CHICAGO, Oct. 07, 2024 (GLOBE NEWSWIRE) — Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced that it will report its financial results for the second quarter ending September 30, 2024 after market close on Thursday, November 7, 2024.
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on Thursday, November 7, 2024. Online registration for this event conference call can be found at https://registrations.events/direct/Q4I1913184. The live webcast of the conference call can be accessed from Sprout Social’s investor relations website at http://investors.sproutsocial.com.
Sprout Social is a global leader in social media management and analytics software. Sprout’s intuitive platform puts powerful social data into the hands of more than 30,000 brands so they can deliver smarter, faster business impact. Named the #1 Best Software Product by G2’s 2024 Best Software Award, Sprout offers comprehensive publishing and engagement functionality, customer care, influencer marketing, advocacy, and AI-powered business intelligence. Sprout’s software operates across all major social media networks and digital platforms. For more information about Sprout Social (NASDAQ: SPT), visit sproutsocial.com.
Availability of Information on Sprout Social’s Website and Social Media Profiles
Investors and others should note that Sprout Social routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Sprout Social Investors website. We also intend to use the social media profiles listed below as a means of disclosing information about us to our customers, investors and the public. While not all of the information that the Company posts to the Sprout Social Investors website or to social media profiles is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Sprout Social to review the information that it shares at the Investors link located at the bottom of the page on http://www.sproutsocial.com and to regularly follow our social media profiles. Users may automatically receive email alerts and other information about Sprout Social when enrolling an email address by visiting “Email Alerts” in the “Shareholder Services” section of Sprout Social’s Investor website at https://investors.sproutsocial.com/.
RED BANK, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) — OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has helped ten nonprofit organizations in its market area to apply for and obtain Small Business Recovery Grants totaling $50,000 through a program created by the Federal Home Loan Bank of New York (FHLBNY). The grants are designed to assist eligible organizations who have faced economic challenges due to the rate environment, inflation, supply-chain constraints, or rising energy costs.
The ten grants awarded this year will assist nonprofit organizations committed to addressing hunger and food insecurity. Nearly one million people in New Jersey are food insecure, a 22% increase over the previous year, according to Feeding America’s annual Map the Meal Gap study. This includes more than 260,000 children –about 1 in 8. Nationwide, the extra amount of money that people facing hunger say they need to have enough food has reached its highest point in the last 20 years.
“The Small Business Recovery Grant Program is a great opportunity for OceanFirst Bank to help support our local nonprofit partners and the important work they are doing to aid our communities,” said George Destafney, OceanFirst Bank Chief Community Banking Officer. “We are so pleased to be able to assist ten organizations to receive important resources that will benefit our neighbors struggling with food insecurity. Our congratulations and appreciation to the Federal Home Loan Bank of New York for another successful Small Business Recovery Grant round.”
Under the Small Business Recovery Grant Program, banks such as OceanFirst, which are members of the FHLBNY, identify qualified small-business and non-profit customers who are eligible to receive the grant awards.
OceanFirst Bank facilitated Small Business Recovery Grants of $5,000 for each of the following organizations, for a total of $50,000:
“Meals on Wheels is thrilled to receive a $5,000 grant from OceanFirst Bank. This incredible support will help us provide more meals and cover essential expenses, continuing our mission to deliver nutritious meals and positively impact our seniors’ lives,” said Shareka Fitz, Executive Director, Meals on Wheels Greater New Brunswick.
Gwendolyn Love, Executive Director, Lunch Break, added, “The $5,000 grant from OceanFirst Bank will help ensure efficient kitchen and pantry operations, providing healthy and nutritious meals to food-insecure families and individuals in our community.”
“Located in the Bronx, a borough with the highest rates of diabetes in the country, the Friendly Fridge BX focuses on rescuing and redirecting healthy foods to share with people from all over the Bronx and Yonkers,” shared Sara Allen, co-founder of Friendly Fridge BX. “With the support of this $5,000 grant from OceanFirst Bank, over 1,800 visitors per week who come in search of healthy food will have access to over 117,000 lbs. of fresh produce over the course of 13 weeks.”
OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp. founded in 1902 is a $13.3 billion regional bank providing financial services throughout New Jersey and the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst go to http://www.oceanfirst.com.
Company Contact: Jill Apito Hewitt Director Corporate Communications OceanFirst Financial Corp. Tel: (732) 240-4500, ext. 27513 Email: jhewitt@oceanfirst.com
Photos accompanying this announcement are available at
BOSTON, Oct. 07, 2024 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) announced today that it will report third quarter 2024 earnings at the close of business on Wednesday, October 23, 2024. Management will host a conference call to review this information at 1:30 PM Eastern Time on Thursday, October 24, 2024. Interested parties may listen to the call and view a copy of the Company’s Earnings Presentation by joining the call via https://events.q4inc.com/attendee/314623001. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp conference call (Access Code 414186). A recorded playback of the call will be available for one week following the call at 866-813-9403 (United States) or 1-929-458-6194 (internationally). The passcode for this playback is 898921. The call will be available live or in a recorded version on the Company’s website at www.brooklinebancorp.com.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc. is a multi-bank holding company for Brookline Bank, Bank Rhode Island, PCSB Bank and their subsidiaries. Headquartered in Boston, Massachusetts, the Company has $11 billion in assets and branches throughout Massachusetts, Rhode Island, and New York. As a commercially-focused financial institution, the Company, through its banks, offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, consumer and residential loans and investment services designed to meet the financial needs of small-to mid-sized businesses and retail customers. The Company also provides equipment financing through its Eastern Funding subsidiary and wealth management services through its subsidiary, Clarendon Private, a registered investment advisor. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: http://www.brooklinebank.com, http://www.bankri.com, and http://www.pcsb.com.
Brookline Bancorp, Inc. Carl M. Carlson 617-425-5331 Co-President, Chief Financial and Strategy Officer
MENLO PARK, Calif., Oct. 07, 2024 (GLOBE NEWSWIRE) — We plan to host Robinhood’s first Investor Day on December 4, 2024 in New York City. The event will be live streamed with the option for some of our institutional and retail investors and analysts to attend in person. We’ll share more about our vision for the next 10+ years and how that can drive customer and shareholder value. We also plan to answer questions from investors and analysts.
For additional information, please visit our website at investors.robinhood.com.
About Robinhood
Robinhood Markets, Inc. (NASDAQ: HOOD) is on a mission to democratize finance for all. In the U.S., people can invest with no account minimums through Robinhood Financial LLC, a registered broker dealer (member SIPC), buy and sell crypto through Robinhood Crypto, LLC, and spend and earn rewards through debit cards with Robinhood Money, LLC and credit cards with Robinhood Credit, Inc. People can also trade U.S. stocks without commission or FX fees in the UK through Robinhood U.K. Ltd., trade crypto in select jurisdictions in the European Union through Robinhood Europe, UAB, and access easy-to-understand educational content through Robinhood Learn.
Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.
“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.
LOS ANGELES, CA, Oct. 07, 2024 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ:OCSL) (“Oaktree Specialty Lending” or the “Company”) today announced that it will report its financial results for the fourth fiscal quarter and full year ended September 30, 2024 before the opening of the Nasdaq Global Select Market on Tuesday, November 19, 2024. Management will host a conference call to discuss the results on the same day at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of the Company’s website, http://www.oaktreespecialtylending.com.
For those individuals unable to listen to the live broadcast of the conference call, a replay will be available on Oaktree Specialty Lending’s website, or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), access code 1211943, beginning approximately one hour after the broadcast.
About Oaktree Specialty Lending Corporation
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of 1940, as amended, and is managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at http://www.oaktreespecialtylending.com.
TORONTO, Oct. 07, 2024 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus” or “the Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today that it plans to release its third quarter financial results for the period ended September 30, 2024 after market close on Thursday, November 7, 2024. Altus executives Jim Hannon, Chief Executive Officer, and Pawan Chhabra, Chief Financial Officer, will host a conference call and webcast at 5:00 p.m. (ET) the same day to review the financial results and discuss corporate developments.
About Altus Group
Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 2,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit altusgroup.com.
Whether it is a sweltering summer or a frigid winter, digging just a few feet into the earth provides relief from the temperatures above. That is because, on average, the ground temperature is warmer than the air during the winter and cooler in the summer. This relatively constant subsurface temperature is one form of geothermal energy, and it offers a nationwide solution for home heating and cooling.
Ancient civilizations—from Native Americans to Greeks and Romans—relied on geothermal energy for cooking, bathing, and heating. Today, one way that geothermal energy is harnessed is with ground-source heat pumps (GSHPs)—sometimes also called geothermal heat pumps—which use pipes buried in the ground to transfer heat to or from the ground to cool or warm buildings. GSHPs can reliably control indoor temperature and humidity throughout the year while using up to 80% less energy compared with conventional air conditioners or furnaces.
Tranquility Estates, a mobile-home community in Raymond, New Hampshire, is one of the communities tapping into geothermal energy through the U.S. Department of Energy’s (DOE’s) Clean Energy to Communities (C2C) Expert Match program. C2C Expert Match offers free, short-term technical assistance to communities to address their near-term clean energy challenges and questions.
Tranquility Estates residents applied to C2C Expert Match to get help identifying the right size of GSHP systems to meet the heating and cooling needs of the community. C2C Expert Match researchers at Oak Ridge National Laboratory (ORNL) used the resources of DOE’s Building Technologies Research and Integration Center to perform simulations and cost-benefit analyses to help the community understand the impacts of transitioning away from historically used energy sources.
“They wanted to know whether a ground-source heat pump could maintain the room temperature they were used to with their existing system,” said Jamie Lian, ORNL’s technical lead for its C2C projects. “So we used ORNL’s Ground Source Heat Pump Screening Tool to simulate the performance of ground-source heat pump systems for 60 mobile homes to identify the right size of the heat pump and the ground heat exchangers needed for each home.”
ORNL’s Ground Source Heat Pump Screening Tool is a publicly available techno-economic analysis tool for GSHP applications. It allows building owners; heating, ventilation, and air conditioning (HVAC) system designers; and installers to estimate the benefits and costs of implementing a GSHP system in various buildings at all climate zones in the United States.
Xiaobing Liu, an ORNL senior researcher who leads ORNL’s geothermal program, compared a GSHP’s performance to the mobile homes’ existing air conditioning units and gas furnaces. Liu simulated hourly electricity consumption for an entire year to compare both options.
“Based on our simulation, we can predict the room temperature and see whether that temperature can be maintained during the year, especially in the winter,” Liu said. “Our simulation shows that the GSHP system can keep these homes at their desired temperature throughout much of the year, except for a few hours when the ambient is very cold, in which case the room temperature is slightly below the set point. The GSHP eliminates fossil fuel usages for space heating in these homes, and the annual electricity use increases by less than 10%.”
Though electric use slightly increases, the move away from oil, propane, and natural gas-powered technologies—and instead relying on a solar farm to power the GSHP—would help the Tranquility Estates community reduce its energy bills in addition to reducing carbon emissions.
“Raymond, New Hampshire, is one of a handful of communities we’ve supported through C2C Expert Match that are interested in exploring the potential role of geothermal energy in decarbonizing emissions in residential and commercial buildings,” said NREL’s Darylann Aragon, who leads the C2C Expert Match Program.
Heat Pumps Can Utilize Air and Water Temperatures Too
GSHPs are just one type of heat pump that communities are using to meet their unique needs now while simultaneously preparing for more renewable systems in the future.
“In the broader energy transition away from fossil fuels, heat pumps represent a practical and scalable technology that can be adopted with existing infrastructure while supporting future energy systems,” said Jian Sun, an ORNL researcher whose heat pump expertise, along with ORNL researcher Yanfei Li’s, helped the city of Rockland, Maine, during its C2C Expert Match participation.
After Rockland transitioned to 100% renewable municipal electricity in 2020, the city turned its focus to electrifying its public facilities. Before applying for Efficiency Maine’s Municipal Electrification Retrofit funding opportunity, the city wanted help identifying which facilities were best suited for a retrofit.
The proposed air-source heat pump solution for the Flanagan Community Center in Rockland, Maine, has the potential to reduce energy consumption by 45% and save 42% in energy cost, compared to the current baseline boiler heating approach. Photo from Jenny Carter, City of Rockland
“They wanted to know which technologies covered by the funding opportunity were best suited for the three facilities they were considering: the Rockland Fire Department, Flanagan Community Center, and a public services facility,” Sun said.
With a limited amount of time to perform the energy analysis needed, ORNL advised Rockland to focus on its Flanagan Community Center, which involved analyzing air-source, water-source, and ground-source heat pumps and a variable refrigerant flow system.
“We investigated what the cost would be to transition those heating devices to heat pumps,” Sun said. “There are many different types of heat pumps out there in the market, so they needed help understanding which is more suitable for their cold climate.”
And climate suitability is only one of several factors that need to be considered when retrofitting a building with a heat pump, according to Lian.
“It’s not just an operational cost that you need to consider,” Lian said. “When we translate the energy efficiency savings to the cost savings, it’s really case-dependent because in some locations the consumption rate might be lower or higher, so the savings could greatly vary. Then you have other costs, like installation cost, maintenance cost, design cost. So, there are many different costs that need to be considered during this process.”
Aragon added that holistic and transparent information can help communities make informed decisions about what is best for them.
“We continue to support many communities—more than 30 and counting—that have questions around both new building decisions and decarbonizing buildings through expert insights on energy efficiency measures and retrofits,” she said.
The research team created a presentation to help city staff understand the results of the analysis: The proposed air-source heat pump solution has the potential to reduce energy consumption by 45% and save 42% in energy cost, compared to the current baseline boiler heating approach.
The C2C Expert Match analysis helped the city identify additional building updates that would need to precede an electrification retrofit. A cost-benefit analysis led the city to determine that it was “not a good fit” for Efficiency Maine’s Municipal Electrification Retrofit program, according to Jenny Carter, a sustainability coordinator for Rockland.
“With the help of Expert Match, we were able to understand the full value of an electrification retrofit—to the building and the broader community—and pursue next steps to develop cost estimates and identify required repairs before an electrification retrofit can take place,” said Carter, who noted that the Expert Match information continues to help the city pursue other building retrofit funding opportunities.
Expert Match applications are accepted and reviewed on a rolling basis. Learn more about all of C2C’s program opportunities and apply on the C2C website.
C2C connects community-based groups, local governments, utilities, and other organizations with national-laboratory experts to close the gaps between communities’ clean energy ambitions and real-world deployment. The technical assistance offered through C2C can offer meaningful insights around clean energy decision-making to help communities achieve resilient clean energy systems that embody local and regional priorities. For example, C2C analysis can provide insights on the financial and social costs and benefits of electric vehicles, geothermal systems, or capturing and storing solar energy. Such analysis provides community-specific information on the funding and support needed to bring clean energy projects to fruition.
KEY QUOTE: “Kansas Gov. Laura Kelly said this tax reduction is ‘a win for the Kansas people.’ ‘All people have been talking about for the past two years or so has been inflation and particularly the cost of food,’ Kelly said. ‘Now that’s waning, coming down quite significantly, but by eliminating the sales tax on food — you take a 6.5% reduction in the cost of food for people — that makes a huge difference to many, many people. Now I think we calculated that the average family of four would save over $500 a year, just on sales tax elimination.’”
Kansas to eliminate food sales tax in 2025 Meredith McCalmon, Kansas State Collegian Oct. 2, 2024
State sales tax on food in Kansas will reduce to 0% by Jan. 1, 2025 — a process which began in 2023 in accordance with House Bill 2106. According to a publication by the Kansas Department of Revenue, [the] Kansas legislature reduced food tax from 6.5% to 4% in Jan. 2023, to 2% in Jan. 2024 and will eliminate it completely on Jan. 1, 2025.
Daniel Kuester, director of undergraduate studies in economics at Kansas State, said this bill is especially impactful to low-income individuals. “I personally look at this as more of a way to remove what is, in essence, a regressive tax,” Kuester said, “Because the people with the least amount of income pay the highest percentage of their income on sales tax, particularly those on things like groceries.”
Basil Knight, junior in music education, said saving money on groceries would allow them to make more meals instead of eating fast food. “It’s so hard, with groceries being so expensive, to be able to afford getting enough for three meals a day…But now knowing that there won’t be taxes on it [groceries], it’ll be less expensive and I won’t have to waste so much money eating out all the time.”
Kelly said she talked with many Kansans for public input on the food sales tax reduction. “[I had] lots and lots of conversations with folks…In fact, I did a sort of around-the-state tour when we [proposed] to axe the sales tax, so I heard from lots and lots of people about how much they would appreciate the elimination of that sales tax. … I know people are very pleased that we did what we did.”
Investment in Apprenticeship Boost will prioritise critical industries and targeted occupations that are essential to addressing New Zealand’s skills shortages and rebuilding the economy, Tertiary Education and Skills Minister Penny Simmonds and Social Development and Employment Minister Louise Upston say.
“By focusing Apprenticeship Boost on first-year apprentices in targeted occupations, we are providing employers in critical industries with the certainty to hire and retain first-year apprentices, and confidently hire new ones,” Ms Simmonds says.
“Having the confidence to build and strengthen your team is important, especially when many businesses are doing it tough right now.”
The National-NZ First Coalition Agreement includes a commitment to continue Apprenticeship Boost, with $64 million allocated to initiative in Budget 2024.
“The previous government had set time-limited funding until the end of 2024.
“Our investment in Apprenticeship Boost, reinforces this Government’s commitment to fostering a skilled workforce in sectors that are critical to economic growth. First-year apprentices in key industries and occupations will continue to benefit,” Ms Simmonds says.
From 1 January 2025, Apprenticeship Boost will prioritise key sectors and targeted occupations that are crucial to New Zealand’s growth and sustainability. They are:
Building
Agriculture
Horticulture and Viticulture
Forestry Studies
Manufacturing, Engineering and Technology
Process and Resources Engineering
Automotive Engineering and Technology
Electrical and Electronic Engineering and Technology
Aerospace Engineering and Technology
Maritime Engineering and Technology
Other Engineering and Technology
Human Welfare Studies and Services
Food and Hospitality
The targeted occupations are defined by the New Zealand Standard Classification of Education (NZSCED) code, ensuring that the initiative addresses the most pressing skill gaps and supports the long-term success of the economy.
Employers can continue to claim funding for eligible apprentices under the current settings until 31 December 2024. Employers receiving funding for second-year apprentices will continue to receive $500 monthly payments until the same date.
From 1 January 2025, only employers of first-year apprentices in targeted industry areas will be eligible for the $500 monthly subsidy.
These improvements to Apprenticeship Boost reflect the Government’s commitment to deliver a strong economy and support more New Zealanders into jobs.
“Our economy is stronger when more people are in work,” Ms Upston says.
“Industry training plays an important part in making sure our young people have more opportunities to get ahead through work, but we need to make sure the skills and qualifications they are gaining are also in sync with what our country needs.
“Targeting Apprenticeship Boost makes sense as it will strengthen the long-term success of our key industries as we grow a more skilled workforce.”
The Ministry of Education will review the targeted sectors every two years to ensure the programme continues to address skills shortages and aligns with New Zealand’s evolving economic priorities. The first review is scheduled for July 2027.
From today, early learning providers can apply for Commonwealth Government funding to deliver early childhood education and care workers a historic 15 per cent pay rise.
To be eligible to receive the Albanese Government’s funding for the wage increase, early childhood education and care services must agree not to increase their fees by more than 4.4 per cent between 8 August 2024 and 7 August 2025.
This is good for early childhood educators and good for families.
There will also be a limit on fee growth in the second year of the wage subsidy. The percentage limit on fee growth that will apply from August 2025 will be determined by a new ECEC cost index being developed by the Australian Bureau of Statistics (ABS).
This is an important condition that will keep downward pressure on out-of-pocket costs for families.
Services must also pass on funding in full to employees through increased wages.
The 15 per cent pay rise will be phased in over two years, starting with a 10 per cent increase from December 2024, with a further 5 per cent increase from December 2025.
This means a typical early childhood educator who is paid at the award rate will receive a pay rise of more than $100 per week this year, increasing to more than an additional $150 per week from December 2025.
This significant wage increase is an important next step in the Government’s reforms to the sector, building on the successful Cheaper Child Care policy.
Latest data shows that Cheaper Child Care has seen the average out-of-pocket costs for families decrease by more than 13 per cent from the June quarter 2023 to the June quarter 2024.
The Government’s Cheaper Child Care policy increased the base subsidy rates from July 2023 for all families earning up to $530,000, and set the maximum subsidy to 90 per cent for families earning $80,000 or less.
Thanks to the increased subsidy, a family earning $120,000, with one child in care three days a week, paid around $2,140 less last financial year than they otherwise would have.
The Government is currently considering the Productivity Commission’s report handed down earlier this month.
For further information on the 15 per cent wage increase, grant eligibility and how to apply visiteducation.gov.au/early-childhood/workforce/wages/how-apply-worker-retention-payment.
Quotes attributable to Prime Minister Anthony Albanese:
“Early educators shape lives and change lives. They deserve more than our thanks – they deserve to be paid fairly.
“Parents want their children to be safe, happy and to have the very best start in life. This funding is about fair pay for the people who make this possible.
“Importantly, we’re making sure that our early educators are getting fair wages without putting cost of living pressure on families.
“This is part of our Government’s agenda to make sure that Australians are making more and keeping more of what they earn, while providing that vital cost of living relief.”
Quotes attributable to Minister for Education Jason Clare:
“The child care debate is over. It’s not babysitting. It’s early education and it’s critical to preparing children for school.
“They lift our kids up and now we are lifting their pay.
“This means wages up for workers and keeping prices down for families.
“A pay rise for every early childhood educator is good for our workforce, good for families and good our economy.”
Quotes attributable to Minister for Early Childhood Education and Minister for Youth Anne Aly:
“We’re boosting the wages of early childhood education workers, while relieving cost of living pressures on Australian families.
“Properly valuing the early childhood education and care workforce is crucial to attracting and retaining workers and vital to achieving the quality universal early learning sector Australian families deserve.
“A quality early childhood education sector is necessary to support children’s learning and development as well as workforce participation in the broader economy – particularly for women.
“I urge all eligible early learning services to sign up to this important initiative, so their hardworking staff get the full benefit of this wage increase.”
Source: United Nations Economic Commission for Europe
The joint UNECE/FAO Forestry and Timber Section, with the financial support from Canada, organized three webinars for national correspondents on the data collection for the Joint Wood Energy Enquiry with a focus on countries in the Western Balkan and Eastern Europe, Caucasus and Central Asia.
This second module offered national correspondents to discuss in detail the possible national data sources, strategies and resources needed to collect relevant data.
Source: United Nations Economic Commission for Europe
The joint UNECE/FAO Forestry and Timber Section, with the financial support from Canada, organized three webinars for national correspondents on the data collection for the Joint Wood Energy Enquiry with a focus on countries in the Western Balkan and Eastern Europe, Caucasus and Central Asia.
The third module will offer national correspondents the opportunity to discuss with the secretariat particular structural or data issues that require clarifications before submitting of the dataset. National correspondents are also encouraged to bring to the attention of the secretariat possible improvements of the enquiry.
Source: United States House of Representatives – Representative Melanie Stansbury (N.M.-01)
ALBUQUERQUE — Congresswoman Melanie Stansbury (NM-01) was proud to welcome Democratic Leader Hakeem Jeffries for a community conversation at the New Hope Full Gospel Baptist Church in Albuquerque.
The conversation brought together community members, local leaders, and advocates to discuss pressing issues impacting New Mexicans. Leader Jeffries and Rep. Stansbury touched on a broad range of topics including how Democrats are delivering for Americans in tangible ways like lowering costs for Americans, expanding access to healthcare, protecting the environment, and ensuring our democracy stays secure.
“I am so proud to welcome Leader Jeffries to our beautiful state and share the stage with him and to showcase all the work Democrats are doing for New Mexicans,” said Stansbury. “We have brought millions of dollars back to New Mexico through federal programs, legislation, and Community Project Funding that support education, housing, healthcare, infrastructure, and economic development. We will continue this momentum – including tackling pressing issues such as climate change, economic inequality, and access to quality education as we continue to work for New Mexico and our communities.”
“House Democrats will continue to lean into lowering housing costs and growing the middle class with a particular emphasis on access to affordable homeownership,” said Leader Jeffries. “Being able to purchase a home, keeping that home and being able to pass it onto the next generation is central to the great American dream. And we will fight to maintain the principles of free and fair elections and ensure the right to vote, which John Lewis would always say to us, is sacred, is sacrosanct and is essential to the integrity of our democracy. We have to push back against the extreme right-wing efforts to take it away, so one of our top priorities in Congress will be to pass the John Robert Lewis Voting Rights Advancement Act.”
Find photos from the event here.
Since taking office, Rep. Stansbury has secured more than a billion dollars in funding for New Mexico’s First Congressional District, including more than $44.5 million for 37 community projects for public safety, economic development, and other needs.
Some of what Congresswoman Stansbury has delivered to New Mexico’s First Congressional District include:
Crime Prevention and Public Safety:
Last month, the Congresswoman introduced the Stop the Opioid Pill Presser and Fentanyl Act (STOPP Fentanyl Act) to disrupt global criminal networks and suppliers of illicit drugs like fentanyl.
Behavioral Health Resources:
In Congress, Rep. Stansbury has secured millions for NM-01 to improve community well-being through behavioral health-focused solutions. This includes leading efforts to secure funding for mental health and addiction recovery programs, such as workforce development, school-based support, crisis intervention, and veterans’ suicide prevention.
Gun Violence and Safety:
Congresswoman Stansbury has cosponsored key bills aimed at addressing gun safety, including the Keep Americans Safe Act, the SAFES Act, the Identify Gun Stores Act, the Gun Violence Prevention Research Act of 2023, the Break the Cycle of Violence Act), and the AMMO Act.
These bills focus on universal background checks, bans on military-style rifles and untraceable weapons, and enhancing research and oversight related to gun violence and ammunition.
Reproductive Rights:
Congresswoman Stansbury voted to defend reproductive rights against the House GOP’s systematic efforts to criminalize abortion and abortion providers.
Rep. Stansbury joined other House Democrats to sponsor legislation to restore Roe vs. Wade, condemn violence and attacks on healthcare facilities, personnel, and patients, and to pass the Women’s Health Protection Act.
Rep. Stansbury co-sponsored a resolution by House Democrats to condemn attacks on abortion clinics that threaten the safety of patients and health care workers.
Rep. Stansbury also voted to pass the Ensuring Access to Abortion Act and the Right to Contraception Act to safeguard access to contraception and the right of pregnant individuals across the nation to travel to seek safe, legal care.
Economy and Jobs:
Rep. Stansbury helped pass the Bipartisan Infrastructure Law, Inflation Reduction Act, and the CHIPS and Science Act and her bill the Partnerships for Energy Security and Innovation Act, to invest in our infrastructure, tackle climate change, and build a clean energy economy.
The Congresswoman led the Rail Worker and Community Safety Act to improve federal rail safety regulations, including mandates for a two-person crew, changing the ways hazardous materials can be transported, increasing funding for rail safety inspectors, and codifies mandatory sick leave for all rail workers.
Rep. Stansbury co-sponsored the Protecting the Right to Organize Act (PRO ACT) which is a comprehensive bill aimed at strengthening labor rights by amending key labor laws to enhance protections for workers, particularly in union organizations and collective bargaining efforts.
Water Access and Water Rights:
Since her time in the New Mexico Statehouse, the Congresswoman has been a leader in fighting for access to clean water and securing water rights for communities across New Mexico.
She introduced the Water Data Act to establish a framework for standardizing water data across federal agencies, so data is interoperable and easily accessible to water managers and communities.
She also introduced the Rio Grande Water Security Act providing necessary operational flexibility for water managers in the Rio Grande Basin. The bill also reauthorizes a vital lifeline to address the irrigation infrastructure needs of the Pueblo nations who have used these waters for countless generations.
Environmental Justice and Protection:
Along with her work in other areas, the Congresswoman has been a champion for climate protections and ensuring a just transition occurs during the efforts to address the climate crisis in communities in New Mexico and across the country.
She co-sponsored several pieces of legislation, including House Resolution 37 – Acknowledging a Climate Emergency, the Civilian Climate Corps for Jobs and Justice Act, the Environmental Justice For All Act, the Promoting Youth Mental Health and Well-Being in a Changing Climate, the Climate and Health Protection Act, and the Excess Urban Heat Mitigation Act.
Housing:
Congresswoman Stansbury has been focused on bringing more affordable housing to New Mexicans and has championed several bills including the Affordable Housing Credit Improvement Act of 2023, the Expansion of Attainable Homeownership Through Manufactured Housing Act of 2023, the Eviction Protection Act of 2023, the Housing for All Act of 2023, the Ending Homelessness Act of 2023, the Affordable Housing Stability During Shutdowns Act of 2023.
Some of her legislative actions include working closely with local tribal leaders to address concerns regarding a lack of funding to meet tribal housing needs in New Mexico and across the country.
Healthcare:
The Congresswoman is focused on lowering the costs of healthcare for all New Mexicans and ensuring people who need care can find it when needed. Some of her work includes introducing the Stopping Addiction and Falls for the Elderly (SAFE) Act, the Small Practice, Underserved, and Tural Support Program Extension Act, the Public Health Nursing Act, the Keep Physicians Serving Patients Act, and co-sponsoring the Telehealth Access for Tribal Communities Act of 2024 and the Protecting Access to Ground Ambulance Medical Services Act.
NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for September 2024, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended September 30, 2024, on its Investor Relations website.
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at http://www.nasdaq.com.
Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at http://www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
MIAMI, Oct. 07, 2024 (GLOBE NEWSWIRE) — USCB FINANCIAL HOLDINGS, INC. (the “Company”) (NASDAQ: USCB) will report financial results for the quarter ended September 30, 2024 after the market closes on Thursday, October 31, 2024.
A conference call to discuss quarterly results will also be held with Chairman, President, and CEO, Luis de la Aguilera, Chief Financial Officer, Robert Anderson, and Chief Credit Officer, William Turner, details which are provided below.
Live Conference Call and Audio Webcast
Date: Friday, November 1, 2024 Time: 11:00am Eastern Time Dial-in: (833) 816-1416 (toll free in the U.S.) Passcode: USCB Financial Holdings Call
A live audio webcast of the call will be available with the press release and slides on the investor relations page of the Company’s website at https://investors.uscenturybank.com/. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the internet broadcast.
A replay of the webcast will be archived on the investor relations page shortly after the conference call has ended.
About USCB Financial Holdings, Inc.
USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the state of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information or to find a U.S. Century Bank banking center near you, please call (305) 715-5200 or visit http://www.uscentury.com.
TULSA, OK, Oct. 07, 2024 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) will report third-quarter 2024 financial and operating results after the market close on Wednesday, November 6, 2024 and host a conference call and webcast on Thursday, November 7, 2024 at 7:30 a.m. CT.
To participate on the call, dial 800.715.9871, using conference code 1544492 or listen to the call via the Company’s website at http://www.vitalenergy.com “Investor Relations | News & Presentations | Upcoming Events.”
About Vital Energy
Vital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas.
FAIR LAWN, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”), the mid-tier holding company for Columbia Bank, announced today the completion of the merger of Freehold Bank with and into Columbia Bank, effective as of October 5, 2024. Prior to the bank merger, Freehold Bank and Columbia Bank were held and operated as separate subsidiaries of the Company.
In connection with the completion of the bank merger, James H. Wainwright, President and Chief Executive Officer of Freehold Bank, was appointed to the Board of Directors of Columbia Bank.
About Columbia Financial, Inc.
Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 68 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.
Columbia Financial, Inc. Investor Relations Department (833) 550-0717
VAN BUREN TOWNSHIP, Mich., Oct. 07, 2024 (GLOBE NEWSWIRE) — Visteon Corporation (Nasdaq: VC), a global technology company serving the mobility industry, will release its third quarter 2024 financial results before the market opens on Thursday, Oct. 24. The company will host a conference call for the investment community at 9 a.m. ET to discuss the results and related matters. The conference call is also available to the public via a live audio webcast.
The dial-in numbers to participate in the call are:
International Participants Toll Dial-In Number: 1-240-789-2735
Conference ID: 8897485
(Dial-in approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials, news release and other supplemental information will be accessible in the Investors section of Visteon’s website. Shortly after the call, a replay of the webcast will be available on the company’s website.
About Visteon Visteon is advancing mobility through innovative technology solutions that enable a software-defined and electric future. With next-generation digital cockpit and electrification products, Visteon leverages the strength and agility of its global network with a local footprint to deliver a cleaner, safer and more connected vehicle experience. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries worldwide, recorded approximately $3.95 billion in annual sales and booked $7.2 billion of new business in 2023. Learn more at investors.visteon.com.
This demographic shift highlights the increasing demand for high-quality long-term care services. Older individuals frequently experience limitations in daily living activities, such as dressing, washing and household tasks.
By 2050, half of people aged 65 or older in OECD nations are expected to report some limitation in daily living, and dementia cases are projected to reach 42 million. Canada is not exempt from this trend.
In Québec, for instance, around 315,000 individuals require help with daily activities — a number expected to nearly double by 2050.
As the number of elderly people needing care grows, the demand for long-term care services will present significant financial challenges for both individuals and governments. Understanding the economic and demographic factors driving long-term care needs, as well as their implications, is crucial for building a more equitable and robust care system.
Low-income individuals face double penalty
Research has shown that while life expectancy has increased, it’s unevenly distributed across socioeconomic groups. Factors such as age, ethnicity, gender, income and education play a significant role in determining longevity.
In Canada, men in the top five per cent of earners live, on average, 11 per cent longer than those in the bottom five per cent. For women, the longevity gap between those with the highest earnings and the lowest earnings is 3.6 years. These findings are consistent with research from other countries, including the United States.
However, research on the relationship between income and loss of autonomy is still limited. Some studies suggest that lower socioeconomic status is associated with poorer health outcomes and higher disability rates among older adults.
In the United Kingdom and the U.S., individuals in the bottom third of wealth distribution live seven to nine fewer years without disability compared to those in the top third. Similarly, in Europe, less wealthy individuals have a higher likelihood of becoming dependent and they remain dependent longer.
Understanding these socioeconomic disparities is crucial for shaping public policy and identifying which groups are the most vulnerable. Low-income individuals face a double penalty: they are both more likely to need long-term care and they are less financially equipped to bear the associated costs.
As a result, public long-term care policies might consider prioritizing the support of low-income individuals, since wealthier individuals can more easily afford care.
High-income Canadians live longer
Our research explored the relationships between longevity, dependency and income using data from a 2016 survey of 2,000 Canadians aged 50 to 69.
The data combined both subjective self-reports with objective data about the likelihood of living to age 85, developing limitations in daily living activities or entering a nursing home. Financial resources were measured through reported income and savings.
Our findings show that Canadians with higher incomes are more likely to live to age 85 and are less likely to become dependent. After controlling for several socioeconomic factors, we found that a one per cent increase in income was associated with the following:
nearly a five per cent increase in survival probability;
a one per cent decrease in the likelihood of having limitations in daily living activities;
and a two per cent decrease in the likelihood of entering a long-term care home.
The relationship between income and dependency was particularly strong among individuals in the top third of the income distribution. This suggests that financial resources play a significant role in extending life and maintaining independence as people age.
Interestingly, despite their lower objective likelihood of needing nursing home care, higher-income individuals perceived themselves as more likely to require it. A one per cent increase in income was associated with a four per cent increase in the self-reported probability of entering a nursing home, even though the actual probability of this happening dropped by two per cent.
This discrepancy may be explained by wealthier individuals considering other factors, such as their financial resources and the possibility of receiving care at home from a professional caregiver.
Targeted support is needed
The socio-demographic relationships from our study have important implications for designing equitable long-term care policies. Wealthier individuals tend to live longer and are less often dependent, meaning they are in a better position to pay for long-term care expenses.
On the other hand, low income individuals are more likely to become dependent and may experience greater financial strain if they need to pay for long-term care costs over an extended period, potentially driving them into poverty.
Our findings recommend that provincial and territorial governments should adopt redistributive policies for long-term care. These policies could involve providing additional subsidies aimed at low-income older individuals, either as a preventive measure or when they first become dependent.
Redistributive policies are critical not only because low-income individuals have fewer financial resources, but also because they face a higher likelihood of dependency. Without targeted support, these individuals could be left struggling to afford the care they need. Designing policies that recognize these disparities can help ensure a more equitable and sustainable long-term care system in Canada.
Marie-Louise Leroux receives funding from FRQSC and SSHRC-CRSH. She is affiliated with CIRANO (Montréal) and CESifo (Munich).
Marie Connolly receives funding from FRQSC and SSHRC-CRSH. She is affiliated with CIRANO (Montréal).
Source: United States House of Representatives – Congressman Jason Smith (8th District of Missouri)
strong>WASHINGTON, D.C. – Congressman Jason Smith and U.S. Senator Steve Daines (R-MT), along with Congressman Doug Lamborn (R-CO), introduced the Child Tax Credit for Pregnant Moms Act that would make pregnant mothers eligible for the Child Tax Credit (CTC), allowing them to save up to an additional $2,000 for an unborn child.
“From the moment a baby is conceived, a family’s priorities begin adjusting to prepare for their arrival. It’s time for our tax code to help babies who are still in the womb by making sure their parents have the resources necessary for their arrival. That’s why I’m proud to introduce the Child Tax Credit for Pregnant Moms Act, which will allow working families to claim up to an additional $2,000 with the Child Tax Credit before the child is born, giving them a chance to get a head start to prepare, save, and invest in their future.” – said Rep. Jason Smith
“Expecting parents begin providing and preparing for their child the minute they learn they’re having a baby—the Child Tax Credit should reflect the fact that unborn children are children too,” Sen.Dainessaid. “From prenatal care to stocking up on baby supplies, this tax relief will help parents prepare for the arrival of their baby.”
“Having a child is a financial commitment which is why I am pleased to introduce the Child Tax Credit for Pregnant Moms Act with Senator Daines and Congressman Smith. This legislation will encourage childbirth by allowing pregnant mothers to collect the child tax credit and get the necessary resources they need for their unborn children. Despite attempts by the left to dehumanize the unborn, we must continue working to recognize the inherent value and dignity of our unborn babies.”-said Rep. Doug Lamborn
From stocking up on diapers, to setting up a new crib the work, care, and costs associated with motherhood begin long before a child is born. Recognizing unborn children for the CTC would give expecting parents and their families an opportunity for a better start.
In order to ensure equal access, parents of miscarried and stillborn children also have the opportunity to qualify for the tax credit. Parents who lose a child to miscarriage or stillbirth often have significant financial burdens such as medical bills and funeral expenses. Allowing grieving parents to receive the CTC is a small but meaningful step to help provide them with support.
Read the full text HERE.
Organizations that support this legislation include: Susan B. Anthony List, Family Research Council, March for Life, U.S. Conference of Catholic Bishops, Student for Life, Feminists for Life, Americans United for Life, National Right to Life, American Principles Project, Catholic Vote
More Māori and whānau across Aotearoa will benefit from home ownership opportunities, thanks to an expanded funding framework that enables lending for housing on Māori freehold land.
Under the expanded model, individuals and whānau who meet BNZ’s standard home lending criteria can secure a home loan for housing on Māori land managed by land trusts or incorporations, at standard home loan interest rates.
Whetu Rangi, BNZ Head of Māori Business, says the initiative is step forward in addressing the unique challenges Māori face when seeking finance to build homes on their whenua.
“It’s about more than just providing loans; it’s about empowering our people to create sustainable, thriving communities on their whenua.”
About Māori land trusts and incorporations
Māori land trusts and incorporations play a crucial role in the management of Māori freehold land, which covers approximately 1.4 million hectares—about 5% of New Zealand’s land area. This differs from iwi-owned land, which is typically held by an iwi post settlement entity as a result of Treaty of Waitangi settlements.
A significant portion of Māori freehold land is held in trusts and incorporations, which manage the land on behalf of multiple owners. These owners are generally connected through whakapapa (genealogy) and can number in the hundreds or even thousands for a single land block.
The collective ownership structure of Māori land has historically posed challenges for lending. This, combined with restrictions on land transferability, including those in Te Ture Whenua Māori Act 1993, has created barriers to using Māori land as security for loans. As a result, whānau have faced significant obstacles in obtaining individual home loans on collectively owned land, impeding housing development on ancestral lands for generations.
Overcoming barriers to lending
To address this, the BNZ framework uses leasehold mortgage lending practices that align with Māori land ownership legislation and enshrines agreements that ensure property is controlled by the Māori land trust, incorporations and owners, which would take over in the event of a distressed mortgage.
This approach balances the bank’s security requirements with the land rights of shareholders and beneficiaries of Māori land.
BNZ CEO Dan Huggins says extending the framework is about supporting Māori aspirations.
“Developing this framework has taken several years, requiring a significant amount of legal work, and a full understanding of the unique aspects of Māori land ownership. This model respects the collective ownership structures of Māori land and ensures that the land remains a taonga tuku iho—a treasure passed down through generations,” he says.
“We’re proud that we’ve managed to develop a solution that not only can facilitate home ownership on whenua Māori but also acknowledges and protects the deep connection Māori have with their whenua. We hope this approach is the first of many innovative solutions enabling Māori home ownership.”
New York, NY, Oct. 07, 2024 (GLOBE NEWSWIRE) — Launch Two Acquisition Corp. (the “Company”) announced today the pricing of its initial public offering of 20,000,000 units. The units are expected to be listed on The Nasdaq Stock Market LLC (“Nasdaq”) and begin trading tomorrow, October 8, 2024, under the ticker symbol “LPBBU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “LPBB” and “LPBBW,” respectively. The offering is expected to close on October 9, 2024, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.
The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The Company’s primary focus, however, will be on technology and software infrastructure companies whose products and services target financial services, real estate and asset management companies. The Company will pursue completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team.
The Company’s management team is led by James J. McEntee III, its Chief Executive Officer and Chairman of the Board of Directors (the “Board”), and Jurgen van de Vyver, its Chief Financial Officer. The Board also includes Lynn Eisenhart, Jeffrey M. Shanahan, and Alfred J. Pierce III.
Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022, or by email at prospectus@cantor.com.
A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on October 7, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.
Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, http://www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contacts
Launch Two Acquisition Corp. Jurgen van de Vyver jurgen@launchpad.vc (510) 692-9600
The U.S. Pacific Fleet is the world’s largest fleet with approximately 200 ships, 1,500 aircraft, and 150,000 military and civilian personnel operating across 100 million square miles of land, air and sea.
Kilby began the visit discussing Pacific Fleet’s essential role deterring conflict, upholding international law and assuring access to the seas with Commander, U.S. Pacific Fleet Adm. Steve Koehler.
“The United States is a Pacific nation and the Sailors and civilians serving in the Pacific Fleet have an immense responsibility,” said Kilby. “The Chairman of the People’s Republic of China has charged PRC forces to be ready for war by 2027 and it is critical we remain postured to deter, defend and if necessary, defeat provocative actions and unsafe behavior across the Indo-Pacific.”
Kilby also observed how the Navy executes fleet-level warfare and facilitates lower-echelon mission command at Pacific Fleet’s Maritime Operations Center. Pacific Fleet’s MOC has the lead for achieving certified and proficient teams in command and control, information, intelligence, fires, movement and maneuver, protection, and sustainment functions in accordance with the Chief of Naval Operations Adm. Lisa Franchetti’s Navigation Plan for America’s Warfighting Navy 2024.
Kilby also met with Commander, U.S. Indo-Pacific Command Adm. Sam Paparo, responsible for joint U.S. military operations throughout the DoD’s priority theater, which encompasses more than 380,000 U.S. troops across all services, as well as 38 nations, 14 time zones, more than 50% of the world’s population, seven of the ten world’s largest militaries, and five nations allied with the U.S. through mutual defense treaties.
“I cannot overstate the importance of this theater at this critical time in our nation’s history,” said Kilby. “The partnerships, presence and military readiness these warfighters provide is vital to our global economy, deter aggression, and when necessary, enables us to fight to win.”
The USINDOPACOM AOR shares borders with each of the other five geographic combatant commands and covers the largest amount of the globe.
Additionally, Kilby met with Commander, Navy Region Hawaii / Navy Closure Task Force – Red Hill Rear Adm. Stephen Barnett and discussed the Navy’s long-term commitment to closing the Red Hill Bulk Fuel Storage Facility (RHBFSF) and protecting the environment, the aquifer and the entire Hawaii. Kilby also toured RHBFSF during his visit.
Navy Region Hawaii is a fleet concentration area for more than 25,000 Sailors and 10,000 civilian employees, including more than 60 commands.
In September, NCTF-RH launched two new communication features to provide the public more options to stay informed on closure activities. One feature is a decommissioning dashboard function on the NCTF-RH mobile app that provides a visual depiction of the RHBFSF tank cleaning progress. The second is the “Let’s Talk Red Hill” podcast series featuring NCTF-RH Deputy Commander Rear Adm. Marc Williams with guest co-hosts and subject matter experts.
Kilby also toured shore infrastructure during his visit, including the Joint Base Pearl Harbor-Hickam Airfield, West Loch Annex, Wastewater Treatment Plant and unaccompanied housing.
“Shore readiness is Navy readiness,” said Kilby. “The CNO has directed by 2027, we will assess, prioritize and program resources to repair infrastructure directly supporting Navy Task Critical Assets to improve operational readiness in the Pacific.”
Kilby also stressed the importance on stable and predictable funding for continued support of the Navy investments.
“The Navy must continue our momentum of our efforts to invest in our infrastructure and the quality of service of our people,” said Kilby. “Passing legislation on time and avoiding a continued resolution ensures we can continue to support our Nation’s security interests, ready our platforms and weapons, and take care of our Sailors and civilians.”
Kilby also met with Navy leadership to discuss NAVPLAN 2024. This strategic guidance focuses on two strategic ends: readiness for conflict with the PRC by 2027 and enhancing long-term advantage. It aims to achieve these ends through two central ways: implementing seven “Project 33 Targets” and expanding the warfighting ecosystem.
“CNO’s NAVPLAN gives strategic guidance to our Navy regarding where we are now and where we need to go faster to achieve our goals. It’s about thinking, acting and operating differently in a dynamic and changing security environment,” said Kilby. “It’s about raising our baseline level of readiness, putting more players on the field and taking care of our people. We must move forward with purpose and urgency to ensure we remain ready to fight and win should deterrence fail.”
Continuing Kilby’s emphasis on readiness, he spent time at Pearl Harbor Naval Shipyard and Intermediate Maintenance Facility talking with leadership, Sailors and civilians assigned to the shipyard about the vital role the shipyard provides for our national security and our fleet.
“CNO has given her guidance – by 2027, we will achieve and sustain an 80 percent combat surge ready posture for ships, submarines, and aircraft,” said Kilby. “The team at PHNSY & IMF are essential to achieving that goal for our ships and submarines. Achieving this is an all-hands efforts and I am incredibly proud of what this shipyard is able to accomplish to keep our Fleet fit to fight.”
Kilby saw the progress made on Dry Dock 5, the first dry dock built in Pearl Harbor since 1943. It’s designed for a projected service life of 150 years and to accommodate the maintenance needs of Virginia-class submarines.
The U.S. Navy operates four public shipyards; PHNSY & IMF is located in the heart of the Pacific and hosts the only U.S.-owned dry docks located outside the continental United States. The upgrades at PHNSY & IMF are in line with upgrades happening across all four public shipyards as part of the Navy’s Shipyard Infrastructure Optimization Program.
NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast” or the “Company”), a global multi-brand beauty and wellness platform, announced today that Hind Sebti, Kelly Brookie and Roberto Thompson have been appointed to its board of Directors (the “Board”), effective September 26, 2024. These executives bring extensive professional experience further enhancing the breadth of talent and expertise possessed by the Board. Ms. Brookie will replace Sarah Brown who has informed the Board of her intention to not renew her mandate ahead of the Company’s Annual General Meeting. The Company also announced that its Annual General Meeting is scheduled for October 28, 2024 during which the Company’s shareholders will be asked to vote on the renewal of Class I and Class II directors. Following this announcement, the Board will include 11 members, each of whom possesses significant expertise, particularly in the beauty, financial and consumer products sectors.
Hind Sebti is the co-founder and Chief Growth Officer of Waldencast. Ms. Sebti has more than 20 years of experience leading and managing beauty brands across multiple categories and stages during her tenures at L’Oréal and Procter & Gamble. Ms. Sebti co-founded Waldencast Ventures alongside Mr. Brousset in 2019. Ms. Sebti brings in-depth knowledge and understanding of the beauty industry as well as consumer insights to identify and invest in the next-generation beauty brands. Importantly, Ms. Sebti plays a key role in helping portfolio brands scale, leveraging her extensive multi-category and brand management experience. Previously, Ms. Sebti also served as Chief Executive Officer of Waldencast Brands, a subsidiary of Waldencast Ventures, to incubate and commercialize new brands, where she led the brand creation process, with a focus on creative and operational optimization, through all stages from conception and product development to go-to-market strategy.
Kelly Brookie retired from Deloitte in 2020 with over 25 years of experience in financial accounting and reporting, internal controls and governance matters. As an Audit Partner, Ms. Brookie worked with companies on accounting and auditing matters, transactions, transformation and strategic risks. At Deloitte, Ms. Brookie served consumer products, manufacturing, distribution, and retail companies. Throughout her career, she has performed audit services for public and private companies as well as gained experience with audit committees in performing the required communications and procedures. She is active in supporting multiple non-profit organizations, including serving on Boards and committees. Ms. Brookie is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. She received her Bachelor’s Degree in Political Science from the University of Washington and a Master of Accounting from University of Southern California. Ms. Brookie will be serving as a member of the Audit and Governance Committee.
Roberto Thompson Motta received a BS in Mechanical Engineering from Pontifícia Universidade Católica do Rio de Janeiro and an MBA from The Wharton School of the University of Pennsylvania. Mr. Thompson was a co-founder and board member of 3G Capital, a global investment firm headquartered in New York. Mr. Thompson is currently a strategic advisor to the Board of Directors of AB InBev and has served as board member since 2004. Mr. Thompson has also served on the Board of Directors of AmBev S.A., Restaurant Brands International, Lojas Americanas S.A., São Carlos Empreendimentos e Participações S.A. and StoneCo Ltd. He was one of the founding partners of GP Investments Ltd. and a member of its Board of Directors until 2010. Mr. Thompson is a member of The Graduate Executive Board of The Wharton School of the University of Pennsylvania, and of The International Council of The Metropolitan Museum of Art in New York. He is also a Patron of the Museum of Modern Art of São Paulo. Mr. Thompson will be serving as a member of the Finance Committee.
Felipe Dutra, Chairman of the Board stated: “We are pleased to announce that Hind, Kelly and Roberto are joining our Board of Directors. Each bring distinct and diverse skill sets that we believe will be highly valuable to us as we execute our long-term vision. These appointments reflect the Company’s commitment to maintaining a strong and diverse Board and we look forward to their collective contributions as we execute the strategy that maximizes the power, performance and growth of our brands.”
The Company extends its sincere thanks to Ms. Brown for her dedicated service and valuable contributions during her tenure, including in her role as chair of the Company’s Nominating and Corporate Governance Committee as well as member of the Audit Committee.
Annual General Meeting
The Company will hold its 2024 annual meeting of shareholders (the “Annual General Meeting”) on October 28, 2024, at 5:00 p.m. BST, at Michelin House, 81 Fulham Rd., London SW3 6RD, United Kingdom. Only those persons entered on the register of members of the Company as at September 24, 2024 (the “Record Date”) shall be entitled to attend or vote at the Annual General Meeting in respect of the number of shares registered in their name at that time. As of the Record Date, the Company had 122,584,658 ordinary shares outstanding, consisting of 111,518,130 Class A ordinary shares outstanding and 11,066,528 Class B ordinary shares outstanding.
Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the business combination with Obagi Medical and Milk Makeup. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com/.
Obagi Medical is an industry-leading, advanced skin care line rooted in research and skin biology, refined with a legacy of 35 years’ experience. First known as leaders in the treatment of hyperpigmentation with the Obagi Medical Nu-Derm® System, Obagi Medical products are designed to diminish the appearance of premature aging, photodamage, skin discoloration, acne, and sun damage. More information about Obagi Medical is available on the brand’s website at http://www.obagi.com.
Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty community for its values of self-expression and inclusion, captured by its signature Live Your Look, its innovative formulas and clean ingredients. The brand creates vegan, cruelty-free, clean formulas from its Milk Makeup HQ in Downtown NYC. Currently, Milk Makeup offers over 300 products through its US website http://www.MilkMakeup.com, and its retail partners including Sephora in North America, Europe, the Middle East and Australia and Cult Beauty and Selfridges in the UK.
Two scientists shared the prize for the discovery of microRNA and its role in post-transcriptional gene regulation
The U.S. National Science Foundation congratulates Victor Ambros and Gary Ruvkun for their Nobel Prize in physiology or medicine. Their breakthrough discovery of microRNAs, a fundamental component of how gene activity is regulated, transformed our knowledge of cell development and the kinds of genetic material contained within the cells in all types of organisms. Their groundbreaking discovery has led to advances in medicine, agriculture and other fields.
Prior to Ambros and Ruvkun’s work, the consensus was that gene expression—the process that controls how a cell can become a specific type of cell like skin or heart even if the DNA contained within all cells is the same—is regulated by specialized proteins known as transcription factors. The discovery of microRNAs and their role in selecting the instructions needed for a specific cell type dramatically altered the understanding of the process and has led to a more in-depth understanding of how cells develop, and what occurs when that development goes awry.
NSF has supported the research work of Ambros, including his early work to identify the first microRNA ever discovered, and that discovery resulted in one of the key publications cited by the Nobel Prize committee.
“Today, we honor the researchers whose groundbreaking discoveries related to microRNAs have led to advancements that are saving lives and advancing the bioeconomy in ways that were not possible just a couple of decades ago,” said NSF Director Sethuraman Panchanathan. “To these newest laureates, I extend my sincere congratulations on receiving the most prestigious scientific award in the world and also my gratitude for your steadfast dedication to promoting the progress of science.”
Devastation in Dunedin and the loss of HMNZS Manawanui are hurting New Zealanders in different ways. They also underline whatFree Pressargued last week, that the Government needs to think hard about its capital assets. It holds over half a trillion in assets, but does it own the right things, do core infrastructure and defence need more commitment? Meanwhile we’ve received voluminous praise forDavid Seymour’s performance Q+A with Jack Tame last week.
Capital Gains Tax… Again
ANZ CEO Antonia Watson revived the unending debate about a capital gains tax for New Zealand.Free Presswelcomes business leaders talking about public policy. We’d all benefit if they did it more. Too often we hear business leaders say things privately that we wish they’d say publicly but they’re usually too afraid of criticism.
We just don’t agree with Watson about the capital gains tax. It always seems to be a band-aid for concerns about housing, but it won’t fix that, and what New Zealanders really need is more capital. This week, once more with feeling,Free Pressgoes through the usual arguments for a capital gains tax and sets out why they’re wrong.
Perhaps the worst argument for a capital gains tax is ‘everyone else has one.’ Practically every other Government imposes a capital gains tax on its citizens, except the Swiss Federal Government. Being like Switzerland can’t be the worst thing for the New Zealand economy.
Even if ours was the only Government not levying a capital gains tax on its citizens, the argument still doesn’t work. Governments do silly things all over the world, and we don’t need to copy every one of them.
Others say the Government needs the money. We’d argue that it needs to spend better, and it is improving, but there is better evidence the Government doesn’t need more money, at least not from a capital gains tax.
The New Zealand Government is the second biggest taxer in the Asia Pacific region (behind Japan) with total revenues of 33.8 per cent of GDP. Every Asia-Pacific Government has a Capital Gains Tax. It’s difficult to argue a Government raising more revenue than dozens of Governments with capital gains taxes needs a capital gains tax for lack of money.
Then there’s the fairness argument. People who make money from capital should pay tax like people who work for their money. Sounds fair, but the reality is capital gains are already caught by income tax.
Anyone who buys a farm, a business, or a property is really buying a stream of income in the future. That income is taxed. A company with future income worth $10 million before tax is not worth $10 million though. It is only worth the after-tax income. You’ll be lucky to get $7 million. You’ll already lose $3 million-odd, that’s the tax that whoever buys it will pay.
Putting a tax on the price of the asset each time it’s sold is just nasty. The argument with housing is that house prices go up regardless of how much rental income they produce.
People even claim a capital gains tax would make housing more affordable. Any realistic capital gains tax would apply to all businesses, but only to houses you don’t live in. Nobody who wants a capital gains tax wants one ‘on the family home.’ On balance it would be more of a tax on businesses than on houses, so much for shifting investment away from housing.
Maybe it would at least stop ‘speculators’ from pushing up house prices by buying ‘more houses than they need to live in’? Unlikely when the new tax has gone on every other kind of investment, too.
Just like L.A., London, Sydney, Hong Kong, and Vancouver have all had outrageous house prices with a capital gains tax, a capital gains tax won’t make housing affordable in Auckland. Prices are set by supply and demand, and so long as supply doesn’t keep up with demand, prices will rise.
A capital gains tax really just makes the Government a silent partner in property investment, it doesn’t change the underlying fundamentals of the housing market. It certainly doesn’t comfort a first home buyer to know that the Government took a share of their eye-watering purchase price.
We hope these arguments are helpful for repelling demands for a capital gains tax. They’re technical though. The real question is whether the goal is to grow the pie, or divide the pie?
If you think New Zealand can’t get any richer, and it’s just a matter of pulling the ‘rich’ down a peg or two and dividing up the wealth, maybe it’s time to talk about a new tax. On the other hand, maybe it’s time to shelve the distraction, acknowledge our lack of a CGT is a strength, and get back to making New Zealand wealthier overall.
Source: United States Senator Ted Budd (R-North Carolina)
Washington, D.C. — The Biden administration has ignored a bipartisan request from Senator Ted Budd (R-NC) and 11 other Senators to authorize a reward of up to $25 million for information that brings Hamas leaders to justice.
On September 26, 2024, Senator Budd led a dozen Senators to request that the State Department establish “a reward of up to $25 million under the State Department’s Rewards for Justice (RFJ) program for information that leads to the arrest of, locates, or disrupts the financial support for Yahya Sinwar and other Hamas leaders or operatives responsible for the murder and kidnapping of Americans on October 7, 2023.”
The deadline to respond was today, the one year anniversary of the October 7th attacks, and the senators have not received a response and no reward has been issued, as of this release.
The letter was co-signed by Senators Thom Tillis (R-NC), Roger Wicker (R-MS), Joni Ernst (R-IA), Tom Cotton (R-AR), Marco Rubio (R-FL), Ted Cruz (R-TX), Kevin Cramer (R-NC), Katie Britt (R-AL), Jacky Rosen (D-NV), Deb Fischer (R-NE), and Lindsey Graham (R-SC).
Senator Budd said in a statement:
“One year ago, Hamas terrorists murdered and kidnapped dozens of American citizens. After 365 days, the State Department has failed to issue a bounty that would help bring these terrorists to justice. The fact that the Biden-Harris administration continues to leave tools unused shows a complete disregard for the safety and security of American citizens around the world.”
Senate Armed Services Committee Ranking Member Roger Wicker said:
“The Biden-Harris administration should have posted the reward for these monsters’ capture months ago. They are not using every tool at their disposal to defeat Hamas.”
Full text of the letter:
Dear Secretary Blinken:
We write requesting the immediate authorization of a reward of up to $25 million under the State Department’s Rewards for Justice (RFJ) program for information that leads to the arrest of, locates, or disrupts the financial support for Yahya Sinwar and other Hamas leaders or operatives responsible for the murder and kidnapping of Americans on October 7, 2023. The United States must use every tool and resource at its disposal as leverage to secure the release of hostages, including seven Americans, still being held in Gaza and to bring those terrorists responsible to justice.
As you know, Congress established the RFJ program when it passed the 1984 Act to Combat International Terrorism. We can think of no better way to fulfill congressional intent than to offer rewards for those Hamas leaders identified in the recently unsealed federal criminal complaint charging Yahya Sinwar, Mohammad Al-Masri, Khaled Meshaal, Ali Baraka, and others with terrorism, murder conspiracy, and sanctions-evasion charges related to October 7th.
We respectfully request a response to this letter no later than October 7, 2024.
The Office of the Principal Scientific Adviser to the Government of India hosted a delegation from the European Union with representatives from startups in the space of battery recycling technologies from EU Member States, officials from the Delegation of EU to India along with members from select Indian startups. This important interaction was focused on the experiential learning gained by the startups through their immersion visits as an outcome of the Electric vehicle (EV) battery recycling matchmaking event held on 20th June 2024, under the aegis of the India-EU Trade and Technology Council’s Working Group 2 (WG2) on Green & Clean Energy Technologies.
The discussion was chaired by Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India. Dr. Parvinder Maini, Scientific Secretary at the Office of the PSA, also joined Prof. Sood to underscore the significance of the collaboration between India and the EU in clean and green energy technologies. Distinguished guests included Dr. Ewa Suwara, Deputy Head of the EU Delegation to India; and D.Ing. Pierrick Fillon-Ashida, Head of Research & Innovation, EU Delegation to India. Dr. Monoranjan Mohanty, Adviser/Scientist ‘G’, and Dr. Hafsa Ahmad, Scientist ‘D’, from the Office of the PSA, also participated in the discussion.
The interaction highlighted the significant progress made in fostering collaboration between Indian and European startups in the critical area of EV battery recycling technologies. Key speakers emphasized the shared commitment of India and the EU to innovation, sustainability, and the transition to a circular economy.
Prof. Ajay Kumar Sood remarked on the importance of such partnerships for achieving environmental sustainability and economic resilience, stating, “This collaboration opens up new opportunities for technology transfer, market access, and co-development. It is essential for fostering economic resilience and sustainable development.”
Dr. Ewa Suwara, Deputy Head of the EU Delegation to India, reinforced this sentiment by noting, “Recycling EV batteries is a geopolitical and climate imperative, as every ounce recovered enhances energy security and fuels green growth. I am delighted to see that through the support of Trade and Technology Council, we are able to support the EU and Indian startups to join forces, pioneer innovation, foster business collaboration, and drive market uptake of cutting-edge technologies. This is a shining example of partnership in action, shaping a more sustainable tomorrow.”
During the event, Indian startups, recognized as winners in the matchmaking event held on June 20, 2024, shared their experiences from the immersion trips in the EU (held in Sep 2024), providing valuable insights into their learnings and market opportunities. In parallel, EU startups currently in India for their immersion visits also shared their expectations and vision, contributing to a deeper understanding of cross-regional collaboration. The participating startups from India included BatX Energies, Evergreen Lithium Recycling Pvt Ltd., LW3 Pvt Ltd. and Lohum while startups from EU included Ecomet Refining, and Eneris.
About the Trade and Technology Council set up by India and the EU
The India-EU Trade and Technology Council (TTC) was first announced by the European Commission President, Ursula von der Leyen, and India’s Prime Minister, Narendra Modi, in April 2022. Established on February 6, 2023, this strategic coordination mechanism allows both sides to tackle challenges at the nexus of trade, trusted technology, and security, and deepens cooperation in these fields. Establishing India-EU TTC is a key step towards a strengthened strategic partnership for the benefit of all people in India and the EU.
The TTC is a key forum to deepen the strategic partnership on trade and technology between the two partners. Geostrategic challenges have reinforced the EU and India’s common interest in ensuring security, prosperity, and sustainable development based on shared values.
The TTC consists of three Working Groups:
Working Group 1 on Strategic Technologies, Digital Governance and Digital Connectivity
Working Group 2 on Green and Clean Energy Technologies; and
Working Group 3 on Trade, Investment and Resilient Value Chains.
Working Groups are now jointly working to advance identified objectives and key actions. The matchmaking event was one of the key agreed short-term actions under Working Group 2 on Green and Clean Energy Technologies. The India-EU TTC Working Group 2 on Green and Clean Energy Technologies is being led by the Office of the Principal Scientific Adviser to the Government of India from the Indian side and the Directorate-General for Research and Innovation of the European Commission from the EU side.
A federal grand jury in Los Angeles returned an indictment yesterday charging a California man with evading the payment of his individual income taxes and obstructing the IRS in its efforts to collect those taxes.
According to the indictment, Gabriel Guerrero, a Los Angeles-based commercial real estate agent, did not timely file tax returns for many years. In 2014, he allegedly filed more than 10 years’ worth of returns but did not pay the amounts he self-reported he owed. When the IRS began trying to collect those outstanding taxes, Guerrero allegedly sought to prevent the IRS from being able to do so in at least two ways: by not depositing substantial commission checks he earned from commercial real estate sales into his bank accounts and using cashier’s checks to circumvent IRS levies of those accounts. The indictment also alleges that Guerrero further obstructed collection efforts by submitting false financial disclosure forms to the IRS, which significantly underreported his income and by not disclosing a bank account he used to deposit his income.
In total, Guerrero is alleged to have caused a tax loss to the IRS of more than $350,000.
If convicted, he faces a maximum penalty of five years in prison for tax evasion and three years in prison for obstructing the IRS. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.
IRS Criminal Investigation is investigating the case.
Trial Attorneys Robert Kemins and Christopher Gerace of the Tax Division and Assistant U.S. Attorney Steven Arkow for the Central District of California are prosecuting the case.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
CLEVELAND – A jury convicted two men for conspiring to artificially inflate prices on a low-value stock being sold to investors. After a trial that proceeded in two stages for over four weeks, Paul Spivak, 65, of Willoughby Hills, Ohio, and Charles Scott, 70, of Alexandria, Virginia, were found guilty of conspiracy to commit securities fraud. Spivak was also found guilty on two counts of wire fraud in the first stage of trial, and he then pled guilty to four other counts of wire fraud, two counts of securities fraud, and a separate count of conspiracy to commit securities fraud. Scott was then found guilty of a securities fraud conspiracy and one count of securities fraud in the second stage of trial.
According to court documents, trial testimony, and exhibits, Spivak was the majority owner and chief executive officer of U.S. Lighting Group, Inc. (USLG), a publicly traded Florida corporation based in Euclid, Ohio, that focused on the design and manufacture of commercial LED lights, aftermarket auto parts, and fiberglass recreational campers and boats. The company traded on OTC Markets under the ticker USLG and was considered a “penny” stock due to its lower market value. Penny stocks are more vulnerable to price manipulation because they draw less scrutiny and have lower trading volume than other stocks.
Between 2016 and 2019, Spivak and his co-conspirators manipulated USLG’s stock price to their financial benefit. He and his co-conspirators arranged to take USLG public through a reverse merger with a shell company. They sought to artificially inflate or “pump” up the price of USLG stock using call rooms and other manipulative practices. One co-conspirator who helped to take USLG public and inflate the stock price was Richard Mallion, who was previously convicted of securities fraud and banned for life from participating in the securities industry. Numerous investors throughout the country were pressured to purchase USLG stock while Mallion and other co-conspirators covertly arranged for sell orders to match with the buy orders that the call rooms generated.
While the stock price was artificially inflated, Spivak arranged for co-conspirators to act as unlicensed stockbrokers, cold-calling investors to sell them restricted shares of USLG stock. The brokers used aliases and represented the stock as offered at a steep discount relative to the apparent market price. Spivak arranged to pay those brokers large, undisclosed commissions, while concealing the true nature of USLG’s payments to those brokers by entering into fraudulent consulting agreements with them and requiring them to submit invoices that falsely described commission payments as payments for other services.
Between 2016 and 2019, USLG took in approximately $6.9 million from numerous restricted stock investors—many of them elderly and located throughout the country—in increments between $4,000 and $1 million. During that time, the company made approximately 200 payments totaling $2 million in undisclosed commissions to those unlicensed stockbrokers.
From February through June of 2021, Spivak and Scott engaged with undercover agents and a confidential source, who together posed as co-conspirators arranging to artificially inflate or “pump” up the price of USLG. Spivak arranged for them to receive stock, to be sold at inflated prices, from Scott and another co-conspirator, who had also agreed to kick back proceeds to USLG.
Spivak and Scott arranged for Scott to sell free-trading USLG stock to undercover agents and to send approximately half of the proceeds of those sales back to USLG in exchange for additional restricted stock. Undercover agents, in turn, would sell USLG stock at inflated prices, and then use some of the profits to buy more free-trading shares from Scott, who would then kick back additional money to USLG to buy more restricted stock.
Six of the defendants’ co-conspirators previously pled guilty to conspiracy to commit securities fraud and other charges in this matter. Those co-conspirators included Mallion, Spivak’s wife, Olga Smirnova, and a number of the unlicensed stockbrokers. A seventh co-conspirator, Robert Louis Carver, also admitted to participating in this scheme as an unlicensed stockbroker using a stolen identity, all while he was a fugitive in a long-pending securities fraud matter in the U.S. District Court for the Central District of California (Case No. 8:11-CR-62).
“These men orchestrated an aggressive, fraudulent scheme to benefit their company, enrich themselves, and to add to their personal coffers at the expense of others. They not only withheld information, but also purposely engaged a team of affiliates that devised tactics to make it appear that USLG shares were a valuable and valid investment to people who thought they were investing in good faith,” said U.S. Attorney Rebecca C. Lutzko for the Northern District of Ohio. “We will not tolerate those who think they can outsmart and manipulate the system through fraud and misrepresentation. This verdict helps protect our citizens and our business communities from these predatory methods and serves as a warning to others who are tempted to break federal securities laws because of greed.”
Sentencing is scheduled for Jan. 9, 2025 for Spivak, and Jan. 16, 2025 for Scott. Spivak faces a maximum penalty of 170 years in prison. Scott faces a maximum penalty of 25 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The case was investigated by the FBI Cleveland Division. This case was prosecuted by Assistant U.S. Attorneys Elliot Morrison, Megan Miller, and Stephanie Wojtasik for the Northern District of Ohio.