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(All financial figures in United States dollars unless otherwise stated) VANCOUVER, BC , Dec. 11, 2024 /PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF ) ("OceanaGold" or the "Company") is pleased to announce the Waihi District Pre-feasibility Study ("PFS") results, which includes the existing Waihi operation and the proposed Wharekirauponga underground mine in New Zealand . Waihi District PFS Highlights Initial Mineral Reserve for Wharekirauponga Underground of 4.1 Mt at 9.2 g/t for 1.2 Moz of gold After-tax NPV 5% of $621 million at a gold price of $2,400 per ounce, or $138 million at $1,750 per ounce IRR of 24% at a gold price of $2,400 per ounce, or 9.2% at $1,750 per ounce Gold production of 1.6 Moz over a 15-year mine life at an average All-in Sustaining Cost of $994 per ounce (or $634 per ounce over the Wharekirauponga-only mine life) Significant project upside at Wharekirauponga with ~400 koz of Inferred Resources and recent results confirming the EG Vein Zone mineralization extends a further 270 metres to the south and remains open in all directions Growth capital of $556 million over an 8-year period, expected to be funded from Free Cash Flow First ore from Wharekirauponga Underground expected in 2032 Early-works 2025 capital budget of $40 to $45 million approved for design and construction activities, subject to receipt of necessary permits. Gerard Bond , President & CEO of OceanaGold, said "This PFS is a major milestone for OceanaGold and the Waihi operation. We plan to safely and responsibly develop the Wharekirauponga Underground mine which extends the life of the Waihi operation to at least 2038, while generating strong returns for our shareholders and wider economic benefits for local communities and New Zealand . There remains significant exploration upside at Wharekirauponga, as seen in the exploration results we have released since the June 30, 2024 date of the PFS. The orebody remains open in all directions, with high-grade mineralization now defined to 270 metres beyond existing resources. Drilling is scheduled to continue on the EG Vein Zone in 2025 with the goal of expanding the orebody, extending the life of the Waihi operation and improving the economic returns to all stakeholders." The technical report is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") with an effective date of June 30, 2024 . The technical report is available under the Company's profile on SEDAR+ at www.sedarplus.com and on our website at www.oceanagold.com . Senior management will host a webcast to discuss the results on Thursday, December 12, 2024 at 10:00 am Eastern Time , details of which are provided in this release. See: https://app.webinar.net/DdjR72Pnakx Overview The town of Waihi on the North Island of New Zealand is located approximately 140 kilometres southeast of Auckland and is the location of a significant gold district which has produced an estimated 8 million ounces of gold to date. The PFS for the Waihi District includes the Martha Underground mine ("MUG") and the Wharekirauponga Underground mine ("WUG"). WUG is located approximately 10 kilometres north of Waihi (Figure 1). The Company owns a property (Willows), adjacent to and outside of the Coromandel Forest Park, that will host the main access portal to, and service the development of WUG. For a visual overview of the site and proposed project infrastructure, please see the accompanying VRIFY media at https://vrify.com/meetings/recordings/7bed3b3f-699c-42e0-b243-f219d70af6fa . The PFS is based on Mineral Reserves only and operating metrics reflect the inclusion of both MUG and WUG as they contribute to production. Existing operations at MUG, which have been in active production since 2019, are expected to continue until 2033. Production from WUG is expected to begin in 2032, with first stope ore in 2033 and mining to continue until 2038. Mineral Reserves Mineral Reserves in the Waihi District comprise underground reserves only. The Mineral Reserves estimate as of June 30, 2024 is presented in Table 1. Table 1: MUG and WUG combined Mineral Reserves estimate as of June 30, 2024 Notes: The WUG Mineral Reserves estimate was reviewed and approved by, or is based on information prepared by or under the supervision of, Euan Leslie , MAusIMM CP, the Company's Group Mining Engineer and a qualified person under NI 43-101. The MUG Mineral Reserves estimate was reviewed and approved by, or is based on information prepared by or under the supervision of, David Townsend , MAusIMM CP, the Company's Mining Manager and a qualified person under NI 43-101. Mineral Reserves are reported based on OceanaGold's mine design, mine plan, mine schedule and cash flow model at a gold price of $1,750 /oz. Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000 tonnes. Ounces are estimates of metal contained in the Mineral Reserves and do not include allowances for processing losses. Ounces are rounded to the nearest hundred thousand ounces. All figures have been rounded; totals may therefore not sum exactly. Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces and "g/t" represents grams per tonne. All key assumptions, parameters and methods used to estimate Mineral Reserves and the data verification procedures followed are set out in the technical report titled " NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand " dated December 11, 2024 with an effective date of June 30, 2024 (the "Technical Report"), which is available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website at www.oceanagold.com . Mineral Resources The Mineral Resources estimate at the Waihi District comprise both open pit and underground resources. The Mineral Resource estimate as of June 30, 2024 for Waihi is presented in Table 2. Table 2: Summary of Mineral Resources estimate as of June 30, 2024 Notes: Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources estimates were prepared by or under the supervision of, Leroy Crawford-Flett , MAusIMM CP, the Company's Exploration and Geology Manager and a qualified person under NI 43-101. Mineral Resources are reported at a gold price of $1,950 /oz. Mineral Resources estimate for MUG is reported below the MOP5 design and constrained to within a conceptual underground design based upon the incremental cut-off grade of 2.15 g/t Au. Mineral Resources estimate for WUG is reported within a conceptual underground design at a 2.10 g/t Au cut-off grade. Mineral Resources estimates for Martha Open Pit ("MOP") and Gladstone Open Pit ("GOP") are reported within conceptual pit designs and incremental cut-off grades of 0.50 g/t Au and 0.56g/t Au, respectively. The MOP conceptual pit design is limited by infrastructural considerations. Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces and "g/t" represents grams per tonne. No dilution is included in the reported figures and no allowances for processing or mining recoveries have been made. All figures have been rounded; totals may therefore not sum exactly. All key assumptions, parameters and methods used to estimate Mineral Resources and the data verification procedures followed are set out in the Technical Report, which is available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website at www.oceanagold.com . Mineral Resource close out dates for data used in the estimation are as follows: MUG – June 11, 2024 ; MOP – February 1, 2024 ; WUG – April 24, 2024 ; GOP – September 1, 2022 . PFS Operating Summary The Waihi District PFS covers the current operating Martha underground mine ("MUG") and the new Wharekirauponga underground mine ("WUG"). MUG and WUG are expected to produce a combined 1.6 million ounces of payable gold over a 15 year mine life (2024-2038) with peak production of 253 koz of gold in 2035 and a life-of-mine average All-In Sustaining Cost ("AISC") of $994 per ounce (Figure 2). MUG is expected to be the primary ore source until 2033, when mining transitions to WUG. A mill expansion to 0.8 Mtpa is also included in the PFS, which begins to process at the increased throughput levels in 2033. WUG begins commercial production in 2033 with an average AISC of $634 per ounce, demonstrating the strong margins of this high-grade orebody. Project Economics At a Reserve gold price assumption of $1,750 per ounce, the Waihi District generates pre-tax and after-tax NPV 5% values of $259 million and $138 million respectively, and an IRR of 9.2%. Using a flat $2,400 per ounce gold price over the life of the operation, the project is estimated to produce pre-tax and after-tax NPV 5% values of $902 million and $621 million respectively, and an IRR of 24.0%. Table 3: PFS economic results Capital and Operating Costs The total non-sustaining capital investment for the Waihi District is estimated to be $556 million , spread over eight years (Table 4) beginning in 2025. Growth capital expenditures include WUG mine development, surface infrastructure, expansion of the process plant and water treatment plant and construction of a new tailings storage facility ("TSF"). WUG is accessed via 6.5 kms of underground development from surface, with two ventilation shafts to be located in the Coromandel Forest Park. Table 4: Total capital cost summary ($M) Total life of mine operating costs are summarized in Table 5. Table 5: Operating cost summary ($M & $/t) Permitting The New Zealand government Fast-track Approvals Bill (the "Bill") was formally introduced into the New Zealand Parliament on March 7 , 2024. It has completed the process of parliamentary sub-committee review and is expected to be enacted by the New Zealand Parliament imminently and become effective in the first quarter of 2025. In October 2024 , the New Zealand Government named the Waihi North Project ("WNP"), including WUG, as a listed project that will be eligible to apply for approvals through processes under the Bill once the Bill becomes law. Key permitting and schedule assumptions included in the PFS are: The Bill will be passed and the fast-track process will be open for applications before the end of March 2025 ; The WNP Fast-track application including the supporting Assessment of Environmental Effects (AEE) will be lodged in March 2025 ; and Fast-track approvals to commence construction will be granted to OceanaGold by the end of November 2025 . Early-works construction, including infrastructure at Willows (the main underground portal site), the water treatment plant and services trench, is expected to begin in the second half of 2025 and enables the decline and underground development to commence in late 2026. Development of WUG and the Waihi North Project generally has the potential to create significant socio-economic contributions for the communities in the Waihi region and for New Zealand . This includes significant in-country investment and a substantial increase in direct and indirect employment opportunities, with the project having the potential to extend operation of the Waihi operation to and beyond 2038. Company tax payments in New Zealand are estimated at $482 million (NZ$790 million) at a $2,400 /oz gold price. OceanaGold operates to the highest environmental and social standards which has enabled it to run a successful and responsible mining business in New Zealand for over three decades. Next Steps Detailed engineering and design work is ongoing for the services trench, the water treatment plant upgrade, and bulk earthworks for Willows Facilities area (at the WUG underground portal site). The services trench will connect power, water and telecommunications from the existing process plant to the portal site. Geotechnical investigations will continue to enable detailed portal boxcut and waste rock stack design, and the first 1.5 km of decline to the first ventilation shaft. These activities are included in the $40 to $45 million approved capital budget for 2025. Future drilling programs at Wharekirauponga and Martha target both resource conversion and growth. A broad development and drilling strategy is planned with the objective to both grow and convert Wharekirauponga resources along the EG Vein and parallel hanging wall and footwall veins as well as further test the mineralized T-Stream and Western Veins immediately to the west. The current focus of drilling is the EG Vein and the hanging wall and footwall veins and the continuation and conversion of high-grade mineralization further to the southwest. Currently ~400,000 ounces of Inferred Mineral Resource at a grade of 9.6 g/t Au have also been defined (as of June 30, 2024 ) in the central and northern area of the EG Vein Zone available for conversion. Approximately 17,700 metres of drilling is planned and budgeted for Wharekirauponga and Martha in 2025. Webcast Details Senior management will host a webcast to discuss the results on Thursday December 12, 2024 at 10:00 am Eastern Time . To register, please copy and paste the link into your browser: https://app.webinar.net/DdjR72Pnakx If you are unable to attend the webcast, a recording will be made available on the Company's website. About OceanaGold OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America ; Didipio Mine in the Philippines ; and the Macraes and Waihi operations in New Zealand . For further information please contact: Qualified Persons Except as otherwise set out herein, the scientific and technical information in this press release relating to the Waihi operation was reviewed and approved by, or is prepared by or under the supervision of Euan Leslie , MAusIMM CP, David Townsend , MAusIMM CP and Leroy Crawford-Flett , MAusIMM CP, each of whom is an employee of the Company and a qualified person under NI 43-101. The scientific and technical information in this press release relating to exploration matters was reviewed and approved by, or is prepared by or under the supervision of, Craig Feebrey, MAusIMM, the Company's Executive Vice President and Chief Exploration Officer and a qualified person under NI 43-101. Technical Report For further information, please refer to the Technical Report available on the SEDAR+ website at www.sedarplus.com under the Company's name and on the Company's website at www.oceanagold.com . Cautionary Statement for Public Release This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements relate to, among other things: expansion of the Waihi operation based on the results of the PFS; the PFS representing production growth; timing, amount and duration of future production and mill processing expansion; future AISC and Free Cash Flow; the price of gold; estimated capital and operating costs; ability to convert Inferred Mineral Resources to Indicated and extend forecasted mine life for the Waihi operation; expectations regarding forward drilling programs; the estimates of NPV and IRR from the Waihi operation; expectations regarding the ability to obtain the necessary permits and approvals for the PFS, the timing of early-works construction and decline and underground development, and the creation of significant socioeconomic contributions for the communities in the Waihi region and for New Zealand ; future growth; results of operations; and business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, the accuracy of Mineral Reserve and Mineral Resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as required by applicable securities laws. Cautionary Note Regarding Non-IFRS Measures This press release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, including AISC and Free Cash Flow. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with OceanaGold's consolidated financial statements. Readers should refer to OceanaGold's Q3 2024 Management's Discussion & Analysis dated November 6, 2024 available on SEDAR+ at sedarplus.com under OceanaGold's name and OceanaGold's website at www.oceanagold.com under the heading "Non-IFRS Financial Measures" for a more detailed discussion of how OceanaGold calculates such measures and a reconciliation of such measures to IFRS terms. SOURCE OceanaGold CorporationDespite a declared "zero tolerance" policy on ragging, three first-year students at Patuakhali Science and Technology University (PSTU) were hospitalized after enduring severe physical and mental abuse throughout the night.
He warned 'this is just the beginning' before 'potentially putting lives at risk'Members who served in peacekeeping mission in Sarajevo gather at Canadian War Museum
The Detroit Tigers are making a serious push to sign Alex Bregman, prioritizing the All-Star infielder as they look to solidify a key position for the long term. Evan Petzold of the Detroit Free Press revealed on the Days of Roar podcast that the Tigers have intensified their interest, with ongoing discussions and increased dialogue with Bregman’s camp as the offseason progresses. Why Bregman Fits the Tigers’ Needs Bregman offers the Tigers a rare combination of consistent offensive production and elite defensive skills. The 30-year-old third baseman has been a cornerstone for the Houston Astros for nearly a decade and could bring invaluable postseason experience to a Detroit team aiming to compete in a wide-open American League Central. His ability to elevate the lineup while providing stability in the infield makes him an ideal target. Bregman’s 2024 Performance In 2024, Bregman played 145 games, showcasing his trademark offensive consistency. He slashed .260/.315/.453 with 26 home runs and 75 RBIs, posting a 118 wRC+ and a 4.1 WAR. While his batting average dipped slightly from previous seasons, his power and run production remained crucial. On defense, Bregman maintained his Gold Glove-caliber reputation, logging a .972 fielding percentage, six defensive runs saved, and six outs above average over 1234.2 innings at third base. The Tigers’ Long-Term Vision The Tigers are entering a phase where they aim to transition from rebuilding to competing. Adding Bregman would provide a proven veteran presence to guide a young roster while addressing a glaring need for infield production. His leadership and experience in high-pressure situations could help elevate the Tigers’ clubhouse culture and performance on the field. The Tigers went on a crazy run at the end of the 2024 season that helped them sneak into the playoffs via the Wild Card. This was after trading Jack Flaherty to the Dodgers, so they’re capable of a Cinderella story. Sometimes, a taste of playoff baseball can be enough to inspire ownership. Cost and Commitment Bregman is expected to command a deal in the range of $200 million over seven years. While such a contract represents a significant commitment, it aligns with the Tigers’ strategy of making bold moves to remain competitive in their division. Detroit’s front office appears willing to invest in a player who can serve as the foundation for their next era of success. This article first appeared on Empire Sports Media and was syndicated with permission.
Mexican singer Dulce, an iconic figure of ballad and romantic music who conquered several generations in Mexico with her powerful voice, died at the age of 69 in Mexico City after medical complications, her family and staff announced on Wednesday (Dec. 25). “With deep sorrow and sadness, we confirm the sensitive passing of our beloved Dulce, an exceptional artist and a wonderful person who left an indelible mark in the hearts of all those who knew her,” reads a statement posted on Dulce’s Instagram account, along with a photograph of the artist. The news of the death of the singer born Bertha Elisa Noeggerath Cárdenas was confirmed by the National Association of Actors (ANDA), the union to which the singer belonged, in a message on social media. “The National Actors Association deeply regrets the passing of our colleague Bertha Elisa Noeggerath Cárdenas, ‘Dulce’, a member of our union. Our condolences to her family, friends and colleagues. May she rest in peace,” reads the message published on X. After the artist’s sister Isabel Noeggerath announced the singer’s death in a brief Facebook post , a wave of messages from various Mexican show-business figures appeared on social networks. “My dear Dulce, your departure makes me so sad, you don’t know how much I will miss you, dear friend, thank you for all the wonderful moments we shared my doll, thank you for your love, your friendship, for always joining your voice with mine and for always being for me. Fly very high my Dulce, I will always keep you in my heart, I adore you and I will admire you forever! A tremendous artist won the sky, lots of light on your path,” wrote singer Rocío Banquells on X. “Farewell my dearest Dulce! What a great gift it was to share with you! I’m going to miss you!” expressed singer Manoella Torres on Instagram. “Today we have to face a loss that fills us with sadness. Dulce was a person who left her mark on those of us who were fortunate enough to know her. Our hearts go out to her family, friends and colleagues in this difficult moment. Rest in peace,” wrote Argentine singer Amanda Miguel in a message on X. Dulce was born on July 29, 1954, in the border city of Matamoros, Tamaulipas, and was a renowned artist in the Latin music scene. According to what she told on several occasions, in 1974 she met José José, who by then was already a great figure in music, and who was captivated by her voice. He was the one who got her an audition with Polygram record executives, said the artist in an interview with Imagen Televisión. In 1978 she achieved fame by participating in different musical events, such as the Mallorca Festival and the Yamaha Song Festival in Tokyo. With her fusion of ballad and pop, she made a place for herself in the music industry in Mexico and Latin America with hits such as “Tu Muñeca,” “Lobo,” “Déjame Volver Contigo,” “Aún lo Amo,” “Hielo,” “Fui Demasiado Fácil,” “Soy Una Dama,” “Cara Cara,” “Pájaro Herido,” “Échame la Culpa a Mí” and “Cuál de los Dos.” She also performed “Amor en Silencio,” the main theme of the 1988 soap opera of the same name, written by Marco Antonio Solís. Between 2011 and 2018, Dulce was part of the GranDiosas tour, along with Rocío Banquells, María Conchita Alonso and Karina.
Cynthia Erivo's partner Lena Waithe shares subtle support for ‘Wicked'WASHINGTON — The House passed a $895 billion measure Wednesday that authorizes a 1% increase in defense spending this fiscal year and would give a double-digit pay raise to about half of the enlisted service members in the military. The bill is traditionally strongly bipartisan, but some Democratic lawmakers opposed the inclusion of a ban on transgender medical treatments for children of military members if such treatment could result in sterilization. The bill passed by a vote of 281-140 and next moves to the Senate, where lawmakers sought a bigger boost in defense spending than the current measure allows. The Pentagon and the surrounding area is seen Jan. 26, 2020, from the air in Washington. Lawmakers are touting the bill's 14.5% pay raise for junior enlisted service members and a 4.5% increase for others as key to improving the quality of life for those serving in the U.S. military. Those serving as junior enlisted personnel are in pay grades that generally track with their first enlistment term. Lawmakers said service member pay failed to remain competitive with the private sector, forcing many military families to rely on food banks and government assistance programs to put food on the table. The bill also provides significant new resources for child care and housing. "No service member should have to live in squalid conditions and no military family should have to rely on food stamps to feed their children, but that's exactly what many of our service members are experiencing, especially the junior enlisted," said Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Committee. "This bill goes a long way to fixing that." The bill sets key Pentagon policy that lawmakers will attempt to fund through a follow-up appropriations bill. The overall spending tracks the numbers established in a 2023 agreement that then-Speaker Kevin McCarthy, R-Calif., reached with President Joe Biden to increase the nation's borrowing authority and avoid a federal default in exchange for spending restraints. Many senators wanted to increase defense spending about $25 billion above what was called for in that agreement, but those efforts failed. Sen. Roger Wicker, R-Miss., who is expected to serve as the next chairman of the Senate Armed Services Committee, said the overall spending level was a "tremendous loss for our national defense," though he agreed with many provisions in the bill. "We need to make a generational investment to deter the Axis of Aggressors. I will not cease work with my congressional colleagues, the Trump administration, and others until we achieve it," Wicker said. Sen. Roger Wicker, R-Miss., speaks with reporters Nov. 21 on Capitol Hill in Washington. House Republicans don't want to go above the McCarthy-Biden agreement for defense spending and are looking to go way below it for many nondefense programs. They are also focused on cultural issues. The bill prohibits funding for teaching critical race theory in the military and prohibits TRICARE health plans from covering gender dysphoria treatment for children under 18 if that treatment could result in sterilization. Rep. Adam Smith of Washington state, the ranking Democratic member of the House Armed Services Committee, said minors dealing with gender dysphoria is a "very real problem." He said the treatments available, including puberty blockers and hormone therapy, proved effective at helping young people dealing with suicidal thoughts, anxiety and depression. "These treatments changed their lives and in many cases saved their lives," Smith said. "And in this bill, we decided we're going to bar service members' children from having access to that." Smith said the number of minors in service member families receiving transgender medical care extends into the thousands. He could have supported a study asking medical experts to determine whether such treatments are too often used, but a ban on health insurance coverage went too far. He said Speaker Mike Johnson's office insisted on the ban and said the provision "taints an otherwise excellent piece of legislation." Rep. Chip Roy, R-Texas, called the ban a step in the right direction, saying, "I think these questions need to be pulled out of the debate of defense, so we can get back to the business of defending the United States of America without having to deal with social engineering debates." Smith said he agrees with Roy that lawmakers should be focused on the military and not on cultural conflicts, "and yet, here it is in this bill." Rep. Hakeem Jeffries, the House Democratic leader, said his team did not tell Democrats how to vote on the bill. "There's a lot of positive things in the National Defense Authorization Act that were negotiated in a bipartisan way, and there are some troubling provisions in a few areas as well," Jeffries said. The defense policy bill also looks to strengthen deterrence against China. It calls for investing $15.6 billion to build military capabilities in the Indo-Pacific region. The Biden administration requested about $10 billion. On Israel, the bill, among other things, includes an expansion of U.S. joint military exercises with Israel and a prohibition on the Pentagon citing casualty data from Hamas. The defense policy bill is one of the final measures that lawmakers view as a must-pass before making way for a new Congress in January. Rising threats from debt collectors against members of the U.S. armed forces are undermining national security, according to data from the Consumer Financial Protection Bureau (CFPB), a federal watchdog that protects consumer rights. To manage the impact of financial stress on individual performance, the Defense Department dedicates precious resources to improving financial literacy, so service members know the dangers of notorious no-credit-check loans. “The financial well-being of service members and their families is one of the Department’s top priorities,” said Andrew Cohen, the director of financial readiness in the Office of the Deputy Assistant Secretary of Defense at the Pentagon. But debt collectors are gaining ground. Last quarter, debt collection complaints by U.S. military service members increased 24% , and attempts to collect on “debts not owed” surged 40%. Complaints by service members against debt collectors for deceptive practices ballooned from 1,360 in the fourth quarter of 2023 to 1,833 in the first quarter of 2024. “There’s a connection between the financial readiness and the readiness of a service member to perform their duty,” said Jim Rice, Assistant Director, Office of Servicemember Affairs at the Consumer Financial Protection Bureau. Laws exist to protect the mission readiness of U.S. troops from being compromised by threats and intimidation, but debt collectors appear to be violating them at an alarming pace. “If they’re threatening to call your commander or get your security clearance revoked, that’s illegal,” says Deborah Olvera, financial readiness manager at Wounded Warriors Project, and a military spouse who’s been harassed herself by a collection agency that tried to extort money from her for a debt she didn’t owe. But after she requested the name of the original creditor, she never heard from them again. “The financial well-being of service members and their families is one of the Department’s top priorities.” —Andrew Cohen, Director of Financial Readiness at the Pentagon Under the Fair Debt Collection Practices Act, it’s illegal for debt collectors to threaten to contact your boss or have you arrested because it violates your financial privacy. The FDCPA also prohibits debt collectors from making false, deceptive, or misleading representations in connection with the collection of a debt, even for borrowers with bad credit scores. But according to the data, debt collectors are increasingly ignoring those rules. “Debt collection continues to be one of the top consumer complaint categories,” said a spokesperson at the Federal Trade Commission. The commission released a report earlier this year revealing that consumers were scammed $10 billion in 2023, a new benchmark for fraud losses. In his book Debt: The First 5,000 Years, David Graeber argues that debt often creates a relationship that can feel more oppressive than systems of hierarchy, like slavery or caste systems because it starts by presuming equality between the debtor and the creditor. When the debtor falls into arrears, that equality is then destroyed. This sense of betrayal and the subsequent imbalance of power leads to widespread resentment toward lenders. Photo Credit: Olena Yakobchuk / Shutterstock The debt collector reportedly harassing military service members most was Resurgent Capital Services, a subsidiary of collection giant Sherman Financial Group. The company tacks on accrued interest and junk fees and tries to collect on debts purchased for pennies on the dollar from cable companies, hospitals, and credit card companies, among others. Sherman Financial Group is run by billionaire Benjamin Navarro, who has a reported net worth of $1.5 billion, according to Forbes. Sherman Financial also owns subprime lender Credit One Bank and LVNV Funding, which outsource collections to Resurgent Capital. According to CFPB data, the second worst offender is CL Holdings, the parent company of debt-buyer Jefferson Capital Systems. The company has also been named in numerous complaints to the Better Business Bureau for alleged violations of the FDCPA, such as failing to properly validate debts or update credit reports with accurate information. Under the leadership of CEO David Burton, Jefferson Capital Systems is a wholly-owned subsidiary of CompuCredit Corporation, which markets subprime credit cards under the names Aspire, Majestic, and others. The third most referenced debt collector is publicly traded Portfolio Recovery Associates [NASDAQ: PRAA], which was forced to pay $27 million in penalties for making false representations about debts, initiating lawsuits without proper documentation, and other violations. Portfolio Recovery Associates is run by CEO Vikram Atal. Fourth place for alleged worst offender goes to Encore Capital Group [NASDAQ ECPG], which was required to pay $42 million in consumer refunds and a $10 million penalty for violating the Fair Debt Collection Practices Act. Encore collects under its subsidiary Midland Credit Management Group. These debt collectors all operate under a veritable shell game of company and brand names, almost none of which are disclosed on their websites, sending consumers on a wild goose chase to try and figure out how they’re related to each other. But despite their attempts to hide their tracks behind a smoke screen of subsidiaries, a leopard can’t change its spots, and the CFPB complaint database makes it harder for them to try. Photo Credit: Bumble Dee / Shutterstock Although widely considered a consumer-friendly state, complaints spiked most in California, which saw a 188% increase in complaints filed from the fourth quarter of 2023 to the first quarter of 2024. California is home to 157,367 military personnel, making it the most populous state for active-duty service members. The second-largest increase in debt collection complaints was in Texas, which saw a 66% jump from the fourth quarter of 2023 to the first quarter of 2024. The U.S. Department of Defense reports 111,005 service members stationed in the Lone Star State, which is the third-most populous state for active-duty military. The rising trends do not correlate to the number of military personnel by state. Complaints against debt collectors in Virginia, the second most populous state with 126,145 active duty personnel, decreased by 29% in the same quarter-over-quarter period. And complaints filed quarter-over-quarter in North Carolina, the fifth most populous state with 91,077 military personnel, decreased by 3% in the same period. The third largest percentage increase in debt collection complaints was from service members stationed in Maryland, where alleged harassment reports jumped 112% from the fourth quarter of 2023 to the first quarter of 2024. Maryland ranks number 12 with just 28,059 active duty service members. Fourth place goes to Ohio – the 28th most populous active-duty state – where complaints doubled, followed by Arizona – the 15th most populous military state – where complaints were up 70% in the same quarter-over-quarter period. Photo Credit: PeopleImages.com - Yuri A / Shutterstock In 2007, Congress passed the Military Lending Act to cap the cost of credit to a 36% annual percentage rate, inclusive of junk fees and late charges, for active duty military service members. That rate is still considerably higher than average credit card rates, which range from 8% for borrowers with excellent credit scores to as high as 36% for borrowers with bad credit. But lenders still get hauled into court for violating the MLA. Don Hankey, the billionaire subprime auto lender who funded Donald Trump’s $175 million appeal bond , is among those violators. His company, Westlake Financial, which markets high-interest car loans for bad credit, has been sued twice by the Department of Justice for harassing military service members. In 2017, the DoJ alleged Hankey’s Westlake Financial illegally repossessed at least 70 vehicles owned by military service members. Westlake Financial paid $700,000 to settle the charges. In 2022, Westlake Financial paid $250,000 for allegedly cheating U.S. troops out of interest rates they were legally entitled to. Westlake Financial continues to receive complaints from military service members alleging abusive debt collection practices on its no-credit-check loans. A steady year-over-year increase in the number of complaints filed against Westlake Financial continued from 2020 to 2023. Consumer Financial Protection Bureau data shows a 13% increase in the number of complaints against the company from 2020 to 2021, a 28% increase from 2021 to 2022, and a torrential 119% surge from 2022 to 2023. The numbers suggest systemic complaint-handling processes and inadequate customer service resources. Photo Credit: Cynthia Shirk / Shutterstock On May 16, 2024, a deceptively named predatory lending industry front group dubbed the Community Financial Services Association of America (CFSA) lost a legal attempt to defund the Consumer Financial Protection Bureau. In an effort to deprive Americans of essential consumer protections, the lobby group argued that the Consumer Financial Protection Bureau’s funding structure was unconstitutional. But the Supreme Court denied its claim. In a 7-2 ruling, the Court held that the Consumer Financial Protection Bureau’s funding structure is indeed constitutional. That means the Consumer Financial Protection Bureau cannot be defunded, but it does not mean the agency cannot be defanged. The New York Times suggested that Hankey’s incentive to finance Trump’s $175 million bond could have been a reciprocity pledge to neuter the Consumer Financial Protection Bureau if Trump wins the upcoming U.S. presidential election. If Trump wins a second term, he could replace Consumer Financial Protection Bureau director Rohit Chopra, an American consumer advocate, with a predatory lending advocate. In 2020, the Trump Administration secured a Supreme Court ruling that made it easier for the president to fire the head of the Consumer Financial Protection Bureau. The ruling struck down previous restrictions on when a president can fire the bureau’s director. Like other federal agencies, the Consumer Financial Protection Bureau has also been confronted for overstepping its bounds, pushing too far, and acting unfairly against entities it regulates. Photo Credit: Lux Blue / Shutterstock Seasonality and rising interest rates do not explain the increase in debt collection complaints from service members. The surge in complaints is not tied to predictable seasonal fluctuations or changes in interest rates. The increase in debt collection complaints by service members may point to underlying systemic issues, such as aggressive and predatory debt collection practices that exploit the unique financial vulnerabilities of service members, who face frequent relocations and deployments. Debt Complaints by Service Members The 24% spike in debt collection complaints exhibits no correlation to fluctuations in interest rates. 30-Year Fixed Mortgage Rates Pandemic stimulus checks were also not a factor. COVID-19 relief benefit checks went through three major rounds during the pandemic. The final round of Economic Impact Payments went out in March 2021 . To better understand the rising trend of debt collection complaints, we calculated the increase in the total number of complaints and the percentage increase quarter-over-quarter. For example, New Jersey has the second largest percentage increase in complaints quarter-over-quarter, but the total number of complaints increased by just 16. The data for this study was sourced from the Consumer Financial Protection Bureau (CFPB) complaint database. The dataset specifically targeted complaints filed by U.S. military service members, identified using the tag “Servicemember” within Q4 2023 and Q1 2024. Readers can find the detailed research methodology underlying this news story in the accompanying section here . For complete results, see U.S. Troops Face Mounting Threats from Predatory Debt Collectors on BadCredit.org . Homelessness reached record levels in 2023, as rents and home prices continued to rise in most of the U.S. One group was particularly impacted: people who have served in the U.S. military. "This time last year, we knew the nation was facing a deadly public health crisis," Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said in a statement about the 2023 numbers. He said the latest homelessness estimates from the Department of Housing and Urban Development "confirms the depth of the crisis." At least 35,000 veterans were experiencing homelessness in 2023, according to HUD. While that's about half of what it was in 2009—when the organization began collecting data—things have plateaued in recent years despite active efforts to get that number to zero. Although they make up just 6.6% of the total homeless population, veterans are more likely to be at risk of homelessness than Americans overall. Of every 10,000 Americans, 20 were experiencing homelessness. Of veterans living in the United States, that number jumps to 22, HUD data shows. Complicated by bureaucracy, family dynamics, and prejudice, the path from serving in the military to homelessness is a long one. According to a 2022 study by Yale School of Medicine researchers, homelessness typically occurs within four years of leaving the military, as veterans must contend with the harsh reality of finding a job in a world where employers struggle to see how skills on the battlefield transfer to a corporate environment. These days, veterans also deal with historically high rent and home prices, which causes many to rely on family generosity while figuring out a game plan. Stacker examined academic studies, analyzed government data, and spoke with members of the Biden administration, experts, and former members of the armed forces to see the struggles members of the military face when leaving the armed forces. The Department of Veterans Affairs offers transition assistance to the roughly 250,000 service members who leave each year. However, those programs can be burdensome and complex to navigate, especially for those who don't have a plan for post-military life. Only a small portion of veterans have jobs lined up when they leave, according to 2019 Pew Research. Many also choose to live with relatives until they get on their feet, which can be longer than anticipated. Some former service members are unsure what kind of career they'd like to pursue and may have to get further education or training, Carl Castro, director of the Military and Veteran Programs at the Suzanne Dworak-Peck School of Social Work at the University of Southern California, told Stacker. "It takes years for that kind of transition," Castro said. Many have trouble finding a job after leaving the service, even if they are qualified. Some employers carry misconceptions about those who have served. A 2020 analysis from the journal Human Resource Management Review found that some veterans face hiring discrimination due to negative stereotypes that lead hiring managers to write them off as a poor culture fit. Underemployment, or working low-wage jobs below their skill level, is also an issue. While the unemployment rate for veterans was 3% in March 2024, a study released by Penn State at the end of 2023 found three years after leaving the service, 61% of veterans said they were underemployed because of perceived skill mismatches . This phenomenon can have long-term economic effects, and eventually, that frustration can boil over, strain relationships, and potentially lead to housing instability. Working, especially a low-wage job, is not protection against homelessness. A 2021 study from the University of Chicago found half of people living in homeless shelters and 2 in 5 unsheltered people were employed, full or part-time. High rents make it difficult to save up, even when applying for a VA loan—a mortgage backed by the Department of Veterans Affairs that typically has more favorable terms. While the VA does not require a downpayment, some lenders, who ultimately provide the loan, do. They're not entirely risk-free either, and veterans can still lose their homes if they are unable to keep up with their mortgages. In November 2023, the VA put a six-month pause on foreclosures when an NPR investigation found thousands of veterans were in danger of losing their homes after a COVID forbearance program ended. Biden officials pointed to high rents and the end of COVID-era housing restrictions like eviction moratoriums to explain the spike in Americans experiencing homelessness. In the last year, homelessness rose 12%—to more than 650,000 people—the highest level since data began being collected in 2007. Overall, more than half of people experiencing homelessness in 2023 live in states with high living costs. Most were in California, followed by New York and Florida. Western states, including Montana and Utah, experienced massive population growth during the pandemic, becoming hubs for remote workers who drove home prices and rents even further. For veterans, housing costs certainly play a role, but those who leave the military also face systemic barriers. "It's worrying there are people that continue to fall through the cracks," said Jeanette Yih Harvie, a research associate at Syracuse University's D'Aniello Institute for Veterans and Military Families. Just under a quarter of adults experiencing homelessness have a severe mental illness , according to 2022 HUD survey data. They are also likely to have chronic illnesses but are unable to maintain preventative care, which only exacerbates these problems. Veterans facing homelessness are more likely to have experienced trauma , either before or after joining the military, according to Yale researchers who analyzed the 2019-2020 National Health and Resilience in Veterans Study. Childhood trauma was among the most significant commonalities among vets who become homeless. Substance use disorder is also widespread and can indicate an undiagnosed mental illness . Racial and ethnic disparities are at play, too. A 2023 study in the Journal of Psychiatric Research showed that Hispanic and Black veterans were more likely to screen positive for PTSD, and Hispanic veterans were more likely to report having suicidal ideation. Overall, access to mental health care has improved in the last decade or so. In December 2023, the VA announced it would open nine additional counseling centers. However, the stigma of getting help remains, especially after years of being conditioned to be self-reliant and pull oneself up by their bootstraps. That help, in the form of public policy, is slowly working to catch up to the need. In 2023, the Biden administration invested millions into research programs and studies on suicide prevention by the VA office in addition to a proposed $16 billion to improve quality and lower-cost mental health care services for veterans. And, in February of this year, HUD and the VA announced they would give up to $14 million in vouchers to public housing agencies for veterans experiencing homelessness. The program would also offer case management and other services. Still, with a culture that pushes people to keep going, it can be challenging for servicemembers to take advantage of these opportunities, Harvie said. "When you've been doing that for the last 15 or 20 years, it's difficult to stop and say, 'I'm the person that needs help.'" Story editing by Kelly Glass. Copy editing by Kristen Wegrzyn. Stay up-to-date on the latest in local and national government and political topics with our newsletter.
TEHRAN – Esmaeil Baghaei, spokesperson for the Iranian Foreign Ministry, stated that Tehran categorically condemns the recent terrorist attack on its consulate in Aleppo, Syria, adding that the country intends to pursue legal actions against the terrorist groups behind the attack. In a statement made on Saturday, Baghaei highlighted that "terrorist elements" targeted the consulate amid a resurgence of Takfiri terrorism in Syria. He criticized the violation of the Vienna Convention on Consular Relations, which protects diplomatic missions from such attacks. Baghaei assured that all staff at the consulate were unharmed and in good health. Videos on social media surfaced Friday, allegedly showing terrorists storming the consulate. The attack was reportedly orchestrated by Hayat Tahrir al-Sham (HTS), a Takfiri group, which launched a major offensive in Aleppo and Idlib provinces on Wednesday, capturing several areas. Syrian forces are currently engaged in intense battles with the terrorists to reclaim control. Syria has faced foreign-backed terrorism since 2011, with Western countries and some regional countries supporting them. Israel has been identified as a key supporter of groups opposing President Bashar al-Assad's government since the conflict's onset. HTS, primarily operating in Idlib, maintains alleged ties with Turkey and reportedly receives backing from Western and Israeli intelligence. Despite efforts to rebrand, the group's Al-Qaeda roots and foreign affiliations remain central to its activities in Syria. The Aleppo attack follows a ceasefire in Israel's conflict with Lebanon, where Hezbollah resisted Israeli attempts to occupy southern regions of the Arab country.Mayor Olivia Chow’s city hall has inconsistently addressed antisemitism in Toronto, based on community complaints
Drop in Boxing Day footfall ‘signals return to declining pre-pandemic levels’
Number of seats: 3 Seats filled: 0 5.49pm: Here is the first count results for Fingal East Electorate : 62,465 Total Poll: 38,055 Spoiled: 156 Valid Poll: 37,899 Quota: 9,475 Candidates' Results on Count 1: Outgoing Housing Minister Darragh O'Brien arrived to cheers of celebration at the Fingal East count centre Tallies indicate first major wins and casualties in tight race 4.30pm: Outgoing Housing Minister and Fianna Fáil TD Darragh O’Brien arrived to a warm welcome at the Fingal East count centre. He is expected to top the poll with around 23.5pc of the first preference vote. "I have the best team in the country here,” he said. "We are really absolutely delighted with the results. I spoke to the Tánaiste about an hour ago and Fianna Fáil are performing well. "We are hoping the first count here will be done very shortly but it’s amazing to receive nearly 25pc of first preference votes in this area. "I think this is the start of a really significant chapter of history for Fianna Fáil and in Dublin in particular we are doing really well, and it looks like we will retain what we have and possibly gain three or four additional seats. "I want to thank all the Dubs who have come out and supported us and we acknowledge there is many more challenges that need to be addressed,” he added. Asked if he wants to continue with his work as Housing Minister, he said that if he is fortunate to be a part of a government he will serve “in whatever capacity” he’s asked to serve in. Outgoing Housing Minister Darragh O'Brien will likely be elected on the second count 1pm: The first count is well underway with rumours that we will get results after 3pm. 11:05am: 85pc of boxes so far have been tallied here in Fingal East. 100pc of the boxes from Malahide have been tallied and 92pc of Swords has also been sorted through. 10.45am: Box sorting is progressing very well in the Dublin Fingal East constituency at the National Show Centre. With an electorate of 62,934, a total of 96 boxes are to be counted. So far, just under 44pc of the boxes have been processed, with tallies from Malahide 59pc, Donabate 50pc, Portmarnock 21.43pc, and Swords 42.5pc. Boxes in Kinsealy haven’t been opened yet. The current TDs, Darragh O'Brien (FF) from Malahide and Duncan Smith (LAB) from Swords, are performing strongly with 3,970 and 2,711 first preference votes, respectively. Fianna Fail staff are confident that O'Brien, the outgoing housing minister, will hold on to his seat and will likely be elected upon the first count. The race for the third and final seat is tightly contested among Fine Gael’s Alan Farrell from Malahide, Sinn Féin’s Ann Graves from Swords, and Social Democrats councillor Joan Hopkins. Early tallies suggest that Independent 4 Change Councillor Dean Mulligan is lagging behind. There have been 92 spoiled votes so far. The first count is well underway in Fingal East at 2.30pm TALLIES SO FAR 10am: Early tallies are giving us indications that the current TDs in this constituency notably Fianna Fáil’s Minister for Housing Darragh O’Brien is looking strong to hold onto his seat. Leading the race at the moment is Fianna Fáil TD Darragh O’Brien with 2,381 first preference votes, he is currently making up 22pc of the total votes counted so far. Following him is current Labour TD Duncan Smith who has a total of 1,885 first preference votes making up 17.4pc of the total votes so far. In third place is Sinn Féin’s Ann Graves who is looking to snap up a seat, she has 1,561 first preference votes so far. Right behind her is current TD Fine Gael’s Alan Farrell who may have to battle Ms Graves for the final seat in the constituency. Also doing well is Social Democrats candidate Joan Hopkins with 10.9pc of the first preference votes counted so far. Votes by candidate in Fingal East at 10am 9am: Boxes have opened in Fingal East and the counting of first preference votes has gotten underway.Wearable technology developed leveraging the ISS National Lab aims to protect astronauts in deep space KENNEDY SPACE CENTER, Fla. , Dec. 11, 2024 /PRNewswire/ -- The latest issue of Upward , official magazine of the International Space Station (ISS) National Laboratory, highlights the AstroRad vest—a pioneering wearable technology designed to safeguard astronauts from harmful solar radiation during deep-space missions. Developed through a collaboration between StemRad and Lockheed Martin, the vest has undergone extensive testing through the ISS National Lab, leading to significant enhancements in its design and functionality. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Vertigo3d Introduction When I recommended to buy YieldMax MSTR Option Income Strategy ETF ( NYSEARCA: MSTY ) about half a year ago, one of the main reasons was the diversification of income sources. However, the situation changed quickly, the incoming US administration has shown considerable interest Analyst’s Disclosure: I/we have a beneficial long position in the shares of MSTY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Drop in Boxing Day footfall ‘signals return to declining pre-pandemic levels’After the strong November payrolls data , released last week, boosted hopes for an interest rate cut in December,the focus of investors in the week ahead will be on the consumer price inflation. The retail inflation data could provide clues on the US Federal Reserve’s last monetary policy of 2024. In addition, the market participants will also have the Producer Price Index (PPI) data. On earnings front, the Wall Street will see quarter results of some big names including Oracle, Adobe and Broadcom. Economic calendar On December 9 (Monday), a report on wholesale inventories for October will be released. On December 10 (Tuesday), separate reports on NFIB Optimism Index for November and US productivity (revision) for Q3 will be released. On December 11 (Wednesday), data on Consumer Price Index inflation for November will be declared. On December 12 (Thursday), data on Producer Price Index inflation for November will be declared. On December 13 (Friday), a report on Import Price Index for November will be released. Earnings Following companies are due to report third quarter earnings in the week ahead — Oracle, Toll Brothers, Casey’s General Stores, AutoZone, Ferguson Enterprises, GameStop, Ollie’s Bargain Outlet Holdings, Academy Sports and Outdoors, Adobe, Broadcom, Costco Wholesale, and Ciena. Events The Goldman Sachs US Financial Services Conference will start on December 10 and the Barclays 22nd Annual Global Technology Conference will begin on December 11. Markets last week The Nasdaq and the S&P 500 rose to record closing high on Friday after data suggested the job market remains solid enough to keep the economy going. The Dow Jones Industrial Average fell 123.19 points, or 0.28 per cent, to 44,642.52, the S&P 500 gained 15.16 points, or 0.25 per cent, to 6,090.27 and the Nasdaq Composite gained 159.05 points, or 0.81 per cent, to 19,859.77. For the week, the Nasdaq gained 3.3 per cent, the S&P 500 rose about 1 per cent and the Dow fell 0.6 per cent. In the bond market, the yield on the 10-year Treasury yield slipped to 4.15 per cent from 4.18 per cent.
