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2025-01-22
10'000 Hours Extrapolation is a dangerous tendency in the stock market, and Four Corners ( NYSE: FCPT ) seems to be priced with extrapolation in mind. The restaurant REIT has put together a strong track record of steady, medium-paced growth and with a 16X forward multiple, it seems the market is extrapolating its history. S&P Global Market Intelligence While we believe FCPT is a reasonably well-managed company, it has been operating in an easy-mode environment for most of its history. An inflection point is coming to the restaurant landscape, which could slow growth and potentially upset FCPT’s nearly flawless historical rent collection. This article will discuss the following: FCPT leases, tenants and cashflows Restaurant industry tailwinds becoming headwinds Valuation relative to peers Investment alternatives better positioned than FCPT FCPT niche focus on restaurants Many triple net REITs have some restaurants in their portfolio, but Four Corners intentionally concentrated its portfolio in restaurants, which is a concept I actually like quite a bit. When companies focus their portfolios on specific niches, it allows investors to obtain pinpoint exposure. While at a company level, there is a lack of diversification, investors can create their own diversification. So while FCPT is mostly restaurant, if an investor owns it in a portfolio otherwise not exposed to restaurants, they can still be diversified. As such, I don’t see any problem with FCPT being so concentrated in restaurants and getting roughly half of its revenue from a single tenant (Darden). In fact, the targeted restaurant exposure has been a boon for the company due to the extreme strength of restaurants in the last 5 years, which has contributed to its AFFO/share growth outperformance over peers. FCPT scores well on traditional triple net statistics. Occupancy is full at 99.6% and tenants are consistently paying rent on time. FCPT Long lease terms along with moderate rent escalators provide decent organic growth. One of the sticking points of triple net REITs can be what happens on lease renewal. Some leases are signed above market rates as part of an initial sale-leaseback transaction which can cause poor rent recapture rates on renewal. Thus, we like to check current lease rates against market rates to ensure leases are at or below market. FCPT’s leases are at just over $22 rent per foot which is on the low end and tenant EBITDAR coverage of rent is healthy at just over 5X. Each of these metrics suggests current leases are toward the conservative end which bodes well for maintaining or growing lease income upon renewal. FCPT’s tenant roster is robust. FCPT Note that Darden ( DRI ) owns more brands than just Olive Garden, so FCPT’s exposure to them is even larger than the 35% of rent that comes from Olive Garden locations. This is an unusually concentrated tenant roster compared to other REITs, but both Darden and Longhorn are among the largest and most profitable in the sit-down dining space. The main weakness on the tenant roster is the 1.6% of ABR coming from Red Lobster, which is in the bankruptcy process. All 18 of FCPT’s leases with Red Lobster have been affirmed in hearings which indicates 2 things: Four wall EBITDA coverage is well over 1.0X at these particular locations 18 out of 18 affirmed suggests FCPT’s acquisition underwriting is perspicacious. These particular locations are clearly among the more profitable of Red Lobster’s broader operations. On the liabilities side of the balance sheet, FCPT operates at 5.6X debt to EBITDA, which is right in line with the institutionally “recommended” level for REITs. Some combination of luck and skill allowed FCPT to not have to roll much of its debt during the higher interest rate environment, which has kept its weighted average cost of borrowing at 3.94%. FCPT This has been excellent for cashflows over the past few years, but does risk interest expense increasing going forward. With a 10-year Treasury yield at 4.4% today, debt that rolls will likely have to be refinanced at rates significantly more expensive than the current 3.94%. Below is FCPT’s debt maturity ladder: FCPT Given a generally strong balance sheet and ample cashflows, I don’t see material solvency risk or difficulty in refinancing, but interest expense will likely increase for the next few years as cheap debt rolls to more expensive debt. This will be a slight drag on AFFO/share. Overall, I think FCPT is a solid company with a good track record and above-average property quality. That said, there are 2 main reasons we are bearish on the name. Restaurant tailwinds becoming headwinds Valuation relative to peers Restaurants operating above sustainable levels According to the National Restaurant Association “Restaurant Industry Sales Forecast to Set $1.1 Trillion Record in 2024” The pandemic created a shift in consumer behavior, with a notable inflection point in restaurant sales. FRED Note the clear pre-pandemic trendline and then the upward inflection in slope starting in 2021. This is fueled by an increasing portion of consumers' food dollars being spent out of home. USDA Food away from home shot up after the pandemic. We don’t think this level of restaurant consumption is sustainable. So far, it was fueled by pandemic stimulus checks and dipping into savings. FRED With stimulus checks running out and personal savings rate already near all-time lows, consumers are going to have to tighten somewhere. Restaurant spending tends to be the flex slot of consumption. It is the first to ramp up when consumers are feeling better about their finances, but also the easiest valve to shut off. One can simply eat out less frequently to save money while still largely maintaining one’s lifestyle. Inflation is straining a large portion of Americans, and inflation is particularly potent for restaurants. Food inflation is well above overall CPI. USDA Labor, which is another key input to restaurant costs, is also running hot on inflation. FRED The result is that restaurants have raised prices materially to maintain margins. Consumers have not yet adjusted their behavior in response to the higher prices, and food spending has passed 30% of household income for lower income households. USDA This is not sustainable. Behavior will change. Cracks are already starting to show. Retail REITs are generally very strong right now, but a plethora of retail REITs are reporting weakness, specifically in restaurants. Here is an exchange from the Agree Realty ( ADC ) 3Q24 conference call: Linda Tsai : “There's a headline this morning that Denny's is closing 150 stores. Can you opine on what's happening with the restaurant chain?” Joel N. Agree “I continue to eat at them, not specifically Denny's. But Linda, we've been pretty clear that restaurants are not in our sandbox. Our restaurant exposure is on ground leases. We'll take the building back for free. But specifically, the furnitures, the fixtures, the mechanical, electrical and plumbing, the build-outs all amortized into the rental rates in 1 of the 2 probably most difficult retail business -- retail sectors to operate in the restaurant business is not our forte. Again, we're focused on fungible rectangles here. And generally, those rents are elevated and they're tenant specific. And so our focus has not been in the restaurant space. We didn't acquire one in Q3. I don't anticipate us acquiring one in Q4. We'll continue to enjoy the food and stay away from the real estate.” Linda Tsai “But any general thoughts on why they might be struggling now?” Joel N. Agree “Certainly. I mean, if you look at the elevated labor cost to constrained consumer at the low end, I mean, there's different value propositions here, but elevated labor costs led by the state of California, elevated consumers, also just the elevated consumer preference, frankly, excuse me, for eating at home, utilizing things such as DoorDash and Uber Eats. Those numbers have not come down to pre-COVID levels. And it's a difficult business, undeniably. But I would tell you, it's just not restaurants. What we're seeing today is a shakeout in that post-COVID free money world of retailers that probably had no value proposition in the first place, but had access to cheap capital that elongated their life cycle and we'll see continued elevated bankruptcies now while they have to refinance their ongoing obligations and their sales continue to erode. And so we're going to see that in the pet space, in the office supply space, in the sporting goods space, in the restaurant space. These are things that were inevitably delayed by free capital or nearly free capital that was out there. And now we're seeing the shakeout. And so it's back to capitalism, which I think is healthy.” Joey Agree seems to be quite bearish on restaurants along with a couple other asset types that were propped up by “free money”. CTO Realty ( CTO ) had excellent growth in 3Q24 yet still experienced weakness in restaurants. John James Massocca “Okay. And then maybe bigger picture, have you seen any change just given some of the macroeconomic uncertainty around retailer demand for either their existing space or to kind of take over move-outs or reposition space, et cetera?” John P. Albright (CTO’s CEO) “Not really. I mean, really, the only -- the softness that we're seeing is some of the restaurants, sales are down. And we're definitely monitoring that. But as a commentary on the economy, I would say, on the restaurants, that's where you're seeing more of the challenges and the softness.” Overall, it seems restaurant sales have been at an unsustainably high level and there is some pain ahead in the return to a more normal trend line. Due to FPCT’s greater than 5X tenant EBITDAR coverage of rent, the likely declines in tenant profits are unlikely to directly hurt FCPT’s contractual revenues. However, I see it impacting the REIT in 2 ways: Lower long-term growth Lower EBITDAR coverage ratios Both are quality factors which should filter into valuation. Valuation The average triple net REIT trades at 13.38X 2025 estimated AFFO. FCPT trades at 15.64X. Portfolio Income Solutions Source: Portfolio Income Solutions This greater than 2 turn premium made sense when the restaurant niche was relatively stronger than the average triple net property. Today, however, restaurants are one of the more at-risk triple net assets, with profitability of the sector peaking and consumer spending tightening back up. Given the subsector level challenges ahead, I don’t think FCPT should still trade at a premium to peers. Below we plotted the P/AFFO of each triple net on the Y axis and Debt to EBITDA on the X axis to obtain a sort of leverage neutral valuation. Portfolio Income Solutions Those above the line are relatively overvalued, while those below the line are cheap compared to peers on a leverage neutral basis. Valuation in the above graph is quality/growth agnostic, so those factors would also need to be considered in overall valuation. Within the sector, there are 5 companies that we believe provide a significantly better forward total return potential. Getty Realty ( GTY ) VICI Properties ( VICI ) W. P. Carey ( WPC ) Broadstone Net Lease ( BNL ) Gladstone Commercial ( GOOD ) We have written extensively on each of these, so feel free to check out the full articles in my archives . The REIT market has gotten egregiously underpriced making it a great time to get in to the right REITs. To help people get the most updated REIT data and analysis I am offering 40% off Portfolio Income Solutions, but you can only get it through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic REITs. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOD, BNL, WPC, GTY, VICI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.jili 369 app download

An FBI statement says there were ‘numerous’ threats targeting Trump cabinet picks and appointees to his government. The Federal Bureau of Investigation (FBI) in the United States has issued a statement confirming that several picks for President-elect Donald Trump’s incoming administration have been the subject of threats in the days since their nominations. “The FBI is aware of numerous bomb threats and swatting incidents targeting incoming administration nominees and appointees, and we are working with our law enforcement partners,” the bureau said on Wednesday. “We take all potential threats seriously and, as always, encourage members of the public to immediately report anything they consider suspicious to law enforcement.” The short statement echoed reports from within the Trump transition team itself. Earlier in the day, Trump spokesperson Karoline Leavitt indicated that cabinet nominees such as Lee Zeldin and Elise Stefanik were among those targeted. “Last night and this morning, several of President Trump’s Cabinet nominees and Administration appointees were targeted in violent, unAmerican threats to their lives and those who live with them,” she wrote in a press release. Zeldin, a former congressman from New York, posted about his experience on social media, confirming he and his family were safe. “A pipe bomb threat targeting me and my family at our home today was sent in with a pro-Palestinian themed message,” said Zeldin, who has been tapped by Trump to lead the Environmental Protection Administration (EPA). Stefanik, a US representative from New York and Trump’s pick to serve as ambassador to the United Nations, issued a statement through her office explaining that she too had been the subject of a bomb scare. “This morning, Congresswoman Elise Stefanik, her husband, and their three year old son were driving home to Saratoga County from Washington for Thanksgiving when they were informed of a bomb threat to their residence,” the statement said. “New York State, County law enforcement, and US Capitol Police responded immediately with the highest levels of professionalism.” Citing an anonymous law enforcement official, The Associated Press news agency also reported that incoming chief of staff Susie Wiles, former attorney general pick Matt Gaetz, and his replacement Pam Bondi were targeted as well. The FBI cited instances of “swatting”, in which law enforcement is called to a home or office under false pretences, creating a potentially dangerous situation for the person inside. Recent incidents like the attack on the US Capitol on January 6, 2021 , have heightened concerns about the threat of political violence in the US. That riot saw thousands of Trump supporters storm the US Congress in an attempt to disrupt the certification of the 2020 presidential election. A 2023 investigation from the news agency Reuters found 213 cases of political violence happened in the years since the Capitol riot. Concerns over political violence continued into the 2024 election cycle, when Trump faced two apparent assassination attempts. One, in July, resulted in a bullet grazing Trump’s ear while he stood on stage at a rally in Butler, Pennsylvania. An audience member, firefighter Corey Comperatore, was killed in the attack. A second attempt on Trump’s life was averted outside his golf resort in West Palm Beach, Florida, in September, when a gunman was discovered hiding in the bushes. Also in September, the city of Springfield, Ohio, also received hoax bomb threats at its government buildings, after Trump depicted the local Haitian American population as a threat. In the aftermath of those threats, politicians on both sides of the aisle called for voters to “turn down the temperature” on hostile political rhetoric. One study even found that tolerance for “partisan violence” declined among Republicans after the assassination attempts. “We cannot, we must not go down this road in America. We’ve traveled it before throughout our history. Violence has never been the answer,” President Joe Biden, a Democrat, said in a speech. Trump, meanwhile, accused Democrats of spurring the violence, though critics point out he has shown little aversion to painting political opponents as dangerous enemies. “Because of this Communist Left Rhetoric, the bullets are flying, and it will only get worse!” Trump wrote on social media in September. He also told Fox News that Biden and Vice President Kamala Harris, his rival in the presidential race, were to blame. “Their rhetoric is causing me to be shot at, when I am the one who is going to save the country, and they are the ones that are destroying the country – both from the inside and out,” he said. There is, however, no evidence that any of the attacks against Trump were motivated by his Democratic rivals. Still, on Wednesday, Leavitt pointed to Trump as a role model for how to handle the recent threats. “With President Trump as our example, dangerous acts of intimidation and violence will not deter us,” Leavitt said.Jimmy Carter: Many evolutions for a centenarian ‘citizen of the world’

APPALACHIAN STATE 66, SAM HOUSTON 63

Jimmy Carter: Many evolutions for a centenarian ‘citizen of the world’

IRVINE, Calif., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Oncocyte Corp. (NASDAQ: OCX), a diagnostics technology company, today announced the publication of favorable data regarding its DetermaCNITM assay. In a paper recently published in the journal Acta Neuropathologica Communications, DetermaCNI showed promise as a liquid biopsy method for diagnosing and profiling central nervous system tumors by measuring somatic copy number aberrations (SCNAs) in cerebrospinal fluid. For context, copy number instability (CNI) is a scientifically well-known hallmark of cancer. DetermaCNITM is a patented approach to measuring CNI for the diagnosis and monitoring of cancer. Nearly 300,000 patients in the U.S. each year face primary brain tumors or brain metastasis 1 . The current standard of care for the confirmation and classification of brain tumors often involves high-risk, highly invasive biopsy of brain tissue. Thus, a liquid biopsy method for diagnosing brain tumors could offer significant benefits over currently available methods, representing a potential $300 million U.S. market opportunity. Among the study authors were Oncocyte Chief Science Officer Ekke Schuetz and Senior R&D Director Julia Beck. "This was a proof of principle study to assess whether copy number instability could be measured in the cerebrospinal fluid of patients with brain cancer. The findings suggest that a significant number of the nearly 300,000 patients diagnosed with brain tumors every year in the U.S. could benefit from DetermaCNI,” Dr. Schuetz said. "We congratulate the research team in Frankfurt on the publication of this study in an area of high unmet need.” As noted in the paper, the gold standard for precise diagnostic classification of brain tumors requires a biopsy, with risks including limited sensitivity and failing to measure the diverse potential regions of the tumor. SCNAs were observed in the cerebrospinal fluid of ten out of the 12 patients with confirmed central nervous system cancers. SCNAs were not observed in any of the 11 patients with benign or unclear central nervous system lesions. The detection of SCNAs is highly specific for tumor-derived cell-free DNA (cfDNA). Overall, this new study demonstrates DetermaCNI's potential for providing a molecularly informed diagnosis of central nervous system cancers, mapping tumor heterogeneity, tracking tumor evolution, and surveilling tumor patients through a liquid biopsy of cerebrospinal fluid. Oncocyte believes this study validates the future clinical potential for DetermaCNI, as well as the direction of the company's research and development pipeline, which is designed to drive sustained rapid growth over the next decade. Oncocyte's mission is to democratize access to molecular diagnostic testing to improve patient outcomes. The company is investing in developing products to serve the separate verticals of organ transplant testing and oncology. Oncocyte is presently commercializing its transplant product line, which includes the VitaGraftTM and GraftAssureTM tests. It expects to commercialize its oncology assays over the next two years. _______________ 1 "Brain Metastases.” MD Anderson Cancer Center , www.mdanderson.org/cancer-types/brain-metastases.html. And "Brain Tumor Facts.” National Brain Tumor Society , 20 Feb. 2024, braintumor.org/brain-tumors/about-brain-tumors/brain-tumor-facts/. About Oncocyte Oncocyte is a diagnostics technology company. The Company's tests are designed to help provide clarity and confidence to physicians and their patients. VitaGraftTM is a clinical blood-based dd-cfDNA solid organ transplantation monitoring test. GraftAssureTM is a research use only (RUO) blood-based solid dd-cfDNA organ transplantation monitoring test kit for decentralized use. DetermaIOTM is a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies. DetermaCNITM is a blood-based monitoring tool for monitoring therapeutic efficacy in cancer patients. For more information about Oncocyte, please visit https://oncocyte.com/ . For more information about our products, please visit the following web pages: VitaGraft KidneyTM - https://oncocyte.com/vitagraft-kidney/ VitaGraft Liver TM - https://oncocyte.com/vitagraft-liver/ GraftAssureTM - https://oncocyte.com/graftassure/ DetermaIOTM - https://oncocyte.com/determa-io/ DetermaCNITM - https://oncocyte.com/determa-cni/ VitaGraftTM, GraftAssureTM, DetermaIOTM, and DetermaCNITM are trademarks of Oncocyte Corporation. CONTACT: Jeff Ramson PCG Advisory (646) 863-6893 [email protected] Forward-Looking Statements Any statements that are not historical fact (including, but not limited to statements that contain words such as "will,” "believes,” "plans,” "anticipates,” "expects,” "estimates,” "may,” and similar expressions) are forward-looking statements. These statements include those pertaining to, among other things, the belief that the new study validates the future clinical potential for DetermaCNI, as well as the direction of the company's research and development pipeline, the expectation that Oncocyte will commercialize its oncology assays over the next two years, and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of diagnostic tests or products, uncertainty in the results of clinical trials or regulatory approvals, the capacity of Oncocyte's third-party supplied blood sample analytic system to provide consistent and precise analytic results on a commercial scale, potential interruptions to supply chains, the need and ability to obtain future capital, maintenance of intellectual property rights in all applicable jurisdictions, obligations to third parties with respect to licensed or acquired technology and products, the need to obtain third party reimbursement for patients' use of any diagnostic tests Oncocyte or its subsidiaries commercialize in applicable jurisdictions, and risks inherent in strategic transactions such as the potential failure to realize anticipated benefits, legal, regulatory or political changes in the applicable jurisdictions, accounting and quality controls, potential greater than estimated allocations of resources to develop and commercialize technologies, or potential failure to maintain any laboratory accreditation or certification. Actual results may differ materially from the results anticipated in these forward-looking statements and accordingly such statements should be evaluated together with the many uncertainties that affect the business of Oncocyte, particularly those mentioned in the "Risk Factors” and other cautionary statements found in Oncocyte's Securities and Exchange Commission (SEC) filings, which are available from the SEC's website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Oncocyte undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

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Soldiers in rubber boats take part in the US-Philippines Balikatan joint military exercise in Palawan on April 30, 2024. Photo: VCG The US military has recently announced its support for Philippine operations in the South China Sea through task force Ayungin, named after the Philippine term for China's Ren'ai Jiao (also known as Ren'ai Reef). This initiative, according to Manila, will involve collaboration in intelligence, surveillance, and reconnaissance efforts. What additional, lesser-known details exist about this task force? Why was its launch timed during such a sensitive period? To what extent can it bolster the Philippines' provocations in the South China Sea? The Global Times conducted interviews with a Chinese expert who has engaged with high-level sources in the Philippines, as well as a former deputy national security advisor of the Philippines, to uncover deeper insights on the task force. The announcement represents the latest example of the US "fanning the flames" in the South China Sea. It also underscores the current Philippine government's dedication to strengthening its strategic partnership with the US, according to Ding Duo, a deputy director at the Institute of Maritime Law and Policy at the China Institute for South China Sea Studies, who recently concluded a visit to the Philippines, where he engaged with local sources familiar with the matter. "The US task force will only hinder the peaceful resolution of disputes that require direct dialogue, consultations, and negotiations between the Philippines and China," stated Rommel C. Banlaoi, Chairman of the Philippine Institute for Peace, Violence, and Terrorism Research, in an interview with the Global Times on Monday. As the former director of the Center for Intelligence and National Security Studies in the Philippines, Banlaoi previously told the Global Times that he is dismayed by the current government's decision to increase American military presence, which he believes undermines the balance in the Philippines' relationship with China and promotes a markedly pro-Americanism in foreign policy. He pointed out that the Marcos administration is complicating efforts to improve Philippines-China relations and that these unilateral actions are counterproductive to peacefully resolving disputes with China. Demonstrators hold banners during a protest against the visit of US Defense Secretary Lloyd Austin in Manila, the Philippines, on February 2, 2023. Photo: VCG What is the US task force? According to Ding, local sources revealed the concept of the US task force began to take shape in July 2024. The idea for forming the US task force emerged after the direct serious clash between China and the Philippines in the South China Sea on June 17 when a Philippine supply boat ignored warnings from the Chinese side and charged into waters off China's Ren'ai Jiao. The US brought out the idea of founding a task force to the Philippines following the incident, which was then accepted by the Philippine side. Ding deems that the formation of the US task force likely stemmed from concerns over the July 21 agreement between China and the Philippines regarding maritime disputes following the clash. The temporary agreement established arrangements for humanitarian supplies of essential goods for the Philippine warship stranded at the Ren'ai Jiao. Both parties agree to jointly manage maritime disputes and promote the easing of tensions in the South China Sea. The US task force was established around the same time as the temporary agreement, suggesting that the US is concerned the agreement may hinder its strategic goals in the South China Sea, according to the expert. The task force comprises approximately 15 US military personnel stationed on Palawan Island in the Philippines, who regularly engage in training exercises with the Western Command (WesCom) under the Armed Forces of the Philippines (AFP). These exercises primarily focus on providing personnel rotation and logistical support to the Philippine military vessel that is illegally stranded at China's Renai Jiao, Ding revealed to the Global Times. Following US Secretary of Defense Lloyd Austin's high-profile introduction of the US task force, both military and political officials from the US and the Philippines released statements. US embassy spokesperson Kanishka Gangopadhyay stated, "Task Force Ayungin enhances US-Philippine alliance coordination and interoperability, enabling US forces to support the Armed Forces of the Philippines in the South China Sea," according to Reuters. Philippines National Security Adviser Eduardo Ano, however, stressed that the US task force Ayungin "will not directly participate in missions in the West Philippine Sea [South China Sea]," as reported by Filipino GMA. Ding revealed that specific tasks provided by the US task force include improving the coordination capabilities of both manned and unmanned military equipment and providing personnel training to the Philippines. The instructors for the so-called "small vessel defensive tactics course," conducted by the US military for the Philippines in October of this year, were selected from this task force, Ding said. The Philippine media Inquirer reported that Philippine coast guardsmen (PCG) trained with US special forces over nearly three weeks in Palawan on how to respond to "noncompliant vessels" as part of the course. Banlaoi said that the US established the US task force to support Philippine forces not only in rotation and reprovisioning missions, but also in protecting Philippine presence in Ayungin Shoal (Ren'ai Jiao). "The US provides operational training, intelligence information sharing and threat assessment of situation around the shoal, almost the same kind of support that the US has provided the Philippines during the siege of Marawi in 2017 and the Global War on Terrorism from 2001-2010 through the Joint Special Operations Task Force - Philippines." Ding further noted that the unmanned equipment currently provided by the US task force to the Philippines includes at least four unmanned surface vessels MANTAS T-12 and at least one T-38 Devil Ray, both of which are from Australian company Maritime Tactical Systems (MARTAC) USA Division. According to a piece on an online news platform Straight Arrow News, Devil Rays can be used as a mother ship of sorts to help relay signals to the T-12s. They can also be used as a weapons platform. How much can it support Manila? The maritime situational awareness capabilities of the Philippines remain relatively underdeveloped, a longstanding concern held by the Philippine military. An article from the US think tank Asia Maritime Transparency Initiative in December 2023 pointed out that "the Philippines faces substantial maritime governance capacity gaps, with shortfalls in maritime domain awareness standing out as a primary concern." The US has provided substantial support to the Philippines in areas such as information sharing, situational awareness, and engagement tactics to bolster its capabilities. Since 2021, the Philippines has been utilizing the SeaVision program, a maritime situational awareness tool, led by the US Department of Transportation, at no cost. Currently, this system is being employed by the Philippine Coast Guard, the Philippine Navy, the Bureau of Fisheries and Aquatic Resources, and the National Coast Watch Center, as observed by Beijing-based think tank South China Sea Strategic Situation Probing Initiative (SCSPI). In May, the US and the Philippines issued a joint statement on space dialogue, announcing an enhancement of cooperation in leveraging space for both maritime and space situational awareness. Moreover, within the framework of the US-Japan-India-Australia "Indo-Pacific Maritime Domain Awareness Partnership," the US is coordinating resource support from Japan, India, and Australia for the Philippines, according to SCSPI. Many Filipino scholars contend that the security cooperation between the Philippines and the US is designed to strengthen the asymmetric advantage over China, enabling the execution of surveillance missions focused on China's maritime activities, Ding noted. The Ayunjin task force has been interpreted by Philippine media as a direct indication of US military assistance to the Philippines. Banlaoi believes that the US task will benefit the Philippine military for operational support, intelligence gathering and tactical capacity building, but it politically hinders peaceful dispute resolution between the Philippines and China. By establishing the task force, the US has sought to gain direct insights into the operational patterns of China Coast Guard vessels, thereby enhancing its situational awareness and battlefield readiness. This move can be interpreted as a concealed intention of the US, Ding noted. "It remains unclear whether the US task force will expand in personnel and scope. The US may also use this opportunity to encourage the Philippines to provoke incidents at sea, such as conducting 'freedom of navigation operations' against China or providing 'escort' services for Philippine supply ships in contested areas. US military personnel might observe aboard these vessels under the guise of journalists or offer guidance for Philippine maritime operations," he told the Global Times. If the Philippines continues to provoke incidents through its strengthened alliance and external support, engaging in "gray zone" tactics and challenging China's South China Sea policies with misleading narratives, it risks undermining constructive resolutions and managing differences, Ding stressed.Mary Fowler posts telling message as she takes a mental health break away from her Matildas teammates

The New York Post has published what it reports as new footage of the suspect in the shooting of UnitedHealthcare CEO Brian Thompson . In the surveillance video obtained from a cigar store on Sixth Avenue, the suspected gunman can be seen leaving a subway station at around 6:15 a.m., 30 minutes before the fatal shooting occurred in front of the Hilton Hotel in midtown Manhattan. The Post writes that it appears the suspect was leaving the 57th Street subway station, which is nearby the hotel’s location. The report did not include comment from the NYPD surrounding the footage. The NYPD previously released photos of the alleged suspect on Tuesday and Wednesday, with some taken at a nearby Starbucks before the shooting and others seemingly showing him unmasked and grinning. The suspect has yet to be identified, but several clues have since risen including the purchase of a gun seemingly linked to that used in the shooting and a phone dropped at the crime scene. A Catholic nun was among a group of 25 people arrested in Italy on Monday as part of a mafia bust for a laundry list of crimes that included extortion, drug trafficking, and money laundering. Anna Donelli, 57, of the Sisters of Charity Institute in Milan, volunteered at prisons around the city of Brescia—but a police investigation determined that her ostensibly spiritual services concealed a seedy criminal underside to her interactions with inmates, according to CNN. Prosecutors allege that she was “exploiting the very spiritual role she carried out” to run information back and forth between mob bosses and imprisoned foot soldiers for the infamous ’Ndrangheta crime syndicate. “She carried orders, directives, moral and material aid to associates, receiving in turn from the prisoners useful information to better plan criminal strategies,” prosecutor Francesco Prete said Thursday, according to CNN. Donelli’s cover story was that she was a liaison between prisoners and prison officials, in addition to refereeing soccer games at the prison. The anti-mafia operation that landed the nun and over two dozen other mobsters under arrest was carried out by over 300 officers and also resulted in the recovery of drugs, weapons, and the equivalent of nearly $2 million in cash. If you’re trying to pick up gifts for the loved ones on your list, here’s a tip: everyone appreciates the gift of softer and more manageable hair and skin. The Avon Company, North America has been in the beauty industry for over a century and stocks some of the trendiest skin care, fragrances, and personal care items on the market. These curated picks ensure your giftee will be glowing even on the dullest winter day. This moisturizer tackles one of winter’s biggest annoyances—chapped lips. It has a hydration-boosting formula that counteracts dry air while visibly softening lips and adding a glossy hint of color. 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Speaking to CNN’s Scott Jennings on his radio show , the media mogul explained the meter would allow readers to view different perspectives on a news or opinion article in real time and allow them to write or read comments on the subject matter. “What we need to do is not have what we call ‘confirmation bias’ and then that story, automatically, the reader can press a button and get both sides of that exact same story based on that story and then give comments,” Soon-Shiong explained. “Now I’m giving you some little breaking news here but this is what we’re currently building behind the scenes. And I’m hoping that by January we launch this.” The billionaire proceeded to explain his hope for the module in building “respectful disagreement” and starting a “conversation.” Following his announcement, the L.A. Times ’ editorial guild released a statement in response writing, “the newspaper’s owner has publicly suggested his staff harbors bias, without offering evidence or examples” and that they value “an earnest search to understand all sides of an issue.” Soon-Shiong notably blocked the paper from publishing a Kamala Harris endorsement in October which was met with opposition from some staff. Timothée Chalamet thanked Bob Dylan for the shoutout after the legendary singer-songwriter praised his new biopic A Complete Unknown . “Floored. I am so grateful. Thank you Bob,” Chalamet posted on X . The film, set to be released on Dec. 25, stars Chalamet as a young Dylan. “Timmy’s a brilliant actor so I’m sure he’s going to be completely believable as me. Or a younger me. Or some other me,” Dylan posted on X . Though Dylan didn’t share if he’s seen the film yet, he did recommend the book the biopic is based off of. “The film’s taken from Elijah Wald’s Dylan Goes Electric – a book that came out in 2015. It’s a fantastic retelling of events from the early ‘60s that led up to the fiasco at Newport,” he added. “After you’ve seen the movie read the book.” Dylan also gave a nod to the film’s title, A Complete Unknown , which references lyrics from Dylan’s 1965 song “Like a Rolling Stone.” “What a title!” he wrote. Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. It’s not every day that you can score a deal on a high-quality printer at a lower cost. Investing in a quality printer for your home or office is a game-changer, and while it’s not the most fun purchase, it’ll pay for itself in a couple of months. Fortunately, you don’t have to pay full price for a solid printer, thanks to HP’s current sale . Right now, you can score the HP Envy Inspire 7955e , the brand’s premium at-home photo printer for $70 off. If you’re looking for a solid holiday gift that they’ll actually use, the deluxe multi-purpose printer is a great choice—especially for photographers and anyone who works from home. The all-in-one printer is also designed with HP’s Wolf Essential Security system to keep your information secure and keep hackers out. Plus, unlike other printers that require you to get your hands dirty to replenish the ink, this one offers a 15-second mess-free ink refill experience with bottles that can be plugged into the tank. Say goodbye to messes and hello to your new printer . Best of all? For a limited time, score three months of Instant Ink with HP+. The slain UnitedHealthcare CEO had a criminal record for drunk driving and was secretly separated from his wife for years before he was shot dead in Manhattan on Wednesday, according to public records. Minnesota court filings show that in 2017 Brian Thompson was arrested and convicted on charges of fourth-degree driving while impaired, for which he received probation. In addition to legal troubles, the executive, who was gunned down in what NYPD has labeled a “premeditated, pre-planned, targeted attack,” also seems to have faced recent marital issues. Based on property records, voter registration forms, and reports from neighbors, Brian and Paulette Thompson had lived in different homes less than a mile apart in Maple Grove, Minnesota, for the past several years, The Wall Street Journal reported . In 2018, Thompson bought a five-bedroom second house for around $1 million, while his wife’s residence remained in another house nearby, also worth about $1 million, based on Zillow listings and public records. Paulette Thompson told MSNBC her husband had received threats related to his company’s “lack of coverage” and said in a statement to a local Fox affiliate in Minnesota that his killing had left her and their two sons “shattered.” About 12 hours after his killing, someone made a bomb threat at his Minnesota home, but authorities did not find any evidence of explosives, TMZ reported . UnitedHealthcare and the Hennepin County District Court did not immediately respond to a Daily Beast inquiry about Thompson’s DUI. A top health insurance provider has scrapped a controversial plan to limit anesthesia coverage for surgical patients in at least one state. Anthem Blue Cross Blue Shield will no longer try to implement the much-ridiculed cap—which would have required patients to pay out-of-pocket for any anesthesia administered after their surgery went over an arbitrary time limit—on plans in Connecticut, the state’s comptroller, Sean Scanlon, shared Thursday. “After hearing from people across the state about this concerning policy, my office reached out to Anthem,” he said in a statement. “I’m pleased to share this policy will no longer be going into effect here in Connecticut.” The controversial plan was announced last month for customers in Connecticut, New York, and Missouri. The pending policy went viral on Wednesday, however, after the CEO of UnitedHealthcare, Brian Thompson, was gunned down in Manhattan in a “targeted attack.” It remains unclear if the cap will still go into place next year for New Yorkers or those in the Show Me State. Anthem is yet to say what drove it to pull its plan in Connecticut. Bill Lawrence, creator of Scrubs , is currently developing a reboot of the widely loved sitcom for ABC, Variety reported. Despite having a deal with Warner Bros. Television, the studio is reportedly carving out space for Lawrence to work on the show. Citing a source familiar with the matter, Variety adds that Lawrence will not be serving as the reboot’s showrunner if it gets fully greenlit. Cast members have also yet to be attached, and no other deals for the reboot are reportedly in place. Running for nine seasons between 2001 and 2008, Scrubs followed the daily hijinks of a hospital staff and starred Zach Braff, Donald Faison, Sarah Chalke, Judy Reyes, Ken Jenkins, John C. McGinley, and Neil Flynn. A reboot of the show has been thrown around for some time, with Lawrence sharing at a 2022 ATX Festival panel , “We’re gonna do it, you guys know. If you ever have an excuse to work with people you want to spend time with anyway, run to it.” Lawrence also famously created or co-created series like Cougar Town , Ted Lasso , and Shrinking . A 7.0-magnitude earthquake struck Northern California on Thursday morning, briefly triggering a tsunami warning for nearly 5 million people . The earthquake hit at 10:44 a.m. PST west of Petrolia, California in the Pacific Ocean, the US Geological Survey said. A 5.8-magnitude aftershock was recorded minutes later near Cobb, California, and several other apparent aftershocks between 2.5 to 4.2 magnitude followed. A tsunami warning issued for parts of the Northern California and Oregon coastlines, however, was called off by the early afternoon. California officials are responding to earthquake activity Gov. Gavin Newsom said in a post on X . The California Governor’s Office of Emergency Services is said to be coordinating with local officials in Humboldt and Lake counties, where significant earthquake activity was reported. More than 10,000 Humboldt County customers are reportedly without power. While no damage has been reported in San Francisco, the city’s Bay Area Rapid Transit, announced it is experiencing significant service disruptions due to the earthquake. Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. Apparently, boosting prostate health can actually be pleasurable—at least, that’s what premium sexual wellness brand MysteryVibe says. The Molto, an ultra-slim and bendable prostate vibrator designed by a doctor, is engineered to be the same size and width as a doctor’s finger and to mimic similar motions to that performed during an exam, allowing for not only intense prostate (the prostate is often hailed as the male ‘G-spot’) and anal stimulation but also a release of prostatic fluids. According to the brand, some studies have found that excess prostatic fluid can lead to inflammation and pressure, so not only is this a sex toy , but it’s also possibly an investment in your prostate health. Think of it almost like a lymphatic massage for your prostate—except one that can give you intense orgasms, too. Made with body-safe silicone, the multifunctional and gender-fluid vibrator is powered by one “anatomically-placed” motor that delivers potent yet precise vibration to the anus and prostate without feeling bulky or inflexible. It’s a great sex toy for those new to anal play or who are looking for an ultra-sleek vibrator with possible health-boosting benefits. The prostate vibrator is equipped with 16 vibration settings and eight pre-set vibration patterns, allowing for superior control and customization. Plus, the device comes with access to a catalog of vibration patterns with the free MysteryVibe smartphone app. Best of all? Because the Molto vibrator is an FDA-registered class II medical device, it’s also FSA/HSA eligible. Associates of the right-wing firebrand Ric Grenell sought the help of MAGA influencers to secure him Donald Trump ’s nomination for s ecretary of state . Shortly after Trump’s election victory, an ally of Grenell’s approached conservative social media influencers, offering paid contracts up to five figures to post favorable content about Grenell, Politico reported Thursday. Influencers, the contract stipulated, would post pro-Grenell content and do so during “peak posting times,” ensure that “content must appear genuine,” and not “as an overt advertisement or promotional message.” Grenell denied the alleged influencer conspiracy to Politico. However, his desire for the highly coveted Cabinet position was no secret. Trump’s former ambassador to Germany and acting director of national intelligence spent the past three years reportedly telling people in the president-elect’s orbit that it was secretary of state “or bust.” Despite being one of Trump’s most loyal cohorts, Trump ultimately chose Florida Sen. Marco Rubio to lead the State Department . Grenell is said to have been offered other posts, including director of national intelligence, but has turned the offers down. Actress Amber Heard has announced that she is expecting her second baby. “It is still quite early in the pregnancy, so you will appreciate that we do not want to go into much detail at this stage,” a spokesman for Heard said Thursday to People . “Suffice to say that Amber is delighted both for herself and Oonagh Paige.” Heard welcomed her daughter in 2021. “I wanted to do it on my own terms,” Heard wrote in a post announcing Oonagh’s birth via a surrogate. “I hope we arrive at a point in which it’s normalized to not want a ring in order to have a crib.” Heard has never commented on who the biological father is. The actress relocated to Madrid, Spain after the highly publicized defamation battle with ex-husband Johnny Depp . Heard told NBC News after the trial in 2022 that she was hoping to focus more on her growing family. “I get to be a mom, like, full time, you know? Where I’m not having to juggle calls with lawyers,” she said.Boy’s death at haunted hayride ruled accidental by coroner

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