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A user opens SK Telecom's conversational AI agent adot.ai service via a smartphone. Courtesy of SK Telecom SK Telecom topped the industry-wide National Customer Satisfaction Index (NCSI) rankings for the 27th year, according to the Korea Productivity Center (KPC) on Friday. Securing over 80 points this year, the company has topped the mobile carrier category for 27 years since the KPC started the list in 1998. “SK Telecom has continuously done its best to satisfy the needs of our customers," SK Telecom said in a press release. “We believe the list has reflected our long(-term) efforts.” In a bid to maximize its customers' experience with artificial intelligence (AI), SK Telecom updated its conversational AI service, adot.ai, in August. The update includes upgrading its large language model (LLM) to offer a more natural conversation experience with users, strengthening its calendar scheduling service and revamping the app’s user interface. Thanks to the upgrade, customers can now use the world’s cutting-edge LLM agents such as Perplexity, ChatGPT, Claude and A.X. The adot.ai agent also allows them to use customized services in music and media recommendations as well as stock investment. In September, SK Telecom also released the iOS version of the ZEM app, a self-monitoring app for customers aged under 14. Via the app, users can plan how much they will use their smartphone and what apps they will use during the day. Up to five guardians, who install the ZEM-For Parents app, can monitor the amount of time their kids spend on their smartphones and which apps they use. SK Telecom is the only mobile carrier that provides such services both on iOS and Android platforms. Last year, it also introduced a service plan exclusively designed for customers aged under 34 to offer up to 50 percent more 5G data in its package along with various coffee and movie ticket vouchers. According to the mobile carrier, seven out of 10 customers under 24 are using the plan. Hy Central Laboratory in Yongin, Gyeonggi Province / Courtesy of hy Dairy producer hy also topped the NCSI rankings for the 27th year in the milk/fermented milk category, the KPC said. It has held the top position on the list since the KPC began announcing rankings in 1998. The company stated in a press release that its relentless efforts to strengthen its probiotic technology are the reason behind its dominant position on the list. “Hy has continuously worked on its probiotics technology to compete in the global market,” hy Central Laboratory head Lee Jae-hwan said. “Hy has been the No. 1 brand in fermented milk. We will continue our efforts to introduce better products in the future.” Hy was the nation's first food company to establish a research center focused on dairy production technologies in 1976. Approximately 90 percent of the company's workforce hold master's or doctoral degrees. In a bid to strengthen its competitiveness, it also formed the Future Insight Advisory Committee, a joint study group with outside scholars to comprehensively analyze the dairy producer’s various probiotics. Renowned scholars, including Kim Yeon-soo, former Seoul National University Hospital head, and Gloria Kim, a cognitive science professor at the Massachusetts Institute of Technology, are part of the group’s advisory members. Samsung Card's promotional image for its new credit card lineup / Courtesy of Samsung Card Samsung Card also secured the top position in the industry-wide NCSI rankings in the credit card category for the 11th consecutive year, according to the KPC. The company’s strong performance reflects its unwavering commitment to safeguarding customers from the possibility of fraud. The credit card issuer also provides a comprehensive expenditure monitoring service to customers via its recently renovated in-app user interface. Collecting related data from its sister firms, Samsung Life, Samsung Fire & Marine Insurance and Samsung Securities, it allows customers to get a wide range of financial analytic services in consumption, insurance, investment and pensions. In 2021, Samsung Card introduced the Samsung iD Card, a custom-made credit card designed by each cardholder. Each card is made with reusable plastic and low-carbon paper, a measure to fulfill its commitment to conserving environmental resources. To assist hearing-impaired customers, Samsung Card has provided an instant messaging service and a video-calling service. For disabled and older adult customers, its employees visit their houses during the credit card application review process. Samsung Securities employees consult a customer in asset management. Courtesy of Samsung Securities Samsung Securities claimed the top spot in the NCSI in the overall Securities and consignment trading category, according to the KPC. The brokerage said in a statement that it offered differentiated asset management services for customers thanks to its diverse investment experts at home and abroad. “Samsung Securities specializes in asset management for corporate customers,” a Samsung Securities official said. “We also provide networking events for CEOs and chief financial officers of renowned businesses here.” It also offers custom-made digitalized asset management services for the mid and lower-income brackets as well as those in younger generations who just landed a job. Studying and analyzing each customer’s income and consumption flow, the firm’s one-stop digitalized consulting agent offers an ideal financial product for each customer. The brokerage also regularly collects each customer’s feedback to optimize the firm’s service structure, the official added. NCSI logo Surveying over 300 companies, colleges and state-run institutions in over 80 industry sectors, the KPC has collected and studied related data to release the NCSI rankings with customer evaluations of products and services since 1998. This year’s overall customer satisfaction index averaged 78 points in 2024, down 0.2 points from the previous year. “The NCSI has experienced a decline in two consecutive years,” the KPC said in a press release. “The prolonged downturn followed by low consumption adversely influenced the figure." To remove this article -Sleighing the Digital Divide with Black Friday Tech Deals
Economists at two Southern California universities see new reasons to worry ahead, namely policies from the nation’s next president. They warn in new forecasts released this week that the economy may stumble in 2025 because of controversial policies promised by President-elect Donald Trump. Economist James Doti, president emeritus at Chapman University, said the economy “still appears to be strong,” even though a long period of declining inflation could reverse course under Trump. A year ago, Doti’s reading of the tea leaves showed “very slow growth” and no recession in 2024. Today, he’s sticking to a similar tale of “slow growth” that now extends through 2025. New to the mix is “some upward pressure” on inflation due to proposed tariffs and mass deportations Trump has vowed to launch after his inauguration in January. Economist Jerry Nickelsburg at UCLA agreed with Doti’s analysis. “The underlying fundamentals of the economy are strong. They have been for some time, which is why we did not say that we were going to have a recession in 2023 or 2022,” said the director of the UCLA Anderson Forecast. “Now, that doesn’t mean that geopolitical events or different policies from Washington that are not in our forecast couldn’t generate a recession. It’s just not in the data right now.” Both economists said Trump is inheriting a strong economy that will grow more slowly than previously forecast while it adjusts to new national economic policies. The clarity of post-presidential election forecasts at Chapman and UCLA are clouded by Trump’s plans to implement several economic policies promised during his 2024 campaign. Among the most controversial policies are new or increased tariffs on the nation’s largest trading partners – including Canada, China and Mexico. Policies also include mass deportations, tax cuts and deregulation. Doti believes Trump’s vow to deport of 500,000 to 1 million undocumented immigrants and 10%-25% tariffs on imported goods could push inflation closer to 3% than the Fed’s desired 2% level. How these policies manifest is not necessarily clear, considering practical, legal and political constraints on implementation, according to Nickelsburg. The UCLA professor of economics said this month’s forecast was one of the most difficult ones he’s ever written, with the exception of a recession prediction four years ago as the COVID-19 pandemic began. “When we did our March forecast in 2020, we had no idea how the pandemic was going to play out, and so there was a great deal of uncertainty then as well as now,” he said. “Economic policy in Washington is changing in a pretty fundamental way, so that increases uncertainty until we get some clarity as to what policies are going to be implemented.” Meanwhile, UCLA predicts a slowdown in interest rate cuts as the federal government grapples with those new policies. Nickelsburg sees the Federal Reserve cutting interest rates by 25 basis points at its board of governors meeting Dec. 18. He expects a pause on cuts until 2026 when the economy has absorbed the impacts of tariffs. The Fed could end up with interest rates hovering between 4% and 4.25% in 2026, he said. Doti has a different take, saying the Fed won’t cut rates in December and will instead take a wait-and-see approach. He expects the central bank will make only two, 25 basis-point cuts in 2025. “The reason we don’t think there’ll be a cut in rates next week is because we still have high inflation (2.7% for the year ended in November 2024), and it’s above the Fed’s target range of 2%, and GDP growth is at 2.8%, and job growth has still been very strong,” Doti said. “Given the Fed’s cautious approach, it’ll hold back on making further cuts.” Growth in gross domestic product, used to measure the nation’s economic health, is expected to fall to 1.4% by the end of 2025 from 2.8% in the 2024’s third quarter, he said. Both economists said the state of housing in California is showing financial strain. On the construction front, residential permits in California are forecast to rise by 12.9% in 2025, despite continuing high mortgage rates, Doti said. He argued that high mortgage rates may indirectly spur new construction. “There is a paucity of resale homes on the market because homeowners don’t want to sell and lose their sweetheart locked-in mortgages,” he said. “That has led to a sharp drop in resale home sales. The dearth of resale homes on the market is buttressing demand for new homes, often available for sale at heavily subsidized financing rates.” Nickelsburg said normalization is slowly returning to the California housing market, but potential construction cost increases due to tariffs and labor shortages could slow that process. “Builders should be responding with new development given existing homes sales are at depression levels,” said Nickelsburg. Both forecasts raised concerns about the jobs picture. Doti sees economic growth in California hampered by population losses, which he blames on the state’s regulatory and tax burdens, which have led people and businesses to leave for cheaper states like Florida and Texas. California’s job growth is forecast to rise 4.6% to 18.2 million in 2025, up from 17.4 million in 2019, but trailing U.S. job growth of 5.9% over the same period. The flight of people from the state also has lowered retail sales tax revenue, prompting some cities to raise sales tax rates in order to replenish budgets left with financial gaps. Data from Chapman showed fewer people are shopping, which translates to less tax revenue for cities. For the year-period that ended June 30, 2024, retail sales fell 4% in Orange County, 2.3% in Los Angeles County, 1.2% in the Inland Empire and 0.8% in San Diego County. For Nickelsburg, the big unknown on jobs will be the mass deportation and tariff policies of the incoming president, and their impact on a wide of industries including agriculture, construction, leisure and hospitality, retail trade and transportation and warehousing industries. Taken together, the deportations and tariffs will raise the prices for many goods and services, and potentially cause product shortages and higher labor costs as jobs go unfilled, he argued. “The uncertainty regarding the future path of unemployment is more elevated than usual because the impact of mass deportations on unemployment is not well understood due to limited empirical research on the subject,” according to Nickelsburg. Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast, using various graphs and charts to explain his predictions and projections, at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast, using various graphs and charts to explain his predictions and projections, at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast, using various graphs and charts to explain his predictions and projections, at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast for the U.S., California and Orange County at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast for the U.S., California and Orange County at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast for the U.S., California and Orange County at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast for the U.S., California and Orange County at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast for the U.S., California and Orange County at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer) Economist James Doti, the President Emeritus and Rick Muth Family Chair in Economics at Chapman University, delivers his annual economic forecast, using various graphs and charts to explain his predictions and projections, at the Musco Center for the Arts at Chapman University on Thursday, Dec. 12, 2024. (Photo by Jeff Antenore, Contributing Photographer)
Kai Trump shows Elon Musk awkwardly tutoring Trump in rocket scienceFlood-hit residents and businesses ‘lose everything’ after Storm Bert havocDIYARBAKIR, Turkiye: A Turkish court on Saturday sentenced three suspects including family members to life in prison over the mysterious death of an eight-year-old girl in the southeastern province of Diyarbakir, an AFP journalist saw. The body of Narin Guran, who had been missing for 19 days, was found in September in a bag in a river around one kilometer (0.6 miles) from the village where she lived with her family. After a tense day-long hearing, the court in Diyarbakir handed Narin’s mother, elder brother and uncle an aggravated life sentence on charges of “deliberate murder in collaboration,” according to the journalist at the courthouse. The judge sentenced another suspect Nevzat Bahtiyar, who had confessed to the murder, to four years and six months in prison. Police heightened security measures inside and outside the tribunal as the judge read out the verdict. The court said that Bahtiyar found the body at Narin’s home, adding that he carried and hid it. Abdulkadir Gulec, head of the bar association in Diyarbakir, told reporters the court verdict was near what they had expected. “Bahtiyar should have received the same penalty,” he said. Lawyers Nait Eren said they would object to the court’s ruling on Bahtiyar. No motive was given for Narin’s murder. Narin disappeared on August 21, sparking a huge search effort in Turkiye, with a number of well-known figures joining a “Find Narin” social media campaign. Soon after the body was found, President Recep Tayyip Erdogan expressed profound sadness and said he would “personally follow the judicial process” so that those who took Narin’s life received the harshest punishment. Prosecutors said in the indictment that the murder was likely committed by those close to Narin. They also accused Narin’s uncle — who is the highest local administrator in the village — of misleading authorities during the initial manhunt. Speaking to the court during the hearing, Narin’s mother Yuksel denied the charges, lamenting that she would never see her daughter get married. “They didn’t let my daughter wear a wedding dress, they put her in a shroud,” she told the judge. “I didn’t even see her shroud or her grave,” she said. “My daughter was brutally killed.” Yuksel also denied claims that she killed her other daughter, saying that she was physically handicapped and died in hospital.
A 7-year-old rivalry between tech leaders Elon Musk and Sam Altman over who should run OpenAI and prevent an artificial intelligence "dictatorship" is now heading to a federal judge as Musk seeks to halt the ChatGPT maker's ongoing shift into a for-profit company. Musk, an early OpenAI investor and board member, sued the artificial intelligence company earlier this year alleging it had betrayed its founding aims as a nonprofit research lab benefiting the public good rather than pursuing profits. Musk has since escalated the dispute, adding new claims and asking for a court order that would stop OpenAI’s plans to convert itself into a for-profit business more fully. The world's richest man, whose companies include Tesla, SpaceX and social media platform X, last year started his own rival AI company, xAI. Musk says it faces unfair competition from OpenAI and its close business partner Microsoft, which has supplied the huge computing resources needed to build AI systems such as ChatGPT. “OpenAI and Microsoft together exploiting Musk’s donations so they can build a for-profit monopoly, one now specifically targeting xAI, is just too much,” says Musk's filing that alleges the companies are violating the terms of Musk’s foundational contributions to the charity. OpenAI is filing a response Friday opposing Musk’s requested order, saying it would cripple OpenAI’s business and mission to the advantage of Musk and his own AI company. A hearing is set for January before U.S. District Judge Yvonne Gonzalez Rogers in Oakland. At the heart of the dispute is a 2017 internal power struggle at the fledgling startup that led to Altman becoming OpenAI's CEO. Musk also sought to be CEO and in an email outlined a plan where he would “unequivocally have initial control of the company” but said that would be temporary. He grew frustrated after two other OpenAI co-founders said he would hold too much power as a major shareholder and chief executive if the startup succeeded in its goal to achieve better-than-human AI known as artificial general intelligence , or AGI. Musk has long voiced concerns about how advanced forms of AI could threaten humanity. “The current structure provides you with a path where you end up with unilateral absolute control over the AGI," said a 2017 email to Musk from co-founders Ilya Sutskever and Greg Brockman. “You stated that you don't want to control the final AGI, but during this negotiation, you've shown to us that absolute control is extremely important to you.” In the same email, titled “Honest Thoughts,” Sutskever and Brockman also voiced concerns about Altman's desire to be CEO and whether he was motivated by “political goals.” Altman eventually succeeded in becoming CEO, and has remained so except for a period last year when he was fired and then reinstated days later after the board that ousted him was replaced. OpenAI published the messages Friday in a blog post meant to show its side of the story, particularly Musk's early support for the idea of making OpenAI a for-profit business so it could raise money for the hardware and computer power that AI needs. It was Musk, through his wealth manager Jared Birchall, who first registered “Open Artificial Technologies Technologies, Inc.”, a public benefit corporation, in September 2017. Then came the “Honest Thoughts” email that Musk described as the “final straw.” “Either go do something on your own or continue with OpenAI as a nonprofit,” Musk wrote back. OpenAI said Musk later proposed merging the startup into Tesla before resigning as the co-chair of OpenAI's board in early 2018. Musk didn't immediately respond to emailed requests for comment sent to his companies Friday. Asked about his frayed relationship with Musk at a New York Times conference last week, Altman said he felt “tremendously sad” but also characterized Musk’s legal fight as one about business competition. “He’s a competitor and we’re doing well,” Altman said. He also said at the conference that he is “not that worried” about the Tesla CEO’s influence with President-elect Donald Trump. OpenAI said Friday that Altman plans to make a $1 million personal donation to Trump’s inauguration fund, joining a number of tech companies and executives who are working to improve their relationships with the incoming administration. —————————— The Associated Press and OpenAI have a licensing and technology agreement allowing OpenAI access to part of the AP’s text archives.Lucknow: As Uttar Pradesh gears up for New Year 2025 celebrations, the state police have implemented extensive security arrangements to ensure public safety during the festivities. Director General of Police (DGP) Prashant Kumar has issued directives focusing on proactive policing, crowd control, and the safety of vulnerable groups. The DGP outlined a detailed security plan, urging police units across the state to identify key new year-related events and hotspots. Special attention will be given to sensitive areas such as hotels, clubs, entertainment venues, and other locations with large gatherings. Police personnel will be deployed under the supervision of senior officers, with a particular focus on conducting flag marches starting on the evening of Dec 31, 2024. In addition to general security measures, the DGP emphasised the importance of protecting women. Police will ensure robust patrolling along routes frequently used by women, with plainclothes female officers and anti-Romeo squads tasked with preventing incidents such as thefts or chain-snatching. Addressing road safety, Kumar highlighted the dangers posed by speeding vehicles, particularly among young people under the influence of alcohol. Breath analyser tests will be conducted at checkpoints to deter drunk driving and prevent accidents. Police pickets will also be established at key locations, and traffic management will be intensified in areas with a high concentration of revellers. The state's religious sites, which often see large crowds during the New Year, will also be under heightened security. Police will deploy early-morning poster-checking teams to conduct intensive checks around these locations, with particular focus on identifying and monitoring potential troublemakers. Surveillance will be strengthened through the use of drone cameras, and efforts will be made to ensure that all CCTV cameras at event venues and public routes remain operational. The DGP also stressed the need for constant monitoring of social media platforms, including Facebook, Instagram, Twitter, and WhatsApp, to detect and counter any misleading or provocative posts. Legal action will be taken against those spreading false information. These extensive measures reflect Uttar Pradesh's commitment to ensuring a safe and secure environment for its citizens as they usher in the New Year.Brisbane news live: Hundreds of bridge crashes caught on camera
DENVER (AP) — Travis Hunter made a pair of proclamations Thursday: He’s for sure entering the NFL draft after this season, but not until he sees Colorado all the way through the College Football Playoff — if the Buffaloes make it there. The first was already a given for the draft-eligible junior who plays both receiver and cornerback. The second is a risk-reward play for a projected high first-round pick who averages around 120 snaps a game. In years past, it took two extra postseason wins to capture a national title. Now, it could take up to four additional contests. That’s more of a chance to shine, but also more chance for an injury. “I don’t think nobody will opt out because you’re showing NFL teams that you’re more focused on something else, other than the team goal,” Hunter said of the expanded 12-team College Football Playoff. “So I don’t think players are going to opt out of the playoffs.” Hunter and quarterback Shedeur Sanders chatted Thursday in a set of Zoom calls about turning around the program at Colorado (from 4-8 last season to bowl eligibility), chasing a Big 12 title, turning pro — Hunter acknowledged he will “for sure” — and, of course, the Heisman race, where Hunter is currently the odds-on favorite in an award each wants to see the other win. “He’s deserving of it, and if it’s between me and him, I want him to get it,” said Sanders, whose 16th-ranked Buffaloes (8-2, 6-1 Big 12, No. 16 CFP ) travel to Arrowhead Stadium to face Kansas (4-6, 3-4) this weekend. “He does a lot of amazing things that have never been done before.” Countered Hunter: “I know he wants me to win it, but I also want him to win as bad as I want to win it.” Hunter is a generational talent shining on both sides of the ball. As a receiver, he has 74 catches for 911 yards and nine touchdowns. On defense, he has picked off three passes, even though teams are reluctant to throw his direction. Like he did in high school and now in college, he believes he can do both on the next level. But he understands the trepidation of the NFL team that picks him. “They don’t want their top pick to go down too early," Hunter said. “I like when people tell me I can’t do it, because they just motivate me to continue to do what I want to do.” Sanders is turning in a stellar season as well with 27 touchdown passes, one away from tying Sefo Liufau for the most in a single season in program history. He's projected to be one of the first QBs off the draft board. The future certainly looks bright at Colorado thanks to the legacies Sanders and Hunter under coach Deion Sanders. But that's a point to ponder later. “I can’t think too much forward past Saturday,” Shedeur Sanders cracked. “The main thing is winning the Big 12 championship. That’s the main thing we’re focused on." Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballUK Airports Under Travel Disruption Alert as Persistent Fog Leads to Widespread Flight Delays and Cancellations for Second DayPrivate school tax breaks a 'luxury', says Phillipson
The 67 best Black Friday tech deals under $50TORONTO , 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.
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Steve Bannon held his microphone out to the crowd. “Should (Mike) Johnson be speaker of the House?” he asked. “Nooo,” came the reply, as Bannon, the longtime ally of Republican President-elect Donald Trump, spoke at a Dec. 19 “AmericaFest” rally of Turning Point USA, a right-wing advocacy organization. Bannon, who said at the event that Johnson “has got to go,” spoke in Phoenix as the U.S. House debated an end-of-session spending package. Congress ultimately passed a Johnson-endorsed, stopgap funding bill signed by Democratic President Joe Biden on Dec. 21 to avert a government shutdown ahead of the holidays. But Bannon’s remarks foretold likely challenges to Johnson. As the opening of the new Congress approaches on Friday, Johnson’s leadership is being questioned by, among others, Maryland Rep. Andy Harris, who heads the House Freedom Caucus, and Pennsylvania Rep. Scott Perry, who previously led the hard-line conservative group. Neither will commit to backing the Louisiana Republican. The speaker will help determine whether Trump can succeed on an agenda that includes policy shifts on taxes, voting and border policy. Underlying the GOP’s turmoil is how closely it should work with Democrats, if at all, particularly on spending issues. “The political class is infected with a malignant cancer. That cancer is bipartisanship, right?” Bannon told the crowd. Johnson, he said, “doesn’t have what we call the right stuff, right? That combination of guts and moxie and savvy and toughness.” Bannon, who previously served four months in prison for defying a congressional subpoena, is awaiting trial in a case alleging he was part of a scheme to dupe donors who contributed to help build a wall on the Mexican border. Other Republicans have also questioned Johnson’s leadership. Sen. Rand Paul, the Kentucky Republican, recently floated a proposal to elect billionaire Elon Musk, a Trump adviser and ally, as speaker. The speaker is not required to be an elected House member. The election will occur after the new Congress assumes office on Jan. 3. “Nothing would disrupt the swamp more than electing Elon Musk,” Paul posted on X. “Think about it ... nothing’s impossible. (not to mention the joy at seeing the collective establishment, aka ‘uniparty,’ lose their ever-lovin’ minds).” As Congress raced to avoid a shutdown before Christmas, Musk was instrumental in sinking an earlier spending proposal by House Republicans — Democrats also backed it — to head off a government shutdown. The package contained about $100 billion in disaster aid, including a federal commitment long sought by Maryland lawmakers to pay the full cost of replacing the Francis Scott Key Bridge following its March collapse. Musk, citing a pay increase for Congress among other objections, attacked the bill on X, his social media platform, calling it “dead.” Johnson, who has supported Trump, then pitched the alternative that was ultimately approved. He needed a deal acceptable not only to most Republicans but also to Democrats, whose votes were required because the GOP majority was so slim. The final package included the Key Bridge funding commitment but neither the pay raise nor a Trump proposal to suspend the debt ceiling — the amount the government can borrow. Republicans won a “trifecta” — control of the White House, House and Senate — in the November elections, and Trump has claimed a broad mandate for such proposals as mass deportation and reducing the civil service workforce. But his party has split among hard-line spending watchdogs and those more prone to work with Democrats on shared priorities. Among those repeatedly protesting spending levels are Florida Republican Rep. Byron Donalds and Harris, the only Republican in Maryland’s congressional delegation; his district includes Harford County, the Eastern Shore and a piece of Baltimore County. Harris chairs the Freedom Caucus, a group that has focused on fiscal conservatism since its inception. Donalds recently posted on X: “It’s time to clean house. It’s time to slash spending & cut debt.” Harris also expressed concerns during the recent negotiations, saying in a written statement that he believed the Key Bridge replacement should be funded, “but with a $2 trillion-dollar annual deficit left from the Biden administration, we should look to offset any cost with savings elsewhere.” Harris did not respond to correspondence seeking comment on Friday. The party was similarly divided in 2023 when its far-right voting bloc expressed dissatisfaction with former Speaker Kevin McCarthy of California, saying he had not forcefully resisted the Democratic agenda. Johnson, who replaced McCarthy, said at the time that he would emphasize bringing up individual spending bills instead of putting funding measures into a large package as executive branch spending authority is about to run out. But Congress needed such stopgap bills in September and again on Dec. 21 to fund the government in three-month increments. ©2024 Baltimore Sun. Visit baltimoresun.com . Distributed by Tribune Content Agency, LLC.Injuries pile up, 49ers uncertain QB Brock Purdy can return Sunday