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KARACHI, Pakistan Pakistan on Tuesday rejected the US and EU's concerns over civilians sentenced by military courts, insisting that Islamabad is fully committed to fulfilling all of its international human rights obligations. Last week, military courts in Pakistan sentenced 25 activists from the opposition Pakistan Tehreek-e-Insaf party, founded by imprisoned former Prime Minister Imran Khan, for their involvement in attacks on military installations across the country in May last year. The US, EU, and UK, in separate statements, questioned the sentencing of civilians by military courts, saying it lacked transparency and independent scrutiny and undermined the right to a fair trial. However, Foreign Ministry spokeswoman Mumtaz Zahra Baloch said in a statement that the verdicts were made under a law passed by the Pakistani parliament and in line with the Supreme Court of Pakistan's ruling. "Pakistan’s legal system is consistent with international human rights law, including provisions of the International Covenant on Civil and Political Rights (ICCPR). It has remedies of judicial review by the superior courts and guarantees the promotion and protection of human rights and fundamental freedoms. "We will continue to engage with our international partners, including the European Union, to uphold international human rights law without any discrimination or double standards," she maintained.
Jimmy Carter, the 39th president and a Nobel Peace Prize recipient, has died at 100Trump urges Supreme Court to hit pause on a law that could ban TikTok in the U.S. next month
Carol Guzy/Zuma In recent days , an invitation from people affiliated with American Values 2024, a super-PAC that supported Robert F. Kennedy Jr.’s presidential campaign, has been sent to people in his sphere offering “cocktails and dinner” with Kennedy at Mar-a-Lago. The invitation refers to Kennedy as “incoming secretary, Health & Human services,” although Kennedy has not yet been formally nominated, let alone confirmed by the Senate for that position. “These donors are getting special access to someone who’s trying to serve the public.” The price of enjoying Kennedy’s company at the fundraiser, set to take place on the Trump-owned club’s Lakeview Terrace, is $25,000 each, or $40,000 for a couple. Experts on federal election law say that such a bald exchange—a large donation in exchange for access to a powerful incoming government official—is technically legal, but ethically ill-advised. The invitation, an image of which was shared with Mother Jones , requests RSVPs at an email address associated with American Values 2024. The fundraiser’s listed hosts are Tony Lyons, a co-founder of the PAC and the owner of Skyhorse Publishing, which publishes Kennedy’s books; Robert and Perri Bishop, respectively the founder and chief operating officer of Impala Asset Management, who have donated generously to American Values and various Republican candidates; Candace McDonald, who the PAC’s CEO and also previously headed the anti-vaccine organization Generation Rescue; and Leigh Merinoff. Merinoff has spoken at a conference put on by Children’s Health Defense, Kennedy’s anti-vaccine organization. Her bio for that event described her as the owner of Meadows Bee Farm, “an experimental farm and raw milk dairy” in Vermont. FEC records show she also donated to American Values 2024. The Washington Post recently described how cabinet contenders and political hangers-on have once again descended on Mar-a-Lago, rubbing shoulders with Trump-allies who will soon be in government. A person who answered the club’s phone confirmed a “Bishop fundraiser” is set for December 10, by invitation only. “They have a headcount,” she added. “Make sure your name is on the list.” Kedric Payne, the senior director of ethics at the Campaign Legal Center , says that as a technical matter, laws that govern ethical conduct and permitted political activity for federal officials, including the Hatch Act, don’t apply to Kennedy until he takes office. But from an ethics perspective, “it’s important that you avoid not only an actual conflict of interest but the appearance of one,” he says. “There could be an appearance that these donors are getting special access to someone who’s trying to serve the public. I’d advise someone to avoid that situation.” Recently, Kennedy’s campaign has recently sent emails to supporters asking for donations to pay off $5.5 million in campaign debt. Exactly how funds taken in at the PAC-hosted, Mar-a-Lago event will be used is not specified on the invitation, but Lyons told Mother Jones that Americas Voice uses the money it raises “to advocate for public policy and initiatives that improve the health of American children and adults.” He added that the organization “has been doing this work for years and we are glad to host an event with RFK Jr whose views we support.” Kennedy’s campaign didn’t respond to a request for comment. A spokesperson for Trump’s transition acknowledged a request for comment, but did not provide a statement before publication. During his own campaign, and in his decades as an anti-vaccine activist, Kennedy railed against the influence of money in politics. “Typical candidates rely on big corporate donors + influencers to fund their campaigns,” he tweeted in September 2023. “In return, candidates advance the agenda of their donors.” “Both Republicans and Democrats have sold out to special interests and their top donors for decades,” he tweeted in March . “I’m not beholden to anyone but you.”
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NoneThe 27-year-old achieved the feat with a 23-yard run during the fourth quarter of the Eagles’ crushing 41-7 success at Lincoln Financial Field. Barkley is 100 yards short of Eric Dickerson’s record of 2,105 yards, set in 1984 for the Los Angeles Rams, ahead of next week’s regular season finale against the New York Giants. However, he could be rested for that game in order to protect him from injury ahead of the play-offs. The Tampa Bay Buccaneers kept alive their dreams of reaching the play-offs by overcoming the Carolina Panthers 48-14. Veteran quarterback Baker Mayfield produced a dominant performance at Raymond James Stadium, registering five passing touchdowns to equal a Buccaneers franchise record. The Buffalo Bills clinched the AFC conference number two seed for the post season with a 40-14 success over the New York Jets at Highmark Stadium. Josh Allen passed for 182 yards and two touchdowns, while rushing for another. Buffalo finish the 2024 regular season undefeated at home, with eight wins from as many games. The Indianapolis Colts’ hopes of reaching the play-offs were ended by a 45-33 defeat to the Giants. Malik Nabers exploded for 171 yards and two touchdowns and Ihmir Smith-Marsette broke a 100-yard kick-off return to give the Giants their highest-scoring output under head coach Brian Daboll. Quarterback Drew Lock threw four touchdown passes and accounted for a fifth on the ground to seal the win. Elsewhere, Mac Jones threw two touchdowns to help the Jacksonville Jaguars defeat the Tennessee Titans 20-13, while the Las Vegas Raiders beat the New Orleans Saints 25-10.Saquon Barkley becomes ninth running back to rush for 2,000 yards in a season
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By JOSH BOAK, MARC LEVY and ASHRAF KHALIL Associated Press A powerful government panel on Monday failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel of Japan to purchase U.S. Steel, leaving the decision to President Joe Biden, who opposes the deal. The Committee on Foreign Investment in the United States, known as CFIUS, sent its long-awaited report on the merger to Biden, who formally came out against the deal in March. He has 15 days to reach a final decision, the White House said. A U.S. official familiar with the matter, speaking on condition of anonymity to discuss the private report, said some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks. Monday was the deadline to approve the deal, recommend that Biden block it or extend the review process. Both Biden and President-elect Donald Trump have courted unionized workers at U.S. Steel and vowed to block the acquisition amid concerns about foreign ownership of a flagship American company. The economic risk, however, is giving up Nippon Steel’s potential investments in the mills and upgrades that might help preserve steel production within the United States. Under the terms of the proposed $14.9 billion all-cash deal, U.S. Steel would keep its name and its headquarters in Pittsburgh, where it was founded in 1901 by J.P. Morgan and Andrew Carnegie. It would become a subsidiary of Nippon Steel, and the combined company would be among the top three steelmakers in the world, according to 2023 figures from the World Steel Association. Biden, backed by the United Steelworkers, said earlier this year that it was “vital for (U.S. Steel) to remain an American steel company that is domestically owned and operated.” Trump has also opposed the acquisition and vowed earlier this month on his Truth Social platform to “block this deal from happening.” He proposed reviving U.S. Steel’s flagging fortunes “through a series of Tax Incentives and Tariffs.” The steelworkers union questions if Nippon Steel would keep jobs at unionized plants, make good on collectively bargained benefits or protect American steel production from cheap foreign imports. “Our union has been calling for strict government scrutiny of the sale since it was announced. Now it’s up to President Biden to determine the best path forward,” David McCall, the steelworkers’ president, said in a statement Monday. “We continue to believe that means keeping U.S. Steel domestically owned and operated.” Nippon Steel and U.S. Steel have waged a public relations campaign to win over skeptics. U.S. Steel said in a statement Monday that the deal “is the best way, by far, to ensure that U.S. Steel, including its employees, communities, and customers, will thrive well into the future.” Nippon Steel said Tuesday that it had been informed by CFIUS that it had referred the case to Biden, and urged him to “reflect on the great lengths that we have gone to to address any national security concerns that have been raised and the significant commitments we have made to grow U. S. Steel, protect American jobs, and strengthen the entire American steel industry, which will enhance American national security.” “We are confident that our transaction should and will be approved if it is fairly evaluated on its merits,” it said in a statement. A growing number of conservatives have publicly backed the deal, as Nippon Steel began to win over some steelworkers union members and officials in areas near its blast furnaces in Pennsylvania and Indiana. Many backers said Nippon Steel has a stronger financial balance sheet than rival Cleveland-Cliffs to invest the necessary cash to upgrade aging U.S. Steel blast furnaces. Nippon Steel pledged to invest $2.7 billion in United Steelworkers-represented facilities, including U.S. Steel’s blast furnaces, and promised not to import steel slabs that would compete with the blast furnaces. It also pledged to protect U.S. Steel in trade matters and to not lay off employees or close plants during the term of the basic labor agreement. Earlier this month, it offered $5,000 in closing bonuses to U.S. Steel employees, a nearly $100 million expense. Nippon Steel also said it was best positioned to help American steel compete in an industry dominated by the Chinese. The proposed sale came during a tide of renewed political support for rebuilding America’s manufacturing sector, a presidential campaign in which Pennsylvania was a prime battleground, and a long stretch of protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel. Chaired by Treasury Secretary Janet Yellen, CFIUS screens business deals between U.S. firms and foreign investors and can block sales or force parties to change the terms of an agreement to protect national security. Congress significantly expanded the committee’s powers through the 2018 Foreign Investment Risk Review Modernization Act, known as FIRRMA. In September, Biden issued an executive order broadening the factors the committee should consider when reviewing deals — such as how they impact the U.S. supply chain or if they put Americans’ personal data at risk. Nippon Steel has factories in the U.S., Mexico, China and Southeast Asia. It supplies the world’s top automakers, including Toyota Motor Corp. , and makes steel for railways, pipes, appliances and skyscrapers. ___ Boak reported from Washington, D.C. Levy reported from Harrisburg, Pennsylvania. Associated Press writer Fatima Hussein contributed to this report.
Trudeau, Carney push back over Trump's ongoing 51st state commentsSHENZHEN, China , Nov. 26, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China , today announced its unaudited financial results for the third quarter ended September 30, 2024 . Third Quarter 2024 Operational Highlights Three Months Ended September 30, 2023 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 QoQ YoY Total loan amount facilitated and originated (RMB in million) 29,462 22,749 28,338 24.6 % (3.8 %) Number of active borrowers 1,809,815 1,642,605 1,965,248 19.6 % 8.6 % As of September 30, 2023 As of June 30, 2024 As of September 30, 2024 Total outstanding loan balance (RMB in million) 49,685 41,804 45,766 Delinquency rates for all outstanding loans that are past due for 31-60 days 1.11 % 1.29 % 1.02 % Delinquency rates for all outstanding loans that are past due for 91-180 days 2.50 % 4.38 % 3.22 % [1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance. [4] Represents the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 60 days are excluded when calculating the denominator. Starting from the first quarter of 2021, substantially all of the loans facilitated and originated by the Company have been Xiaoying Credit Loans. [5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 180 days are excluded when calculating the denominator. Third Quarter 2024 Financial Highlights (In thousands, except for share and per share data) Three Months Ended September 30, 2023 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 QoQ YoY RMB RMB RMB Total net revenue 1,396,864 1,372,588 1,582,497 15.3 % 13.3 % Total operating costs and expenses (961,852) (909,535) (1,073,533) 18.0 % 11.6 % Income from operations 435,012 463,053 508,964 9.9 % 17.0 % Net income 347,190 415,303 375,840 (9.5 %) 8.3 % Non-GAAP adjusted net income 374,507 374,661 433,625 15.7 % 15.8 % Net income per ADS—basic 7.26 8.46 7.86 (7.1 %) 8.3 % Net income per ADS—diluted 7.02 8.28 7.74 (6.5 %) 10.3 % Non-GAAP adjusted net income per ADS—basic 7.80 7.62 9.12 19.7 % 16.9 % Non-GAAP adjusted net income per ADS—diluted 7.56 7.50 8.88 18.4 % 17.5 % [6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [7] Each American depositary share ("ADS") represents six Class A ordinary shares. Mr. Kent Li , President of the Company, commented, "We are pleased to report another strong quarter, with loan volumes exceeding our forecast and a significant sequential improvement in asset quality. In the third quarter, we continued to promptly adjust loan volumes based on risk levels. As asset quality improved, we further intensified our borrower acquisition efforts, which have yielded very positive results. Both the top and bottom lines continued to grow year-over-year. Non-GAAP adjusted net income reached a new record high." "Specifically on the operational front, our total loan amount facilitated and originated was down 4% year-on-year but up 25% sequentially to RMB28 billion , above the high end of our guidance. Delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.02% and 3.22%, respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago. We are pleased with these improvements in asset quality and will continue to optimize our risk management system through advanced technology." "In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery. As an integral part of the economy, the personal finance market we serve should benefit from this upturn. We have already observed positive signs in the market and are committed to adjusting loan volumes in line with risk levels. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record." Mr. Frank Fuya Zheng , Chief Financial Officer of the Company, added, "I'm pleased to report that our strategy of balancing business growth and profitability continued to pay off. Total net revenue was RMB1.6 billion , up 13% year-on-year and 15% sequentially, while non-GAAP adjusted net income reached a record high of RMB434 million , up 16% year-on-year and sequentially. As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our semi-annual dividend policy and explore opportunities under our share repurchase program to return more value to our shareholders over the long term." Third Quarter 2024 Financial Results Total net revenue in the third quarter of 2024 increased by 13.3% to RMB1,582 .5 million ( US$225 .5 million) from RMB1,396.9 million in the same period of 2023, primarily due to growth in various disaggregated revenue items compared with the same period of 2023. Please refer to analysis of disaggregation of revenue below. Three Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 YoY RMB % of Revenue RMB % of Revenue Loan facilitation service 829,385 59.4 % 878,282 55.5 % 5.9 % Post-origination service 168,186 12.0 % 186,109 11.8 % 10.7 % Financing income 300,950 21.5 % 335,765 21.2 % 11.6 % Guarantee income 7,920 0.6 % 53,576 3.4 % 576.5 % Other revenue 90,423 6.5 % 128,765 8.1 % 42.4 % Total net revenue 1,396,864 100.0 % 1,582,497 100.0 % 13.3 % Loan facilitation service fees in the third quarter of 2024 increased by 5.9% to RMB878 .3 million ( US$125 .2 million) from RMB829 .4 million in the same period of 2023, primarily due to a decrease in the expected prepayment rates this quarter compared with the same period of 2023. Post-origination service fees in the third quarter of 2024 increased by 10.7% to RMB186 .1 million ( US$26 .5 million) from RMB168 .2 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the third quarter of 2024 increased by 11.6% to RMB335 .8 million ( US$47 .8 million) from RMB301 .0 million in the same period of 2023, primarily due to an increase in average loan receivables held by the Company compared with the same period of 2023. Guarantee income in the third quarter of 2024 was RMB53.6 million ( US$7.6 million ), compared with RMB7.9 million in the same period of 2023, due to the cumulative effect of increased volume of loans facilitated covered by guarantee service in the previous quarters compared with the same period of 2023. Revenues from guarantee service are recognized systematically when the Company released from the underlying risk. Other revenue in the third quarter of 2024 increased by 42.4% to RMB128.8 million ( US$18.3 million ), compared with RMB90.4 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms. Origination and servicing expenses in the third quarter of 2024 increased by 13.6% to RMB457 .5 million ( US$65 .2 million) from RMB402 .9 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Borrower acquisitions and marketing expenses in the third quarter of 2024 increased by 20.7% to RMB506 .8 million ( US$72 .2 million) from RMB419 .9 million in the same period of 2023, primarily due to intensified efforts in borrower acquisitions compared with the same period of 2023. Reversal of provision for loans receivable in the third quarter of 2024 was RMB35 thousand ( US$5 thousand ), compared with provision for loans receivable of RMB53.9 million in the same period of 2023, primarily due to a decrease in the average estimated default rate compared with the same period of 2023, and partially offset by an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Provision for contingent guarantee liabilities in the third quarter of 2024 was RMB56.4 million ( US$8.0 million ), compared with RMB41.6 million in the same period of 2023, primarily due to an increase in guarantee liabilities held by the Company as a result of the increased volume of loans facilitated covered by the guarantee service this quarter compared with the same period of 2023. Income from operations in the third quarter of 2024 was RMB509 .0 million ( US$72 .5 million), compared with RMB435 .0 million in the same period of 2023. Income before income taxes and gain from equity in affiliates in the third quarter of 2024 was RMB473 .5 million ( US$67 .5 million), compared with RMB417 .5 million in the same period of 2023. Income tax expense in the third quarter of 2024 was RMB100.3 million ( US$14.3 million ), compared with RMB74.2 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375 .8 million ( US$53 .6 million), compared with RMB347 .2 million in the same period of 2023. Non-GAAP adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted ADS in the third quarter of 2024 was RMB7 .86 (US$1.12), and RMB7 .74 (US$1.10), compared with RMB7 .26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9 .12 (US$1.30), and RMB8 .88 (US$1.27), compared with RMB7 .80 and RMB7 .56 respectively, in the same period of 2023. Cash and cash equivalents was RMB1,044 .1 million ( US$148 .8 million) as of September 30, 2024 , compared with RMB1,612.2 million as of June 30, 2024 . Recent Development Share Repurchase Plans On September 4, 2024 , the Company further extended the period of the US$30 million share repurchase program until March 31, 2026 . In the third quarter of 2024, the Company repurchased an aggregate of 1,689,722 Class A ordinary shares with 10,038 Class A ordinary shares represented by ADSs for a total consideration of approximately US$1.3 million . The Company has approximately US$4.1 million remaining for potential repurchases under its US$30 million share repurchase plan. As previously disclosed, on May 30, 2024 , the Company announced that its board of directors authorized a new US$20 million share repurchase plan, effective through November 30, 2025 . The Company completed a tender offer in July 2024 under the new share repurchase program, with a total repurchase amount of approximately US$9.2 million . The Company has approximately US$10.8 million remaining under its US$20 million plan. Business Outlook The Company expects the total loan amount facilitated and originated for the fourth quarter of 2024 to be between RMB30.0 billion and RMB31.0 billion . The total loan amount facilitated and originated for 2024 is expected to be between RMB102.6 billion and RMB103.6 billion . This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 27, 2024 ( 8:00 PM Beijing / Hong Kong Time on November 27, 2024 ). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until December 4, 2024 : United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 3088426 Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com . About X Financial X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China . The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com . Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.0176 to US$1.00 , the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024 . Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China ; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X Financial Mr. Frank Fuya Zheng E-mail: ir@xiaoying.com Christensen IR In China Mr. Rene Vanguestaine Phone: +86-178-1749 0483 E-mail: rene.vanguestaine@christensencomms.com In US Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: linda.bergkamp@christensencomms.com X Financial Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) As of December 31, 2023 As of September 30, 2024 As of September 30, 2024 RMB RMB USD ASSETS Cash and cash equivalents 1,195,352 1,044,144 148,789 Restricted cash, net 749,070 489,372 69,735 Accounts receivable and contract assets, net 1,659,588 1,709,428 243,592 Loans receivable from Credit Loans and other loans, net 4,947,833 4,938,195 703,687 Deposits to institutional cooperators, net 1,702,472 1,739,539 247,882 Prepaid expenses and other current assets, net 48,767 40,824 5,817 Deferred tax assets, net 135,958 192,644 27,452 Long term investments 493,411 491,782 70,078 Property and equipment, net 8,642 11,566 1,648 Intangible assets, net 36,810 36,236 5,164 Loan receivable from Housing Loans, net 8,657 6,494 925 Financial investments 608,198 866,804 123,519 Other non-current assets 55,265 53,259 7,589 TOTAL ASSETS 11,650,023 11,620,287 1,655,877 LIABILITIES Payable to investors and institutional funding partners at amortized cost 3,584,041 2,406,552 342,931 Guarantee liabilities 61,907 102,638 14,626 Deferred guarantee income 46,597 106,054 15,113 Short-term borrowings 565,000 433,500 61,773 Accrued payroll and welfare 86,771 93,047 13,259 Other tax payable
The shift to self-driving: How Waymo and competitors are bringing revolution
LONDON, United Kingdom (AFP) — A record 3,800 offenders who have been released from prison or are serving community sentences will be fitted with “alcohol tags” to track their drinking this Christmas, the UK government said Monday. The tags, fitted on offenders under court-ordered drinking bans, were first rolled out in 2020. They monitor alcohol in the wearer’s sweat and alert probation officers if any booze is detected. A record number will be wearing the tags between Christmas and New Year, preventing offenders from indulging in festive tipples like mulled wine and prosecco, as well as any other alcoholic drinks. The increased monitoring aims to help with “keeping streets safe and cutting alcohol-fueled crime” including domestic abuse and drunken disorder, a justice ministry press release said. Prisons Minister James Timpson said the “sad reality” was that such crime “spikes at Christmas and has a devastating impact in our homes and town centers.” The technology can distinguish between “low-levels of alcohol” in festive foods like mince pies, and alcoholic beverages that could result in drunkenness. Offenders on alcohol bans who wear the tags have remained sober for 97 percent of the days they have been tagged, according to government data. The number of offenders forced to wear alcohol tags has more than doubled since 2022, as the government aims to find sentencing solutions outside jail cells to ease a prison overcrowding crisis.
T here is a famous dialogue from the Hindi film 3 Idiots : “ Dekho hum kahan nikal aaye aur tum kahan reh gaye ” (See where we have reached and where you are left).” The Rashtriya Swayamsevak Sangh (RSS)-Bharatiya Janata Party (BJP) cohorts could be saying this to the Communists in India. The RSS will complete 100 years in 2025. The Communist movement in India is also a century old. The Left produced some of the most valiant fighters during the independence movement even as the Right was cosying up to the British empire. It is no secret that a large share of prisoners in Cellular Jail in the Andaman and Nicobar Islands were Communists. Despite such a glorious past, the reality is that the Indian Left is now in a labyrinth. Today, the Right clearly dominates Parliament: the BJP alone occupies 240 Lok Sabha seats. The Left parties combined occupy just eight seats. Compare this to the first general elections in independent India in 1951-1952 when the Congress was in power and the Communist Party of India (CPI) was the principal opposition party. At present, the Right is also far ahead in terms of organisational strength and structure. The total membership of the Left parties (those who contest elections) is not more than 2 million and the mass organisations that they represent number around 30 million. The RSS alone has a membership of over 7 million, and the BJP has a membership of more than 100 million. The trajectory of the Left and Right The rise and fall of these political entities depends on various historical episodes, the foremost being changes in the social production system. The initial years of development after the 1950s saw the establishment of industrial towns and the emergence of a strong Left-leaning working class. Major cities such as Delhi, Mumbai, Ahmedabad, and Kolkata witnessed a robust presence of the Left, which was reflected in their political strength. However, the capitalist production system underwent significant changes after the mid-1980s. The rise of fragmented production, a diminishing organised working class, and the corresponding growth of informal sector workers pushed the Left out of the political scene. Meanwhile, the Right maintained its presence through cultural interventions — a space largely neglected by the Left. Informal sector workers became fertile ground for identity politics based on caste and religion. Consequently, there has been a parallel rise of the Right and the decline of the Left in Indian cities. Another critical factor was the strong presence of the Left in rural India, driven by the ‘land reforms’ slogan and related movements. These were influential across the country for a long time. However, over the past few decades, newer classes within the peasantry have emerged and many of them have shifted towards the Right. Beyond land reforms, the Left struggled to build sustainable layers of governance, except in West Bengal, Tripura, and Kerala. It remained overly preoccupied with the imminence of a revolution and the idea of capturing state power. It sidelined all other essential matters. And the revolution never materialised. The national question is crucial for both the Left and the Right, though their approaches differ. For the Left, it involves uniting all democratic sections of society against external enemies, particularly imperialism. This was evident during the colonial period. However, in independent India, the narrative of a foreign enemy could not be sustained as strongly due to obvious reasons. In contrast, for the Right, the national question is less about unity among the people and more about promoting the narrative of ‘Hindu nationalism’ against perceived ‘others’. During the independence movement, this narrative did not gain much traction, as Indian nationalism against British rule was able to mobilise larger sections of society. Over the last few decades, however, this second form of ‘nationalism’ has increasingly dominated the narrative and has become more and more pronounced with time. Another major element relates to the idea of modernism and the role of the Constitution. Undoubtedly, the Constitution is rooted in the finest modernist values of equity, secularism, socialism, and more. However, the nation-state remained influenced by feudal and semi-feudal values, which continue to shape its character. Unlike in the West where modernism evolved out of the defeat or destruction of class feudalism, which was preceded by the Renaissance, religious reformation and enlightenment, in India no worthwhile renaissance could take place. The religious reformation that took place in some parts of the country could not disintegrate the caste system which affected all Indian religions, and the Brahmanical enlightenment could not produce a new anti-caste equalitarian philosophy. India has a peculiar situation now, where the Constitution is far ahead of the polity and human values, which are still evolving. This gives fertile ground for the Right to make advances on both post-truth narratives and campaigns on religious and identity issues. Leadership and organisational strategies Jyoti Basu, former Chief Minister of West Bengal, once spoke of the Communist Party of India (Marxist)’s “historic blunder”. He was referring to the party’s decision not to allow him to be the Prime Minister after the 1996 Lok Sabha polls threw up a hung Parliament. His remark warrants deeper reflection. The Left is still fixated on the revolution and is reluctant to embrace the multi-layered demands of electoral politics. If the Left is unwilling to take full responsibility, why should people trust them with their votes? This disconnect is evident in Kerala, where voters support the Left in Assembly elections but turn to other parties in general elections. On the other hand, the Right maximises every electoral success to further its agenda. In every national and Assembly election over the last 10 years, it has been clear that the Right tries to ensure that no opportunity is left unutilised. This divergence also highlights the contrasting leadership styles of the Left and Right. The generation of Left leaders who built mass movements and endured state repression is nearly gone. Leaders such as H.K.S. Surjeet, who spent over a decade in jail, represent a fading legacy. Today’s Left leadership often emerges from educational institutions — a natural progression — but lacks the experience of building movements on the ground. In China, the Communist Party believes in building cultural consciousness. Even Xi Jinping was sent to work in the farmland for years away from his university. But this is not the case in India. On the other hand, leaders of the Right spend time with their cadre and help build leadership. Before he became Prime Minister, when Narendra Modi was in charge of States, he would constantly spend time with the cadre and even stay in their homes. Globally, the pendulum of social and political ideologies has swung to the extreme Right and India is no exception. The question is: when will it swing back, and what will catalyse that shift? Tikender Singh Panwar, Former Deputy Mayor, Shimla, and Member, Kerala Urban Commission. He served as political secretary of Sitaram Yechury Published - December 27, 2024 02:32 am IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit political parties / Communist Party of India / Communist Party of India-Marxist Leninist LiberationEVANSVILLE, Ind. (AP) — Cameron Haffner scored 13 points as Evansville beat Missouri State 57-40 on Sunday to snap a five-game losing streak. Haffner went 5 of 12 from the field (3 for 7 from 3-point range) for the Purple Aces (4-9, 1-1 Missouri Valley Conference). Joshua Hughes added 11 points, nine rebounds and four steals. Tayshawn Comer scored 11. Dez White finished with 12 points, four assists and six steals for the Bears (7-6, 0-2). Missouri State also got 10 points, 12 rebounds and two steals from Michael Osei-Bonsu. Zaxton King had eight points. Evansville carried a slim three-point lead into halftime, as Haffner led the way with seven points. Evansville took the lead for what would be the final time on Haffner's 3-pointer with 18:44 remaining in the second half. His team would outscore Missouri State by 14 points in the second half. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
