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WASHINGTON — One year after the Jan. 6, 2021 , U.S. Capitol attack, Attorney General Merrick Garland said the Justice Department was committed to holding accountable all perpetrators “at any level” for “the assault on our democracy.” That bold declaration won’t apply to at least one person: Donald Trump. Special counsel Jack Smith’s move on Monday to abandon the federal election interference case against Trump means jurors will likely never decide whether the president-elect is criminally responsible for his attempts to cling to power after losing the 2020 campaign. The decision to walk away from the election charges and the separate classified documents case against Trump marks an abrupt end of the Justice Department’s unprecedented legal effort that once threatened his liberty but appears only to have galvanized his supporters. The abandonment of the cases accusing Trump of endangering American democracy and national security does away with the most serious legal threats he was facing as he returns to the White House. It was the culmination of a monthslong defense effort to delay the proceedings at every step and use the criminal allegations to Trump’s political advantage, putting the final word in the hands of voters instead of jurors. “We always knew that the rich and powerful had an advantage, but I don’t think we would have ever believed that somebody could walk away from everything,” said Stephen Saltzburg, a George Washington University law professor and former Justice Department official. “If there ever was a Teflon defendant, that’s Donald Trump.” While prosecutors left the door open to the possibility that federal charges could be re-filed against Trump after he leaves office, that seems unlikely. Meanwhile, Trump’s presidential victory has thrown into question the future of the two state criminal cases against him in New York and Georgia. Trump was supposed to be sentenced on Tuesday after his conviction on 34 felony counts in his New York hush money case , but it’s possible the sentencing could be delayed until after Trump leaves office, and the defense is pushing to dismiss the case altogether. Smith’s team stressed that their decision to abandon the federal cases was not a reflection of the merit of the charges, but an acknowledgement that they could not move forward under longstanding Justice Department policy that says sitting presidents cannot face criminal prosecution. Trump’s presidential victory set “at odds two fundamental and compelling national interests: On the one hand, the Constitution’s requirement that the President must not be unduly encumbered in fulfilling his weighty responsibilities . . . and on the other hand, the Nation’s commitment to the rule of law,” prosecutors wrote in court papers. The move just weeks after Trump’s victory over Vice President Kamala Harris underscores the immense personal stake Trump had in the campaign in which he turned his legal woes into a political rallying cry. Trump accused prosecutors of bringing the charges in a bid to keep him out of the White House, and he promised revenge on his perceived enemies if he won a second term. “If Donald J. Trump had lost an election, he may very well have spent the rest of his life in prison,” Vice President-elect JD Vance, wrote in a social media post on Monday. “These prosecutions were always political. Now it’s time to ensure what happened to President Trump never happens in this country again.” After the Jan. 6 attack by Trump supporters that left more than 100 police officers injured, Republican leader Mitch McConnell and several other Republicans who voted to acquit Trump during his Senate impeachment trial said it was up to the justice system to hold Trump accountable. The Jan. 6 case brought last year in Washington alleged an increasingly desperate criminal conspiracy to subvert the will of voters after Trump’s 2020 loss, accusing Trump of using the angry mob of supporters that attacked the Capitol as “a tool” in his campaign to pressure then-Vice President Mike Pence and obstruct the certification of Democrat Joe Biden’s victory. Hundreds of Jan. 6 rioters — many of whom have said they felt called to Washington by Trump — have pleaded guilty or been convicted by juries of federal charges at the same courthouse where Trump was supposed to stand trial last year. As the trial date neared, officials at the courthouse that sits within view of the Capitol were busy making plans for the crush of reporters expected to cover the historic case. But Trump’s argument that he enjoyed absolute immunity from prosecution quickly tied up the case in appeals all the way up to the Supreme Court. The high court ruled in July that former presidents have broad immunity from prosecution , and sent the case back to the trial court to decide which allegations could move forward. But the case was dismissed before the trial court could get a chance to do so. The other indictment brought in Florida accused Trump of improperly storing at his Mar-a-Lago estate sensitive documents on nuclear capabilities, enlisting aides and lawyers to help him hide records demanded by investigators and cavalierly showing off a Pentagon “plan of attack” and classified map. But U.S. District Judge Aileen Cannon dismissed the case in July on grounds that Smith was illegally appointed . Smith appealed to the Atlanta-based 11th U.S. Circuit Court of Appeals, but abandoned that appeal on Monday. Smith’s team said it would continue its fight in the appeals court to revive charges against Trump’s two co-defendants because “no principle of temporary immunity applies to them.” In New York, jurors spent weeks last spring hearing evidence in a state case alleging a Trump scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex. New York prosecutors recently expressed openness to delaying sentencing until after Trump’s second term, while Trump’s lawyers are fighting to have the conviction dismissed altogether. In Georgia, a trial while Trump is in office seems unlikely in a state case charging him and more than a dozen others with conspiring to overturn his 2020 election loss in the state. The case has been on hold since an appeals court agreed to review whether to remove Fulton County District Attorney Fani Willis over her romantic relationship with the special prosecutor she had hired to lead the case. Associated Press reporter Lisa Mascaro in Washington contributed.
SHENZHEN, China , Nov. 27, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China , today announced its unaudited financial results for the third quarter ended September 30, 2024 . Third Quarter 2024 Operational Highlights September 30, 2023 June 30, 2024 September 30, 2024 originated (RMB in million) due for 31-60 days due for 91-180 days September 30, 2023 June 30, 2024 September 30, 2024 "Specifically on the operational front, our total loan amount facilitated and originated was down 4% year-on-year but up 25% sequentially to RMB28 billion , above the high end of our guidance. Delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.02% and 3.22%, respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago. We are pleased with these improvements in asset quality and will continue to optimize our risk management system through advanced technology." "In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery. As an integral part of the economy, the personal finance market we serve should benefit from this upturn. We have already observed positive signs in the market and are committed to adjusting loan volumes in line with risk levels. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record." Mr. Frank Fuya Zheng , Chief Financial Officer of the Company, added, "I'm pleased to report that our strategy of balancing business growth and profitability continued to pay off. Total net revenue was RMB1.6 billion , up 13% year-on-year and 15% sequentially, while non-GAAP adjusted net income reached a record high of RMB434 million , up 16% year-on-year and sequentially. As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our semi-annual dividend policy and explore opportunities under our share repurchase program to return more value to our shareholders over the long term." Third Quarter 2024 Financial Results Total net revenue in the third quarter of 2024 increased by 13.3% to RMB1,582 .5 million ( US$225 .5 million) from RMB1,396.9 million in the same period of 2023, primarily due to growth in various disaggregated revenue items compared with the same period of 2023. Please refer to analysis of disaggregation of revenue below. Post-origination service fees in the third quarter of 2024 increased by 10.7% to RMB186 .1 million ( US$26 .5 million) from RMB168 .2 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the third quarter of 2024 increased by 11.6% to RMB335 .8 million ( US$47 .8 million) from RMB301 .0 million in the same period of 2023, primarily due to an increase in average loan receivables held by the Company compared with the same period of 2023. Guarantee income in the third quarter of 2024 was RMB53.6 million ( US$7.6 million ), compared with RMB7.9 million in the same period of 2023, due to the cumulative effect of increased volume of loans facilitated covered by guarantee service in the previous quarters compared with the same period of 2023. Revenues from guarantee service are recognized systematically when the Company released from the underlying risk. Other revenue in the third quarter of 2024 increased by 42.4% to RMB128.8 million ( US$18.3 million ), compared with RMB90.4 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms. Origination and servicing expenses in the third quarter of 2024 increased by 13.6% to RMB457 .5 million ( US$65 .2 million) from RMB402 .9 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Borrower acquisitions and marketing expenses in the third quarter of 2024 increased by 20.7% to RMB506 .8 million ( US$72 .2 million) from RMB419 .9 million in the same period of 2023, primarily due to intensified efforts in borrower acquisitions compared with the same period of 2023. Reversal of provision for loans receivable in the third quarter of 2024 was RMB35 thousand ( US$5 thousand ), compared with provision for loans receivable of RMB53.9 million in the same period of 2023, primarily due to a decrease in the average estimated default rate compared with the same period of 2023, and partially offset by an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Provision for contingent guarantee liabilities in the third quarter of 2024 was RMB56.4 million ( US$8.0 million ), compared with RMB41.6 million in the same period of 2023, primarily due to an increase in guarantee liabilities held by the Company as a result of the increased volume of loans facilitated covered by the guarantee service this quarter compared with the same period of 2023. Income from operations in the third quarter of 2024 was RMB509 .0 million ( US$72 .5 million), compared with RMB435 .0 million in the same period of 2023. Income before income taxes and gain from equity in affiliates in the third quarter of 2024 was RMB473 .5 million ( US$67 .5 million), compared with RMB417 .5 million in the same period of 2023. Income tax expense in the third quarter of 2024 was RMB100.3 million ( US$14.3 million ), compared with RMB74.2 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375 .8 million ( US$53 .6 million), compared with RMB347 .2 million in the same period of 2023. Non-GAAP adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted ADS in the third quarter of 2024 was RMB7 .86 (US$1.12), and RMB7 .74 (US$1.10), compared with RMB7 .26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9 .12 (US$1.30), and RMB8 .88 (US$1.27), compared with RMB7 .80 and RMB7 .56 respectively, in the same period of 2023. Cash and cash equivalents was RMB1,044 .1 million ( US$148 .8 million) as of September 30, 2024 , compared with RMB1,612.2 million as of June 30, 2024 . Recent Development Share Repurchase Plans On September 4, 2024 , the Company further extended the period of the US$30 million share repurchase program until March 31, 2026 . In the third quarter of 2024, the Company repurchased an aggregate of 1,689,722 Class A ordinary shares with 10,038 Class A ordinary shares represented by ADSs for a total consideration of approximately US$1.3 million . The Company has approximately US$4.1 million remaining for potential repurchases under its US$30 million share repurchase plan. As previously disclosed, on May 30, 2024 , the Company announced that its board of directors authorized a new US$20 million share repurchase plan, effective through November 30, 2025 . The Company completed a tender offer in July 2024 under the new share repurchase program, with a total repurchase amount of approximately US$9.2 million . The Company has approximately US$10.8 million remaining under its US$20 million plan. Business Outlook The Company expects the total loan amount facilitated and originated for the fourth quarter of 2024 to be between RMB30.0 billion and RMB31.0 billion . The total loan amount facilitated and originated for 2024 is expected to be between RMB102.6 billion and RMB103.6 billion . This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 27, 2024 ( 8:00 PM Beijing / Hong Kong Time on November 27, 2024 ). Dial-in details for the earnings conference call are as follows: A replay of the conference call may be accessed by phone at the following numbers until December 4, 2024 : About X Financial X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China . The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com . Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.0176 to US$1.00 , the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024 . Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China ; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X Financial Mr. Frank Fuya Zheng E-mail: [email protected] Christensen IR In China Mr. Rene Vanguestaine Phone: +86-178-1749 0483 E-mail: [email protected] In US Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: [email protected]Jets Make Unusual Coaching Hire Move
The latest development came hours after thousands of his supporters, defying government warnings, broke through a barrier of shipping containers blocking off Islamabad and entered a high-security zone, where they clashed with security forces, facing tear gas shelling, mass detentions and gunfire. Tension has been high in Islamabad since Sunday when supporters of the former PM began a “long march” from the restive north-west to demand his release. Khan has been in a prison for more than a year and faces more than 150 criminal cases that his party says are politically motivated. Khan’s wife, Bushra Bibi, led the protest, but she fled as police pushed back against demonstrators. Hundreds of Khan’s supporters are being arrested in the ongoing night-time operation. Interior minister Mohsin Naqvi told reporters that the Red Zone, which houses government buildings and embassies, and the surrounding areas have been cleared. Leaders from Khan’s Pakistan Tehreek-e-Insaf party, or PTI, have also fled the protest site. Earlier on Tuesday, Pakistan’s army took control of D-Chowk, a large square in the Red Zone, where visiting Belarusian President Alexander Lukashenko is staying. Since Monday, Mr Naqvi had threatened that security forces would use live fire if protesters fired weapons at them. “We have now authorised the police to respond as necessary,” Mr Naqvi said Tuesday while visiting the square. Before the operation began, protester Shahzor Ali said people had taken to the streets because Khan had called for them. “We will stay here until Khan joins us. He will decide what to do next,” Mr Ali said. Protester Fareeda Bibi, who is not related to Khan’s wife, said people have suffered greatly for the last two years. “We have really suffered for the last two years, whether it is economically, politically or socially. We have been ruined. I have not seen such a Pakistan in my life,” she said. Authorities have struggled to contain the protest-related violence. Six people, including four members of the security services, were killed when a vehicle rammed them on a street overnight into Tuesday. A police officer died in a separate incident. Dozens of Khan supporters beat a videographer covering the protest for the Associated Press and took his camera. He sustained head injuries and was treated in hospital. By Tuesday afternoon, fresh waves of protesters made their way unopposed to their final destination in the Red Zone. Mr Naqvi said Khan’s party had rejected a government offer to rally on the outskirts of the city. Information minister Atta Tarar warned there would be a severe government reaction to the violence. The government says only the courts can order Khan’s release. He was ousted in 2022 through a no-confidence vote in Parliament. In a bid to foil the unrest, police have arrested more than 4,000 Khan supporters since Friday and suspended mobile and internet services in some parts of the country. Messaging platforms were also experiencing severe disruption in the capital. Khan’s party relies heavily on social media and uses messaging platforms such as WhatsApp to share information, including details of events. The X platform, which is banned in Pakistan, is no longer accessible, even with a VPN. Last Thursday, a court prohibited rallies in the capital and Mr Naqvi said anyone violating the ban would be arrested. Travel between Islamabad and other cities has become nearly impossible because of shipping containers blocking the roads. All education institutions remain closed.Van Nistelrooy’s first game in charge ended with a 3-1 win over West Ham, thanks to goals from Jamie Vardy, Bilal El Khannouss and Patson Daka. The Dutchman, who was out of work for just two weeks following his four-game spell as Manchester United interim boss, only started on Sunday so was happy to end a hectic three days in style. “It has been very busy getting to know everyone, start working together,” he said. “Everybody was involved with that and helping, it was busy, long days, but worth it. I was focused on the game and what the game needed, the subs, the half-time talk, so focused on the moment, so I am going to get myself a little beer and reflect on the last three days.” He endured a dream start as Vardy scored after just 98 seconds with El Khannouss and Daka adding second-half goals. It was by no means one-way traffic, though, as West Ham – who scored a consolation through Niclas Fullkrug at the death – had 30 shots on goal. But Van Nistelrooy saw enough to think he can deliver on his objective of keeping the Foxes in the Premier League. “I am very happy, if you look at the result – and it is about the result – it was a great night, three points, three good goals and also very effective. Ruud at the wheel 🛞 pic.twitter.com/eVgIwWAcYw — Leicester City (@LCFC) December 3, 2024 “Overall the game of course we have seen and how dominant West Ham were at certain stages and what they created, that is a fact and something we have to look at. “Overall, what I expected of the players going forward was togetherness and hunger, energy and spirit in this team that is fighting for every inch. “Eleven players on the pitch who are fighting as a foundation to play the rest of the Premier League. I saw that completely with every single player that started and came on. “That’s the foundation we have to build on, without that it will be impossible to get where we want to go. I am very happy about that.” West Ham’s hierarchy will have seen what impact a managerial change can have as the jury remains out on Julen Lopetegui, with away fans making their feelings clear by chanting “You’re getting sacked in the morning”. Lopetegui expects to keep his job but forthcoming games against his former club Wolves, Bournemouth, Brighton and Southampton could determine the Spaniard’s future. “The only thing that I am worried about is to go to training session tomorrow and stand up the players and prepare the next challenge,” he said. “We have one month of December with a lot of matches and I am sure with this attitude we are going to achieve many more points. “I believe in the players. I am confident that tomorrow we are going to be ready to prepare the next match. “Understanding the question, but at the end of the season maybe we talk in another way. There are a lot of matches and points, a lot of things can happen. “I believe in these players and team, I am sure the position is going to be much better. They are only words but we have to work a lot to achieve this.”
Cheers and beers for Ruud van Nistelrooy as Leicester reign starts with win