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By Ashley Erika O. Jose, Reporter LISTED airline companies are expected to deliver mixed results for 2024, primarily due to the anticipated recovery in the sector, which may be counterbalanced by the volatility of the airline industry, according to analysts. “Lots of factors influenced profitability, such as fuel costs, passengers, and competition. The third quarter is traditionally the weakest because of the typhoons and off-peak season. Hopefully, the fourth quarter sees a turnaround,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message on Sunday. For the third quarter, both listed airlines saw their third-quarter attributable net income decline. Cebu Air, Inc., the operator of Cebu Pacific, incurred an attributable net loss of P173.19 million from an attributable net income of P1.28 billion in the same period last year as higher expenses put pressure on the company’s profit for the period. PAL Holdings, Inc. saw its third-quarter attributable net income plunge to P789.79 million, more than fivefold lower than last year’s P4.28 billion due to lower passenger revenue during the period. “The first nine months for both airlines showed a mixed picture. Both experienced fluctuations in their quarterly revenues,” First Grade Finance, Inc. Managing Director Astro C. del Castillo said in a Viber message. The outlook remains cautiously optimistic for airline companies as the industry continues to face rising operating costs, increased competition, and fragile economic conditions, Mr. Del Castillo said. “The overall profitability of PAL and CEB will depend on how effectively they can manage these dynamics as they navigate through the final months of the year,” he said. For the flag carrier, PAL President and Chief Operating Officer Stanley K. Ng said the company is expecting to end the year with lower profit than last year. “Definitely lower than last year,” he told reporters on the sidelines of an event last week. For December, air passengers may see steady airfares after the Civil Aeronautics Board kept the fuel surcharge for December unchanged at Level 4, marking the third time this year the fuel surcharge was set at this level. Air passenger volume at the Ninoy Aquino International Airport continues to increase for the first nine months of the year after surpassing pre-pandemic levels, driven by growth in domestic travel, according to the Manila International Airport Authority (MIAA). Data from MIAA showed that air passenger volume totaled 37.38 million for the nine months ending September, 10.7% higher than the 33.75 million in the comparable period last year and 4.2% higher than the 35.87 million in the January-to-September period in 2019. For Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce, the profitability of airlines will be influenced by many factors. He said the potential drivers for growth will be the holiday and peak travel seasons and the expected recovery in tourism. “Any rebound in local and international travel demand can contribute significantly to earnings. Effective fuel-hedging strategies and operational efficiency improvements could offset revenue dips,” he said. Cebu Pacific, the budget carrier, is optimistic about its growth prospects for next year. The company anticipates that its recent route launches will begin to contribute positively, driven by its ongoing expansion plans. “We are quite positive for next year. We think the height of the leverage, the early investments in the aircraft are already done. It has made our capex (capital expenditure) heavy this year, but this is it, by next year, we will feel the contributions of these as the revenue grows,” Cebu Pacific Vice-President for Controllership and Investor Relations Trina E. Asuncion said in a virtual briefing last week.
Amazon now makes some of its chips: “ Amazon ’s cloud computing arm Amazon Web Services Tuesday announced plans for an “Ultracluster,” a massive AI supercomputer made up of hundreds of thousands of its homegrown Trainium chips, as well as a new server, the latest efforts by its AI chip design lab based in Austin, Texas. The chip cluster will be used by the AI startup Anthropic, in which the retail and cloud-computing giant recently invested an additional $4 billion.“ -WSJ Apple to use its own modem on some products: “ Apple will release its own modem next spring as it looks to replace technology from rival Qualcomm, Bloomberg reports, citing anonymous sources. The in-house modem, code-named Sinope, will debut in the iPhone SE, Apple’s entry-level smartphone.” – LinkedIn News What is going on? After years of neglect, companies are now looking for how hardware will catch up with software. Yes, the advancement of software systems is multiples ahead of hardware, even though there is a limitation for any software system, bounded by hardware. In other words, to advance those clicks, you have to have the hardware to process and compute them, and when there is a limitation on hardware, software underperforms. Nvidia picked that construct and touched the face of alpha-wealth. Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025 ) opens registrations; register today for early bird discounts. Tekedia AI in Business Masterclass opens registrations here. Join Tekedia Capital Syndicate and i nvest in Africa’s finest startups here . However, Nvidia chips are very expensive and that will limit participation of many companies and countries in the productive part of AI development and evolution, over mere acceleration of consumerism. The question becomes: how do you solve the hardware problems, and tap into the opportunities? You need to recruit, train and deploy the capabilities of young people. Interestingly, in the next decade, that broad electronics and microelectronics domain will be a huge career opportunity in tech as hardware will take years to evolve to support the AI era. Nigeria has a massive opportunity in this space. There was a time we exported software engineers via Andela, etc, the next age will be hardware guys! If Nigeria’s National Universities Commission can offer a small waiver, to give a temporary license, to run and operate a focused technical university*, on presentation of fund availability of N5 billion, Tekedia Capital will work with partners to set up such a school in Nigeria. Upon the presentation of this license, takeoff will happen within 24 months. But the requirement to build a campus before a license is issued does not work with our US institutional technical partners. Our vision is not to ask students to pay full tuition, but pay when they start work, and we plan to help on job placements. Who can help to make this happen for that license? *this has to be a university to attract the smartest kids. Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here .None
Behind a record surge in cocoa prices this year, a corner of financial markets that drives the cost of chocolate underwent a seismic shift: the hedge funds that oiled its workings headed for the exit. Confectionery prices, from candy bars to hot chocolate, are heavily influenced by futures contracts for cocoa beans. These financial instruments, traded in London and New York, allow cocoa buyers and sellers to determine a price for the commodity, forming a benchmark for sales across the world. In the middle of last year, hedge funds – a class of investors that use privately pooled money to make speculative bets – started pulling back from trading cocoa futures because price swings in the market were raising their cost of trading and making it harder to make profits. They accelerated their retreat in the first half of this year as cocoa prices hit a record in April, driven by supply issues in West Africa, according to Reuters calculations based on data from the U.S. Commodity Trading Futures Commission (CFTC), which oversees the New York market, and ICE Futures Europe, an exchange that compiles figures for trading in London. “This market became increasingly volatile,” said Razvan Remsing, director of investment solutions at Aspect Capital, a $9.3 billion London-based fund that uses coding and algorithms to find trades. “Our system’s response was to trim our positions.” Aspect slashed the exposure to cocoa in its Diversified Fund from nearly 5% of its net asset value in January to less than one percent after April, according to a presentation reviewed by Reuters. The departure of hedge funds and other speculators caused liquidity in the market to slump, making it harder to buy and sell, stoking volatility to record highs and fueling the price spike still further. Reuters spoke to a dozen fund executives, cocoa market brokers and traders who said the retreat – described here in detail for the first time — has left lasting strains on the market. That has resulted in greater gaps between the price at which cocoa can be bought and sold, and has prompted some industry players to seek alternative instruments, leaving a lasting impact on the sector. This month, the number of futures contracts held globally at the end of a given trading day – a key indicator of market health known as “open interest” – hit its lowest since at least 2014, the global figures show, a sign the futures market overall has shrunk significantly. Data prior to 2014 was not available. On Wednesday, New York cocoa futures prices topped their April peak. The futures market is a crucial cog in the cocoa industry, allowing producers and chocolate companies to hedge their exposure to swings in the price of beans. Futures dictate income for the farmers and low-income nations that produce the world’s cocoa – the majority of which comes from Ghana and Ivory Coast in West Africa. Hedge funds and speculators have become bigger players in commodity markets over the past two decades as the value of their overall assets has grown. But, as purely financial investors, they have no need to remain in the market at times of stress. The impact of hedge funds’ exit illustrates how reliant trading has become on these lightly regulated funds that increasingly shape financial markets. Reuters has reported this year on how hedge funds are piling into the euro zone’s $10 trillion government bond market, drawing regulatory scrutiny, and on their growing sway in European stock trading. Contacted by Reuters, the CFTC declined to comment. A representative for Britain’s regulator, the Financial Conduct Authority, said that, in line with its market supervision practice, “we have been working with trading venues and participants to monitor the orderliness of the market.” Bernhard Tröster, an economist at the Austrian Foundation for Development Research (ÖFSE) in Vienna, who last year co-authored a paper on the growing role of financial actors in commodities derivatives markets, said the withdrawal of hedge funds had helped fuel the crisis in cocoa markets. “When markets became so volatile this year, it was clear how hedge funds and other financial actors have become so important,” he said. SUPPLY ISSUES HIT PRICES Hedge funds and other speculators’ share of the market peaked at 36% in May 2023, the highest in at least a decade, after which their retreat began, the global data calculated by Reuters show. Then, at the start of this year, global cocoa prices soared after top producer Ivory Coast was hit by adverse weather and disease. Number two producer Ghana fared even worse, with smuggling, illegal gold mining on cocoa farms and sector mismanagement added to the mix. In early February, cocoa prices surpassed a previous record high set in 1977. Executives at five hedge funds told Reuters they began to withdraw as volatility grew and the cost of trading increased. When markets become too hot, exchanges require speculators to increase the amount of collateral they put down per futures contract, raising their costs. Lawrence Abrams, president of Absolute Return Capital Management in Chicago, said the cost of trading a single cocoa futures contract soared from $1,980 in January to $25,971 by June. High prices and volatility, combined with falling liquidity, began to affect “our system’s trading and risk management decisions,” Abrams said, whose fund sold out before prices peaked in April. He declined to detail how much his fund managed, citing regulatory reasons. Many hedge funds promise investors they will not exceed a certain amount of risk, meaning that if a certain market becomes too volatile they have to reduce their exposure. The difference between prices offered and sought for futures, the so-called “bid-ask spread”, soared following the hedge funds’ withdrawal. That has made trading harder: lower liquidity and wider spreads mean traders struggle to execute large trades without moving overall prices. “You need speculators,” said Vladimir Zientek, a trading associate at brokerage firm StoneX, referring to hedge funds, which are not among his clients. “Without speculators in the market, you lose a lot of liquidity, which allows for these very wide and erratic market swings.” By mid-April, New York contracts hit a then-record above $12,000, up three-fold from January, prompting hedge funds to sell down their positions. “Trends don’t last forever,” said Remsing at Aspect Capital. “Stay too long in size and you stand to give back all your gains.” Hedge funds’ share of the cocoa futures market dropped to 7% in late May, its lowest in at least a decade, the global data show. One European broker, who requested anonymity to discuss clients’ trades, said that panic in the market increased in March and April as liquidity drained away. Volatility in cocoa futures hit an all-time high in May, up five-fold from a year earlier, according to data from the London Stock Exchange Group (LSEG). Daily average price swings that month neared $800, some 15 times the levels of a year earlier, according to a Reuters analysis of figures from market data provider PortaraCQG. RISKIER MARKETS For major trading houses that buy and sell cocoa beans – a group that includes Singapore’s Olam (OLAG.SI), Switzerland’s Barry Callebaut (BARN.S), and U.S.-based Cargill – the liquidity drain and associated price surge exacerbated the more than-$1 billion dollar hit they took on their futures positions. The losses came earlier this year after Ghana, following a disastrous harvest in the October 2023 to September 2024 season, delayed delivery on nearly half the beans the nation had pledged to sell, upsetting cocoa traders’ futures market strategies. These traders typically use futures to lock in prices achieved for cocoa beans, or to hedge against the risk of falling prices. But that strategy unraveled as Ghana delayed its deliveries. Traders were forced to liquidate, at steep losses, short positions for the month of expected delivery, and take new short positions. The market turmoil has prompted some trading houses and producers to seek alternatives to futures. Australian investment bank Macquarie, a big player in commodity markets, told Reuters it sold over-the-counter products to trading houses, processors and chocolate makers when cocoa volatility hit record levels this year, and demand remains high. One major agri-commodities trader is now using such bespoke contracts, according to a source who requested anonymity citing sensitive commercial relationships. They declined to comment on the magnitude of the business. Such products typically protect buyers against narrower price swings than is possible with futures, limiting their use, a European broker said, declining to be identified to freely discuss clients’ activity. ‘COCOA TOURISTS’ Some hedge funds have returned to the market. Along with other speculators that trade using investors’ cash, they accounted for 22% of futures trading this month, according to the global data. But buying and selling in the cocoa market’s altered landscape has become harder. Zientek, the trading associate at StoneX, said bid-ask spreads can now top 20 “ticks” – $200 per contract – compared to about 2-4 ticks before cocoa’s rally to record highs. “This makes larger orders tougher to execute without seeing an immediate distortion in the market,” he said. Daniel Mackenzie, managing director of Cocoa Hub, a UK-based company that sources and sells cocoa beans to artisan chocolate makers, said higher and more volatile prices were forcing small and medium-sized makers to decide between passing costs to clients or reducing product sizes. One chocolate maker he worked with has been shuttered and another sold, he said, without providing further details. As hedge funds exited, short-term investors such as day-traders – which buy and sell assets within a single trading day – have stayed in the market, the European broker and the broker at the agri-commodities bank said. The cohort that includes day-traders this month accounted for 5% of the market, about the same as the start of the year, the global data show. Day-traders cannot fulfill the liquidity-provision role traditionally played by hedge funds, the two brokers said. “I like to call them ‘cocoa tourists’ – they move in, hold a position for a day or two, then move out,” the European broker said. Watch the latest edition of BizTech below: Click here to follow the GhanaWeb Business WhatsApp channel
HIGH POINT, N.C. (AP) — Brian Moore Jr. scored 33 points as Norfolk State beat High Point 77-74 on Sunday. Moore added five rebounds and six assists for the Spartans (9-6). Christian Ings scored 12 points, shooting 5 of 6 from the field and 2 for 4 from the line. Jalen Myers had seven points and shot 1 of 3 from the field and 4 of 5 from the free-throw line. The Panthers (12-3) were led in scoring by Chase Johnston, who finished with 24 points. Kimani Hamilton added 18 points, 15 rebounds, five assists and two blocks for High Point. Kezza Giffa also put up 12 points. Up next for Norfolk State is a matchup Tuesday with Tennessee on the road. High Point hosts Radford on Thursday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Ancient siege strategies: From towers to tunnels
New Delhi: Manufacturing companies are likely to ramp up investments into technology integration to 11-15% of their overall budget in the next two years, compared with the existing 10%, a report by the Confederation of Indian Industries (CII) showed. These increased investments are likely go into IoT (Internet of Things), robotics and Big Data, the report titled ‘Smart Manufacturing: Unlocking India’s Potential' said. This could be important as the share of the manufacturing sector in the gross domestic profit (GDP) has remained flat at about 13-17% over the last few years, even as services leads growth in India's economic output. Capital-intensive industries like semiconductors, aerospace, and automotive are leading the charge in adopting these technologies, the report said, while traditional industries like textiles and food processing are gradually transitioning towards digitization. Manufacturing employed about 18.4 million people in FY23 as per Annual Survey of Industries (ASI) data released in September this year, about 7.5% higher than the 17.2 million in FY22. Also read: Build workers’ homes closer to factories to make manufacturing more productive and competitive: Niti Aayog Less than a third of Indian firms across major manufacturing sectors benefit from the integrated information technology (IT) connectivity they have created among subsystems, indicating room for improvement, the report also showed. IT connectivity integration About 20% of the surveyed firms have little or no IT connectivity integration in place, the report noted. "Only 30% of companies with very well integrated IT systems benefit from seamless connectivity between subsystems, enabling real-time data analysis and supporting agile decision-making. This suggests that there is significant room for improvement, especially for the 20% with limited or no integration," said the CII report. CII noted from its extensive surveys across the Indian manufacturing sector that most Indian firms are committed to digitization and technology adoption, at a time when the adoption of automation tools and artificial intelligence (AI) is rising across the globe. While many companies, particularly in sectors such as capital goods, chemicals, electronics, and steel are committed to investing in technology and going digital, CII observed variance across these sectors. For instance, in the electronics sector, many companies have well-defined strategies with a high commitment to technology integration, while in the automobile sector, there is more variation - ranging from companies with no strategy at all to companies with extremely committed and clear strategies, CII said in the report. This is due to the differing business sizes and market segments observed in the automobile sector, the CII report said. Also read: Time is running out to revive India’s manufacturing sector The capital goods sector is bolstering its technology inclusion, with many companies either having a clear roadmap towards technology investments, or companies being in the process of developing such investment plans. "Larger companies are likely leading the charge, but smaller ones are catching up," the CII report said. The report said that challenges within the manufacturing sector such as high costs, unclear returns on investment, and the integration of legacy systems persist, especially for small and medium enterprises (SMEs). Additionally, the report underscores the urgent need for workforce upskilling to bridge the skills gap and enable seamless adoption of advanced technologies. CII recommended in the report the formation more public-private partnerships to establish shared technology hubs, the strengthening of industry-academia collaboration, and implementation of supportive policies to encourage broader adoption of smart manufacturing along with a push for increasing budget allocations for technology.
Lakers trade Russell to Nets, get Finney-Smithborealisgallery Elevator Thesis Take-Two Interactive Software is gearing up for what’s sure to be a massive year for its business. Its crown jewel in the Grand Theft Auto ("GTA") series is set to launch what promises to be the biggest Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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. 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.
Poor-quality housing is putting the over-50s in England who have health conditions “in harm’s way”, a charity has said, as it said living in a home that damages their health was “the norm for far too many people”. The Centre for Ageing Better said data analysed on its behalf suggested more than a fifth of people in this age group are living in a poor-quality home that could be making their existing health condition worse. It said people from black and minority ethnic backgrounds, those living in London and those who have a serious health condition or disability are more likely to be affected. Data from the English Longitudinal Study of Ageing covering 2022/23 was analysed by the National Centre for Social Research on behalf of the charity. It found an estimated 4.5 million people aged 50 or older in England with a health condition aggravated by the cold are living in a home with one or more serious problems. Some 2.8 million were aged between 50 and 70, while 1.7 million were aged 70 and older. Health conditions included respiratory diseases, congestive heart failure, heart disease and lung conditions, including asthma. Housing problems identified in the research included damp, water leaks, bad condensation, electrical or plumbing problems, rot and decay. While some 2.2 million people over 50 with health and housing problems owned their home outright, the biggest proportion of people (51%) with such issues lived in rented accommodation. The charity said older renters with a health condition were up to three times more likely to have five or more issues with their home than someone in the same age group who owns their home. Those with a health condition that can be affected by poor housing who had a significant issue in their homes were most likely to live in London (52%) followed by the North East (35%) and the North West (35%), the West Midlands and the East of England (both on 28%), and the South West (27%). Almost half (46%) of people aged 50 and above from black and minority ethnic backgrounds with one of the health conditions had at least one problem with their home, which the charity said amounted to almost 500,000 people. Among white people in this age group it was just under one in three (32%). The research also suggested people from black and minority ethnic backgrounds living with a health condition were also more than twice as likely to have five or more issues with their housing compared with their white counterparts – 15% compared with 6%. Dr Carole Easton, the charity’s chief executive, said not only does the research show the difficulties faced by those living in poor housing, but it is also “very bad news” for both the economy and the NHS. She said: “Our latest research shows that our poor-quality housing crisis is putting people with health conditions in their 50s, 60s and beyond, in harm’s way. “This is obviously terrible for those individuals who live in homes that carry a very real risk of making them sick, particularly when winter comes around. “But it is also very bad news for the country. Older workers living in homes that are making their health conditions worse are going to be less likely to be able to work and help grow the economy. “Older people whose serious health conditions are made worse by their homes will require treatment, putting additional winter pressures on our health system. “All could be averted if we tackled poor-quality housing with the urgency and priority it demands.” Holly Holder, deputy director for homes at the charity, said the Government must “fix this hidden housing crisis by delivering a national strategy to tackle poor quality housing across all tenures and committing to halving the number of non-decent homes over the next decade”. She added: “No-one should have to live in a home that damages their health, yet it is the norm for far too many people in England today. “By failing to address poor-quality homes we are limiting the lives of some of the country’s poorest and most vulnerable people. “Our new analysis shows that the combination of health and house problems are most likely to impact groups of people who are already disadvantaged by multiple health and wealth inequalities.” A Government spokesperson said: “Despite the challenging inheritance faced by this Government, through our Plan for Change we’re taking action to improve housing conditions across all tenures and ensure homes are decent, safe and warm – especially for the most vulnerable. “We’re consulting on reforms to the Decent Homes Standard next year to improve the quality of social and privately rented housing, and introducing Awaab’s Law to both sectors to tackle damp, dangerous and cold conditions for all renters in England. “Our warm homes plan will also help people find ways to save money on energy bills and deliver cleaner heating, with up to 300,000 households to benefit from upgrades next year.” We do not moderate comments, but we expect readers to adhere to certain rules in the interests of open and accountable debate.Community housing group in Southgate talks in regional forum
Jimmy Carter, the 39th US president, has died at 100
Courtesy call on Chinese Chamber of Commerce
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By BILL BARROW, Associated Press ATLANTA (AP) — Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, endured humbling defeat after one tumultuous term and then redefined life after the White House as a global humanitarian, has died. He was 100 years old. The longest-lived American president died on Sunday, more than a year after entering hospice care , at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023 , spent most of their lives, The Carter Center said. Businessman, Navy officer, evangelist, politician, negotiator, author, woodworker, citizen of the world — Carter forged a path that still challenges political assumptions and stands out among the 45 men who reached the nation’s highest office. The 39th president leveraged his ambition with a keen intellect, deep religious faith and prodigious work ethic, conducting diplomatic missions into his 80s and building houses for the poor well into his 90s. “My faith demands — this is not optional — my faith demands that I do whatever I can, wherever I am, whenever I can, for as long as I can, with whatever I have to try to make a difference,” Carter once said. A president from Plains A moderate Democrat, Carter entered the 1976 presidential race as a little-known Georgia governor with a broad smile, outspoken Baptist mores and technocratic plans reflecting his education as an engineer. His no-frills campaign depended on public financing, and his promise not to deceive the American people resonated after Richard Nixon’s disgrace and U.S. defeat in southeast Asia. “If I ever lie to you, if I ever make a misleading statement, don’t vote for me. I would not deserve to be your president,” Carter repeated before narrowly beating Republican incumbent Gerald Ford, who had lost popularity pardoning Nixon. Carter governed amid Cold War pressures, turbulent oil markets and social upheaval over racism, women’s rights and America’s global role. His most acclaimed achievement in office was a Mideast peace deal that he brokered by keeping Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin at the bargaining table for 13 days in 1978. That Camp David experience inspired the post-presidential center where Carter would establish so much of his legacy. Yet Carter’s electoral coalition splintered under double-digit inflation, gasoline lines and the 444-day hostage crisis in Iran. His bleakest hour came when eight Americans died in a failed hostage rescue in April 1980, helping to ensure his landslide defeat to Republican Ronald Reagan. Carter acknowledged in his 2020 “White House Diary” that he could be “micromanaging” and “excessively autocratic,” complicating dealings with Congress and the federal bureaucracy. He also turned a cold shoulder to Washington’s news media and lobbyists, not fully appreciating their influence on his political fortunes. “It didn’t take us long to realize that the underestimation existed, but by that time we were not able to repair the mistake,” Carter told historians in 1982, suggesting that he had “an inherent incompatibility” with Washington insiders. Carter insisted his overall approach was sound and that he achieved his primary objectives — to “protect our nation’s security and interests peacefully” and “enhance human rights here and abroad” — even if he fell spectacularly short of a second term. And then, the world Ignominious defeat, though, allowed for renewal. The Carters founded The Carter Center in 1982 as a first-of-its-kind base of operations, asserting themselves as international peacemakers and champions of democracy, public health and human rights. “I was not interested in just building a museum or storing my White House records and memorabilia,” Carter wrote in a memoir published after his 90th birthday. “I wanted a place where we could work.” That work included easing nuclear tensions in North and South Korea, helping to avert a U.S. invasion of Haiti and negotiating cease-fires in Bosnia and Sudan. By 2022, The Carter Center had declared at least 113 elections in Latin America, Asia and Africa to be free or fraudulent. Recently, the center began monitoring U.S. elections as well. Carter’s stubborn self-assuredness and even self-righteousness proved effective once he was unencumbered by the Washington order, sometimes to the point of frustrating his successors . He went “where others are not treading,” he said, to places like Ethiopia, Liberia and North Korea, where he secured the release of an American who had wandered across the border in 2010. “I can say what I like. I can meet whom I want. I can take on projects that please me and reject the ones that don’t,” Carter said. He announced an arms-reduction-for-aid deal with North Korea without clearing the details with Bill Clinton’s White House. He openly criticized President George W. Bush for the 2003 invasion of Iraq. He also criticized America’s approach to Israel with his 2006 book “Palestine: Peace Not Apartheid.” And he repeatedly countered U.S. administrations by insisting North Korea should be included in international affairs, a position that most aligned Carter with Republican President Donald Trump. Among the center’s many public health initiatives, Carter vowed to eradicate the guinea worm parasite during his lifetime, and nearly achieved it: Cases dropped from millions in the 1980s to nearly a handful. With hardhats and hammers, the Carters also built homes with Habitat for Humanity. The Nobel committee’s 2002 Peace Prize cites his “untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” Carter should have won it alongside Sadat and Begin in 1978, the chairman added. Carter accepted the recognition saying there was more work to be done. “The world is now, in many ways, a more dangerous place,” he said. “The greater ease of travel and communication has not been matched by equal understanding and mutual respect.” ‘An epic American life’ Carter’s globetrotting took him to remote villages where he met little “Jimmy Carters,” so named by admiring parents. But he spent most of his days in the same one-story Plains house — expanded and guarded by Secret Service agents — where they lived before he became governor. He regularly taught Sunday School lessons at Maranatha Baptist Church until his mobility declined and the coronavirus pandemic raged. Those sessions drew visitors from around the world to the small sanctuary where Carter will receive his final send-off after a state funeral at Washington’s National Cathedral. The common assessment that he was a better ex-president than president rankled Carter and his allies. His prolific post-presidency gave him a brand above politics, particularly for Americans too young to witness him in office. But Carter also lived long enough to see biographers and historians reassess his White House years more generously. His record includes the deregulation of key industries, reduction of U.S. dependence on foreign oil, cautious management of the national debt and notable legislation on the environment, education and mental health. He focused on human rights in foreign policy, pressuring dictators to release thousands of political prisoners . He acknowledged America’s historical imperialism, pardoned Vietnam War draft evaders and relinquished control of the Panama Canal. He normalized relations with China. “I am not nominating Jimmy Carter for a place on Mount Rushmore,” Stuart Eizenstat, Carter’s domestic policy director, wrote in a 2018 book. “He was not a great president” but also not the “hapless and weak” caricature voters rejected in 1980, Eizenstat said. Rather, Carter was “good and productive” and “delivered results, many of which were realized only after he left office.” Madeleine Albright, a national security staffer for Carter and Clinton’s secretary of state, wrote in Eizenstat’s forward that Carter was “consequential and successful” and expressed hope that “perceptions will continue to evolve” about his presidency. “Our country was lucky to have him as our leader,” said Albright, who died in 2022. Jonathan Alter, who penned a comprehensive Carter biography published in 2020, said in an interview that Carter should be remembered for “an epic American life” spanning from a humble start in a home with no electricity or indoor plumbing through decades on the world stage across two centuries. “He will likely go down as one of the most misunderstood and underestimated figures in American history,” Alter told The Associated Press. A small-town start James Earl Carter Jr. was born Oct. 1, 1924, in Plains and spent his early years in nearby Archery. His family was a minority in the mostly Black community, decades before the civil rights movement played out at the dawn of Carter’s political career. Carter, who campaigned as a moderate on race relations but governed more progressively, talked often of the influence of his Black caregivers and playmates but also noted his advantages: His land-owning father sat atop Archery’s tenant-farming system and owned a main street grocery. His mother, Lillian , would become a staple of his political campaigns. Seeking to broaden his world beyond Plains and its population of fewer than 1,000 — then and now — Carter won an appointment to the U.S. Naval Academy, graduating in 1946. That same year he married Rosalynn Smith, another Plains native, a decision he considered more important than any he made as head of state. She shared his desire to see the world, sacrificing college to support his Navy career. Carter climbed in rank to lieutenant, but then his father was diagnosed with cancer, so the submarine officer set aside his ambitions of admiralty and moved the family back to Plains. His decision angered Rosalynn, even as she dived into the peanut business alongside her husband. Carter again failed to talk with his wife before his first run for office — he later called it “inconceivable” not to have consulted her on such major life decisions — but this time, she was on board. “My wife is much more political,” Carter told the AP in 2021. He won a state Senate seat in 1962 but wasn’t long for the General Assembly and its back-slapping, deal-cutting ways. He ran for governor in 1966 — losing to arch-segregationist Lester Maddox — and then immediately focused on the next campaign. Carter had spoken out against church segregation as a Baptist deacon and opposed racist “Dixiecrats” as a state senator. Yet as a local school board leader in the 1950s he had not pushed to end school segregation even after the Supreme Court’s Brown v. Board of Education decision, despite his private support for integration. And in 1970, Carter ran for governor again as the more conservative Democrat against Carl Sanders, a wealthy businessman Carter mocked as “Cufflinks Carl.” Sanders never forgave him for anonymous, race-baiting flyers, which Carter disavowed. Ultimately, Carter won his races by attracting both Black voters and culturally conservative whites. Once in office, he was more direct. “I say to you quite frankly that the time for racial discrimination is over,” he declared in his 1971 inaugural address, setting a new standard for Southern governors that landed him on the cover of Time magazine. ‘Jimmy Who?’ His statehouse initiatives included environmental protection, boosting rural education and overhauling antiquated executive branch structures. He proclaimed Martin Luther King Jr. Day in the slain civil rights leader’s home state. And he decided, as he received presidential candidates in 1972, that they were no more talented than he was. In 1974, he ran Democrats’ national campaign arm. Then he declared his own candidacy for 1976. An Atlanta newspaper responded with the headline: “Jimmy Who?” The Carters and a “Peanut Brigade” of family members and Georgia supporters camped out in Iowa and New Hampshire, establishing both states as presidential proving grounds. His first Senate endorsement: a young first-termer from Delaware named Joe Biden. Yet it was Carter’s ability to navigate America’s complex racial and rural politics that cemented the nomination. He swept the Deep South that November, the last Democrat to do so, as many white Southerners shifted to Republicans in response to civil rights initiatives. A self-declared “born-again Christian,” Carter drew snickers by referring to Scripture in a Playboy magazine interview, saying he “had looked on many women with lust. I’ve committed adultery in my heart many times.” The remarks gave Ford a new foothold and television comedians pounced — including NBC’s new “Saturday Night Live” show. But voters weary of cynicism in politics found it endearing. Carter chose Minnesota Sen. Walter “Fritz” Mondale as his running mate on a “Grits and Fritz” ticket. In office, he elevated the vice presidency and the first lady’s office. Mondale’s governing partnership was a model for influential successors Al Gore, Dick Cheney and Biden. Rosalynn Carter was one of the most involved presidential spouses in history, welcomed into Cabinet meetings and huddles with lawmakers and top aides. The Carters presided with uncommon informality: He used his nickname “Jimmy” even when taking the oath of office, carried his own luggage and tried to silence the Marine Band’s “Hail to the Chief.” They bought their clothes off the rack. Carter wore a cardigan for a White House address, urging Americans to conserve energy by turning down their thermostats. Amy, the youngest of four children, attended District of Columbia public school. Washington’s social and media elite scorned their style. But the larger concern was that “he hated politics,” according to Eizenstat, leaving him nowhere to turn politically once economic turmoil and foreign policy challenges took their toll. Accomplishments, and ‘malaise’ Carter partially deregulated the airline, railroad and trucking industries and established the departments of Education and Energy, and the Federal Emergency Management Agency. He designated millions of acres of Alaska as national parks or wildlife refuges. He appointed a then-record number of women and nonwhite people to federal posts. He never had a Supreme Court nomination, but he elevated civil rights attorney Ruth Bader Ginsburg to the nation’s second highest court, positioning her for a promotion in 1993. He appointed Paul Volker, the Federal Reserve chairman whose policies would help the economy boom in the 1980s — after Carter left office. He built on Nixon’s opening with China, and though he tolerated autocrats in Asia, pushed Latin America from dictatorships to democracy. But he couldn’t immediately tame inflation or the related energy crisis. And then came Iran. After he admitted the exiled Shah of Iran to the U.S. for medical treatment, the American Embassy in Tehran was overrun in 1979 by followers of the Ayatollah Ruhollah Khomeini. Negotiations to free the hostages broke down repeatedly ahead of the failed rescue attempt. The same year, Carter signed SALT II, the new strategic arms treaty with Leonid Brezhnev of the Soviet Union, only to pull it back, impose trade sanctions and order a U.S. boycott of the Moscow Olympics after the Soviets invaded Afghanistan. Hoping to instill optimism, he delivered what the media dubbed his “malaise” speech, although he didn’t use that word. He declared the nation was suffering “a crisis of confidence.” By then, many Americans had lost confidence in the president, not themselves. Carter campaigned sparingly for reelection because of the hostage crisis, instead sending Rosalynn as Sen. Edward M. Kennedy challenged him for the Democratic nomination. Carter famously said he’d “kick his ass,” but was hobbled by Kennedy as Reagan rallied a broad coalition with “make America great again” appeals and asking voters whether they were “better off than you were four years ago.” Reagan further capitalized on Carter’s lecturing tone, eviscerating him in their lone fall debate with the quip: “There you go again.” Carter lost all but six states and Republicans rolled to a new Senate majority. Carter successfully negotiated the hostages’ freedom after the election, but in one final, bitter turn of events, Tehran waited until hours after Carter left office to let them walk free. ‘A wonderful life’ At 56, Carter returned to Georgia with “no idea what I would do with the rest of my life.” Four decades after launching The Carter Center, he still talked of unfinished business. “I thought when we got into politics we would have resolved everything,” Carter told the AP in 2021. “But it’s turned out to be much more long-lasting and insidious than I had thought it was. I think in general, the world itself is much more divided than in previous years.” Still, he affirmed what he said when he underwent treatment for a cancer diagnosis in his 10th decade of life. “I’m perfectly at ease with whatever comes,” he said in 2015 . “I’ve had a wonderful life. I’ve had thousands of friends, I’ve had an exciting, adventurous and gratifying existence.” ___ Former Associated Press journalist Alex Sanz contributed to this report.None