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MIAMI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation PNNT (the "Company") announced today financial results for the fourth quarter and fiscal year ended September 30, 2024. HIGHLIGHTS Year ended September 30, 2024 ($ in millions, except per share amounts) Assets and Liabilities: Investment portfolio (1) $ 1,328.1 Net assets $ 493.9 Adjusted net asset value per share (2) $ 7.56 Quarterly increase in adjusted net asset value per share (2) 0.5 % GAAP net asset value per share $ 7.56 Quarterly increase in GAAP net asset value per share 0.5 % Credit Facility $ 460.4 2026 Notes $ 148.6 2026-2 Notes $ 163.1 Regulatory Debt to Equity 1.58x Weighted average yield on debt investments at quarter-end 12.3 % Quarter Ended Year Ended September 30, 2024 September 30, 2024 Operating Results: Net investment income $ 14.4 $ 60.1 Net investment income per share $ 0.22 $ 0.92 Core net investment income per share (3) $ 0.22 $ 0.89 Distributions declared per share $ 0.24 $ 0.88 Portfolio Activity: Purchases of investments $ 291.6 $ 1,043.6 Sales and repayments of investments $ 235.2 $ 824.6 PSLF Portfolio data: PSLF investment portfolio $ 1,031.2 $ 1,031.2 Purchases of investments $ 145.9 $ 396.1 Sales and repayments of investments $ 39.1 $ 172.9 Includes investments in PennantPark Senior Loan Fund, LLC ("PSLF"), an unconsolidated joint venture, totaling $183.8 million, at fair value. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company's financial performance excluding the impact of unrealized gain on our multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the "Credit Facility." The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Core net investment income ("Core NII") is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the year ended September 30, 2024, Core NII excluded: i) $2.5 million of PSLF special dividend income, and ii) $0.4 million of incentive fee expense offset. CONFERENCE CALL AT 12:00 P.M. EST ON NOVEMBER 26, 2024 PennantPark Investment Corporation ("we," "our," "us" or the "Company") will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, November 26, 2024 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #3424889 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark's website. PORTFOLIO AND INVESTMENT ACTIVITY "We are pleased to announce another quarter of solid performance from both an NAV and Net Investment Income perspective," said Arthur Penn, Chairman and CEO. "Our earnings stream continues to be robust due to strong credit performance and the excellent returns generated by our PSLF joint venture." As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 7% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%. As of September 30, 2023, our portfolio totaled $1,101.7 million and consisted of $527.7 million or 48% of first lien secured debt, $99.8 million or 9% of US Government Securities, $80.4 million or 7% of second lien secured debt, $156.2 million or 14% of subordinated debt (including $102.3 million or 9% in PSLF) and $237.6 million or 22% of preferred and common equity (including $62.1 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 95% variable-rate investments and 5% fixed-rate investments. As of September 30, 2023, we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $16.3 million as of September 30, 2023. Our overall portfolio consisted of 129 companies with an average investment size of $7.8 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 13.0%. For the three months ended September 30, 2024, we invested $191.9 million in 12 new and 44 existing portfolio companies at a weighted average yield on debt investments of 11.4% (excluding U.S. Government Securities). For the three months ended September 30, 2024, sales and repayments of investments totaled $175.3 million (excluding U.S. Government Securities), including $117.0 million of sales to PSLF. For the year ended September 30, 2024, we invested $774.6 million of investments in 41 new and 81 existing portfolio companies with a weighted average yield on debt investments of 11.7 % (excluding U.S. Government Securities). Sales and repayments of investments for the same period totaled $555.4 million (excluding U.S. Government Securities), including $308.7 million of sales to PSLF. For the three months ended September 30, 2023, we invested $61.1 million in two new and 31 existing portfolio companies at a weighted average yield on debt investments of 12.3% (excluding U.S. Government Securities). For the three months ended September 30, 2023, sales and repayments of investments totaled $138.2 million (excluding U.S. Government Securities), including $47.6 million of sales to PSLF. For the year ended September 30, 2023, we invested $275.4 million in 17 new and 69 existing portfolio companies at a weighted average yield on debt investments of 12.0% (excluding U.S. Government Securities). For the year ended September 30, 2023, sales and repayment totaled $418.6 million (excluding U.S. Government Securities), including $127.8 million of sales to PSLF. PennantPark Senior Loan Fund, LLC PNNT has agreed to invest an additional $52.5 million and its joint venture partner has agreed to invest an additional $75.0 million of capital in PSLF. In addition, PSLF increased its senior secured credit facility provided by BNP Paribas from $325 million to $400 million, thereby allowing the JV to scale its investment portfolio to over $1.5 billion, representing a nearly $500 million increase in the JV's investment capacity. As of September 30, 2024, PSLF's portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%. As of September 30, 2023, PSLF's portfolio totaled $804.2 million, consisted of 90 companies with an average investment size of $8.9 million and had a weighted average yield on debt investments of 12.1%. For the three months ended September 30, 2024, PSLF invested $145.9 million (including $117.0 million purchased from the Company) in three new and seven existing portfolio companies at a weighted average yield on debt investments of 11.5%. PSLF's sales and repayments of investments for the same period totaled $39.1 million. For the year ended September 30, 2024, PSLF invested $396.1 million (of which $308.8 million was purchased from the Company) in 20 new and 24 existing portfolio companies with a weighted average yield on debt investments of 11.8%. PSLF's sales and repayments of investments for the same period totaled $172.9 million. For the three months ended September 30, 2023, PSLF invested $56.9 million (including $47.6 million purchased from the Company) in five new and 18 existing portfolio companies at a weighted average yield on debt investments of 11.8%. PSLF's sales and repayments of investments for the same period totaled $52.6 million. For the year ended September 30, 2023, PSLF invested $176.2 million (including $127.8 million purchased from the Company) in 21 new and 23 existing portfolio companies at a weighted average yield on debt investments of 11.8%. PSLF's sales and repayments of investments for the same period totaled $106.6 million. RESULTS OF OPERATIONS Set forth below are the results of operations for the three months ended and years ended September 30, 2024 and 2023. Investment Income For the three months and year ended September 30, 2024, investment income was $36.5 million and $143.8 million, respectively, which was attributable to $27.2 million and $104.8 million from first lien secured debt, $2.2 million and $9.8 million from second lien secured debt, $1.1 million and $3.0 million from subordinated debt and $6.0 million and $26.2 million from other investments, respectively. For the three months and year ended September 30, 2023, investment income was $34.0 million and $145.4 million, respectively, which was attributable to $24.5 million and $97.2 million from first lien secured debt, $2.9 million and $13.8 million from second lien secured debt, $1.3 million and $4.7 million from subordinated debt and $5.4 million and $29.7 million from preferred and common equity, respectively. The decrease in investment income for the year compared to the same period in the prior year was primarily due to a decrease in dividend income. Expenses For the three months and year ended September 30, 2024, expenses totaled $22.0 million and $83.7 million, respectively, and were comprised of $12.3 million and $45.2 million of debt related interest and expenses, $4.3 million and $16.7 million of base management fees, $3.1 million and $12.7 million of incentive fees, $1.8 million and $6.6 million of general and administrative expenses and $0.7 million and $2.6 million of provision for excise taxes. For the three months and year ended September 30, 2023, expenses totaled $18.4 million and $79.8 million, respectively, and were comprised of $9.0 million and $39.4 million of debt related interest and expenses, $3.9 million and $16.5 million of base management fees, $3.3 million and $13.9 million of incentive fees, $1.6 million and $5.7 million of general and administrative expenses and $0.7 million and $4.3 million of provision for excise taxes. The increase in expenses over the prior year was primarily due to an increase in debt related interest and expenses. Net Investment Income For the three months and year ended September 30, 2024, net investment income totaled $14.4 million and $60.1 million, or $0.22 per share and $0.92 per share, respectively. For the three months and year ended September 30, 2023, net investment income totaled $15.6 million and $65.5 million, or $0.24 per share and $1.00 per share, respectively. The decrease in net investment income per share compared to the prior year was primarily due to an increase in debt-related interest expenses and decrease in dividend income. Net Realized Gains or Losses For the three months and year ended September 30, 2024, net realized gains (losses) totaled $2.5 million and $(33.6) million, respectively. For the three months and year ended September 30, 2023, net realized gains (losses) totaled $(5.2) million and $(156.8) million, respectively. The change in realized gains/losses was primarily due to changes in market conditions of our investments and the values at which they were realized and the fluctuations in the market and in the economy. Unrealized Appreciation or Depreciation on Investments and Debt For the three months ended and year ended September 30, 2024, net change in unrealized appreciation (depreciation) on investments was $4.3 million and $26.8 million, respectively. For the three months ended and year ended September 30, 2023, net change in unrealized appreciation (depreciation) on investments was $2.5 million and $61.2 million, respectively. As of September 30, 2024 and September 30, 2023, our net unrealized appreciation (depreciation) on investments totaled $11.2 million and $(16.3) million, respectively. The net change in unrealized appreciation/depreciation on our investments for the year ended September 30, 2024 compared to the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized and the fluctuation in the market and in the economy. For the three months and year ended September 30, 2024, our Credit Facility had a net change in unrealized appreciation (depreciation) of $(2.8) million and $(4.4) million, respectively. For the three months and year ended September 30, 2023, our Credit Facility had a net change in unrealized appreciation (depreciation) of $(1.3) million and $(3.8) million, respectively. As of September 30, 2024 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility totaled $1.1 million and $5.5 million, respectively. The net change in unrealized depreciation for the year ended September 30, 2024 compared to the prior year was primarily due to changes in the capital markets. Net Change in Net Assets Resulting from Operations For the three months and year ended September 30, 2024, net increase (decrease) in net assets resulting from operations totaled $18.4 million and $48.9 million, or $0.28 per share and $0.75 per share, respectively. For the three months and year ended September 30, 2023, net increase (decrease) in net assets resulting from operations totaled $12.3 million and $(33.8) million, or $0.19 per share and $(0.52) per share, respectively. The increase in net assets from operations for the year ended September 30, 2024 compared to the prior year was primarily due to larger depreciation of the portfolio in the prior year primarily driven by changes in market conditions. LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives. As of September 30, 2024 and 2023, we had $461.5 million and $212.4 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 7.2% and 7.7%, respectively, exclusive of the fee on undrawn commitments. As of September 30, 2024 and 2023, we had $13.5 million and $262.6 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. As of September 30, 2024 and 2023, we had cash and cash equivalents of $49.9 million and $38.8 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to effectively operate our business. For the year ended September 30, 2024, our operating activities used cash of $(172.4) million and our financing activities provided cash of $183.4 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from borrowings under our Truist Credit Facility. For the year ended September 30, 2023, our operating activities provided cash of $222.9 million and our financing activities used cash of $239.2 million for the same period. Our operating activities provided cash primarily from our investment activities and our financing activities used cash primarily from the proceeds of our 2026-2 Notes and net repayments under our Truist Credit Facility. DISTRIBUTIONS During the three months and year ended September 30, 2024, we declared distributions of $0.24 and $0.88 per share, for total distributions of $15.7 million and $57.4 million, respectively. During the three months and year ended September 30, 2023, we declared distributions of $0.21 and $0.76 per share, for total distributions of $13.7 million and $49.6 million, respectively. We monitor available net income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC. AVAILABLE INFORMATION The Company makes available on its website its annual report on Form 10-K filed with the SEC and stockholders may find the report on our website at www.pennantpark.com . PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share data) September 30, 2024 September 30, 2023 Assets Investments at fair value Non-controlled, non-affiliated investments (amortized cost—$916,168 and $816,754, respectively) $ 910,323 $ 830,808 Non-controlled, affiliated investments (amortized cost—$56,734 and $55,787, respectively) 33,423 54,771 Controlled, affiliated investments (amortized cost—$343,970 and $245,386, respectively) 384,304 216,068 Total investments (amortized cost—$1,316,872 and $1,117,927, respectively) 1,328,050 1,101,647 Cash and cash equivalents (cost—$49,833 and $38,784, respectively) 49,861 38,775 Interest receivable 5,261 6,820 Distribution receivable 5,417 5,079 Due from affiliates 228 — Prepaid expenses and other assets 269 4,656 Total assets 1,389,086 1,156,977 Liabilities Truist Credit Facility payable, at fair value (cost—$461,456 and $212,420, respectively) 460,361 206,940 2026 Notes payable, net (par— $150,000) 148,571 147,669 2026 Notes-2 payable, net (par— $165,000) 163,080 162,226 Payable for investment purchased 100,096 99,949 Interest payable on debt 6,406 6,231 Distributions payable 5,224 13,697 Base management fee payable 4,297 3,915 Incentive fee payable 3,057 3,310 Accounts payable and accrued expenses 4,053 6,754 Due to affiliates 33 4,099 Total liabilities 895,178 654,790 Net assets Common stock, 65,296,094 and 65,224,500 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized 65 65 Paid-in capital in excess of par value 743,968 746,466 Accumulated deficit (250,125 ) (244,344 ) Total net assets $ 493,908 $ 502,187 Total liabilities and net assets $ 1,389,086 $ 1,156,977 Net asset value per share $ 7.56 $ 7.70 PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) Three Months Ended Sept 30, Year Ended Ended Sept 30, 2024 2023 2024 2023 Investment income: From non-controlled, non-affiliated investments: Interest $ 19,174 $ 21,240 $ 80,527 $ 93,420 Payment-in-kind 3,047 1,221 5,140 1,236 Dividend income 577 1,028 2,869 13,945 Other income 913 888 3,508 2,316 From non-controlled, affiliated investments: Interest — — — 73 Payment-in-kind — 308 347 625 From controlled, affiliated investments: Interest 6,349 4,527 25,738 15,425 Payment-in-kind 1,600 446 4,084 2,596 Dividend income 4,840 4,386 21,605 15,730 Total investment income 36,500 34,044 143,818 145,366 Expenses: Base management fee 4,297 3,915 16,654 16,549 Incentive fee 3,057 3,310 12,741 13,901 Interest and expenses on debt 12,281 8,953 45,188 39,408 Administrative services expenses 500 469 1,689 1,843 General and administrative expenses 1,250 1,129 4,874 3,837 Expenses before provision for taxes 21,385 17,776 81,146 75,538 Provision for taxes on net investment income 700 663 2,602 4,295 Net expenses 22,085 18,439 83,748 79,833 Net investment income 14,415 15,605 60,070 65,533 Realized and unrealized gain (loss) on investments and debt: Net realized gain (loss) on investments and debt: Non-controlled, non-affiliated investments (442 ) (2,676 ) 1,166 (18,418 ) Non-controlled and controlled, affiliated investments (35,474 ) — (34,999 ) (133,098 ) Debt extinguishment — — — (289 ) Provision for taxes on realized gain on investments 363 (2,535 ) 186 (4,952 ) Net realized gain (loss) on investments and debt (35,553 ) (5,211 ) (33,647 ) (156,757 ) Net change in unrealized appreciation (depreciation) on: Non-controlled, non-affiliated investments (5,483 ) (1,928 ) (20,895 ) (35,440 ) Non-controlled and controlled, affiliated investments 9,796 4,400 48,388 95,034 Provision for taxes on unrealized appreciation (depreciation) on investments — 680 (680 ) 1,576 Debt appreciation (depreciation) (2,807 ) (1,279 ) (4,385 ) (3,753 ) Net change in unrealized appreciation (depreciation) on investments and debt 1,506 1,873 22,428 57,417 Net realized and unrealized gain (loss) from investments and debt (34,047 ) (3,338 ) (11,219 ) (99,340 ) Net increase (decrease) in net assets resulting from operations (19,632 ) 12,267 48,851 (33,807 ) Net increase (decrease) in net assets resulting from operations per common share $ (0.30 ) $ 0.19 $ 0.75 $ (0.52 ) Net investment income per common share $ 0.22 $ 0.24 $ 0.92 $ 1.00 ABOUT PENNANTPARK INVESTMENT CORPORATION PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $8.3 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam. FORWARD-LOOKING STATEMENTS AND OTHER This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made. We may use words such as "anticipates," "believes," "expects," "intends," "seeks," "plans," "estimates" and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice. Contact: Richard T. Allorto, Jr. PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against The Toronto-Dominion Bank - TDTransMedics Appoints Gerardo Hernandez as Chief Financial Officer and Provides Updated 2024 Financial OutlookIowa followed its lowest-scoring game of the season with a 110-point eruption the next time out. The Hawkeyes will be one week removed from that scorching effort when they host Northwestern in Tuesday's Big Ten opener in Iowa City, but rust won't be the only roadblock for a potential repeat showing. Iowa (6-1) also is bracing for stiffer competition in conference play while navigating an injury to Seydou Traore. The reserve forward suffered a sprained ankle midway through the first half of a 110-77 home rout of South Carolina Upstate on Nov. 26. Also missing frontcourt contributors Even Brauns and Cooper Koch, the Hawkeyes still flexed their resilience and depth. Brock Harding notched a double-double of 20 points and 10 rebounds and Owen Freeman netted 17 points as five Iowa players scored in double figures. "Coming off a loss, going into Thanksgiving break here, we've got a couple days off coming, it'd be easy to kinda (think), ‘All right, let's relax for this one, guys sit out,'" Harding said. "But I think we really locked in." Northwestern (6-2) overcame 40.8 percent shooting to defeat UNLV 66-61 in the third-place game of the Arizona Tip-Off on Friday in Tempe, Ariz. Brooks Barnhizer, a preseason All-Big Ten pick who was sidelined by a foot injury during the Wildcats' first four games, had team highs of 23 points, nine rebounds and six assists. He has scored at least 20 points in three of four games. Northwestern limited UNLV to a 42.1 percent effort from the floor. Matthew Nicholson propelled the defense with two of the Wildcats' seven steals to go with two blocks. "We're a defensive-minded team and, you know, our identity is just getting stops," Barnhizer said. "Everything else will take care of itself. So, the older guys were trying to come out here and do that tonight and I think we did a pretty good job of it." Strong ‘D' helped Northwestern's ball movement, too, as the Wildcats assisted on 15 of 20 made field goals. Northwestern went 8-for-18 (44.4 percent) from long range to improve to 3-0 this season when connecting on 40 percent of its 3-point shots or better. --Field Level Media
By MICHELLE L. PRICE and ROB GILLIES NEW YORK (AP) — President-elect Donald Trump’s recent dinner with Canadian Prime Minister Justin Trudeau and his visit to Paris for the reopening of the Notre Dame Cathedral were not just exercises in policy and diplomacy. They were also prime trolling opportunities for Trump. Related Articles National Politics | Trump names Andrew Ferguson as head of Federal Trade Commission to replace Lina Khan National Politics | Biden issues veto threat on bill expanding federal judiciary as partisan split emerges National Politics | Trump lawyers and aide hit with 10 additional felony charges in Wisconsin over 2020 fake electors National Politics | After withdrawing as attorney general nominee, Matt Gaetz lands a talk show on OANN television National Politics | What will happen to Social Security under Trump’s tax plan? Throughout his first term in the White House and during his campaign to return, Trump has spun out countless provocative, antagonizing and mocking statements. There were his belittling nicknames for political opponents, his impressions of other political figures and the plentiful memes he shared on social media. Now that’s he’s preparing to return to the Oval Office, Trump is back at it, and his trolling is attracting more attention — and eyerolls. On Sunday, Trump turned a photo of himself seated near a smiling first lady Jill Biden at the Notre Dame ceremony into a social media promo for his new perfume and cologne line, with the tag line, “A fragrance your enemies can’t resist!” The first lady’s office declined to comment. When Trudeau hastily flew to Florida to meet with Trump last month over the president-elect’s threat to impose a 25% tax on all Canadian products entering the U.S., the Republican tossed out the idea that Canada become the 51st U.S. state. The Canadians passed off the comment as a joke, but Trump has continued to play up the dig, including in a post Tuesday morning on his social media network referring to the prime minister as “Governor Justin Trudeau of the Great State of Canada.” After decades as an entertainer and tabloid fixture, Trump has a flair for the provocative that is aimed at attracting attention and, in his most recent incarnation as a politician, mobilizing fans. He has long relished poking at his opponents, both to demean and minimize them and to delight supporters who share his irreverent comments and posts widely online and cheer for them in person. Trump, to the joy of his fans, first publicly needled Canada on his social media network a week ago when he posted an AI-generated image that showed him standing on a mountain with a Canadian flag next to him and the caption “Oh Canada!” After his latest post, Canadian Immigration Minister Marc Miller said Tuesday: “It sounds like we’re living in a episode of South Park.” Trudeau said earlier this week that when it comes to Trump, “his approach will often be to challenge people, to destabilize a negotiating partner, to offer uncertainty and even sometimes a bit of chaos into the well established hallways of democracies and institutions and one of the most important things for us to do is not to freak out, not to panic.” Even Thanksgiving dinner isn’t a trolling-free zone for Trump’s adversaries. On Thanksgiving Day, Trump posted a movie clip from “National Lampoon’s Christmas Vacation” with President Joe Biden and other Democrats’ faces superimposed on the characters in a spoof of the turkey-carving scene. The video shows Trump appearing to explode out of the turkey in a swirl of purple sparks, with the former president stiffly dancing to one of his favorite songs, Village People’s “Y.M.C.A.” In his most recent presidential campaign, Trump mocked Florida Gov. Ron DeSantis, refusing to call his GOP primary opponent by his real name and instead dubbing him “Ron DeSanctimonious.” He added, for good measure, in a post on his Truth Social network: “I will never call Ron DeSanctimonious ‘Meatball’ Ron, as the Fake News is insisting I will.” As he campaigned against Biden, Trump taunted him in online posts and with comments and impressions at his rallies, deriding the president over his intellect, his walk, his golf game and even his beach body. After Vice President Kamala Harris took over Biden’s spot as the Democratic nominee, Trump repeatedly suggested she never worked at McDonalds while in college. Trump, true to form, turned his mocking into a spectacle by appearing at a Pennsylvania McDonalds in October, when he manned the fries station and held an impromptu news conference from the restaurant drive-thru. Trump’s team thinks people should get a sense of humor. “President Trump is a master at messaging and he’s always relatable to the average person, whereas many media members take themselves too seriously and have no concept of anything else other than suffering from Trump Derangement Syndrome,” said Steven Cheung, Trump’s communications director. “President Trump will Make America Great Again and we are getting back to a sense of optimism after a tumultuous four years.” Though both the Biden and Harris campaigns created and shared memes and launched other stunts to respond to Trump’s taunts, so far America’s neighbors to the north are not taking the bait. “I don’t think we should necessarily look on Truth Social for public policy,” Miller said. Gerald Butts, a former top adviser to Trudeau and a close friend, said Trump brought up the 51st state line to Trudeau repeatedly during Trump’s first term in office. “Oh God,” Butts said Tuesday, “At least a half dozen times.” “This is who he is and what he does. He’s trying to destabilize everybody and make people anxious,” Butts said. “He’s trying to get people on the defensive and anxious and therefore willing to do things they wouldn’t otherwise entertain if they had their wits about them. I don’t know why anybody is surprised by it.” Gillies reported from Toronto. Associated Press writer Darlene Superville contributed to this report.
A child was tasered, and four police officers were injured after a wild vehicle pursuit from Sydney's west to Wollongong. or signup to continue reading Four teenagers, two aged 14 and two aged 13, are accused of leading police on a chase in a stolen Audi overnight on Sunday, November 24. Officers first spotted the Audi in Granville about 9.30pm, and when they put on their warning lights, the car allegedly sped away and a pursuit was initiated. "Police will allege the car continued onto the Hume Highway and Henry Lawson Drive, Georges Hall before the pursuit was terminated due to safety concerns," a NSW Police spokeswoman said. "POLAir assisted in monitoring the car before road spikes were deployed on the Princes Motorway, Mount Ousley." With a deflated tyre, the car allegedly left the M1 Princes Motorway and turned onto Mount Pleasant Road in Mount Pleasant. The vehicle eventually stopped on Hopewood Crescent, Fairy Meadow. "A 14-year-old male driver and 14-year-old male passenger allegedly fled on foot down Hopewood Crescent, before being arrested nearby on Garratt Avenue, Fairy Meadow, about 10.10pm," police said. Officers tasered one of the teenage boys who allegedly resisted arrest. "The other two male passengers, both aged 13, locked themselves in the vehicle," the police spokeswoman said. "Police forced entry into the car before arresting the two males." Officers seized hammers and knives from the vehicle, which they allege were stolen. The teens were taken to Wollongong Police Station, where the 14-year-old driver was charged with police pursuit - not stop - drive dangerously; drive conveyance taken without consent of owner; and hinder or resist police officer in the execution of duty. The other three males were charged with being carried in conveyance and resisting arrest. Four police officers sustained minor injuries during the arrest and did not require hospitalisation. Nadine Morton covers emergency services and breaking news for the Illawarra Mercury. She takes pride in regional journalism which she believes is crucial to informing our towns and cities. Have a story? Email her at nadine.morton@austcommunitymedia.com.au Nadine Morton covers emergency services and breaking news for the Illawarra Mercury. She takes pride in regional journalism which she believes is crucial to informing our towns and cities. Have a story? Email her at nadine.morton@austcommunitymedia.com.au DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. 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Advertisement AdvertisementSpurs travel to Premier League champions Manchester City on Saturday reeling from a disappointing home loss to Ipswich before the international break. The club’s problems have multiplied during the past fortnight with midfielder Rodrigo Bentancur handed a seven-match domestic ban on Monday and Cristian Romero (toe) joining a lengthy list of absentees. However, Postecoglou remains bullish about Tottenham’s progress and acutely aware of the scrutiny set to come his way if they stay 10th. “Christmas is a joyous occasion, irrespective, and I think it should be celebrated. If we’re still 10th then people won’t be happy, I won’t be happy, but we might not be 10th,” Postecoglou pointed out before nine games in 30 days. “Certainly for us I think it’s a significant period because you look at those games and we’ve got the league where we’ve got to improve our position and a couple of important European fixtures that can set us up for the back half of the year, also a Carabao Cup quarter-final. “At the end of that period we could be in a decent position for a strong second half of the year, so for us it is an important period. “You know there’s no more international breaks, so the full focus is here. You can build some momentum through that, or if things don’t go well you could get yourself into a bit of a grind. Ready for #MCITOT 👊 Go behind the scenes of training ahead of our trip to Manchester 🎥⤵️ pic.twitter.com/4jFZTCIwSz — Tottenham Hotspur (@SpursOfficial) November 22, 2024 “Of course if we had beaten Ipswich, we’d be third and I reckon this press conference would be much different wouldn’t it? “I’m not going to let my life be dictated by one result, I’m sorry. I take a wider perspective on these things because I know how fickle it can be, but we need to address our position for sure. “And if we’re 10th at Christmas, yeah it won’t be great. There’d be a lot of scrutiny and probably a lot of scrutiny around me, which is fair enough, but that’s not where I plan for us to be.” Tottenham’s immediate efforts to move up the table will require them ending City’s two-year unbeaten home run in the Premier League. The champions have lost their last four matches in all competitions, but have some key personnel back for Saturday’s clash and will aim to toast Pep Guardiola’s new contract with a victory. Postecoglou was pleased to see Guardiola commit to a further two seasons in England, adding: “I love the fact that there’s a massive target out there that can seem insurmountable. “I look at it the other way. I go, ‘imagine if you knock him off, that’d be something’. “I’m at the stage of my life where I’d rather have the chance of knocking him off than missing that opportunity. “When greatness is around, you want to be around it. And hopefully it challenges you to be like that as well.” Saturday’s fixture will be Postecoglou’s 50th league game in charge of Spurs and he knows what is required to bring up three figures. A post shared by Premier League (@premierleague) “No European football, significant player turnover, change of playing style. Where did I think we’d be after 50 games? God knows. “It could have been a whole lot worse, but when you look at it in the current prism of we’re 10th, you’re going ‘it doesn’t look good’ and I understand that and we have to improve that. “But over the 50 games, I think there’s enough there that shows we are progressing as a team and we are developing into the team we want. “The key is the next 50 games, if they can be in totality better than the first 50? First, that means I’m here but second, I think we’ll be in a good space.”
DOVER, Del. (AP) — Martez Robinson's 15 points helped Delaware State defeat Loyola 80-77 on Saturday. Robinson also had seven rebounds for the Hornets (4-6). Kaseem Watson scored 14 points and added five rebounds. Alston Andrews had 13 points and shot 5 of 9 from the field and 3 of 3 from the free-throw line. Jordan Stiemke led the way for the Greyhounds (4-4) with 15 points and two steals. Loyola (MD) also got 14 points and eight rebounds from Milos Ilic. Braeden Speed also put up 13 points and four assists. Muneer Newton scored six points in the first half for Delaware State, who led 33-30 at halftime. Robinson's layup with 3:13 left in the second half gave Delaware State the lead for good at 71-70. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .None
LA Galaxy strike early, hold off New York Red Bulls 2-1 to win their record 6th MLS Cup championship
WA’s Liberal party leader has thrown down the gauntlet to challengers after polling predicted the “immediate appointment” of Perth Lord Mayor Basil Zempilas as leader would allow the flailing party to gain back five seats at the election. Libby Mettam has labelled the polling, commissioned by a mystery Perth business person with links to the party, as ‘flawed and clearly biased’, and has challenged anyone who wishes to be leader to move a no confidence motion against her during a meeting today. Perth Lord Mayor Basil Zempilas and Liberal Party leader Libby Mettam. Credit: Holly Thompson/ Supplied “Constant undermining of leaders, especially from the shadows within, is a sad reality in politics today,” she said. “But rather than weaken me it has made me stronger and more determined to succeed - not for myself - but for the people of Western Australia who deserve better. “I’m not a quitter, I’m a fighter.” The polling, published in The West Australian today, suggested another catastrophic election for the Liberals come election day in March. The party currently holds just three out of 59 seats in the Legislative Assembly, with the polling predicting the party has gone backwards since the 2021 election bloodbath, losing ground in 14 key metropolitan seats. Under Mettam, the party is predicted to suffer a 4 per cent drop, with the Liberal primary vote falling to 31 per cent in blue-ribbon seats like Churchlands and Nedlands. On the flip-side, the polling suggests a 3 per cent swing towards the Liberal party under Zempilas’ leadership, and a 38 per cent primary vote. The research, carried out by Sodali and Co, said Zempilas’ leadership could deliver wins in Churchlands, Nedlands, Carine, Bateman and Scarborough. Here’s what’s making news this morning. Former Hancock Prospecting employee James Radford, Sam Bjelke-Petersen, Gina Rinehart and former Liberal Party vice president Teena McQueen at a Trump rally in Virginia. Mostly sunny today with a top of 25 degrees. Good morning readers, and welcome to our live news blog for Tuesday, November 26. Making headlines this morning, Perth is tipped to outperform the rest of the country in property price growth with forecasts predicting double figure jumps in 2025. Meanwhile, cast your mind back to your school days – or, rather, the very end of your school days and the next step you took. Did you get a high score to enrol in the university degree of your choice? Did you decide to bypass the ATAR exams – or the equivalent of the era, for those older readers – and go straight into an apprenticeship? What about if you got a high ATAR score, but decided to go down the vocational pathway? That’s the situation Ellie Wotherspoon found herself in, having graduated from school with an impressive ATAR of 91. With an ATAR like that, Wotherspoon could have studied law, or medicine, or molecular science. But currently, she’s an electrician working on one of oil and gas giant Woodside’s offshore rigs. Wotherspoon tells WAtoday education reporter Holly Thompson what made her choose the sparky life here. Ellie Wotherspoon, from WA, has attended TAFE and university after receiving an ATAR over 90. And regular readers of this blog – and WAtoday more broadly – would know we’ve got our fingers on the pulse of this great state’s dining scene. And today, food writer Max Veenhuyzen fills you in on the latest happenings in the world of pastry cases with, er, fillings. From creative fillings to stocking choc milk and ginger beer in the fridge, a cosy nostalgia-fuelled takeaway in Leederville celebrates both the past and the future. Always on the lookout for a great pie? Read the latest from Max here. Thanks again for joining us today, stay with us as we bring you all the news you need to know.
Ashlon Jackson scores career-best 30 points to lead No. 14 Duke past No. 10 Kansas 73-62
Newcastle Herald brings you live updates from breaking news incidents, traffic and travel from across Newcastle, the Hunter Region and beyond. Stay up-to-date with what's going on as the day progresses. Login or signup to continue reading What's making news today? A man has allegedly threatened paramedics with a knife while they tried to offer him medical help in the Hunter yesterdaym The first Newcastle-Sydney Mariyung intercity train will depart from Newcastle Interchange at 8.21am today and a man will face court today after leading police on a chase through Lake Macquarie which resulted in falling down an embankment . Note: The blog may take a moment to load. The blog is free to access for all Newcastle Herald readers, but some article links may only be accessible exclusively to our subscribers. If you have any feedback about the blog please email news@newcastleherald.com.au . You can also send in news tips, diary dates and anything you think the news team needs to know. Or you can join the conversation in the comment section below, just scroll down to start discussing today's news. DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!
Trump isn’t back in office but he’s already pushing his agenda and negotiating with world leadersLOS ANGELES — Until he sustained a season-ending knee injury last week in the Western Conference final, Galaxy playmaker Riqui Puig was having a tremendous season. So I heard. I watched Puig play only twice this year, once in the Galaxy's season-opening 1-1 draw with Inter Miami and a second time in his team's Fourth of July defeat to LAFC at the Rose Bowl. Outside of short highlight clips on social media, I never saw the former Barcelona prospect, not even when he assisted on the goal that sent the Galaxy to the MLS Cup final. That wasn't a reflection of my interest. Some of my friends will make fun of me for publicly admitting this, but I like Major League Soccer. I covered the league in my first job out of college and have casually kept up with it since. I take my children to a couple of games a year. My 11-year-old son owns Galaxy and LAFC hats but no Dodgers or Lakers merchandise. People are also reading... When flipping through channels in the past, if presented with the choice of, say, college football or MLS, I usually watched MLS. But not this year. While the MLS Cup final between the Galaxy and New York Red Bulls will be shown on Fox and Fox Deportes, the majority of games are now exclusively behind a paywall, courtesy of the league's broadcasting deal with Apple. MLS Season Pass subscriptions were reasonably priced — $79 for the entire season for Apple TV+ subscribers, $99 for non-subscribers — but I was already paying for DirecTV Stream, Netflix, Amazon Prime, PlayStation Plus and who knows what else. MLS became a casualty in my household, as well as in many others, and the possibility of being out of sight and out of mind should be a concern for a league that is looking to expand its audience. Which isn't to say the league made a mistake. This was a gamble MLS had to take. Now in the second year of a 10-year, $2.5 billion deal with Apple, MLS did what Major League Baseball is talking about doing, which is to centralize its broadcasting rights and sell them to a digital platform. Regional sports networks have been decimated by cord cutting, making traditional economic models unsustainable. The move to Apple not only increased the league's broadcast revenues — previous deals with ESPN, Fox and Univision were worth a combined $90 million annually, according to multiple reports — but also introduced a measure of uniformity in the league. The quality of the broadcasts are better than they were under regional sports networks. Viewers know where to watch games and when, as every one of them is on Season Pass and most of them are scheduled to start at 7:30 p.m. local time either on Wednesday or Saturday. "That's been fueling our growth and driving our fan engagement," MLS Commissioner Don Garber said Friday at his annual state of the league address. Apple and MLS declined to reveal the number of League Pass subscribers, but the league provided polling figures that indicated 94% of viewers offered positive or neutral reviews of League Pass. The average viewing time for a game is about 65 minutes for a 90-minute game, according to Garber. In other words, the League Pass is well-liked — by the people who have it. The challenge now is to increase that audience. The launch of League Pass last year coincided with the arrival of Lionel Messi, which presumably resulted in a wave of subscriptions. But the league can't count on the appearance of the next Messi; there is only one of him. MLS pointed to how its fans watch sports on streaming devices or recorded television than any other U.S. sports league, as well as how 71% of its fans are under the age of 45. The league also pointed to how it effectively drew more viewers to the Apple broadcast of Inter Miami's postseason opener with a livestream of a "Messi Cam' on TikTok, indicating further collaborations with wide-reaching entities could be in its future. Garber mentioned how Season Pass is available in other countries. The commissioner also made note of how Apple places games every week in front of its paywall. "What we have, really, is a communication problem," Garber said. "This is new, and we've got to work with Apple, we've got to work with our clubs and we've got to work with our partners to get more exposure to what we think is a great product." The greatest benefit to the league could be Apple's vested interest in improving the on-field product. MLS insiders said Apple has not only encouraged teams to sign more high-profile players but also pushed the league to switch to a fall-to-spring calendar more commonplace in other parts of the world, reasoning that doing so would simplify the process of buying and selling players. The on-field product is what matters. The on-field product is why MLS continues to face competition for viewers from overseas leagues. The on-field product is why the league hasn't succeeded in converting every soccer fan into a MLS fan. And ultimately, if casual viewers such as myself are to pay to watch the Galaxy or LAFC on a screen of some kind, the on-field product will be why. Be the first to know Get local news delivered to your inbox!
CARSON, Calif. (AP) — Joseph Paintsil and Dejan Joveljic scored in the first half, and the LA Galaxy won their record sixth Cup championship with a 2-1 victory over the New York Red Bulls on Saturday. After striking twice in the first 13 minutes of the final with goals from their star forwards, the Galaxy nursed their lead through a scoreless second half to raise their league’s biggest trophy for the first time since 2014. MLS’ struggled through most of the ensuing decade, even finishing 26th in the 29-team league last year. But the Galaxy turned everything around this season with a high-scoring new lineup that finished second in the Western Conference and then streaked through the playoffs with a whopping 18 goals in five games to win another crown. Sean Nealis scored for the seventh-seeded Red Bulls, whose improbable charge through the playoffs ended one win shy of its first Cup championship. With the league's youngest roster, New York fell just short of becoming the lowest-seeded team to win MLS' playoff tournament under first-year German coach Sandro Schwarz. Galaxy goalkeeper John McCarthy made four saves to win his second MLS title in three seasons. He was the MVP of the 2022 MLS Cup Final for the Galaxy's crosstown rival, Los Angeles FC. The Galaxy won this title without perhaps their most important player. Riqui Puig, the playmaking midfielder from Barcelona who ran their offense impressively all season long, tore a ligament in his knee last week in the Western Conference final. Puig watched the game in a suit, but his teammates hadn't forgotten him: After his replacement, Gastón Brugman, set up LA's opening goal with a superb pass, Paintsil held up Puig's jersey to their fans during the celebration. Paintsil put the Galaxy ahead in the ninth minute when he ran onto that sublime pass from Brugman and pounded home his 14th MLS goal — including four in the playoffs — in the Ghanaian forward's outstanding first season. Just four minutes later, Joveljic sprinted past four New York defenders and chipped home the 21st goal of his outstanding year as the Galaxy's striker. Nealis got New York on the scoreboard in the 28th minute when he volleyed home a ball that got loose in LA's penalty area after a corner. The Galaxy's usually shaky defense gave up another handful of good chances before reaching halftime with a tenuous lead. The second half was lively, but scoreless. Red Bulls captain Emil Forsberg hit the outside of the post in the 72nd minute, while Gabriel Pec and Galaxy substitute Marco Reus nearly converted chances a few moments later. The ball got loose again in the Galaxy's penalty area in the third minute of extra time, but two Red Bulls couldn't finish. The Galaxy bench rushed onto the field and prematurely celebrated a victory in the seventh minute of injury time, only to be herded back off for another 30 seconds of play. The Galaxy finished 17-0-3 this season at their frequently renamed suburban stadium, where the sellout crowd of 26,812 for the final included several robust cheering sections of traveling Red Bulls supporters hoping to see their New Jersey-based club’s breakthrough on MLS’ biggest stage. The Galaxy’s Greg Vanney became the fourth coach to win an MLS title with two clubs. The former Galaxy player also won it all with Toronto in 2017. The club famous for employing global stars from David Beckham and Zlatan Ibrahimovic to Robbie Keane and Javier “Chicharito” Hernández rebuilt itself this season with lesser-known young talents from around the world. The Galaxy signed Pec from Brazil and the Ghanaian Paintsil out of Belgium, and the duo combined with incumbent Serbian striker Joveljic to form a potent attack that could outscore almost any MLS opponent. But the Galaxy also relied heavily on Puig, their Catalan catalyst and one of MLS’ best players. Puig stayed in last week's game after injuring his knee, and he even delivered the decisive pass to Joveljic for the game’s only goal. ___ AP soccer: