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BEIJING: Beijing said Tuesday it would restrict exports to the United States of some key components in making semiconductors, after Washington announced curbs targeting China’s ability to make advanced chips. Among the materials banned from export are metals gallium, antimony and germanium, Beijing’s commerce ministry said in a statement that cited “national security” concerns. Exports of graphite, another key component, will also be subject to “stricter reviews of end-users and end-uses”, the ministry said. “To safeguard national security interests and fulfil international obligations such as non-proliferation, China has decided to strengthen export controls on relevant dual-use items to the United States,” Beijing said. “Any organisation or individual in any country or region violating the relevant regulations will be held accountable according to the law,” it added. In its own latest curbs, Washington on Monday announced restrictions on sales, without additional permission, to 140 companies including Chinese chip firms Piotech and SiCarrier. They also impact Naura Technology Group, which makes chip production equipment, according to the US Commerce Department. The move expands Washington’s efforts to curb exports of state-of-the-art chips to China, which can be used in advanced weapons systems and artificial intelligence. The new US rules also include controls on two dozen types of chip-making equipment and three kinds of software tools for developing or producing semiconductors. Beijing swiftly vowed to defend its interests, saying the United States “abuses export control measures” and has “hindered normal economic and trade exchanges”. And on Tuesday, China said Washington had “politicised and weaponised economic, trade and technological issues” as it unveiled its own export curbs. The moves also restrict the exports of “dual-use items to United States military users or for military purposes”, Beijing said. China accounts for 94 percent of the world’s production of gallium — used in integrated circuits, LEDs and photovoltaic panels — according to a report by the European Union published this year.None
INDIANAPOLIS -- There's more than just school pride and bragging rights to all that bellyaching over who might be in and who might be out of college football 's first 12-team playoff. Try the more than $115 million that will be spread across the conferences at the end of the season, all depending on who gets in and which teams go the farthest. According to the College Football Playoff website , the 12 teams simply making the bracket earn their conferences $4 million each. Another $4 million goes to conferences whose teams get into the quarterfinals. Then, there's $6 million more for teams that make the semifinals and another $6 million for those who play for the title. Most of this bonanza comes courtesy of ESPN, which is forking over $1.3 billion a year to televise the new postseason. A lot of that money is already earmarked — more goes to the Big Ten and Southeastern Conference than the Big 12 or Atlantic Coast — but a lot is up for grabs in the 11 games that will play out between the opening round on Dec. 20 and the final on Jan. 20. In all, the teams that make the title game will bring $20 million to their conferences, all of which distribute that money, along with billions in TV revenue and other sources, in different ways. In fiscal 2022-23, the Big Ten, for instance, reported revenue of nearly $880 million and distributed about $60.5 million to most of its members. The massive stakes might help explain the unabashed lobbying coming from some corners of the football world, as the tension grows in advance of Sunday's final rankings, which will set the bracket. Earlier this week, Big 12 commissioner Brett Yormark lit into the selection committee, which doesn't have a single team higher than 15 in the rankings. That does two things: It positions the Big 12 as a one-bid league, and also threatens to makes its champion — either Arizona State or Iowa State — the fifth-best among conference titlists that get automatic bids. Only the top four of those get byes, which could cost the Big 12 a spot in the quarterfinals — or $4 million. “The committee continues to show time and time again that they are paying attention to logos versus resumes,” Yormark said this week, while slamming the idea of teams with two losses in his conference being ranked worse than teams with three in the SEC. The ACC is also staring at a one-bid season with only No. 8 SMU inside the cut line of this week's projected bracket. Miami's loss last week all but bumped the Hurricanes out of the playoffs, a snub that ACC commissioner Jim Phillips said left him “incredibly shocked and disappointed." “As we look ahead to the final rankings, we hope the committee will reconsider and put a deserving Miami in the field," Phillips said in a statement. The lobbying and bickering filters down to the campuses that feel the impact. And, of course, to social media. One of the most entertaining episodes came earlier this week when athletic directors at Iowa State and SMU went back and forth about whose team was more deserving. There are a few stray millions that the selection committee cannot really influence, including a $3 million payment to conferences that make the playoff. In a reminder that all these kids are going to school, after all, the conferences get $300,000 per football team that meets academic requirements to participate in the postseason. (That's basically everyone). ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballLA Galaxy win record 6th MLS Cup
TikTok is inching closer to a potential ban in the US. So what's next? TikTok's future in the U.S. appeared uncertain on Friday after a federal appeals court rejected a legal challenge to a law that requires the social media platform to cut ties with its China-based parent company or be banned by mid-January. A panel of three judges on The U.S. Court of Appeals for the District of Columbia Circuit ruled unanimously that the law withstood constitutional scrutiny, rebuffing arguments from the two companies that the statute violated their rights and the rights of TikTok users in the U.S. The government has said it wants ByteDance, TikTok's parent company, to divest its stakes. But if it doesn't and the platform goes away, it would have a seismic impact on the lives of content creators who rely on the platform for income as well as users who use it for entertainment and connection. Here are some details on the ruling and what could happen next: In their lawsuit, TikTok and ByteDance, which is also a plaintiff in the case, had challenged the law on various fronts, arguing in part that the statute ran afoul of the First Amendment and was an unconstitutional bill of attainder that unfairly targeted the two companies. But the court sided with attorneys for the Justice Department who said that the government was attempting to address national security concerns and the way in which it chose to do so did not violate the constitution. The Justice Department has argued in court that TikTok poses a national security risk due to its connections to China. Officials say that Chinese authorities can compel ByteDance to hand over information on TikTok's U.S. patrons or use the platform to spread, or suppress, information. However, the U.S. hasn't publicly provided examples of that happening. The appeals court ruling, written by Judge Douglas Ginsburg, said the law was "carefully crafted to deal only with control by a foreign adversary." The judges also rejected the claim... HALELUYA HADERO Associated PressALPINE, Texas (AP) — Three U.S. Army soldiers at Fort Cavazos, Texas, have been arrested on human smuggling charges, U.S. Attorney Jaime Esparza for the Western District of Texas said Thursday. Soldiers Emilio Mendoza Lopez, Angel Palma, 20, and Enrique Jauregui, 25, were arrested after a vehicle allegedly driven by Palma and carrying Mendoza Lopez, a Mexican national and two Guatemalan nationals was stopped Nov. 27 by law enforcement in Presidio along the border with Mexico, about 500 miles (805 kilometers) southwest of Dallas. Mike Lahrman, a spokesman for Esparza, said he did not know the soldier’s ranks or whether action had been taken against them by the military. A spokesman for Fort Cavazos did not immediately respond to a request for comment. “Mendoza Lopez and Palma allegedly traveled from Fort Cavazos to Presidio for the purpose of picking up and transporting undocumented noncitizens,” Esparza said in a statement. “Jauregui is alleged to be the recruiter and facilitator of the human smuggling conspiracy,” according to Esparza. “Data extracted from Palma’s phone through a search warrant revealed messages between the three soldiers indicating collaboration in the smuggling operation.” Related Articles National News | Memphis police use excessive force and discriminate against Black people, Justice Department finds National News | Two children wounded and gunman dead after shooting at Northern California school National News | Abandoned mines in the US pose dangers to people and property when land gives way National News | Dog food recalled in 7 states for salmonella risk after puppy litter gets sick, FDA says National News | White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign Mendoza Lopez was arrested at the scene of the Nov. 27 traffic stop while Palma, who prosecutors said fled the scene of the traffic stop, and Jauregui were arrested Tuesday at Fort Cavazos, about 125 miles (201 kilometers) south of Dallas, Lahrman said. Mendoza Lopez’s attorney, Shane Chriesman, said he is awaiting more information, known as discovery, from prosecutors on the charge. “Once I get discovery and have a chance to assess the case we’ll develop a plan of attack” and will try to get a bond set for Mendoza Lopez, who is currently jailed without bail, Chriesman said. No attorneys are listed in jail records who could speak for for Palma and Jauregui, who are awaiting their first court appearance on Friday, according to Esparza.A few weeks after the U.S. Department of Energy announced funding for Nevada Gold Mines to further decarbonize its energy portfolio with new solar projects, Quaise Energy has announced that it is working with NGM to explore developing geothermal power at its TS Power Plant to hybridize on-site power generation. Quaise Energy is exploring the use of a new drilling technology to harness deep geothermal energy, which the company says has the potential to provide the world with an abundant source of clean energy. A drilling rig from Nabors Industries where Quaise Energy is installing millimeter wave capabilities. Work at Nevada Gold Mines’ TS Power Plant east of Battle Mountain will require a similar setup to develop deep geothermal energy onsite. NGM recently completed construction of the second and final phase of its 200-megawatt TS Solar Power Plant and is currently in the process of modifying the TS Power Plant to use cleaner-burning natural gas as a fuel source. The U.S. Energy Department is providing NGM with up to $95 million to develop solar and battery storage facilities at its Turquoise Ridge and Cortez mining operations. Developing a source of geothermal power at the TS Power Plant would provide an additional clean energy source for NGM’s operations. Quaise said the partnership with NGM underscores the unique capabilities of deep geothermal to decarbonize heavy industrial sectors like mining. The work which Quaise will be doing at the TS Power Plant will be its first commercial pilot project for retrofitting a fossil fuel power plant to accommodate geothermal heat. “Nevada Gold Mines is targeting an overall 30% reduction in GHG (greenhouse gas) emissions by 2030,” said Henri Gonin, managing director of Nevada Gold Mines. “We continue to pursue initiatives that economically reduce our reliance on carbon-based electricity sources. “Quaise offers a unique prospective solution to hybridize our on-site power generation with clean geothermal heat,” Gonin said. Carlos Araque, Quaise co-founder and chief executive officer “Deep geothermal can decarbonize critical industrial processes like mining because of its superior power density,” said Carlos Araque, president and CEO of Quaise Energy. “Our millimeter wave drilling technology is the key to unlocking high-grade geothermal heat, repositioning fossil-fired assets for a clean energy future.” Quaise Energy says it is developing ways to tap into to the bounty of clean energy available everywhere on earth miles beneath the surface. Underneath one human footprint there is enough clean energy to power 20,000 homes, the company says. Only a miniscule percentage of that power is being accessed, however, because over most of the earth’s surface that energy is too far down to be economically reached with conventional drilling methods. Quaise says that drilling to a depth of around two to twelve miles makes it possible to reach superhot geothermal anywhere on earth, making deep geothermal a truly global energy source which can provide a path to energy independence for every nation. Iceland has been an exception to this rule because there the superhot geothermal level is closer to the surface of the earth. In Iceland about 85% of the homes are heated with geothermal energy, and about 25% of the country’s electricity comes from geothermal sources. However, currently less than 1% of the electricity generated in the U.S. and the world comes from geothermal sources. Conventional drilling for a geothermal power source typically goes down less than two miles to reach temperatures of around 500 degrees Fahrenheit. But mechanical drill bits wear down quickly if they attempt to go below the earth’s sedimentary layer into the earth’s hot, tough “basement” rock. Quaise says its gyrotron-powered drilling platform vaporizes boreholes through rock and provides access to deep geothermal heat without complex downhole equipment. Quaise has been developing a drilling technology using millimeter waves to drill through the earth’s basement rock by melting and vaporizing it, using the same fundamental principle behind microwave ovens. The company says its MMW drilling technology can drill down as deep as 12 miles into the earth, where the water can be as hot as 900 degrees or more. At that level the water is in a high-pressure, supercritical state that is neither liquid nor gas. Quaise says that due to the high temperature and pressure, deep geothermal can produce up to ten times more power than a conventional geothermal power source. “The total energy content of the heat stored underground exceeds our annual energy demand as a planet by a factor of a billion,” Matt Houde, Quaise’s co-founder and project manager, said at the TEDX Boston Planetary Stewardship event in 2022. “So tapping into a fraction of that is more than enough to meet our energy needs for the foreseeable future.” Matthew Houde, Quaise co-founder and project manager Quaise says one of the big advantages of deep geothermal power is its small footprint. According to Quaise, “Deep geothermal uses less than 1% of the land and materials of other renewables, making it the only option for a sustainable clean energy transition.” The company says as it drills deep into the earth’s surface it will use conventional drilling to drill through the sedimentary layer, and will switch to MMW drilling when it reaches the basement level. Quaise points out that since it is around 3,960 miles from the surface of the earth to its center, drilling down 12 miles is actually not very far into the earth. If the earth were an apple, drilling down 12 miles would be about halfway through the apple’s skin. The deepest hole which humans have dug in the earth so far is the Kola Superdeep Borehole high in the Arctic Circle. The Soviet Union spent almost 20 years drilling the hole and reached a depth of around 7.6 miles in 1989. A recent millimeter wave drilling test conducted at the Quaise laboratory in preparation for upcoming field demonstrations. Quaise says its MMW drilling is a much faster process for boring through basement rock. The company has reported drilling through rock at about 11.5 feet per hour. Quaise says it hopes to be able to drill deeper than the Kola Superdeep Borehole in just 100 days. The roots of Quaise’s process go back to 2008, when the MIT Energy Initiative published a request for proposals on new geothermal drilling technologies. That request inspired Paul Woskov, a research engineer in MIT’s Plasma Science and Fusion Center who used gyrotrons to heat material in nuclear fusion experiments, to begin to research the use of gyrotrons to vaporize rock. Around 2018, Woskov’s research got the attention of Carlos Araque, who had spent his career in the oil and gas industry. That year, Araque and Matt Houde, who had been working with the geothermal company AltaRock Energy, founded Quaise. Since then, the company has been researching and developing the MMW drilling technology, and analyzing the various challenges involved in deep drilling and deep geothermal energy production. A drilled through sample of basalt from Paul Woskov's original research conducted at the MIT Plasma Science and Fusion Center. More recently the company has been researching the best places to locate its initial commercial pilot projects. Quaise has now selected NGM’s TS Power Plant for the first project. One focus for the company is on repurposing existing power facilities to utilize the existing infrastructure and workforce. “Our mission is to create the most sustainable and prosperous energy future for all,” Araque told Renewable Energy Magazine earlier this year. "By accelerating our field operations and securing our supply chain, we are preparing deep geothermal to be the indispensable energy of the 21st century.” Get the latest local business news delivered FREE to your inbox weekly. {{description}} Email notifications are only sent once a day, and only if there are new matching items.
ALPINE, Texas (AP) — Three U.S. Army soldiers at Fort Cavazos, Texas, have been arrested on human smuggling charges, U.S. Attorney Jaime Esparza for the Western District of Texas said Thursday. Soldiers Emilio Mendoza Lopez, Angel Palma, 20, and Enrique Jauregui, 25, were arrested after a vehicle allegedly driven by Palma and carrying Mendoza Lopez, a Mexican national and two Guatemalan nationals was stopped Nov. 27 by law enforcement in Presidio along the border with Mexico, about 500 miles (805 kilometers) southwest of Dallas. Mike Lahrman, a spokesman for Esparza, said he did not know the soldier’s ranks or whether action had been taken against them by the military. A spokesman for Fort Cavazos did not immediately respond to a request for comment. “Mendoza Lopez and Palma allegedly traveled from Fort Cavazos to Presidio for the purpose of picking up and transporting undocumented noncitizens,” Esparza said in a statement. “Jauregui is alleged to be the recruiter and facilitator of the human smuggling conspiracy,” according to Esparza. “Data extracted from Palma’s phone through a search warrant revealed messages between the three soldiers indicating collaboration in the smuggling operation.” Related Articles National News | Memphis police use excessive force and discriminate against Black people, Justice Department finds National News | Two children wounded and gunman dead after shooting at Northern California school National News | Abandoned mines in the US pose dangers to people and property when land gives way National News | Dog food recalled in 7 states for salmonella risk after puppy litter gets sick, FDA says National News | White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign Mendoza Lopez was arrested at the scene of the Nov. 27 traffic stop while Palma, who prosecutors said fled the scene of the traffic stop, and Jauregui were arrested Tuesday at Fort Cavazos, about 125 miles (201 kilometers) south of Dallas, Lahrman said. Mendoza Lopez’s attorney, Shane Chriesman, said he is awaiting more information, known as discovery, from prosecutors on the charge. “Once I get discovery and have a chance to assess the case we’ll develop a plan of attack” and will try to get a bond set for Mendoza Lopez, who is currently jailed without bail, Chriesman said. No attorneys are listed in jail records who could speak for for Palma and Jauregui, who are awaiting their first court appearance on Friday, according to Esparza.{ "@context": "https://schema.org", "@type": "NewsArticle", "dateCreated": "2024-12-03T23:21:46+02:00", "datePublished": "2024-12-03T23:21:46+02:00", "dateModified": "2024-12-03T23:22:40+02:00", "url": "https://www.newtimes.co.rw/article/22325/news/economy/rwanda-has-successfully-completed-imf-commitments-resident-representative", "headline": "Rwanda has successfully completed IMF commitments – Resident Representative", "description": "In October 2022, the International Monetary Fund (IMF) approved $319 million for Rwanda as the first African country and the third in the world to...", "keywords": "", "inLanguage": "en", "mainEntityOfPage":{ "@type": "WebPage", "@id": "https://www.newtimes.co.rw/article/22325/news/economy/rwanda-has-successfully-completed-imf-commitments-resident-representative" }, "thumbnailUrl": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/12/03/65498.png", "image": { "@type": "ImageObject", "url": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/12/03/65498.png" }, "articleBody": "In October 2022, the International Monetary Fund (IMF) approved $319 million for Rwanda as the first African country and the third in the world to benefit from the Resilience and Sustainability Facility (RSF). The facility was a three-year arrangement that the IMF launched to help countries tackle long-term challenges, such as climate change. As the arrangement comes to an end, The New Times’ Business Editor Julius Bizimungu spoke to Gabor Pula, Resident Representative for IMF in Rwanda to discuss lessons learnt, how the facility has enabled Rwanda to embark on reforms that will shape the economy, and how the country can strike a good balance between financing its ambitious economic agenda and managing rising debt levels. Below are the excerpts: The RSF under which the IMF approved $319 million for Rwanda in 2022 is coming to an end. What lessons have you learnt? Rwanda’s early access to the RSF was made possible by the country’s preparedness and already existing climate policies. For example, at the time of the RSF approval, Rwanda already had a comprehensive climate diagnostic, which identified priority areas for reforms that could be supported by the RSF facility. Such a detailed climate strategy ensured a head-start to RSF reform implementation. Overall, the Rwandan authorities’ performance under the RSF programme has been exceptionally strong. To demonstrate their unwavering commitment to the RSF-supported climate agenda, the authorities even accelerated the implementation of the originally agreed reform measures. As a result, Rwanda has now successfully completed all its RSF commitments, six months ahead of the initial timeline (of December 2024). Rwanda is the first and only country among our members that managed to do this, and it highlights Rwanda’s ability to accelerate reforms ahead of schedule. Close cooperation with development partners has been also key to this success. Climate investments require complex technological and financial considerations, which – due to their novelty – are challenging even in the most advanced economies of the world. Rwanda has been particularly successful in absorbing external technical expertise provided by its development partners and integrating it with home grown solutions. As a result, Rwanda has managed to develop a unique approach to catalyze climate private financing, which could serve as a blueprint for other developing countries. This unique approach combines three main components: the advanced infrastructure of Private and Public Climate Investment Facilities (Ireme and Intego) that were established already before the RSF, the transparency frameworks, such as the climate budget tagging, green taxonomy and adoption of international climate reporting standards that were developed in the context of the RSF. Finally, it includes the use of innovative climate finance instruments, which ensure affordability of climate finance for Rwandan green entrepreneurs by blending concessional resources with market-based funding. Rwanda has a climate action plan that requires $11 billion through 2030. Do the reforms being undertaken enough to enable Rwanda raise this necessary funding? Given its limited fiscal space, Rwanda needs to rely on concessional and private climate financing to implement its ambitious climate agenda. Indeed, the overall cost of implementing Rwanda’s Nationally Determined Contributions (NDCs) strategy is estimated at $11 billion, which would imply investments amounting to 7 per cent of GDP each year during the 2020-2030 period. Given Rwanda’s already elevated debt level, room for public sector borrowing is limited. Domestic efforts to mobilise revenue and improve spending efficiency will help, but they take time. This puts the focus on efforts to mobilise private climate investment. Rwanda successfully leveraged the RSF and managed to secure an extra EUR 300 million with the help of bilateral and multilateral partners, on top of the RSF’s $319 million contribution. However, this amount is still only a small portion of the total financing needed to implement Rwanda’s climate agenda. In this context, Rwanda must continue its efforts to mobilise concessional and private climate resources. The IMF has said that Rwanda needs to accelerate the development of green projects and lending operations. What are these projects and why is it important to accelerate them? The RSF-supported reform measures helped address impediments to concessional and private climate flows to Rwanda. Private climate inflows to Rwanda, similar to other low-income countries, have been constrained by low risk-adjusted returns, persisting information asymmetries, and market size disadvantage. To overcome these obstacles and establish incentives for private capital, Rwanda needs strong legal frameworks, governance and data disclosure standards guiding its climate investments. As an example, Rwanda’s new climate budget tagging system and green taxonomy will strengthen investor confidence by mitigating their concerns about greenwashing. In the next step, these newly developed taxonomies will be used to identify private and public investment projects that can strengthen the economy’s resilience to climate shocks. Rwanda is also a pioneer in this area among developing economies. Ireme Invest has started its lending operations with a total value of its green projects pipeline estimated at about $30 million over the 2024-25 period. The scaling up of the pipeline is challenging, as both the Rwanda Development Bank and businesses need time to strengthen their understanding of the technical requirements for climate investments. To address this obstacle, Ireme Invest has established a Project Preparation Facility managed by the Rwanda Green Fund (FONERWA). Rwanda’s Public Green Investment Facility (Intego) has also identified public investment projects at the total value of $34 million. A well-developed project pipeline should play a critical role in mobilising additional resources to finance Rwanda’s ambitious climate agenda. The IMF has a 3-year Policy Coordination Instrument that ends next year. The aim was to support the government to build on the progress in macroeconomic, fiscal, and financial reforms. Have any of these reforms happened? Under the Policy Coordination Instrument (PCI), the Rwandan authorities put together a medium-term reform plan for the 2022-25 period to ensure macroeconomic stability, advance fiscal consolidation, strengthen monetary policy transmission and deepen financial markets, and build socioeconomic resilience. The PCI is a non-disbursing arrangement, which means that the IMF does not provide financial support related to the programme. We support the authorities in the design of their reform plan, provide technical assistance to build institutional capacity, monitor the implementation of the reforms and report on their progress. The benefit of such a non-disbursing arrangement for the authorities is what we call the IMF’s “seal of approval” of their policies. It provides assurances for development partners and financial markets that Rwanda’s macroeconomic policies are sound. Rwanda’s performance under the PCI has been broadly strong. Key achievements under the PCI include the introduction of more efficient and transparent frameworks to manage public investments, formulation of a medium-term spending rationalisation strategy, gradual deepening of the interbank and foreign exchange market to strengthen monetary policy transmission and the launching of the dynamic social registry, which is a state-of-the-art system that will allow for better targeting of social protection benefits. In December 2023, the authorities also requested a 14-month financing arrangement under the so-called Stand-by Credit Facility (SCF) to help them preserve foreign exchange reserves, which came under pressure following an increase in the import bill, due to high food imports and the reconstruction after the devastating floods last year. As a result of the recalibration of macroeconomic policies, the $260 million total financing under the SCF, and its catalytic effect that allowed Rwanda to secure additional concessional financing mainly from the World Bank, foreign exchange reserves have now stabilised at comfortable levels. The IMF has previously indicated that Rwanda faces fiscal risks from state-owned enterprises. What are these risks and how can they be mitigated? Besides raising more revenues, fiscal consolidation can be achieved via more efficient spending. Rwanda has limited resources, and it is critical that those limited resources are not wasted and put in the most productive use possible. Enhanced transparency is key to scrutinise the use of resources, and so it is an important achievement that the Ministry of Finance started to publish the list of major public projects and their selection criteria on its website. In a similar vein, state-owned enterprises (SOEs) need to be managed efficiently. This means several considerations. First, the authorities need to revisit which SOEs are critical for the functioning of the economy, and which are the SOEs that could possibly be replaced by the private sector. Second, the corporate governance of remaining SOEs needs to be improved. Finally, it is important that any financial support provided by the budget to SOEs, in the form of direct subsidies and guaranteed loans for example, are fully accounted for. At the end of the day, the authorities will need to ensure that budget resources are not subsidising loss-making activities in SOEs. What about the forex exchange market, has Rwanda made reform progress? With regard to the exchange rate, the central bank did a good job so far in managing pressures on its FX reserves. The exchange rate was allowed to depreciate since early 2023, which was necessary to facilitate the much-needed external adjustment. Similar to most developing countries, Rwanda’s imports exceed its exports, which implies that the demand for foreign currency is larger than its supply. The trade deficit puts the exchange rate under pressure, unless it is fully financed by capital inflows, such as remittances, foreign direct investment, or concessional borrowing. Continued exchange rate flexibility will be critical to help absorb external shocks and support the current account adjustment.", "author": { "@type": "Person", "name": "Julius Bizimungu" }, "publisher": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/", "sameAs": ["https://www.facebook.com/TheNewTimesRwanda/","https://twitter.com/NewTimesRwanda","https://www.youtube.com/channel/UCuZbZj6DF9zWXpdZVceDZkg"], "logo": { "@type": "ImageObject", "url": "/theme_newtimes/images/logo.png", "width": 270, "height": 57 } }, "copyrightHolder": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/" } }Global stocks mostly rose Tuesday, with US and German indices posting records, as markets weighed Chinese stimulus hopes, political tensions in France and the US interest-rate outlook. Germany's blue-chip DAX stock index jumped above 20,000 points for the first time and Paris rebounded even as France braced for new political turmoil. In New York, both the S&P 500 and Nasdaq narrowly rose to finish at records, while the Dow pulled back. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Watch the latest Kingdom Come: Deliverance 2 trailer to learn more about the story of Henry of Skalitz, and dive into the medieval world of this upcoming RPG sequel. Kingdom Come: Deliverance 2 follows Henry, a young man seeking justice for his murdered parents, as he embarks on an epic journey where his morality and integrity are tested. With blood feuds and political conspiracies unraveling, Henry’s choices will ultimately shape his destiny. Kingdom Come: Deliverance 2 will be available on PC, PS5 (PlayStation 5), and Xbox Series X|S on February 4, 2025.
Global stocks end mostly up with DAX crossing 20,000 for 1st timeSeahawks try for 7th straight win in series vs. Cards in crucial NFC West matchup
MONCTON, New Brunswick, Dec. 05, 2024 (GLOBE NEWSWIRE) — Major Drilling Group International Inc. (“Major Drilling” or the “Company”) (TSX: MDI), a leading provider of specialized drilling services to the mining sector, today reported results for the second quarter of fiscal 2025, ended October 31, 2024. “For Q2 of fiscal 2025, Major Drilling’s globally diversified operations and reputation as the driller-of-choice enabled us to maintain our revenue run rate relative to fiscal Q1, despite challenging conditions in certain markets,” commented Mr. Denis Larocque, President & CEO of Major Drilling. “We were pleased once again by our Australasian and Chilean operations, which continue to offset lower activity levels in North America, primarily driven by lower junior exploration expenditures.” “The Company delivered solid financial results for the quarter, supported by an adjusted gross margin of 30.5%. This represented an increase from 28.9% in fiscal Q1 and is in line with the 31.0% achieved over the same period last year as the Company remains focused on profitable operations and our best-in-class specialized drilling services,” commented Ian Ross, CFO of Major Drilling. “As previously disclosed, our 2021 McKay acquisition successfully met all of the EBITDA milestones in the earnout period, with the final contingent payment of $9.1 million made during the quarter. We also continue to modernize our drill fleet, having spent $20.1 million in capex, which includes the addition of 5 new drills and support equipment, while disposing of 4 older, less efficient rigs, bringing Major Drilling’s total fleet to 610 drills. Given another strong operational performance, our net cash position increased to $100.4 million at quarter end, while we continue to retain an industry leading balance sheet, enabling the acquisition of Explomin in early fiscal Q3,” concluded Mr. Ross. “With McKay continuing to demonstrate strong results in Australasia since its acquisition in 2021, our focus now turns to the integration of Explomin – a leading South American driller with operations in Peru, Colombia, the Dominican Republic and Spain. I am excited to welcome Explomin and its employees to the Major Drilling team. Their long-standing reputation, strong base of senior mining customers, and focus on specialized drilling, with its well-maintained fleet of rigs, complement our existing operations and offer further potential growth opportunities in South America,” said Mr. Larocque. “As Peru has been on our radar for quite some time given its status as the second largest copper producer, Explomin solidifies our South American presence, supplementing our existing operations in Brazil, Chile, Argentina, and throughout the Guyana Shield.” “Looking ahead to our seasonally slower third quarter of fiscal 2025, we are expecting programs in North America to pause for the holiday period slightly earlier than in prior years, although this is expected to be partially offset by ongoing strength in Australia and Chile. While we will be adding revenue from the Explomin operations, we expect them to have the same usual seasonality as the rest of our South American operations. Demand from senior customers for calendar 2025 is expected to remain robust, while we are optimistic regarding the activity levels of juniors following a slight increase in financing activity. The combination of elevated commodity prices, translating to increased free cash flow generation for mining companies, coupled with depleted reserve bases, should lead to increases in demand for drilling services over the years to come.” “Our well-maintained fleet ensures that we retain utilization capacity which, combined with our optimal inventory levels and experienced crews, puts us in an excellent position to capitalize on these increased levels of demand for our drilling services. Our core strategy is to remain the leader in specialized drilling as new discoveries are made in increasingly challenging and remote locations. Our solid foundation, supplemented by ongoing technological innovation, puts us in an ideal position to take on these new and exciting challenges.” “I’m extremely proud to announce that our Canadian team was recently awarded the Safe Day Every Day Gold Award by the Association for Mineral Exploration, Prospectors & Developers Association of Canada, and Canadian Diamond Drilling Association. Our Canadian team achieved over 1,146,000 hours without a lost time injury, an achievement that demonstrates our ongoing dedication to maintaining high safety standards across all projects around the world,” concluded Mr. Larocque. Finally, Major Drilling announces the resignation of Mr. Robert Krcmarov from the Board of Directors effective December 5, 2024, to focus on his new role as Chief Executive Officer of Hecla Mining Company. Kim Keating, Chair of the Board, commented: “On behalf of the Board and the leadership team at Major Drilling, I would like to congratulate Rob on this appointment, and thank him for his significant contributions during his tenure on the Board. Rob’s experience and insights were of great benefit to Major Drilling’s Board and leadership team. He was instrumental in the development of Major Drilling’s Decarbonization Action Plan and in strengthening the Company’s health and safety program, as well as his timely advice regarding the most recent acquisition of Explomin Perforaciones earlier this month. We thank Rob for his invaluable advice and wish him all the best in his new role leading Hecla Mining Company.” Total revenue for the quarter was $189.3 million, down 8.6% from revenue of $207.0 million recorded in the same quarter last year. The foreign exchange translation impact on revenue and earnings, when comparing to the effective rates for the previous year, was minimal. Revenue for the quarter from Canada – U.S. drilling operations decreased by 20.0% to $85.4 million, compared to the same period last year. While senior and intermediate activity levels increased slightly, this only partially offset the decline in demand from juniors relative to the same period last year as they continued to face challenging financing opportunities. South and Central American revenue decreased by 6.5% to $49.1 million for the quarter, compared to the same quarter last year. While operations in Chile remain robust, this was offset by slowdowns in other parts of the region. Australasian and African revenue increased by 14.4% to $54.7 million, compared to the same period last year as demand for specialized drilling services in Australia and Mongolia continue to drive growth in the region. Gross margin percentage for the quarter was 23.4%, compared to 25.3% for the same period last year. Depreciation expense totaling $13.4 million is included in direct costs for the current quarter, versus $11.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 30.5% for the quarter, compared to 31.0% for the same period last year. Adjusted gross margin remained relatively unchanged as the Company remains disciplined with respect to pricing. General and administrative costs were $18.4 million, an increase of $0.8 million compared to the same quarter last year. This increase primarily relates to inflationary wage adjustments. Other expenses were $2.5 million, down from $3.2 million in the same quarter last year due primarily to lower incentive compensation expenses given the decreased profitability. Foreign exchange gain was $0.5 million, compared to a loss of $0.9 million for the same quarter last year. While the Company’s reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to various other currencies. The income tax provision for the quarter was an expense of $6.5 million, compared to an expense of $7.4 million for the prior year period. The decrease from the prior year was driven by reduced profitability. Net earnings were $18.2 million or $0.22 per share ($0.22 per share diluted) for the quarter, compared to net earnings of $23.7 million or $0.29 per share ($0.29 per share diluted) for the prior year quarter. The Company’s financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company’s management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company’s financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company’s operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management’s expectations regarding the Company’s objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company’s services; competitive pressures; global and local political and economic environments and conditions; the level of funding for the Company’s clients (particularly for junior mining companies); the Company’s dependence on key customers; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; efficient management of the Company’s growth; exposure to currency movements (which can affect the Company’s revenue in Canadian dollars); currency restrictions; safety of the Company’s workforce; risks and uncertainties relating to climate change and natural disaster; the geographic distribution of the Company’s operations; the impact of operational changes; changes in jurisdictions in which the Company operates (including changes in regulation); failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under “General Risks and Uncertainties” in the Company’s MD&A for the year ended April 30, 2024, available on the SEDAR+ website at . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. Major Drilling Group International Inc. is the world’s leading provider of specialized drilling services primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team. The Company maintains field operations and offices in North America, South America, Australia, Asia, Africa, and Europe. Major Drilling provides a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, a variety of mine services, and ongoing development of data-driven, high-tech drillside solutions. Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Friday, December 6, 2024 at 8:00 AM (EST). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling’s website at www.majordrilling.com and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 4769038# and ask for Major Drilling’s Second Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Monday, January 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 1708283#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at www.majordrilling.com. Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 Fax: (506) 857-9211 (in thousands of Canadian dollars, except per share information) Major Drilling Group International Inc. (the “Company”) is incorporated under the Canada Business Corporations Act and has its head office at 111 St. George Street, Moncton, NB, Canada. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”). The principal source of revenue consists of contract drilling for companies primarily involved in mining and mineral exploration. The Company has operations in North America, South America, Australia, Asia, and Africa. These Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies as outlined in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. On December 5, 2024, the Board of Directors authorized the financial statements for issue. These Interim Condensed Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of subsidiaries acquired or disposed of during the period are included in the Consolidated Statements of Operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. Intercompany transactions, balances, income and expenses are eliminated on consolidation, where appropriate. These Interim Condensed Consolidated Financial Statements have been prepared based on the historical cost basis, except for certain financial instruments that are measured at fair value, using the same accounting policies and methods of computation, with the exception of those detailed in note 4 below, as presented in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. The Company has not applied the following IASB standard amendment and standard that have been issued, but are not yet effective: The Company is currently in the process of assessing the impact the adoption of the above amendment and standard will have on the Consolidated Financial Statements. With the exception of the policy detailed below, all accounting policies and methods of computation remain the same as those presented in the Company’s annual Consolidation Financial Statements for the year ended April 30, 2024. Associates are companies that the Company has significant influence over and are accounted for under the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Significant influence is presumed when the Company has an ownership interest greater than 20%, unless certain qualitative factors overcome this assumption. In assessing significant influence and the ownership interest, potential voting or other rights that are currently exercisable are taken into consideration. Investments in associates are accounted for using the equity method and are initially recognized at cost, inclusive of transaction costs. The Interim Condensed Consolidated Financial Statements include the Company’s share of the income or loss and equity movement of equity accounted associates. The Company does not recognize losses exceeding the carrying value of its interest in the associate. The preparation of financial statements, in conformity with IFRS, requires management to make judgments, estimates and assumptions that are not readily apparent from other sources, which affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Significant areas requiring the use of management estimates relate to the useful lives of property, plant and equipment for depreciation purposes, inventory valuation, determination of income and other taxes, recoverability of deferred income tax assets, assumptions used in compilation of share-based payments, provisions, contingent considerations, impairment testing of goodwill and intangible assets and long-lived assets. The Company applied judgment in determining the functional currency of the Company and its subsidiaries, the determination of cash-generating units (“CGUs”), the degree of componentization of property, plant and equipment, the recognition of provisions, the determination of the probability that deferred income tax assets will be realized from future taxable earnings, and the determination of whether the Company exerts significant influence with respect to its investment in associate under the equity accounting method. The third quarter (November to January) is normally the Company’s weakest quarter due to the shutdown of mining and exploration activities, often for extended periods over the holiday season. Capital expenditures for the three and six months ended October 31, 2024 were $20,073 (2023 – $17,443) and $41,324 (2023 – $33,717). The Company did not obtain direct financing for the three and six months ended October 31, 2024 or 2023. On July 22, 2024, the Company purchased shares in DGI Geoscience Inc. (“DGI”) for $15,000 in cash consideration, a 39.8% equity interest (that provides the Company with 42.3% of the voting rights). DGI and its subsidiaries are privately held entities, headquartered in Canada, focused on downhole survey and imaging services as well as using artificial intelligence for logging scanned rock samples. In addition to the equity interest, Major Drilling’s representation on the DGI Board of Directors gives the Company significant influence over DGI. While there are special approval rights granted to the Company as part of the investment, these are more protective in nature and therefore, would not result in control, or joint control of DGI. As a result, the Company concluded that the equity method of accounting is appropriate for its investment in DGI. During the prior quarter, the Company incurred costs of $205 for this investment, relating to external legal fees and due diligence costs. These amounts have been recorded as part of the cost of the investment in associate in the Interim Condensed Consolidated Balance Sheets. In the current quarter, the Company’s earnings from investment in associate is $27. During the prior year, for the three and six months ended October 31, 2023, the Company repurchased 875,268 and 1,020,568 common shares, respectively, at an average price of $8.31 and $8.40, respectively, under its Normal Course Issuer Bid. Direct costs by nature are as follows: General and administrative expenses by nature are as follows: The income tax provision for the periods can be reconciled to accounting earnings before income tax as follows: The Company periodically assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. For those matters where it is probable that an adjustment will be made, the Company records its best estimate of these tax liabilities, including related interest charges. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax laws. While management believes they have adequately provided for the probable outcome of these matters, future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made, or resolved, or when the statutes of limitations lapse. All of the Company’s earnings are attributable to common shares, therefore, net earnings are used in determining earnings per share. The calculation of diluted earnings per share for the three and six months ended October 31, 2024 excludes the effect of 200,000 options for both periods (2023 – 297,000 and 205,000, respectively) as they were not in-the-money. The total number of shares outstanding on October 31, 2024 was 81,842,086 (2023 – 82,093,486). The Company’s operations are divided into the following three geographic segments, corresponding to its management structure: Canada – U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general corporate expenses and income taxes. Data relating to each of the Company’s reportable segments is presented as follows: *Canada – U.S. includes revenue of $25,695 and $34,074 for Canadian operations for the three months ended October 31, 2024 and 2023, respectively and $57,543 and $70,762 for the six months ended October 31, 2024 and 2023, respectively. **General and corporate expenses include expenses for corporate offices and stock-based compensation. *Canada – U.S. includes property, plant and equipment as at October 31, 2024 of $64,041 (April 30, 2024 – $62,991) for Canadian operations. The carrying values of cash, trade and other receivables, demand credit facilities and trade and other payables approximate their fair value due to the relatively short period to maturity of the instruments. The carrying value of contingent consideration and long-term debt approximates their fair value as the interest applicable is reflective of fair market rates. Financial assets and liabilities measured at fair value are classified and disclosed in one of the following categories: The Company enters into certain derivative financial instruments to manage its exposure to market risks, comprised of share-price forward contracts with a combined notional amount of $8,654, maturing at varying dates through June 2027. The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The Company’s derivatives, with fair values as follows, are classified as level 2 financial instruments and recorded in trade and other receivables (payables) in the Interim Condensed Consolidated Balance Sheets. There were no transfers of amounts between level 1, level 2 and level 3 financial instruments for the three and six months ended October 31, 2024. As at October 31, 2024, 96.1% (April 30, 2024 – 95.9%) of the Company’s trade receivables were aged as current and 3.5% (April 30, 2024 – 3.5%) of the trade receivables were impaired. The movements in the allowance for impairment of trade receivables during the periods were as follows: As at October 31, 2024, the most significant carrying amounts of net monetary assets and/or liabilities (which may include intercompany balances with other subsidiaries) that: (i) are denominated in currencies other than the functional currency of the respective Company subsidiary; and (ii) cause foreign exchange rate exposure, including the impact on earnings before income taxes (“EBIT”), if the corresponding rate changes by 10%, are as follows (in $000s CAD): The following table details contractual maturities for the Company’s financial liabilities: On November 5, 2024, the Company completed the purchase of all of the issued and outstanding shares of Explomin Perforaciones (“Explomin”), a leading specialty drilling contractor based in Lima, Peru. This acquisition provides Major Drilling with increased exposure to the copper market as Explomin is one of the largest South American drilling contractors, with the majority of their operations in Peru, while also servicing markets in Colombia, Dominican Republic, and Spain. The purchase price for the acquisition is valued at an amount up to US$85 million, consisting of: (i) a cash payment of US$63 million payable on closing, subject to working capital adjustments; and (ii) an earnout of up to US$22 million payable in cash over the next three years, based on the achievement of certain milestones. The cash portion of the purchase price has been funded from Major Drilling’s cash and existing debt facilities.PORT HARCOURT – In a bid to effectively tackle the malfeasance of oil theft in the Niger Delta region, troops of the 6 Division, Nigerian Army, working closely with other security agencies cracked down on economic saboteurs, recovering 80,000 litres of stolen crude. According to a statement signed by the Acting Deputy Director, 6 Division Army Public Relations, Lieutenant Colonel Danjuma Jonah Danjuma on Sunday, the troops in several operations between November 18 to 24 November 2024, achieved desirable results across its joint operations area. Lt. Col. Danjuma said: In deliberate operations conducted in Buguma Creeks in Asari-Toru Local Government Area (LGA), over Eight illegal refining sites were deactivated, with dugout pits containing over 25,000 litres of stolen products handled. “Additionally, at Iyalama/Bakana, also in Buguma, a Wellhead used as a loading point by the criminals was discovered, several cooking pots of different sizes, receivers as well as four wooden boats were taken out with over 8,000 litres of stolen products confiscated. “Troops also intercepted a wooden boat stocked with over 6,000 litres of condensate in the same area. Similarly, around Ogaji – Ama, in Buguma South East River, two wooden boats loaded with over 3,000 litres of stolen crude were intercepted. “In a related vein, operations were conducted, around Asaramatoro Creek in Bonny LGA, where an illegal refining site with over 10,000 litres of stolen crude housed in a local reservoir was discovered. Relatedly, along Idu Ekpeye in Ahoada West LGA, a wooden boat with over 2,000 litres of stolen products was intercepted.” Speaking further, the Army Spokesperson said the troops in the course of their operations in Rivers State, gunned down one armed vandal who opened fire on the operative and recovered one pump action rifle with five cartridges. He added that over 20 illegal refining sites with 169 cooking drums and 29 metal container receivers were destroyed, while over 15,000 litres of stolen product was recovered at Obiafu in Ogba/Egbema/ Ndoni Local Government Area of Rivers State. “At Obiafu general area in Ogba/Egbema/Ndoni LGA (ONELGA), over 3,000 litres of stolen crude concealed in sacks were recovered. Also, at Oboburu in ONELGA, troops had an encounter with an armed vandal who opened fire on them. “They responded and he was neutralised. One pump action gun and 5 cartridges were recovered at the scene. While, around Ke Community in Degema LGA, a large wooden boat hidden inside the creek suspected to be used by the oil thieves was intercepted. “Further combing of the general area led to the confiscation of a fibre boat ladened with over 1,500 litres of stolen products. Clearance operations was also conducted along the Imo River, particularly around Oyigbo, Asa, Ukwa and environs, with remarkable successes recorded. “These included the dismantling of over 20 illegal refining sites, 169 cooking drums, 29 metal container receivers as well as the recovery of over 15,000 litres of stolen products.” In Bayelsa State, the army said several operations were conducted with successes recorded, emphasising that at Clough Creek in Ekeremor LGA, a wooden boat hidden inside the Creek loaded with over 2,500 litres of stolen products was intercepted. He stressed that around Sangakubu general area in Nembe LGA, an illegal refining site was dismantled with over 1,500 litres of stolen products recovered. The operation was also extended to Southern Ijaw LGA, along Tebidaba Creek, where illegal refining sites, a wooden boat with unquantified quantity of stolen products handled appropriately. In Delta State, Danjuma said troops on routine patrol, along Ekpan in Uvwie LGA, intercepted over 2,500 litres of stolen products stored in a tank within the premises of Lamiel Hotel and Suites. Additionally, troops on pursuit, intercepted two vehicles stocked with stolen products at Abe Community in Orhiomwon LGA of Edo State. He added, in Akwa State, troops have continued to dominate land and waterways to ward off criminal activities. “During the operations conducted within the period under review, several achievements were recorded across the joint operations area. “These included, the dismantling of 34 illegal refining sites, arrest of eleven suspected oil thieves, deactivation of 19 boats and over 80,650 litres of stolen products recovered. Others included, the deactivation of 180 cooking drum pots, 29 metal container receivers, several vehicles and motorcycles. “Those arrested have been profiled and handed over to the relevant authority, while products were handled appropriately. Lt. Col. Danjuma quoted the General Officer Commanding, 6 Division, Nigerian Army, Major General Jamal Abdussalam, to have commended the troops for their resilience. Maj. Gen. Abdussalam assured that the Division under his watch would continue to sustain the ongoing operations to ensure increase in oil and gas production, reassuring that efforts would be sustained to effectively thwart the intentions of the criminal elements operating in the region.
CHARLESTON, S.C., Dec. 05, 2024 (GLOBE NEWSWIRE) -- As the holiday season approaches, it’s the perfect time to focus on winter wellness and thoughtful gifting ideas for health-conscious entertaining. Renowned Registered Dietitian Nutritionist, Mia Syn shares her top recommendations to help people feel their best while enjoying all the season has to offer. COMBAT HOLIDAY CONGESTION “So many of us look forward to holiday parties and quality time with loved ones,” says Syn, “But we often find ourselves battling sinus congestion from dry air, cold weather, or seasonal allergies.” Her go-to solution? The NEW Mucinex® Sinus Saline Nasal Spray, the first-ever saline product featuring a 2-in-1 nozzle with customizable spray settings. Consumers can choose the ‘Power Jet’ to tackle tough nasal congestion or the ‘Gentle Mist’ to clear everyday congestion and soothe your nose. With its dual-nozzle technology, Mucinex® Sinus Saline Nasal Spray helps relieve congestion caused by allergens, irritants, and colds. Available at major retailers, pharmacies, and on Amazon, you can find your nearest store at Mucinex.com . Direct link: https://www.mucinex.com/ Social Media Handle: Facebook: @mucinex IG: @mucinex_us HOLIDAY TREATS WITH A HEALTHY TWIST Syn also encourages swapping ingredients in traditional holiday recipes with better-for-you alternatives. “One of my favorite holiday ingredients is Almond Breeze Almondmilk,” she shares. “Santa might even prefer Almond Breeze with his cookies this year!” jokes Syn. Direct link: www.AlmondBreeze.com Social Media Handle: Facebook: Almond Breeze Instagram: @AlmondBreeze Twitter: @AlmondBreeze SKINCARE MUST-HAVES FOR WINTER Cold, harsh air can wreak havoc on your skin, causing dryness and accentuating fine lines. "Nobody enjoys that itchy, uncomfortable feeling that winter brings," says Syn, a skincare enthusiast. "That’s why I turn to Mediheal—a trusted name in Korean skincare that’s been raising the bar for years." Mediheal’s toner pads have become a hit on social media, especially on TikTok, where users are swearing by their magic. Leading the charge are two fan-favorite products: "Mediheal’s toner pads are absolute game-changers," Syn adds. "They’re versatile, targeting multiple skin concerns, so there’s something for everyone." With a diverse lineup of toner pads and skincare products designed to tackle winter skin woes, Mediheal cements its place as the ultimate go-to for glowing, healthy skin—even in the harshest seasons. For a limited time, the Madecassoside Blemish Pad, Collagen Ampoule Pad and Vitamide Brightening Pad will be available in festive holiday packaging—perfect for gifting to loved ones or treating yourself this season! Direct link: Mediheal Amazon Website Social Media Handle: Facebook: @Mediheal US Instagram: @mediheal_us TikTok: @mediheal_us Twitter (X): @medihealus About YourUpdateTV: YourUpdateTV is a property of D S Simon Media. The video included and release was part of a media tour that was produced by D S Simon Media on behalf of Almond Breeze, Mediheal, and Mucinex. Media Contact: Michael O’Donnell D S Simon Media 212-736-2727 modonnell@dssimon.com A video accompanying this release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74283b19-564e-43c4-a467-440c7d109074
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Federal appeals court upholds law requiring sale or ban of TikTok in the USBy Alexandra Alper WASHINGTON (Reuters) -The Biden administration is set to unveil new export restrictions on China as soon as next week, the U.S. Chamber of Commerce told members in a Thursday email. The new regulations could add up to 200 Chinese chip companies to a trade restriction list that bars most U.S. suppliers from shipping goods to the targeted firms, the email from the powerful Washington-based lobbying group said, according to an excerpt seen by Reuters on Friday. The Commerce Department, which oversees U.S. export policy, plans to publish the new regulations “prior to the Thanksgiving break,” next Thursday, according to the email. The Chamber of Commerce did not respond to a request for comment. The Commerce Department declined to comment. The update, if accurate, shows the Biden administration is plowing ahead with plans to further crack down on China’s access to semiconductors even as the start of Republican President-elect Donald Trump’s second terms in January approaches. Another set of rules curbing shipments of high-bandwidth memory chips to China is expected to be unveiled next month as part of a broader artificial intelligence package, the email continues. Biden has slapped a raft of export controls on China aimed at halting its technological advances, amid fears the technology could be used to bolster China’s military. Sources briefed on the matter said the first round of regulations are likely to include restrictions on chipmaking tool shipments to China. Reuters reported in July that the U.S. planned to unveil a new package of export controls on China, including adding about 120 Chinese entities to its restricted trade list. (Reporting by Alexandra Alper; Additional reporting by Karen Freifeld; Editing by Leslie Adler and Jonathan Oatis) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );
BASE SHELF PROSPECTUS IS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+ AND ON EDGAR TORONTO, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSX: PRN; NASDAQ: PROF) (“Profound” or the “Company”) today announced that it intends to offer and sell common shares (the “Common Shares”) in an underwritten public offering (the “Offering”). In addition, Profound expects to grant the underwriters of the Offering a 30-day option to purchase up to an additional 15% of the Common Shares sold in the Offering. All of the securities in the Offering are being offered by Profound. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The net proceeds of the Offering are expected to be used: (i) to fund the continued commercialization of the TULSA-PRO® system in the United States, (ii) to fund the continued development and commercialization of the TULSA-PRO® system and the Sonalleve® system globally, and (iii) for working capital and general corporate purposes. The Offering is expected to be completed pursuant to an underwriting agreement to be entered into between the Company and Raymond James Ltd. and Lake Street Capital Markets as co-lead underwriters and joint bookrunners, and a third underwriter. The Offering is expected to take place in each of the provinces and territories of Canada, except the province of Québec, and in the United States. The Offering is expected to close on or about December 10, 2024, subject to customary closing conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange. Profound will notify the Nasdaq Capital Market in accordance with the rules of that exchange. In connection with the Offering, the Company has filed a preliminary prospectus supplement (the “Preliminary Prospectus Supplement”) and intends to file a subsequent prospectus supplement (the “Prospectus Supplement”) to its short form base shelf prospectus dated July 10, 2024 (the “Base Shelf Prospectus”) in each of the provinces and territories of Canada relating to the proposed Offering. The Prospectus Supplement will also be filed in the United States with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s effective registration statement on Form F-10 (File no. 333-280236), as amended, previously filed under the multijurisdictional disclosure system adopted by the United States. Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov . The Common Shares are offered under the Prospectus Supplement. An electronic or paper copy of the Base Shelf Prospectus, the Prospectus Supplement (when filed), and any amendment to the documents may be obtained without charge, from Raymond James Ltd., Scotia Plaza, 40 King St. W., 54th Floor, Toronto, Ontario M5H 3Y2, Canada, or by telephone at 416-777-7000 or by email at ECM-Syndication@raymondjames.ca by providing the contact with an email address or address, as applicable. Copies of the Prospectus Supplement and the Base Shelf Prospectus will be available on EDGAR at www.sec.gov or may be obtained without charge from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by email at prospectus@raymondjames.com , and from Lake Street Capital Markets, LLC, 920 2nd Ave S - Ste 700, Minneapolis, MN 55402, prospectus@lakestreetcm.com , (612) 326-1305. The Base Shelf Prospectus and Prospectus Supplement contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision. No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, territory, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, territory, state or jurisdiction. About Profound Medical Corp. Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue. Profound is commercializing TULSA-PRO®, a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. Profound is also commercializing Sonalleve®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Forward-Looking Statements This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the Offering, including the Offering’s timing, pricing, underwriters, size, terms, selling jurisdictions, closing, over-allotment option, and use of proceeds; the availability and timing of the final prospectus supplement; and, the expectations regarding the efficacy and commercialization of Profound’s technology. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, regulatory approvals, reimbursement, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Additional information about the risks and uncertainties of forward-looking statements and the assumptions upon which they are based is contained in the Company’s filings with securities regulators, which are available electronically through SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov . Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law. For further information, please contact: Stephen Kilmer Investor Relations skilmer@profoundmedical.com T: 647.872.4849None
