Tom Sandoval and Tom Schwartz are shutting down their Los Angeles bar Schwartz & Sandy’s just two years after its opening . On Monday (November 22), the Vanderpump Rules co-stars took to Instagram to share the news that they’re officially closing their restaurant and bar just before the start of the new year. Sandoval, 42, was the first to post a statement. “With a heavy heart, we’ve made the difficult decision to close Schwartz & Sandy’s at the end of December,” he began. “This hasn’t been an easy choice for my partners and me, but other priorities and commitments have taken hold,” he continued. “While this business venture has been an incredible stepping stone in my life, one I will always cherish, I look forward to exciting new endeavors.” The reality TV personality went on to thank his “staff” and supporters for their “endless commitment to making Schwartz & Sandy’s a place of everlasting memories.” He noted that the bar would continue hosting events and serving patrons until its closing night. “The allure of being associated with reality TV has hidden what is an amazing sport and location for LA locals as well. I highly recommend you check us out, especially if you haven’t yet,” Sandoval concluded. “Let’s get together one last time.” Meanwhile, Schwartz, also 42, echoed Sandoval’s gratitude in his own statement. “This was not an easy conclusion,” Schwartz wrote on Instagram, before adding: “There’s some peace in knowing I gave my absolute all into S&S, fully committed with every fiber in my being.” While the co-owners didn’t list a specific reason for the sudden shut-down, many fans still expressed their disappointment. ”My husband and I had a great time visiting in August,” one former patron commented. “It’s a beautiful space and cool vibe, and hanging out with the two Toms (and Victoria) was the highlight of our trip!” Summer House star Kyle Cooke wrote: “You gave it your all — something to be proud of. Sometimes the stars don’t align and the journey is full of learning lessons, but the biggest regret of all would have been not trying in the first place.” In 2023, a cheating scandal involving Sandoval — who was in a nine-year relationship with co-star Ariana Madix at the time — shocked both the cast and fans of the show. News of Sandoval’s months-long affair with co-star Rachel “Raquel” Leviss broke in March, as Madix documented how she learned about their secret relationship on season 10 of Vanderpump Rules . According to Madix, she’d found a lewd video of Leviss on her then-boyfriend’s phone, as well as a slew of “inappropriate texts.” Amid the fallout from Sandoval’s cheating scandal, Schwartz declared he was removing himself from the conversation. “It seems each time I try to weigh in or talk about, ramble on about it, drivel on, I inevitably sound like I’m somehow justifying it or making excuses for it, and I’m not. Because there’s just no excuse for it,” he said on Fox’s Stars on Mars in 2023. “Any sort of version of his side of the story has become obsolete because of the way he handled it,” Schwartz said about his longtime friend and business partner. “Ultimately, that’s his life. That is his life. I did not have an affair. I am not him. It’s just so strange that I’ve been absolutely mired in this. It’s taken on almost a life of its own. And after this, I’m stepping away from it permanently.”What Nebraska-Creighton series history tells us about the importance of 3-point shooting
AP News Summary at 4:48 p.m. ESTTORONTO , Nov. 27, 2024 /CNW/ - Blue Moon Metals Inc. (" Blue Moon ") MOON BMOOF , Nussir ASA (" Nussir ") and Nye Sulitjelma Gruver AS (" NSG ") are pleased to announce that the parties have entered into separate binding letters of intent (respectively, the " Nussir LOI " and the " NSG LOI " and collectively the " LOIs "), each dated November 27, 2024 , pursuant to which Blue Moon has agreed to acquire all of the issued and outstanding common shares of Nussir and NSG (respectively the " Nussir Transaction " and the " NSG Transaction " and collectively with the Concurrent Equity Financing as defined below, the " Transactions "). Both Nussir and NSG are private Norwegian companies with properties in northern Norway (the " Nussir Property " and the " NSG Property, " respectively). Blue Moon is acquiring a 100% interest in Nussir for US$55.3M and a 100% interest in NSG for US$12M , both to be satisfied in common shares of Blue Moon (the " Blue Moon Shares ") at a deemed price of C$0.30 per Blue Moon Share, which will be the same price per Subscription Receipt (as defined below) in the Concurrent Equity Financing (the " Blue Moon Deal Price "). NSG shareholders will also receive US$3M in cash milestone payments (the " Cash Milestone Payments ") related to permitting for tailings discharge followed by receipt of the operating permit for the NSG Property. Blue Moon will also complete a brokered private placement in tandem with the Nussir Transaction and the NSG Transaction at the Blue Moon Deal Price (the " Concurrent Equity Financing "). A maximum US$35.7M of new equity is being raised with the set minimum of US$21.4M by top tier global mining investors. More details on the Concurrent Equity Financing can be found below. Definitive agreements covering the Nussir Transaction and NSG Transaction will be executed at or prior to closing of the Concurrent Equity Financing. The implied equity value of the Transactions is approximately US$100 - $115 million on a fully-diluted in-the-money basis, with the range based on the low and high end of the Concurrent Equity Financing. At closing, existing Blue Moon, Nussir and NSG shareholders will own a minimum of 12%, 55% and 12%, respectively, of Blue Moon Shares outstanding on a fully-diluted in-the-money basis, assuming the low end of the Concurrent Equity Financing, or 10%, 48% and 10%, respectively, assuming the maximum proceeds are raised in the Concurrent Equity Financing. Some existing Blue Moon and Nussir shareholders will participate in the Concurrent Equity Financing and no one shareholder will own more than 20% of Blue Moon under any Concurrent Equity Financing scenario at closing. The transaction is subject to final acceptance by the TSX Venture Exchange ("TSXV"), as the Transactions are considered a "Reviewable Transaction" under the policies of the TSXV. As per TSXV requirements, trading of the Blue Moon Shares is halted and will remain halted until receipt of TSXV's approval of the Transactions, which is expected when a NI 43-101 technical report will be issued to Blue Moon on the Nussir Property, among other customary items. No vote of Blue Moon shareholders is anticipated, and closing is expected by the end of February 2025 . Nussir shareholders are required to achieve 90.1% shareholder support, which is expected to be received by the time the Concurrent Equity Financing closes. NSG has shareholder approval from 100% of their shareholders. Nussir and NSG are arm's length parties to each other, and Blue Moon is an arm's length party to both of them. No finder's fees are being paid in connection with the Transactions, other than the fees payable to the Agents (as described below) in connection with the Concurrent Equity Financing. Strategic Rationale for Blue Moon Provides immediate asset and geographic diversification with more emphasis on near term copper: Tier 1 jurisdiction covering all 3 projects; the United States and Norway are members of the Minerals Security Partnership (MSP), a US collaboration initiative that aims to secure the supply of critical raw materials including copper and zinc Addition of the low-cost brownfield Nussir Property copper-silver-gold mine is expected to significantly enhance Blue Moon's developing production profile: The Nussir Property is an underground development project with existing critical infrastructure located next to property (access, power, port, etc.). Open pit historical production was suspended in the 1970s. The construction of a decline is expected to begin in Q1-2025 Exploration ramp access is expected to start construction at both the Blue Moon property (the " Blue Moon Property ") and the NSG Property in 2025 or 2026. Production last occurred in the 1940s at the Blue Moon Property and in the early 1990s at the NSG Property Existing Mineral Resources of: Nussir Property (1) (2) Historical estimate of measured resources of 1.7 Mt at 1.16% Cu, 0.22 g/t Au and 13.3 g/t Ag and indicated resources of 31.8 Mt at 1.09% Cu, 0.13 g/t Au and 12.6 g/t Ag Historical estimate of inferred resources of 33.4 Mt at 1.16% Cu, 0.17 g/t Au and 16 g/t Ag Blue Moon Property (3) Indicated resources of 3.51 MT at 6.14% Zn, 0.75% Cu, 1.54 oz/T Ag, 0.05 oz/T Au and 0.24% Pb Inferred resources of 3.83 MT at 5.94% Zn, 0.59% Cu, 1.54 oz/T Ag, 0.05 oz/T Au and 0.34% Pb NSG Property (1)(4) Historical inferred resources of 29.4 Mt at 0.9% Cu and 0.17% Zn. Gold, silver and sulfur were not assayed for, but are expected to form a credit in the future All 3 projects have the potential to materially increase in size prior to a final mill construction decision: At the Nussir Property, Blue Moon is expecting to focus the next 18-months on 6 different opportunities aimed at increasing both shear-hosted and sediment hosted resources through primarily drilling from underground. Underground exploration potential is considered to be high At the Blue Moon Property, post maiden preliminary economic assessment release, expected in Q1-2025 (see October 10, 2024 press release), Blue Moon expects to focus on drilling off the existing volcanic massive sulphide resources with the aim of upgrading to reserve status from underground, and extending the deposit down dip. Underground exploration potential is considered to be high At the NSG Property, regional exploration activities through underground tunnels will aim to expand on the significant production history at multiple volcanic massive deposits between 1887 and 1991 Limited exploration dollars have been spent on all 3 projects for decades, and Nussir and NSG have never been exposed to the public markets The metallurgical response to simple flotation at both the Nussir Property and the Blue Moon Property is expected to be very positive Available infrastructure at all 3 projects with access to power, water, ports and underground infrastructure Blue Moon would anticipate that production decisions could be made once all 3 projects have substantially tested their exploration potential, from underground drilling, test mining, mineral sorting and by-product credit market analysis. Negligible royalties exist at Blue Moon, and 0.75% NSRs on both the Nussir Property and NSG Property, and no streams nor off-takes have been sold on any of the 3 projects. Precious metals are expected to contribute over 20% to the NSR of both the Nussir Property and the Blue Moon Property Re-rating opportunity is expected to result from increased scale, significantly enhanced growth profile and establishing a presence in an emerging, mining-friendly jurisdiction. Key personnel from the principals of Blue Moon will aim to build up a high-quality team to advance these projects and to become a significant base metals mining company Blue Moon's CEO, Christian Kargl-Simard , said: "This transaction will create a new copper-zinc development company located in Tier 1 jurisdictions, focused on critical metals for the western world. It presents the opportunity for us to leverage our technical expertise and strong access to capital markets to unlock value for all shareholders by advancing and developing multiple base metals projects. In a world where geopolitics and national security are front page topics in sourcing critical materials, we believe our foray into Europe and the United States is well timed. We plan on deploying the best available technologies on our projects and showing strong support for our communities and partner. First off though, it's time to show off results from the drill bit." About the Nussir Property Nussir is a privately held mining company incorporated under the laws of Norway , established in 2005. Its aim is to develop the Nussir Property copper-silver-gold mine located in northern Norway . Former open pit mining occurred at the mine during the 1970s in 4 shear-hosted open pits. Nussir has been focused on advancing a sedimentary hosted copper deposit on the same project with analysis, study work and permits granted over a 20-year period. SRK Consulting (UK) Limited completed an updated JORC-compliant feasibility study on the construction ready project in May 2023 with an initial capital cost estimated at US$101 million . Historical estimate of JORC-compliant resources exist as follows (SRK DFS Report dated May 2023 ): (1)(2) Measured resources of 1.7 Mt at 1.16% Cu, 0.22 g/t Au and 13.3 g/t Ag Indicated resources of 31.8 Mt at 1.09% Cu, 0.13 g/t Au and 12.6 g/t Ag Inferred resources of: 33.4 Mt at 1.16% Cu, 0.17 g/t Au and 16 g/t Ag High potential to increase global resources through: Upgrading undrilled areas of the ~10 km resource trend and infilling high-grade resource (+2% CuEq) areas that have seen limited drill density Defining the parallel zone at the Nussir Property, which does not currently have any resources, and could have meaningful strike length Drilling underneath the historical open pit production through the existing 2.5 km underground tunnel, and expanding resources that are open Drilling a geochemical anomaly between the historical open pits and the Nussir Property Groundbreaking ore sorting technology is being tested which could provide major reduction in waste, increase processing capacity and lower operating costs Blue Moon will be investigating all of these opportunities. With substantial drilling from the underground decline and test mining different options for tailings deposition will be investigated prior to completing a feasibility study and making a full construction decision. This work is projected to be the bulk of the use of proceeds from the Concurrent Equity Financing. About the NSG Property Blue Moon is excited about the copper potential of northern Norway , and the NSG Property would be the first new copper mine in the country in over 50 years. The NSG Property has some of the most attractive rocks in the country from a historical perspective, with the area at the NSG Property having hosted the largest mining operation in the country. The remaining deposits still constitute among the largest known deposit of copper in Norway and are expected to contain significant exploration upside. No resources exist as compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (" NI 43-101 "), but the NSG Property has a historical estimate of inferred resources of: 29.4 Mt at 0.9% Cu and 0.17% Zn. Precious metals and sulfur have not been assayed but are expected to become a credit. (1)(4) Concurrent Equity Financing The Concurrent Equity Financing will be conducted by way of a brokered private placement of a minimum of 10,000,000 units and a maximum of 16,666,667 units (the " Units ") of Blue Moon at a price of C$3.00 per Unit for minimum gross proceeds of C$30,000,000 and maximum gross proceeds of C$50,000,000 , co-led by Cormark Securities Inc. and Scotia Capital Inc. on behalf of a syndicate of investment dealers (collectively, the " Agents ") Each Unit issued in the Concurrent Equity Financing will consist of 1 common share of Blue Moon (each, a " Unit Share ") and 9 subscription receipts (each, a " Subscription Receipt "), with 10% of the price per Unit allocated to the Unit Share underlying each Unit and 90% of the price per Unit allocated to the Subscription Receipts underlying each Unit. The proceeds allocated to the Unit Shares will be released to Blue Moon upon closing of the Concurrent Equity Financing, and will not be returned to the subscribers in the event the Escrow Release Conditions (as defined below), which include the completion of the Nussir Transaction, are not met. Upon completion of the Nussir Transaction, and subject to certain customary conversion conditions for a transaction of this nature (collectively, " Escrow Release Conditions "), each Subscription Receipt will convert into one common share of Blue Moon (each, an " Underlying Share ") without payment of additional consideration or further action on the part of the holder. Blue Moon has agreed to pay to the Agents a commission equal to 6.0% of the gross proceeds from the Concurrent Equity Financing, 50% of which will be placed in escrow (the " Escrowed Commission ") as described below. A President's List will also be part of the Concurrent Equity Financing with varying commissions depending on the potential subscriber, but none higher than 6.0%. The proceeds of the Concurrent Equity Financing, other than those proceeds allocated to the Unit Shares, and the Escrowed Commission (the " Escrowed Proceeds "), will be held in escrow pending satisfaction of the Escrow Release Conditions. Provided that the Escrow Release Conditions are satisfied or waived (where permitted) prior to 5:00 p.m. ( Toronto time) on February 27, 2025 , or prior to April 30, 2025 if Blue Moon shareholder approval is required by the TSXV, (the " Escrow Release Deadline "), the Escrowed Commission will be released to the Agents from the Escrowed Proceeds, the balance of the Escrowed Proceeds will be released to or as directed by Blue Moon, and the Subscription Receipts shall be automatically converted into Underlying Shares, without payment of any additional consideration or further action on the part of the subscribers. In the event that the Escrow Release Conditions are not satisfied by the Escrow Release Deadline, the Escrowed Proceeds, together with interest earned thereon, will be returned to the holders of the Subscription Receipts and such Subscription Receipts will be cancelled. The proceeds from the Unit Shares will be immediately released to Blue Moon to be used for general corporate purposes and advancement of the Blue Moon project, along with costs related to the Transactions. The proceeds from the Subscription Receipts will be primarily utilized for exploration decline development, underground exploration, and optimization studies at the Nussir Property, exploration permitting at the Blue Moon Property and the NSG Property, and general corporate purposes and working capital. The securities issued under the Concurrent Equity Financing will be subject to a statutory four-month hold period under applicable securities laws. Completion of the Concurrent Equity Financing does not provide a guarantee that the Transactions will be completed. The Concurrent Equity Financing must be closed by January 15 th and the overall Transactions closed by February 27, 2025 , as outside dates, unless extended by mutual agreement of the parties. Blue Moon intends to list on the Oslo Stock Exchange after closing of the Transactions. Conditions Precedent The closing of the Nussir Transaction is conditional on closing of the NSG Transaction and the conversion of Subscription Receipts is conditional on the Transactions closing. The closing of the NSG Transaction is conditional on the closing of the Nussir Transaction. Both Nussir and NSG are being acquired on a debt-free basis. The boards of directors of all 3 companies have unanimously approved the Transaction. The board of directors of the resulting issuer (the " Board ") shall include 3 existing directors of Blue Moon ( Christian Kargl-Simard , Maryse Bélanger and Haytham Hodaly ), two nominated by Nussir, being Francis Johnstone and Karin Thorburn , with one nominee of NSG to be nominated at the next scheduled shareholder meeting. Senior Officers of the resulting issuer will be Christian Kargl-Simard as Chief Executive Officer and Frances Kwong as Chief Financial Officer, with additional officers to be announced in due course. The existing JORC-compliant feasibility study on the Nussir Property will be restated and/or reconciled to be compliant with NI 43-101 prior to closing. A NI 43-101 compliant report on the NSG Property is also being prepared, but no determination has been made by the TSXV whether such a report will or will not be required for completion of the Transactions at this time. The following is the minimum escrow release policy for Blue Moon Shares to be issued to Nussir shareholders on closing of the Nussir Transaction: 50% release after 6 months and a following 50% release after 12 months. The following is the minimum escrow release policy for Blue Moon Shares to be issued to NSG shareholders on closing of the NSG Transaction: 50% release after 6 months and a following 50% release after 12 months. All securities issued under the Transactions may be subject to additional escrow requirements as determined by the TSXV. In addition to the required 90.1% Nussir shareholder approval, the Transaction is also subject to the satisfaction of certain other closing conditions customary for a transaction of this nature. The Transaction remains subject to Exchange approval in all respects on behalf of Blue Moon. The Transaction is expected to be completed by the end of February 2025 . Blue Moon Shares will remain halted for trading until closing of the Transaction. The definitive agreements (the " Definitive Agreements ") for the Nussir Transaction and the NSG Transaction, which will be signed upon closing of the Concurrent Equity Financing, will include representations, warranties, covenants, indemnities, termination rights and other provisions customary for a transaction of this nature. In particular, the Definitive Agreements will provide for customary deal protections, including non-solicitation covenants on the parties and a right of the other party to match any Superior Proposal (as defined in the Definitive Agreements). The Definitive Agreements will include a termination fee payable by the parties, under certain circumstances (including if the Definitive Agreements are terminated in connection with such parties pursuing superior proposals). Advisors and Counsel DLA Piper ( Canada ) LLP and Simonsen Vogt Wiig AS are acting as Blue Moon's Canadian and Norwegian legal advisors, respectively. CIBC Capital Markets is acting as financial advisor to Nussir. Fasken Martineau LLP and Arntzen de Besche are acting as Nussir' Canadian and Norwegian legal advisors, respectively. Qualified Persons Dustin Small , P. Eng., qualified person under NI 43-101, has approved the scientific and technical information related to the operations matters contained in this news release. Notes: (1) As at the date of this news release, a qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves in accordance with NI 43-101 and Blue Moon is not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, the Company needs to engage a qualified person to review the historical data, review any work completed on the property since the date of the estimate and complete a new technical report. Blue Moon views this historical data as an indicator of the potential size and grade of the mineralized deposits, and this data is relevant to Company's future plans with respect to the property. (2) The effective date of this estimate is December 31, 2020, and is contained in the "Nussir Feasibility Study 2023" dated May 2023 and prepared by Sabine Anderson, Richard Oldcorn and Guy Dishaw of SRK Consulting (UK) Limited. (3) The effective date of this estimate is October 27, 2023. For more information see the "Technical Report for the Blue Moon Mine, Township 4 South, Range 16 East MDB&M, Mariposa County, California" dated November 19, 2023 and prepared by Dr. Thomas A. Hendricksen, QP, CPG, and Scott Wilson, CPG. This is expected to be superseded by a NI 43-101 preliminary economic assessment and updated resource estimate in Q1-2025. (4) The effective date of this preliminary internal resource estimate is July 10, 2022, and is contained in the "Sulitjelma – Resource Estimation Memo" prepared by Adam Wheeler, dated July 10, 2022. About Blue Moon Blue Moon Metals is advancing its Blue Moon polymetallic deposit which contains zinc, gold, silver and copper. The property is well located with existing local infrastructure including paved highways three miles from site; a hydroelectric power generation facility a few miles from the site, a three-hour drive to the Oakland port and a four-hour drive to the service center of Reno. Zinc and copper are currently on the USGS list of metals critical to the US economy and national security. More information is available on the Company's website ( www.bluemoonmetals.com ). For further information: Blue Moon Metals Inc. Christian Kargl-Simard President, CEO and Director Phone: (416) 230 3440 Email: christian@bluemoonmetals.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS This news release includes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws relating to, among other things, the anticipated benefits of the Transactions; the holdings of the existing Blue Moon, Nussir and NSG shareholders at closing of the Transactions; the participation of some Nussir and NSG shareholders in the Concurrent Equity Financing; that no single shareholder will own 20% of Blue Moon at closing; the strategic rationale for the Transactions; the growth potential of Blue Moon; Blue Moon's development plans for the Nussir Property, Blue Moon Property and NSG Property; the decisions regarding production; the creation of a new copper-zinc development company; deployment of the best available technologies on the projects; the exploration potential at the Nussir Property; the anticipated use of the proceeds of the Concurrent Equity Financing; the conversion of the Subscription Receipts; the anticipated timing of closing of the Concurrent Equity Financing; the listing of Blue Moon on the Oslo Stock Exchange and the timing thereof; the entry into the Definitive Agreements; the composition of the Board following closing of the Transactions; the receipt of all required approvals for closing of the Transactions, including the 90.1% Nussir shareholder approval; the ability of the parties to satisfy the other conditions to the closing of the Transactions; the anticipated timing for closing of the Transactions; the restatement and/or reconciliation of the technical report on the Nussir Property to be compliant with NI 43-101; and that the technical report for the Blue Moon Property will be superseded by a NI 43-101 preliminary economic assessment and updated resource estimate, and the timing thereof. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance. We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents expectations as of the date of this news release and are subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein. Forward-looking information is provided herein for the purpose of giving information about the Transactions referred and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. Completion of the Transactions is subject to customary closing conditions, termination rights and other risks and uncertainties including 90.1% Nussir shareholder approval. Accordingly, there can be no assurance that the Transactions will occur, or that it will occur on the terms and conditions contemplated in this news release. The Transactions could be modified, restructured or terminated. There can also be no assurance that the strategic benefits expected to result from the Transactions will be fully realized. In addition, if the transaction is not completed, and each of the parties continues as an independent entity, there are risks that the announcement of the Transactions and the dedication of substantial resources of each party to the completion of the Transactions could have an impact on such party's current business relationships (including with future and prospective employees, customers, distributors, suppliers and partners) and could have a material adverse effect on the current and future operations, financial condition and prospects of such party. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca . SOURCE Blue Moon Metals Inc. View original content: http://www.newswire.ca/en/releases/archive/November2024/27/c7574.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Most Americans, from both parties, say the government needs to increase the supply of affordable housing. For President-elect Donald Trump, that should offer a good opportunity to summon his instincts for development — and self-promotion — to get America building again. Call it the “Trump building boom.” The problem is clear: For more than a decade, housing construction has failed to keep up with U.S. population growth and household formation. This has helped drive a nearly 50% increase in the median sales price of houses and a similar jump in rents, outstripping an 18% gain in real median household income. The income required to afford a new single-family home is now almost twice what it was five years ago, and nearly half of renting households spend more than 30% of their income on rent. By some measures, homelessness is at a record level. Normally, rising prices should spur construction, and that is starting to happen. But why not faster? For one thing, in many of the cities with the most severe housing shortages, local zoning restrictions, land-use regulations, rent controls, affordable-housing mandates and permitting requirements — among other burdens — limit development. Sustained attention to complex problems does not come naturally to Trump. But as a second-generation real estate developer, he has had plenty of personal experience with the bureaucratic obstacles and political opposition that housing plans often encounter. This might offer him an advantage in helping the U.S. build the estimated 2.5 million homes the country needs. Success would depend on three things. First, the administration should encourage a wave of rezoning and deregulation at state and local levels, which is the source of most of the friction. In his first term, Trump established a council to study the problem. This time around, he should act on its recommendations, including by helping local governments dial back costly requirements such as parking minimums and minimum lot sizes and speed up permitting. Perhaps the “freedom cities” Trump says he wants to build on federal land (details TBD) might be exemplars in this regard. More prosaically, the administration should change federal policies that needlessly raise the cost of construction. This could include reducing certain tariffs — such as those on Canadian lumber, which were sharply increased during the Biden administration — as well as expediting environmental reviews and reducing red tape. To help address the 288,000 job openings in construction, up from an average of 190,000 since 2000, Trump could create incentives for community colleges and vocational schools to provide relevant training and offer more visas for qualified immigrants. Finally, Trump has promised to reduce interest rates , which would certainly help make housing more affordable . A commitment to respect the Federal Reserve’s independence would cost him little but help a lot. So might a pledge to cut spending and to moderate the many tax cuts he has talked about. Trump’s record suggests that any such compromise is a long shot. Then again, if there’s one consistency in Trump’s career, it’s that he defies expectations. Providing an ample supply of housing — and making life more affordable — should be a goal of every policymaker. Trump will arrive in office with an opportunity to achieve that goal. “Build, baby, build,” you might say. Get local news delivered to your inbox!
OTTAWA—The RCMP says it has “contingency plans” to deploy more Mounties to the Canada-U.S. border but needs answers from the Liberal government about how much more it intends to spend on additional drones, helicopters or other technology to surveil it. The Trudeau government says it has not yet “finalized” those decisions as it fended off Opposition criticism it is too slow to act to counter incoming president Donald Trump’s threat of 25 per cent tariffs on Canadian products on his first day in office. RCMP Comm. Michael Duheme told reporters there are two “parallel” tracks to the Mounties’ plans — one contingent on how many illegal immigrants might be “removed” from America by an incoming Trump administration and drive a northward surge into Canada, and the other contingent on how much new technology the Liberal government will fund. Speaking after he testified at a public safety committee, the top Mountie said he is not opposed to expanding the Canada Border Services Agency (CBSA) mandate into the RCMP’s jurisdiction over territory between official border points of entry, as the border guards’ union has called for. “I think we have to do what’s right, to secure the borders. So if that’s increasing authorities to CBSA, I mean, that’s a discussion I would have” with the head of the CBSA and the government, Duheme said. He said it would be a “longer-term” move, “but I think we have to explore different ways of doing things.” Meanwhile, Duheme said the RCMP needs the “nimbleness” to reassign resources where needed, and he will deploy cadets from the RCMP training academy in Regina — as the national police force did in 2014 to provide additional security following the Parliament Hill attacks. “What you saw in Roxham Road (where migrants crossed illegally near Lacolle, Que.) may not repeat itself,” said Duheme. “It might come somewhere else, right? So that’s one thing, but on the parallel track is the planning a way forward with the asks that we’ve put in ... and the resources required to do it.” Defence Minister Bill Blair told the Star Monday night that Canadian Forces may be able to supply surveillance drones and other technological aids, but that soldiers would not be deployed to the border. Prime Minister Justin Trudeau, Public Safety Minister Dominic LeBlanc and Chrystia Freeland — who co-chairs the Canada-U.S. cabinet committee — met with Opposition leaders Tuesday to brief them on the government’s work to address the Trump threat, and on Trudeau’s and LeBlanc’s trip to Trump’s resort at Mar-a-Lago on Friday. Trudeau and LeBlanc discussed trade and the border over dinner with the president-elect at his Freeland later said she was not upset at not being included on the trip, and said “it was the right choice. The meeting was principally about the border. That is what was very clear from the conversation that the prime minister had with the president ahead of time.” Freeland called for a “Team Canada” approach to dealing with Trump, repeating a message she delivered to premiers last week, that it is “important for us to take care not to negotiate against ourselves.” However, when Trudeau’s Commons opponents emerged, they did not offer full-throated support for his efforts. Conservative Leader Pierre Poilievre said he would take a “Canada first” approach,” stress the harm that tariffs would have on Canada and the U.S. and he put the blame for Canada’s problems with Trump squarely at Trudeau’s feet, a line of attack he continued in the Commons. “Whether one thinks that President Trump’s tariff threats are a negotiating tactic or a real plan, what we do know is what we can control. The prime minister has lost control of everything” including borders and control of immigration, he said. Poilievre said Trudeau is an unpopular leader in an “unbearably weak position” to counter Trump, and demanded an election to replace him. Trudeau in the Commons replied that Poilievre should guard against repeating “erroneous narratives that the Americans are putting forward,” saying amplifying “these ‘broken’ narratives is simply not responsible leadership.” New Democrat Jagmeet Singh said he told Trudeau in the meeting that he pressed Trudeau to hire “at a minimum” 1,100 more border guards. That’s a lot fewer than the union says are needed. Erin O’Gorman, head of the border agency, told MPs the CBSA currently has 16,300 full time employees, 8,500 of whom are front-line employees, compared to 13,700 it had in 2014 when the Conservatives were in power. However, the Customs and Immigration Union says only 6,500 are considered front-line employees, including those who work not just at land border points of entry, but at airports and who enforce customs laws at postal facilities. Union head Mark Weber, in an interview with the Star, said the union has called for an additional 2,000-3,000 front-line officers, and was encouraged by LeBlanc’s testimony that showed an “openness” to expanding the role played by border guards to include patrolling in between official points of entry with the RCMP. Weber reiterated in a letter to LeBlanc Monday the union’s request to the Liberal government to review a 1932 cabinet order that directed the RCMP to cover border areas between official ports of entry while leaving the official points of entry to border officers. ” LeBlanc told MPs Tuesday that the government is “interested in taking immediate steps that will reassure Canadians and the Americans that the border remains secure and the integrity of the border is protected ... We haven’t made any decisions in that regard. But are open to considering that as well.” Bloc Québécois Leader Yves-François Blanchet said that the Liberals did not offer details, but seem to have a plan in the works. “We’ll see what it contains,” he said. “I don’t want to fight too much publicly about an issue which is very important for everybody, both in Canada and Quebec and Americans are looking at us now. So I will give some time to Mr. LeBlanc to provide us with the details of the plan.” Former Conservative leader Rona Ambrose in a CBC interview Tuesday said, “look, I think it’s easy to say everyone should be on Team Canada, but that doesn’t mean Team Trudeau.” Ambrose, who previously sat on Trudeau’s NAFTA advisory council, said Poilievre and Singh would all argue they are on Team Canada, but that they also have legitimate criticisms to make of how Trudeau has not positioned Canada’s economy to withstand Trump’s threats and the moves he will make to draw investors and capital away from Canada to the United States.
Elon Musk , in an X post, has backed Suchir Balaji’s mother Poornima Ramarao’s claims about foul play in her son’s death. The former employee of ChatGPT’s parent company, OpenAI, was found dead in his San Francisco apartment. A month prior to his death, he accused the artificial intelligence company of violating copyright law. A medical officer ruled his death as suicide and the San Francisco police said, there are “no evidence of foul play was found during the initial investigation.” However, the 26-year-old Indian-origin techie’s mother has called for an FBI investigation, casting doubts on the police’s conclusion that her son’s death was a suicide. Also Read: Indian-origin OpenAI whistleblower's mother breaks silence on Suchir Balaji's death: 'Doesn't look normal' “We hired private investigator and did second autopsy to throw light on cause of death. Private autopsy doesn’t confirm cause of death stated by police,” reads a post shared on the profile of X user Poornima Ramarao. “Suchir’s apartment was ransacked , sign of struggle in the bathroom and looks like some one hit him in bathroom based on blood spots. It’s a cold blooded mu*d*r declared by authorities as suicide,” the post further says. Elon Musk reacted to the post and wrote, “This doesn’t seem like a suicide.” “He felt AI is a harm to humanity,” in an earlier interview, Balaji’s mother recalled how her son’s optimism for AI turned into scepticism. What OpenAI Whistleblower Suchir Balaji accused the company of: In an interview with the New York Times in October, Suchir Bajaji accused OpenAI of using copyrighted data, claiming that it violated the law. He also told the outlet that “technologies like ChatGPT were damaging the internet.” Also Read: Rohan Mirchandani, Epigamia co-founder, dies after suffering cardiac arrest at 42: report The techie who worked for nearly four years as an artificial intelligence researcher at OpenAI left his job because he didn’t want to contribute to a technology he believed would harm society more than benefit. “If you believe what I believe, you have to just leave the company,” he said.
Pep in their step: Gwangju's V League team hits milestone with sixth winNEW YORK (AP) — The founder and former CEO of the failed cryptocurrency lending platform Celsius Network could face decades in prison after pleading guilty Tuesday to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky , 58, of Manhattan, entered the plea in New York federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius’s proprietary crypto token while secretly selling his own tokens at inflated prices to pocket about $48 million before Celsius collapsed into bankruptcy in 2022. In court, he admitted that in 2021 he publicly suggested there was regulatory consent for the company's moves because he knew that customers “would find false comfort” with that. And he said that in 2019, he was selling the crypto tokens even though he told the public that he was not. He said he knew customers would draw false comfort from that too. “I accept full responsibility for my actions,” Mashinsky said of crimes that stretched from 2018 to 2022 as the company pitched itself to customers as a modern-day bank where they could safely deposit crypto assets and earn interest. U.S. Attorney Damian Williams said in a release that Mashinsky “orchestrated one of the biggest frauds in the crypto industry” as his company's assets purportedly grew to about $25 billion at its peak, making it one of the largest crypto platforms in the world. He said Mashinsky used catchy slogans like “Unbank Yourself” to entice prospective customers with a pledge that their money would be as safe in crypto accounts as money would be in a bank. Meanwhile, prosecutors said, Mashinsky and co-conspirators used customer deposits to fund market purchases of the Celsius token to prop up its value. Machinsky made tens of millions of dollars selling his own CEL tokens at artificially high prices, leaving his customers “holding the bag when the company went bankrupt,” Williams said. An indictment alleged that Mashinsky promoted Celsius through media interviews, his social media accounts and Celsius’ website, along with a weekly “Ask Mashinsky Anything” session broadcast that was posted to Celsius’ website and a YouTube channel. Celsius employees from multiple departments who noticed false and misleading statements in the sessions warned Mashinsky, but they were ignored, the indictment said. A plea agreement Mashinsky made with prosecutors calls for him to be sentenced to up to 30 years in prison and to forfeit over $48 million, which is the amount of money he allegedly made by selling his company's token. Sentencing was scheduled for April 8.MONTEVIDEO, Uruguay (AP) — Uruguayans on Sunday voted in the second round of the country's presidential election , with the conservative governing party and the left-leaning coalition locked in a close runoff after failing to win an outright majority in last month’s vote . The closing of polls started a countdown to the announcement of official results as independent polling firms were preparing to release so-called quick counts. Depending on how tight the vote turns out to be, electoral officials may not call the race for days — as happened in the contentious 2019 runoff that brought center-right President Luis Lacalle Pou to office and ended 15 years of rule by Uruguay’s left-leaning Broad Front. Uruguay's staid election has turned into a hard-fought race between Álvaro Delgado, the incumbent party’s candidate who won 27% in the first round of voting on Oct. 27, and Yamandú Orsi from the Broad Front, who took 44% of the vote in the first round. But other conservative parties that make up the government coalition — in particular, the Colorado Party — notched 20% of the vote collectively, enough to give Delgado an edge over his challenger. Congress ended up evenly split in the October vote. Most polls have shown a virtual tie between Delgado and Orsi, with nearly 10% of Uruguayan voters undecided even at this late stage. Many said they believed turnout would be low if voting weren't compulsory in the country. “Neither candidate convinced me and I feel that there are many in my same situation," said Vanesa Gelezoglo, 31, in the capital, Montevideo, adding she would make up her mind at “the last minute.” Analysts say the candidates' lackluster campaigns and broad consensus on key issues have generated extraordinary indecision and apathy in an election dominated by discussions about social spending and concerns over income inequality but largely free of the anti-establishment rage that has vaulted populist outsiders to power elsewhere . “The question of whether Frente Amplio (the Broad Front) raises taxes is not an existential question, unlike what we saw in the U.S. with Trump and Kamala framing each other as threats to democracy," said Nicolás Saldías, a Latin America and Caribbean senior analyst for the London-based Economist Intelligence Unit. “That doesn't exist in Uruguay.” Both candidates are also appealing to voter angst over a surge in violent crime that has shaken a nation long regarded as one of the region’s safest, with Delgado promising tough-on-crime policies and Orsi advocating a more community-oriented approach. Delgado, 55, a rural veterinarian with a long career in the National Party, campaigned on a vow to continue the legacy of current President Lacalle Pou — in some ways making the election into a referendum on his leadership. He campaigned under the slogan “re-elect a good government." While a string of corruption scandals rattled Lacalle Pou's government last year, the president — who constitutionally cannot run for a second consecutive term — now enjoys high approval ratings and a strong economy expected to grow 3.2% this year, according to the International Monetary Fund. Inflation has also eased in recent months, boosting his coalition. Delgado served most recently as Secretary of the Presidency for Lacalle Pou and promises to pursue his predecessor's pro-business policies. He would continue pushing for a trade deal with China that has raised hackles in Mercosur, an alliance of South American countries promoting regional commerce. "We have to give the government coalition a chance to consolidate its proposals,” said Ramiro Pérez, a street vendor voting for Delgado on Sunday. Orsi, 57, a former history teacher and two-time mayor from a working-class background, is widely seen as the political heir to iconic former President José “Pepe” Mujica , an ex-Marxist guerilla who raised Uruguay's international profile as one of the region's most socially liberal and environmentally sustainable nations during his 2010-2015 term. His Broad Front coalition oversaw the legalization of abortion, same-sex marriage and the sale of marijuana in the small South American nation of 3.4 million people. “He's my candidate, not only for my sake but also for my children's,” Yeny Varone, a nurse, said of Orsi. “In the future they'll have better working conditions, health and salaries.” Mujica, now 89 and recovering from esophageal cancer , was among the first to cast his ballot after polls opened. “Uruguay is a small country, but it has earned recognition for being stable, for having a citizenry that respects institutional formalities,” he told reporters from his local polling station. “This is no small feat.” While promising to forge a “new left” in Uruguay, Orsi plans no dramatic changes. He proposes tax incentives to lure investment and social security reforms that would lower the retirement age but fall short of a radical overhaul sought by Uruguay's unions. The contentious plebiscite on whether to boost pension payouts failed to pass in October, with Uruguayans rejecting generous pensions in favor of fiscal constraint. Both candidates pledged full cooperation with each other if elected. “I want (Orsi) to know that my idea is to form a government of national unity,” Delgado told reporters after casting his vote in the capital's upscale Pocitos neighborhood. He said that if he won, he and Orsi would chat on Monday over some yerba mate, the traditional herbal drink beloved by Uruguayans. Orsi similarly pledged a smooth and respectful transition of power, describing Sunday's democratic exercise as “an incredible experience" as he voted in Canelones, the sprawling town of beaches and cattle ranches just north of Montevideo where he served as mayor for a decade. “The essence of politics is agreements,” he said. “You never end up completely satisfied.” ___ Associated Press writer Isabel DeBre in Villa Tunari, Bolivia, contributed to this report. Nayara Batschke, The Associated PressAre you tracking your health with a device? Here’s what could happen with the data
Rural counties push to secede from blue states after Trump’s winAston Villa fume after ref denies them last-gasp winner in Juventus stalemateORCHARD PARK, N.Y. (AP) — Gratifying as it was for Sean McDermott to catch up with his family and get some rest during Buffalo’s bye week, the Bills coach on Wednesday found comfort returning to his weekly routine and familiar wardrobe — a gray T-shirt and sweatpants. “When I’m not wearing those, I go to my closet and I don’t know what to wear. I’m kind of like not myself,” he said before pulling up his hoodie for emphasis to reveal the gray shirt he had on underneath. “So I was telling some of the guys this morning, ‘It’s good to be back.’” Though there remain challenges ahead, these are upbeat times in Buffalo . The Bills (9-2) are off to their best start since 1992. They remain in contention for the AFC’s top seed by entering their break following a 30-21 win over Kansas City (10-1). And Buffalo is in position to clinch its fifth straight AFC East title as early as Sunday. To do so, the Bills would need Miami to lose to Green Bay on Thursday night, and Buffalo to win its game over San Francisco (5-6) on Sunday night. Buffalo has won six straight since back-to-back losses at Baltimore and Houston, and scored 30 or more points in each of its past five outings. Refreshed as McDermott sounded and appeared, it didn’t take long for him to revert to his game-at-a-time script when assessing what’s on the line this weekend. “We’re mostly focused on our level of play this week against a good football team,” he said. McDermott shed little light on the status of Buffalo’s lengthy list of injured players. There’s no timetable yet on Matt Milano being activated off injured reserve, even though the starting linebacker practiced fully for the first time since tearing his left biceps during a training camp practice in mid-August. Milano has actually missed nearly 14 months since sustaining a season-ending injury to his right leg in Week 5 last season. Milano revealed little during a brief interview following practice. “I feel all right. Getting back into it with the team,” said Milano, who no longer wore a red non-contact jersey in practice. Meantime, rookie receiver Keon Coleman, who has missed two games with a right wrist injury, and starting right tackle Spencer Brown, who missed one game with an ankle injury, were limited in practice. Tight end Dalton Kincaid (knee) was Buffalo's only player not practicing. The Bills also opened the three-week window for backup rookie defensive tackle DeWayne Carter (wrist) and backup offensive lineman Tylan Grable (groin) to return. McDermott has another positive going for him revolving around the bye week. The Bills are 8-0 coming out of their break since McDermott took over as coach in 2017. “I don’t really have the, hey, this is exactly what we do formula,” McDermott said on whether he’s changed his bye week approach. “It’s more of us really just getting back to what we do, getting back to basics.” AP NFL: https://apnews.com/hub/nfl
Mavericks bounce back to earn three points on trip