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Jammu, Nov 30: Legislative Assembly of Union Territory of Jammu and Kashmir, in its maiden session, which lasted five days from November 4 to 8, 2024 in Srinagar, moved and passed a resolution seeking restoration of special status and constitutional guarantees. The resolution, moved by Deputy Chief Minister, Surinder Kumar Choudhary, on November 6 under supplementary list of business, “reaffirmed the importance of special status, constitutional guarantees, which safeguarded the identity, culture and rights of the people of Jammu and Kashmir.” Expressing concern over their (special status, constitutional guarantees) “unilateral removal”, the resolution read, “This (J&K) Legislative Assembly calls upon the Government of India to initiate dialogue with elected representatives of people of Jammu and Kashmir for restoration of special status, constitutional guarantees and to workout constitutional mechanisms for restoring these provisions.” “This Assembly emphasises that any process for restoration must safeguard both national unity and the legitimate aspirations of the people of Jammu and Kashmir,” the resolution, seconded by Minister for Health and Medical Education, Sakina Masood Itoo, read. The resolution, seeking restoration of Article 370 and 35-A in a very subtle expression, was passed by the J&K Legislative Assembly amid violent protest by 28 MLAs of the Bharatiya Janata Party (BJP). As anticipated earlier, the resolution created flutters across political spectrum, though its aftermath also saw dissonance among Kashmir based parties over “its (resolution’s) ambiguous and subtle expression (by not directly referring to Article 370 and 35-A).” This created a kind of discord between the alliance partners National Conference and the Congress as well after the latter interpreted it (resolution) as a reiteration of demand for restoration of statehood and not for restoration of “Article 370, 35-A” as the former (NC) insisted. “For Congress, following the Supreme Court’s decision on Article 370 and 35-A, the only issue pending is that of restoration of statehood, exclusive rights of locals over land and jobs and this was what this resolution emphasised,” was Congress leaders’ interpretation. Nevertheless, resolution spiralled into a controversy, which found its resonance across the country. While local BJP leadership protested against it tooth and nail in J&K, describing it as “an affront to the spirit of Constitution, Parliament and also the contempt of (Supreme) court”, top BJP leadership exploited this issue to the hilt in two poll-bound states, mainly Maharashtra. This not only put Congress on the defensive but also helped BJP bag a stunning victory in Maharashtra. It was notable that the J&K Legislative Assembly, in the absence of new Business Rules, conducted its business, in its maiden session under UT status, as per the rules existing in the erstwhile state of Jammu and Kashmir. Speaker J&K Legislative Assembly, Abdul Rahim Rather too had stated it, while presiding over the proceedings, quoting provision in J&K Reorganisation Act, 2019 enabling House (Assembly) to run as per the rules of erstwhile J&K till the framing of new rules. As the controversy erupted over resolution passed in J&K Legislative Assembly (LA) regarding special status and constitutional guarantees, dubbed as “illegal and unconstitutional” by BJP’s national as well as J&K leadership, it also raised another interesting proposition. Could J&K LA move, pass resolution on special status, had business rules on Puducherry model (which formed the premise of J&K UT’s governance model) been in place? Question finds its genesis in “The Administrator’s Rules for the Pondicherry Legislative Assembly.” Under its Part II, dealing with “Prohibition of discussion of certain matters”, Rule 5 stipulates “Restrictions on resolutions.” According to Rule 5 (1), no resolution “shall be moved which relates to any matter which affects the discharge of the functions of the Administrator in so far as he is required by the Act to act in his discretion.” According to sub rule (2), if the “Speaker is of the opinion that a resolution or any part of a resolution is or may be one which cannot be moved because it is prohibited under sub-rule (1), he shall, as soon as may be after the receipt of the resolution, forward to the Administrator a copy thereof and, unless the Administrator (whose decision in the matter shall be final) decides that the resolution may be moved, it shall not be entered in the List of Business.” As per sub-rule (3), “Notwithstanding the fact that the Speaker has made no reference under sub-rule (2), if the Administrator, acting in his discretion, decides that any resolution or any part of a resolution is one which cannot be moved because it is prohibited under sub-rule (1), he may communicate his decision (which shall be final) to the Speaker, and on such communication, the resolution shall not be entered in the List of Business or, if it has been so entered, the Speaker shall decline to allow the resolution to be moved.” Sub-rule (4) stipulates, “If any doubt arises whether any resolution of which notice has been given or any part thereof is or is not within the prohibition imposed by sub-rule (1), the Administrator shall, acting in his discretion, decide the point and his decision shall be final.” Almost similar restrictions are in place on “questions” to be asked (in LA), under Rule 4. It is pertinent to mention here that the rules for J&K Legislative Assembly, to facilitate its functioning under new setup, too are yet to be framed.
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SAN JOSE, Calif. , Nov. 26, 2024 /PRNewswire/ -- Cisco (NASDAQ: CSCO) will host its 2024 Annual Meeting of Stockholders on Monday, December 9, 2024 , beginning at 8:00 a.m. PST via audio webcast. Participants will include Cisco Chair and CEO Chuck Robbins . What: 2024 Cisco Virtual Annual Meeting of Stockholders When: Monday, December 9, 2024, 8:00 a.m. PST Listen and Watch: A live audio (including closed captioning) webcast of the meeting with synchronized slides will be available online. Cisco stockholders of record as of October 10, 2024 , can vote and ask questions online during the meeting. Visit www.virtualshareholdermeeting.com/CSCO2024 to attend. Online Annual Report: View Cisco's 2024 Annual Report and Proxy at www.cisco.com/c/en/us/about/annual-reports.html Replay: A replay of the Annual Stockholder Meeting with synchronized slides will be available on the Cisco Investor Relations website at investor.cisco.com within 24 hours of the conclusion. About Cisco Cisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco . Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks . Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. Investor Relations Contact: Press Contact: Sami Badri Robyn Blum Cisco Cisco 469-420-4834 408-930-8548 sambadri@cisco.com rojenkin@cisco.com View original content to download multimedia: https://www.prnewswire.com/news-releases/cisco-to-host-2024-virtual-annual-meeting-of-stockholders-302316943.html SOURCE Cisco Systems, Inc.High-Performance and Ultra-Stable Electric Motorcycle Motor Controller: A Selection Plan for Liquid Aluminum Electrolytic Capacitors 11-25-2024 11:32 PM CET | Industry, Real Estate & Construction Press release from: ABNewswire Development Direction of High-Speed Electric Motorcycle Motor Controllers As a core component of the vehicle, the high-speed electric motorcycle motor controller is responsible for power conversion and motor control, directly impacting the vehicle's energy efficiency, stability, and driving experience. Currently, the development of motor controllers is primarily focused on high energy efficiency, stability, and reliability to improve range and durability, enhancing market competitiveness.Key Technical Challenges of High-Speed Electric Motorcycle Motor Controllers Despite ongoing technological advancements, high-speed electric motorcycle motor controllers still face the following major issues: - Insufficient Energy Efficiency and Range: Poor energy management results in reduced range, while current fluctuations affect system stability. - Reliability and Longevity Issues: Under prolonged high-load conditions, components are prone to aging and frequent failures, impacting vehicle stability. - Insufficient Shock and Vibration Resistance: In bumpy and vibrational conditions, controller components are easily damaged, affecting normal operation. These challenges significantly limit the performance and user experience of high-speed electric motorcycles and urgently require improvement. YMIN Liquid Lead-Type Aluminum Electrolytic Capacitor Solution To address the above issues, the YMIN liquid lead-type aluminum electrolytic capacitor offers three core advantages that significantly enhance the performance and reliability of high-speed electric motorcycle motor controllers: - High Ripple Current Tolerance: Ensures stable voltage output during current fluctuations in the motor controller, optimizing energy management, increasing efficiency, and indirectly extending range. - Strong Impact Resistance: Maintains stable output under sudden current surges, enhancing the durability of the motor controller and ensuring reliable system operation. - Excellent Vibration Resistance: Reduces performance fluctuations caused by vibrations in bumpy environments, ensuring the motor controller operates normally. These advantages effectively address issues related to energy efficiency management, impact resistance, and vibration tolerance in motor controllers, greatly improving vehicle performance and reliability. Motorcycle Battery Module Voltage Specifications (1) 48V Battery Module: Uses a 63V capacitor to provide sufficient voltage margin, accommodating the voltage fluctuations of the 48V battery module to ensure stability and reliability. (2) 72V Battery Module: Uses a 100V capacitor, offering a higher voltage margin for the 72V battery module to enhance safety, extend service life, and ensure stable operation. Image: https://www.ymin.cn/uploads/%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20241108123700.png Summary With the rapid growth of the high-speed electric motorcycle market, the stability of motor controllers, as a core component, is crucial. YMIN's liquid lead-type aluminum electrolytic capacitors not only meet the stability requirements of high-speed electric motorcycle motor controllers but also effectively address critical issues like energy management, providing engineers with a high-efficiency, reliable solution. These capacitors are widely used in high-speed electric motorcycles, lawn mowers, golf carts, sightseeing vehicles, and electric forklifts. Choose YMIN and embrace a smarter, safer future. Media Contact Company Name: Shanghai Yongming Electronic Co., Ltd. Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=highperformance-and-ultrastable-electric-motorcycle-motor-controller-a-selection-plan-for-liquid-aluminum-electrolytic-capacitors ] Country: China Website: https://www.cap-ymin.com/ This release was published on openPR.
By BILL BARROW, Associated Press ATLANTA (AP) — Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, endured humbling defeat after one tumultuous term and then redefined life after the White House as a global humanitarian, has died. He was 100 years old. The longest-lived American president died on Sunday, more than a year after entering hospice care , at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023 , spent most of their lives, The Carter Center said. Businessman, Navy officer, evangelist, politician, negotiator, author, woodworker, citizen of the world — Carter forged a path that still challenges political assumptions and stands out among the 45 men who reached the nation’s highest office. The 39th president leveraged his ambition with a keen intellect, deep religious faith and prodigious work ethic, conducting diplomatic missions into his 80s and building houses for the poor well into his 90s. “My faith demands — this is not optional — my faith demands that I do whatever I can, wherever I am, whenever I can, for as long as I can, with whatever I have to try to make a difference,” Carter once said. A moderate Democrat, Carter entered the 1976 presidential race as a little-known Georgia governor with a broad smile, outspoken Baptist mores and technocratic plans reflecting his education as an engineer. His no-frills campaign depended on public financing, and his promise not to deceive the American people resonated after Richard Nixon’s disgrace and U.S. defeat in southeast Asia. “If I ever lie to you, if I ever make a misleading statement, don’t vote for me. I would not deserve to be your president,” Carter repeated before narrowly beating Republican incumbent Gerald Ford, who had lost popularity pardoning Nixon. Carter governed amid Cold War pressures, turbulent oil markets and social upheaval over racism, women’s rights and America’s global role. His most acclaimed achievement in office was a Mideast peace deal that he brokered by keeping Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin at the bargaining table for 13 days in 1978. That Camp David experience inspired the post-presidential center where Carter would establish so much of his legacy. Yet Carter’s electoral coalition splintered under double-digit inflation, gasoline lines and the 444-day hostage crisis in Iran. His bleakest hour came when eight Americans died in a failed hostage rescue in April 1980, helping to ensure his landslide defeat to Republican Ronald Reagan. Carter acknowledged in his 2020 “White House Diary” that he could be “micromanaging” and “excessively autocratic,” complicating dealings with Congress and the federal bureaucracy. He also turned a cold shoulder to Washington’s news media and lobbyists, not fully appreciating their influence on his political fortunes. “It didn’t take us long to realize that the underestimation existed, but by that time we were not able to repair the mistake,” Carter told historians in 1982, suggesting that he had “an inherent incompatibility” with Washington insiders. Carter insisted his overall approach was sound and that he achieved his primary objectives — to “protect our nation’s security and interests peacefully” and “enhance human rights here and abroad” — even if he fell spectacularly short of a second term. Ignominious defeat, though, allowed for renewal. The Carters founded The Carter Center in 1982 as a first-of-its-kind base of operations, asserting themselves as international peacemakers and champions of democracy, public health and human rights. “I was not interested in just building a museum or storing my White House records and memorabilia,” Carter wrote in a memoir published after his 90th birthday. “I wanted a place where we could work.” That work included easing nuclear tensions in North and South Korea, helping to avert a U.S. invasion of Haiti and negotiating cease-fires in Bosnia and Sudan. By 2022, The Carter Center had declared at least 113 elections in Latin America, Asia and Africa to be free or fraudulent. Recently, the center began monitoring U.S. elections as well. Carter’s stubborn self-assuredness and even self-righteousness proved effective once he was unencumbered by the Washington order, sometimes to the point of frustrating his successors . He went “where others are not treading,” he said, to places like Ethiopia, Liberia and North Korea, where he secured the release of an American who had wandered across the border in 2010. “I can say what I like. I can meet whom I want. I can take on projects that please me and reject the ones that don’t,” Carter said. He announced an arms-reduction-for-aid deal with North Korea without clearing the details with Bill Clinton’s White House. He openly criticized President George W. Bush for the 2003 invasion of Iraq. He also criticized America’s approach to Israel with his 2006 book “Palestine: Peace Not Apartheid.” And he repeatedly countered U.S. administrations by insisting North Korea should be included in international affairs, a position that most aligned Carter with Republican President Donald Trump. Among the center’s many public health initiatives, Carter vowed to eradicate the guinea worm parasite during his lifetime, and nearly achieved it: Cases dropped from millions in the 1980s to nearly a handful. With hardhats and hammers, the Carters also built homes with Habitat for Humanity. The Nobel committee’s 2002 Peace Prize cites his “untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” Carter should have won it alongside Sadat and Begin in 1978, the chairman added. Carter accepted the recognition saying there was more work to be done. “The world is now, in many ways, a more dangerous place,” he said. “The greater ease of travel and communication has not been matched by equal understanding and mutual respect.” Carter’s globetrotting took him to remote villages where he met little “Jimmy Carters,” so named by admiring parents. But he spent most of his days in the same one-story Plains house — expanded and guarded by Secret Service agents — where they lived before he became governor. He regularly taught Sunday School lessons at Maranatha Baptist Church until his mobility declined and the coronavirus pandemic raged. Those sessions drew visitors from around the world to the small sanctuary where Carter will receive his final send-off after a state funeral at Washington’s National Cathedral. The common assessment that he was a better ex-president than president rankled Carter and his allies. His prolific post-presidency gave him a brand above politics, particularly for Americans too young to witness him in office. But Carter also lived long enough to see biographers and historians reassess his White House years more generously. His record includes the deregulation of key industries, reduction of U.S. dependence on foreign oil, cautious management of the national debt and notable legislation on the environment, education and mental health. He focused on human rights in foreign policy, pressuring dictators to release thousands of political prisoners . He acknowledged America’s historical imperialism, pardoned Vietnam War draft evaders and relinquished control of the Panama Canal. He normalized relations with China. “I am not nominating Jimmy Carter for a place on Mount Rushmore,” Stuart Eizenstat, Carter’s domestic policy director, wrote in a 2018 book. “He was not a great president” but also not the “hapless and weak” caricature voters rejected in 1980, Eizenstat said. Rather, Carter was “good and productive” and “delivered results, many of which were realized only after he left office.” Madeleine Albright, a national security staffer for Carter and Clinton’s secretary of state, wrote in Eizenstat’s forward that Carter was “consequential and successful” and expressed hope that “perceptions will continue to evolve” about his presidency. “Our country was lucky to have him as our leader,” said Albright, who died in 2022. Jonathan Alter, who penned a comprehensive Carter biography published in 2020, said in an interview that Carter should be remembered for “an epic American life” spanning from a humble start in a home with no electricity or indoor plumbing through decades on the world stage across two centuries. “He will likely go down as one of the most misunderstood and underestimated figures in American history,” Alter told The Associated Press. James Earl Carter Jr. was born Oct. 1, 1924, in Plains and spent his early years in nearby Archery. His family was a minority in the mostly Black community, decades before the civil rights movement played out at the dawn of Carter’s political career. Carter, who campaigned as a moderate on race relations but governed more progressively, talked often of the influence of his Black caregivers and playmates but also noted his advantages: His land-owning father sat atop Archery’s tenant-farming system and owned a main street grocery. His mother, Lillian , would become a staple of his political campaigns. Seeking to broaden his world beyond Plains and its population of fewer than 1,000 — then and now — Carter won an appointment to the U.S. Naval Academy, graduating in 1946. That same year he married Rosalynn Smith, another Plains native, a decision he considered more important than any he made as head of state. She shared his desire to see the world, sacrificing college to support his Navy career. Carter climbed in rank to lieutenant, but then his father was diagnosed with cancer, so the submarine officer set aside his ambitions of admiralty and moved the family back to Plains. His decision angered Rosalynn, even as she dived into the peanut business alongside her husband. Carter again failed to talk with his wife before his first run for office — he later called it “inconceivable” not to have consulted her on such major life decisions — but this time, she was on board. “My wife is much more political,” Carter told the AP in 2021. He won a state Senate seat in 1962 but wasn’t long for the General Assembly and its back-slapping, deal-cutting ways. He ran for governor in 1966 — losing to arch-segregationist Lester Maddox — and then immediately focused on the next campaign. Carter had spoken out against church segregation as a Baptist deacon and opposed racist “Dixiecrats” as a state senator. Yet as a local school board leader in the 1950s he had not pushed to end school segregation even after the Supreme Court’s Brown v. Board of Education decision, despite his private support for integration. And in 1970, Carter ran for governor again as the more conservative Democrat against Carl Sanders, a wealthy businessman Carter mocked as “Cufflinks Carl.” Sanders never forgave him for anonymous, race-baiting flyers, which Carter disavowed. Ultimately, Carter won his races by attracting both Black voters and culturally conservative whites. Once in office, he was more direct. “I say to you quite frankly that the time for racial discrimination is over,” he declared in his 1971 inaugural address, setting a new standard for Southern governors that landed him on the cover of Time magazine. His statehouse initiatives included environmental protection, boosting rural education and overhauling antiquated executive branch structures. He proclaimed Martin Luther King Jr. Day in the slain civil rights leader’s home state. And he decided, as he received presidential candidates in 1972, that they were no more talented than he was. In 1974, he ran Democrats’ national campaign arm. Then he declared his own candidacy for 1976. An Atlanta newspaper responded with the headline: “Jimmy Who?” The Carters and a “Peanut Brigade” of family members and Georgia supporters camped out in Iowa and New Hampshire, establishing both states as presidential proving grounds. His first Senate endorsement: a young first-termer from Delaware named Joe Biden. Yet it was Carter’s ability to navigate America’s complex racial and rural politics that cemented the nomination. He swept the Deep South that November, the last Democrat to do so, as many white Southerners shifted to Republicans in response to civil rights initiatives. A self-declared “born-again Christian,” Carter drew snickers by referring to Scripture in a Playboy magazine interview, saying he “had looked on many women with lust. I’ve committed adultery in my heart many times.” The remarks gave Ford a new foothold and television comedians pounced — including NBC’s new “Saturday Night Live” show. But voters weary of cynicism in politics found it endearing. Carter chose Minnesota Sen. Walter “Fritz” Mondale as his running mate on a “Grits and Fritz” ticket. In office, he elevated the vice presidency and the first lady’s office. Mondale’s governing partnership was a model for influential successors Al Gore, Dick Cheney and Biden. Rosalynn Carter was one of the most involved presidential spouses in history, welcomed into Cabinet meetings and huddles with lawmakers and top aides. The Carters presided with uncommon informality: He used his nickname “Jimmy” even when taking the oath of office, carried his own luggage and tried to silence the Marine Band’s “Hail to the Chief.” They bought their clothes off the rack. Carter wore a cardigan for a White House address, urging Americans to conserve energy by turning down their thermostats. Amy, the youngest of four children, attended District of Columbia public school. Washington’s social and media elite scorned their style. But the larger concern was that “he hated politics,” according to Eizenstat, leaving him nowhere to turn politically once economic turmoil and foreign policy challenges took their toll. Carter partially deregulated the airline, railroad and trucking industries and established the departments of Education and Energy, and the Federal Emergency Management Agency. He designated millions of acres of Alaska as national parks or wildlife refuges. He appointed a then-record number of women and nonwhite people to federal posts. He never had a Supreme Court nomination, but he elevated civil rights attorney Ruth Bader Ginsburg to the nation’s second highest court, positioning her for a promotion in 1993. He appointed Paul Volker, the Federal Reserve chairman whose policies would help the economy boom in the 1980s — after Carter left office. He built on Nixon’s opening with China, and though he tolerated autocrats in Asia, pushed Latin America from dictatorships to democracy. But he couldn’t immediately tame inflation or the related energy crisis. And then came Iran. After he admitted the exiled Shah of Iran to the U.S. for medical treatment, the American Embassy in Tehran was overrun in 1979 by followers of the Ayatollah Ruhollah Khomeini. Negotiations to free the hostages broke down repeatedly ahead of the failed rescue attempt. The same year, Carter signed SALT II, the new strategic arms treaty with Leonid Brezhnev of the Soviet Union, only to pull it back, impose trade sanctions and order a U.S. boycott of the Moscow Olympics after the Soviets invaded Afghanistan. Hoping to instill optimism, he delivered what the media dubbed his “malaise” speech, although he didn’t use that word. He declared the nation was suffering “a crisis of confidence.” By then, many Americans had lost confidence in the president, not themselves. Carter campaigned sparingly for reelection because of the hostage crisis, instead sending Rosalynn as Sen. Edward M. Kennedy challenged him for the Democratic nomination. Carter famously said he’d “kick his ass,” but was hobbled by Kennedy as Reagan rallied a broad coalition with “make America great again” appeals and asking voters whether they were “better off than you were four years ago.” Reagan further capitalized on Carter’s lecturing tone, eviscerating him in their lone fall debate with the quip: “There you go again.” Carter lost all but six states and Republicans rolled to a new Senate majority. Carter successfully negotiated the hostages’ freedom after the election, but in one final, bitter turn of events, Tehran waited until hours after Carter left office to let them walk free. At 56, Carter returned to Georgia with “no idea what I would do with the rest of my life.” Four decades after launching The Carter Center, he still talked of unfinished business. “I thought when we got into politics we would have resolved everything,” Carter told the AP in 2021. “But it’s turned out to be much more long-lasting and insidious than I had thought it was. I think in general, the world itself is much more divided than in previous years.” Still, he affirmed what he said when he underwent treatment for a cancer diagnosis in his 10th decade of life. “I’m perfectly at ease with whatever comes,” he said in 2015 . “I’ve had a wonderful life. I’ve had thousands of friends, I’ve had an exciting, adventurous and gratifying existence.” ___ Former Associated Press journalist Alex Sanz contributed to this report.The lack of adequate funding has left many of Levuka’s historic buildings in disrepair, says Special Administrator Nemani Bulivou. He claims that dilapidated structures frequently greet visitors to Levuka, undermining Levuka’s potential as a major tourism destination. Bulivou says the council is grappling with limited funding and unclear responsibilities for maintaining the town’s heritage assets, including over 22 buildings and 11 monuments that date back over a century. Bulivou says the council has identified a need for improved macro-level coordination between local and national agencies. Bulivou highlighted this while making submissions before the Standing Committee on Social Affairs.Peloton Interactive Inc. stock underperforms Monday when compared to competitors despite daily gains
EDMONTON — Prairie premiers are urging Canada to act on American concerns over illegal cross-border traffic of people and drugs to stave off the looming threat of 25-per-cent tariffs. Alberta's Danielle Smith, Saskatchewan's Scott Moe, and Manitoba's Wab Kinew said Tuesday that Canada must better address the concerns of its largest trading partner. Incoming U.S. president Donald Trump promised Monday to impose the tariffs on his first day in office in January. He said he would keep the tariffs in place until Canada and Mexico stop illegal border crossings and prevent drugs such as fentanyl from entering the U.S. Smith told the legislature Tuesday the tariffs would be “devastating” across the board. She said she will highlight the "pressure points" that need to be addressed during a planned meeting Wednesday between premiers and Prime Minister Justin Trudeau. "I believe the new (Trump) administration has been very clear about what it is they want. They want us to meet our two-per-cent NATO commitment, and they want to stop the leaky border," she said, pointing to the illegal fentanyl trade. In a video posted to social media, Smith said Canada needs to reach its pledged commitment to spend at least two per cent of its gross domestic product on defence by 2032. "If their trade partners are looking to be free riders on American security interests, that's also going to harm the relationship," Smith said, adding, "you also have to take seriously the asylum seekers." The U.S. is Alberta’s largest trading partner, with $188 billion in bilateral trade in 2023. Last year, energy products accounted for more than 80 per cent of that trade, or about $134 billion. Smith said the vast majority of Alberta's energy exports to the U.S. are "delivered through secure and safe pipelines," which "do not in any way contribute to these illegal activities." Manitoba's premier said Tuesday the tariffs would mean a recession for his province and that Canada needs to show the new U.S. administration it's serious about border security and tackling the drug crisis. Kinew said it begins with Canada’s pledge to its NATO allies. "First and foremost, (it’s about) hitting that target of two per cent spending on defence,” said Kinew. “That gets us in the game just to be taken seriously as a security partner with the U.S. If we don't do it, it's going to become a trade problem." In Regina, Moe told reporters he understands Trump’s position on border security He proposed Trudeau look at having the Canada Border Services Agency work under the arm of the military. “I think that might be a way for us to really work collaboratively, to work together with our American people, but also ensuring that we do have a secure border,” he said. Moe added the proposed tariffs would hurt Saskatchewan’s export-based economy and drive up prices on both sides of the border. “This will have a significant impact in Canada and particularly in Saskatchewan. We export about 60 per cent of our products to the U.S. I don’t think any job, any industry would be untouched with a 25-per-cent tariff from the U.S. on all Canadian products,” he said. He said his province plans to use all levers at its disposal to stop the tariffs and will approach the U.S. directly, adding the province has a strong relationship with some in Trump’s administration. In 2023, Saskatchewan’s exports to the U.S. amounted to almost $27 billion after hitting a record high of $29 billion in 2022. Its top exports include crude oil, potash and canola. This report by The Canadian Press was first published Nov. 26, 2024. — With files from Jeremy Simes in Regina and Brittany Hobson in Winnipeg Lisa Johnson, The Canadian PressSHENZHEN, China , Nov. 26, 2024 /PRNewswire/ -- X Financial XYF (the "Company" or "we"), a leading online personal finance company in China , today announced its unaudited financial results for the third quarter ended September 30, 2024 . Third Quarter 2024 Operational Highlights Three Months Ended September 30, 2023 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 QoQ YoY Total loan amount facilitated and originated (RMB in million) 29,462 22,749 28,338 24.6 % (3.8 %) Number of active borrowers 1,809,815 1,642,605 1,965,248 19.6 % 8.6 % The total loan amount facilitated and originated [1] in the third quarter of 2024 was RMB28,338 million , compared with RMB29,462 million in the same period of 2023. Total number of active borrowers [2] was 1,965,248 in the third quarter of 2024, compared with 1,809,815 in the same period of 2023. As of September 30, 2023 As of June 30, 2024 As of September 30, 2024 Total outstanding loan balance (RMB in million) 49,685 41,804 45,766 Delinquency rates for all outstanding loans that are past due for 31-60 days 1.11 % 1.29 % 1.02 % Delinquency rates for all outstanding loans that are past due for 91-180 days 2.50 % 4.38 % 3.22 % The total outstanding loan balance [3] as of September 30, 2024 was RMB45,766 million , compared with RMB49,685 million as of September 30, 2023 . The delinquency rate for all outstanding loans that are past due for 31-60 days [4] as of September 30, 2024 was 1.02%, compared with 1.11% as of September 30, 2023 . The delinquency rate for all outstanding loans that are past due for 91-180 days [5] as of September 30, 2024 was 3.22%, compared with 2.50% as of September 30, 2023 . [1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance. [4] Represents the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 60 days are excluded when calculating the denominator. Starting from the first quarter of 2021, substantially all of the loans facilitated and originated by the Company have been Xiaoying Credit Loans. [5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 180 days are excluded when calculating the denominator. Third Quarter 2024 Financial Highlights (In thousands, except for share and per share data) Three Months Ended September 30, 2023 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 QoQ YoY RMB RMB RMB Total net revenue 1,396,864 1,372,588 1,582,497 15.3 % 13.3 % Total operating costs and expenses (961,852) (909,535) (1,073,533) 18.0 % 11.6 % Income from operations 435,012 463,053 508,964 9.9 % 17.0 % Net income 347,190 415,303 375,840 (9.5 %) 8.3 % Non-GAAP adjusted net income 374,507 374,661 433,625 15.7 % 15.8 % Net income per ADS—basic 7.26 8.46 7.86 (7.1 %) 8.3 % Net income per ADS—diluted 7.02 8.28 7.74 (6.5 %) 10.3 % Non-GAAP adjusted net income per ADS—basic 7.80 7.62 9.12 19.7 % 16.9 % Non-GAAP adjusted net income per ADS—diluted 7.56 7.50 8.88 18.4 % 17.5 % Total net revenue in the third quarter of 2024 was RMB1,582.5 million ( US$225.5 million ), representing an increase of 13.3% from RMB1,396.9 million in the same period of 2023. Income from operations in the third quarter of 2024 was RMB509.0 million ( US$72.5 million ), compared with RMB435.0 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375.8 million ( US$53.6 million ), compared with RMB347.2 million in the same period of 2023. Non-GAAP [6] adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted American depositary share ("ADS") [7] in the third quarter of 2024 was RMB7.86 (US$1.12) and RMB7.74 (US$1.10) , compared with RMB7.26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9.12 (US$1.30) and RMB8.88 (US$1.27) , compared with RMB7.80 and RMB7.56 , respectively, in the same period of 2023. [6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [7] Each American depositary share ("ADS") represents six Class A ordinary shares. Mr. Kent Li , President of the Company, commented, "We are pleased to report another strong quarter, with loan volumes exceeding our forecast and a significant sequential improvement in asset quality. In the third quarter, we continued to promptly adjust loan volumes based on risk levels. As asset quality improved, we further intensified our borrower acquisition efforts, which have yielded very positive results. Both the top and bottom lines continued to grow year-over-year. Non-GAAP adjusted net income reached a new record high." "Specifically on the operational front, our total loan amount facilitated and originated was down 4% year-on-year but up 25% sequentially to RMB28 billion , above the high end of our guidance. Delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.02% and 3.22%, respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago. We are pleased with these improvements in asset quality and will continue to optimize our risk management system through advanced technology." "In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery. As an integral part of the economy, the personal finance market we serve should benefit from this upturn. We have already observed positive signs in the market and are committed to adjusting loan volumes in line with risk levels. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record." Mr. Frank Fuya Zheng , Chief Financial Officer of the Company, added, "I'm pleased to report that our strategy of balancing business growth and profitability continued to pay off. Total net revenue was RMB1.6 billion , up 13% year-on-year and 15% sequentially, while non-GAAP adjusted net income reached a record high of RMB434 million , up 16% year-on-year and sequentially. As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our semi-annual dividend policy and explore opportunities under our share repurchase program to return more value to our shareholders over the long term." Third Quarter 2024 Financial Results Total net revenue in the third quarter of 2024 increased by 13.3% to RMB1,582 .5 million ( US$225 .5 million) from RMB1,396.9 million in the same period of 2023, primarily due to growth in various disaggregated revenue items compared with the same period of 2023. Please refer to analysis of disaggregation of revenue below. Three Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 YoY RMB % of Revenue RMB % of Revenue Loan facilitation service 829,385 59.4 % 878,282 55.5 % 5.9 % Post-origination service 168,186 12.0 % 186,109 11.8 % 10.7 % Financing income 300,950 21.5 % 335,765 21.2 % 11.6 % Guarantee income 7,920 0.6 % 53,576 3.4 % 576.5 % Other revenue 90,423 6.5 % 128,765 8.1 % 42.4 % Total net revenue 1,396,864 100.0 % 1,582,497 100.0 % 13.3 % Loan facilitation service fees in the third quarter of 2024 increased by 5.9% to RMB878 .3 million ( US$125 .2 million) from RMB829 .4 million in the same period of 2023, primarily due to a decrease in the expected prepayment rates this quarter compared with the same period of 2023. Post-origination service fees in the third quarter of 2024 increased by 10.7% to RMB186 .1 million ( US$26 .5 million) from RMB168 .2 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the third quarter of 2024 increased by 11.6% to RMB335 .8 million ( US$47 .8 million) from RMB301 .0 million in the same period of 2023, primarily due to an increase in average loan receivables held by the Company compared with the same period of 2023. Guarantee income in the third quarter of 2024 was RMB53.6 million ( US$7.6 million ), compared with RMB7.9 million in the same period of 2023, due to the cumulative effect of increased volume of loans facilitated covered by guarantee service in the previous quarters compared with the same period of 2023. Revenues from guarantee service are recognized systematically when the Company released from the underlying risk. Other revenue in the third quarter of 2024 increased by 42.4% to RMB128.8 million ( US$18.3 million ), compared with RMB90.4 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms. Origination and servicing expenses in the third quarter of 2024 increased by 13.6% to RMB457 .5 million ( US$65 .2 million) from RMB402 .9 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Borrower acquisitions and marketing expenses in the third quarter of 2024 increased by 20.7% to RMB506 .8 million ( US$72 .2 million) from RMB419 .9 million in the same period of 2023, primarily due to intensified efforts in borrower acquisitions compared with the same period of 2023. Reversal of provision for loans receivable in the third quarter of 2024 was RMB35 thousand ( US$5 thousand ), compared with provision for loans receivable of RMB53.9 million in the same period of 2023, primarily due to a decrease in the average estimated default rate compared with the same period of 2023, and partially offset by an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Provision for contingent guarantee liabilities in the third quarter of 2024 was RMB56.4 million ( US$8.0 million ), compared with RMB41.6 million in the same period of 2023, primarily due to an increase in guarantee liabilities held by the Company as a result of the increased volume of loans facilitated covered by the guarantee service this quarter compared with the same period of 2023. Income from operations in the third quarter of 2024 was RMB509 .0 million ( US$72 .5 million), compared with RMB435 .0 million in the same period of 2023. Income before income taxes and gain from equity in affiliates in the third quarter of 2024 was RMB473 .5 million ( US$67 .5 million), compared with RMB417 .5 million in the same period of 2023. Income tax expense in the third quarter of 2024 was RMB100.3 million ( US$14.3 million ), compared with RMB74.2 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375 .8 million ( US$53 .6 million), compared with RMB347 .2 million in the same period of 2023. Non-GAAP adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted ADS in the third quarter of 2024 was RMB7 .86 (US$1.12), and RMB7 .74 (US$1.10), compared with RMB7 .26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9 .12 (US$1.30), and RMB8 .88 (US$1.27), compared with RMB7 .80 and RMB7 .56 respectively, in the same period of 2023. Cash and cash equivalents was RMB1,044 .1 million ( US$148 .8 million) as of September 30, 2024 , compared with RMB1,612.2 million as of June 30, 2024 . Recent Development Share Repurchase Plans On September 4, 2024 , the Company further extended the period of the US$30 million share repurchase program until March 31, 2026 . In the third quarter of 2024, the Company repurchased an aggregate of 1,689,722 Class A ordinary shares with 10,038 Class A ordinary shares represented by ADSs for a total consideration of approximately US$1.3 million . The Company has approximately US$4.1 million remaining for potential repurchases under its US$30 million share repurchase plan. As previously disclosed, on May 30, 2024 , the Company announced that its board of directors authorized a new US$20 million share repurchase plan, effective through November 30, 2025 . The Company completed a tender offer in July 2024 under the new share repurchase program, with a total repurchase amount of approximately US$9.2 million . The Company has approximately US$10.8 million remaining under its US$20 million plan. Business Outlook The Company expects the total loan amount facilitated and originated for the fourth quarter of 2024 to be between RMB30.0 billion and RMB31.0 billion . The total loan amount facilitated and originated for 2024 is expected to be between RMB102.6 billion and RMB103.6 billion . This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 27, 2024 ( 8:00 PM Beijing / Hong Kong Time on November 27, 2024 ). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until December 4, 2024 : United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 3088426 Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com . About X Financial X Financial XYF (the "Company") is a leading online personal finance company in China . The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com . Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.0176 to US$1.00 , the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024 . Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China ; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X Financial Mr. Frank Fuya Zheng E-mail: ir@xiaoying.com Christensen IR In China Mr. Rene Vanguestaine Phone: +86-178-1749 0483 E-mail: rene.vanguestaine@christensencomms.com In US Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: linda.bergkamp@christensencomms.com X Financial Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) As of December 31, 2023 As of September 30, 2024 As of September 30, 2024 RMB RMB USD ASSETS Cash and cash equivalents 1,195,352 1,044,144 148,789 Restricted cash, net 749,070 489,372 69,735 Accounts receivable and contract assets, net 1,659,588 1,709,428 243,592 Loans receivable from Credit Loans and other loans, net 4,947,833 4,938,195 703,687 Deposits to institutional cooperators, net 1,702,472 1,739,539 247,882 Prepaid expenses and other current assets, net 48,767 40,824 5,817 Deferred tax assets, net 135,958 192,644 27,452 Long term investments 493,411 491,782 70,078 Property and equipment, net 8,642 11,566 1,648 Intangible assets, net 36,810 36,236 5,164 Loan receivable from Housing Loans, net 8,657 6,494 925 Financial investments 608,198 866,804 123,519 Other non-current assets 55,265 53,259 7,589 TOTAL ASSETS 11,650,023 11,620,287 1,655,877 LIABILITIES Payable to investors and institutional funding partners at amortized cost 3,584,041 2,406,552 342,931 Guarantee liabilities 61,907 102,638 14,626 Deferred guarantee income 46,597 106,054 15,113 Short-term borrowings 565,000 433,500 61,773 Accrued payroll and welfare 86,771 93,047 13,259 Other tax payable 289,819 292,939 41,743 Income tax payable 446,500 496,489 70,749 Accrued expenses and other current liabilities 595,427 732,591 104,394 Dividend payable 59,226 - - Other non-current liabilities 37,571 30,915 4,405 Deferred tax liabilities 30,040 29,003 4,133 TOTAL LIABILITIES 5,802,899 4,723,728 673,126 Commitments and Contingencies Equity: Common shares 207 207 29 Treasury stock (111,520) (155,007) (22,088) Additional paid-in capital 3,196,942 3,194,909 455,271 Retained earnings 2,692,018 3,788,885 539,912 Other comprehensive income 69,477 67,568 9,628 Total X Financial shareholders' equity 5,847,124 6,896,562 982,752 Non-controlling interests - - - TOTAL EQUITY 5,847,124 6,896,562 982,752 TOTAL LIABILITIES AND EQUITY 11,650,023 11,620,290 1,655,878 X Financial Unaudited Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD Net revenues Loan facilitation service 829,385 878,282 125,154 2,125,492 2,224,681 317,015 Post-origination service 168,186 186,109 26,520 429,775 493,520 70,326 Financing income 300,950 335,765 47,846 829,645 1,021,405 145,549 Guarantee income 7,920 53,576 7,635 7,920 132,067 18,819 Other revenue 90,423 128,765 18,349 229,388 291,387 41,522 Total net revenue 1,396,864 1,582,497 225,504 3,622,220 4,163,060 593,231 Operating costs and expenses: Origination and servicing [ 1] 402,939 457,545 65,200 1,123,027 1,299,164 185,129 Borrower acquisitions and marketing [ 1] 419,887 506,758 72,212 1,023,948 1,078,768 153,723 General and administrative [ 1] 40,200 49,499 7,054 114,833 127,047 18,104 Provision for accounts receivable and contract assets 3,748 4,799 684 5,983 22,470 3,202 (Reversal of) provision for loans receivable 53,946 (35) (5) 129,772 157,370 22,425 Provision for contingent guarantee liabilities 41,594 56,366 8,032 41,594 125,635 17,903 Change in fair value of financial guarantee derivative [ 2] - - - (24,966) - - Fair value adjustments related to Consolidated Trusts [ 2] (268) - - 531 - - (Reversal of) provision for credit losses for deposits and other financial assets (194) (1,399) (199) (427) 4,049 577 Total operating costs and expenses 961,852 1,073,533 152,978 2,414,295 2,814,503 401,063 Income from operations 435,012 508,964 72,526 1,207,925 1,348,557 192,168 Interest income (expenses), net (7,322) 1,211 173 (17,778) (4,898) (698) Foreign exchange (gain) loss 1,526 4,881 696 (7,255) (3,351) (478) Income (loss) from financial investments (16,490) (47,635) (6,788) (13,911) 53,887 7,679 Other income, net 4,742 6,048 862 23,005 9,437 1,345 Income before income taxes and gain from equity in affiliates 417,468 473,469 67,469 1,191,986 1,403,632 200,016 Income tax expense (74,172) (100,331) (14,297) (213,779) (254,924) (36,326) Gain from equity in affiliates, net of tax 3,894 2,702 385 19,619 5,572 794 Net income 347,190 375,840 53,557 997,826 1,154,280 164,484 Less: net income attributable to non-controlling interests - - - - - - Net income attributable to X Financial shareholders 347,190 375,840 53,557 997,826 1,154,280 164,484 Net income 347,190 375,840 53,557 997,826 1,154,280 164,484 Other comprehensive income, net of tax of nil: Gain (loss) from equity in affiliates 4 (449) (64) 45 (418) (60) Income from financial investments - 1,580 225 - 6,100 869 Foreign currency translation adjustments (6,301) (12,778) (1,821) 13,624 (7,590) (1,082) Comprehensive income 340,893 364,193 51,897 1,011,495 1,152,372 164,211 Less: comprehensive income attributable to non-controlling interests - - - - - - Comprehensive income attributable to X Financial shareholders 340,893 364,193 51,897 1,011,495 1,152,372 164,211 Net income per share—basic 1.21 1.31 0.19 3.47 3.96 0.56 Net income per share—diluted 1.17 1.29 0.18 3.43 3.87 0.55 Net income per ADS—basic 7.26 7.86 1.12 20.82 23.76 3.39 Net income per ADS—diluted 7.02 7.74 1.10 20.58 23.22 3.31 Weighted average number of ordinary shares outstanding—basic 287,806,370 285,857,203 285,857,203 287,412,729 291,622,784 291,622,784 Weighted average number of ordinary shares outstanding—diluted 297,114,127 292,339,641 292,339,641 291,209,263 298,036,305 298,036,305 [1] Starting in the first quarter of 2024, management has concluded to separate expenses related to borrower acquisitions from origination and servicing expenses and indirect expenses of the borrower acquisitions from general and administrative expenses to a single line item as theses expenses become more and more significant and thus deemed to be useful to financial statement users. Furtherly, management has determined to embed the sales and marketing expenses, which is not considered as material, in other line item. In conclusion, management has decided to combine these two line items into one captioned borrower acquisitions and marketing expenses. Management has correspondingly conformed prior period presentation to current period presentation to enhance comparability. This change in presentation does not affect any subtotal line on the face of consolidated statements of comprehensive income. (In thousands, except for share and per share data) Three Months Ended September 30, 2023 Changes before re-grouping after re-grouping RMB RMB RMB Origination and servicing 811,078 402,939 (408,139) Borrower acquisitions and marketing expenses - 419,887 419,887 Sales and marketing 3,360 - (3,360) General and administrative 48,588 40,200 (8,388) [2] Starting in the first quarter of 2024, management has considered the facts that fair value change related to financial guarantee services and Consolidated Trusts are generated from ordinary course of businesses, and has concluded to reclass the amount to captions above total operating costs and expenses. Prior to the reclassification, management classified all amount of fair value changes to captions below total operating costs and expenses. This reclassification does not have impact on net income for any prior periods presented. X Financial Unaudited Reconciliations of GAAP and Non-GAAP Results Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD GAAP net income 347,190 375,840 53,557 997,826 1,154,280 164,484 Less: Income (loss) from financial investments (net of tax of nil) (16,490) (47,635) (6,788) (13,911) 53,887 7,679 Less: Impairment losses on financial investments (net of tax of nil) - - - - - - Less: Impairment losses on long-term investments (net of tax) - - - - - - Add: Share-based compensation expenses (net of tax of nil) 10,827 10,150 1,446 34,178 30,096 4,289 Non-GAAP adjusted net income 374,507 433,625 61,791 1,045,915 1,130,489 161,094 Non-GAAP adjusted net income per share—basic 1.30 1.52 0.22 3.64 3.88 0.55 Non-GAAP adjusted net income per share—diluted 1.26 1.48 0.21 3.59 3.79 0.54 Non-GAAP adjusted net income per ADS—basic 7.80 9.12 1.30 21.84 23.28 3.32 Non-GAAP adjusted net income per ADS—diluted 7.56 8.88 1.27 21.54 22.74 3.24 Weighted average number of ordinary shares outstanding—basic 287,806,370 285,857,203 285,857,203 287,412,729 291,622,784 291,622,784 Weighted average number of ordinary shares outstanding—diluted 297,114,127 292,339,641 292,339,641 291,209,263 298,036,305 298,036,305 View original content: https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2024-unaudited-financial-results-302316439.html SOURCE X Financial © 2024 Benzinga.com. 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ROME (AP) — Napoli went through three different coaches during its Serie A title defense last season and ended the campaign in 10th place. Antonio Conte was hired in July and now Napoli is ending 2024 level with Atalanta atop the Italian league again. Substitute Giacomo Raspadori scored a late goal and Napoli beat relegation-threatened Venezia 1-0 on Sunday in its final match of the year. Napoli trails Atalanta only on goal difference but both teams are one point ahead of defending champion Inter Milan, which has a game in hand. “Even if I play cards with my daughter I want to win,” said Conte, who was hired to get Napoli back into the Champions League. “Personally, I don’t accept minimal goals. But we all know where we started and what the club’s objectives are.” Atalanta drew 1-1 at Lazio on Saturday and Inter won 3-0 at Cagliari. Also Sunday, Juventus and Fiorentina drew 2-2 in a match that was briefly suspended because of discriminatory chants aimed at Juventus striker Dusan Vlahovic. Later, AC Milan hosts Roma. After Luciano Spalletti coached Napoli to the Serie A title in 2022-23 , Rudi Garcia, Walter Mazzarri and Francesco Calzona managed the team last season, when the Partenopei finished a whopping 41 points behind Inter. “What happened is in the past. The present is what counts,” Napoli captain Giovanni Di Lorenzo said. “It’s great to be back on top but there’s still a long way to go.” Napoli had struggled to get the ball past Venezia goalkeeper Filip Stankovic, the son of former Lazio and Inter standout Dejan Stankovic. But Raspadori broke the deadlock in the 79th when he used one touch to fire in a loose ball from the center of the area less than 10 minutes after he came on. “These are tough matches where it means a lot to come away with three points,” Raspadori said. “We know we’re on the right path.” In the first half, Stankovic saved a penalty kick from Romelu Lukaku . Then in the second half Stankovic deflected a shot from Lukaku off the post. Napoli produced 25 shots to Venezia's four. Napoli’s 27 goals scored are the least among the top six teams in the standings. “The squad is improving under every point of view. We just need to score more goals,” Conte said. Discriminatory chants aimed at Juventus striker Dusan Vlahovic by visiting Fiorentina fans prompted a two-minute suspension during the first half. Vlahovic, a Serbia international who played for Fiorentina before transferring to Juventus three years ago, appeared to tell the referee about the chants. The ref then stopped play, gathered the teams and ordered a warning announcement to be made over the stadium’s public address system. The announcement said that the match would be suspended definitively if there were more discriminatory chants. Play then resumed. Khephren Thuram put Juventus ahead midway through the first half. Former Juventus striker Moise Kean equalized before the break with his 15th goal across all competitions this season. Thuram added another in the second half and Fiorentina equalized again with a volley from Riccardo Sottil in the 87th. Juventus and Fiorentina are both nine points behind the leaders. Earlier, Torino came back from two goals down to draw 2-2 at Udinese. AP soccer: https://apnews.com/hub/soccer
A controversial Sarnia councillor is under fire for a vulgar exchange during a city budget meeting on Tuesday. Coun. Bill Dennis launched personal attacks against the mayor and some city staffers, resulting in his expulsion. It began with Dennis questioning consulting fees, but diverted quickly into the use of profanity and insults, including the F-word. Dennis, who has frequently sparred with other members of the Sarnia Council and staff, is currently suing the CAO. In an interview late Tuesday with CTV News London, Dennis stated he can “get a little testy” at times, but he stands by his statements. He said his actions are on behalf of his constituents who are tired of, “weak leadership,” and Sarnia falling economically behind London and St. Thomas. A screenshot of a Sarnia council meeting on Nov. 26, 2024, that resulted in Coun. Bill Dennis being expelled. (Source: YourTV Sarnia/YouTube) Dennis said Mayor Mike Bradley should anticipate the same after decades in the mayor’s chair. “I’m a guy, I’m a man. That kind of stuff doesn’t hurt my feelings. If that kind of stuff hurts his feelings, so be it,” Dennis stated. While he was unapologetic towards the mayor and others in the online budget meeting, Dennis did offer an apology to the people of Sarnia for his choice of words. “I would apologize to the citizens of Sarnia. They deserve better than that. But, to be honest with you, I refuse to be taken advantage of by people who play games,” he said. Dennis, who intends to run for mayor in the next municipal election, calls himself an “intense and emotional person.” But Bradley said his words were “foul” “obscene” and “unacceptable.” He told CTV News London, “I was extremely disappointed more in sorrow than anger. That's one individual who would be so disruptive and this has been going on and on and on. And the language used today attacking people was just not acceptable in any venue.” Bradley said this is the first time in his 36 years as mayor of Sarnia that he has expelled a council member from a meeting. Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. 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Vancouver Island B.C. court levies $4K fine, year-long ban for illegal fishing A British Columbia man was handed a $4,000 fine and a one-year fishing ban after he was caught using a gillnet to catch salmon outside of the legal fishing season. Man who stabbed stranger at Vancouver Tim Hortons released to halfway house: police Vancouver police are warning the public that a man convicted in the random stabbing of a stranger at a downtown Tim Hortons in 2022 will once again be living at a halfway house in the city. B.C. premier says Canada will negotiate from 'position of strength' on US tariff British Columbia Premier David Eby said Canada had to approach Donald Trump's plan to impose a 25 per cent U.S. tariff on Canadian goods from a position of strength, as business, trade and community organizations called for quick action on the trade threat. Stay ConnectedTFI International Inc. (TFII) to Issue Quarterly Dividend of $0.45 on January 15thMiller puts up 24, SMU downs Longwood 98-82
Former and future first lady Melania Trump praised her son, Barron Trump, stating that she was “very proud” of his knowledge of politics and for “giving advice to his father,” President-elect Donald Trump. In an interview on Fox News’s Fox & Friends , Melania Trump was asked what she thought of the “evolution” of her son. The incoming first lady described Barron as having been “very vocal” and having helped to bring in “so many young people” to support Trump’s campaign. “I’m very proud of him about his knowledge, even about politics and giving advice to his father,” Melania Trump explained. “He brought in so many young people he knows, his generation — because nowadays the young generation they don’t sit in front of TV anymore.” The incoming first lady added that her son had been “very vocal” and “gave advice” to his father regarding which podcasters and streamers he needed to reach out to. “It was incredible how he brought in success because he knew who exactly his father need[ed] to contact and to talk to,” Melania Trump added. Barron Trump was previously reported to have played an important role in Trump’s campaign leading up to his election victory over Vice President Kamala Harris. Breitbart News’s Amy Furr reported that senior Trump campaign adviser Jason Miller stated during an interview on a Politico podcast that Barron had been “very involved in selecting or recommending” a fair portion “of the podcasts” that the Trump campaign should go on. When asked if Melania Trump had advice “for other moms” who were also dealing with their children growing up and going off to college, she replied, “I think you need to be present and to be with them as much as you can. To be there as a teacher and a guide — give them guidance. I think it’s the most important — because the years go by so fast, we just don’t imagine.”
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KINGSTON, Jamaica — Member of Parliament for St Andrew Western, the People’s National Party’s (PNP) Anthony Hylton, is calling for the Government to demonstrate its “genuine concern” for the most vulnerable in society through a targeted programme of cost reduction/elimination for the wiring of houses. He said this would provide those individuals who want to legally connect to the grid with legal access to electricity. “All will be benefitted with the adoption/expansion of such a programme by government, not just the few who will benefit under the vote-buying scheme announced recently on the political platform,” said Hylton. He was speaking in the House of Representatives on Tuesday during his contribution to the State of the Constituency Debate. The vote-buying scheme he referred to was in relation to the announcement by Prime Minister Andrew Holness of a 53 per cent cut in the General Consumption Tax (GCT) component on electricity. The prime minister made the announcement on November 24 at the annual conference of the Jamaica Labour Party. Some public commentators and the Opposition PNP have pointed out that the savings that will accrue to the majority of Jamaica Public Service Company (JPS) customers will be in the region of $200 monthly. Hylton raised the issue as he told the House that over 100 houses in Riverton City in his constituency were recently wired. “This is the first phase of a two-phase programme designed to expand access to legal light by residents of Riverton City, and to reduce revenue losses to JPS by removing illicit connections. This is a partnership between the community and JPS led by myself and the councillor for the Seaview Gardens Division after patient, but deliberate, negotiation,” said Hylton. “The next phase in this collaborative arrangement will be implementation of an improved distribution infrastructure to enable more houses, once successfully wired, to become formalised,” he added. The Opposition MP questioned why only 100 homes were wired considering the benefits of the programme to all stakeholders involved. Answering his own question, Hylton said it was because of “the prohibitive cost involved to wire an individual house”. Meanwhile, Hylton said the residents of Riverton continue to press for a better National Water Commission system for both potable water and a reliable sewer service. “I will continue to advocate for their inclusion in accessing the improved and affordable services available to every community in Western St Andrew. They deserve no less,” he said.