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By Shafa’atu Suleiman, Sokoto The Sokoto State government has taken a significant step toward economic development by approving the 2025 World Bank Business Enabling Action Plan. This move positions the state to participate in the World Bank’s $750 million program aimed at enhancing land administration, investment processes, and access to finance. This announcement was made to the press following a meeting by the State Commissioner for Information and Orientation, Alhaji Bello Sambo Danchadi. He was accompanied by his colleagues: Prof. Jabir Sani Maihulla of the Ministry of Religious Affairs, Prof. Attahiru Ahmed Sifawa of the Ministry of Science and Technology, and Alhaji Haruna Bashir of the Ministry of Commerce, Trade, and Industry. The program seeks to improve land administration, streamline investment processes, enhance access to finance, and foster large-scale, sustainable investments. Additionally, it aims to resolve commercial disputes more efficiently. With the approval from the state executive council, Sokoto is now eligible to join the World Bank’s 2025 program. Beyond the World Bank partnership, the Sokoto State Executive Council has also approved several other projects, which include the renovation and upgrading of nine Juma’at Mosques across the three senatorial districts of the state, with contracts awarded to various companies at a total cost exceeding N1.2 billion. And the construction of pedestrian bridges along Airport Road and near Shehu Shagari College of Education, at a cost of N331.135 million, aimed at improving safety and reducing accidents in the area.Inflation and the cost of living are top-of-mind for Canadians as the country heads into the new year and a possible early election, a newly released survey suggests. While health care occupied the second position at 17 percent, an increase of three points from 2023, financial matters overshadowed the remainder of the rankings. Housing availability and affordability was cited as the top issue for 14 percent of survey respondents, followed by immigration, the economy, unemployment, and jobs all at 7 percent. Taxes, poverty and social inequality, and government debt each garnered 5 percent of the vote. The most recent polling arrives following a tumultuous year-end for Prime Minister Justin Trudeau and the Liberal Party. That sentiment was reflected in its latest poll when Ipsos asked which leaders would be best qualified to deal with their concerns. Trudeau came up empty on all counts. Conservative Leader Pierre Poilievre was chosen as the candidate best able to deal with inflation, the cost of living, housing, the economy, taxes, and immigration, while Singh was seen as the best leader to handle health care, poverty, and social inequality. Green Party Leader Elizabeth May was chosen as the best person to deal with climate change. Like Trudeau, Bloc Québécois Leader Yves-François Blanchet also received no votes. Simpson said more than one-third of respondents “believe none of the leaders are best to deal with the top three issues” of inflation (36 percent), health care (33 percent) and housing (33 percent). The current 20 percent share of the popular vote for the Liberals, represents the second-lowest figure in the party’s history, Iposos said. The figure mirrors lows not reached since 2011 when Michael Ignatieff was at the helm, with a vote share of 19 percent.
ROCK HILL, S.C., Nov. 26, 2024 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the third quarter ended September 30, 2024. Third Quarter Highlights (All numbers are unaudited and are presented in millions, except per share amounts or as otherwise noted) Revenue of $112.9 million decreased 9% year-over-year primarily driven by macro weakness in printer sales, partially offset by approximately 10% growth in consumables sales Healthcare Solutions revenue of $55.1 million grew 5% year-over-year, led by strong growth in Dental and Personalized Healthcare solutions Customer interest in 3D printing applications continued to gain momentum, with revenues in the Application Innovation Group (AIG) growing over 26% year-to-date versus prior year across industrial markets Q3'24 gross profit margin of 36.9% and Non-GAAP gross profit margin (1) of 37.6% included a $3 million headwind related to an increase in inventory reserves - if excluded, Non-GAAP gross profit margin was 40.2% Q3'24 net loss of $178.6 million, diluted loss per share of $1.35, which includes $143.7 million associated with the impairment of goodwill and other long-lived assets. Non-GAAP diluted loss per share (1) of $0.12 Q3'24 negative Adjusted EBITDA (1) of $14.3 million Updating guidance for remainder of FY'2024 to now include expected full-year revenues within the range of $440 million - $450 million Summary Comments on Results Commenting on third quarter results, Dr. Jeffrey Graves, president and CEO of 3D Systems said, “As recently shared, our third quarter revenues continued to be impacted by sluggish capital investments by our customers for new production capacity, particularly in the Industrial markets, impacting the sale of new printing systems. On a positive note however, capacity utilization for our installed printer fleet broadly increased, translating into an increase in consumable revenues, which grew nearly 10% on both prior year and sequential comparisons. While 2024 has been a challenging year for new printer system sales, we are increasingly encouraged about the future, driven in large part by customer demand for our Application Innovation Group, a group of highly skilled process specialists who assist customers in developing new applications for 3D printing. Year-to-date this group, which spans both polymer and metal solutions, has experienced a rise of over 26% in revenues derived from new application development, particularly in highly regulated markets such a semiconductor equipment manufacturing, oil & gas, aerospace & defense markets, and our medical markets. Much of this performance, and the future growth potential it implies, has been fueled by an aggressive cycle of innovation at our company, enabled by our sustained focus on new product innovation across all of our major polymer and metal printing solutions. As a result of this sustained focus, which we believe differentiates us from many others in our industry, we are on pace to deliver nearly 40 new products to market since the third quarter of last year, and 25 in calendar 2024 alone. We believe no other company in our industry has matched this output that we expect will pay dividends in growth and profitability improvements as the economy rebounds in the future.” Dr. Graves continued, “Given our strong focus on new product innovation, over the last two years we’ve also completely altered our manufacturing model from nearly 100% outsourced, to taking full responsibility for our integrated supply chain by in-sourcing procurement, assembly operations and logistics. This transition is now virtually complete, and, while it required short-term increases in expenses and working capital, we believe it is absolutely essential in driving smooth new product introductions, high quality product and delivery performance and, importantly, long-term customer satisfaction and gross margin improvements as factory efficiencies increase. While weakness in our end-markets over the last several quarters has muted these benefits, as volumes recover we expect to realize them increasingly over time. With our in-sourcing efforts now close to completion, our near term focus has shifted to managing working capital and capex spend to improve cash performance. This has been increasingly effective as we entered the second half of the year, as demonstrated by the stabilization of our cash reserves in the third quarter. We were also pleased to deliver a sequential reduction in operating expenses, in line with our previous expectations, and expect the benefits of restructuring actions previously taken to positively impact our cost structure in the quarters ahead.” Dr. Graves concluded, “As we look to the end of the year, the consistent fueling of our R&D engines as we moved through a tougher macro environment period is now driving an acceleration of exciting new customer applications, supported by outstanding new products spanning from new printer hardware to advanced engineering materials, to enhancement of our software capabilities. We believe this positions us well as the geopolitical and economic headwinds of the last 18 months ultimately begin to recede. Given timing uncertainties and normal quarter-to-quarter inventory management at year-end, we believe it is prudent to be conservative in our outlook for the full year. As such, we are updating our revenue expectations for the full year 2024 to be between $440 million and $450 million. From an OPEX perspective, we expect to see continued improvement consistent with our prior comments, namely that OPEX will decrease again in Q4, to below $60 million. These combined factors should yield a sequential improvement in Adjusted EBITDA and will place us on a trajectory towards profitability in the quarters ahead. We will continue our balanced view of short-term focus on cash performance and improving profitability, while meeting the longer-term needs of our customers from a technology and service perspective. In keeping our customers’ production goals clearly in our sites each day, we believe that substantial long-term value will be created for all of our stakeholders in the years ahead.” Summary of Third Quarter Results Revenue for the third quarter of 2024 decreased approximately 9% to $112.9 million compared to the same period last year, primarily driven by lower printer sales, partially offset by approximately 10% growth in materials. Gross profit margin for the third quarter of 2024 was 36.9% compared to 44.7% for the same period last year. Non-GAAP gross profit margin was 37.6% compared to 44.8% for the same period last year. Gross profit margin decreased primarily due to unfavorable absorption associated with lower volumes and approximately $3 million associated with an increase in inventory reserves, partially offset by favorable mix. In addition, gross profit margin from the prior year period includes approximately $4.5 million of incremental revenue recognized by our Regenerative Medicine business at 100% margin related to incremental milestone recognition which did not repeat in the third quarter of 2024. Operating expense for the third quarter of 2024 was $222.5 million compared to $68.9 million for the same period last year and includes $143.7 million associated with the impairment of goodwill and other long-lived assets taken during the third quarter of 2024. Non-GAAP operating expense of $61.4 million increased $5.6 million compared to the same period last year, while improving $2.7 million on a sequential basis. The sequential improvement was primarily driven by benefits associated with prior restructuring actions. Net loss attributable to 3D Systems Corporation for the third quarter of 2024 was $178.6 million compared to a net loss of $11.7 million for the same period last year. The decline from prior year was primarily impacted by the previously referenced $143.7 million associated with the impairment of goodwill and other long-lived assets taken during the third quarter of 2024. Adjusted EBITDA decreased by $19.1 million to a loss of $14.3 million in the third quarter of 2024 compared to the same period last year. The decrease in Adjusted EBITDA primarily reflects lower revenue, lower gross margin and higher operating expense. As previously noted, the third quarter of 2023 also included the benefit of approximately $4.5 million of incremental milestone recognition by our Regenerative Medicine business at 100% margin that did not repeat in the third quarter of 2024. Updating 2024 Outlook Based on current macroeconomic and geopolitical conditions, 3D Systems is updating its financial guidance for the remainder of 2024 as follows: Revenues for the full-year 2024 within the range of $440 million - $450 million Non-GAAP gross profit margin for the full-year 2024 within the range of 38% - 40% Maintain the expectation for Non-GAAP operating expense of less than $60 million for Q4'24 Adjusted EBITDA to improve sequentially Financial Liquidity At September 30, 2024, the company had cash and cash equivalents of $190.0 million, a decrease of $141.5 million since December 31, 2023. The decrease resulted primarily due to cash used in operations of $37.1 million, capital expenditures of $10.8 million, and repayment on borrowings of $87.2 million. At September 30, 2024, the company had total debt, net of deferred financing costs of $211.7 million. Q3 2024 Conference Call and Webcast The company will host a conference call and simultaneous webcast to discuss these results on November 27, 2024, which may be accessed as follows: Date: Wednesday, November 27, 2024 Time: 8:30 a.m. Eastern Time Listen via webcast: www.3dsystems.com/investor Participate via telephone: 201-689-8345 A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor . Forward-Looking Statements Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law. Presentation of Information in this Press Release 3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expense, non-GAAP diluted income (loss) per share, and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items: amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations; costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees; stock-based compensation expenses, a non-cash expense; charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses; impact of equity method investments; certain compensation expense related to the 2021 Volumetric acquisition; and costs, including legal fees, related to significant or unusual litigation matters. Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business' operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration. The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share. Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period. A reconciliation of GAAP to non-GAAP measures is provided in the accompanying schedules. 3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross profit margin, Adjusted EBITDA, and non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially. About 3D Systems More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in Healthcare and Industrial Solutions markets such as medical and dental, aerospace & defense, automotive and durable goods. More information on the company is available at www.3dsystems.com . Amounts included in restricted cash as of September 30, 2024, December 31, 2023 and September 30, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Amounts included in restricted cash as of December 31, 2022 primarily relate to $3,435 deposited into an escrow account relating to the initial investment in the National Additive Manufacturing innovation ("NAMI") joint venture. The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees. (1) Amounts in table may not foot due to rounding (2) Calculated as non-GAAP gross profit as a percentage of total revenue (1) Amounts in table may not foot due to rounding (2) Calculated as non-GAAP gross profit as a percentage of total revenue Non-GAAP Operating Expense (1) (1) Amounts in table may not foot due to rounding (1) Amounts in table may not foot due to rounding (1) Amounts in table may not foot due to rounding
NonePresident Bola Tinubu has directed the Ministry of Justice to work with the National Assembly to address some of the concerns generated by the Tax Reform Bill currently before the Legislature. The Minister of Information and National Orientation, Mohammed Idris who disclosed this on Tuesday in statement he issued in Abuja, said the nationwide debate on the new tax reform bills currently before the National Assembly is and commendable. He however pointed out that there are a lot of misinformation and fake news circulating around the tax bills and the overall reform agenda of the Tinubu Administration. Idris noted that the fiscal reforms will not impoverish any State or region of the country, neither will they lead to the scrapping or weakening of any federal agencies. “It is pertinent to state that the government has nothing sinister to warrant the suggestion that the process is being rushed. In line with the established legislative procedure, the Federal General welcomes meaningful inputs that can address whatever grey areas there may be in the bill. “In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed. “The robust nationwide debate on the new tax reform bills currently before the National Assembly is welcomed, and commendable. It is very inspiring to see Nigerians from all walks of life coming out to express their views and opinions of these matters of critical national importance. This is the very essence and meaning of democracy. “Similarly, it is important to be aware that there is a lot of misinformation and fake news circulating around the tax bills and the overall reform agenda of the Tinubu Administration. “Instead, they will bring relief to tens of millions of hardworking Nigerians across the country and empower and position our States and the 774 Local Governments for sustainable growth and development”, the Minister stated. He further noted that President Tinubu is implementing an ambitious fiscal reform agenda that will devolve more resources to Nigeria’s State and Local Governments, and ultimately to the Nigerian people, in the spirit of harnessing democracy that works for the people. Idris maintained that Nigerians are witnessing, at this moment in the history the most far-reaching, impactful and beneficial set of fiscal reforms that the country has seen in decades. “In addition to the four tax bills being debated and deliberated upon, there is also the 2023 Supreme Court ruling on financial autonomy for local governments, which will significantly empower the tier of government that is closest to the Nigerian people. “In all, these reforms will not only facilitate increased revenues (without imposing additional tax burdens on the people), they will also make it possible for citizens to demand and enjoy greater accountability in the management of public resources at all levels of government. “President Tinubu and the administration will continue to champion policies that close the loopholes and gaps through which Nigeria’s valuable public resources have been frittered away for decades. “On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc) and in social investments that will benefit all Nigerians and ensure that no one is left behind. This is the promise and the reality of the Renewed Hope agenda”, the Minister added. READ MORE FROM: NIGERIAN TRIBUNE Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel now
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New Delhi: Replacing the century-old criminal laws with a new set of legislations for introducing a modern and technology-driven criminal justice system, rolling out the controversial Citizenship (Amendment) Act and fire-fighting to check unabated violence in Manipur kept the Union home ministry busy in 2024. Assisting the Election Commission in holding the assembly elections in Jammu and Kashmir without major incidents and bringing down the violence in Naxal-affected states and northeastern region are the other key highlights of the country’s crucial ministry. While the population enumeration exercise Census continues to be on hold for past four years as no decision has been taken by the ministry as to when it will be carried out, the ministry created five year districts in Ladakh and renamed Port Blair in Andaman and Nicobar Islands as Sri Vijaya Puram during the year. The three new criminal laws — Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Adhiniyam — replaced the colonial-era Indian Penal Code, the Code of Criminal Procedure and the Indian Evidence Act of 1872 respectively. The new laws came into effect from July 1. Home Minister Amit Shah, who piloted the legislations, said the new laws would give priority to providing justice, unlike the colonial-era laws that gave primacy to penal action. “These laws are made by Indians, for Indians and by an Indian Parliament and marks the end of colonial criminal justice laws,” he said. Shah said the laws were not just about changing the nomenclature but bringing about a complete overhaul. “Soul, body and spirit of the new laws are Indian,” he said. The new laws brought in a modern justice system, incorporating provisions such as Zero FIR, online registration of police complaints, summonses through electronic modes such as SMS and mandatory videography of crime scenes for all heinous crimes. According to home ministry officials, the new laws have tried to address some of the current social realities and crimes and are going to provide a mechanism to effectively deal with these, keeping in view the ideals enshrined in the Constitution. The CAA, which was enacted in December 2019 for granting Indian nationality to persecuted Hindu, Sikh, Jain, Buddhist, Parsi and Christian migrants from Bangladesh, Pakistan and Afghanistan who came to India on or before December 31, 2014, was rolled out in March and the first set of 14 people were granted Indian citizenship under the law in May. Shah termed the occasion of granting Indian citizenship under the CAA as a “historic day”, saying the decades-long wait of those who faced religious persecution in Pakistan, Bangladesh and Afghanistan is over. After the enactment in 2019, the CAA got the president’s assent a few days later but the rules under which the Indian citizenship were supposed to be granted were issued only on March 11 after over a delay of four years. The passing of the CAA in 2019 sparked protests in different parts of the country with agitators terming it “discriminatory”. Over a hundred people had lost their lives during the anti-CAA protests or police action in various parts of the country. To allay fears of a section of Muslims and students regarding the CAA, the home ministry, a day after the CAA rules were issued, asserted that the Indian Muslims need not worry as the new legislation would not impact their citizenship and has nothing to do with the community which enjoys equal rights as their Hindu brethren. The ministry made it clear that “no Indian citizen would be asked to produce any document to prove his citizenship after this Act”. Intermittent violence continues to rock Manipur, where the first bout of ethnic clash between majority Meiteis and tribal Kukis was witnessed in May 2023. Even after the death of about 260 people, injury to hundreds and displacement of thousands of people, peace continues to be elusive in the northeastern state. Though there have been efforts from the central government to bring the warring communities into negotiating table, sporadic violence continues there. Members of the ruling BJP were also not spared. Mobs set fire to the residences of several BJP legislators, one of whom is a senior minister, and a Congress MLA in various districts of Imphal Valley in November besides making a foiled attempt to storm the ancestral house of Chief Minister N Biren Singh. Seeing the fragile situation, the Centre in November reimposed the Armed Forces (Special Powers) Act in Manipur’s six police station areas, including the violence-hit Jiribam. On December 24, the Centre appointed former union home secretary Ajay Kumar Bhalla as new Manipur governor, in an apparent bid to help itself find a lasting peace. However, it is to be seen how Bhalla will walk through the difficult terrain of the sensitive state. Jammu and Kashmir witnessed a relatively peaceful assembly elections, which was held after a gap of 10 years. According to a presentation given by the home ministry to a parliamentary panel, there has been over 70 per cent decline in terror-related incidents in Jammu and Kashmir since 2019, when Article 370 was scrapped and the erstwhile state was bifurcated into two Union Territories — Jammu and Kashmir and Ladakh. Continuing its thrust on comprehensive development of villages located in remote areas along the border with China, the government allocated Rs 1,050 crore for 2024-25 under the Vibrant Villages Programme (VVP) that will benefit select villages in 19 districts in Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh and Ladakh. The central government has approved the VVP as a centrally sponsored scheme on February 15, 2023, with financial outlay of Rs 4,800 crore for the financial year 2022-23 to 2025-26 for comprehensive development of the select villages in 46 blocks in 19 districts abutting the northern border.PGIM Global High Yield Fund, Inc ( NYSE:GHY – Get Free Report ) was the recipient of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 123,500 shares, an increase of 129.6% from the November 30th total of 53,800 shares. Based on an average trading volume of 155,300 shares, the short-interest ratio is presently 0.8 days. PGIM Global High Yield Fund Stock Down 0.9 % GHY opened at $12.42 on Friday. PGIM Global High Yield Fund has a fifty-two week low of $11.05 and a fifty-two week high of $13.11. The company has a fifty day moving average of $12.69 and a two-hundred day moving average of $12.51. PGIM Global High Yield Fund Announces Dividend The firm also recently announced a dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.105 per share. This represents a dividend yield of 9.75%. The ex-dividend date is Thursday, December 12th. Insider Activity at PGIM Global High Yield Fund Hedge Funds Weigh In On PGIM Global High Yield Fund A number of large investors have recently added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co purchased a new stake in PGIM Global High Yield Fund during the 3rd quarter worth approximately $179,000. Avestar Capital LLC raised its holdings in shares of PGIM Global High Yield Fund by 64.3% during the 3rd quarter. Avestar Capital LLC now owns 114,940 shares of the company’s stock worth $1,469,000 after acquiring an additional 45,000 shares during the period. Penserra Capital Management LLC purchased a new position in shares of PGIM Global High Yield Fund during the 3rd quarter worth $4,889,000. Activest Wealth Management increased its position in PGIM Global High Yield Fund by 23.3% during the third quarter. Activest Wealth Management now owns 20,961 shares of the company’s stock worth $268,000 after purchasing an additional 3,961 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in PGIM Global High Yield Fund by 2.6% during the third quarter. Advisors Asset Management Inc. now owns 800,239 shares of the company’s stock worth $10,227,000 after purchasing an additional 20,555 shares during the period. About PGIM Global High Yield Fund ( Get Free Report ) PGIM Global Short Duration High Yield Fund, Inc is a closed ended fixed income mutual fund launched and managed by PGIM Investments LLC. The fund is co-managed by PGIM Fixed Income. It invests in fixed income markets across the globe. The fund primarily invests in high yield fixed income instruments of varying maturities that are rated Ba1 or lower by Moody’s Investors Service, Inc or BB+ or lower by Standard & Poor’s Ratings Services. Featured Articles Receive News & Ratings for PGIM Global High Yield Fund Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PGIM Global High Yield Fund and related companies with MarketBeat.com's FREE daily email newsletter .
By JILL COLVIN and STEPHEN GROVES WASHINGTON (AP) — After several weeks working mostly behind closed doors, Vice President-elect JD Vance returned to Capitol Hill this week in a new, more visible role: Helping Donald Trump try to get his most contentious Cabinet picks to confirmation in the Senate, where Vance has served for the last two years. Vance arrived at the Capitol on Wednesday with former Rep. Matt Gaetz and spent the morning sitting in on meetings between Trump’s choice for attorney general and key Republicans, including members of the Senate Judiciary Committee. The effort was for naught: Gaetz announced a day later that he was withdrawing his name amid scrutiny over sex trafficking allegations and the reality that he was unlikely to be confirmed. Thursday morning Vance was back, this time accompanying Pete Hegseth, the “Fox & Friends Weekend” host whom Trump has tapped to be the next secretary of defense. Hegseth also has faced allegations of sexual assault that he denies. Vance is expected to accompany other nominees for meetings in coming weeks as he tries to leverage the two years he has spent in the Senate to help push through Trump’s picks. Vice President-elect JD Vance, still a Republican senator from Ohio, walks from a private meeting with President-elect Donald Trump’s nominee to be attorney general, former Rep. Matt Gaetz, R-Fla., at the Capitol in Washington, Wednesday, Nov. 20, 2024. (AP Photo/J. Scott Applewhite) President-elect Donald Trump’s nominee to be attorney general, former Rep. Matt Gaetz, R-Fla., center, and Vice President-elect JD Vance, left, walk out of a meeting with Republican Senate Judiciary Committee members, at the Capitol in Washington, Wednesday, Nov. 20, 2024. (AP Photo/Ben Curtis) FILE – Sen. JD Vance, R-Ohio, departs the chamber at the Capitol in Washington, March 15, 2023. (AP Photo/J. Scott Applewhite, File) FILE – Sen. JD Vance, R-Ohio, center speaks during a Senate Banking Committee hearing on Capitol Hill in Washington, March 7, 2023. (AP Photo/Andrew Harnik, File) FILE – Sen. JD Vance, R-Ohio, right, speaks with Sen. Sherrod Brown, D-Ohio, before testifying at a hearing, March 9, 2023, in Washington. (AP Photo/Kevin Wolf, File) FILE – Sen. JD Vance, R-Ohio, arrives for a classified briefing on China, at the Capitol in Washington, Feb. 15, 2023. (AP Photo/J. Scott Applewhite, File) FILE – Sen. JD Vance, R-Ohio, arrives for a vote on Capitol Hill, Sept. 12, 2023 in Washington. (AP Photo/Mark Schiefelbein, File) FILE – Sen. JD Vance R-Ohio speaks during a news conference on Capitol Hill in Washington, Feb. 6, 2024. (AP Photo/Jose Luis Magana, File) Vice President-elect JD Vance, still a Republican senator from Ohio, walks from a private meeting with President-elect Donald Trump’s nominee to be attorney general, former Rep. Matt Gaetz, R-Fla., at the Capitol in Washington, Wednesday, Nov. 20, 2024. (AP Photo/J. Scott Applewhite) Vance is taking on an atypical role as Senate guide for Trump nominees The role of introducing nominees around Capitol Hill is an unusual one for a vice president-elect. Usually the job goes to a former senator who has close relationships on the Hill, or a more junior aide. But this time the role fits Vance, said Marc Short, who served as Trump’s first director of legislative affairs as well as chief of staff to Trump’s first vice president, Mike Pence, who spent more than a decade in Congress and led the former president’s transition ahead of his first term. ”JD probably has a lot of current allies in the Senate and so it makes sense to have him utilized in that capacity,” Short said. Unlike the first Trump transition, which played out before cameras at Trump Tower in New York and at the president-elect’s golf club in Bedminster, New Jersey, this one has largely happened behind closed doors in Palm Beach, Florida. There, a small group of officials and aides meet daily at Trump’s Mar-a-Lago resort to run through possible contenders and interview job candidates. The group includes Elon Musk, the billionaire who has spent so much time at the club that Trump has joked he can’t get rid of him. Vance has been a constant presence, even as he’s kept a lower profile. The Ohio senator has spent much of the last two weeks in Palm Beach, according to people familiar with his plans, playing an active role in the transition, on which he serves as honorary chair. Mar-a-Lago scene is a far cry from Vance’s hardscrabble upbringing Vance has been staying at a cottage on the property of the gilded club, where rooms are adorned with cherubs, oriental rugs and intricate golden inlays. It’s a world away from the famously hardscrabble upbringing that Vance documented in the memoir that made him famous, “Hillbilly Elegy.” His young children have also joined him at Mar-a-Lago, at times. Vance was photographed in shorts and a polo shirt playing with his kids on the seawall of the property with a large palm frond, a U.S. Secret Service robotic security dog in the distance. On the rare days when he is not in Palm Beach, Vance has been joining the sessions remotely via Zoom. Though he has taken a break from TV interviews after months of constant appearances, Vance has been active in the meetings, which began immediately after the election and include interviews and as well as presentations on candidates’ pluses and minuses. Among those interviewed: Contenders to replace FBI Director Christopher Wray , as Vance wrote in a since-deleted social media post. Defending himself from criticism that he’d missed a Senate vote in which one of President Joe Biden’s judicial nominees was confirmed, Vance wrote that he was meeting at the time “with President Trump to interview multiple positions for our government, including for FBI Director.” “I tend to think it’s more important to get an FBI director who will dismantle the deep state than it is for Republicans to lose a vote 49-46 rather than 49-45,” Vance added on X. “But that’s just me.” Vance is making his voice heard as Trump stocks his Cabinet While Vance did not come in to the transition with a list of people he wanted to see in specific roles, he and his friend, Trump’s eldest son, Donald Trump Jr., who is also a member of the transition team, were eager to see former Democratic Rep. Tulsi Gabbard and Robert F. Kennedy Jr. find roles in the administration. Trump ended up selecting Gabbard as the next director of national intelligence , a powerful position that sits atop the nation’s spy agencies and acts as the president’s top intelligence adviser. And he chose Kennedy to lead the Department of Health and Human Services , a massive agency that oversees everything from drug and food safety to Medicare and Medicaid. Vance was also a big booster of Tom Homan, the former acting director of Immigration and Customs Enforcement, who will serve as Trump’s “border czar.” In another sign of Vance’s influence, James Braid, a top aide to the senator, is expected to serve as Trump’s legislative affairs director. Allies say it’s too early to discuss what portfolio Vance might take on in the White House. While he gravitates to issues like trade, immigration and tech policy, Vance sees his role as doing whatever Trump needs. Vance was spotted days after the election giving his son’s Boy Scout troop a tour of the Capitol and was there the day of leadership elections. He returned in earnest this week, first with Gaetz — arguably Trump’s most divisive pick — and then Hegseth, who has was been accused of sexually assaulting a woman in 2017, according to an investigative report made public this week. Hegseth told police at the time that the encounter had been consensual and denied any wrongdoing. Vance hosted Hegseth in his Senate office as GOP senators, including those who sit on the Senate Armed Services Committee, filtered in to meet with the nominee for defense secretary. While a president’s nominees usually visit individual senators’ offices, meeting them on their own turf, the freshman senator — who is accompanied everywhere by a large Secret Service detail that makes moving around more unwieldy — instead brought Gaetz to a room in the Capitol on Wednesday and Hegseth to his office on Thursday. Senators came to them. Vance made it to votes Wednesday and Thursday, but missed others on Thursday afternoon. Vance will draw on his Senate background going forward Vance is expected to continue to leverage his relationships in the Senate after Trump takes office. But many Republicans there have longer relationships with Trump himself. Sen. Kevin Cramer, a North Dakota Republican, said that Trump was often the first person to call him back when he was trying to reach high-level White House officials during Trump’s first term. “He has the most active Rolodex of just about anybody I’ve ever known,” Cramer said, adding that Vance would make a good addition. “They’ll divide names up by who has the most persuasion here,” Cramer said, but added, “Whoever his liaison is will not work as hard at it as he will.” Cramer was complimentary of the Ohio senator, saying he was “pleasant” and ” interesting” to be around. ′′He doesn’t have the long relationships,” he said. “But we all like people that have done what we’ve done. I mean, that’s sort of a natural kinship, just probably not as personally tied.” Under the Constitution, Vance will also have a role presiding over the Senate and breaking tie votes. But he’s not likely to be needed for that as often as was Kamala Harris, who broke a record number of ties for Democrats as vice president, since Republicans will have a bigger cushion in the chamber next year. Colvin reported from New York. Associated Press writer Mary Clare Jalonick contributed to this report.Orioles owner and presidential scholar David Rubenstein: Many people felt it wasn’t a good idea to indict Trump
NEW YORK (AP) — With the end of 2024 around the corner, you might be reflecting on financial goals for 2025. Whether you're saving to move out of your parents' house or pay off student loan debt, financial resolutions can help you stay motivated, said Courtney Alev, consumer advocate for Credit Karma. “Entering a new year doesn’t erase all our financial challenges from the prior year," Alev said. “But it can really help to bring a fresh-start mentality to how you’re managing your finances.” If you’re planning to make financial resolutions for the new year, experts recommend that you start by evaluating the state of your finances in 2024. Then, set specific goals and make sure they're attainable for your lifestyle. Here are some tips from experts: Think about how you currently deal with finances — what's good, what's bad, and what can improve. “Let this be the year you change your relationship with money,” said Ashley Lapato, personal finance educator for YNAB, a budgeting app. If you feel like money is a chore, that there's shame surrounding the topic of money, or like you were born being “bad at money,” it's time to change that mentality, Lapato said. To adjust your approach, Lapato recommends viewing money goals as an opportunity to imagine your desired lifestyle in the future. She recommends asking questions like, “What do my 30s look like? What do my 40s look like?” and using money as a means to get there. Liz Young Thomas, head of SoFi Investment Strategy, added that it’s key you forgive yourself for past mistakes in order to move into the new year with motivation. When setting your financial resolutions for 2025, it's important to establish the “why” of each, said Matt Watson, CEO of Origin, a financial tracking app. “If you can attach the financial goal to a bigger life goal, it’s much more motivating and more likely you’ll continue on that path,” Watson said. Whether you're saving to buy a house, pay off credit card debt or take a summer vacation, being clear about the goal can keep you motivated. Watson also recommends using a tool to help you keep track of your finances, such as an app, spreadsheet, or website. “After three years of inflation, your pay increases are likely still playing catch up to your monthly expenses, leaving you wondering where all the money is going," said Greg McBride, chief financial analyst at Bankrate. "Make that monthly budget for 2025 and resolve to track your spending against it throughout the year." McBride said that you may need to make adjustments during the year as certain expenses increase, which would require cutting back in other areas. “Calibrate your spending with your income, and any month you spend less than budgeted, transfer the difference into your savings account, ideally a high-yield savings account,” he said. “Interest rates aren’t likely to come down very fast, so you’re still going to have to put in the hard work of paying down debt, especially high-cost credit card debt, and do so with urgency,” McBride said. Start by taking stock of how much debt you have now relative to the beginning of the year. Hopefully you’ve made steady progress on paying it down, but, if you’ve gone in the other direction, McBride encourages making a game plan. That includes looking into 0% balance transfer offers. “You have more power over credit card interest rates than you think you do," said Matt Schulz, chief credit analyst at LendingTree. “Wielding that power is one of the best moves you can make in 2025.” A 0% balance transfer credit card is “a good weapon” in the fight against high card APRs, or annual percentage rates, he said. A low-interest personal loan is an option as well. You may simply be able to pick up the phone and ask for a lower interest rate. LendingTree found that a majority of people who did that in 2024 were successful, and the average reduction was more than 6 points. When planning for your financial resolutions, it’s important to consider how you’re going to make your goals sustainable for your lifestyle, said Credit Karma's Alev. “It really is a marathon, not a sprint,” Alev said. Alev recommends setting realistic, practical goals to make it easier to stick with them. For example, instead of planning to save thousands of dollars by the end of the year, start by saving $20 a paycheck. Even when your plans are achievable, there are times you'll get derailed. Maybe it’s an unexpected medical bill or an extraordinary life event. When these situations happen, Alev recommends trying not to feel defeated and working to get back on track without feeling guilty. “You can't manage what you can't see, so set a New Year’s resolution to check your credit score monthly in 2025," said Rikard Bandebo, chief economist at VantageScore. “Be sure to pay more than the minimum on your credit accounts, as that's one of the best ways to boost your credit score.” Bandebo also advises student loan borrowers to make all payments on time, as servicers will begin to report late payments starting in January, and missed payments will affect borrowers' credit scores. Automated changes, like increasing workplace 401(k) plan contributions, setting up direct deposits from paychecks into dedicated savings accounts, and arranging for monthly transfers into an IRA and/or 529 college savings accounts all add up quickly, McBride said. Your financial goals can encompass more than just managing your money better — they can also be about keeping your money safe from scams . A golden rule to protect yourself from scams is to “slow down,” said Johan Gerber, executive vice president of security solutions at Mastercard. “You have to slow down and talk to other people if you’re not sure (whether or not) it’s scam,” said Gerber, who recommends building an accountability system with family to keep yourself and your loved ones secure. Scammers use urgency to make people fall for their tricks, so taking your time to make any financial decision can keep you from losing money. Your financial goals don’t always have to be rooted in a dollar amount — they can also be about well-being. Finances are deeply connected with our mental health, and, to take care of our money, we also need to take care of ourselves. “I think that now more than any other year, your financial wellness should be a resolution," said Alejandra Rojas, personal finance expert and founder of The Money Mindset Hub, a mentoring platform for women entrepreneurs. "Your mental health with money should be a resolution.” To focus on your financial wellness, you can set one or two goals focusing on your relationship with money. For example, you could find ways to address and resolve financial trauma, or you could set a goal to talk more openly with loved ones about money, Rojas said. —— The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
Fulks puts up 26, Milwaukee defeats IU Indianapolis 88-81
Socialist dictator of Venezuela Nicolás Maduro on Sunday accused “artificial intelligence” of plotting to oust his regime with the ultimate goal of “taking colonial control of humanity.” Maduro made his wild accusations during his participation at the “World Congress of Anti-Fascist Youth and Students,” an anti-U.S., anti-Israel, and anti-capitalism weekend gathering of international far-left students hosted by the Venezuelan socialist regime in Caracas. Individuals from about 70 countries participated according to the Maduro regime. The far-left event’s participants reportedly announced that they were “carrying out a great struggle against imperialism and fascism in Venezuela,” a country they claimed is “at peace and is working fully for a horizon of prosperity and happiness.” Maduro, during one of the weekend event’s conferences, claimed to his listeners that the Western world has “perfected” artificial intelligence to wage a “cyber-fascist coup” against humanity. “Through two technological tools that the West has perfected. One, first-generation artificial intelligence. They are already talking about going towards artificial superintelligence. And artificial intelligence has been fed for years with the data of every country, of every culture, of every society,” Maduro said. “And today artificial intelligence is leading the cognitive warfare, the cognitive massacre, the military warfare, the economic warfare.” “I’m not exaggerating, guys. It is exactly like that. Through artificial intelligence technological imperialism is trying to impose a cyber-fascist coup on humanity to take colonial control of humanity,” he continued. “I’m not putting one word too many. Maybe I’m putting too little for the sake of synthesis in my intervention.” At another point during the weekend event, Maduro said that he would host a “great world anti-fascist festival” between January 8-10, where he will invite “thousands and thousands of leaders” to join him on January 10, the date he is slated to be sworn into an additional six-year term that he secured through the July 28 sham presidential election. The dictator also expressed his intention to create an “anti-fascist training school” in Caracas, which would integrate “all the training methods” from the regimes of countries such as China, Russia, Nicaragua, Cuba, and Bolivia. The socialist dictator, an aspiring TikTok “ influencer ,” claimed that social media is the “instrument ... they use to implement their actions.” Maduro himself has been an avid user of artificial intelligence tools. Both the dictator and his socialist regime’s media apparatus made public use of them in 2023. Last year, Maduro introduced “ Sira ,” an artificial intelligence companion, in the debut of his ongoing weekly television show With Maduro Plus . The dictator’s show used the artificial assistant – which bore the likeness of a young, curly-haired woman with brown skin – in a segment of the multi-hour show that presented pro-regime news. Weeks before the launch of Maduro’s show, several reports indicated that the Venezuelan socialists were utilizing artificial intelligence to generate “deepfake” news reports in English to push false pro-regime propaganda on social media. According to the reports, the videos were created using Synthesia, a London-based artificial intelligence company. Venezuelan non-government organizations denounced at the time that the contents of the AI-generated false news reports, which reportedly began surfacing around February 2023, were then presented by Venezuelan state-media anchors in public television as if they came from a real outlet to promote a purported “positive” international image of the socialist regime. One of the “deepfake” news anchors featured in the pro-Maduro regime false news bore the likeness of British actor Dan Dewhirst. Dewhirst told the tech outlet DigitalTrends in October that he “couldn’t believe” that his likeness was used in such a way. “My stomach dropped. Everything I was worried about has happened, but a thousand times worse. I’m literally the face of fake news,” he said. The British actor told the outlet that he signed a contract with Synthesia in 2021 for the use of his likeness, but became suspicious of the broad clauses in the contract, so he contacted his agent and Equity. Dewhirst said he and his lawyers unsuccessfully tried to have the terms of the contract changed. According to his statements, the company showed him the stipulations that the likeness could not be used for “illegal or unsavory purposes.” Christian K. Caruzo is a Venezuelan writer and documents life under socialism. You can follow him on Twitter here .