s simple: we need more humans in Kansas to keep up with the phenomenal economic growth our state is experiencing,” Lieutenant Governor and Secretary of Commerce David Toland said. “The best way to do that is to first approach Kansans who left the state for economic opportunities elsewhere and invite them to build a life in a place they know and have connections to, whether in their hometown or elsewhere in the state. And with the Love, Kansas campaign, we aren’t just extending an invitation to those who once called Kansas home to come back–we’re also inviting families from around the country to build their lives in the Sunflower State.”
Jacquelyn Shuman, FireSense Project Scientist at NASA Ames Research Center, originally wanted to be a veterinarian. By the time she got to college, Shuman had switched interests to biology, which became a job teaching middle and high school science. Teaching pivoted to finance for a year, before Shuman returned to the science world to pursue a PhD. It was in a forest ecology class taught by her future PhD advisor, Herman “Hank” Shugart, that she first discovered a passion for ecosystems and dynamic vegetation that led her into the world of fire science, and eventually to NASA Ames. While Shuman’s path into the world of fire science was not a direct one, she views her diverse experiences as the key to finding a fulfilling career. “Do a lot of different things and try a lot of different things, and if one thing isn’t connecting with you, then do something different,” Shuman said.
Shuman’s PhD program focused on boreal forest dynamics across Russia, examining how the forest changes in response to climate change and wildfire. During her research, she worked mainly with scientists from Russia, Canada, and the US through the Northern Eurasia Earth Science Partnership Initiative (NEESPI), where Shugart served as the NEESPI Chief Scientist. “The experience of having a highly supportive mentor, being a part of the NEESPI community, and working alongside other inspiring female scientists from across the globe helped me to stay motivated within my own research,” Shuman said. After completing her PhD, Shuman wanted to become involved in collaborative science with a global impact, which led her to the National Center for Atmospheric Research (NCAR). There, she spent seven years working as a project scientist on the Next Generation Ecosystem Experiment NGEE-Tropics) on a dynamic vegetation model project called FATES (Functionally Assembled Terrestrial Ecosystem Simulator). As part of the FATES team, Shuman used computer modeling to test vegetation structure and function in tropical and boreal forests after wildfires, and was the lead developer for updating the fire portion of the model.
Fire has also played a powerful role in Shuman’s personal life. In 2021, the Marshall Fire destroyed neighborhoods near her hometown of Boulder, Colorado, causing over $513 million of damage and securing its place as the state’s most destructive wildfire. Despite this, Shuman is determined to not live in fear. “Fire is part of our lives, it’s a part of the Earth system, and it’s something we can plan for. We can live more sustainably with fires.” The way to live safely in a fire-inclusive ecosystem, according to Shuman, is to develop ways to accurately track and forecast wildfires and smoke, and to respond to them efficiently: efforts the fire community is continuously working on improving.
Collaboration is a critical element of wildland fire management. Fire science is a field that involves practitioners such as firefighters and land managers, but also researchers such as modelers and forecasters; the most effective efforts, according to Shuman, come when this community works together. “People in fire science might be out in the field and carrying a drip torch and marching along in the hilltops and the grasslands or be behind a computer and analyzing remote sensing data,” Shuman said. “We need both pieces.” Protecting communities from wildfire impacts is one of the most fulfilling aspects of Shuman’s career, and a goal that unites this community. “Fire research poses tough questions, but the people who are thinking about this are the people who are acting on it,” Shuman said. “They are saying, ‘What can we do? How can we think about this? What information do we need? What are the questions?’ It’s a special community to be a part of.”
Currently at NASA Ames Research Center, Shuman is the Project Scientist for FireSense: a project focused on delivering NASA science and technology to practitioners and operational agencies. Shuman acts as the lead for the project office, identifying and implementing tools and strategies. Shuman still does ecosystem modeling work, including implementing vegetation models that forecast the impact of fire, but also spends time traveling to active fires across the country so she can help partners implement NASA tools and strategies in real time.
“Right now, many different communities are all recognizing that we can partner to identify the best path forward,” Shuman said. “We have an opportunity to use everyone’s strengths and unique perspectives. It can be a devastating thing for a community and an ecosystem when a fire happens. Everyone is interested in using all this collective knowledge to do more, together.” Written by Molly Medin, NASA Ames Research Center
Source: United States Small Business Administration
WASHINGTON – Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Florida following the announcement of a Presidential disaster declaration for Hurricane Milton that began on Oct. 5. SBA has opened a Business Recovery Center (BRC) at the Entrepreneurs Collaborative Center, in Tampa. The SBA opened the Center to assist businesses and residents who were affected by Hurricanes Milton, Helene and Debby.
“SBA’s mission-driven team stands ready to help small businesses and residents in Florida impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,” said SBA Administrator Isabel Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.
Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
The disaster declaration covers Brevard, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Volusia and the Miccosukee Tribe of Indians of Florida which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Alachua, Baker, Bradford, Broward, Levy, Miami-Dade, Monroe and Nassau counties in Florida.
SBA’s Customer Service Representatives are available at the Centers to assist business owners complete their disaster loan application, accept documents, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Business Recovery Center in advance. The Centers will operate as indicated below.
Business Recovery Center (BRC)
Pinellas County
Entrepreneurs Collaborative Center
2101 E Palm Ave
Tampa, FL 33605
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Saturday, 9 a.m. to 2 p.m.
Closed: Sunday
Business Recovery Center (BRC)
Pinellas County
SPC Epicenter at St. Petersburg College
13805 58th Street N, Suite 1-200
Clearwater, FL 33760
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Closed: Saturday and Sunday
Business Recovery Center (BRC)
Manatee County
Rocky Bluff Library
6750 US-301
Ellenton, FL 34222
Hours: Monday – Saturday, 9 a.m. to 6 p.m.
Closed: Sunday
Business Recovery Center (BRC)
Sarasota County
Sarasota Christian Church
2923 Ashton Rd
Sarasota, FL 34231
Hours: Monday – Saturday, 9 a.m. to 5 p.m.
Closed: Sunday
“SBA’s Business Recovery Centers are a cornerstone of our support for business owners,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “At these centers, business owners can meet face-to-face with specialists to apply for disaster loans and access a wide range of resources to guide them through their recovery.”
Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future disasters.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” said Sánchez. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant.
Survivors impacted by Hurricanes Helene and Debby should submit separate applications for each disaster. For information and to apply online visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Dec. 10, 2024. The deadline to return economic injury applications is July 11, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.
DAERA launches £1.55 million rural micro business development grant aid fund
17 October 2024
Small businesses in the Derry City and Strabane Council area are being encouraged to stake their claim for development grant funding worth up to £4,999.00. DAERA’s Rural Business Development Grant Scheme will deliver a total of £1.55 million in capital grants to support rural micro businesses across Northern Ireland. The programme is funded through the Department of Agriculture, Environment and Rural Affairs Rural Business Development Grant Scheme (RBDGS) and is delivered in partnership with local Councils. Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi-Barr, encouraged local businesses to find out more about the application process and avail of the opportunity to give their business a competitive edge. “This programme offers rural micro businesses the opportunity to take their enterprise to the next level,” she said, “It is an opportunity to invest in equipment and machinery that can streamline your business and give you a competitive edge in the marketplace “I would urge applicants to book their attendance at the Pre Application workshops now as these are mandatory for a successful application,” she added. Eligible rural businesses can apply for capital assistance of 50% up to the value of £4,999 for the purchase of capital equipment that will help their business to enhance sustainability or lead to growth opportunities and the creation of employment opportunities which in turn strengthen the rural economy. Launching the scheme, Minister of Agriculture, Environment and Rural Affairs, Andrew Muir, MLA, said: “I am pleased to announce the opening of the £1.55 million Rural Business Development Grant Scheme. “This fund is important in delivering on the Department’s priority of building strong sustainable and diverse rural communities and the draft Programme for Government priority of growing a globally competitive and sustainable economy with a focus on addressing regional balance”. Minister Muir continued: “I urge all eligible rural businesses to go online and apply as soon as possible. “Rural Businesses continue to play a vital role in our rural communities and I want to support them at this challenging time and provide them with opportunities that will maximise their potential and stimulate business growth”.
Only online applications can be accepted for this scheme. The Scheme opens for applications at 9.00am on 16 October 2024 and closes at 12 noon on 8 November 2024.
For more details on pre-application workshops and link to the Application visit http://www.derrystrabane.com/businesssupport The workshops will take place on Wednesday October 23rd at 6pm (Online), Wednesday 30th October at 1pm (Glenelly Room, Strabane) and Tuesday November 5th at 1pm (Online).
Details of the Rural Business Development Grant Scheme are on the DAERA website at Rural Business Development Grant Scheme (RBDGS) 2024/2025 | Department of Agriculture, Environment and Rural Affairs (daera-ni.gov.uk).
Only online applications can be accepted for this scheme. The Scheme opens for applications at 9.00am on 16 October 2024 and closes at 12 noon on 8 November 2024.
The governments of Canada and Ontario are investing nearly $1.8 million over 2 years to provide international agricultural workers (IAWs) in Ontario with enhanced access to mental health supports in Spanish, Tagalog, French and English.
Federal-provincial investment will provide new mental health resources
The governments of Canada and Ontario are investing nearly $1.8 million over 2 years to provide international agricultural workers (IAWs) in Ontario with enhanced access to mental health supports in Spanish, Tagalog, French and English.
Delivered by the Canadian Mental Health Association (CMHA), Ontario Division, in close partnership with its Windsor-Essex and Brant-Haldimand-Norfolk regional branches, the International Agricultural Worker Wellness Program will support IAWs with managing stress, homesickness and isolation. The program will provide referrals to free local services, including recreational activities, primary care, counselling, support groups, in-person workshops, and more.
The program will launch in early 2025 and be delivered over 2 years, with resources available in Spanish, French and English in year 1, expanding to include Tagalog in year 2. The program will focus on the Windsor-Essex region first and then expand to Brant-Haldimand-Norfolk in year two. Both regions have high populations of IAWs. In the second year, the program will also offer support to farm operators with workshops on how to create safer workplaces.
This investment recognizes the critical contribution IAWs make in Ontario’s agricultural economy. It builds on the success of the IAW Welcome Centre and the IAW Welcoming Communities Initiative.
This program is funded through the Sustainable Canadian Agricultural Partnership (Sustainable CAP), a 5-year (2023-2028), $3.5-billion investment by federal, provincial and territorial governments to strengthen competitiveness, innovation, and resiliency of Canada’s agriculture, agri‐food and agri‐based products sector. This includes $1 billion in federal programs and activities and a $2.5 billion commitment that is cost-shared 60% federally and 40% provincially/territorially for programs designed and delivered by the provinces and territories.
Quotes
“Working far from home can be tough, and it’s so important that our international agricultural workers have access to the mental health supports they need. Through the IAW Wellness Program, we can better support these workers with tailored programs and services so they can continue to help us deliver top-quality products to Canadians, and the world.”
– The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food
“Ontario respects and appreciates the international agricultural workers who call our province home and who contribute so much to our almost $51 billion agri-food sector. The IAW Wellness Program will help these important workers access the supports and services needed to improve their quality of life and better integrate into our dynamic agri-food workforce of over 871,000 men and women.”
– Rob Flack, Ontario Minister of Agriculture, Food and Agribusiness
“International agricultural workers are integral to Ontario’s agriculture industry and food supply, so it’s critical that this population has mental health support while they’re living and working in our province. Since 2022, CMHA’s team at Agriculture Wellness Ontario has been working to reduce mental health stigma and meet the needs of the agricultural community. We’re delighted to work with our branches to offer this new program for international agricultural workers.”
– Camille Quenneville, Chief Executive Officer, Canadian Mental Health Association, Ontario Division
“Mental health care plays a crucial role in supporting the well-being of migrant workers, who often face unique challenges like family separation and cultural transitions. It’s heartening to see the governments of Canada and Ontario develop the IAW Wellness Program. By offering services in their first languages, this initiative ensures that migrant workers feel understood and supported, which is vital for their mental health. This empowers individuals to navigate daily challenges and fosters a more inclusive and compassionate community for everyone. Such efforts are essential for building a society that values the well-being of every migrant worker.”
– Martin Varela, Chairman, Migrant Worker Community Program
Quick facts
In 2023, Ontario launched the Virtual Welcome Centre, a web page of resources for IAWs available in English, Spanish and French. It includes information and links about worker rights and responsibilities, adjusting to life in Ontario, health care, human and labour trafficking, and living and working safely in the community.
The IAW Welcoming Communities Initiative, announced in September, supports municipalities and not-for-profits in creating an inclusive and welcoming environment for international agricultural and food workers. Eligible activities include introducing or enhancing translation supports and transportation services.
The governments of Canada and Ontario also recently announced a $178,000 expansion of the Farmer Wellness Initiative to include delivery of services in Spanish for Ontario farm workers.
For more information about OMAFA programs and services, contact the Agricultural Information Contact Centre (AICC) at 1-877-424-1300 or at ag.info.omafa@ontario.ca.
Associated links
Contacts
For media:
Annie Cullinan Director of Communications Office of the Minister of Agriculture and Agri-Food annie.cullinan@agr.gc.ca
More than $13 million through PrairiesCan will support the region’s innovative, high-growth companies to ramp up production and enter new markets
More than $13 million through PrairiesCan will support the region’s innovative, high-growth companies to ramp up production and enter new markets
October 17, 2024 – Calgary, Alberta – PrairiesCan
The Calgary region is rapidly emerging as one of North America’s top technology hubs and is home to some of Canada’s most innovative, high-growth companies that are strengthening our economy. The federal government is supporting Calgary’s leading-edge companies to continue growing and creating quality jobs that Canadians can count on.
Today, George Chahal, Member of Parliament for Calgary Skyview, on behalf of the Honourable Dan Vandal, Minister for PrairiesCan, announced a federal investment of over $13 million for eight Calgary and area companies to scale-up, access new markets for their products and services, and create new opportunities for job seekers. Each of these companies is a leader in developing innovative applications in sectors such as digital, healthcare and clean technology.
Local companies receiving support include:
Aligned Outcomes is receiving up to $178,088 to upgrade its Enterprise Digital Twin platform software to support expansion into the post-secondary market and create new jobs in Alberta’s digital sector.
Avanti Software is receiving up to $3,000,000 to optimize functionality and competitiveness of human resource management software to scale-up the company’s business prospects nationally and increase market share.
Global Analyzer Systems is receiving up to $1,500,000 to launch and scale-up an advanced nitrogen dioxide analyzer using enhanced efficient and cost-effective technology that supports more stringent pollutant regulation and lowering the carbon footprint.
Morweb is receiving up to $850,000 to accelerate the growth of its sales, marketing and product development to enhance its cutting-edge website platform, which empowers non-profit organizations worldwide to build and manage dynamic, mission-driven websites with ease and advanced functionality.
PK Sound is receiving up to $2,282,377 to accelerate the manufacturing of its patented robotic audio systems to meet growing global demand.
Surface Medical is receiving up to $262,362 to accelerate sales and marketing to fuel revenue growth for its market-first, patented product called CleanPatch which helps keep healthcare surfaces clean and safe for patients and workers.
TEKTELIC is receiving up to $3,979,752 to develop, test, certify, manufacture and launch digital health ‘Internet of Things’ products and solutions for the Canadian health sector.
WaitWell is receiving up to $1,000,000 to enhance capabilities of current software to digitally transform services for clients, including analytics that will streamline operations as well as expand further into Canadian and American markets.
In total, these investments are expected to help support approximately 180 jobs and enhance the ability of local companies to access the talent, technology and resources they need to bring Alberta-made innovations to new domestic and global markets.
In line with the principles of the Government of Canada’s Framework to Build a Green Prairie Economy, these investments are about collaborating on local priorities and building on local strengths to support economic development, making a sustainable and prosperous net-zero economy achievable by enhancing capacity and skills development in Prairie communities, and providing support to grow businesses.
Quotes
“Today’s investments will further enable some of Calgary’s most innovative companies to grow their production capacity, launch new services and applications, and expand to new markets locally, nationally and globally. Each of these firms is playing a key role in helping strengthen and diversify the region’s economy while creating quality jobs that Albertans can rely on.”
–The Honourable Dan Vandal, Minister for PrairiesCan
“Calgary has become a hothouse for innovation, attracting talent and generating sustainable jobs. Today’s announcement reinforces our city’s reputation for having Canada’s most dynamic small- and medium-sized technology firms while positioning Alberta as the place to watch for technological advancements that make life better for all Canadians.”
–George Chahal, Member of Parliament for Calgary Skyview
“Global Analyzer Systems is leading the way in advancing air emissions measurement technology, and with the support of PrairiesCan, our G60 CRDS NOx-NO2-NO analyzer is bringing greater certainty to air emissions measurement. This technology benefits many industries, ensuring scientifically defensible data and promoting a higher level of environmental responsibility. We are deeply committed to shaping an innovative future and extend our heartfelt gratitude to PrairiesCan for their pivotal role in this next step of our journey.”
–Brian Rosentreter, CEO and CTO, Global Analyzer Systems
“We’re deeply grateful for the support of PrairiesCan. Being proudly Albertan founded and headquartered, we’ve been able to accelerate our technology transformation efforts and positively influence hundreds of Canadian companies supporting over a hundred thousand employees in Canada who are compensated and managed through our Human Capital Management software-as-a-service. All of this in a field dominated by large public and private-equity owned incumbents.”
–David Owen Cord, CEO, Avanti Software
“Our team at PK Sound is incredibly proud that technologies we develop, test, and manufacture right here in Calgary go on to support a wide array of live events all around the world – from major concerts and festivals for hundreds of thousands of people to intimate theatrical productions, corporate and philanthropic events, and beyond. PrairiesCan’s Business Scale-up and Productivity program enables PK Sound to keep up with our significant year-over-year growth and ensures our made-in-Canada innovations are increasingly viable and available options for a growing list of customers and collaborators.”
–Jeremy Bridge, CEO, PK Sound
“We are very grateful for the support from Prairies Economic Development Canada, which aids TEKTELIC in introducing innovative, practical, and affordable Digital Medicine solutions for everyone. Our solutions will reduce the time and effort nurses spend on routine vital sign measurements, allowing them to focus more on patient care. By increasing response times to adverse conditions and enabling earlier discharges for patients to recover at home, we are enhancing overall healthcare delivery. We believe these advancements will transform how patients are monitored and observed in hospitals and at home, leading to significantly more effective outcomes.”
–Roman Nemish, President, TEKTELIC
Quick facts
Federal funding for eight Calgary and area companies is being provided through PrairiesCan’s Business Scale-up and Productivity program, as well as the Jobs and Growth Fund.
The Business Scale-up and Productivity program supports high-growth businesses that are scaling up and producing innovative goods, services or technologies. Funding is interest-free and repayable.
The Jobs and Growth Fund helps job creators and the organizations that support them future proof their businesses, build resiliency, and prepare for growth. Funding is interest-free and repayable.
The Framework to Build a Green Prairie Economy is a long-term commitment to work differently, through stronger coordination among federal departments on investments for the Prairies and closer collaboration with Prairie partners on their priorities for a prosperous and sustainable Prairie economy.
Associated links
Contacts
Carson Debert Press Secretary Office of the Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor Carson.Debert@rcaanc-cirnac.gc.ca
Rail Campus Derby has officially launched at a special event on Thursday 17 October. Over 200 delegates and stakeholders from the rail sector and beyond attended the widely anticipated event.
A joint effort between Derby City Council, Great British Railways Transition Team, East Midlands Combined County Authority, and wider stakeholders, Rail Campus Derby will become a key hub for the UK’s rail industry, supporting collaboration across all facets of the sector.
Secretary of State for Transport, Louise Haigh MP, and the Mayor of the East Midlands, Claire Ward, both attended the event, highlighting the project’s significance both on a regional and a national level.
Rail Campus Derby was born out of Great British Railways’ mission to create a simpler and more efficient railway system for everyone in Britain.
With its impressive rail heritage and position at the heart of Europe’s largest rail cluster, Derby is the ideal location for this industry-wide hub. For over 180 years the city has been a leader in the rail sector, which still employs more than 11,000 in the area.
Beyond the railways, Derby is a home to advanced manufacturing, hi-tech employment, major global companies such as Rolls-Royce, and Toyota. The city’s skilled workforce, and its easy accessibility, makes it an attractive destination for investment.
Councillor Nadine Peatfield, Leader of Derby City Council said:
This is a once in a lifetime opportunity for Derby; one that will create more training and jobs for local people, and bring huge opportunities for further regeneration.
Rail Campus Derby will not only preserve our rail heritage, but will also be a catalyst for future economic growth, bringing together all aspects of the railway industry, attracting more investment, and creating further opportunities for collaboration across the sector.
I know the potential that Derby has. We already boast an incredibly skilled workforce and are home to major players and an unrivalled rail sector. By working together we can make Rail Campus Derby the beating heart of the UK’s rail network.
Secretary of State for Transport, Louise Haigh MP, said:
“Derby is already a hub for rail with the largest concentration of innovation and expertise in Europe, and today I was delighted to see how the local council plans to expand this even further through a new Rail Campus.
“The railways are at the centre of our plans for change, and I look forward to seeing how the Campus will lead to greater innovation, growth and collaboration, benefitting not only our rail network but the wider economy too.”
Claire Ward, Mayor of the East Midlands, said:
The new Rail Campus will be a hub of learning and innovation. It will bring together public and private sector organisations in a collaborative environment, working towards faster and more efficient outcomes for all the railway’s stakeholders. As the Mayor of the East Midlands, my vision is to ensure that local people have the skills they need to access the well-paid jobs that this industry provides.
“That’s why we will be investing in training programmes and creating new opportunities in partnership with Derbyshire and Nottinghamshire’s educational institutions. We want to see local people—our young people—benefiting from the jobs and careers this project will generate.
Rufus Boyd, Lead Director of Great British Railways Transition Team, said:
The presence of GBR HQ in Derby is just one component of the Rail Campus Derby vision.
Today’s event is about driving collaboration between the private sector, the supply chain, local government, and educational partners. Bringing the sector closer together and offering the chance to co-locate, share knowledge, and experience work across different businesses will embed the practices, culture and behaviour Britain’s railway must embod to succeed.
Source: United Kingdom – Executive Government & Departments
A man described as ‘arrogant’ by a judge has been sentenced for arranging waste to be illegally dumped on his rural land near Consett.
Peter Snailum, 64, from Whitworth, Spennymoor, appeared at Durham crown court for sentencing on Wednesday 16 October after previously pleading guilty to two offences of depositing waste without an environmental permit.
He was sentenced to a 12-month community order with a requirement to complete 90 hours of unpaid work.
The court heard that between January and March 2020, excavation waste was transported from a construction site in Consett to Snailum’s land at School House Farm, Kiln Pit Hill, and illegally dumped.
Snailum had a registered waste exemption for his land at School House Farm. This means that low level waste activity could take place at the site for construction purposes, with limits on the amount and type of waste allowed.
During the Environment Agency investigation, it transpired that more than 5,000 tonnes of waste had been dumped at School House Farm – five times the 1,000 tonnes allowed under the exemption.
It was also clear that the waste was not to be used for construction but in an attempt to level land, activity that would require an environmental permit.
In passing sentence, judge Joanne Kidd criticised Snailum for his arrogance, after hearing that he had twice taunted the Environment Agency officers speaking with him about the illegal activity, saying that they should prosecute him as he would only receive a fine.
The judge was also critical of his insistence on initially denying the charges and taking the case to the crown court, all in the face of overwhelming evidence.
Warned he was ‘breaching the law’
Gary Wallace, area environment manager for the Environment Agency in the North East, said:
Waste crime such as this has a negative impact on the environment and local communities and Snailum was warned he was breaching the law.
His actions also undermined legitimate businesses as he made financial gains by not properly and legally disposing of the waste.
I hope this case sends out the message to others that we take waste crime seriously and those involved can expect to be put before the courts for their actions.
Prosecuting, Holly Clegg told the court that in January 2020, Environment Agency officers attended the site in response to reports of wagons tipping waste there.
Checks showed metal and timber mixed with soils and stone. It was estimated the stockpile was close to the 1,000 tonne exemption limit and Snailum was told to stop accepting further waste to the site.
He said he was importing soils to level around the trees and filling in hollows around the site – he was told the exemption restrictions meant it could only be used for construction.
While the officers were there a wagon arrived which was moving waste from a construction site in Consett to Snailum’s land.
The officers then visited a care home construction site and spoke to the site manager, who told them that to date 871 tonnes had been taken to School House Farm.
Follow up visits revealed further deposits
A month later follow up visits to both the construction site and School House Farm revealed further deposits had taken place which would exceed the limits of the exemption. On 2 March, Snailum was instructed to cease accepting further waste.
Environment Agency officers were later supplied with and assessed the waste transfer documentation, which showed more than 5,000 tonnes of waste soil and stone had been taken to School House Farm between January and March 2020.
Then, in early 2021 Snailum allowed another large deposit of waste, this time tonnes of supposedly crushed MDF but this was contaminated with various other waste types.
Previously sentenced at Peterlee magistrates’ court on 23 April 2024 for their part in the case were:
Jonathan Mann Developments, of Sandhu House, Delves Lane, Consett, which owned land there that was being developed for the construction of new care homes. It pleaded guilty for its involvement in the illegal waste deposits and were ordered to pay a fine and costs totalling £3,832.
Groundworks Direct Ltd excavated and loaded the waste material from the construction site onto wagons supplied by the hauliers. It was ordered to pay a fine and costs of £5,000 in total.
In addition, G O’Brien & Sons Ltd, which collected the waste material and transported it to Snailum’s land, agreed to an enforcement undertaking, paying £5,000 to Durham Wildlife Trust to go towards environmental improvements, and a further £1,600 in costs.
CED grants a total of nearly $2 million in financial contributions to La Trappe à Fromage de l’Outaouais, Precision Doors & Trim, Courges & cie and Flirt Drinks.
CED grants a total of nearly $2 million in financial contributions to La Trappe à Fromage de l’Outaouais, Precision Doors & Trim, Courges & cie and Flirt Drinks.
Supporting businesses so they can seize economic development and diversification opportunities that are promising for the future contributes to economic development in Quebec’s regions.
That is why the Honourable Steven MacKinnon, Member of Parliament for Gatineau and Minister of Labour and Seniors, and Stéphane Lauzon, Member of Parliament for Argenteuil—La Petite-Nation and Parliamentary Secretary to the Minister of Citizens’ Services, today announced, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a total of $1.75 million in repayable contributions to four Gatineau businesses.
The funding details are as follows:
$750,000 is being provided to La Trappe à Fromage de l’Outaouais to expand its plant.
$600,000 is being granted to Precision Doors & Trim to build its new plant and acquire production equipment.
$250,000 is being provided to the Courges & cie agri-tourism farm to enhance its range of tourism activities, including by establishing a market garden economuseum.
$150,000 is being granted to Flirt Drinks to acquire specialized production equipment.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic growth relies on organizations with strong roots in the regional economy; they are key assets in building a sustainable, inclusive economy.
Quotes
“Gatineau’s economic vitality depends on collaboration among businesses, governments and the community. By investing in innovative projects such as those by Flirt Drinks, Precision Doors & Trim and La Trappe à Fromage, we are creating an ecosystem where local development is at the core of our actions. This not only reinforces the appeal of our region, but also fosters citizen well-being. We are making Gatineau into a dynamic economic hub capable of attracting new investments and supporting diverse sectors.”
The Honourable Steven MacKinnon, Member of Parliament for Gatineau and Minister of Labour and Seniors
“SMEs are at the core of community development and are a key component of a strong economy. That is why the Government of Canada is proud to assist SMEs such as Courges et cie. Through our support, we are helping to increase their productivity, develop new products and improve the products and services they offer in our community.”
Stéphane Lauzon, Member of Parliament for Argenteuil—La Petite-Nation and Parliamentary Secretary to the Minister of Citizens’ Services
“Our government has a mission to guide the country’s businesses and regions into tomorrow’s economy and help them seize the business opportunities that will arise. That is why we are providing our assistance to develop the specific assets of Quebec’s different regions, including here in Gatineau. We are thereby ensuring all our communities receive economic support.”
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
Quick facts
The projects by Precision Doors & Trim and Flirt Drinks are receiving support under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and increase their competitiveness.
The funding for the project by La Trappe à Fromage de l’Outaouais has been granted under the Jobs and Growth Fund. This program, which is now closed, provided businesses and economic organizations with assistance to prepare local economies for long-term growth.
The project by Courges & cie is receiving assistance through the Tourism Growth Program (TGP). This program complements funding measures provided to the tourism industry under other federal, provincial, and territorial programs and will end on March 31, 2026. In Quebec, the TGP has a budget of $21.1M in financial support. It falls under CED’s Quebec Economic Development Program, which aims to help communities seize economic development and diversification opportunities that are promising for the future.
CED is the key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
Associated links
Information
Media Relations Canada Economic Development for Quebec Regions media@dec-ced.gc.ca
Marie-Justine Torres Press Secretary Office of the Minister of Tourism and Minister responsible for Canada Economic Development for Quebec Regions Cell: 613-327-5918 marie-justine.torresames@ised-isde.gc.ca
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
IMF has reached staff-level agreement with Benin on the Fifth Review of Benin’s EFF/ECF and the Second Review of the Resilience and Sustainability Facility (RSF).
There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism.
The authorities recently submitted to Parliament a draft 2025 budget that targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of GDP, with significant increases in social spending.
Washington, DC: An International Monetary Fund (IMF) team led by Constant Lonkeng visited Cotonou during October 8–17, 2024 to hold discussions on the Fifth Review of Benin’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) and the Second Review of the Resilience and Sustainability Facility (RSF) arrangement.
At the end of the mission, Mr. Lonkeng issued the following statement:
“IMF staff and Beninese authorities have reached a staff-level agreement on policies to complete the Fifth Review of Benin’s 42-month blended EFF/ECF and the Second Review of the RSF. Subject to approval by the IMF Executive Board, Benin will receive a disbursement of SDR 31.2 million (about $42 million) under the ECF and EFF arrangements and up to SDR 39.6 million (about $53 million) under the RSF arrangement, bringing the total disbursement under the EFF/ECF to SDR 431 million (about $576 million).
“There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. Economic activity is estimated to have expanded by 6.5 percent year-over-year in the first half of this year; growth is expected to remain strong in the near-term. The balance of payments has deteriorated temporarily, due to large investments, including related to the special economic zone (SEZ). It is expected to recover gradually as the transformation of local commodities at the SEZ boosts exports.
“Program performance has been strong—all quantitative targets for end-June 2024 were met, with fiscal consolidation well underway, supported by robust tax collection.
“The authorities recently submitted to Parliament the 2025 draft budget which targets compliance with the WAEMU overall deficit norm of 3 percent of GDP. Fiscal consolidation is set to be revenue-based (drawing on the Medium-Term Revenue Strategy), with significant increases in social spending (education, health, and social protection). Updating regularly and fully operationalizing the social registry will improve the targeting of expanded social assistance programs.
“The mission discussed next steps in strengthening Benin’s anti-corruption framework further, complementing the recently operationalized anti-corruption agency, as well as mechanisms to safeguard hard-won macroeconomic gains over the political cycle.
“The authorities are advancing their climate finance agenda following the climate finance roundtable that took place in Cotonou in July. They have mainstreamed climate change in the draft 2025 budget. The mission discussed next steps in advancing water tariff reform and a fuel subsidy reform that accounts for the specificities of Benin’s local fuel market.
“The mission met with Senior Minister of Economy and Finance Wadagni, Senior Minister of Development and Government Action Bio Tchane, National Director of the BCEAO (the regional central bank) Assilamehoo, and other senior government officials. The team also met with the Head of Opposition, the Finance Commission of the National Assembly in Porto Novo, the civil society, university students, the association of women entrepreneurs and a farmers’ association, the donor community, and other stakeholders.
“The IMF team would like to thank the authorities and various stakeholders for their warm hospitality and open and constructive dialogue.”
An Alabama man was arrested by the FBI this morning in Athens, Alabama, on charges related to the January hack of the Securities and Exchange Commission (SEC)’s social media account on X, formerly known as Twitter.
According to court documents, on or about Jan. 9, Eric Council Jr., 25, of Athens, allegedly conspired with others to take unauthorized control of the SEC’s X account and, in the name of SEC Chair Gary Gensler, prematurely announced the approval of bitcoin Exchange Traded Funds. Immediately following the false announcement, the price of bitcoin increased by more than $1,000 per bitcoin. Shortly after this unauthorized post, the SEC regained control over its X account and confirmed that the announcement was unauthorized and the result of a security breach. Following this corrective disclosure, the value of BTC decreased by more than $2,000 per bitcoin.
The conspirators gained control of the SEC’s X account through an unauthorized Subscriber Identity Module (SIM) swap, allegedly carried out by Council. A SIM swap refers to the process of fraudulently inducing a cell phone carrier to reassign a cell phone number from the legitimate subscriber or user’s SIM card to a SIM card controlled by a criminal actor. As part of the scheme, Council and the co-conspirators allegedly created a fraudulent identification document in the victim’s name, which Council used to impersonate the victim; took over the victim’s cellular telephone account; and accessed the online social media account linked to the victim’s cellular phone number for the purpose of accessing the SEC’s X account and generating the fraudulent post in the name of SEC Chairman Gensler.
“The indictment alleges that Eric Council Jr. unlawfully accessed the SEC’s account on X by using the stolen identity of a person who had access to the account to take over their cellphone number,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Council’s co-conspirators then allegedly used this unauthorized access to the X account to falsely announce that the SEC had approved listing bitcoin ETFs, which caused the price of bitcoin to rise by $1,000 and then fall by $2,000. Council’s indictment underscores the Criminal Division’s commitment to countering cybercrime, especially when it threatens the integrity of financial markets.”
“These SIM swapping schemes, where fraudsters trick service providers into giving them control of unsuspecting victims’ phones, can result in devastating financial losses to victims and leaks of sensitive personal and private information,” said U.S. Attorney Matthew M. Graves for the District of Columbia. “Here, the conspirators allegedly used their illegal access to a phone to manipulate financial markets. Through indictments like this, we will hold accountable those who commit these serious crimes.”
“The FBI works to identify, disrupt, and investigate cyber-enabled frauds, including SIM swapping,” said Acting Special Agent in Charge David E. Geist of the FBI Washington Field Office Criminal and Cyber Division. “SIM swapping is a method bad actors exploit to illicitly access sensitive information of an individual or company, with the intent of perpetrating a crime. In this case, the unauthorized actor allegedly utilized SIM swapping to manipulate the global financial market. The FBI will continue to work tirelessly with our law enforcement partners around the country and globe to hold accountable those who break U.S. laws.”
“This criminal indictment demonstrates our commitment to holding bad actors accountable for undermining the integrity of the financial markets,” said Inspector General Deborah Jeffrey of the SEC.
A federal grand jury in the District of Columbia returned an indictment on Oct. 10 charging Council with one count of conspiracy to commit aggravated identity theft and access device fraud. If convicted, he faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI Washington Field Office and SEC Office of Inspector General are investigating the case.
Trial Attorney Ashley Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section, Trial Attorney Lauren Archer of the Criminal Division’s Fraud Section, and Assistant U.S. Attorney Kevin Rosenberg for the District of Columbia are prosecuting the case.
For more information on SIM swapping, go to www.ic3.gov/PSA/2024/PSA240411.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
As the anchor tenant at 1001 Boylston St., CarGurus debuts state-of-the-art space designed to maximize connectivity, collaboration, and innovation
BOSTON, Oct. 17, 2024 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today marked the opening of its new global headquarters in Boston’s Back Bay neighborhood. Located at 1001 Boylston Street, the new office underscores CarGurus’ commitment to the Boston region with a world-class space designed for the needs of today’s flexible workplace, balancing versatile collaboration areas with a variety of workspaces that support individual work preferences.
“After nearly 20 years in Cambridge, CarGurus’ move to this inspiring new space represents a meaningful chapter in our growth story in the region,” said Jason Trevisan, CarGurus Chief Executive Officer. “Our best-in-class work environment enhances opportunities for deeper collaboration and connectivity, all in service of our mission to help people reach their destination. This mission comes to life through our focus on delivering an exceptional experience to our employees, driving innovations that benefit our dealer and consumer customers, and supporting the communities in which we live and work.”
The new global headquarters features approximately 225,000 sq. ft. of workspace anchoring the dynamic mixed-use project known as Lyrik. It unites nearly 1,000 employees who previously occupied two separate offices in Cambridge. The move reinforces CarGurus’ commitment to continued growth in the region, where the company is recognized for its award-winning workplace culture and focus on community impact through volunteer efforts and purpose-driven charitable giving.
“Massachusetts is the best state in the country to live, work, grow a business, and build a future — and that’s in large part because of the incredible, innovative companies that call our state home, like CarGurus,” said Massachusetts Governor Maura Healey. “We’re thrilled to celebrate the grand opening of their global headquarters in Boston today, and we’re grateful for their commitment to their employees, their customers, our communities, and our economy.”
“It is very exciting to see the CarGurus logo in the Boston skyline atop its new headquarters,” said Massachusetts Secretary of Economic Development Yvonne Hao. “I look forward to seeing the company continuing to invest in the region’s growth and innovation while entering a new chapter as it expands here as part of Team Massachusetts.”
An Office Designed with Flexibility, Collaboration, and Sustainability at the Forefront Designed by IA Interior Architects, the CarGurus headquarters was created with a hybrid work culture in mind, offering spaces that support all types of meeting scenarios and individual work modes. The result is a dynamic collaboration hub comprised of 10 floors offering 900 choice work points, 30 collaborative spaces, and central social spaces, all with flexibility baked into the design to support changing needs.
Amenities are distributed throughout the office floors to encourage interaction and include a multi-story reception area, tech bar, barista bar, multiple training spaces, all-hands meeting areas, video production suite, and dining area. The workspace also offers two libraries for quiet focus work, several balconies/terraces, and exclusive access to a penthouse gathering space with two large roof decks equipped with seating for individual or group work.
Designed for LEED Gold certification, design features prioritize sustainability and a connection to nature. Views of the Boston skyline and natural light are maximized for all occupants, along with the addition of wood textures, natural materials, and greenery throughout the space.
To learn more about working at CarGurus and view open roles, please visit careers.cargurus.com.
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.
Media Contact: Maggie Meluzio Director, Public Relations & External Communications pr@cargurus.com
Ambitious plans have been set out on how Manchester can play its part in rolling out hundreds of new electric vehicle (EV) charging points in years to come.
The growth of EV usage across Manchester forms an important pillar in the project of Manchester becoming zero-carbon by 2038.
It is estimated that by 2038 there could approximately be 150,000 EV car and light goods vehicles (LGVs) in use in the city. To support that the current network of charging points across the city will need to be significantly expanded.
In a report going to the City Council’s Executive today (October 16) a plan has been set out on how Manchester City Council can play its part alongside local, national and commercial partners in working towards improving EV provision over the coming decade.
In its report, the Council sets out three key priorities which will guide this ambition.
They are:
Encouraging the transition towards EVs
Improving charging infrastructure
Identifying funding opportunities
The Council recognises that to meet its zero-carbon aims a significant amount of work will need to take place to firstly encourage more people away from polluting vehicles to EVs, then ensuring that charging infrastructure is available for people to use and ensure that funding is available to provide that key infrastructure.
In the coming years the Council will leverage its position as a voice within Manchester to communicate the benefits of transitioning to EVs, as well as supporting groups where funding is available who may find it harder to transition from cheaper – albeit more polluting – forms of transport. These groups include but aren’t limited to high mileage users such as taxis or delivery drivers, low-income residents as well as people with disabilities of lower mobility.
The government will also be pressed to lower VAT on public charging to a rate in line with at-home charging, making it easier on people’s finances when considering a change to an EV.
Around £3.3m has already been provisionally identified via two funding streams – the Local EV Infrastructure grant (LEVI) and the City Regions Sustainable Transport Settlement Funds (CRSTS). This funding will be used to support an initial roll-out of additional charging points across Manchester in a number of different configurations as well as incorporating new charging points at existing car parks. It is hoped that over time even more funding will be secured to expand the charging network.
Councillor Tracey Rawlins, Executive Member for Environment and Transport said: “The use of EVs will play a huge part in Manchester becoming a zero-carbon city by 2038. At this moment in time, we know there are a number of barriers which could prevent someone from investing an in EV, a key one being the lack of charging points across the city.
“As a Council we are not under any statutory obligation to provide EV charging points but we know that this is the right course of action to take. EV usage will hinge on how accessible it is for people and by working to break down barriers we will be playing part in their success.”
Governor Kathy Hochul today announced that 6 gigawatts (GW) of distributed solar have been installed across New York, marking the early achievement of the State’s Climate Leadership and Community Protection Act statutory goal a year ahead of schedule. The solar power generation, which benefits homes, business owners and off-takers of community solar projects, is enough to power more than a million homes, underscoring New York’s leadership in growing one of the strongest distributed solar markets in the nation.
“Today we celebrate the early achievement of New York’s 6-GW milepost, which brings us one step closer to a reliable and resilient zero-emission grid,” Governor Kathy Hochul said. “Distributed solar is at the heart of reducing greenhouse gas emissions, expanding the availability of renewable energy, and delivering substantial benefits for our health, our environment, and our economy.”
New York State Energy Research and Development Authority (NYSERDA) President and CEO Doreen M. Harris made the announcement at a distributed solar project in the Town of New Scotland. The project, developed by New Leaf Energy and owned by Generate Capital, includes a 5.7-megawatt solar array that will produce 6.7 million kilowatt-hours of solar energy annually, enough to power nearly one thousand homes. The project participates in the Solar for All pilot program with utility partner National Grid where the energy harnessed by this project benefits low-income households.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “As the top community solar market in the nation, New York State has provided a replicable model for others to deliver clean, low-cost renewable energy to more consumers. Our public-private partnerships are the catalysts which have helped us to achieve our 6-GW goal well ahead of target, trailblazing New York’s path to an equitable energy transition.”
With the achievement of New York’s 6-GW goal—which is underpinned by support from the State’s signature $3.3 billion NY Sun initiative—distributed solar is generating enough energy to power more than a million homes and businesses across the state, including those in disadvantaged communities. The expeditious achievement of the 6-GW goal has also generated approximately $9.2 billion in private investment across New York.
To date, solar projects in New York have created more than 14,000 solar jobs statewide, from engineering and design to installation. In addition, New York requires all solar projects more than 1 megawatt (MW) in size to pay prevailing wages, further supporting the opportunity to advance family sustaining clean energy jobs across New York.
In anticipation of the success, three years ago Governor Hochul directed NYSERDA and the Department of Public Service to expand the goal to 10 GW by 2030. With 6 GW now complete, New York continues to be ahead of schedule for reaching the expanded 10-GW goal with almost 3.4 GW already in development.
New York State Public Service Commission Chair Rory M. Christian said, “Hitting this 6 GW milestone is an important accomplishment, and all involved in this endeavor deserve a round of applause. This is further evidence that distributed solar is a critically important piece of the equation and, through Governor Hochul’s leadership, we are well on our way to creating a clean energy economy.”
New York Power Authority President and CEO Justin E. Driscoll said, “Today’s milestone is a testament to the power of strong partnerships in advancing distributed solar projects across New York State. As we work together to expand the deployment of solar energy, NYPA is committed to working with municipalities, school districts, and state entities to build a portfolio of projects that reduce greenhouse gas emissions and provide energy savings for our customers.”
Generate Capital Investments Managing Director Peggy Flannery said, “Customers and consumers are asking for access to clean energy, and New York state is listening. We’re very excited to have helped New York reach six gigawatts of solar and deliver the benefits of clean energy to the community. Generate operates 69 projects and counting in New York, and this celebration is another proof point of our successful efforts in serving developers, customers, and local communities and accelerating the clean energy transition.”
New Leaf Energy Director of Policy and Business Development Sam Jasinski said, “New Leaf is honored to be celebrating this impressive milestone with the many State and local agencies, towns, fellow industry members, and utilities that made it happen. It shows real progress towards meeting New York’s nation-leading clean energy goals. And while we’re incredibly proud of the work and partnerships that have led to this achievement, we’re more excited that it can be repeated and multiplied. With the State’s continued leadership, we’re confident we can get to 10 GW and beyond.”
New York is the national leader in community solar deployments, allowing renters, low-income residents, and others who cannot install their own panels to benefit from solar energy. In 2023, New York ranked first in the nation in total installed community solar capacity. Last year was also the state’s most productive year ever for solar installations, with 885 MW of capacity installed.
Through NY-Sun, New York is making it much easier for low-income households to benefit from solar projects through the first of its kind Solar for All pilot program. The Solar for All program, which is administered through NYSERDA, allows solar project developers to partner with National Grid to provide additional bill savings to low-income customers in their Energy Affordability Program (EAP). The Public Service Commission has approved an order to replicate NYSERDA’s Solar for All pilot program statewide, including solar projects in National Grid, ConEdison, Orange and Rockland, New York State Electric and Gas, Central Hudson Gas & Electric, and Rochester Gas and Electric utility territories.
The statewide Solar for All program delivers an electric bill credit to EAP customers. The long-term program design is driving continued community solar and storage growth and directs the benefits of that growth to New York State’s low-income residents.
Building on this effort, in April 2024, NYSERDA was selected to receive nearly $250 million from the United States Environmental Protection Agency (EPA) Solar for All program to enhance New York State’s existing portfolio of highly successful and effective solar deployment, technical assistance, and workforce development programs for the benefit of over 6.8 million residents that live in low-income households and disadvantaged communities. As part of the grant funding, the New York State Housing and Community Renewal, the New York City Department of Environmental Protection, and New York City Housing Preservation and Development, will also implement new programs that target specific barriers to solar deployment for this population.
Clean solar energy reduces the need for fossil fuel-based power generation while producing less harmful emissions, resulting in cleaner air and improved public health.
New York Solar Energy Industries Association Executive Director Noah Ginsburgh said, “New York has achieved its 2025 rooftop and community solar goal ahead of schedule and under budget, and we’re just getting started. Distributed solar projects are lowering New Yorkers’ electric bills, providing tax revenue to local governments, and employing thousands of workers across the Empire State. NYSEIA congratulates Governor Hochul, the legislature, NYSERDA, the Public Service Commission, the solar industry, and all New Yorkers on this important milestone.”
Coalition for Community Solar Access Northeast Regional Director Kate Daniel said, “The Coalition for Community Solar Access (CCSA) congratulates the Empire State on reaching this impressive milestone. We are tremendously proud of the large role community solar has played in achieving the first Climate Act requirement ahead of schedule. The 6 GW of rooftop and community solar operating today in New York means direct bill savings for millions of customers, good-paying jobs and economic benefits to host communities, and millions of tons of reduced greenhouse gas emissions. We look forward to continued growth in New York’s community solar programs to help New York on its way to the remaining Climate Act goals.”
State SenatorKevin Parker said, “The installation of six gigawatts of distributed solar energy is a giant step to meeting the state’s renewable energy goals and a major win for clean energy development, the environment and New York’s disadvantaged communities. I applaud Governor Hochul and NYSERDA for taking strong action to ensure New York is a national leader in solar energy production and making tremendous progress toward the goals under the CLCPA.”
State Senator Neil Breslin said, “This program spreads the economic opportunities of solar power beyond corporate investors to local homeowners, property owners and small businesses. It is an increasingly important part of the clean energy mix New York State, and our nation, needs to leverage.”
Assemblymember Patricia Fahy said, “Meeting New York’s ambitious climate mandates under the nation-leading CLCPA is not a question of if – but when. Today’s announcement showcases New York’s commitment to responsibly building out solar energy to help us transition to clean energy and reduce emissions that are driving costly extreme-weather events for too many communities across the state. Climate change is the transcendent threat of our time, and we are already paying for it. I couldn’t be prouder to see the Town of New Scotland right here in the 109th District leading the way to ensure that New York’s clean energy future is bright, affordable, and within reach.”
New Scotland Town Supervisor Douglas LaGrange said, “As a Climate Smart Community, the Town of New Scotland is proud to have been a part of seeing this project come to fruition. We are equally proud that we can do our part to help reach Governor Hochul’s goals for renewable energy in New York State.”
New York League of Conservation Voters President Julie Tighe said, “The state reaching its goal of 6GW of installed distributed solar is an important reminder that, with strong leaders like Governor Hochul and NYSERDA President Dorreen Harris, we are capable of tackling difficult challenges. And as the climate crisis grows more urgent by the day, there is no more important challenge than transitioning to a clean energy economy, which is why we must increase the pace of our renewable energy development and double down on our efforts to meet all of our CLCPA obligations, including by continuing to increase the distributed solar goal as we exceed initial targets.”
Vote Solar Northeast Director Elena Weissmann said, “Distributed solar is a key component of NY’s decarbonization mandate, and promises cleaner air, good jobs, and lower energy bills for New Yorkers. As we celebrate this remarkable milestone – a year ahead of schedule – we must seize this opportunity to double down on what’s working so well. This moment is a testament to the power of distributed solar and a call to accelerate deployment of solar for our homes and communities, so that communities across the State can harness the benefits of a clean energy future.”
National Grid’s Chief Operating Officer for Electric Brian Gemmell said, “Today’s announcement is an important next step in our ongoing efforts to build a smarter, stronger, cleaner electric grid that delivers reliable power for all New Yorkers. Greater access to renewable generation resources like solar power not only advances the state’s clean energy goals, but also helps secure long-term economic stability. We appreciate the partnership of Governor Hochul, NYSERDA, and all the other stakeholders who share our commitment to ensuring a safe, reliable, and accessible energy future.”
New York State’s Nation-Leading Climate Plan
New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 130 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.
