Air Marshal Ajay Kumar Arora assumed the appointment of Air Officer-in-Charge Maintenance, Indian Air Force, at Air Headquarters (Vayu Bhawan), today. The Air Marshal, after taking over, laid a wreath at the National War Memorial in honour of the armed forces personnel who have made the supreme sacrifice for the nation.
Air Marshal Arora was commissioned in the Aeronautical Engineering stream of IAF in Aug 1986. He is a graduate of Air Force Technical College, Air Command and Staff College, USA and College of Defence Management, Secunderabad. An electronics and communication engineer by qualification, he is also an alumnus of lIT Kharagpur and a Doctrate degree holder in Management from University of Pune.
He has held key command and staff appointments in his illustrious career of 38 years. He was the Director General (Aircraft) before assuming the appointment of Air Officer-in-charge Maintenance.
The officer has been awarded with Vishisht Seva Medal in year 2018 and Ati Vishisht Seva Medal in 2024 for his distinguished service. He is married to Mrs Sangeeta and the couple is blessed with a son, Pulkit.
CBIC and formations under it actively engage in Special Campaign 4.0 433 public grievances, 80 public grievance appeals, and five MP references
27,656 physical files eliminated out of 49,667 reviewed files
819 cleanliness events organised across CBIC office premises in States and public areas
Rs. 3.80 lakh (approx) generated from the disposal of 17,121 kg scrap, freeing 16,706 square feet of additional office space
73 kg drugs, 49 lakhs foreign cigarettes, and other contraband worth Rs. 460 crore destroyed by Delhi Customs (Preventive) Commissionerate and Customs (Airport and General) Commissionerate jointly
The Central Board of Indirect Taxes & Customs (CBIC), Department of Revenue, Ministry of Finance, actively engaged in the Special Campaign 4.0 from 2nd-31st October, 2024, with special focus on Swachhata.
The initiatives during this period focused on instilling the principles of cleanliness while also addressing important backlogs in key work areas. The campaign prioritised addressing public complaints to enhance service delivery and responsiveness. Efforts were made to declutter and optimise office environments by removing outdated and unnecessary items including the clearance of seized contraband, such as narcotic substances and foreign-origin cigarettes, ensuring that these items were disposed of in compliance with legal regulations.
This year, CBIC also marked the 10th anniversary of the Swachh Bharat Mission through the spirited celebration of ‘Swachhata Hi Seva 2024, under the theme ‘Swabhav Swachhata Sanskaar Swachhata (4S) campaign’. This initiative emphasised large-scale awareness and public participation in maintaining cleanliness, specifically targeting Cleanliness Target Units (CTUs) across the country. With active involvement from CBIC officers, staff and field offices, the campaign fostered a collaborative environment that significantly enhanced its impact.
The concerted efforts of CBIC formations resulted in the achievement of several key milestones as follows:
Resolution of 433 public grievances, 80 public grievance appeals, and five MP references.
Elimination of 27,656 physical files out of 49,667 files reviewed.
Review and closure of 1,501 e-files out of 36,237 assessed
819 cleanliness events organised across office premises and public areas.
Generation of approximately Rs. 3.80 lakh from the disposal of 17,121 kg scrap, freeing 16,706 square feet of additional office space.
Destruction of 73 kg of drugs, 49 lakhs foreign cigarettes, and other contraband worth Rs. 460 crore by Delhi Customs (Preventive) Commissionerate and Customs (Airport and General) Commissionerate jointly, besides Customs Commissionerate (Prev.), Vijayawada disposed of 82.72 lakh sticks of smuggled cigarettes valued at Rs. 5.5 crore as part of the ongoing battle against illicit imports.
Several best practices were implemented across various Customs and GST offices to promote sustainability and employee welfare. A Bio-Gas Plant was set up in the Customs Colony in Vapi, turning waste into wealth.
The CGST Faridabad Commissionerate transformed two abandoned rooms filled with old records and furniture into a cafeteria and a crèche within its premises. The CGST Jaipur Zone planted 11,000 saplings of over 100 native species using an innovative afforestation method that utilized organic waste and only 30% of the usual water requirement. The CGST Gurugram Audit Commissionerate reclaimed office space to develop a crèche for employee welfare. Additionally, efforts to ensure cleanliness extended to Valappu Beach in Cochin, where more than 400 officers, including 100 students, volunteered. The campaign also led to the cleaning of office premises and the repair and painting of old furniture, which were subsequently donated to Jila Parishad Hindi Ucha Primary School and Primary School, Umrer, Nagpur, with these initiatives being effectively showcased on social media platforms.
Around 200 posts were shared on ‘X’ and other social media platforms through CBIC’s official handle and field offices, significantly amplifying the Swachhata message. Efforts will persist in building on these practices and ensuring their sustainability throughout the year.
Union Home Minister and Minister of Cooperation, Shri Amit Shah interacts with the librarians of trust-run libraries and government libraries in Gandhinagar Lok Sabha constituency of Gujarat The role of libraries is very important in building the future of a country
Shri Amit Shah donates books worth Rs 2 lakh to each library under his Lok Sabha constituency
Suggests ways to increase readership by at least 30 percent in coming days
Emphasizes making heritage books available online
Union Home Minister advises using software to understand individuals’ reading preferences
It will help librarians procure more books of readers’ choice
Shri Amit Shah also inaugurated 15 MW waste-to-energy plant set up by Jindal Urban Waste Management near Piplaj village in Ahmedabad
Built at a cost of Rs 375 crore, waste-to-energy plant has the capacity to convert 1,000 metric tonnes of waste into electricity per day
Waste-to-energy plant will strengthen the waste management of the entire Ahmedabad city, it will meet the energy requirements as well
Posted On: 01 NOV 2024 6:48PM by PIB Delhi
Union Home Minister and Minister of Cooperation, Shri Amit Shah today interacted with the Librarians of trust-run libraries and government libraries in Gandhinagar Lok Sabha constituency of Gujarat and said that the role of libraries is very important in building the future of a country.
In a post on X platform, Shri Amit Shah said, “Libraries play an important role in building the future of any country. Today I interacted with the librarians of the trust-run libraries and government libraries of Gandhinagar Lok Sabha constituency. I am happy that these librarians are promoting the interest of library enthusiasts in books by making an emotional connect with them. Due to their efforts, the number of readers in these libraries is going to increase by at least 30% in the coming days.”
On this occasion, Union Home Minister and Minister of Cooperation, Shri Amit Shah donated books worth Rs. two lakh to each library under his Lok Sabha constituency. Apart from this, he suggested ways to increase readership by at least 30 percent in the coming time and emphasized on making heritage books available online. Shri Shah advised using software which can help understand individuals’ reading preferences and help librarians procure more books of their choice.
Union Home Minister and Minister of Cooperation, Shri Amit Shah also inaugurated a 15 MW waste-to-energy plant set up by Jindal Urban Waste Management near Piplaj village in Ahmedabad today.
In another post on X, Shri Amit Shah informed, “Today inaugurated a 15 MW waste-to-energy plant set up by Jindal Urban Waste Management near Piplaj village in Ahmedabad. Built at a cost of ₹ 375 crore, this plant has the capacity to convert 1,000 metric tonnes of waste into electricity per day. It will strengthen the waste management of the entire Ahmedabad city and will meet the energy requirements as well.”
किसी भी देश के भविष्य के निर्माण में पुस्तकालयों की अहम भूमिका होती है। आज गाँधीनगर लोकसभा क्षेत्र के ट्रस्ट द्वारा संचालित पुस्तकालयों और सरकारी पुस्तकालयों के पुस्तकालयाध्यक्षों के साथ संवाद किया।
मुझे खुशी है कि ये पुस्तकालयाध्यक्ष, लाइब्रेरी प्रेमियों के साथ भावनात्मक संबंध… pic.twitter.com/AXLz5FFEXk
आज अहमदाबाद के पीपलज गाँव के पास जिंदाल अर्बन वेस्ट मैनेजमेंट द्वारा स्थापित 15 मेगावाट वेस्ट-टू-एनर्जी प्लांट का उद्घाटन किया। ₹375 करोड़ की लागत से बना यह प्लांट प्रतिदिन 1,000 मीट्रिक टन वेस्ट को बिजली में बदलने की क्षमता रखता है। यह पूरे अहमदाबाद शहर के वेस्ट प्रबंधन को… pic.twitter.com/47H8LXjmDT
The last date for submission of applications by the selected meritorious students on the National Scholarship Portal (NSP) for the National Means-cum-Merit Scholarship Scheme (NMMSS) for the year 2024-25 has been extended up to 15.11.2024. The NSP portal is open for submission of applications by students with effect from 30th June 2024. In this project year 2024-25, the selected students are first to do a One-Time Registration (OTR) on the NSP, after which they have to apply for the scholarship scheme that they have selected. The FAQ details for registration on NSP can be accessed at https://scholarships.gov.in/studentFAQs.
Through the ‘National Means-cum-Merit Scholarship Scheme’ implemented by the Department of School Education & Literacy, scholarships are awarded to meritorious students from economically weaker sections to arrest their drop-out after elementary level, i.e., Class VIII and encourage them to complete their school education up to higher secondary level, i.e., Class XII.
The scheme provides one lakh fresh scholarships every year for Class IX students who clear the qualifying exam for the scholarship conducted by the State/UT governments. The scholarship is continued through renewal mode from Classes X to XII based on the student’s academic performance. The scheme is applicable only to students studying in State Government, Government-aided, and local body schools and the scholarship amount is Rs. 12000 per annum per student.
The National Means-cum-Merit Scholarship Scheme (NMMSS) is implemented through the National Scholarship Portal (NSP) – the one-stop platform for scholarship schemes disbursed to students by the Government of India. As of 01.11.2024, 86323 fresh and 162175 renewal applications have been finally submitted by applicants. NMMSS scholarships are disbursed directly into the bank accounts of selected students by electronic transfer through the Public Financial Management System (PFMS) following DBT mode. The eligibility parameters for availing the scholarship include parental income not more than Rs. 3.50 lakh per annum and a minimum of 55% marks or equivalent grade in the Class VII examination for appearing in the selection test for award of scholarship (relaxable by 5% for SC/ST students).
On the NSP portal, there are two levels of verification of the scholarship application of selected students: Level-1 (L1) verification is at the Institute Nodal Officer (INO) and Level-2 (L2) is with the District Nodal Officer (DNO). The last date for INO level (L1) verification is 30.11.2024 and for DNO level (L2) verification is 15.12.2024.
The occasion of Sardar Vallabhbhai Patel Jayanti and Ekta Divas a pledge taking ceremony and “Run for Unity” has been organized at Vijay Chwok led by Dr. Rajiv Mani, Secretary Legislative Department along with other senior officers namely, Shri Udaya Kumara, Additional Secretary, Dr. Manoj Kumar, Additional Secretary, Shri Diwakar Singh, Additional Secretary, Shri R.K. Pattanayak, JS&LC, Shri Brijesh Singh, JS&LC, Dr. K.V. Kumar, JS&LC, Smt. Akali V Konghey, JS&LC and other officers and staff including outsourced employees of this Department and attached offices.
Special Campaign 4.0 was launched by DARPG for minimizing pendency in Government offices. Special Campaign 4.0 is being implemented in full swing. During the last week of Special Campaign 4.0, a number of teams were constituted under Department of Agriculture & Farmers’ Welfare to visit the offices located in Delhi & NCR viz. Mahalanobis National Crop Forecasting Centre, Pusa, National Seeds Corporation, Pusa, National Centre for Organic and Natural Farming, Ghaziabad, Directorate of Extension, Pusa, Directorate of Wheat Development, Gurugram, Soil and Land Use Survey of India Noida, Small Farmers Agri-Business Consortium Houz Khas and Central Fertilizer Quality Control & Training Institute, Faridabad to review the progress and the performance of the subordinate / attached office and PSU under the administrative control of this department.
The team inspected these office premises to review the progress made by these organization during the Special Campaign 4.0.
By the end of last week of Special Campaign 4.0, five PIB Notes have been released and activities have been undertaken on various social media platforms, i.e. more than 234 tweets, 100 Facebook posts, 62 Instagram posts, 26 YouTube posts and 11 posts on Linked in have been made collectively by this department and its attached/subordinate offices and their field offices, etc.
Progress/achievement of the Department during the last week of Special Campaign 4.0 ending on 31st October 2024 are as under:-
Ministry of Road Transport and Highways successfully concludes Special Campaign 4.0 for disposal of Pending Matters and Cleanliness drive Ministry achieves 100% targets in disposal of Public Grievances (986), Public Grievance Appeals (211), IMC references (Cabinet Proposal) and Record Management (review of old physical/e-files (25635)
Posted On: 01 NOV 2024 5:16PM by PIB Delhi
Ministry of Road Transport and Highways (MoRTH) and its agencies have successfully concluded the Special Campaign for Disposal of Pending Matters 4.0 from 2nd to 31st October, 2024.
Ministry has achieved 100% targets in disposal of Public Grievances (986), Public Grievance Appeals (211), IMC references (Cabinet Proposal) and Record Management (review of old physical/e-files (25635). Further, Ministry has disposed 95% pending MP references. 555 such references out of 583 have been disposed of during the Campaign. During the period 28 out of 53 Parliamentary Assurances have also been disposed of. During the Campaign, Ministry has earned revenue of Rs. 3,03,200/- from disposal of scraps. During Swachhata Hi Seva and Special Campaign for Disposal of Pending Matters (SCDPM) 4.0, MoRTH and its agencies carried out cleanliness activities at more than 19,000 sites, which included offices, construction camps/sites, NH stretches, Toll Plazas, wayside amenities, Road-side Dhabas, Bus Stops, flyovers etc.
In order to achieve the identified targets under various parameters of the Campaign, Nodal Officer, MoRTH reviewed the progress of the Campaign on daily basis and followed up with all the agencies. The officers of MoRTH, NHAI & NHIDCL actively participated in the SCDPM 4.0.
Various Social Media Platforms such as X (Twitter), Instagram & Facebook were used for giving wide publicity of the campaign.
Department Of Agricultural Research And Education – Indian Council of Agricultural Research has taken up initiatives for Swachhata Special Campaign 4.0 with great enthusiasm. Targets for the campaign regarding disposal of pending VIP references, public grievances, reviewing and weeding out of physical as well as electronic files, conducting outdoor campaigns for creating swachhata awareness were set by 1st October, 2024. The Department has progressed a lot and has achieved its targets till date. Reviewing and weeding of physical and electronic files were conducted at rapid pace and the targets have been accomplished. The Department has minimal pendency regarding VIP references and Public Grievances. Best Practices have been regularly adopted and monitored by all institutes of the Department. Ample spaces have been freed through swachhata programmes and in turn large amount of revenue has being generated. The photographs of sites identified for cleanliness show large improvement after cleaning. Great efforts have been exerted by the DARE/ICAR institutes to maintain cleanliness inside as well as outside the campus and at the outskirts and adjoining areas. DARE/ICAR raised awareness all over the country for maintaining cleanliness through cultural programmes, Swacchata Samvad and Nukkad Nataks, inspiring school children to join the campaign, organizing welfare schemes for Safaimitras through health checkups and felicitation. All data have been uploaded regularly in the Swachhata Portal along with several PIB releases and social media releases.
Sh. Ashok Kumar Kaluram Meena, IAS (Odisha: 1993), assumed the charge as Secretary in the Department of Drinking Water and Sanitation, Ministry of Jal Shakti, on 31.10.2024 at CGO Complex, New Delhi. Sh. Meena holds a B. Tech in Computer Science fromIndian Institute of Technology (IIT) Kanpur andM.A. in Economics from Annamalai University. He has done Master of International Development Policy (M.I.D.P) in Public Finance from Duke University’s Sanford School of Public Policy.
Having more than 2 months transition period as Officer on Special Duty (OSD) at DDWS, Sh. Meena embarks on his new stint as the Secretary of DDWS, Ministry of Jal Shakti.Prior to this, he served as Chairman & MD of Food Corporation of India from 29th August 2022 to 16th August 2024.
Sh. Meena was in central deputation from 20th April 2011 to 2nd August 2014, where he served in capacity of Joint Secretary, in the Ministry of Defence and Director (Vigilance), in the department of Personnel, Public Grievances & Pensions.
During his earlier central deputation tenure, from 3rd May 2001 to 31st July 2005, he served as Deputy Secretary in the Department of Commerce and Industry and other positions at Centre.
Sh. Meena has served in various capacities in the State of Odisha including Principal Secretary, Finance, Panchayati Raj and Rural development etc.
Department of Financial Services (DFS), Ministry of Finance, successfully concludes Special Campaign 4.0 Special Campaign 4.0 demonstrated commitment to cleanliness and efficiency for DFS and its affiliated organisations across the country
100% disposal of Public Grievances and Appeals achieved
More than 38,500 sites cleaned; Cleanliness drive frees up 11 lakh square feet space; PSBs and other financial institutions under DFS monetise Rs. 4.50 crore through scrap disposal
Under the citizen centric initiatives, financial literacy camps organised in more than 510 locations
Posted On: 01 NOV 2024 4:47PM by PIB Delhi
The Department of Financial Services (DFS), Ministry of Finance, and its affiliated organisations successfully completed the one month-long Special Campaign 4.0 with special focus on minimising pendency, and institutionalising Swachhata from 2nd-31st October 2024.
The DFS launched the Special Campaign 4.0 with special impetus on better space management, customer centric initiatives, making the environment clean and green, record management and disposal of scrap.
All the organisations of DFS, Public Sector Banks (PSBs), Public Sector Insurance Companies and other Public Sector Financial Institutions like NABARD, SIDBI, EXIM Bank, NHB, IIFCL etc. actively participated in the Special Campaign 4.0.
The DFS achieved 100% disposal of all identified Public Grievances, Public Appeals, PMO references and MP References. 11.79 lakh square feet of space has freed and revenue of Rs. 4.50 crore has been earned through scrap disposal. The campaign was conducted in more than 38,500 sites across the country.
Twelve Public Sector Banks and 43 Regional Rural Banks organised Pension Grievances Weeks. In the camps, apart from the grievances registered & redressed, pensioners were also educated regarding submission of online life certificate and door step banking facilities. In more than 52,208 branches across the country approx. 1.45 lakhs pensioners were contacted.
Various videos and static contents were posted on Social media platforms by PSBs and RRBs to spread awareness towards Cyber Security. Safety tips and practices were shared through these educational posts to combat against cyber related frauds.
Highlights & achievements of the Department and its organisations:
Revenue Earned from Scrap Disposal: Rs. 4,54,53,508.00
Disposal of Public Grievances: 9,725
Disposal of Public Grievances Appeals: 2,378
The DFS sensitised its all organisations to use the opportunity of Special Campaign 4.0 to enhance customer interface and to undertake citizen centric initiatives. The organisations of DFS, being in the financial services sector, were conveyed to undertake the activities like Financial Literacy campaigns, Registration/Updation of Nomination in bank accounts, Activating Dormant Accounts, Renewal of Locker Agreements, Disposal of Pending Claims etc. The achievements during the Campaign on these parameters are as follows:
Financial Literacy Camps organised: More than 510 locations across the country.
Number of Dormant Accounts Activated- 79.97 lakh.
Number of Accounts in which Nomination Updated: 29.02 lakh.
Number of Locker Agreements Renewed- 1.10 lakh.
LIC of India settled 12.77 lakh unclaimed policies and settled claims of more than 10,742 cr.
All the activities undertaken by organisations were regularly posted on various social media platforms. More than 1,000 posts were made during the campaign. As part of the initiative, customers of various organisations, staff members, senior management & head of organisations also gave feedback about the initiatives during the campaign on various social media platforms.
Link of social media posts on Cyber Security & Fraud:
Source: Federal Bureau of Investigation FBI Crime News (b)
Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development
Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.
“This defendant joins the nearly two dozen other criminals that our Task Force KleptoCapture has brought to justice in American courtrooms over the past two and a half years for enabling Russia’s military aggression,” said Attorney General Merrick B. Garland. “This defendant admitted to playing a central role in a now-disrupted scheme with Russian intelligence services to smuggle sniper rifle ammunition and U.S. military grade equipment into Russia. The Justice Department will never stop working to aggressively disrupt and prosecute both the criminal networks and the individuals responsible for bolstering the Russian war machine.”
“The illegal export of sensitive, dual-use technologies in support of Russia’s war effort poses a significant threat to the United States and its allies and must not be tolerated,” said FBI Director Christopher Wray. “The defendant in this case played a key role in exporting U.S. technology that in the hands of our adversaries could pose great danger to our national security. The FBI and its partners will continue to focus on protecting strategic innovation at home and hold accountable anyone who facilitates illegal transfers to hostile nations like Russia.”
“To facilitate the Russian war machine, the defendant played a critical role in exporting sensitive, dual-use technologies to Russia, facilitating shipping and the movement of millions of dollars through U.S. financial institutions,” said U.S. Attorney Breon Peace for the Eastern District of New York. “This plea highlights my Office and our law enforcement partners continued commitment to use all tools available to prosecute those who unlawfully procure U.S. technology to send to Russia.”
According to court documents, the defendant was affiliated with Serniya Engineering and Sertal LLC, Moscow-based companies that operate under the direction of Russian intelligence services to procure advanced electronics and sophisticated testing equipment for Russia’s military industrial complex and research and development sector. Serniya and Sertal operated a vast network of shell companies and bank accounts throughout the world, including the United States, that were used in furtherance of the scheme to conceal the involvement of the Russian government and the true Russian end users of U.S.-origin equipment.
The defendant and his co-conspirators unlawfully purchased and exported highly sensitive, export controlled electronic components, some of which can be used in the development of nuclear and hypersonic weapons, quantum computing and other military applications. Following Russia’s invasion of Ukraine in February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) levied sanctions and imposed additional export restrictions on Serniya, Sertal, and several individuals and companies used in the scheme, calling them “instrumental to the Russian Federation’s war machine.”
Sertal was licensed to conduct highly sensitive and classified procurement activities by Russia’s Federal Security Service (FSB), Russia’s principal security agency and the main successor agency to the Soviet Union’s KGB. The Serniya network’s Russian clients included State Corporation Rostec, the state-owned defense conglomerate; State Atomic Energy Corporation Rosatom (Rosatom); the Ministry of Defense; the Foreign Intelligence Service (SVR); and various components of the FSB, including the Department of Military Counterintelligence and the Directorate for Scientific and Technological Intelligence, commonly known as “Directorate T.”
To carry out the scheme, the defendant helped set up numerous shell companies and dozens of bank accounts in the U.S. to illicitly move money and export-controlled goods. During the period charged in the indictment, more than $12 million passed through accounts owned or controlled by the defendant. These funds were used in part to purchase sensitive equipment used in radar, surveillance and military research and development. In one instance, money from one of the defendant’s accounts was used to purchase export-controlled sniper bullets, which were intercepted in Estonia before they could be smuggled into Russia.
Co-defendant Alexey Brayman previously pleaded guilty to conspiracy to defraud the United States and is awaiting sentence. The case against co-defendant Vadim Konoshchenok, a suspected FSB operative, was dismissed after Konoshchenok was removed from the United States as part of a prisoner exchange negotiated between the United States and Russia. Defendant Nikolaos Bogonikolos’ case remains pending. Defendants Boris Livshits, Alexey Ippolitov, Svetlana Skvortsova, and Yevgeniy Grinin remain at large.
The FBI, BIS, and IRS are investigating the case.
The U.S. Customs and Border Protection, Department of Justice’s Office of International Affairs, and Estonian authorities provided valuable assistance.
Assistant U.S. Attorneys Artie McConnell, Andrew D. Reich, and Matthew Skurnik for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.
Today’s actions were coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.
The Unified Command concluded its diesel fuel recovery efforts Thursday after a yacht, The Admiral, caught fire in Marina del Rey Sept. 18, 2024. Coast Guard Incident Management Division responders boarded the vessel on Thursday and confirmed there was no remaining pollution threat from the vessel. Crews worked to recover the diesel, raise the sunken vessel, and remove any pollution threat from the vessel over the last several weeks.
Home Federal Bancorp, Inc. of Louisiana (the “Company”) (NASDAQ: HFBL), the holding company for Home Federal Bank, announced today that its Board of Directors on October 31, 2024, approved the Company’s thirteenth stock repurchase program. The new repurchase program provides for the repurchase of up to 100,000 shares, or approximately 3.0% of the Company’s outstanding common stock from time to time, in open market or privately negotiated transactions. The stock repurchase program does not have an expiration date.
Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.
Source: The Conversation – USA – By Jeannette Wicks-Lim, Research Professor, Political Economy Research Institute, UMass Amherst
A Massachusetts ballot initiative would get rid of the state’s tipped minimum wage.AP Photo/Marta Lavandier
The federal minimum wage for tipped workers has stood at US$2.13 an hour since 1991. Back then, it amounted to half the $4.25 regular minimum wage. But Congress has failed to increase the tipped minimum while periodically raising the regular wage floor. Today, the tipped rate is less than one-third of the $7.25 federal full minimum wage.
As of October 2024, 30 states and Washington, D.C., had instituted their own, higher, regular minimum wages. The number of states taking this step keeps rising in part because Congress hasn’t raised the federal minimum wage since 2009. Over the years, many states have also adopted higher wages for tipped workers. Seven states have no tipped minimum wage at all, which means that employers must pay at least the state-mandated minimum wage to all workers, including those who earn tips.
If Massachusetts voters approve a ballot initiative on Nov. 5, 2024, their state will gradually raise the state’s tipped minimum wage until it matches the state minimum wage. That is, it will rise from $6.75 to $15 per hour by 2029.
Massachusetts would be joining eight states that require – or are on their way to requiring – the full minimum wage for tipped workers: Alaska, California, Minnesota, Montana, Nevada, Oregon, Washington and Michigan. Two major cities, Chicago and Washington, D.C., have similar measures on their books, too.
To inform the debate about tipped wages, we – a labor economist and a sociologist – analyzed the potential impacts of implementing a full minimum wage for workers, businesses and consumers in Massachusetts. We found more evidence of potential upsides than downsides.
Tipped minimum earners’ demographics
For our study, we analyzed labor market data from the Bureau of Labor Statistics. We found that tipped workers are largely waiters, bartenders, hosts and bussers employed in bars and restaurants. They tend to earn low wages. Most are women, and they are disproportionately people of color.
In Massachusetts, tipped workers typically earn low pay: On average, they take home $20.30 per hour, including what they get in gratuities. That’s about two-thirds of the state average hourly pay of $31.50.
About 66% of tipped workers are women, compared with 49% in the state’s workforce as a whole. Some 43% are people of color, compared with 29% of all people employed in Massachusetts.
Teens also make up a disproportionate share of Massachusetts’ tipped workers: 15%, versus 4% for the broader workforce. But the vast majority of tipped workers are at least 20 years old.
Opponents argue that scrapping the lower minimum wage could backfire for tipped workers if their customers give smaller tips once they know employers have to pay tipped workers more – or some jobs are eliminated. They also worry that business costs would spike, raising prices. Massachusetts Gov. Maura Healey, a Democrat, opposes the measure.
In Arizona, voters will cast their ballots on another ballot initiative that calls for a different type of tipped minimum wage reform. It calls for pegging the state’s tipped minimum wage to 25% below the full minimum wage. If approved, Arizona would effectively lower its tipped minimum wage, which currently stands at $11.35 an hour, to $10.76. Today, Arizona’s tipped minimum wage is $3.00 below the state’s full minimum wage of $14.35.
Prone to wage theft
When tipped workers’ base wages plus their tips do not add up to at least the state’s minimum wage, employers are supposed to make up the shortfall. This makes these workers particularly vulnerable to being underpaid, a form of wage theft.
The consequences of this vulnerability are plain to see in restaurants and hotels. The hospitality industry, which employs the highest share of tipped workers, accounts for less than 6% of employed workers in Massachusetts.
However, it accounts for nearly 14% of all complaints workers lodged with the Massachusetts attorney general’s office in 2023, including disproportionately high levels of complaints about minimum wage violations, the nonpayment of wages and tip violations.
The hospitality industry also accounts for over 36% of all enforcement actions – investigations that produced evidence of labor violations – found by the Massachusetts attorney general’s office.
The Massachusetts ballot initiative has stirred controversy in the state.
Effects on earnings
Two peer-reviewed economicstudies that examined three decades of data found that tipped workers earn measurably more money as subminimum wage rates increase.
Consider, for example, the $18.79 average hourly wage of tipped workers in states that treat tipped employees like other workers. This is 21.2% higher than the average $15.50 among tipped workers in states where the federal $2.13 subminimum wage remains in effect.
Only part of this difference can be explained by the 15.7% difference in average wages for all workers in those different clusters of states.
What could happen with business costs
To be sure, more than doubling the $6.75 tipped rate in Massachusetts to $15.00 may sound like it could cause business costs to soar. A couple of factors, however, would soften the blow.
First, we have calculated that the average tipped worker in Massachusetts restaurants earns about $11.75 an hour, before tips. Raising this rate to $15.00 is equal to a 28% increase – a much smaller lift than increasing the wage from $6.75 to $15.00. In addition, raising a worker’s wage from $11.75 to $15.00 by 2029 is equivalent to raising it to $13.00 in today’s dollars, or a 10% boost, after adjusting for projected inflation.
Second, as we explained in our study, since tipped workers make up about 30% of Massachusetts restaurant workers, and the payrolls of these businesses typically amount to about 30% of their revenue, these numbers imply that eliminating the tipped minimum wage by 2029 would increase the average Massachusetts restaurant’s costs by 1%.
If the average Massachusetts restaurant were to pass its entire labor cost increase onto the consumer through higher prices, this would mean that restaurant prices would rise about 2%.
This is equal to a $50 restaurant meal instead costing $51 – arguably a small price increase.
The two studies mentioned above, which reviewed decades of data to see whether tipped workers earned more, also looked at whether businesses in states that increased their tipped minimum wage cut more jobs compared with businesses in states that didn’t.
Although both research teams looked at basically the same data, one study found evidence of more job losses and the other did not, due to the different statistical choices they made. These studies, that is, produced inconclusive results about what raising the tipped minimum wage does to employment.
There’s far more research on whether increasing the regular minimum wage has caused significant job losses. Studies have found that when it has gone up, employers have faced cost increases that are similar to what we’ve estimated for Massachusetts employers, if the state were to eliminate its tipped minimum wage. And that evidence points to no significant job losses.
The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
United Nations Secretary-General António Guterres declares there is no alternative to the UN Relief and Works Agency for Palestine Refugees (UNRWA), which has been contributing to their welfare and development since 1950, while UNRWA Commissioner-General Philippe Lazzarini points out that Israeli bills to halt its operation are nothing less than collective punishment.
In a new report launched on Tuesday, the UN independent expert on human rights in Russia exposes alarming patterns of torture used as a State-sanctioned tool of repression to stifle dissent and intimidate communities abroad. UN News spoke to Mariana Katzarova, Special Rapporteur on the situation of human rights in the Russian Federation, and former political prisoner Vladimir Kara-Murza.
Special Rapporteurs are appointed by the Geneva-based Human Rights Council. They serve in their individual capacity, independent of the UN system and national governments. They are not UN staff and draw no salary.
Source: International Monetary Fund – IMF (video statements)
Join Professor Branko Milanović, senior scholar at the Stone Center on Socio-Economic Inequality of the City University of New York, and Abebe Aemro Selassie, Director of the IMF African Department, for a discussion on practical strategies that African policymakers can employ to effectively address and reduce inequality—and how the Fund can support them in these efforts. https://imf.org/africaperspectives
On 28 October, the World Health Organization reached Kamal Adwan Hospital in North Gaza for the fourth time in two weeks. The mission transferred 23 patients and 21 caregivers and from Kamal Adwan to Shifa Hospital, while also providing critical supplies.
Source: United States of America – Federal Government Departments (video statements)
Investing in America: The Power of Western Winds centers on Carbon County, Wyoming, a historic coal community that is building one of the largest wind farms and transmission systems in the United States. These projects will create over 1,500 jobs for union workers.
In June 2023, U.S. Secretary of Energy Jennifer Granholm and U.S. Secretary of the Interior Deb Haaland visited Carbon County to celebrate the groundbreaking of the TransWest Express Transmission Project, which will carry clean energy from the Chokecherry and Sierra Madre Wind Energy Project across the American West.
Western Winds of Change is the latest video in DOE’s new clean energy jobs series. It follows three more videos highlighting workers across the United States.
Source: United States of America – Federal Government Departments (video statements)
This Week: Interior announces a nearly $82 million investment to bring clean, safe drinking water to Tribal communities in the West; more than $74 million is on the way for Kentucky to address dangerous and polluting abandoned mine lands; Interior announces an international effort for conservation of the American bison; Interior invests nearly $46 million for ecosystem restoration activities in the Klamath Basin; Assistant Secretary for Fish and Wildlife and Parks Shannon Estenoz visits Arizona and Tennessee to highlight efforts to expand and rehabilitate urban parks; the Provo River Delta Restoration Project in Utah is now complete, providing an improved ecosystem and better recreational opportunities; the Bureau of Ocean Energy Management completes the sixth offshore wind lease sale of the Biden-Harris administration, and the first in the Gulf of Maine; the U.S. Geological Survey awards $4.8 million to preserve vital geologic and geophysical data and samples; and we summon up a haunted and historic landscape for our social media Picture of the Week! Make sure you follow us on Facebook, Instagram, Twitter, and YouTube!
Source: United States of America – Federal Government Departments (video statements)
The Office of Family Violence Prevention and Services wants to thank all the advocates, shelters, States, Tribes, Coalitions, Federal Partners, and community members for their 40 years of unwavering commitment to survivors, children and youth. You have provided advocacy, leadership, and organization that has changed lives and improved our nation’s ability to help, believe and support all survivors.
—
U.S. Department of Health and Human Services (HHS) | http://www.hhs.gov
Source: United States of America – Federal Government Departments (video statements)
Watch the launch of a SpaceX Dragon spacecraft delivering science investigations, supplies, and holiday food to the International Space Station. The 31st SpaceX commercial resupply mission to the orbiting lab will lift off on a Falcon 9 rocket from our Kennedy Space Center in Florida at 9:29 p.m. EST, Monday, Nov. 4 (0229 UTC, Tuesday, Nov. 5).
Dragon will carry several new experiments to the station, including the Coronal Diagnostic Experiment, to examine solar wind and how it forms. Dragon will also deliver Antarctic moss to observe the combined effects of cosmic radiation and microgravity on plants. Other investigations include a device to test cold welding of metals in microgravity, and an investigation that studies how space impacts different materials.
More about the research aboard Dragon: https://science.nasa.gov/science-research/biological-physical-sciences/nasa-science-on-health-safety-to-launch-on-31st-spacex-resupply-mission/
Source: United States of America – Federal Government Departments (video statements)
No two stories are the same.
Disaster assistance is not one-size-fits all—we will consider your specific situation & needs when we review your application.
Learn how disaster assistance is helping Tyler and the people he works with in western North Carolina.
Source: United States House of Representatives – Representative Brad Schneider (D-IL)
LINCOLNSHIRE, IL – Following the receipt of a bipartisan letter from Reps. Brad Schneider (IL-10) and Joe Wilson (SC-02) that called for the strengthening of sanctions enforcement on China-Russia tech transfers, the Biden-Harris Administration announced new sanctions on 398 firms across Russia, China, and more than a dozen other nations accused of enabling Russia’s war effort.
“In recent weeks and months, we’ve seen evidence of China’s and others continued role in sustaining Russia’s war effort against Ukraine,” said Rep. Brad Schneider. “Russia is finding avenues to circumvent sanctions by accessing technologies with help from China that are crucial for producing military equipment. I commend the Biden-Harris Administration for sanctioning those countries who are assisting the Kremlin as it continues its unlawful attack on Ukraine.”
The bipartisan letter sent by Rep. Schneider, Rep. Wilson, and 21 other Members of Congress on October 16 called on the Biden-Harris Administration to urgently prioritize efforts to prevent sanctions circumvention by Russia as a part of the U.S.’s efforts to both support Ukraine and also counter China’s influence.
“As dictators continue working together to destroy democracy, the Chinese Communist Party continues actively fueling war criminal Putin’s mass murder of Ukrainian families by helping Putin get his hands on western technology,” said Rep. Joe Wilson. “Congress will not allow tyrants and thieves to weaponize the ingenuity and innovation of free people in their deranged war against those who share our values. I am grateful to have joined colleagues in calling on the administration to utilize every tool at our disposal and will continue to do so.”
The full text of the letter is below.
The Honorable Jake Sullivan National Security Advisor The White House 1600 Pennsylvania Avenue NW Washington, D.C. 20500
CC: The Honorable Antony Blinken, Secretary of State; The Honorable Gina Raimondo, Secretary of Commerce; The Honorable Janet Yellen, Secretary of the Treasury
Dear Mr. Sullivan:
We write to acknowledge the Administration’s efforts to weaken the Kremlin’s military capabilities through sanctions that have disrupted Russia’s access to critical technologies. These measures have reinforced the United States’ leadership in supporting Ukraine during this challenging time.
Recent developments, however, have raised significant concerns about the continued role of China in sustaining Russia’s military-industrial base. It has become increasingly clear that Russia is circumventing the current sanctions regime by accessing advanced industrial equipment through complex procurement networks, many of which involve Chinese entities.
As highlighted in recent analyses, Chinese manufacturers are filling the gap left by Western companies, supplying Russia with crucial CNC (Computer Numerical Control) machines and related technologies. These machines are vital for producing military equipment, including precision-guided munitions, armored vehicles, and UAVs. The continued flow of these critical tools to Russia undermines the effectiveness of our sanctions and prolongs the conflict in Ukraine.
China plays three critical roles in supporting Russia’s war machine with CNC machines. First, China serves as a re-export and circumvention hub for CNC machines manufactured in the United States and allied Western countries. Second, CNC products made by Western manufacturers in their Chinese facilities are still entering the Russian market. Finally, China has become the primary supplier of CNC machines to the Russian military-industrial complex, with the Chinese CNC sector being heavily reliant on components and technologies originating from the United States and allied countries. In all these dimensions, Western manufacturers, technologies, and components remain actively present.
We are particularly concerned that Chinese CNC machines, incorporating Western technologies, are increasingly relied upon by Russian military-industrial enterprises to produce advanced weaponry. This shift not only poses a significant threat to Ukraine but also presents a broader
strategic challenge given China’s role in supporting an adversary of the United States and our allies.
Given these strategic implications, we believe it is imperative to prioritize this issue as part of our broader competition with China. Ensuring that Russia is denied access to these advanced tools and technologies is essential to supporting Ukraine and aligns with our efforts to counter China’s influence. We respectfully urge the administration to take further steps to address this critical vulnerability. Strengthening export and supply chain control enforcement, expanding multilateral cooperation, and targeting key Chinese and other entities involved in these transfers should be central to this effort. By doing so, we can ensure that our sanctions are comprehensive and effective, denying Russia the resources it needs to continue its aggression.
We stand ready to support these efforts and share the goal of upholding international security and supporting Ukraine’s sovereignty.
Carrying fresh insights from a recent tour of the Pacific, Air Force Chief of Staff Gen. David W. Allvin re-emphasized Oct. 31 the need to aggressively integrate and reshape the service to confront China’s rising threat, as well as the malign actions of other adversaries.
TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) — Lumine Group Inc. (“Lumine Group” or “the Company”) (TSXV:LMN) announces financial results for the three and nine months ended September 30, 2024. All amounts referred to in this press release are in US dollars unless otherwise stated.
The following press release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2024, and management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2024, which can be found on SEDAR+ at www.sedarplus.ca. Additional information about Lumine Group is also available on SEDAR+ and on Lumine Group’s website www.luminegroup.com.
Q3 2024 Headlines:
Revenue grew 35% to $177.3 million compared to $131.3 million in the same quarter prior year (including -9% organic growth after adjusting for foreign exchange impacts).
The Company generated operating income of $60.7 million during the quarter, a 35% increase from $45.1 million in the same quarter prior year.
The Company generated a net income of $18.3 million during the quarter, from net loss of $178.6 million in the same quarter prior year.
Cash flows from operations (“CFO”) decreased $25.7 million to $18.8 million compared to $44.5 million in Q3 2023, representing a decrease of 58%.
Free cash flow available to shareholders (“FCFA2S”) decreased $29.2 million to $10.4 million compared to $39.6 million in Q3 2023, representing a decrease of 74%.
Year-to-Date Q3 2024 Headlines:
Revenue grew 35% to $481.3 million compared to $356.6 million in the same nine-month period prior year (including -8% organic growth after adjusting for foreign exchange impacts).
The Company generated operating income of $141.7 million in the nine-month period ended September 30, 2024, an increase of 37% from $103.1 million in the same period prior year.
An expense of $317.4 million was incurred in the nine-month period ended September 30, 2024, up to the Mandatory Conversion Date, $298.7 million is related to the mark to market adjustments on the fair value of the Preferred and Special Securities and $18.7 million is related to the dividend payable. Fair value of the preferred and special securities is primarily dependent on the price movement of the Company’s Subordinate Voting Shares.
The Company generated a net loss of $288.3 million during the nine-month period ended September 30, 2024, from net loss of $1,319.3 million in the same period prior year. The net loss is primarily related to the redeemable preferred and special securities expense.
CFO decreased $18.0 million to $63.9 million compared to $81.9 million in the nine-month period ended September 30, 2023, representing a decrease of 22%.
FCFA2S decreased $26.6 million to $42 million compared to $68.6 million in the nine-month period ended September 30, 2023, representing a decrease of 39%.
Total revenue for the three months ended September 30, 2024 is $177.3 million, an increase of 35%, or $46.0 million, compared to $131.3 million for the comparable period in 2023. For the nine months ended September 30, 2024, total revenue was $481.3 million, an increase of 35%, or $124.7 million, compared to $356.6 million for the comparable period in 2023. The increase for the three and nine months compared to the same period in the prior year is attributable to revenues from prior year and current year acquisitions. The Company experienced organic growth of -8% and -8%, respectively for the three and nine months ended September 30, 2024 or -9% and -8% after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each business in the financial period following acquisition, compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by the Company. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.
Operating income for the three months ended September 30, 2024 was $60.7 million, an increase of 35%, or $15.6 million, compared to $45.1 million for the same period in 2023. Operating income for the nine months ended September 30, 2024 was $141.7 million, an increase of 37%, or $38.6 million, compared to $103.1 million for the same period in 2023. The increase for the three and nine-month periods is primarily attributable to prior year acquisitions. Operating income is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. See “Non-IFRS Measures”.
Net Income for the three months ended September 30, 2024 was $18.3 million compared to net loss of $178.6 million for the same period in 2023. Net loss for the nine months ended September 30, 2024 was $288.3 million compared to net loss of $1,319.3 million for the same period in 2023. The decrease in net loss for the three and nine month periods is primarily attributable to the Mandatory Conversion of Preferred and Special Securities on March 25, 2024 such that no further preferred and special securities expense was booked in the current quarter.
For the three months ended September 30, 2024, CFO decreased $25.7 million to $18.8 million compared to $44.5 million for the same period in 2023 representing a decrease of 58%. For the nine months ended September 30, 2024, CFO decreased $18.0 million to $63.9 million compared to $81.9 million for the same period in 2023 representing a decrease of 22%. The decrease in CFO in the three and nine month periods is primarily attributable to the impact of changes in non-cash operating assets and liabilities exclusive of effects of business combinations.
For the three months ended September 30, 2024, FCFA2S decreased $29.2 million to $10.4 million compared to $39.6 million for the same period in 2023 representing a decrease of 74%. For the nine months ended September 30, 2024, FCFA2S decreased $26.6 million to $42.0 million compared to $68.6 million for the same period in 2023 representing a decrease of 39%. The decrease in the three and nine month periods is driven by lower CFO compared to the same periods in 2023. FCFA2S is a non-IFRS Measure. See “Non-IFRS Measures”.
Non-IFRS Measures
Operating income (loss) refers to income (loss) before income taxes, amortization of intangible assets, redeemable Preferred and Special Share expense, and finance and other expenses (income). We believe that operating income is useful supplemental information as it provides an indication of the profitability of the Company related to its core operations. Operating income (loss) is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that operating income (loss) should not be construed as an alternative to net income (loss).
The following table reconciles operating income to net income:
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Net income (loss)
18.3
(178.6
)
(288.3
)
(1,319.3
)
Adjusted for:
Amortization of intangible assets
29.6
21.4
81.6
57.7
Redeemable preferred and special securities expense
–
194.8
317.4
1,346.0
Finance and other expense (income)
8.9
3.7
18.9
10.0
Income tax expense (recovery)
3.9
3.8
12.1
8.8
Operating income (loss)
60.7
45.1
141.7
103.1
Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on bank debt, transaction costs on bank debt, repayments of lease obligations, dividends paid to redeemable preferred and special securities holders, and property and equipment purchased. The Company believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Lumine Group does not make any acquisitions, or investments, and does not repay any debts. While the Company could use the FCFA2S to pay dividends or repurchase shares, the Company’s objective is to invest all of its FCFA2S in acquisitions which meet the Company’s hurdle rate.
FCFA2S is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.
The following table reconciles FCFA2S to net cash flows from operating activities:
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Net cash flows from operating activities:
18.8
44.5
63.9
81.9
Adjusted for:
Interest paid on lease obligations
(0.1
)
(0.2
)
(0.4
)
(0.5
)
Interest paid on other facilities
(5.7
)
(2.8
)
(13.3
)
(6.4
)
Credit facility transaction costs
(0.0
)
0.0
(1.9
)
(1.8
)
Payment of lease obligations
(1.6
)
(1.4
)
(4.6
)
(3.8
)
Property and equipment purchased
(1.1
)
(0.4
)
(1.7
)
(0.8
)
Free cash flow available to shareholders
10.4
39.6
42.0
68.6
Forward Looking Statements
Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lumine Group or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
About Lumine Group Inc.
Lumine Group acquires, strengthens, and grows, vertical market software businesses in the communications and media industry. Learn more at www.luminegroup.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Condensed Consolidated Interim Statements of Financial Position (In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash
$
180,357
$
146,509
Accounts receivable, net
142,741
104,955
Unbilled revenue, net
49,551
39,858
Inventories
521
521
Other assets
40,727
44,862
413,897
336,705
Non-current assets:
Property and equipment
7,243
4,164
Right of use assets
7,716
11,973
Deferred income taxes
10,400
6,197
Other assets
12,939
13,063
Intangible assets and goodwill
826,041
763,793
864,339
799,190
Total assets
$
1,278,236
$
1,135,895
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$
101,136
$
97,533
Due to related parties, net
1,807
2,380
Current portion of bank debt
2,248
3,071
Deferred revenue
86,890
91,726
Acquisition holdback payables
656
19
Lease obligations
5,128
6,358
Income taxes payable
12,978
12,436
Preferred and Special Securities
–
4,469,996
210,843
4,683,519
Non-current liabilities:
Deferred income taxes
109,985
124,659
Bank debt
286,457
149,636
Lease obligations
3,583
6,921
Other liabilities
7,767
13,127
407,792
294,343
Total liabilities
618,635
4,977,862
Equity:
Capital stock
490,669
–
Contributed surplus
185,142
(1,015,661
)
Accumulated other comprehensive income (loss)
(3,814
)
(6,296
)
Retained earnings (deficit)
(12,396
)
(2,820,010
)
659,601
(3,841,967
)
Total liabilities and equity
$
1,278,236
$
1,135,895
Condensed Consolidated Interim Statements of Income (Loss) (In thousands of USD, except per share amounts. Due to rounding, numbers presented may not foot.)
Unaudited
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Revenue
License
$
12,798
$
11,247
$
36,205
$
32,990
Professional services
32,780
23,061
86,622
63,328
Hardware and other
6,589
5,651
11,332
14,987
Maintenance and other recurring
125,167
91,342
347,099
245,262
177,334
131,301
481,258
356,567
Expenses
Staff
89,929
61,871
250,662
181,775
Hardware
3,657
3,374
6,595
9,825
Third party license, maintenance and professional services
8,575
7,783
28,981
20,568
Occupancy
2,246
1,064
4,117
2,630
Travel, telecommunications, supplies, software and equipment
4,152
5,218
23,660
15,104
Professional fees
2,637
2,060
11,124
12,292
Other, net
3,011
2,754
7,467
5,443
Depreciation
2,473
2,120
6,925
5,825
Amortization of intangible assets
29,616
21,351
81,648
57,668
146,296
107,595
421,179
311,130
Redeemable Preferred and Special Securities expense
–
194,817
317,362
1,346,020
Finance and other expenses (income), net
8,898
3,703
18,868
9,960
8,898
198,520
336,230
1,355,980
Income (loss) before income taxes
22,140
(174,814
)
(276,151
)
(1,310,543
)
Current income tax expense (recovery)
13,572
12,651
31,127
30,813
Deferred income tax expense (recovery)
(9,710
)
(8,815
)
(18,982
)
(22,042
)
Income tax expense (recovery)
3,862
3,836
12,145
8,771
Net income (loss)
$
18,278
$
(178,650
)
$
(288,296
)
$
(1,319,314
)
Weighted average shares outstanding:
Basic
256,620,389
74,040,058
199,991,663
71,967,707
Diluted
256,620,389
253,104,970
255,529,839
242,370,504
Earnings per share:
Basic and diluted
$
0.07
$
(2.41
)
$
(1.44
)
(18.33
)
Condensed Consolidated Interim Statements of Comprehensive Income (Loss) (In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Net income (loss)
$
18,278
$
(178,650
)
$
(288,296
)
$
(1,319,314
)
Items that are or may be reclassified subsequently to net income (loss):
Foreign currency translation differences from foreign operations and other
7,082
(4,657
)
2,482
(4,968
)
Other comprehensive (loss) income for the year, net of income tax
7,082
(4,657
)
2,482
(4,968
)
Total comprehensive income (loss) for the year
$
25,360
$
(183,307
)
$
(285,814
)
$
(1,324,282
)
Condensed Consolidated Interim Statement of Changes in Equity (In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
Nine months ended September 30, 2024
Capital stock
Contributed surplus
Accumulated other comprehensive (loss) income
Retained earnings (deficit)
Total equity
Balance at January 1, 2024
$
–
$
(1,015,661
)
$
(6,296
)
$
(2,820,010
)
$
(3,841,967
)
Total comprehensive income (loss) for the period:
Net income (loss)
–
–
–
(288,296
)
(288,296
)
Other comprehensive income (loss):
Foreign currency translation differences from foreign operations and other
–
–
2,482
–
2,482
Total other comprehensive income (loss) for the period
–
–
2,482
–
2,482
Total comprehensive income (loss) for the period
–
–
2,482
(288,296
)
(285,814
)
Settlement of Preferred and Special Share Dividends in Subordinate Voting Shares
87,368
–
–
–
87,368
Mandatory Conversion of Special and Preferred Shares
403,301
1,200,803
–
3,095,910
4,700,014
Balance at September 30, 2024
$
490,669
$
185,142
$
(3,814
)
$
(12,396
)
$
659,601
Condensed Consolidated Interim Statement of Changes in Equity (In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
Nine months ended September 30, 2023
Capital stock
Contributed surplus
Accumulated other comprehensive (loss) income
Retained earnings (deficit)
Total equity
Balance at January 1, 2023
$
–
$
162,692
$
(8,912
)
$
–
$
153,780
Total comprehensive income (loss) for the period:
Net income (loss)
–
–
–
(1,319,314
)
(1,319,314
)
Other comprehensive income (loss):
Foreign currency translation differences from foreign operations and other
–
–
(4,968
)
–
(4,968
)
Total other comprehensive income (loss) for the period
–
–
(4,968
)
–
(4,968
)
Total comprehensive income (loss) for the period
–
–
(4,968
)
(1,319,314
)
(1,324,282
)
Transactions with Parent, recorded directly in equity
Capital contributions by Parent
–
22,451
–
–
22,451
Amalgamation with Lumine Group (Holdings) Inc.
–
(1,200,804
)
–
–
(1,200,804
)
Special Share conversion
–
–
–
5,110
5,110
Balance at September 30, 2023
$
–
$
(1,015,661
)
$
(13,880
)
$
(1,314,204
)
$
(2,343,746
)
Condensed Consolidated Interim Statements of Cash Flows (In thousands of USD. Due to rounding, numbers presented may not foot.)
Unaudited
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Cash flows from (used in) operating activities:
Net income (loss)
$
18,278
$
(178,650
)
$
(288,296
)
$
(1,319,314
)
Adjustments for:
Depreciation
2,473
2,120
6,925
5,825
Amortization of intangible assets
29,616
21,351
81,648
57,668
Contingent consideration adjustments
(1,357
)
58
(399
)
(2,420
)
Preferred and Special Securities expense (income)
–
194,817
317,362
1,346,020
Finance and other expenses (income)
8,898
3,703
18,868
9,960
Income tax expense (recovery)
3,862
3,836
12,145
8,771
Change in non-cash operating assets and liabilities exclusive of effects of business combinations
(34,300
)
5,822
(68,428
)
(4,565
)
Income taxes (paid) received
(8,641
)
(8,565
)
(15,957
)
(20,077
)
Net cash flows from (used in) operating activities
18,829
44,492
63,868
81,868
Cash flows from (used in) financing activities:
Interest paid on lease obligations
(105
)
(205
)
(388
)
(464
)
Interest paid on bank debt
(5,702
)
(2,823
)
(13,304
)
(6,414
)
Cash transferred from (to) Parent
345
(2,121
)
(1,645
)
(13,957
)
Proceeds from issuance of bank debt
15,000
–
155,500
175,000
Repayments of bank debt
(17,976
)
(50,244
)
(18,464
)
(50,897
)
Transaction costs on bank debt
(25
)
–
(1,874
)
(1,771
)
Payments of lease obligations
(1,560
)
(1,419
)
(4,594
)
(3,784
)
Issuance of Preferred Shares to Parent
–
–
–
181,484
Dividends paid
–
(12
)
–
(24
)
Net cash flows from (used in) in financing activities
(10,023
)
(56,823
)
115,231
279,173
Cash flows from (used in) investing activities:
Acquisition of businesses
–
–
(144,325
)
(314,760
)
Cash obtained with acquired businesses
–
–
–
33,965
Post-acquisition settlement receipts (payments), net
5,685
(264
)
4,706
(2,933
)
Property and equipment purchased
(1,058
)
(408
)
(1,689
)
(829
)
Other investing activities
(720
)
72
(984
)
(584
)
Net cash flows from (used in) investing activities
3,907
(600
)
(142,292
)
(285,142
)
Effect of foreign currency on cash and cash equivalents
BOSTON, Nov. 01, 2024 (GLOBE NEWSWIRE) — The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that it will pay a distribution of $.04 per share on the company’s common stock on November 29, 2024 to common shareholders of record as of the close of business on November 15, 2024. The ex-dividend date will be November 15th.
The Fund has released updated portfolio data which can be found on the Fund’s website at www.newamerica-hyb.com.
The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of September 30, 2024, T. Rowe Price and its affiliates managed approximately $1.6 trillion of assets, including approximately $20 billion of “high yield” investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.
Contact: Ellen E. Terry, President Telephone: 617-263-6400 www.newamerica-hyb.com
TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (TSXV: PVF.UN, PVF.PR.U) (the “Partnership”), Partners Value Investments Inc. (TSXV: PVF.WT, PVF.PR.V) (“PVII”) and Partners Value Split Corp. (TSX: PVS.PR.G, PVS.PR.H, PVS.PR.I, PVS.PR.J, PVS.PR.K, PVS.PR.L) (“PV Split” and together with the Partnership and PVII, the “PVI Group”) together announce the completion of a share capital reorganization involving a change in how the Partnership owns its interest in PVII and how PVII owns its interest in PV Split.
Pursuant to the reorganization, among other things, PVII amended its articles to: (a) redesignate the voting common shares held by the Partnership (“Common Shares”) as Class A restricted voting shares, which have substantially the same terms as the Common Shares but are entitled to elect 50% of the directors of PVII; and (b) create Class B restricted voting shares (“Class B Shares”), which are not entitled to dividends, are redeemable for a nominal amount and are entitled to elect 50% of the directors of PVII. A new trust, Partners Value Holding Trust, subscribed for Class B Shares and is the sole owner of PVII shares of that class. As a result, the Partnership no longer controls PVII, but has retained 100% of its economic interest in PVII.
A similar change has been made to the articles of PV Split. As a result of the transaction, PVII now owns 100% of the Class A restricted shares of PV Split, which have substantially the same terms as the voting shares of PV Split but are entitled to elect 50% of the directors of PV Split and a new trust, Partners Value Split Holding Trust, holds 100% of the new Class B restricted voting shares of PV Split, which are not entitled to dividends, are redeemable for a nominal amount and are entitled to elect 50% of the directors of PV Split. As a result, PVII no longer controls PV Split, but has retained 100% of its economic interest in PV Split.
After these changes, which have no impact on the publicly-traded units of the Partnership, it is expected that PVII and PV Split will both continue to be considered mutual fund corporations for tax purposes under current law and following the implementation of proposed amendments to the Income Tax Act (Canada) relating to mutual fund corporations.
For additional information, please contact Investor Relations at ir@pvii.ca or 416-643-7621.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts”, “seeks”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking statements in this news release include statements relating to and regarding the qualification of PVII and PV Split as mutual fund corporations and the economic impact of the proposed transaction on the PVI Group. Forward-looking statements are provided for the purpose of presenting information about current expectations and plans of management of the PVI Group relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes.
Although management believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the PVI Group, which may cause the actual results, performance or achievement the PVI Group to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements and information include, but are not limited to: changes to the qualification of PVII or PV Split as “mutual fund corporations” under the Income Tax Act (Canada); changes in in government regulation and legislation; changes in tax laws; the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and the outbreak of disease including epidemics and pandemics; and other risks and factors detailed from time to time in the PVI Group’s documents filed with the securities regulators in Canada.
The PVI Group cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the PVI Group’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the PVI Group undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.