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The Japanese tech titan SoftBank will invest $100 billion in the United States, creating at least 100,000 jobs, US President-elect Donald Trump said Monday, in a boost to his incoming administration. “This historic investment is a monumental demonstration of confidence in America’s future,” Trump said during a press conference at his Mar-a-Lago residence in Florida. “It will help ensure that artificial intelligence, emerging technologies and other industries of tomorrow are built, created and grown right here in the USA,” added Trump, who takes office from US President Joe Biden next month. Speaking alongside Trump, SoftBank’s chief executive Masayoshi Son confirmed the investment company’s financial commitment and pledged to create 100,000 jobs, adding that Trump’s victory had “tremendously increased” his confidence in the American economy. “I am truly excited to make this happen,” added Son, 67. – Second commitment – The announcement from Son is around double the amount he committed SoftBank to in December 2016, shortly before Trump began his first term as president. The Japanese firm ultimately parted with close to $100 billion through its Vision Fund, with much of the money supplied by sovereign wealth funds in Saudi Arabia and the United Arab Emirates. “President Trump is a double-down president,” Son said on Monday, adding: “I’m going to have to double down.” Stephen Moore, an economic advisor to Donald Trump, said the announcement marked a “great day.” “The importation of capital into the US is a huge leading indicator for jobs and prosperity to come,” Moore, an economist at the conservative Heritage Foundation, told AFP in a message. – Cutting red tape – Related News Syria: Blinken arrives in Turkey for talks US imposes trade restrictions on China, Russia firms US offers $10m reward for wanted Chinese hacker Son made his name with successful early investments in Chinese e-commerce titan Alibaba and internet pioneer Yahoo, but has also bet on catastrophic failures such as WeWork. He has repeatedly said that “artificial superintelligence” will arrive in a decade, bringing new inventions, new medicine, new knowledge and new ways to invest. Last month, CNBC reported that ChatGPT creator OpenAI will enable its employees to sell shares worth roughly $1.5 billion to SoftBank. The SoftBank Group posted a bumper second-quarter net profit last month, returning to the black after net losses in the first quarter and the previous financial year. Son’s announcement is a boost to the incoming Trump administration, which takes office on January 20, 2025. On the campaign trail, Trump pledged to boost the US economy by cutting red tape and fast-tracking investments, including into the oil and gas sector. Some analysts have voiced concerns that several Trump proposals, such as slapping new tariffs on US imports and deporting millions of undocumented workers, could hurt growth and cause a spike in inflation. “The increased likelihood of substantial new tariffs on US imports would have the most consequential effect on economic growth,” economists at Wells Fargo wrote in a recent note to clients, adding they had “bumped up” their inflation outlook and slightly cut their GDP forecast. Other analysts say the level of economic pain caused by Trump’s tariff plans will largely depend on how widespread they are. “The impact on inflation need not be particularly significant for monetary policy,” economists at Goldman Sachs wrote in a recent investor note. But, they added “this could change if the White House imposes a 10% universal tariff,” referring to one of Trump’s proposals on the campaign trail. AFP
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NCC Bank PLC has signed a strategic partnership agreement with Visa, a global leader in digital payments. M Shamsul Arefin, managing director of the bank, and Sabbir Ahmed, country manager for Bangladesh, Nepal and Bhutan at Visa, penned the deal at the bank's head office in the capital's Gulshan recently, the bank said in a press release. Under this collaboration, both organisations will work together to launch innovative products and services, driving technological advancements, crafting compelling campaigns and providing the best digital payment solutions to the bank's Visa cardholders. This partnership paves the way for new opportunities and champions a future where banking is seamless and accessible for all from anywhere and anytime. "Our collaboration with Visa reaffirms NCC Bank's commitment to offering world-class banking services. Together, we are creating a future of effortless and secured global payments for our customers," Arefin said. "At Visa, we remain committed to catalysing a Digital Bangladesh and supporting our partners in providing the best to their customers at every step," Ahmed said. Md Mahbub Alam, Md Zakir Anam and Mohammed Mizanur Rahman, deputy managing directors of the bank, Mohammad Mohibullah Khan, executive vice-president and head of chief risk management, Sharif Mohammad Mahsin, senior vice-president and head of SME, and Nighat Mumtaz, senior vice-president and head of women's banking, were present. Arifur Rahman, director, merchant sales and acquiring for South Asia at Visa, and Zobair Mahmood Fahim, senior vice-president and head of retail and DFS business at the bank, Md Sajjadul Islam, senior vice-president and head of IT enterprise application, Syed Towhid Hossain, senior vice-president and head of operations, and Shahin Akter Nuha, head of transaction banking and cash management department, among others, were also present. NCC Bank PLC has signed a strategic partnership agreement with Visa, a global leader in digital payments. M Shamsul Arefin, managing director of the bank, and Sabbir Ahmed, country manager for Bangladesh, Nepal and Bhutan at Visa, penned the deal at the bank's head office in the capital's Gulshan recently, the bank said in a press release. Under this collaboration, both organisations will work together to launch innovative products and services, driving technological advancements, crafting compelling campaigns and providing the best digital payment solutions to the bank's Visa cardholders. This partnership paves the way for new opportunities and champions a future where banking is seamless and accessible for all from anywhere and anytime. "Our collaboration with Visa reaffirms NCC Bank's commitment to offering world-class banking services. Together, we are creating a future of effortless and secured global payments for our customers," Arefin said. "At Visa, we remain committed to catalysing a Digital Bangladesh and supporting our partners in providing the best to their customers at every step," Ahmed said. Md Mahbub Alam, Md Zakir Anam and Mohammed Mizanur Rahman, deputy managing directors of the bank, Mohammad Mohibullah Khan, executive vice-president and head of chief risk management, Sharif Mohammad Mahsin, senior vice-president and head of SME, and Nighat Mumtaz, senior vice-president and head of women's banking, were present. Arifur Rahman, director, merchant sales and acquiring for South Asia at Visa, and Zobair Mahmood Fahim, senior vice-president and head of retail and DFS business at the bank, Md Sajjadul Islam, senior vice-president and head of IT enterprise application, Syed Towhid Hossain, senior vice-president and head of operations, and Shahin Akter Nuha, head of transaction banking and cash management department, among others, were also present.ABC's "Shark Tank" has seen a wide range of mobile apps come through the show that are all meant to solve some type of problem. In the ninth episode of Season 9, Wall Street worker turned comedian Brendan Alper shared his solution to modern dating problems: an app that allows its users to bond over things they both don't like, Hater. The app had over 3,000 prompts that range from politics to food that users must swipe either "hate" or "love." Then the app would use its algorithm to match users with other haters with similar views. The app was based on studies that show that people often connect over a mutual dislike of something. The Sharks were immediately intrigued with the concept and ended up fighting to invest in Hater, which saw over 500,000 downloads when it debuted just before Valentine's Day in 2017. But just like many other popular apps, Hater saw a rapid decline and wasn't able to find a successful way to make a profit. Even with billionaire Mark Cuban's support, Hater couldn't find a way to survive past 2018. Here's what led to Hater's rapid downfall after "Shark Tank." Founder Alper entered the tank with a pitch for his negative spin on dating apps, explaining that users will find love by connecting over their dislikes. Alper told the sharks that people often feel the need to appear positive on dating apps, while Hater lets them authentically dislike things together, promising more genuine matches. The concept started off as a joke, but Alper was later convinced by his friends to go all in on the app — and even cashed in his entire savings to fund the app. He went in asking the sharks or $200,000 for 5% equity of Hater. The app received offers from Lori Greiner, Robert Herjavec, and Barbara Corcoran — but Alper ultimately went with Cuban, who is no stranger to funding apps . Cuban counter-offered $200,000 in exchange for a 7.5% equity stake, despite Alper admitting to the app only have 8,000 to 10,000 active users by that time. On the episode , Alper said, "Going in, I really wanted Mark. He has experience in the technology space, and he has the connections that can really take Hater to the next level." The Hater app saw a rapid decline, even after an appearance on "Shark Tank." A deal was officially made with Cuban, who even made his own dating profile on the app as part of his push. However, Hater left app stores and deleted its social media profiles by 2019, just a year and a half after the episode premiered. Cuban doesn't have the product listed as one of the companies he invested in on his website. This isn't the case with all apps that appear on "Shark Tank," however, with apps like HoneyFund still in business . It's not totally clear exactly what caused Hater to not get the users it needed to thrive in the dating app space, but it appears to be due to a lack of profit. Alper admitted to CNBC that the app wasn't making any profit as of 2017, but he had plans to implement paid premium subscriptions and advertisements by 2018. This never happened in the end, but it's unclear why. At this point, Alper has completely moved on from Hater. The Goldman Sachs finance worker turned comedian turned app entrepreneur may have left Hater behind, but he isn't done with business ideas just yet. On Alper's X, formally Twitter, profile bio , he includes a link to a new business called Everbloom. He hasn't updated X much, but the website for Everbloom is still active and updated. It reveals a business focused on providing funding for content creators, largely on YouTube, who want to grow views by expanding their team, launching a product, or film a larger production. Past clients even include Jimmy "MrBeast" Donaldson, a YouTuber with 335 million subscribers. On June 21, 2023, Everbloom kicked off its first investor payout, sharing 10% of YouTuber AveryB's quarterly earnings to over 100 investors. Everbloom also added Mario Joos, MrBeast's former retention director, as an advisor. With big names behind the company and even larger creators growing thanks to various marketing support from Everbloom's team, the project received $3 million in funding at that point.
Real Madrid's big stars turned on the style to revive the Spanish giant's faltering Champions League title defense on Tuesday. Galacticos Kylian Mbappe, Vinicius Junior and Jude Bellingham all scored in a thrilling 3-2 win at Italian league leader Atalanta. But Madrid still had to ride its luck as Mateo Retegui fired over from in front of goal in stoppage time when handed a golden chance to level the game. It was only Madrid's third win in the competition's revamped league phase and leaves the 15-time champion in the unseeded playoff positions in 18th place. Liverpool leads the way after maintaining its perfect record in Europe this season with a 1-0 win against Girona. Like Madrid, Paris Saint-Germain also picked up a much-needed win, beating Salzburg 3-0 to sit in the last playoff spot in 24th place. Bayer Leverkusen is second after a 1-0 win over Inter Milan, while Aston Villa beat Leipzig 3-2 and is third. Brest beat PSV Eindhoven 1-0 and is fifth. Eighth-place Bayern Munich routed Shakhtar 5-1. Mohamed Salah’s 50th Champions League goal maintained Liverpool’s perfect record in the competition this season. The Egypt forward struck a 63rd minute penalty to seal the win in Spain that kept Liverpool atop the 36-team league. But even after a sixth straight win for the Merseyside club, head coach Arne Slot was critical of his players in a game that saw goalkeeper Alisson pull off several saves to keep Girona out. “If you ask me about all the six games, I’m really pleased with all the results, I am really pleased with the five (other) games with the way we played. I’m far from pleased about the performance tonight,” he said. Salah’s goal was his 16th in 22 appearances overall this season. Girona was 30th with just one win from six games. “I almost feel sorry for them because they deserved so much more in this Champions League campaign than the three points they have until now. But we have an incredible goalkeeper,” Slot said. Even after Slot’s criticism, Liverpool continued its outstanding start to the campaign, which also led it the top of the Premier League. Former Manchester United midfielder Donny van de Beek handed Salah the chance to fire the visitors ahead with a clumsy tackle from behind on Luis Diaz in the box. Salah stepped up to convert the penalty and Girona goalkeeper Paulo Gazzaniga went the wrong way. Liverpool’s two remaining games are against Lille at home and PSV Eindhoven away in January. U.S. international Christian Pulisic is the only player to have scored against Liverpool in this season’s Champions League in a 3-1 loss for Milan in September. Six-time European Cup winner Liverpool is looking like the team to beat in the Champions League this season after big and German champion Bayer Leverkusen last month. Dinamo Zagreb drew 0-0 with Celtic and both teams remain in the playoff positions. James Robson is at AP soccer:
( MENAFN - Live Mint) Maha Kumbh Mela 2025: The Uttar Pradesh Police would be using underwater drones for increased surveillance during the Maha Kumbh Mela 2025, which would be held at Prayagraj, Uttar Pradesh. Speaking to ANI, IG PAC East Zone Prayagraj, Rajeev Narain Mishra explained that an underwater drone was tested on Wednesday, which will be used by the water police and Pradeshik Armed Constabulary (PAC). “Efforts have been made to use all the new technology available to ensure the smooth conduct of this Maha Kumbh. In this sequence, an underwater drone was tested today. It will be used by the water police and PAC. This drone can identify a person or object underwater... We can deploy it anytime as needed... We are continuously making arrangements for all kinds of water surveillance,” Mishra said, reported ANI. It is believed that taking a dip in the holy waters during this auspicious time of Maha Kumbh cleanses an individual's sins and frees them from the cycle of birth and death. The Maha Kumbh Mela will commence from January 13 with the 'Paush Purnima Snan', and end on February 26, the same day as Maha Shivratri. Here are the dates for the royal baths: January 13, 2025: Paush Purnima January 14, 2025: Makar Sankranti (First Shahi Snan) January 29, 2025: Mauni Amavasya (Second Shahi Snan) February 3, 2025: Basant Panchami (Third Shahi Snan) February 12, 2025: Maghi Purnima February 26, 2025: Maha Shivratri (Final Snan) MENAFN25122024007365015876ID1109030113 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Detroit-based meat manufacturer Wolverine Packing Co. is at the heart of an ongoing E. coli recall covering over 160,000 pounds of product. First announced by the U.S. Department of Agriculture’s (USDA) Food Safety and Inspection Service (FSIS) on Wednesday , the recall covers about 167,277 pounds of fresh and frozen ground beef distributed to restaurants across the U.S. According to the notice, over 100 products manufactured by Wolverine Packing Co. are subject to recall after 15 illnesses were reported to the Minnesota Department of Agriculture and traced back to its ground beef. Affected products could still be in restaurant refrigerators and should be immediately disposed of, warned the agency. Unlike some other major outbreaks like Boar's Head , the name Wolverine Packing Co. likely won't trigger recognition in most consumer's minds. Here's what to know about the company at the center of the call. What is Wolverine Packing Co.? Wolverine Packing Co. is a Detroit-based protein company that stocks more than 250 brands and 4,000 different products, according to its website . Founded in 1937 as a lamb and veal processor, the three-generation, family-owned company later expanded into steak and beef. By 2012, it grew to supply ground beef products to all 50 states and some other countries. Its production facilities also grew, expanding to employ 500 employees in multiple buildings in Detroit’s Historic Eastern Market by 2016, and a new facility was erected in Forest Park in 2018, the company's website says. Today, the company employs more than 900 and distributes boxed beef, pork, poultry, lamb, veal, frozen seafood, portioned-cut meats and ground beef, the company says on its website. Some well-recognized brands stocked by Wolverine Packing Co. include Tyson, Jennie-O, Perdue, Certified Angus Beef and Western Buffalo. The company was previously involved in a large recall in 2014, when 1.8 million pounds of ground beef products were recalled also due to possible E. coli contamination, resulting in 11 illnesses in four states. What products are included in the Wolverine Packing Co. recall? The recall covers over 100 raw fresh and frozen ground beef products. Products are sold under other brand names in addition to Wolverine Packing Co., including 1855 Beef, Davis Creek Meals, Farmer's Choice, Heritage Restaurant Brands, and Cheney Brothers, Inc., according to a list of labels released by the USDA . Fresh products have a “use by” date of 11/14/2024 and the frozen products are labeled with a production date of 10/22/24. All impacted products have the establishment number “EST. 2574B” inside the USDA mark of inspection. See the full list as released by the USDA here:
By Hernan Nessi BUENOS AIRES (Reuters) - Argentina's economy is expected to have contracted 2.6% in the third quarter of 2024 versus a year earlier, the sixth straight such decline, but expanded against the quarter before, breaking a technical recession going back to the end of last year. A Reuters poll on Thursday, involving 13 local and foreign analysts, gave the year-on-year contraction of gross domestic product (GDP), which follows a 1.7% contraction in the second quarter and a steep 5.1% drop in the first quarter. Economic activity, an early barometer of growth, slid 3.3% year-on-year in September, 3.7% in August and 1% in July, data from the INDEC statistics agency show, as industry slowed amid a harsh austerity drive by libertarian President Javier Milei. Milei's administration has slashed social spending and launched mass public sector layoffs, and one of the world's highest annual inflation rates has come down to 166%. But the economy has slowed and poverty rates have surged past 50%. The government has gained plaudits for stabilizing the state's finances after years of overspending, which has boosted markets. But getting the economy going will be the acid test for Milei's reforms and his still robust popularity rating. Eugenio Mari, chief economist at Fundacion Libertad y Progreso, said he expected the economy to grow some 3% from the previous quarter, which would break three consecutive quarter-on-quarter declines that marked a technical recession. "Let's hope this trend consolidates in 2025," Mari said. The government predicted in its draft budget that GDP should grow by 5% next year. INDEC is set to release third-quarter GDP data on Monday. (Reporting by Hernan Nessi; Writing by Sarah Morland; Editing by David Gregorio)Steep price hikes could be on the way if President-elect Donald Trump follows through on his pledge to impose sweeping new tariffs on imports from Mexico, Canada and China. He threatened to implement the tariffs on the country’s top three trading partners on his first day back in office, including a 10% tariff on products from China. In a pair of social media posts, he explained the decision as a way to crack down on illegal immigration and drugs. “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States,” he said. “It is time for them to pay a very big price!” Ultimately, consumers could end up absorbing the brunt of those costs. When tariffs are levied on imports, American companies have to pay taxes to the U.S. government on their purchases from other countries; the companies often pass on those extra costs to customers. “This is a bully effort to put everybody on notice,” said economist Chris Thornberg, founding partner of Beacon Economics in Los Angeles. “One of the reasons he uses tariffs is because it’s one of the few places that he actually has some leverage.” Though Thornberg noted it’s still a “giant remains-to-be seen” whether and how Trump’s proposed tariffs are implemented, consumer goods across the board could be dramatically affected. Here are a few top categories: Mexico was the U.S.’s top goods trading partner last year, surpassing China. Mexico is a major manufacturer of passenger vehicles, light vehicles, trucks, auto parts, supplies and electric-vehicle technologies. Eighty-eight percent of vehicles produced there are exported, with 76% headed for the U.S., the International Trade Administration says. Automakers with manufacturing operations in Mexico include General Motors, Ford, Tesla, Audi, BMW, Honda, Kia, Mercedes Benz, Nissan, Toyota and Volkswagen. “If we get tariffs, we will pass those tariff costs back to the consumer,” Phil Daniele, chief executive of AutoZone, said in the company’s most recent earnings call. “We’ll generally raise prices ahead of ... what the tariffs will be.” Last year, China accounted for 77% of toy imports — about 25 times greater than the total value of toy imports from Mexico, the next largest foreign source of supply, according to the National Retail Federation. U.S. producers account for less than 1% of the toy market. The federation recently released a study that found the tariffs Trump proposed during his campaign — a universal 10% to 20% tariff on imports from all foreign countries and an additional 60% to 100% tariff on imports specifically from China — would apply to a wide range of toys imported into the U.S., including dolls, games and tricycles. “Prices of toys would increase by 36% to 56%,” the study concluded. The National Retail Federation study also analyzed more than 500 items of clothing and found prices “would rise significantly” — as much as 20.6%. That would force consumers to pare spending on apparel. Low-income households would be hit especially hard, the group said, because they spend three times as much of their after-tax income on apparel compared with high-income households. “U.S. apparel manufacturers would benefit from the tariffs, but at a high cost to families,” the study said. “Even after accounting for domestic manufacturing gains and new tariff revenue, the result is a net $16 billion to $18 billion loss for the U.S. economy, with the burden carried by U.S. consumers.” Imported footwear products already face high U.S. duties, particularly those made in China. The Footwear Distributors and Retailers of America expressed concern that new tariffs would make it more difficult for consumers to afford shoes and other everyday essentials. Trump’s proposed tariffs would increase the costs of several imported fruits and vegetables, said Jerry Nickelsburg, faculty director of UCLA Anderson Forecast, an economic forecasting organization. The vast majority of U.S. produce imports come from Mexico and Canada, including avocados, cucumbers, potatoes and mushrooms. The U.S. spent $88 billion on agricultural imports from the two countries in fiscal year 2024. Big-ticket electronic products such as televisions, laptops, smartphones, dishwashers and washing machines — many of which are manufactured in Mexico and China, or made with parts imported from those countries — likely would become more expensive. The U.S. imported $76 billion worth of computers and other electronics from Mexico in 2023, and more than a quarter of U.S. imports from China consist of electronic equipment. Get local news delivered to your inbox!ISLAMABAD : Federal Minister for Finance and Revenue, Muhammad Aurangzeb on Monday briefed the Pakistan Business Council (PBC) on the improvement in the twin deficits and listed the measures the government is undertaking to ensure that this IMF program becomes the last such program. During a wide-ranging discussion on the economy during the finance minister’s visit to the Pakistan Business Council (PBC) accompanied by Khurram Shehzad, Advisor to the finance minister. PBC Chairman Shabbir Diwan appreciated the significant progress the country has made over the past nine months in achieving economic stability, said a press release issued here. This was echoed by PBC members who between them pay a third of direct taxes, generate 40% of exports and employ millions in their extended value chains. Meanwhile on the occasion, the minister appreciated the sacrifices that the formal sector had to make in the front-loaded tax measures under the program and assured that, as and when the fiscal space permits, this burden would be eased. The minister lauded the quality of PBC’s research and its objective advocacy, especially on taxation and through its Make-in-Pakistan theme. He specially commended PBC’s report that differentiated between good FDI and bad FDI. Members offered recommendations on promoting exports, especially of nontraditional goods by encouraging the unleashing the significant under utilised capacity. On Textiles, PBC urged the government to negotiate lower tariffs on export of apparel to the US that is made from US cotton of which Pakistan is now the largest customer. Review of the Export Facilitation Scheme to allow domestic industry to supply exporters without levy of sales tax was recommended as was the reduction in the 2% withholding tax on export receipts on exports of low margin items. On import substitution, the minister lauded the progress made by the FMCG sector on indigenising inputs. However he was opposed to protection without a sunset clause and favoured supporting those that achieved a certain percentage of export sales. On taxation, the unlevel playing field vs. the informal sector was highlighted by members and the minister requested support from the formal sector to identify such evaders. He also shared the progress on transforming the FBR and infusing it with technology to broaden the tax base. In closing the discussion, the minister requested the PBC CEO Ehsan Malik to summarise the discussion and share the members proposals 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() );
GELSENKIRCHEN, Germany :Bayern Munich's Michael Olise netted a second-half double as they came back from conceding an early goal to win 5-1 against Shakhtar Donetsk in the Champions League on Tuesday to earn their first away victory in this season's competition. Bayern's third successive win moves them up to eighth into the automatic qualification places on 12 points, while Shakhtar are 27th with four points, three points off the playoffs. Bayern had suffered defeats in both of their previous away games in the competition and went behind after five minutes when Oleksandr Zubkov's through ball found Kevin, who cut inside Kim Min-jae before sending his shot into the far corner. The German side were on level terms just six minutes later. Olise lost possession in the area but the ball fell kindly to his teammate Konrad Laimer who took a touch to control it and then smashed his effort into the roof of the net. Shakhtar had the chance to go back in front but Georgiy Sudakov put his shot wide after an excellent pass from Kevin had teed him up almost from the penalty spot. Bayern went down the other end, Jamal Musiala took the ball into the box and laid a pass off to Thomas Mueller who made no mistake with a simple slotted finish on the stroke of halftime. Shakhtar put pressure on Bayern at the start of the second half but were unable to find a second goal before the visitors eased to victory. Bayern thought they had extended their lead when Musiala volleyed home from a corner but the goal was chalked off for a foul on the keeper. However, minutes later the referee pointed to the spot for a foul by Alaa Ghram on substitute Sacha Boey. Olise stepped up in the 70th minute and although keeper Dmytro Riznyk went the right way the ball was powered into the top corner to put Bayern well and truly in the driving seat. Musiala got the goal he deserved for an excellent performance three minutes from time, collecting a loose ball in the box and firing past Riznyk. There was still time for some Olise magic in added time as he skilfully weaved his way through the Shakhtar defence before coolly finding the bottom corner with his shot.( MENAFN - News Direct) --News Direct-- EdenMountain has launched the world's first digital marketplace for Enterprise Non-Operating Rights (ENORs), marking a transformative moment in how businesses and investors approach intellectual property. Founded in 2023, EdenMountain is a pioneering fintech and legal-tech company enabling enterprises to monetize unused intellectual property in a debt-free, non-dilutive manner while offering a new and strategic asset class to investors and operators. ENORs represent a groundbreaking asset class. These are licensed, non-operating rights of a company's intellectual property (IP) in regions where the company has no active operations. By selling ENORs, businesses can transform unused rights into immediate liquidity without issuing debt or equity. Simultaneously, buyers gain exclusive access to strategic IP with options for resale, operational expansion, or partnerships. This dual benefit creates unparalleled opportunities for enterprises to unlock the value of idle assets and for buyers to gain first-mover advantages in untapped markets, fostering global business growth and innovation. For businesses, ENORs provide a scalable, debt-free avenue for raising funds. By monetizing non-core markets or regions outside expansion plans, sellers can generate immediate cash flow. Moreover, ENORs offer the flexibility of including a Repurchase Option, allowing businesses to buy back their ENORs within a specified period if strategies evolve. This innovative approach empowers businesses to secure financial resources without compromising equity or incurring debt, creating a flexible and strategic pathway for growth. For buyers, ENORs open doors to a unique asset class that combines strategic and financial potential. These assets offer exclusive IP rights in emerging markets, with options to resell, establish operations, or build partnerships. With EdenMountain's standardized legal framework and global compliance, buyers can seamlessly transact and diversify their portfolios with low-risk, high-growth opportunities in industries ranging from healthcare and technology to manufacturing and consumer products. The EdenMountain Marketplace not only facilitates the initial sale of ENORs but also supports a thriving secondary market. Buyers can resell acquired ENORs, ensuring liquidity and maximizing returns. This dynamic ecosystem benefits a wide range of stakeholders, from operators expanding into new territories to investors seeking innovative assets with growth potential. All ENOR transactions on EdenMountain are governed by standardized legal agreements under the laws of England and Wales, ensuring global enforceability and compliance. This structure enables sellers to scale transactions efficiently and buyers to engage in multiple deals without additional legal complexities or costs. With over 290 ENORs already listed across more than 13 industries including automotive, technology, and F&B, EdenMountain has completed transactions in the UK, Europe, and GCC markets. Plans are underway to expand into North America, Asia, and Africa, further broadening the marketplace's impact and appeal. EdenMountain's ENORs represent a paradigm shift in capital access and investment. By bridging the gap between unutilized IP and market opportunities, the platform offers businesses a non-dilutive financing alternative and investors a compelling new avenue for growth and diversification. EdenMountain invites businesses, operators, and investors to explore this groundbreaking asset class. Discover how ENORs can unlock new financial strategies and market opportunities at . The EdenMountain team will also be present at the Web Summit in Doha in February 2025, where they will share insights on alternative financing and global commerce. About EdenMountain EdenMountain, founded in 2023, is a pioneering fintech and legal-tech company that has launched the world's first digital marketplace for Enterprise Non-Operating Rights (ENORs). The platform enables businesses to monetize unused intellectual property in a debt-free, non-dilutive manner, offering investors access to a unique asset class with high-growth potential. With over 290 ENORs listed across various industries, EdenMountain is reshaping how companies raise funds and expand globally, while creating new opportunities for investors in untapped markets. EdenMountain Harry Garthwaite ... 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ANDOVER, Mass. , Dec. 2, 2024 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced the appointment of Mr. Gerardo Hernandez as the Company's Chief Financial Officer, effective December 2, 2024 . In this role, Mr. Hernandez joins the TransMedics executive leadership team, succeeding Mr. Stephen Gordon . To enable a smooth transition, Mr. Gordon will remain a non-executive employee of the Company until March 31, 2025 , before serving as a non-employee senior advisor to the Company focusing on national transplant stakeholder engagement until March 31, 2026 . TransMedics also updated its 2024 financial outlook. Dr. Waleed Hassanein , Mr. Gerardo Hernandez and Mr. Stephen Gordon will attend the upcoming Piper Sandler Conference on December 3, 2024 , the TransMedics Investor & Analyst Day on December 10, 2024 , as well as the J.P. Morgan Healthcare Conference in January 2025 . Mr. Hernandez is an accomplished finance leader with over 25 years of experience across the healthcare and consumer packaged goods (CPG) sectors. He most recently served as Vice President Finance, Head of Corporate Financial Planning and Analysis at Alnylam Pharmaceuticals, a biopharmaceutical company focused on RNAi therapeutics. In this role, Mr. Hernandez led a global team as the company scaled rapidly. Prior to his role at Alnylam, Mr. Hernandez spent nearly a decade at Shire, where he rose through the organization, eventually leading corporate FP&A. During his tenure, Shire was acquired by Takeda in a $62 billion transaction, after which he was instrumental in the integration effort. Mr. Hernandez began his career at Unilever where he held several finance roles of increasing responsibility before joining Shire in 2010. Mr. Hernandez holds a Bachelor of Science degree in Finance from the University of Wisconsin , La Crosse and an MBA in Strategy and Economics from Fundação Getulio Vargas , Sao Paulo, Brazil . "Stephen has been an exceptional partner to me as a member of the TransMedics leadership team for nearly a decade. During his tenure we transitioned the Company from a clinical stage organization to a high growth, publicly traded commercial business," said Waleed Hassanein , M.D., President and Chief Executive Officer. "On behalf of the entire management team and the Board, I want to thank Stephen for his countless contributions to our business that will have lasting benefits for the Company. I am grateful for Stephen's dedication and efforts to advance our corporate strategy while delivering considerable shareholder value, and I look forward to his continued partnership to affect a smooth transition as we start our next chapter at TransMedics." "I am delighted to welcome Gerardo to the TransMedics leadership team as our new Chief Financial Officer," added Dr. Hassanein. "His proven record over two decades of leadership across FP&A functions within high-growth, complex global organizations makes him an ideal addition to our team. I am looking forward to partnering with Gerardo as we continue to deliver significant long-term corporate growth and shareholder value." "I am thrilled to join TransMedics as Chief Financial Officer," said Mr. Hernandez. "I look forward to working with the entire leadership team to expand access to the Company's unparalleled products and services in the organ transplant field while enhancing operational efficiency and delivering lasting value to both our shareholders and the patients we serve." Dr. Hassanein concluded, "As we enter the final weeks of the fourth quarter, we are also updating our financial outlook for the full year 2024. Our updated guidance reflects our continued expectation for considerable year-over-year revenue growth. We look forward to providing additional context at our upcoming Investor & Analyst Day." 2024 Financial Outlook TransMedics now expects revenue for the full year 2024 to be in the range of $428 million to $432 million, which represents 77% to 79% growth compared to the Company's prior year revenue. Piper Sandler 36th Annual Healthcare Conference Members of the TransMedics management team will participate in a fireside chat at the upcoming Piper Sandler 36th Annual Healthcare Conference at the Lotte New York Palace. The fireside chat will take place on Tuesday, December 3, 2024 , at 4:00 p.m. Eastern Time . A live and archived webcast of the fireside chat will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com . The Company's standard investor presentation is also available through this link. TransMedics Investor & Analyst Day Details TransMedics will discuss the transition and updated financial outlook, as well as the Company's growth strategy, clinical pipeline, and operations, in greater detail at its Investor & Analyst Day in New York City on Tuesday, December 10, 2024 , at 10:00 a.m. Eastern Time . A live and archived webcast of presentations and Q&A sessions will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com . Please note management will only take questions from the live audience during the question-and-answer session following formal presentations. About TransMedics Group, Inc. TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts , the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure. Forward-Looking Statements This press release contains forward-looking statements with respect to, among other things, a leadership transition and our full-year guidance. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: our ability to maintain profitability on a sustained basis; our ability to attract, train and retain key personnel; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreement to which we will remain subject until maturity; the fluctuation of our financial results from quarter to quarter; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; our dependence on the success of the Organ Care System or OCS; our ability to expand access to the OCS through our National OCS Program or NOP; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our ability to improve the OCS platform and develop the next generation of the OCS products; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States , the European Union, and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration or FDA, or other competent authorities, follow-up inquiries in a timely manner; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our logistics capabilities to support our NOP and reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration or FAA or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; the timing or results of post-approval studies and any clinical trials for the OCS; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; the impact of any product recalls or improper use of our products; our estimates regarding revenues, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. Investor Contact: Brian Johnston Laine Morgan 332-895-3222 Investors@transmedics.com View original content to download multimedia: https://www.prnewswire.com/news-releases/transmedics-appoints-gerardo-hernandez-as-chief-financial-officer-and-provides-updated-2024-financial-outlook-302320060.html SOURCE TransMedics Group, Inc.Bears keep GM Ryan Poles in driver's seat for coaching search