Headline: Disaster Recovery Centers to Close in Ascension, Assumption Parishes
Disaster Recovery Centers to Close in Ascension, Assumption Parishes
BATON ROUGE, La. –Disaster Recovery Centers (DRCs) serving Louisiana survivors of Hurricane Francine in Gonzales and Napoleonville will close at 5 p.m. Friday, Oct. 25.The Gonzales center (Ascension Parish) is located at Lamar Dixon Expo Center, 9039 St. Landry Road, Gonzales, LA 70737.The Napoleonville center (Assumption Parish) is located at Assumption High School, North Building, 4880 Hwy 308, Napoleonville, LA 70390.Additional locations in Lafourche, Jefferson, St. John the Baptist, St. Mary and Terrebonne parishes are open. To find the DRC nearest to you, visit DRC Locator (fema.gov).The centers will operate from 8 a.m. to 5 p.m., Monday through Saturday.Residents in all nine parishes can visit any DRC to meet with representatives of FEMA, the U.S. Small Business Administration, along with other community partners. No appointment is needed to visit the center. The centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology. If you need a reasonable accommodation or sign language interpreter, please call 833-285-7448 (press 2 for Spanish).You do not have to visit a center to apply for FEMA disaster assistance. The quickest way to apply is by going online at disasterassistance.gov/.Additional options when applying include:Download the FEMA App for mobile devices. Call the FEMA helpline at 800-621-3362 between 6 a.m. and 11 p.m. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube.For the latest information visit fema.gov/disaster/4817. Follow FEMA Region 6 social media at X.com/FEMARegion6 or on Facebook at facebook.com/femaregion6. alexa.brown Thu, 10/24/2024 – 15:35
Headline: West Virginians Have One Week Left to Apply for FEMA Assistance
West Virginians Have One Week Left to Apply for FEMA Assistance
Oct. 24, 2024DR-4787-WV NR-014FEMA News Desk: 215-931-5597FEMAR3NewsDesk@fema.dhs.govNews releaseWest Virginians Have One Week Left to Apply for FEMA AssistanceCHARLESTON, W.Va. – Residents in Boone, Hancock, Kanawha, Marshall, Ohio, Roane, Wetzel and Wood counties have one week left to apply for FEMA Assistance for damages sustained during the severe storm of April 11-12, 2024. The deadline to apply is SATURDAY, NOV. 2.FEMA assistance for individuals and families affected by the flooding can cover home repairs, personal property losses and other disaster-related needs not covered by insurance.Residents may apply online at DisasterAssistance.gov or by phone at 800-621-3362. The toll-free telephone line operates from 7 a.m. to 11 p.m. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.Nov. 2 is also the deadline to apply for a U.S. Small Business Administration disaster loan. Residents can do so—and get more information –online at sba.gov/disaster. They can also call SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.For more information on West Virginia’s disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page,www.fema.gov/disaster/4787 and www.facebook.com/FEMA.###FEMA’s mission is helping people before, during and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia.Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages). issa.mansaray Thu, 10/24/2024 – 15:15
NEW YORK – New York Attorney General Letitia James and California Attorney General Rob Bonta today co-led a coalition of 24 attorneys general in filing an amicus brief in U.S. v. Idaho to protect access to emergency abortion care in Idaho. The brief urges the United States Court of Appeals for the Ninth Circuit to uphold a lower court’s preliminary injunction blocking Idaho’s restrictive abortion ban, which does not include an exception for emergency abortion care. Attorney General James and the coalition argue that preventing pregnant patients from receiving emergency abortion care can seriously harm patients’ health and overwhelm health care systems in Idaho and neighboring states.
“Denying emergency abortion care to a pregnant patient whose health is in jeopardy is unbelievably cruel,” said Attorney General James. “State restrictions on emergency abortion care are endangering patients, hurting families, and overwhelming health care providers. The right to get emergency abortion care should not depend on where you live. I will keep fighting back against these harmful bans, and I thank my fellow attorneys general for joining me in this effort.”
The federal Emergency Medical Treatment and Labor Act (EMTALA) requires hospitals that operate an emergency department and participate in Medicare – virtually every hospital in the country – to treat all patients who have an emergency medical condition before discharging or transferring them. Idaho’s abortion ban does not include an exception for emergency abortion care. Attorney General James and the coalition argue that several government agencies and courts have long determined that emergency abortion care and other pregnancy-related emergencies are covered under EMTALA.
The amicus brief submitted by Attorney General James and the coalition argues that allowing Idaho to override EMTALA’s protections for emergency abortion care can lead to pregnant patients dying or suffering irreversible injuries. The brief also notes that this action by Idaho could cause health care providers to leave the state, leading to worse patient care and pregnant patients seeking care in other states, which can overwhelm their health care systems. In fact, within a few months of Idaho’s abortion ban going into effect, nearly one in four obstetricians left the state or retired. This past March, Attorney General James co-led a multistate coalition of attorneys general and filed an amicus brief with the United States Supreme Court in this case, urging the court to maintain the district court’s preliminary injunction. The court ultimately sent the case back to the Ninth Circuit with the district court’s stay intact.
Joining Attorney General James in filing today’s amicus brief are the attorneys general of Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.
Today’s action is the latest in Attorney General James’ efforts to defend access to reproductive care and protect reproductive freedom in New York and nationwide. In October, Attorney General James and a coalition of attorneys general filed an amicus brief in support of access to mifepristone. In May, Attorney General James sued an anti-abortion group and 11 crisis pregnancy centers for promoting unproven abortion reversal treatment. In April, Attorney General James led a coalition of attorneys general in urging Congress to expand access to reproductive health services and pass the Access to Family Building Act. In January, Attorney General James led a coalition of 24 attorneys general urging the U.S. Supreme Court to protect access to mifepristone. In December 2022, Attorney General James secured a court order to stop militant anti-abortion group Red Rose Rescue from blocking access to abortion care in New York.
October 24, Summerside PEI – On October 23rd, 2024 in the early evening, Prince District JFO, with the assistance of Summerside Police made a targeted stop of a car in Summerside. A 30-year-old Kensington area man and 32-year-old Kensington area woman were arrested for possession for the purpose of trafficking cocaine. A search of the vehicle located a small quantity of what is believed to be cocaine. This investigation is ongoing.
The Prince District Joint Forces Operations (JFO) is a stand-alone drug enforcement unit comprised of members of the Prince District RCMP, Summerside Police Services, and Kensington Police Services.
If you have information about drugs in your community please contact your local police detachment.
Capgemini announces ‘augmented engineering’ offerings powered by Gen AI
The Group is extending its generative AI portfolio of services with new offerings tailored for engineering and R&D. The new services will help organizations unlock the value of Gen AI to accelerate R&D and augment engineering1at all stages of the product development lifecycle
Paris, October 24, 2024 –Capgeminiis extending itsGen AI portfolio of serviceswith the launch of engineering and R&D-specific Generative AI (Gen AI) infused solutions for clients to accelerate innovation, streamline engineering and R&D processes with high-level automation, and the ability to unlock new discoveries. As a world leader in engineering and R&D services with deep industry knowledge, and a leading player in the AI market, Capgemini is well positioned to help organizations transform their engineering and R&D processes and accelerate towards a more intelligent industry.
With “augmented engineering”, Gen AI takes data-driven engineering and R&D to the next level. The adoption of a hybrid AI approach, combining Gen AI and AI with other kinds of engineering and scientific models, enables the delivery of outcomes with the precision, quality, regulatory compliance, and correctness required in engineering and science across industries. Engineering requires the ability to capture detailed data in many forms. For example, there is a vast difference in engineering application between a photo-realistic video and the schematic diagrams of an airliner avionics system, even if both are represented graphically. Designed to help clients reap immediate benefits from Gen AI, augment engineering processes with AI, and accelerate the creation of new smart products and services, the first set of Capgemini’s Gen AI offerings for engineering and R&D includes:
“Augmented R&D Discovery”: to accelerate scientific discovery, streamline R&D processes, identify novel scientific approaches, and generate new formulations. It augments research teams to reduce lead time for R&D discovery with data and AI-driven research hubs, reasoning engines, and digital R&D backbones needed to automate and orchestrate R&D processes, accelerate innovation – and unlock new discoveries in formulation-based industries. Example of applications include new drugs, aircraft fuel composition, tyre properties, components substitution in food, beverage and cosmetics.
“Augmented Software Product Engineering”: an agent-based asset framework and associated consulting and engineering services to provide a uniquely holistic approach to improving product creativity and quality, development efficiency, and developer experience. Includes software lifecycle accelerators addressing product requirements optimization, code creation, product generation, and code migration.
“Augmented Product Support & Services”: a Gen AI-enabled assistant to streamline software product support – making life easier for both support engineers and their customers in different industries e.g. telecommunications, industrial IoT or MedTech. Gen AI significantly reduces and automates product support work such as self-service deflection, guided remediation, while also removing linguistic barriers. It enables organizations to improve digital experience.
“Augmented Product Technical Publications”: technical publications are regulatory-required documents providing all necessary information for the effective operation, installation, maintenance, and servicing of a manufactured product and its components. Capgemini has designed a technical publications factory model, custom-built production workflow assistant to reduce data retrieval time from hours to minutes, and to shorten publication authoring time from weeks to days.
“Gen AI has the potential to turn innovative technology into engineering value, with products and services reaching new levels of intelligence and effectiveness. Our set of new ‘Augmented Engineering’ solutions are designed to take engineering and R&D to their next level and help clients to accelerate towards more intelligent products and services,” comments Franck Greverie, Chief Technology Officer, Chief Portfolio Officer and Group Executive Board Member at Capgemini. “We are proud to be the preferred partner of industry leaders to support their ongoing transformation of engineering and R&D processes and help them drive innovation and breakthrough discoveries. Given the demanding context of engineering that requires precision, regulatory compliance and risk tolerance, we are developing tailored solutions, augmented with Gen AI, to empower researchers, streamline processes and unlock substantial creativity and high-quality outcomes.”
Recognized as a Leader in AI and engineering Capgemini was named a Leader in The Forrester Wave™: AI services, Q2 2024, among nine vendors evaluated on 19 criteria, grouped by current offering, strategy, and market presence. It was also recognized as a Leader in 2024 Zinnov Zones Ratings for its overall Engineering, Research and Development and Digital Engineering Services.
The Group announced in July 2023 an investment plan of €2 billion over 3 years to strengthen its leadership in AI and has already trained over 120K team members on generative AI tools, thanks to its Gen AI Campus. It has established a dedicated generative AI practice to rapidly scale its capability, solutioning and delivery, as well as a Generative AI Lab to follow the evolution of the technology and research the most relevant use cases and collaborations with businesses or academia for clients, and a dedicated platform, RAISE (Reliable AI Solution Engineering), to industrialize its custom Gen AI projects.
Capgemini is also investing in its portfolio, to customize the uses cases and offers by industry, to build next-generation AI solutions for enterprises, and to generate more value for its clients, and in its partnerships, such as with Google Cloud, Microsoft, Salesforce, AWS, Mistral AI, and Liquid AI.
About Capgemini Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
1 Capgemini’s approach, ‘Augmented Engineering’, powered by Gen AI in combination with AI and other types of engineering and scientific models, is defined to manage the demanding context of engineering, that requires precision, regulatory compliance and risk tolerance.
SAN FRANCISCO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced its latest quarterly product update, featuring an enhanced solution to protect businesses from account takeover (ATO) fraud throughout the entire consumer journey. Sift’s detailed analysis of its customers shows that its ATO solution prevents an average of $1.9 million per week in fraud losses per customer. Its comprehensive approach ensures that organizations can safeguard their users from point of login to post-transaction, addressing the growing threat of ATO that resulted in nearly $13 billion in losses in 2023 alone.
Fueled by a digitally-driven economy, ATO attacks increased 24% in Q2 2024 compared to the same period last year, when attacks skyrocketed by 354% according to Sift research from 2023. Traditional solutions that seek to stop account theft only at the point of login often fall short, leaving businesses vulnerable to attacks that occur at different points of the consumer journey. Exacerbating the problem is that ATO often lives between the cracks within organizations, making it an “orphan” threat with no clear owner between Fraud and Security departments. Sift allows these departments to collaborate and take ownership of ATO by uniting data and workflows that are accessible to both.
Key Advancements with new Sift ATO solution:
Identity-Centric Accuracy: AI-powered insights, real-time behavioral analysis, and expanded device fingerprinting provide richer context around risk and user intent throughout the consumer journey.
Powerful Integrations: Unify and extend existing Customer Identity Access Management (CIAM) workflows through low-code integrations, including Ping Identity PingOne DaVinci and Okta Auth0, accelerating time to value and strengthening identity management investments across the security tech stack.
Fine-Tuned Controls: Robust MFA capabilities and continuous monitoring after login deliver precise friction at the session level. Pre-built, industry-specific automations generate immediate impact out of the box.
“Account takeover is a deeply connected problem that impacts multiple facets of a business, from cybersecurity to finance,” said Raviv Levi, Chief Product and Technology Officer at Sift. “Traditional approaches often result in fragmented data and incomplete insights, making it difficult to fully understand and mitigate the impact of ATO. Sift’s unique approach unites departments and data, providing a single source of truth for ATO prevention and removing barriers to revenue.”
Additional innovations from Sift this quarter include advanced behavior signals and VIP Fast Pass controls for high velocity transaction industries like iGaming and Fintech, as well as expanded RiskWatch functionality for faster, more insightful manual reviews.
For more information about Sift’s revamped ATO solution and other innovations, visit the Sift Blog here.
About Sift Sift is the AI-powered fraud platform securing digital trust for leading global businesses. Our deep investments in machine learning and user identity, a data network scoring 1 trillion events per year, and a commitment to long-term customer success empower more than 700 customers to grow fearlessly. Brands including DoorDash, Yelp, and Poshmark rely on Sift to unlock growth and deliver seamless consumer experiences. Visit us at sift.com and follow us on LinkedIn.
Media Contact: Victor White VP, Corporate Communications, Sift press@sift.com
Quarterly financial information as of September 30, 2024 IFRS – Regulated information – Not audited
Cegedim: Revenue growth continued in the third quarter of 2024
Revenue of €156.8 million in Q3 2024, up 5.7%
Marketing, BPO, HR, and cloud businesses led the way
Revenue for the first nine months of 2024 grew 5.9% to €475.8 million
Boulogne-Billancourt, France, October 24, 2024, after the market close. Revenue
Third quarter
Change Q3 2024 / 2023
in millions of euros
2024
2023 reclassified(1)
Reclassification(1)
2023 Reported
Reported vs. reclassified(1)
Like for like(2)(3) vs. reclassified(1)
Software & Services
75.6
76.0
-4.8
80.8
-0.5%
-4.2%
Flow
23.7
22.4
-0.4
22.8
5.5%
5.4%
Data & Marketing
28.2
24.1
0.0
24.1
17.0%
17.1%
BPO
21.6
19.0
0.0
19.0
13.9%
13.9%
Cloud & Support
7.7
6.8
+5.2
1.6
12.5%
12.5%
Cegedim
156.8
148.3
0.0
148.3
5.7%
3.8%
First 9 months
Change 9M 2023 / 2022
in millions of euros
2024
2023 reclassified(1)
Reclassification(1)
2023 Reported
Reported vs. reclassified(1)
Like for like(2)(4) vs. reclassified(1)
Software & Services
227.7
226.6
-15.7
242.3
0.5%
-2.6%
Flow
73.2
69.2
-1.8
71.0
5.7%
5.6%
Data & Marketing
87.5
79.0
0.0
79.0
10.8%
10.8%
BPO
61.5
51.8
0.0
51.8
18.8%
18.8%
Cloud & Support
25.8
22.6
+17.5
5.1
13.9%
13.9%
Cegedim
475.8
449.3
0.0
449.3
5.9%
4.3%
Cegedim posted consolidated third quarter revenues up 5.7% as reported and 3.8% like for like(2) compared with the same period in 2023. Revenues to end-September rose 5.9% as reported and 4.3% like for like compared with 9M 2023. Marketing, BPO, HR, and cloud businesses all delivered solid growth in the third quarter. As expected, the Software & Services division felt the impact of comparisons with Ségur public health investment spending in 2023 and a slowdown in international sales owing to the decision to refocus the Group’s UK doctor software activities on Scotland. Analysis of business trends by division
Software & Services
Software & Services
Third quarter
Change Q3 2024 / 2023
First 9 months
Change 9M 2024 / 2023
in millions of euros
2024
2023 reclassified(3)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
Cegedim Santé
20.1
18.6
8.0%
-6.2%
58.9
58.4
0.9%
-9.8%
Insurance, HR, Pharmacies, and other services
42.7
43.9
-2.7%
-2.7%
129.5
128.4
0.9%
0.8%
International businesses
12.8
13.5
-5.0%
-6.1%
39.3
39.8
-1.3%
-2.8%
Software & Services
75.6
76.0
-0.5%
-4.2%
227.7
226.6
0.5%
-2.6%
Revenues at Cegedim Santé grew 8.0% as reported in the third quarter but fell 6.2% like for like. We did not fully meet our 2024 goal of offsetting last year’s Ségur impact and keeping like-for-like sales stable, but we are closing the gap with each quarter. Reported growth figures include Visiodent as of March 1, 2024. Visiodent’s gradual transition to Cegedim Group products for scheduling, databases, and so on is generating internal sales, which do not appear in the consolidated scope.
Other French subsidiaries had a challenging quarter, with revenues down 2.7%. We saw positive growth at our insurance businesses, thanks to robust project-based sales, and in HR, which is still getting a boost from its client diversification strategy. Conversely, the €2 million in Ségur public health investment subsidies we recorded in Q3 2023 made for a demanding comparison in the pharmacy business, where equipment sales also flagged after accelerating last year.
Internationally, revenues from software sales to UK doctors declined, as expected, following the decision to refocus the activity on Scotland.
Flow
Flow
Third quarter
Change Q3 2024 / 2023
First 9 months
Change 9M 2024 / 2023
in millions of euros
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
e-business
13.5
13.5
-0.2%
-0.4%
43.5
41.3
5.1%
4.8%
Third-party payer
10.2
8.9
14.3%
14.3%
29.7
27.9
6.7%
6.7%
Flow
23.7
22.4
5.5%
5.4%
73.2
69.2
5.7%
5.6%
Third-quarter growth in e-business, e-invoicing, and digitized data exchanges was nearly flat, at -0.2%. Healthcare flows offset a relative slowdown in the Invoicing & Procurement segment, which last year enjoyed sustained growth in France ahead of the e-invoicing reform scheduled to take effect July 1, 2024, but which has since been postponed to September 2026.
The digital data flow business dealing with reimbursement of healthcare payments in France (Third-party payer) experienced 14.3% yoy growth in Q3. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings.
Data & Marketing
Data & Marketing
Third quarter
Change Q3 2024 / 2023
First 9 months
Change 9M 2024 / 2023
in millions of euros
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
Data
15.1
14.6
3.4%
3.4%
43.1
43.4
-0.7%
-0.7%
Marketing
13.1
9.5
38.0%
38.0%
44.4
35.6
24.8%
24.8%
Data & Marketing
28.2
24.1
17.0%
17.1%
87.5
79.0
10.8%
10.8%
Data business posted 3.4% yoy growth in the third quarter, resulting in nearly stable growth over nine months. Growth was led by French sales, which were more dynamic than international sales.
The Marketing segment had a record third quarter, up 38% owing to special ad campaigns during the Olympics. The rising popularity of our phygital media offerings in pharmacies helped the segment post 24.8% growth over the first nine months.
BPO
BPO
Third quarter
Change Q3 2024 / 2023
First 9 months
Change 9M 2024 / 2023
in millions of euros
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified
Insurance BPO
15.9
13.8
15.7%
15.7%
44.6
35.9
24.2%
24.2%
Business Services BPO
5.7
5.2
+9.2%
+9.2%
16.9
15.9
6.5%
6.5%
BPO
21.6
19.0
13.9%
13.9%
61.5
51.8
18.8%
18.8%
The Insurance BPO business grew by more than 15.7% over the third quarter, chiefly owing to its overflow business, which has been flourishing since the start of the year. Growth over nine months amounted to 24.2%, partly thanks to a favorable comparison stemming from the April 1, 2023, launch of the Allianz contract.
Business Services BPO (HR and digitalization) continues to report strong growth, up 9.2% yoy over the quarter on the back of a popular compliance offering and new clients.
Cloud & Support
Cloud & Support
Third quarter
Change Q3 2024 / 2023
First 9 months
Change 9M 2024 / 2023
in millions of euros
2024
2023 reclassified(4)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
2024
2023 reclassified(1)
Reported vs. reclassified(1)
Like for like(2) vs. reclassified(1)
Cloud & Support
7.7
6.8
12.5%
12.5%
25.8
22.6
13.9%
13.9%
The Cloud & Support division’s trajectory continued over the third quarter, with growth of 12.5% reflecting our expanded range of sovereign cloud-backed products and services.
Highlights
Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes during Q3 2024 that would materially alter the Group’s financial situation.
• New financing arrangement
On July 31, 2024, Cegedim announced that it had secured a new financing arrangement consisting of a €230 million syndicated loan. The arrangement is split into €180 million of lines drawn upon closing to refinance the Group’s existing debt (RCF and Euro PP, which were to mature in October 2024 and October 2025 respectively) and an additional, undrawn revolving credit facility (RCF) of €50 million. This new financing arrangement will bolster the Group’s liquidity and extend the maturity of its debt to, respectively, 5 years (€30 million, payments every six months); 6 years (€60 million, repayable upon maturity); and 7 years (€90 million, repayable upon maturity).
Significant transactions and events post September 30, 2024
To the best of the company’s knowledge, there were no post-closing events or changes after September 30, 2024, that would materially alter the Group’s financial situation.
Outlook
Based on the currently available information, the Group expects 2024 like-for-like revenue(1) growth to be towards the lower end of the 5-8% range relative to 2023. That said, we still expect recurring operating income to continue to improve. These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.
—————
Webcast on October 24, 2024, at 6:15 pm (Paris time)
Disclaimer This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on October 24, 2024, no earlier than 5:45 pm Paris time. The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2023 Universal Registration Document filled with the AMF on April 3, 2024, under number D.24-0233.
About Cegedim: Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 6,500 people in more than 10 countries and generated revenue of €616 million in 2023. Cegedim SA is listed in Paris (EURONEXT: CGM). To learn more please visit: www.cegedim.fr And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.
Aude Balleydier Cegedim Media Relations and Communications Manager
Breakdown of revenue by geographic zone, currency and division at September 30, 2024
as a % of consolidated revenues
Geographic zone
Currency
France
EMEA ex. France
Americas
Euro
GBP
Other
Software & Services
82.8%
17.1%
0.1%
86.2%
12.0%
1.7%
Flow
91.9%
8.1%
0.0%
94.5%
5.5%
0.0%
Data & Marketing
97.9%
2.1%
0.0%
98.0%
0.0%
2.0%
BPO
100.0%
0.0%
0.0%
100.0%
0.0%
0.0%
Cloud & Support
99.9%
0.1%
0.0%
100.0%
0.0%
0.0%
Cegedim
90.1%
9.8%
0.1%
92.2%
6.6%
1.2%
1As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—as well as BSV—formerly of the Flow division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.
2At constant scope and exchange rates.The positive currency impact of 0.2% was mainly due to the pound sterling. The positive scope effect of 1.8% was attributable to the first-time consolidation inCegedim’saccounts ofVisiodentstarting March 1, 2024.The positive currency impact of 0.1% was mainly due to the pound sterling. The positive scope effect of 1.4% was attributable to the first-time consolidation inCegedim’saccounts ofVisiodentstarting March 1, 2024.
3To take advantage of synergies,Cegedim Outsourcing,Audiprint,andBSVhave been reassigned to the Cloud & Support division.At constant scope and exchange rates.
4To take advantage of synergies,Cegedim Outsourcing,Audiprint,andBSVhave been reassigned to the Cloud & Support division.At constant scope and exchange rates.
Source: United Kingdom – Executive Government & Departments
Confidence in the police, and in the systems that hold them to account, will be boosted under a package of reforms announced by the Home Secretary.
The announcement will reassure both the police and the public that the system of vetting and accountability is working.
It will tackle delays in investigations, ensuring the complexity of specialist police roles are considered from the outset, and introduce stronger vetting processes so the highest standards are always upheld and maintained.
This follows the long-awaited accountability review and draws on findings of the reviews undertaken by Dame Louise Casey and Lady Elish Angiolini.
In a statement to Parliament, Yvette Cooper set out the government’s mission to put confidence back into policing, ensuring both that the police have the confidence of the communities they serve, and that officers have the confidence they need to do the vital job of keeping people safe.
She set out new measures that will be taken forward in response to the accountability review started under the previous government, including:
a presumption of anonymity for firearms officers facing criminal proceedings following police shootings, up until the point of a conviction
raising the threshold for the Independent Office for Police Conduct (IOPC) to refer police officers to the Crown Prosecution Service (CPS), so that only cases that have a reasonable prospect of conviction are referred – as is already the test for members of the public suspected of committing a crime
a rapid independent review to consider the legal test for use of force in misconduct proceedings and the threshold for unlawful killing in inquests
an examination by the Director of Public Prosecutions of CPS guidance and processes in relation to charging police officers for offences committed in the course of their duties
the creation of a national lessons-learned database for deaths or serious injuries following police contact or pursuits to ensure findings are incorporated into future training and guidance
placing the IOPC victims’ right to review policy on a statutory footing
The Home Secretary also announced reforms to address fundamental flaws in police vetting and misconduct processes, including delivering on key manifesto commitments. These will:
for the first time, place vetting standards on a statutory footing
empower chief constables to promptly dismiss officers who fail their vetting
strengthen requirements relating to the suspension of officers under investigation for violence against women and girls
ensure officers convicted of certain criminal offences are automatically found to have committed gross misconduct and create a presumption of dismissal in gross misconduct cases
The Home Secretary set out these reforms to address concerns held by police, local communities and the families of those impacted by police use of force.
As well as legislating for a presumption of anonymity, ministers will take forward 3 measures set out by the previous government. These will align the threshold for IOPC referrals of officers to the CPS to that used by police for members of the public, accelerate processes by allowing the IOPC to send cases to the CPS prior to their final investigation report where there is sufficient evidence, and place the victims’ right to review policy for IOPC decisions on a legislative footing to ensure the voices for victims and bereaved families are heard.
The Home Office and Ministry of Justice have also appointed 2 independent reviewers, Tim Godwin OBE QPM and Sir Adrian Fulford PC, to undertake a rapid review of the legal test for use of force in misconduct cases, and the threshold for determining unlawful killing in coronial inquests, to bring greater clarity and prevent delays in the accountability system following recent legal rulings.
The Attorney General has also requested that the Director of Public Prosecutions (DPP) reviews CPS guidance and processes in relation to charging police officers for offences committed in the course of their duties, reflecting the complexity of specialist roles.
Home Secretary Yvette Cooper said:
The British tradition of policing by consent relies on mutual bonds of trust between the public and the police. For our policing model to work, it is essential that the police have the confidence of the communities they serve and that officers have the confidence they need to do their vital and often extremely difficult job of keeping us all safe.
Too often in recent times, both elements of that confidence have become frayed. The government have made it a mission to put confidence back into policing.
The measures I have outlined are practical steps to rebuild confidence, tackle delays, provide clarity and ensure that high standards are maintained. The government is determined to take the necessary action to strengthen public confidence in the police, and to strengthen the confidence of the police when they are out on the street every day, doing the difficult job of keeping us all safe.
Chief Constable Simon Chesterman, the National Police Chiefs’ Council lead for Armed Policing, said:
Police officers are not above the law, and nobody expects them to be, but the system that holds officers to account when they use force to protect the public, their colleagues and themselves, has become broken.
We are supportive of the Home Secretary’s announcement and welcome their commitment to getting it right for officers and the public they serve and improving overall policing standards.
The ongoing work on the accountability review now has momentum to continue and is a real opportunity to get the balance right in the interests of the public we are here to protect.
We are proud to have the most restrained and professional armed officers in the world, but increasingly they are more afraid of going to prison for doing their jobs, than facing the violent and dangerous individuals we rely on them to protect us from.
“Good police officers need to know that if they do what they are trained to do, they will be supported by the leaders of the police service, government and most importantly the public. > > We remain determined to get police accountability right and we will support government to address concerns about the current accountability system to restore the confidence of police officers and the public.
Today, the Chief Public Health Officer of Canada annual report on the state of public health in Canada, entitled Realizing the Future of Vaccination for Public Health, was tabled in Parliament by the Honourable Mark Holland, Minister of Health.
October 24, 2024 | Ottawa, ON | Public Health Agency of Canada
Today, my annual report on the state of public health in Canada, entitled Realizing the Future of Vaccination for Public Health, was tabled in Parliament by the Honourable Mark Holland, Minister of Health.
Vaccination is one of the most significant public health achievements in modern history, helping people to live longer and healthier lives. In fact, over the past 50 years, researchers estimate vaccines have saved over 150 million lives worldwide. In addition to direct health benefits, vaccination also provides important social and economic benefits, such as reduced sick time in schools and workplaces, and increased job productivity. Vaccination can also help reduce the burden on our healthcare system by reducing hospitalizations and the need for medical care.
Although vaccination is a foundation of public health practice, we haven’t taken full advantage of its potential to tackle existing and emerging public health threats. Gaps in vaccination access and uptake in Canada, fueled in part by the spread of mis- and disinformation, have led to an increase in vaccine-preventable outbreaks, such as measles and pertussis. Some populations also face disproportionate barriers to vaccination such as those living in rural and remote areas, individuals who have difficulties connecting with health services, or those who have experienced stigma in the health system.
The public health system must be prepared to take advantage of scientific breakthroughs in vaccine technology. In the coming years, new vaccines will have the potential to address an expanding range of health threats, including the treatment of chronic diseases, cancers, and anti-microbial resistant pathogens. New ways to administer vaccines are also emerging, such as nasal vaccines and microneedle patches, that could help improve the vaccination experience, enhancing the acceptability and accessibility of vaccines.
This is why we must strive to create the conditions for everyone in Canada to experience the full benefits of vaccination at every stage of life.
Strengthening our vaccination system now and into the future
To help realize this vision, we must address gaps in our current vaccination system. This includes working with partners across governments and communities to reduce vaccination inequities and improve access to vaccines. Promising examples from the pandemic include setting up mobile clinics and community health workers to reach people who have difficulties in connecting with care, and providing trusted healthcare professionals with the resources to support the vaccination needs of their communities. Public health also has a responsibility to integrate rights-based approaches in vaccination for First Nations, Inuit and Métis Peoples. Protecting these rights and supporting self-determination is fundamental to the health and well-being of Indigenous Peoples.
More timely and comprehensive data is required to better understand and respond to population health needs and evolving public health threats. Strengthening vaccination data and evidence systems will help to identify vaccination coverage gaps, barriers to vaccination and how to meet the needs of communities as equitably and responsibly as possible.
Looking to the future, it will also be important to evaluate the high cost of introducing and delivering new vaccines, as well as evaluating vaccination programs, against their health and economic benefits for society. By being more strategic we will help minimize health risks while ensuring that public funds are allocated in a sustainable and impactful manner.
Public health can continue to play a leadership role in helping plan for the future of vaccination. We need vaccine research, development and implementation to be rooted in equity, based on the best available evidence, and driven by population health needs in Canada. By considering this work alongside the development of pandemic preparedness plans, we can help ensure that we are ready to act in the face of future public health emergencies.
Now is the opportune time to reflect on the lessons we’ve learned from the COVID-19 pandemic and mpox. By strengthening our vaccination system, we can improve the health and well-being of all people in Canada and contribute to global health security.
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Contacts
Media Relations Public Health Agency of Canada 613-957-2983 media@hc-sc.gc.ca
Unregulated toxic drugs claimed the lives of 187 British Columbians in August and 183 in September, according to the BC Coroners Service.
The preliminary data finds that since January 2024, at least 1,749 people have died from unregulated drug toxicity in communities throughout the province.
The data for the first nine months of 2024 represents an 8% decrease from the number of deaths during the first nine months of 2023 (1,896). In both August and September, approximately six people died each day from suspected unregulated drugs.
Additional findings from the latest report include:
48% of unregulated drug deaths in September were people between the ages of 30 and 49, while 1.1% were 18 years of age and below.
77% of unregulated drug deaths in September were males, up from the year-to-date figure of 74% in 2024.
26% of deaths related to unregulated drug toxicity were females in 2024. The rate of death among females is 21 per 100,000 people, an increase of 60% from 2020 (13 per 100,000).
Vancouver (45), Surrey (19) and Greater Victoria (16) had the highest number of unregulated drug toxicity deaths in September.
While the health authorities of Vancouver Coastal and Interior Health had the highest number of unregulated drug deaths in September with 50 in each region, Interior (5.6) and Northern Health (4.3) had the highest rates of unregulated drug deaths per 100,000 people.
Fentanyl was detected in 85% and stimulants in 81% of unregulated drug deaths in September 2024 that underwent expedited toxicological testing.
Please note the data is preliminary and subject to change as additional toxicology results are received and investigations are concluded.
Learn More:
To learn more about August and September 2024 unregulated drug toxicity deaths, visit: https://app.powerbi.com/view?r=eyJrIjoiZThmOTkxMzgtZWUzNS00ODk1LWJiZjItYzMyMTFjNmY0MzJiIiwidCI6IjZmZGI1MjAwLTNkMGQtNGE4YS1iMDM2LWQzNjg1ZTM1OWFkYyJ9
To learn more about youth unregulated drug toxicity deaths, 2019-2023, visit: https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/statistical/youth_unregulated_drug_toxicity_deaths_in_bc_2019-2023.pdf
To learn more about Unregulated Drug Toxicity Type of Drug Data (to Dec. 31, 2022), visit: https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/statistical/illicit-drug-type.pdf
To learn more about BC Coroners Service Death Review Panel: An Urgent Response to a Continuing Crisis, visit: https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/death-review-panel/an_urgent_response_to_a_continuing_crisis_report.pdf
To learn more about BC Coroners Service Death Review Panel: A Review of Illicit Drug Toxicity Deaths, visit: https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/death-review-panel/review_of_illicit_drug_toxicity_deaths_2022.pdf
To learn more about Toward the Heart, visit: https://www.towardtheheart.com
To learn more about Stop Overdose BC, visit: https://www.stopoverdose.gov.bc.ca
To learn more about BC Centre on Substance Use, visit: https://www.bccsu.ca
Media Contacts
Amber Schinkel
Manager Strategic Communications and Media Relations BC Coroners Service amber.schinkel@gov.bc.ca 236 969-1759
Discovery of regenerative process could aid in treating human gastrointestinal diseases
Humans aren’t capable of regrowing limbs like some salamanders or full organs like some snails and zebrafish, but we do renew some of our cells, including the absorptive lining of our intestines. In contrast to the relatively minor turnover of cells seen in human intestines, some snakes, including boas and pythons, undergo extensive regenerative transformation of their intestine upon feeding. New research supported by the U.S. National Science Foundation has found that the method these snakes use to renew their guts, while different from the process humans use for regular cell renewal, is similar to mechanisms observed in mammalian wound healing and to how human intestines respond to a particular form of gastric bypass. This discovery increases researchers’ understanding of intestinal physiology and could have applications in treating metabolic and gastrointestinal disorders like diabetes and celiac disease, and possibly even cancer.
Humans regularly renew intestinal cells by activating stem cells found in microscopic caverns in the intestinal wall known as intestinal crypts. Boas and pythons don’t have these crypts but regenerate their intestines after feeding in one of the most extreme examples of intestinal regeneration found in the animal kingdom — from shrunken and nearly non-functioning to double the size and with a rebuilt structure capable of digesting and absorbing their meal. The new research solved key elements of the mystery of how these snakes accomplished this feat, finding that it involves the unique coordination of pathways also present in humans. It also involves many of the signaling pathways observed in humans after a Roux-en-Y gastric bypass procedure, which is used to aid in weight loss and treat type 2 diabetes.
“By determining the mechanisms that control this fascinating phenomenon in snakes, we can now work to understand the role those mechanisms play in modulating human intestinal regenerative capacity, metabolic reprogramming and responses to Roux-en-Y gastric bypass, which may direct future targeting of drugs to manipulate these responses,” said Todd Castoe, corresponding author and a professor at The University of Texas at Arlington. “This could eventually provide treatments for the millions of people living with diabetes and celiac, Crohn’s disease, colitis and other gastrointestinal diseases, and may also provide new perspectives for treatment of gastrointestinal cancers.”
The U.S. National Science Foundation, in collaboration withEvery Page Foundation(EPF), is excited to announce 22 women science leaders as the 2024 NSF-EPF Ocean Decade Champions.
Each champion is associated with a project funded by the NSF Coastlines and People (NSF CoPe) program and receives a monetary award to support leadership activities, networking opportunities, technical and communications training and cross-disciplinary and intercultural scientific endeavors.
NSF CoPe is endorsed by the United NationsDecade of Ocean Science for Sustainable Development,also known as the Ocean Decade, which aims to promote ocean health and ensure any development efforts are sustainable and informed by science. The initiative’s10 Decade Challengesinclude a fair representation of women and other underrepresented groups in ocean science and decision-making.
The champions contribute to CoPe projects focused on coastline and community research that integrates natural and social processes and creates new or adapts existing technologies to bolster coastal resilience. The champions excel in their research and prioritize mentoring others and positively impacting society.
NSF and EPF, along with support fromPanorama Global, contributed over half a million dollars to support the careers of these leading women. Each awardee received support ranging from $20,000 to $50,000.
The 2024 NSF-EPF Ocean Decade Champions
Lynette Adams Black in Marine Science NSF Award Number: 2209284 Lynnette Adams is a director of development leading initiatives that bridge science, community and advocacy while centering joy as a driving force for equity and inclusion in marine biology.
Wai Allen Arizona State University NSF Award Number: 2103843 Wai Allen (Diné/Navajo) is a postdoctoral researcher exploring the interface between systems of Western science and Indigenous knowledge that converge to help Indigenous communities actualize their self-determination through Indigenous data sovereignty and governance in the geosciences.
Sharon Alston Norfolk State University NSF Award Number: 2209139 Sharon Alston is an associate professor of social work, researching risk and resilience among youth in public housing and exploring the career aspirations of African American youth.
Rebecca Asch East Carolina University NSF Award Number: 2052889 Rebecca Asch is a fisheries oceanographer researching interactions between fish reproduction, fish early life history, plankton ecology, climate change and climate variability.
Natasha Batista Stanford University NSF Award Number: 2209284 Natasha Batista is a marine spatial analyst and researcher investigating blue carbon modeling, ecosystem service valuations, community-based management and co-developed nature-based solutions.
Mona Behl University of Georgia NSF Award Number: 1940082 Mona Behl is an associate director of Georgia Sea Grant, and her research focuses on building climate adaptation and broadening participation in geosciences and workforce readiness.
Marilyn Brandt University of the Virgin Islands NSF Award Number: 2209284 Marilyn Brandt is a research associate professor studying the characteristics and impacts of coral reef diseases and using insights from her work to create effective strategies for coral conservation and restoration.
Lisa Carne Fragments of Hope NSF Award Number: 2209284 Lisa Carne founded Fragments of Hope, a community-based organization restoring coral reef habitats in 2013 after conducting coral reef research in Belize and witnessing the area’s vulnerability to hurricanes and rising sea temperatures.
Jade Delevaux Seascape Solutions NSF Award Number: 2209284 Jade Maeva Delevaux is a natural resource management specialist who works with decision-makers, local communities and nongovernmental organizations across the Pacific and the Caribbean to co-develop place-based solutions.
Allie Durdall University of the Virgin Islands NSF Award Number: 2209284 Allie Durdall is a marine and environmental scientist dedicated to coastal systems — mangroves, seagrass beds and salt ponds — who prioritizes fostering camaraderie among women and minorities in science.
Anne Guerry Stanford University NSF Award Number: 2209284 Anne Guerry is a scientist who studies the relationship between people and nature. She works on coastal resilience, marine planning, natural capital assessments and ecosystem services.
Sucharita Gopal Boston University NSF Award Number: 2209284 Sucharita Gopal is a multidisciplinary researcher who uses spatial analysis and modeling, GIS, data mining, information visualization and artificial neural networks to address various problems in biology, environmental science, public health and business.
Cindy Grace-McCaskey East Carolina University NSF Award Number: 2209284 Cindy Grace-McCaskey is an applied environmental anthropologist who uses qualitative, quantitative and participatory methods to examine the multiple ways social and natural systems interact with and influence one another and what that means for equitable resource management, adaptation and governance.
Kristin Grimes University of the Virgin Islands NSF Award Number: 2209284 Kristin Grimes is a research assistant professor who studies human impacts on nearshore environments. She focuses on mangrove ecosystems and is interested in how community-driven science approaches can improve restoration, education and stewardship outcomes.
Jamie Melvin Elizabeth River Project NSF Award Number: 2209139 Jamie Melvin is an engagement coordinator who develops and implements thoughtful and equitable programming at the Elizabeth River Project’s new Ryan Resilience Lab to engage with Norfolk’s diverse communities and coordinate the Knitting Mill Creek EcoDistrict.
Laura Moore University of North Carolina NSF Award Number: 1939447 Laura Moore is a professor researching how low-lying coastlines respond to climate change, emphasizing understanding the interactions between human activities and natural processes.
Tiara Moore Black in Marine Science NSF Award Number: 2209284 Tiara Moore is a CEO dedicated to promoting diversity and involvement in science through her research on biodiversity and efforts to increase participation in science through innovative methods such as environmental DNA and community engagement.
Shouraseni Sen Roy University of Miami NSF Award Number: 2209284 Shouraseni Sen Roy is a geographer working on the long-term spatial-temporal patterns of climate processes, trends and impacts in the “global south,” incorporating geospatial analysis techniques.
Diamond Tachera Rising Voices Center for Indigenous and Earth Sciences,NSF National Center for Atmospheric Research NSF Award Number: 2103843 Diamond Tachera is a kanaka ‘ōiwi (Native Hawaiian) and co-director whose research is driven by the Indigenous knowledge of her kūpuna (ancestors); she uses modern hydrogeochemical techniques to investigate the relationships between ʻāina (land), wai (water) and kānaka (people).
Nikki Taylor-Knowles University of Miami NSF Award Number: 2209284 Nikki Traylor-Knowles is a cell biologist whose research is dedicated to unraveling the evolution of immunity, wound healing and regeneration. She seeks to apply her research to conservation efforts.
Maya Trotz University of South Florida NSF Award Number: 2209284 Maya Trotz is a professor whose research covers water quality, water source protection and water provision for sustainable communities. She works with partners in the United States and the Caribbean on ridge-to-reef nature-based solutions.
Jingya Wang University of Delaware NSF Award Number: 2209190 Jingya Wang is a postdoctoral researcher focused on studying decision-making under deep uncertainties and strategies for adapting to climate change. She specializes in making risk-informed decisions to adapt systems to evolving conditions.
Rebecca Zarger University of South Florida NSF Award Number: 2209284 Rebecca Zarger is an environmental anthropologist working at the intersection of environmental knowledge and social justice to address coastal futures, climate change and youth informal science education.
The Tibetan Plateau’s glaciers are among the world’s most remote and untouched places. Researchers say these ice fields provide water for millions of people and play a vital environmental role.
Now, geoscientists funded by the U.S. National Science Foundation have tracked pollution in the form of lead in the glaciers. The findings are reported in the journal Nature Communications Earth and Environment.
The Tibetan Plateau is often called the “Roof of the World.” It’s the highest and largest plateau on Earth. In a study of the Guliya Ice Cap there, Franco Marcantonio of Texas A&M University and his colleagues discovered that significant lead pollution of the ice cap began in 1974, with the highest levels between 2000 and 2007.
The team measured lead isotopes in samples dating to 36,000 years ago. The ice serves as a historical record, giving scientists a way of comparing levels of modern lead contamination to those of pre-industrial times.
“Even though Pb [lead] has been used by ancient civilizations for millennia, it was not until the Industrial Revolution and later, when leaded gasoline was introduced … in the 1920s, that the emission of Pb from human activities skyrocketed,” state the scientists in their paper. “By the 1980s, emissions surpassed their natural and pre-industrial contribution by about two orders of magnitude.”
The Tibetan Plateau “is considered to be a pristine place due to the very low industrial activity in the region,” write the researchers. Nonetheless, lead found its way there, and its history of human use was captured in the Guliya Ice Cap.
“This study advances our understanding of the breadth and timing of environmental impacts from human activities,” says Margaret Fraiser, a program director in the NSF Division of Earth Sciences.
Good morning, and thank you for the warm welcome. A special thank you to Nodal for inviting me to join your annual Trader Conference again this year. It is truly an honor to address all of you this morning. I am more than two years into my role as a commissioner at the Commodity Futures Trading Commission, and I still feel humbled by the opportunity to stand on a stage with a microphone to address accomplished professionals like all of you. My children, on the other hand, are surprised that anyone would want to hear me talk about anything, and they are even more shocked that I would need a microphone to be heard as they are convinced that the only volume I ever use when speaking is shouting.
The topic for my speech on today’s agenda is: New Perspectives on Energy Trading and Power Markets, and I plan to focus on the road ahead for these markets. But before discussing the road ahead, I will start with a story from my childhood about when I learned to drive. I say this is a story from my childhood because in South Dakota, children as young as fourteen years old are allowed to obtain a driver’s license. As much as I miss my home state, when I look at my fourteen-year-old son and think about him driving, I see the wisdom in Virginia’s approach.
At the ripe old age of twelve, my dad decided it was time for me to learn how to drive. As a tall child, I could reach the gas and brake pedals, which was apparently the minimum criteria for beginning driving lessons on the farm. To be honest, I was scared to death of driving. But my parents said I should learn because if there was ever an emergency, and I was the only one home, I may need to drive for help. That logic just made me scared of driving and being left alone on the farm.
My experience as a parent teaching two teenagers to drive involved multiple practice sessions in empty parking lots before slowly graduating to quiet side roads before paying another adult to do the really scary stuff, such as driving on highways and making left turns across oncoming traffic. I suspect that sounds familiar to many in this room as well.
But that suburban approach is not how I learned to drive. My lesson – notice I said lesson, not lessons—was a little more hands-off. On the day I learned to drive, my dad had me jump in the passenger seat of his 1977 blue Chevy pick-up truck to take a ride with him. Oddly, my older brother jumped in another farm truck and followed close behind.
After driving a few miles away from our house, my dad drove the truck into the middle of a freshly plowed field. Dad threw the truck into park, jumped out, and told me to slide over to the driver’s seat. He then shut the door, leaned into the window, and told me to drive around the field until I was comfortable enough to drive myself home. At that point, I realized why my brother had followed us in another vehicle—it was my dad’s getaway car.
Honestly, I panicked. I screamed, pleaded, and begged. But my dad was confident in his approach. And he left me with this advice: always keep your eyes on the road. But don’t just look at the road immediately in front of the vehicle; be sure to watch the road ahead so you know where you are going—and so that you do not smash into a deer.
I’m sharing this story with you today for two reasons. First, to offer some entertainment.
Second, I found the advice my dad gave me that day relevant to the topic for my speech today. Specifically, I want to share with you some thoughts and observations on energy markets, the road ahead for these markets, and potential down-the-road effects on the derivatives markets that are regulated by the CFTC.
Being a derivatives regulator can feel a little like being that driver who is looking down the road to see what is ahead. Our markets are forward looking, offering a view into points off in the distance so drivers are prepared for the path ahead. But, just like a careful driver needs to see what is right in front of the vehicle as much as what is on the road ahead, careful regulation requires us to also keep our eyes on current market conditions, in addition to ensuring the reliability and safety of the futures markets, which reflect the road ahead. The CFTC is always surveilling markets, spotting trends, and monitoring for risk that could impact the futures markets.
Now, here is where this speech will diverge from my story of learning to drive. While I was left to teach myself how to drive and had no one willing to share their expertise with me, our work at the CFTC in following markets occurs with the benefit of a variety of internal resources (such as the Market Intelligence Branch of the Division of Market Oversight and the Office of the Chief Economist) as well as external resources (such as our advisory committees).
At the CFTC, we have five advisory committees, each of which is sponsored by a commissioner. These committees are comprised of subject matter experts representing a variety of viewpoints, such as private sector stakeholders, non-profit groups, academia, and other governmental entities. As many of you know, especially those who are members, I sponsor the Energy and Environmental Markets Advisory Committee.
Growing up on a farm in South Dakota, I always understood that the price of energy had a major impact on whether it was a good year or a bad year for the farm. Even at a young age, I could tell you the exact cost-per-gallon of diesel because either my dad was grumbling about it as he left for the field, or it was the topic of discussion at the local café in town where the older farmers convened for their morning coffee.
The price of diesel determined the cost of running planters, tractors, combines, and trucks. The cost of fertilizers and pesticides are also directly linked to fossil fuel input prices, and spreading those fertilizers and pesticides required hiring a spray pilot whose services were priced based on the cost of the aviation fuel.
Even after our crops were harvested, energy costs were critical. Energy prices influenced the cost of storage at the grain elevators and transportation; barges and ships run on bunker fuel and trains need diesel. Everything in the farm economy depends on the price of energy. You might have perfect temperatures, exactly the right amount of rain at exactly the right time, and high yields but still see your net profit shrink due to high energy prices.
As the only Commissioner with a background in production agriculture, sponsoring the Commission’s Agriculture Advisory Committee may have seemed like the obvious choice. But I saw the EEMAC as an opportunity to focus on sectors critical to the agricultural economy and to study those energy markets to understand their impact on the markets we regulate. The goal is for the energy futures complex to serve end-users who need to hedge those costs and to mitigate the frequent price volatility experienced by the underlying cash markets.
As the EEMAC has held meetings and participated in discussions around energy markets, we have heard over and over that the United States has critical gaps in its energy and power infrastructure. As those gaps widen, so do risks to the stability of these markets that become more sensitive and less resilient to forces beyond US control. Instability and volatility in spot energy markets and prices have a direct impact on the derivative products we regulate.
Energy infrastructure’s impact on energy prices is something that cannot be ignored, and this reality has become even more apparent in the last decade. Of course, it makes sense that energy transmission and delivery directly impact the cost to the end consumer. However, truly understanding how energy infrastructure market fundamentals influence energy spot and derivatives prices requires hearing directly from hardworking domestic energy producers and seeing the infrastructure up close.
With that in mind, the EEMAC has held a series of meetings on the road, and members of the advisory committee have joined me in getting outside of Washington to see our energy production and infrastructure and to talk directly with the experts who manage these facilities.
In our first meeting, we visited Oklahoma and focused on more traditional energy markets such as crude oil and natural gas.[1] We visited Cushing, Oklahoma, where the WTI Crude Oil contract settles to see the pipelines and storage facilities as well as to talk with those in charge of storing, blending, and moving the oil to locations throughout the US. During the EEMAC meeting, a witness from the Federal Energy Regulatory Commission described an anomaly in the price of natural gas in New England.[2] Despite having one of the largest concentrations of natural gas in the Marcellus Shale just over two hundred miles away, a lack of pipeline capacity makes it impossible to fully supply New England with gas from the Marcellus Shale.[3] This situation means that New England relies on liquified natural gas (“LNG”) supplies from tanker ships. As a result, the price New England end users pay is based on the Henry Hub price for exported LNG, rather than the domestic production price. This circumstance creates an unusual situation where the spot price that a natural gas-fired power plant in Massachusetts pays for its fuel is more dependent on Europe’s desire for natural gas and a global market thousands of miles away than on the price and availability of natural gas produced two states away in Pennsylvania.
To examine power markets and electrification, we held meetings in Roy, Utah; Nashville, Tennessee; and Golden, Colorado.[4] In the course of those meetings, we had the opportunity to tour a large Ford EV production facility in Spring Hill, Tennessee, the Bingham Canyon Copper Mine in Utah, and a startup company looking to reuse mine tailings to produce critical metals and minerals in Golden, Colorado.
Here in the United States, we have some of the largest deposits of the metals necessary for power generation, transmission, and use, but large gaps in our infrastructure and policies render these advantages almost meaningless. In Golden, Colorado, we learned that despite a startup company’s cutting-edge technology that can turn mine waste into critical metals and minerals, China’s dominance in rare earth markets means that they can manipulate prices at will and squeeze out competition and force any US production into bankruptcy.
Southwest of Salt Lake City, Utah, we toured the Bingham Canyon Copper Mine. The Bingham County Mine is the largest man-made excavation in the world.[5] It’s also the world’s deepest open pit mine, and it has produced more copper than any other mine in the world.[6] As you can probably guess, the US has abundant supplies of copper; however, because of a lack of domestic smelting capacity, much of the copper mined in the US must be shipped overseas, often to China, to be processed and refined. In fact, since 2000, China has been responsible for 75% of the global smelter capacity growth.[7]
Finally, in Spring Hill, Tennessee, we learned that car companies are increasingly concerned about logistical challenges reducing their ability to provide cost-competitive electric vehicles. This is not an idle concern. Just four weeks ago, Rivian disclosed that it will be forced to reduce production and decrease its sales target in 2024 by almost 20% because of difficulties sourcing a component used in its electric motor.[8] And last week, to secure a steady supply of lithium, GM announced an almost $1 billion investment in the Thacker Pass mine in Nevada.[9]
For years, the problem for domestic energy policy was how to mine, drill, and import enough raw materials to satisfy America’s growing energy demand.[10] Even after the oil glut of the 1980s and lower energy prices, we were still concerned with our reliance on foreign energy.[11] The continuous mantra of Presidents starting with Richard Nixon was the concept of “Energy Independence” as a policy goal.[12] Now, not because of government mandates, plans, or policies, but thanks to technological innovation, hard work, and the deployment of private capital, that goal has largely been achieved. We have the raw materials in the ground that we need to power American energy independence; however, we need our infrastructure to catch-up with our domestic supply.
Returning to my driving lesson, when I look at the road ahead, I see the United States coming to a crossroads. One road leads to more resilient infrastructure, lower prices, and energy abundance. The other road leads to energy scarcity, higher prices, and a loss of energy independence. The direction we take as a country will have a major impact on the energy markets and the futures markets we regulate at the CFTC. Unfortunately, gaps in energy infrastructure lead to instability and volatility in energy markets, which have a direct impact on the derivatives markets. If derivatives markets fail to offer adequate price discovery and risk mitigation, they will no longer serve producers and end users as appropriate tools to hedge their exposure. That is a road we cannot afford to go down.
As a regulator, the CFTC is not the driver of this car, but we definitely have an interest in taking the road that leads to liquid, stable, and vibrant derivatives markets that serve as a tool for hedging against risk. We can do that by ensuring that new derivative products come to market efficiently without the fear of litigation or unreasonable staff positions, and by cultivating new market structures that minimize conflicts and instill market confidence. Our enforcement efforts should be focused on ‘bad actors’ and not on trying to shortcut deliberative policymaking. The CFTC should prefer “responsible regulation” over “regulation by enforcement.” To arrive at our desired destination, we all need to keep our eyes on the road, to see what is right in front of us while simultaneously paying attention to the road ahead.
Thank you for taking this road trip with me today. I look forward to answering your questions.
[1] CFTC Energy and Environmental Markets Advisory Committee meeting in Stillwater, Oklahoma, September 20, 2022.
[4] CFTC Energy and Environmental Markets Advisory Committee meeting in Nashville, Tennessee, February 28, 2023. CFTC Energy and Environmental Markets Advisory Committee meeting in Roy, Utah, June 27, 2023. CFTC Energy and Environmental Markets Advisory Committee meeting in Golden, Colorado, February 13, 2024.
[5] Kristine L. Pankow, Jeffrey R. Moore, J. Mark Hale, Keith D. Koper, Tex Kubacki, Katherine M. Whidden, and Michael K. McCarter. “Massive landslide at Utah copper mine generates wealth of geophysical data.” Geological Society of America, vol. 24, no. 1, January 2014.
[7] Securing Copper Supply: No China, No Energy Transition, WoodsMcKenzie, August 2024, Nick Pickens, Robin Griffin, Eleni Joanides, and Zhifei Liu.
[8] Ed Ludlow and Kiel Porter. “Rivian Misstep Triggered Parts Shortage Hobbling Its EV Output.” Bloomberg, October 7, 2024.
[9] Camilla Hodgson. “General Motors increases investment in lithium mine to nearly $1bn.” Financial Times, October 6, 2024.
[10] US Energy Information Administration, “U.S. energy facts explained, Imports & Exports.” Last updated July 15, 2024, with data from the Monthly Energy Review.
[12] Charles Homans, “Energy Independence: A Short History.” Foreign Policy, January 3, 2012.
In fiscal year 2023, NASA investments supported 66,208 jobs in the state of California, generated $18.5 billion in economic output and $1 billion in tax revenue to the state’s economy. Overall, NASA generated an estimated $9.5 billion in federal, state, and local taxes throughout the United States. NASA’s Armstrong Flight Research Center in Edwards, California is one of three NASA centers in the state that contributes to this economic achievement. The center supports critical research in sustainable flight, air mobility, and airborne science, reinforcing the region as a hub of aerospace innovation. Most notably, NASA Armstrong plays a unique role in the Quesst mission and X-59 project, aimed at reducing the sonic booms into quieter “sonic thumps,” to change regulations impeding supersonic flight over land. Additionally, maturing key airframe technologies with the X-66 aircraft in the Sustainable Flight Demonstrator project which may influence the next generation single-aisle seat class airliner. The Center also supports the research of electric air taxis and drones to operate safely in the national airspace as well as supporting science aircraft for NASA’s Earth Science Mission. NASA’s Moon to Mars campaign generated 16,129 jobs and $4.7 billion in economic output in California. Collaborations with contractors like Boeing and Lockheed Martin further extended these benefits by creating thousands of high-skilled jobs in the Antelope Valley and across the state. NASA also fosters partnerships with educational institutions across the state, investing $39.5 million in universities to cultivate the next generation of aerospace innovators. These investments bring STEM opportunities to local communities and prepare students for careers in cutting-edge industries – adding to the agency’s most valuable asset, its workforce. NASA embraces the challenges of exploring the unknown and making the impossible possible as we continue our global leadership in science, human spaceflight, aerospace innovation, and technology development, and support the U.S. economy and benefit all. Read the full Economic Impact Report for Fiscal Year 2023. -end- Nicolas Cholula / Sarah MannNASA’s Armstrong Flight Research Center661-714-3853 / 661-233-2758nicolas.h.cholula@nasa.gov /sarah.mann@nasa.gov
NASA has awarded $15.6 million in grant funding to 15 projects supporting the maintenance of open-source tools, frameworks, and libraries used by the NASA science community, for the benefit of all. The agency’s Open-Source Tools, Frameworks, and Libraries awards provide support for the sustainable development of tools freely available to everyone and critical for the goals of the agency’s Science Mission Directorate. “We received almost twice the number of proposals this year than we had in the previous call,” said Steve Crawford, program executive, Open Science implementation, Office of the Chief Science Data Officer, NASA Headquarters in Washington. “The NASA science community’s excitement for this program demonstrates the need for sustained support and maintenance of open-source software. These projects are integral to our missions, critical to our data infrastructure, underpin machine learning and data science tools, and are used by our researchers, every day, to advance science that protects our planet and broadens our understanding of the universe.” This award program is one of several cross-divisional opportunities at NASA focused on advancing open science practices. The grants are funded by NASA’s Office of the Chief Science Data Officer through the agency’s Research Opportunities for Space and Earth Science. The solicitation sought proposals through two types of awards:
Foundational awards: cooperative agreements for up to five years for open-source tools, frameworks, and libraries that have a significant impact on two or more divisions of the Science Mission Directorate. Sustainment awards: grants or cooperative agreements of up to three years for open-source tools, frameworks, and libraries that have significant impact in one or more divisions of the Science Mission Directorate.
2024 awardees are: Foundation awards:
NASA’s Ames Research Center, Silicon Valley, California
Principal investigator: Ross Beyer
“Expanding and Maintaining the Ames Stereo Pipeline”
Caltech, Pasadena, California
Principal investigator: Brigitta Sipocz
“Enhancement of Infrastructure and Sustained Maintenance of Astroquery”
Cornell University, Scarsdale, New York
Principal investigator: Ramin Zabih
“Modernize and Expand arXiv’s Essential Infrastructure”
NASA’s Goddard Space Flight Center, Greenbelt, Maryland
Principal investigator: D. Cooley
“Enabling SMD Science Using the General Mission Analysis Tool”
NumFOCUS, Austin, Texas
Principal investigator: Thomas Caswell
“Sustainment of Matplotlib and Cartopy”
NumFOCUS
Principal investigator: Erik Tollerud
“Investing in the Astropy Project to Enable Research and Education in Astronomy”
Sustainment awards:
NASA’s Jet Propulsion Laboratory, Southern California
Principal investigator: Cedric David
“Sustain NASA’s River Software for the Satellite Data Deluge,” three-year award
Pennsylvania State University, University Park
Principal investigator: David Radice
“AthenaK: A Performance Portable Simulation Infrastructure for Computational Astrophysics,” three-year award
United States Geological Survey, Reston, Virginia
Principal investigator: Trent Hare
“Planetary Updates for QGIS,” one-year award
NASA JPL
Principal investigator: Michael Starch
“How To F Prime: Empowering Science Missions Through Documentation and Examples,” three-year award
NASA Goddard
Principal investigator: Albert Shih
“Enhancing Consistency and Discoverability Across the SunPy Ecosystem,” three-year award
Triad National Security, LLC, Los Alamos, New Mexico
Principal investigator: Julia Kelliher
“Enhancing Analysis Capabilities of Biological Data With the NASA EDGE Bioinformatics Platform,” four-year award
iSciences LLC, Burlington, Vermont
Principal investigator: Daniel Baston
“Sustaining the Geospatial Data Abstraction Library,” three-year award
University of Maryland, College Park,
Principal investigator: C Max Stevens
“Sustaining the Community Firn Model,” three-year award
Quansight, LLC, Austin, Texas
Principal investigator: Dharhas Pothina
“Ensuring a Fast and Secure Core for Scientific Python – Security, Accessibility and Performance of NumPy, SciPy and scikit-learn; Going Beyond NumPy With Accelerator Support,” three-year award
For information about open science at NASA, visit: https://science.nasa.gov/open-science -end- Alise FisherHeadquarters, Washington202-617-4977alise.m.fisher@nasa.gov
During the fall 2024 semester, two final year Family Nurse Practitioner (FNP) students in the School of Nursing received funds from the CVS Health Caring Hearts Student Scholarship Program to help further their education thanks to Dr. Annette Jakubišin Konicki. At $10,000 each, this scholarship was awarded to Melody Len LoPreiato ’25 (NUR) and John Sklepinski ’25 (NUR), who are both pursuing an MS in Nursing with a concentration in family practice.
Today’s family nurse practitioners (FNPs) provide comprehensive patient-focused primary and acute care to individuals across the lifespan — from infants to the elderly. Their focus includes delivering preventive health care services for both acute and chronic conditions, requiring them to diagnose and treat illnesses, perform routine checkups, oversee health-risk assessments, and offer counseling services.
FNPs generally work in practices that focus on women’s health, family practice, pediatrics, and internal medicine. Often FNPs are found in outpatient settings like independent practice clinics, women’s health centers, and community health clinics.
The Family Nurse Practitioner (FNP) online Master of Science (MS) and Doctor of Nursing Practice (DNP) program at UConn prepares advanced practice nurses to assess, diagnose, monitor, treat, and coordinate the care of individuals across the lifespan and across primary and acute illnesses.
The program is designed for licensed registered nurses who currently hold a bachelor’s degree in nursing and aspire to become advanced practice nurses.
“I am grateful and deeply honored to be a recipient of the CVS Caring Heart Scholarship,” says Len LoPreiato. “This generous support is making a significant impact on my studies, especially as I navigate through some personal and family challenges. The funds will be used to help cover my NP educational costs. Since enrolling in the program, I have significantly reduced my normal working hours and covering my educational expenses has been challenging to say the least. Your commitment to supporting students like me inspires hope and motivates me to continue striving for excellence in my education and future career. Thank you for making a difference in my life!”
Sklepinski says, “Receiving this scholarship will have a transformative impact on my journey to becoming a Family Nurse Practitioner. As a student at the University of Connecticut, this opportunity allows me to fully commit to my studies without the heavy burden of financial stress.” He goes onto say, “It grants me the chance to focus entirely on expanding my knowledge, clinical skills, and immersing myself in the advanced training necessary for this role. The support helps me stay on track toward achieving my goal of becoming a well-respected and contributing member in the medical community. I am deeply grateful for this scholarship I’m ready to make a meaningful impact in the lives of my future patients.”
Met Police and modern slavery charitywork to protect victims of exploitation
The Metropolitan Police and Justice & Care have jointly worked to pursue the conviction of prolific sex trafficker Roland Cankaj to protect multiple victims of exploitation.
Roland Cankaj, 43 (19.03.1981) of Western Gateway, Tower Hamlets, E16 appeared at Croydon Crown Court on Wednesday, 23 October where he was found guilty of multiple exploitation offences following a six day trial.
The Met’s modern slavery team launched an investigation into an organised crime network named the ‘Cankaj Brotherhood’ in 2022 with intelligence leading to a group trafficking Brazilian women into the UK to be sexually exploited.
The detailed investigation showed Cankaj renting an apartment in Tower Hamlets under a false passport. Officers begun to observe Cankaj’s movements and saw him drive young women to addresses and waiting outside in the car while the women went inside. He was also seen to be in the company of young women, taking provocative pictures of them outside London landmarks which were used to advertise sexual services. A brothel in Tower Hamlets, run by Cankaj, was uncovered – the rooms were sparsely furnished and contained items associated with sex work.
As a result of the officer’s work, a total of six victims were identified and the Met worked closely with Justice & Care, the modern slavery charity, to support them.
During an interview, one victim explained how she had worked as a beautician in Brazil and got into conversation with Cankaj about money. He arranged for her to come to the UK and moved her between various addresses to have sex with men she didn’t know before taking half the money – sometimes 10 to 15 men a day.
As part of A New Met for London, the Met is doing more to support communities and people who’ve had their trust damaged. Officers are working to protect women and children from violence and exploitation and pursuing the predatory men who commit those crimes. Through targeted operations and partnerships with community organisations, the Met is working to create safer environments for women and girls across London.
Detective Sergeant Andy Owen, who led the investigation, said:
“Cankaj tricked these women into a false sense of security, making them believe that this exploitation was a way of them gaining financial freedom. In fact, he was the one financially benefitting, making a career out of orchestrating prostitution with vulnerable victims.
“This was a complex investigation led by the Met and I am pleased our work has led to justice for these women. The key to our success was building the victim’s trust in the police -Justice & Care were integral in achieving this, providing support to these women who had spent years being exploited and ensuring they felt safe and supported to share their stories.
“The Met are dedicated to protecting vulnerable people – we rely on information from our communities to continue tackling exploitation and modern slavery in London. If you’re suspicious about possible exploitation in your area, or you’re concerned about someone who may be a victim, please contact us.”
Julie Currie, Victim Navigator Programme Coordinator at Justice& Care, who supported one of the victims said:
”We are proud to support the survivor to bring her trafficker to justice, and commend her bravery in supporting this case.
“As this case shows, modern slavery is brutal and it is everywhere – with an estimated 122,000 victims currently trapped in exploitation in the UK.
“Our Navigators are deployed into the heart of the Metropolitan Police, and many other police forces across the UK, and are often there from the moment a potential victim is identified to help them feel safe.
“They work helping survivors to start to rebuild their lives and support them to engage with the criminal justice process.
“This case is just one example of the incredible partnership between Justice and Care and the Metropolitan Police.
”Every member of the public can help us stop this crime by learning the signs of modern slavery and reporting concerns to police.”
Cankaj was arrested on 20 April 2024 at London Stansted Airport and was subsequently charged with:
Two counts of arranging or facilitating travel of another person with a view of exploitation
Fraud by false representation
Possession of a controlled article for use in fraud
He pleaded guilty to fraud by false representation and keeping a brothel for use in prostitution.
He was found guilty on Wednesday, 23 October at Croydon Crown Court of arranging or facilitating the travel of another person with a view to exploitation.
Prince Albert RCMP is warning the public of dangerous persons involved in multiple vehicle robberies involving a firearm.
On October 24, 2024 at approximately 8:30 a.m., Prince Albert RCMP received a report of a robbery north of Prince Albert, SK.
Initial investigation determined that an individual was in a vehicle driving near the White Star elevator north of Prince Albert, SK when they were approached by multiple males in a vehicle.
The individual was shot by the suspects. They have been transported to hospital with unknown injuries. The suspects stole the individual’s vehicle.
The suspects are described as three or four males. They may be wearing black bandanas or black balaclavas. The suspects are believed to be armed with a gun and considered dangerous.
They may be driving a white 2020 Dodge Ram with Saskatchewan license plate RNF 50. (Yes, there are only 5 characters.)
The suspects are believed to be travelling near the intersection of Highways #55 and #123 near Prince Albert.
More information to come. If in the Prince Albert and surrounding area: seek immediate shelter or shelter in place and close and lock doors and windows. Do not leave a secure location. Be cautious of someone asking for a ride. Do not pick up hitch hikers. Do not disclose police locations. Be cautious if not in the immediate described areas.
The situation is rapidly unfolding and we will provide updates as soon as possible.
NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended September 30, 2024.
“Throughout the first nine months of 2024, the Federal Home Loan Bank of New York has continued to successfully execute on our mission, meeting the needs of our members and working together to the benefit of the communities we all serve,” said José R. González, president and CEO of the FHLBNY.
Highlights from the third quarter of 2024 include:
Net income for the quarter was $183.4 million, an increase of $1.5 million, or 0.8%, from net income of $181.9 million for the third quarter of 2023. Net interest income for the quarter was $237.2 million, a decrease of $5.3 million, or 2.2%, from $242.4 million in the third quarter last year. Non-interest income increased by $23.3 million in the third quarter of 2024 compared with the prior year’s quarter, mainly due to an increase in unrealized fair value gains on derivatives, hedged items and trading securities. Non-interest expense increased by $16.2 million to $68.4 million in the third quarter of 2024, primarily due to larger voluntary contributions for housing and community development initiatives and increases in headcount.
Return on average equity (“ROE”) for the quarter was 8.29% (annualized), compared to ROE of 9.13% for the third quarter of 2023.
As of September 30, 2024, total assets were $155.5 billion, a decrease of $2.8 billion, or 1.8%, from total assets of $158.3 billion at December 31, 2023. As of September 30, 2024, advances were $106.4 billion, a decrease of $2.5 billion, or 2.3%, from $108.9 billion at December 31, 2023.
As of September 30, 2024, total capital was $8.4 billion, an increase of $0.2 billion from total capital of $8.2 billion at December 31, 2023. The FHLBNY’s retained earnings increased by $0.2 billion to $2.5 billion as of September 30, 2024, of which $1.3 billion was unrestricted retained earnings and $1.2 billion was restricted retained earnings. At September 30, 2024, the FHLBNY met its regulatory capital ratios and liquidity requirements.
The FHLBNY allocated $20.4 million from its third quarter 2024 earnings for its Affordable Housing Program.
The FHLBNY expects to file its Form 10-Q for the third quarter of 2024 with the U.S. Securities and Exchange Commission on or before November 7, 2024.
Selected Balance Sheet Items (dollars in millions)
September 30,
December 31,
2024
2023
Change
Advances
$
106,435
$
108,890
$
(2,455
)
Mortgage loans held for portfolio
2,308
2,180
128
Mortgage-backed securities
19,736
19,582
154
Liquidity assets
24,581
25,340
(759
)
Total assets
$
155,454
$
158,333
$
(2,879
)
Consolidated obligations
$
143,809
$
145,476
$
(1,667
)
Capital stock
6,014
6,050
(36
)
Unrestricted retained earnings
1,309
1,277
32
Restricted retained earnings
1,178
1,061
117
Accumulated other comprehensive income
(85
)
(143
)
58
Total capital
$
8,416
$
8,245
$
171
Capital-to-assets ratio (GAAP)
5.41
%
5.21
%
Capital-to-assets ratio (Regulatory)
5.47
%
5.30
%
Operating Results (dollars in millions)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
Change
2024
2023
Change
Total interest income
$
2,316.6
$
2,030.7
$
285.9
$
6,916.0
$
6,264.1
$
651.9
Total interest expense
2,079.4
1,788.3
291.1
6,166.1
5,517.2
648.9
Net interest income
237.2
242.4
(5.2
)
749.9
746.9
3.0
Provision (Reversal) for credit losses
0.1
(0.1
)
0.2
(0.7
)
1.8
(2.5
)
Net interest income after provision for credit losses
237.1
242.5
(5.4
)
750.6
745.1
5.5
Non-interest income (loss)
35.1
11.8
23.3
88.2
70.7
17.5
Non-interest expense
68.4
52.2
16.2
188.5
153.3
35.2
Affordable Housing Program assessments
20.4
20.2
0.2
65.1
66.3
(1.2
)
Net income
$
183.4
$
181.9
$
1.5
$
585.2
$
596.2
$
(11.0
)
Return on average equity
8.29
%
9.13
%
9.09
%
9.54
%
Return on average assets
0.43
%
0.48
%
0.46
%
0.48
%
Net interest margin
0.56
%
0.64
%
0.59
%
0.60
%
Federal Home Loan Bank of New York The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2024, the FHLBNY serves 338 financial institutions and housing associates in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.
RCMP Halifax Regional Detachment determined that threats to a school were unfounded, and were in fact related to a planned event involving foam dart guns.
On October 23, at approximately 8:30 a.m., officers attended a school in Musquodoboit Harbour related to a report that a student made threats involving a weapon. The student was detained upon arrival at the school and was not in possession of weapons.
Further investigation found that the comments perceived as threats were related to an upcoming event involving foam dart guns. The student was released by police and there will be no charges.
The Nova Scotia RCMP takes school safety concerns seriously, and threats of violence are investigated thoroughly. Anyone with information or knowledge of threats to school communities is asked to contact their local police or 911 in an emergency so police can establish if a threat is credible. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.
KINGSTOWN, Saint Vincent and the Grenadines, Oct. 24, 2024 (GLOBE NEWSWIRE) — WOOFi, the omnichain decentralized exchange platform, has launched its Synthetic proactive market maker (sPMM) on the Solana network, supporting SOL and USDC trading pairs. This will strengthen Solana’s institutional-grade liquidity offerings, utilizing centralized market-making strategies while preserving the self-custody benefits of decentralized finance.
“Solana is the largest hub of onchain users having surpassed Ethereum in volumes in 2024, and we can’t overstate how excited we are to be finally deploying there. Once we are confident with the initial liquidity provision strategies, WOOFi will scale to support more Solana-native assets, including staking derivatives like staked SOL (S-SOL) and other major tokens, as well as WOOFi Pro, the decentralized perp dex. This gradual rollout is strategic for ensuring a stable and impactful long-term presence for WOOFi on the Solana network,” said Ben Yorke, VP of Ecosystem.
WOOFi’s long-term vision is to become a DeFi hub, offering services like spot trading, futures, and staking through a self-custody platform that mirrors the functionality of centralized exchanges. Already live across 11 EVM networks, WOOFi is building an omnichain platform where users can access trading and earning tools from their favorite chain, simplifying the process while ensuring network reliability.
This deployment marks the start of WOOFi’s strategy to introduce institutional liquidity and advanced DeFi tools to Solana, optimizing performance and enhancing the overall user experience by leveraging Solana’s Rust-based infrastructure. As a high-performance, low-cost blockchain, Solana elevates WOOFi’s potential for growth. Solana aims to match the speed of traditional financial systems like NASDAQ, ensuring that critical market data reaches all users simultaneously without delay. The platform achieves this through the Nakamoto coefficient, which assesses the level of decentralization in a blockchain network.
To learn more about WOOFi, download our app or visit WOOFi
Contact us: media@woo.network
About WOOFi WOOFi is a leading decentralized exchange (DEX) with over $42B in cumulative trading volume and more than 250k monthly active users. It supports 11 blockchains and offers a diverse range of products, including earn vaults, simple swaps, cross-chain swaps, and perpetual futures. The native token of WOOFi, WOO, can be staked to share 80% of all protocol fees.
Disclaimer The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.
WOOFi does NOT endorse, guarantee, or provide advice for any products or services of its business partners. This cooperation shall in no event be interpreted as an assurance or guarantee for the airdrop of any tokens, whether presently existing or to be generated in the future, on WOOFi or any associated platforms, nor does it imply any commitment from WOOFi to airdrop any tokens on its platforms or others.
EL SEGUNDO, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Extensiv — a leading provider of warehouse, order, and inventory management software to the third-party logistics (3PL) industry and the brands they serve, today announced the results of its fifth annual Third-Party Logistics (3PL) Warehouse Benchmark Report. The readout is the only benchmark report focused exclusively on the 3PL warehouse industry. This year’s report revealed decreased order volume growth, increased profitability for those operating at high warehouse capacity (over 80% capacity), and a convergence between AI advancement and network fulfillment points for 2025.
The Third-Party Logistics Warehouse Benchmark Report aggregates data from more than 250 3PL warehouses and provides insight on more than 30 industry-specific topics. The report builds on prior data and provides year-over-year changes and trends to help warehouses understand market growth opportunities and industry challenges.
Key takeaways from the 2024 report include:
Adapting to Challenges is Key. The 3PL industry is navigating through tough times with slowing growth in order volumes and profitability (only 69% reported progress on profitability in 2024). Yet, businesses are showing resilience and adaptability. 3PL’s operating at larger scales seem to be best suited for navigating today’s market volatility.
AI is the Future. Artificial Intelligence (AI) is gaining traction, with significant interest in its applications for optimizing various aspects of warehouse operations. The number of respondents saying they were looking into AI rose sharply from 16% last year to 25% this year. While the industry is still exploring the best use cases, integrations with AI are looking like an inevitability.
Fourth-party Fulfillment Strategies. There is a clear trend towards adding warehouses to obtain geographic disbursement. The percentage of organizations with 2 to 5 warehouses has followed an upward trajectory by an average of 2% each year. This year, it sits at 51%. This growth also reflects a growing interest in utilizing fourth-party logistics (4PLs) to drive efficiency and reduce risk while strategically positioning inventory to better serve customers.
Optimizing Labor. While the percentage of 3PLs expecting to add workers is the lowest it has been in the past four years (57%), the focus has shifted to optimizing labor productivity through management tools and efficiency measures outside of a reliance on robotics. While worries about employee turnover are declining, ensuring maximum efficiency among workers is still top of mind for the industry.
Better Billing is Crucial. Cash flow is still king in 2024 and more 3PLs are looking to automate their billing processes to maintain financial stability. This year, the time spent billing customers increased, however those who spent less than 16 hours on billing and invoicing per month were 2.8 times more likely to see high profitability growth. With the correlation between time spent on billing and profitability, more 3PLs are looking for ways to leverage invoicing functions directly within their WMS.
Other key areas of the report include an outlook for 2025, as well as trends and metrics related to growth opportunities, technology adoption, warehouse operations, and industry challenges. Despite concerns about decreasing order volume and cash flow constraints, 3PLs are approaching 2025 with resilience and optimism.
“With this, the 5th edition of the 3PL Warehouse Benchmark Report, Extensiv equips 3PLs with the information needed to best navigate the evolving supply chain,” said Aaron Stead, CEO of Extensiv. “It further displays the market leadership position Extensiv holds and connection to the pulse of our industry.”
Extensiv, formerly 3PL Central, is a visionary technology leader focused on creating the future of omnichannel fulfillment. We partner with warehouse professionals and entrepreneurial brands to transform their fulfillment operations in the radically changing world of commerce and consumer expectations. Through our unrivaled network of more than 1,500 connected 3PLs and a suite of integrated, cloud-native warehouse management (WMS), order management (OMS), inventory management (IMS), and integration management software, we enable modern merchants and brands to fulfill demand anywhere with superior flexibility and scale without painful platform migrations as they grow. More than 25,000 logistics professionals and thousands of brands trust Extensiv every day to drive commerce at the pace that modern consumers expect. Learn more at www.extensiv.com.
SCOTTSDALE, Ariz., Oct. 24, 2024 (GLOBE NEWSWIRE) — The Rudy R. Miller Instrument Safety Currency Program (ISCP) at Embry-Riddle Aeronautical University, College of Aviation, Prescott Campus, was created and funded by Mr. Miller in 2023, with students receiving simulator time starting in Spring 2024. The ISCP was created to build a curriculum that was compliant with federal regulations for instrument currency. Embry-Riddle’s training experts completed that curriculum which was then reviewed and validated by Embry-Riddle’s Chief Instructor, Ryan Albrecht. Once the process was completed and approved, the curriculum was uploaded into the flight systems for logging and tracking of activity.
Embry-Riddle Aeronautical University, in coordination with the Prescott’s College of Aviation’s Flight Department and Flight Director, Parker Northrup, oversees the administration of the ISCP fund. This program supports flight students in their junior year flight course to maintain the skills they learned in their instrument rating course where focus is spent on learning commercial performance maneuvers and often allows instrument skills to degrade. The ISCP provides simulator time to update the instrument currency as required by Federal Aviation Regulations.
ISCPRECIPIENTS SPRING2024
Christopher Gurule, Aeronautical Science Degree Kaleo Mendoza, Aeronautical Science Degree Joseph Molitor, Aeronautical Science Degree Reza Parva, Aeronautical Science Degree
Parker Northrup, Chair, Flight Department, College of Aviation, Prescott Campus, said “Mr. Rudy Miller’s engagement and generosity are such a valuable addition to what we strive to do with our students. ISCP allows us to selectively reinforce the safety culture that depends on maintaining those skills critical to safe instrument flying
Rudy R. Miller commented, “I would like to thank Parker Northrup and Steve Bobinsky, executive director of philanthropy, for their time plus all their remarkable team members’ assistance in supporting this outstanding program for qualified students. I have really enjoyed working on this project over the past year and plan to stay involved.
“The future is bright regarding all the numerous new projects, expansions, and improvements that Embry-Riddle, Prescott Campus, is executing, from my perspective. I am currently involved in a total of five Embry-Riddle projects with respect to my personal time involvement and various funding capabilities.”
About Embry-Riddle Aeronautical University, Prescott Campus
Embry-Riddle Aeronautical University, Prescott Campus, is organized into four colleges: College of Arts and Sciences, College of Aviation, College of Engineering, and College of Business, Security and Intelligence (the nation’s first), and offers bachelor of science degrees in applied science, aviation, business, computers & technology, engineering, security, intelligence & safety, and space. The Prescott campus also offers master’s degrees in Safety Science, Security & Intelligence, and Cyber Intelligence & Security. The programs in aeronautics, air traffic management, applied meteorology, and aerospace studies are certified by the Federal Aviation Administration (FAA) and is the nation’s first FAA-approved training provider for student airline certification.
About Rudy R. Miller
Mr. Rudy R. Miller, a former member of the U.S. Armed Forces, is an entrepreneur, philanthropist, and investor in numerous industries. Mr. Miller is Chairman, President, and CEO of Miller Capital Corporation, an affiliate of The Miller Group of entities; for more information, including Mr. Miller’s biography, visit www.themillergroup.net.
In 2023, Mr. Miller was selected by Embry-Riddle Aeronautical University to join two influential advisory boards for both the College of Aviation and the College of Business, Security and Intelligence. In addition to joining the advisory boards at Embry-Riddle, he established scholarships for students at both colleges and set up a fund to support simulator training to improve commercial pilot safety, the Rudy R. Miller Instrument Safety Currency Program (ISCP). Mr. Miller instituted the annual Rudy R. Miller Business – Finance Scholarship Program in 2008 to support Arizona State University, W. P. Carey School of Business. Since inception, Mr. Miller has issued three additional ASU scholarships, not included in the annual award process, totaling 23 ASU scholarships to date. Mr. Miller had the honor to serve as a member of ASU’s Dean’s Council of 100, a national group of prominent business executives invited by the Dean to play a leadership role in shaping the future of the W. P. Carey School of Business.
His philanthropic endeavors include support for the non-profit arts community, selective universities, athletic foundations, and veterans’ projects. He is a member-sponsor of the Army Historical Foundation and the National Museum of the U.S. Army located at Fort Belvoir, VA. He served as Chairman of the Advisory Board of Thunderbird Field II Veterans Memorial, Inc. (Tbird2), an organization that honors veterans, from 2018 until March 2024. Mr. Miller developed its aviation scholarship program and process in 2018 and served as the first Chairman of the Scholarship Committee until June 2023. Tbird2 offers scholarships at six colleges, for both veteran and non-veteran students, including two 4-year universities, Embry-Riddle Aeronautical University and Arizona State University, Ira A. Fulton Schools of Engineering.
Embry-Riddle Aeronautical University photographer, Connor McShane, Director of Enrollment Multimedia, 928 777-6912
Miller Capital Corporation Kristina Caylor Vice President Admin & Corporate Controller kcaylor@themillergroup.net 602.225.0505
Keaton S. Ziem Senior Communications Officer ziemk@erau.edu 386.226.4838
PORTLAND, Maine, Oct. 24, 2024 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, announced today it will release its fiscal 2025 first quarter earnings results on Tuesday, October 29, 2024. Following the release, the Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Wednesday, October 30, 2024. The conference call will be hosted by Rick Wayne, President and Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer.
To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via a live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. Please note there is a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.
About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.
NBN-F
For More Information: Richard Cohen, Chief Financial Officer Northeast Bank 27 Pearl Street, Portland, ME 04101 207.786.3245 ext. 3249 www.northeastbank.com
With the announced acquisition of Monroe Capital, Wendel dramatically expands its Asset Management platform and rebalances its business model towards more recurring cash flows and growth
Fully diluted Net Asset Value3as of September 30, 2024: €184.5 per share
Fully diluted NAV per share up +16.1%4 since the start of the year when restating for the €4 dividend paid in May 2024 reflecting:
Strong increase in Bureau Veritas’ share price (+34% YTD)
Slight decrease in value of non-listed assets
Positive contribution of Asset Management activities (IK Partners), reflecting the increase in market multiples
Very active implementation of new strategic directions and active portfolio rotation
Principal Investment:
€2.3 billion proceeds and value crystallization through the sale of 9% of Bureau Veritas’ share capital and the disposal of Constantia Flexibles
€0.7 billion invested including €625 million in Globeducate, closed on October 16
Asset Management:
€0.4 billion invested for the acquisition of 51% of IK Partners
$1.13 billion will be invested in equity to acquire 75% of Monroe Capital, as announced on October 22, 2024 (closing expected in the first half of 2025)
Wendel Asset Management business is now a significant performance driver
Considering the announced acquisition of Monroe Capital, Wendel’s Asset Management platform will represent c.€31bn of AuM in private assets5
In 2025, Wendel AM business is expected to generate c.€160m6 of Fee Related Earnings (“FRE”) and c.€185m of total pre-tax profit in 2025
IK Partners Fee Paying AuM up +19% over the first 9 months of 2024
Consolidated 9M 2024 sales of €5,918.1 million, up +14.6% overall and +8.9% organically
Very strong organic growth at Bureau Veritas (+10.4% over 9 months)
Solid growth at CPI (+7.9%)
ACAMS (+8%) in total over 9 months, due to the earlier timing of a flagship conference than in 2023
Encouraging first 9 months for Stahl (+1.6% total growth), with Q3 (-4.7%) impacted by a mixed environment in its industry
Scalian: slight decrease of -0.2% over 9 months
Strong financial structure and committed to remain Investment Grade
Debt maturity of 3.9 years with an average cost of 2.4%
LTV ratio at -6.8% as of September 30, 2024, and 18.9%7 on a pro forma basis
Pro forma total liquidity of €1.48 billion as of September 30, 2024, including €0.5 billion in cash and €875 million in committed credit facility (fully undrawn)
Laurent Mignon, Wendel Group CEO, commented:
“The first nine months of 2024 have been generating good value creation for shareholders, with fully diluted Net Asset Value growing by 13.7%, driven notably by Bureau Veritas’ strong stock price and operating performances.
We continue to enhance our cash flow generation and value creation profile, by executing our strategic plan with determination, rigor and financial discipline, as demonstrated by the Monroe Capital acquisition, announced two days ago, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate.
Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit.
Following the investment in Globeducate and the announced acquisition of Monroe Capital, the priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.”
Wendel’s net asset value as of September 30, 2024: €184.5 per share on a fully diluted basis
Wendel’s Net Asset Value (NAV) as of September 30, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.
Fully diluted Net Asset Value was €184.5 per share as of September 30, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +13.7% since the start of the year and +16.1% restated for the dividend paid in 2024. Compared to the last 20-day average share price as of September 30, the discount to the September 30, 2024, fully diluted NAV per share was -50.6%.
Bureau Veritas contributed very positively to the increase in Net Asset Value: on September 30, its 20-day average share price was up strongly (+34.3%) compared to December 31, 2023. Impacts from share price movements from IHS Towers (-30.0%) and Tarkett (-2.8%) were negligible given the weight of Bureau Veritas in the NAV. Total value creation per share of listed assets was therefore +€26.1 over the first nine months of 2024 on a fully diluted basis.
Unlisted assets’ contribution to the growth of the NAV was slightly negative over the first nine months of the year with a total change per share of -€1.2, reflecting a positive evolution of the market multiples and from bolt-on acquisitions, more than entirely offset by negative FX effect and selective downward revisions of outlooks for the current year (compared to December 31, 2023).
Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €1.5 per share over the third quarter, driven by positive market multiples evolution.
Cash operating costs and net financing results impacted NAV by -€1.2 over 9 months, as Wendel benefited from a positive carry. The impact of year-to-date share buybacks on fully diluted NAV per share is +€1.4 per share more as of September 30, 2024, than as of December 31, 2023. Other assets and liabilities impacted NAV by -€0.5.
Total Net Asset Value increase amounted to €26.2 per share over the first nine months of the year before dividend payment.
Fully diluted NAV per share of €184.5 as of September 30, 2024
(in millions of euros)
09/30/2024
12/31/2023
Listed investments
Number of shares
Share price(1)
3,800
3,867
Bureau Veritas
120.3m/160.8m
€29.9/€22.2
3,591
3,575
IHS
63.0m/63.0m
$3.1/$4.4
174
251
Tarkett
€8.9/€9.1
35
40
Investment in unlisted assets (2)
3,158
4,360
Asset Management Activities (3)
449
–
Other assets and liabilities of Wendel and holding companies (4)
95
6
Net cash position & financial assets (5)
3,027
1,286
Gross asset value
10,530
9,518
Wendel bond debt
-2,386
-2,401
IK Partners transaction deferred payment
-131
–
Net Asset Value
8,012
7,118
Of which net debt
509
-1,115
Number of shares
44,430,864
44,430,554
Net Asset Value per share
€180.3
€160.2
Wendel’s 20 days share price average
€91.1
€79.9
Premium (discount) on NAV
-49.5%
-50.1%
Number of shares – fully diluted
42,469,744
43,302,016
Fully diluted Net Asset Value, per share
€184.5
€162.3
Premium (discount) on fully diluted NAV
-50.6%
-50.8%
(1) Last 20 trading days average as of September 30, 2024, and December 31, 2023.
(2) Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Wendel Growth as of September 30, 2024, also included Constantia Flexibles as of December 31, 2023). Aggregates retained for the calculation exclude the impact of IFRS16.
(3) IK Partners’ activity, no sponsor money has been called at this stage. It is therefore not included in the NAV at this stage.
(4) Of which 1,961,120 treasury shares as of September 30, 2024, and 1,128,538 treasury shares as of December 31, 2023.
(5) Cash position and financial assets of Wendel and holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and management LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Universal Registration Document.
Wendel’s Principal Investments’ portfolio rotation
Since the beginning of the year, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested €0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:
Wendel announced on January 4, 2024, that it had completed the sale of Constantia Flexibles, generating total net proceeds9 for Wendel of €1,121 million for its shares, i.e. a valuation over 10% higher than the latest NAV on record before the announcement of the transaction (as at March 31, 2023).
Wendel announced on April 5, 2024, that it had successfully completed the sale of 40.5 million shares in Bureau Veritas, representing c.9% of the Company’s share capital, for total proceeds of approximately €1.1 billion. The transaction was carried out at a price of €27.127, or a discount of 3% from the previous day’s share price.
Wendel Growth realized its investment in Preligens, a leader in artificial intelligence (AI) for aerospace and defence, generating net proceeds to Wendel of c.€14.6M, translating into a gross IRR of 28%10. In addition, Wendel Growth announced on June 11, 2024, the acquisition of a minority stake in YesWeHack through an equity investment of €14.5 million.
Wendel reinvested €43.7m in Scalian upon the acquisition of MANNARINO Systems & Software on June 21, 2024. This Canadian company is a leading engineering services specialist for advanced technology R&D for the aviation sector, primarily in North America, with recognized expertise in safety-critical embedded software and systems.
On October 16, 2024, Wendel completed the acquisition of c.50% of Globeducate, one of the world’s leading international K-12 education groups, from Providence Equity Partners. Wendel invested €625 million of equity, at an Enterprise Value of c.€2 billion11, to join Providence, and both firms will now own c.50% of the group.
Wendel’s Asset Management platform evolution
Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth
Wendel announced on October 22 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.
For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.
With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach c.€31 billion in AUM12, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.
For more information, see the October 22, 2024, announcement on http://www.wendelgroup.com.
Third Party Asset Management value creation and performance
9 months 2024 performance
Over the first nine months of 2024, IK Partners had particularly strong activity, generating a total of €126.4 million in revenue. Total Assets under Management (€13.3 billion, of which €3.3 billion of Dry Powder13) grew by 20% since the beginning of the year, and FPAuM14 (€9.0 billion) by 19%. Over the period, €1.7 billion of new funds were raised (IK X, PFIII and IK SO) and 7 exits have been announced, for over €1.2 billion.
Sponsor money invested by Wendel
Wendel committed €400 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called.
Principal Investment companies’ value creation and performance
Listed Assets: 36% of Gross Asset Value
Bureau Veritas – Strong Q3 2024 organic revenue growth; refocused portfolio with ongoing acquisitions acceleration, in line with the LEAP | 28 strategy; 2024 revenue outlook upgraded
(Full consolidation)
Revenue in the first nine months of 2024 totaled € 4,569.6 million, a 5.6% increase year-to-date.
Revenue in the third quarter of 2024 amounted to € 1,547.9 million, an 8.8% increase compared to Q3 2023. Organic growth achieved a strong 13.0%, which led to 10.5% on a 9-month basis. The scope effect was a positive 0.5%, reflecting bolt-on acquisitions (contributing to +1.1%) realized in the past few quarters and partly offset by the impact of small divestments completed over the last twelve months (contributing to -0.6%). Currency fluctuations had a negative impact of 4.7%, due to the strength of the euro against most currencies.
Three businesses delivered very strong organic growth: Marine & Offshore, up 13.2%, Industry, up 23.8%, and Certification, up 17.7%. Buildings & Infrastructure further recovered, up 9.3% organically in the third quarter (after 4.3% in the first half) while both Consumer Products Services and Agri Food & Commodities grew high-single digits organically, both reflecting improving market trends.
Based on the 9-month performance, leveraging a healthy and growing sales pipeline and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024:
9 to 10% organic revenue growth (from “high single-digit” previously);
Improvement in adjusted operating margin at constant exchange rates;
Strong cash flow, with a cash conversion above 90%.
For more information: https://group.bureauveritas.com
Tarkett – Slight organic decrease year-to-date, with Q3 2024 solid organic sales growth of +2.4%, as Sports division grew at a sustained pace in the most important quarter of the year. Activity remained sluggish in flooring, particularly in EMEA and the CIS countries
(Equity method)
Revenue in the first nine months of 2024 amounted to €2,560.7 million, down by -1.2% compared to the same period of 2023, reflecting an organic decline of -0.4%. Sales prices remained stable over the financial year, i.e. -0.3% compared to the first nine months of 2023. In Q3 2024, Group net sales came to €1,002 million, up +1.8% compared to the third quarter of 2023. Organic growth reached +2.4%. Sales prices remained broadly stable over the year, with a slight decline of -0.5% compared to the third quarter of 2023.
IHS Towers(not consolidated) – IHS Towers will report its Q3 2024 results in the coming weeks
Unlisted Assets: 30% of Gross Asset Value
Sales (in millions)
9 months 2023
9 months 2024
Stahl
€677.3
€687.9
CPI
$103.6
$112.0
ACAMS
$67.9
$76.8
Scalian
€402.2
€401.3
Stahl – Total sales up 1.6% for the first 9 months of 2024 on the back of Q3 market challengesin the leather market for automotive and luxury goods
(full consolidation)
Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €687.9 million in the first 9 months of 2024, representing a total increase of +1.6% over the period. Organically, sales were slightly down -0.4%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.3%. The acquisition of ICP Industrial Solutions Group (ISG) in March 2023 contributed positively (+3.3%) to total sales variation.
Stahl Q3 sales were down -4.7% (-3.1% organically and -1.6% due to FX) linked to the weaker market performance of the automotive and luxury goods sectors, notably in August, which was a particularly quiet month this year as many Italian tanneries were inactive for a four-week period due to reduced activity.
On September 27, Stahl completed the acquisition of WEILBURGER Coatings, a leading German-based manufacturer of water-based and energy cured coatings for the graphic arts and packaging industry. The transaction significantly strengthens Stahl’s packaging coatings division and supports its strategy to broaden its franchise for specialty coatings for flexible materials. This acquisition strengthens Stahl’s strategic position in Europe, positioning the company as the second-largest packaging coatings player in the region. WEILBURGER Coatings posted sales of €70 million in 2023 and has over 140 employees, primarily based in Germany.
Stahl also announced it maintained its Platinum EcoVadis rating for the third consecutive year, reaffirming its commitment to sustainability. In August, Stahl was awarded the Living Wage certification strengthening its commitment to fair compensation and employee well-being.
Crisis Prevention Institute reports +8.2% revenue as compared with 9M 2023
(full consolidation)
CPI recorded first nine months 2024 revenues of $112 million, up +8.2% compared to 9M 2023, or +8.1% organically (FX impact was +0.1%), resulting from the addition of new certified instructors across end markets and geographies, and strong consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. The company’s year-to-date results include relatively flat year-over-year revenue for the third quarter, however, reflecting what management describes as a temporary, seasonal slowdown in new certified instructors and a difficult year-over-year comparison resulting from an unusually large enterprise program added in the third quarter of 2023.
2024 continues to be a pivotal year for CPI in growing its impact and reach, including further global expansion with the opening of its first office in the United Arab Emirates, and new program launches, including Reframing Behavior, a new certification program designed to help educators build a more positive, supportive learning environment and prevent disruptive classroom behavior. In addition, regulatory and legislative actions continue to provide support for workplace violence prevention programs and related training, including expanded requirements in New York, Texas and California during 2024.
ACAMS – ACAMS reports positive total growth amid accelerated transformation
(full consolidation)
ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, reported year-to-date bookings of $78 million, roughly flat with reported bookings for the same period in 2023, and revenue of $77 million for the first nine months of 2024, representing 8% year-over-year growth. The results for the first nine months of 2024 reflect continued growth and market expansion in North America and Europe, largely offset by declines with customers in the Asia-Pacific region. As well, the year-to-date results include the impact of ACAMS’ flagship Las Vegas conference that was held in the third quarter of 2024 and fourth quarter of 2023. Excluding the impact of this timing difference would reduce year-over-year bookings and revenue growth for the nine months ending September 30, 2024, to -0.8% and +0.3%, respectively.
The Company has made considerable progress in its transformation this year. Having largely completed its separation and transition to a stand-alone, independent company in 2023, ACAMS has made many investments instrumental to the Company’s future growth, including organizational changes led by the CEO, Neil Sternthal, who joined ACAMS in early 2024 and subsequently added several executives, including a new Chief Financial Officer and a Chief Revenue Officer, investments in the Company’s technology platform, business analytics and sales organizations, and new product development, most notably with the planned introduction of its Certified Anti-Fraud Specialist (CAFS) certification.
Scalian – Slight decrease of total sales of -0.2% year-to-date, in a context of overall market slowdown
(full consolidation since July 2023.)
Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total revenues of €401.3 million over the first 9 months in a context of continued industry slowdown, in particular supply chain tensions in the aeronautic sector as well as the turndown of the European automotive sector. Sales are down by -2.5% organically and benefited from a positive scope effect of +2.3%.
Scalian announced the acquisition of Dulin Technology in January 2024, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and MANNARINO Systems & Software in June 2024, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.
Agenda
Friday, December 6, 2024,
2024 Investor Day.
Wednesday, February 26, 2025
Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)
Thursday, April 24, 2025
Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)
Appendix 1: Nine-month 2024 sales of Group companies
Nine-month 2024 consolidated sales
(in millions of euros)
9-month 2023
9-month 2024
Δ
Organic Δ
Bureau Veritas
4,328.0
4,569.6
+5.6%
+10.4%
Stahl (1)
677.3
687.9
+1.6%
-0.4%
Scalian (2)
n.a.
409.3
n.a.
n.a.
Crisis Prevention Institute
95.6
103.1
+7.9%
+8.1%
ACAMS (3)
62.7
70.6
+12.6%
+8.6%
IK Partners(4)
n.a.
77.6
n.a.
n.a.
Consolidated net sales (3)(4)
5,163.5
5,918.1
+14.6%
+8.9%
(1) Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €70.8M vs €62.7M as of 9M 2023) (2) Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 9 months’ sales between October 1st 2023 and June 30 2024. (3) The sales include a PPA restatement for an impact of -€0.5M (vs -€3.2M as of 9M 2023). Excluding this restatement, the sales amount to €71.3M vs. €66.1M as of 9M 2023. The total growth of +12.6% include a PPA effect of +4.5% and the conference revenue which generated $5,9M while this event occurred in Q4 2023 last year. (4) Contribution of five months of sales
Nine-month 2024 sales of equity accounted companies
(in millions of euros)
9-month 2023
9-month 2024
Δ
Organic Δ
Tarkett(5)
2,592.6
2,560.7
-1.2%
-0.4%
(5) Sales price adjustments in CIS countries are historically intended to compensate for currency movements and are therefore excluded from the “organic growth” indicator.
Q3 2024 sales of Group companies
Q3 2024 consolidated sales
(in millions of euros)
Q3 2023
Q3 2024
Δ
Organic Δ
Bureau Veritas
1,423.8
1,547.9
+8.8%
+13.0%
Stahl
234.3
223.3
-4.7%
-3.1%
Scalian (1)
n.a.
131.1
n.a.
n.a.
Crisis Prevention Institute
42.0
41.2
-1.8%
-1.0%
ACAMS (2)
20.2
26.1
+29.1%
+28.6%
IK Partners
n.a.
44.2
n.a.
n.a.
Consolidated net sales
1,720.2
2,013.8
+17.1%
+10.6%
(1) Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 3 months’ sales between April 1st 2024 and June 30 2024. (2) ACAMS Q3 2024 sales includes the conference which generated $5,9M, while this event occurred in Q4 2023 last year.
Q3 2024 sales of equity accounted companies
(in millions of euros)
Q3 2023
Q3 2024
Δ
Organic Δ
Tarkett(3)
984.3
1,002.0
+1.8%
+2.4%
(3) Sales price adjustments in CIS countries are historically intended to offset exchange rate movements, and are therefore excluded from the “organic growth” indicator.
1 Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date. 2 +13.7% compared with fully diluted NAV of €162.3 as of Dec. 31, 2023. 3 Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €8,012m and €180.3 per share. 4 Including the €4.0 per share dividend paid in 2024, and on a non-fully diluted basis NAV is up 15.0%. 5 As of September 2024. 6 c.€101m of FRE expected in 2025, Wendel share.
7 Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).
8 Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).
9 Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments. 10 Gross IRR of 28%. Net IRR of 26%. 11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion. 12 As of September 2024
Amid the ongoing Israeli bombardment and incursions across southern Lebanon, countless families have been uprooted, many seeking refuge in the coastal city of Saida. Médecins Sans Frontières’ (MSF’s) mobile medical teams have been visiting several locations in the southern city, offering general healthcare, medication, and mental health support to people displaced by the violence. Here are some of the testimonies of our patients there:
Hassan Zeineddine
“There’s nothing like living in your own home,” reflects Hassan Zeineddine, 67, an internally displaced Lebanese man with hypertension. He and his wife fled Kfar Melki, in the south of Lebanon, after nearby Israeli bombardments, leaving with only the clothes on their backs. “My sons are also displaced, scattered across the country. That alone is a struggle, but what we are going through is similar to what everyone else is.”
Having been uprooted three times during the recent escalations, Hassan, a retired employee who lost his pension and savings in the 2020 economic crisis, reminisces about the olive harvest and his deep connection to the land he was forced to leave behind.
“There is nothing quite like the south,” he says. “Wherever we go, whatever we lose, and whatever we are offered, we will always come back. I lived through the 1982 Israeli invasion and remember the airstrikes on southern villages then. As we returned to our homes then, we will now.”
Khadija
Khadija, a Syrian refugee and mother of five, was displaced from Nabatieh with her family. “She’s fading right before my eyes,” says Khadija, pointing to her seven-year-old daughter, who she says suffers from stunted growth. She describes the harsh conditions in the open parking lot by the Saida coastline where they’ve sought refuge.
“We never feel clean. People are competing over food here, and we don’t have enough clean water to wash. We go to the sea to relieve ourselves, but there are often men around.”
Her children are battling various health issues and it’s breaking her spirit. “Sidra, 13, has asthma, Hiba, 7, weighs barely 10 kilograms, and Malak, my 8-month-old, has a fever and diarrhoea. I breastfeed her whenever I can, but it’s not always enough, and I can’t properly clean her bottles.”
In a moment of despair Khadija admits, “Sometimes I wish we had stayed and died in an airstrike instead of living like this.”
Um Mohammad
Um Mohammad, a 40-year-old Syrian refugee displaced from Qsaibeh, in south Lebanon, has three daughters. She used to maintain her employer’s garden, landscaping and building fences around his land. The night she fled Qsaibeh, an airstrike landed dangerously close.
She recalls joining the community with buckets of water to put out the fire, and then her employer told her it was time to leave. She packed a change of clothes for each of her daughters, aged 18, 6, and 4, and grabbed only a blanket, leaving behind the groceries she had just bought that day on her kitchen floor.
Hala
Hala, 24, is a Syrian refugee and mother of three—Yamen, 2, Rawan, 3, and Razan, 6. She fled from the coastal town of Adloun in south Lebanon amidst airstrikes and the sirens of ambulances. “We left with nothing. We escaped on a motorcycle, but it broke down here in Saida. My husband went back to retrieve our belongings, but everything was stolen.”
Now, they rely on aid for food.
“All my children are sick with vomiting and diarrhoea. Rawan, who has down syndrome, used to receive physical therapy to walk and move. We had high hopes that she would begin verbal communication through speech therapy soon, and she had made so much progress. But now, all that is gone. She requires lots of medications and is often bullied by other children for not being able to express herself.”
Shams Al Mahmoud, Marimar, and Kazem
Shams Al Mahmoud, whose first name means ‘sun’ in Arabic and is a Syrian refugee, remains as bright and warm as ever, despite the hardships she and her family have endured. Along with her children—Mimar, 24, Mimas, Kazem, 20, and Marimar,14—Shams was displaced from Kfar Roumane and now lives in a parking lot in Saida, southern Lebanon.
With an endearing smile, she recounts the moments her family escaped Israeli airstrikes in the town they had called home for over a decade, fleeing for 12 hours on foot to finally find relative safety in Saida. A few days later, Kazem and one of his sisters made a dangerous trip back to their former home on a borrowed motorcycle to rescue their two kittens, Simba and Mimi.
“We thought of them as we were leaving,” says Marimar, as she fondly strokes one of the kittens. “But the airstrikes were too close. I’m so relieved we could go back for them.”
Najah Ashour
Najah Ashour, a Syrian refugee living in south Lebanon, was displaced once again along with her daughters—Maya, 11, Lujain, 6, and Sary, 9 months—after airstrikes struck the southern town of Baisariyeh. She is among the 1.2 million people displaced by the ongoing Israeli bombardments. While the war affects everyone, minority groups like Syrian refugees, migrant workers, the elderly, and people with disabilities face even greater risks of discrimination and exclusion, further limiting their access to healthcare and humanitarian aid.
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Source: The Conversation – UK – By Christopher Hill, Associate Professor (Research and Development), Faculty of Business and Creative Industries, University of South Wales
Nuclear detonations were the backdrop to Teeua and Teraabo’s childhood. By the time the sisters were eight and four, the Pacific island on which they grew up, Kiritimati, had hosted 30 atomic and thermonuclear explosions – six during Operation Grapple, a British series between 1957 and 1958, and 24 during Operation Dominic, led by the US in 1962.
The UK’s secretary of state for the colonies, Alan Lennox-Boyd, had claimed the Grapple series would put Britain “far ahead of the Americans, and probably the Russians too, in super-bomb development”. Grapple, the country’s largest tri-service operation since D-Day, also involved troops from Fiji and New Zealand. It sought to secure the awesome power of the hydrogen bomb: a thermonuclear device far more destructive than the atomic bomb.
Britain’s seat at the top table of “super-bomb development” was emphatically announced in April 1958 with Grapple Y: an “H-bomb” 200 times more powerful than the bomb dropped on Hiroshima in 1945. This remains Britain’s largest nuclear detonation – one of more than 100 conducted by the UK, US and Soviet Union in 1958 alone.
More than six decades later, the health effects on former servicemen based on Kiritimati, as well as at test locations in South and Western Australia, remain unresolved. Greater Manchester’s mayor, Andy Burnham, has called the treatment of UK nuclear test veterans “the longest-standing and, arguably, the worst” of all the British public scandals in recent history.
Over the past year, the life stories of British nuclear test veterans have been collected by researchers, including myself, for an oral history project in partnership with the British Library. Whether from a vantage point of air, land or sea, the veterans all recall witnessing nuclear explosions with startling clarity, as if the moment was seared on to their memories. According to Doug Herne, a ship’s cook with the Royal Navy:
When the flash hit you, you could see the X-rays of your hands through your closed eyes. Then the heat hit you, and it was as if someone my size had caught fire and walked through me. To say it was frightening is an understatement. I think it shocked us into silence.
British servicemen describe their nuclear test experiences. Video: Wester van Gaal/Motherboard.
But what of the experiences of local people on Kiritimati? I have recently interviewed two sisters who are among the few surviving islanders who witnessed the nuclear tests. This is their story.
‘A mushroom cloud igniting the sky’
At the start of Operation Grapple in May 1957, around 250 islanders lived on Kiritimati – the world’s largest coral reef atoll, slap bang in the centre of the Pacific Ocean, around 1,250 miles (2,000km) due south of Hawaii. The island’s name is derived from the English word “Christmas”, the atoll having been “discovered” by the British explorer James Cook on Christmas Eve 1777.
In May 2023, I visited Kiritimati for a research project on “British nuclear imperialism”, which investigated how post-war Britain used its dwindling imperial assets and resources as a springboard for nuclear development. I sought to interview islanders who had remained on the atoll since the tests, including Teeua Tekonau, then aged 68. In 2024, I visited her younger sister, Teraabo Pollard, who lives more than 8,000 miles away in the contrasting surroundings of Burnley, north-west England.
Far from descriptions of fear and terror, both Teeua and Teraabo looked back on the tests with striking enthusiasm. Teraabo recalled witnessing them from the local maneaba (open-air meeting place) or tennis court as a “pleasurable” experience full of “excitement”.
She described having her ears plugged with cotton wool before being covered with a blanket. As if by magic, the blanket was then lifted to reveal a mushroom cloud igniting the night sky – a sight accompanied by sweetened bread handed out by American soldiers. So vivid was the light that Teraabo, then aged four, described “being excited about it being daytime again”.
An Operation Grapple thermonuclear test near Kiritimati, 1957-58. Video: Imperial War Museums.
In view of the violence of the tests, I was struck that Teeua and Teraabo volunteered these positive memories. Their enthusiasm seemed in marked contrast to growing concerns about the radioactive fallout – including those voiced by surviving test veterans and their descendants. As children, the tests seem to have offered the sisters a spectacle of fantasy and escapism – glazed with the saccharine of American treats and Disney films on British evacuation ships.
Yet they have also lived through the premature deaths of family members and, in Teraabo’s case, a malignant tumour dating from the time of the tests. And there have been similar stories from other families who lived in the shadow of these very risky, loosely controlled experiments. Teraabo told me about a friend who had peeked out from her blanket as a young girl – and who suffered from eye and health problems ever since.
‘Only a very slight health hazard’
Kiritimati forms part of the impossibly large Republic of Kiribati – a nation of 33 islands spread over 3.5 million square kilometres; the only one to have territory in all four hemispheres and, until 1995, on either side of the international date line. Before independence from Britain in 1979, Kiribati belonged to the Gilbert and Ellice Island Colony, which in effect made Kiritimati a “nuclear colony” for the purpose of British and American testing.
In 1955, Teeua and Teraabo’s parents, Taraem and Tekonau Tetoa, left their home island of Tabiteuea, a small atoll belonging to the Gilbert group of islands in the western Pacific. They boarded a British merchant vessel bound for Christmas Island nearly 2,000 miles away. Setting sail with new-born Teeua in their arms, the family looked forward to a future cutting copra on Kiritimati’s British coconut plantation.
The scale of this journey, with four young children, was immense. Just how the hundred or so Gilbertese passengers “managed to live [during the voyage] was better not asked”, according to one royal engineer who described a similar voyage a few years later. “There were piles of coconuts everywhere – perhaps they were for both food and drink.”
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Within two years of their arrival, the family faced more upheaval as mother Taraem and her children were packed aboard another ship ahead of the first three sets of British nuclear tests in the Pacific. Known as Grapple 1, 2 and 3, they were to be detonated over Malden Island, an atoll some 240 miles to the south of Kiritimati – but still too close for the comfort of local residents.
According to Teeua, the evacuation was prompted by disillusioned labourers brought to Kiritimati without their families, who went on strike after learning how much the British troops were being paid. But the islanders’ perspectives do not feature much in the colonial records, which give precedence to British disputes about logistical costs and safety calculations.
The Grapple task force resolved that the safe limit set by the International Commission on Radiological Protection should be reduced, to limit the cost of evacuations. A meeting in November 1956 noted that “only a very slight health hazard to people would arise from this reduction – and that only to primitive peoples”.
Shocking as this remark sounds, it is typical of the disregard that nuclear planners appear to have had, both for Indigenous communities and the mostly working-class soldiers. These lives did not seem to matter much in the context of Britain’s quest for nuclear supremacy. William Penney, Britain’s chief nuclear scientist, had bemoaned how critics during tests in Australia were “intent on thwarting the whole future of the British Empire for the sake of a few Aboriginals”.
Tekonau, Teeua’s father, was one of the 30 or so I-Kiribati people to stay behind on Kiritimati during the Malden tests in May and June 1957. As one of the only labourers to speak English, he had gained the trust of the district commissioner, Percy Roberts, who invited Tekonau to accompany him during inspections of villagers’ houses in Port London, then the island’s only village. On one occasion, Teeua said, the islanders did not recognise her father as he had been given a “flat top” haircut like the Fijian soldiers. “This means he had a nice relationship with the soldiers,” she told me. “Thank God for giving me such a good and clever dad.”
Since the initial tests did not produce a thermonuclear explosion, the task force embarked on further trials between November 1957 and September 1958, known as Grapple X, Y and Z. In view of expense and time, these were conducted on Kiritimati rather than Malden Island – and this time, the residents were not evacuated to other islands. Rather, families were brought aboard ships in the island’s harbour and shown films below deck.
After these tests, the islanders returned to find the large X and Y detonations had cracked the walls of their homes and smashed their doors and furniture. One islander found their pet frigate bird, like so many of the wild birds on Kiritimati, had been blinded by the flash of Grapple Y. No compensation was ever paid to the islanders, although the Ministry of Supply did reimburse the colony for deterioration of “plantation assets”, including £4 for every damaged coconut tree (equivalent to £120 today).
A month before Grapple Y, Teraabo was born. Her earliest and most vivid childhood memories are of the US-led Operation Dominic four years later, by which time evacuation procedures had been abandoned altogether.
This series of tests was sanctioned by Britain in exchange for a nuclear-powered submarine and access to the Nevada Proving Grounds in the US – regarded as pivotal to the future of British weapons technology ahead of the signing of the Test Ban Treaty in October 1963, which would prohibit atmospheric testing.
Dominic’s 24 detonations on Kiritimati – which usually took place after sunset around 6pm, between April and November 1962 – were “awesome”, according to Teraabo. Recalling the suspense as the “tannoy announced the countdown”, she described “coming out of cover [and] witnessing the bomb [as] an amazing experience … When the bomb set off, the brilliance of the light was tremendous.”
Each explosion’s slow expiration would re-illuminate the Pacific sky. One, Starfish Prime, became known as a “rainbow bomb” because of the multi-coloured aurora it produced over the Pacific, having been launched into space where it exploded.
So spectacular were these descriptions that I almost felt I had to suspend disbelief as I listened. At one point in my interview with Teraabo, she leaned in to reassure me that she had no interest in exaggerating these events: “I’m a very proud person,” she whispered, “I would never lie.”
‘In our blood’
More than six decades on from the Grapple tests, I was sitting in Teeua’s kitchen in the village of Tabwakea (meaning “turtle”), near the northern tip of Kiritimati. I had driven here in a Subaru Forester, clapped-out from the many potholes on the island’s main road, itself built by royal engineers over 60 years ago.
Teeua Tekonau in her kitchen during the author’s visit to Kiritimati in 2023. Christopher R. Hill., CC BY
Teeua’s home, nestled down a sand track, had a wooden veranda at the front where she would teach children to read and write under shelter from the hot equatorial sun. Handcrafted mats lined the sand and coral floor, fanning out from the veranda to the kitchen at the back.
The house felt full of the sounds of the local community, from the chatter of neighbours to the laughter of children outdoors. No one could feel lonely here, despite the vastness of the ocean that surrounds Kiritimati.
As Teeua cooked rice and prepared coffee, we discussed the main reason for my visit: to understand the impacts of the nuclear tests on the islanders, their descendents, and the sensitive ecosystem in which they live. Teeua is chair of Kiritimati’s Association of Atomic Cancer Patients, and one of only three survivors of the tests still living on Kiritimati. She pulled up a seat and looked at me:
Many, many died of cancer … And many women had babies that died within three months … I remember the coconut trees … when you drank [from the coconuts], you [were] poisoned.
Both Teeua’s parents and four of her eight siblings had died of cancer or unexplained conditions, she said. Her younger brother, Takieta, died of leukaemia at the age of two in November 1963 – less than a year after Operation Dominic ended. Her sister Teraabo, who discovered a tumour in her stomach shortly after the trials, was only able to have her stomach treated once she moved to the UK in 1981, by which time the tumour had turned malignant.
Teeua’s testimony pointed to the gendered impacts of the nuclear tests. She referred to the prevalence of menstrual problems and stillbirths, evidence of which can be inferred from the testimony of another nuclear survivor, Sui Kiritome, a fellow I-Kiribati who had arrived on Kiritimati in 1957 with her teacher husband. Sui has described how their second child, Rakieti, had “blood coming out of all the cavities of her body” at birth.
A rare military hospital record from 1958 – stored in the UK’s National Archives at Kew in London – also refers to the treatment of a civilian woman for ante-partum haemorrhage and stillbirth, though it is unclear whether this was a local woman or one of the soldier’s wives on the passenger ship HMT Dunera, which visited briefly to “boost morale” after Grapple X.
Members of the Kiritimati Association of Atomic Cancer Patients. Courtesy: Teeua Taukaro., CC BY-ND
Having re-established the Association of Atomic Cancer Patients in 2009, Teeua has continued much of the work that Ken McGinley, first chair of the British Nuclear Tests Veterans Association, did after its establishment in 1983. She has documented the names of all I-Kiribati people present during the tests, along with their spouses, children and other relatives. And she has listed the cancers and illnesses from which they have suffered.
In the absence of medical records at the island hospital, these handwritten notes are the closest thing on the atoll to epidemiological data about the tests. But according to Teeua, concerns about the health effects of the tests date back much longer, to 1965 when a labourer named Bwebwe spoke out about poisonous clouds. “Everyone thought he was crazy,” Teeua recalled.
But Bwebwe’s speculations were lent credibility by Sui Kiritome’s testimony, and by the facial scars she bore that were visible for all to see. In an interview with her daughter, Sui explained how she was only 24 when she started to lose her hair, and “burns developed on my face, scalp and parts of my shoulder”.
In a similar manner to claims made by British nuclear test veterans, Sui attributed her health problems to being rained on during Grapple Y – which may have been detonated closer to the atoll’s surface than the task force was prepared to admit.
When I asked Teeua why her campaigning association was only reformed in 2009, she explained it had been prompted by a visit from British nuclear test veterans who “told us that everyone [involved in the tests] has cancer – blood cancer”. They had been told this in the past but, she said, “we did not believe it. But after years … after our children [also] died of cancer, then we remembered what they told us.”
After some visiting researchers explained to Teeua and the community that the effects of the tests were “not good”, she concluded that “our kids died of cancer because of the tests … That’s why we start to combine together … the nuclear survivors, to talk about what they did to our kids”.
I found Teeua’s testimony deeply troubling: not only because of the suffering she and other families have been through, but in the way that veterans had returned to Kiritimati as civilians, raising concerns among locals that may have lain dormant or been forgotten. The suggestion that radiation was “in her blood” must have been deeply disturbing for Teeua and her community.
But I reminded myself that the veterans who came looking for answers in 2009 were also victims. They made the long journey seeking clues about their health problems, or a silver bullet to prove their government’s deception over the nuclear fallout.
As young men, they were unwittingly burdened with a lifetime of uncertainty – compounded by endless legal disputes with the Ministry of Defence or inconclusive health studies that jarred with their personal medical histories. And, like the islanders, some of these servicemen died young after experiencing agonising illnesses.
The scramble for the Pacific
My research on British nuclear imperialism also sheds light on how imperial and settler colonial perceptions of “nature” shaped how these nuclear tests were planned and operationalised.
British sites were selected on the basis of in-depth environmental research. When searching the site for Britain’s first atomic bomb (the Montebello Islands off the west coast of Australia), surveyors discovered 20 new species of insect, six new plants, and a species of legless lizard.
Monitoring of radioactive fallout from nuclear tests fed into the rise of ecosystem ecologies as an academic discipline. In the words of one environmental specialist on the US tests, it seemed that “destruction was the enabling condition for understanding life as interconnected”.
Since H-bombs would exceed the explosive yield deemed acceptable by Australia, Winston Churchill’s government in the mid-1950s had been forced to look for a new test site beyond Western and South Australia. British planners drew on a wealth of imperial knowledge and networks – but their proposal to use the Kermadec Islands, an archipelago 600 miles north-east of Auckland, was rejected by New Zealand on environmental grounds.
So, when Teeua and her family landed on Kiritimati in 1955, their journey was part of “the scramble for the Pacific”: a race between Britain and the US to lay claim to the sovereignty of Pacific atolls in light of their strategic significance for air and naval power.
The British government archives include some notable environmental “what ifs?” Had the US refused the UK’s selection of Kiritimati because of its own sovereignty claim, then it would have been probable, as Lennox-Boyd, Britain’s colonial secretary, admitted, that “the Antarctic region south of Australia might have to be used” for its rapidly expanding nuclear programme.
Instead, this extraordinary period in global history recently took me to a Victorian mansion in the Lancashire town of Burnley, where I interviewed Teeua’s younger sister, Teraabo, about her memories of the Kiritimati tests.
‘No longer angry’
Teraabo’s home felt like the antithesis of Teeua’s island abode 8,300 miles away: ordered instead of haphazard, private instead of communal, spacious instead of crowded. And our interview had a more detached, philosophical tone.
Teraabo Pollard with her father’s nuclear test veteran medal. Christopher R. Hill., CC BY-ND
Like her sister, Teraabo has worked to raise awareness about the legacy of the nuclear tests, including with the Christmas Island Appeal, an offshoot of the British Nuclear Test Veterans Association that sought to publicise the extent of the waste left on Kiritimati from the nuclear test period.
The appeal succeeded in persuading Tony Blair’s UK government to tackle the remaining waste in Kiritimati – most of which was non-radiological, according to a 1998 environmental assessment. The island was “cleaned up” and remediated between 2004 and 2008, at a cost of around £5 million to the Ministry of Defence. Much of the waste was flown or shipped back to the UK, where 388 tonnes of low-grade radioactive material were deposited in a former salt mine at Port Clarence, near Middlesbrough.
Yet Teraabo’s views have evolved. She told me she is “no longer angry” about the tests, a stark contrast to her position 20 years ago, when she told British journalist Alan Rimmer how islanders had “led a simple life with disease virtually unknown. But after the tests, everything changed. I now realise the whole island was poisoned.”
Whereas the Teraabo of 2003 blamed “the British government for all this misery”, she has since become more reflective. In the context of the cold war and the nuclear arms race, she even told me she could understand the British rationale for selecting Kiritimati as a test site. This seemed a remarkable statement from a survivor who had lost so much.
Over the course of the interview, it became clear Teraabo had grown tired of being angry – and that she had felt “trapped” by the tragic figure she was meant to represent in the campaigns of veterans and disarmers. Each time Teraabo rehearsed the doom-laden script of radiation exposure, she admitted she was also suppressing the joy of her childhood memories.
A turning point for Teraabo seems to have come in 2007, when she last visited Kiritimati and met her sister Teeua. By this time, the atoll’s population was 4,000 – quite a leap from the 300 residents she grew up with. “It is no longer the island I remember,” she said.
The Kiritimati of Teraabo’s memory was neat and well-structured. The one she described encountering in 2007 was chaotic and unkempt. She had come to the realisation that the Kiritimati she had been campaigning for – the pristine, untouched atoll of her parents – had long since moved on, so she should move on with it. The sorrow caused by the test operations would not define her.
Radioactive colonialism
Not long after I left Kiritimati in June 2023, the global nuclear disarmament organisation Ican began researching the atoll ahead of a major global summit to discuss the UN Treaty on the Prohibition of Nuclear Weapons. Descendants of Kiritimati’s nuclear test survivors were asked a series of questions, with those who provided the “right” answers being selected for a sponsored trip to UN headquarters in New York.
The chosen representatives included Teeua’s daughter, Taraem. I wondered if the survivors of Kiritimati are doomed to forever rehearse the stories of their nuclear past – a burden that Teeua and Teraabo have had to carry ever since they stood in awe of atomic and thermonuclear detonations more than 60 years ago.
They have had to deal with “radioactive colonialism” all their adult lives – the outside world demanding to see the imprint of radioactivity on their health and memories. But the sisters’ fondness for British order, despite all they have been through, prevails.
Their positive memories of Britain may in part reflect the elevated role of their father, Tekonau Tetoa – a posthumous recipient of the test veteran medal – within the British colonial system. During my visit, I happened upon an old photo of Tekonau, looking immaculate as he hangs off the side of a plantation truck in a crisp white shirt. Knowing Teeua did not possess a photo of her parents, I took a scan and raced to her house down the road.
“Do you recognise this man?” I asked, holding up my phone.
She flickered with recognition. “Is that my father?”
I nodded, and she shed a tear of joy.
Tekonau Tetoa, father of Teeua and Teraabo, hangs off the door of a coconut plantation truck in Kiritimati. Courtesy: John Bryden., CC BY-ND
Memories of Teeua and Teraabo’s father are preserved in the island landscape of their youth: pristine, regimented by the ostensible tidiness of colonial and military order.
But such order masked contamination: an unknown quantity that would only become evident years later in ill-health and environmental damage. It was not only the nuclear tests: from 1957 to 1964, the atoll was sprayed four times a week with DDT, a carcinogenic insecticide, as part of attempts to reduce insect-borne disease. In the words of one of the pilots: “I had many a wave from the rather fat Gilbo ladies sitting on their loos as I passed overhead, and gave them some spray for good measure!” British tidiness concealed a special brand of poison.
Today, the prospect of a meaningful response from the UK to the concerns raised by the islanders and servicemen alike seems slim. In October 2023, the UK and France followed North Korea and Russia in vetoing a Kiribati and Kazakhstan-proposed UN resolution on victim assistance and environmental remediation for people and places harmed by nuclear weapons use and testing.
Over in Kiritimati, meanwhile, Teeua still tends to a small plot where Prince Philip planted a commemorative tree in April 1959, shortly after the British-led nuclear tests had ended. It is rumoured he did not drink from the atoll’s water while he was there.
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Christopher Hill receives funding from the Office for Veterans’ Affairs, UK Cabinet Office. The research for this article was also supported by funding from the Arts and Humanities Research Council (AHRC), UKRI. The author wishes to thank the following for their support with this article: Fiona Bowler, Ian Brailsford, Joshua Bushen, John Bryden, Jon Hogg, Brian Jones, Rens van Munster, Wesley Perriman, Maere Tekanene, Michael Walsh, Rotee Walsh and Derek Woolf. Sincere thanks to Teeua Tekonau and Teraabo Pollard for sharing their family stories.
Source: The Conversation – UK – By Philip Murphy, Director of History & Policy at the Institute of Historical Research and Professor of British and Commonwealth History, School of Advanced Study, University of London
That the recent visit of King Charles to Australia – his first as the country’s sovereign – attracted protests will have come as a surprise to very few people.
But the message from the most prominent protester was, perhaps, less expected. At the end of a speech by the king at Parliament House in Canberra on October 21, he was heckled by Lidia Thorpe, an independent senator of Aboriginal (Djab Wurrung, Gunnai and Gunditjmara) origin.
She told him: “You committed genocide against our people. Give us our land back. Give us what you stole from us – our bones, our skulls, our babies, our people.”
Earlier in the day, Thorpe had issued a statement outlining her position. In it, she claimed:
As First Peoples, we never ceded our Sovereignty over this land. The crown invaded this country, has not sought treaty with First Peoples, and committed a genocide of our people. King Charles is not the legitimate sovereign of these lands. Any move towards a republic must not continue this injustice. Treaty must play a central role in establishing an independent nation. A republic without a treaty must not happen.
Historic treaties
The recognition of the rights of Aboriginal peoples through a formal treaty has been a demand of Australian indigenous rights campaigners for decades. Indeed, Australia is unusual among British settler colonies in the failure of the crown to forge treaties with Indigenous peoples in the process of imperial occupation. In New Zealand and Canada these treaties continue to be invoked as an historical underpinning of indigenous rights.
The 1840 Treaty of Waitangi between Māori leaders and the crown as well as the rights and principles that followed from it are certainly politically contentious in New Zealand. Yet the Treaty is still widely regarded as the country’s founding document and a key symbolic basis for inclusion and reconciliation.
In Canada, the treaties signed by the crown with First Nations peoples are explicitly referenced in the country’s 1982 constitution and are cited by the Canadian government as “a framework for living together and sharing the land Indigenous peoples traditionally occupied.”
It should not come as much of a surprise that the issue of the the absence of similar treaties in Australia has been raised during the king’s visit. The rather dull itineraries of royal visits provide activists with a perfect opportunity to have their voices heard by journalists desperate for something interesting to write about. There is a history of Aboriginal protesters using them in this way.
In 1972, the Larrakia people, the traditional owners of the Darwin region in the Northern Territory, used a visit by Princess Margaret to draw attention to a petition asking Queen Elizabeth II to assist them in their demand for land rights and political representation.
The palace and the governments of the Realms are keenly aware of these sensitivities and plan royal tours accordingly. During his visit to Canada in 2022, for example, while he was still Prince of Wales, Charles made a point of meeting the survivors of the country’s notorious residential schools where thousands of indigenous children suffered abuse.
Ironically, indigenous treaties with the crown have complicated the republican issue, forcing campaigners for a republic in both New Zealand and Canada to offer assurances that the rights and obligations in those treaties would not be lost if the monarchy was to be abolished.
The question of reparations
Charles has followed his Australia visit by flying to Samoa for the summit of the Commonwealth Heads of Government. Again, the UK press sensed trouble ahead, predicting that as head of the Commonwealth Charles might be caught up in a row between the British government and Caribbean nations over the call for reparations for slavery.
The UK is not the only government in the Commonwealth having to wrestle with colonial legacy issues. But there is no avoiding them.
Britain has a monarchy steeped in imperial history, with a king who is quite separately sovereign of 14 other realms. Its government continues to profess a belief in the value of the Commonwealth, when its members have little else in common except that most of them were colonised by Britain.
A recent report by the UK thinktank Policy Exchange, which imagined the Commonwealth playing a greater role in British diplomatic, defence and trade policy, seemed blithely unaware of the tensions within the organisation and the barriers to collective action.
In a similar vein, UK prime minister Keir Starmer has claimed that he wants to “look forward” and focus on issues such as climate change and boosting prosperity rather than reparations.
But the Commonwealth is simply not a logical framework for the discussion of these matters. On the other hand, it is uniquely qualified to debate the impact of colonialism and the question of reparatory justice. And even if Britain doesn’t want to have that conversation, other Commonwealth countries certainly do.
Philip Murphy has received funding from the AHRC. He belongs to the European Movement UK.