Janet Yellen urges immediate Congress intervention on debt ceiling; Speaker Mike Johnson in a precarious situation to get deal done or else he may lose his job
CLS (LON:CLI) Share Price Passes Below 200-Day Moving Average – Here’s What HappenedNone
SYDNEY, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Vast Renewables Limited ("Vast”) (Nasdaq: VSTE), a leading Australian green energy technology company, held its Annual General Meeting ("AGM”) on November 27, updating shareholders on progress towards deploying its next generation concentrated solar power ("CSP”) solution to deliver clean, continuous dispatchable power and heat. The AGM saw Vast's Chairman, Peter Botten, and CEO, Craig Wood, provide updates on the company's achievements throughout 2024 and the outlook for the year ahead. All resolutions were successfully passed at the AGM, with Craig Wood, Colin Richardson and William Restrepo all re-elected as Directors. The AGM follows Vast's recent announcement that it has signed an updated funding agreement to access up to $30 million of its existing $65 million grant from the Australian Renewable Energy Agency ("ARENA”). The funding and Vast's progress throughout 2024 pave the way for another successful year ahead. Vast's technology is set to be deployed at utility-scale in Port Augusta, South Australia at the Vast Solar 1 ("VS1”) project to deliver green, reliable and affordable energy for South Australia's grid. The technology will also power a world-first co-located renewable methanol production facility, Solar Methanol 1 ("SM1”). A real world, in-demand application for hydrogen, renewable methanol has the potential to decarbonise shipping and is already being used to power major container vessels. Leveraging Australia's natural resources, the projects are set to be a catalyst for a domestic Australian CSP industry, creating highly skilled green manufacturing and operational jobs, and helping Australia become an export powerhouse by supplying Australian green technology to clean energy projects around the world. Vast is attracting significant interest from major investors, industry and international governments. Along with funding from ARENA, Vast is backed by EDF and Nabors Industries, and Vast's renewable methanol project is supported by Mabanaft and the German Government. The following addresses were made by Vast's Chairman Peter Botten and CEO Craig Wood during Vast's Annual General Meeting on November 27, 2024. Chairman's Address from Peter Botten 2024 has been a pivotal year in the growth of Vast since the business combination with Nabors Energy Transition Corp was completed in December last year. Significant progress has been made this year towards Vast's vision of delivering continuous, carbon free energy to the world, leveraging our next generation CSP technology As announced earlier this week, Vast has secured up to $30m of funding from ARENA. This is an important signal of confidence from ARENA in the potential of Vast's technology to power Australia's energy transition, and we're grateful for their ongoing support. Vast continues to progress towards final investment decision on our utility-scale CSP reference project in Port Augusta, South Australia (VS1). The project paves the way for Vast's pipeline of utility-scale projects in Australia and internationally. Alongside generating green electricity for the grid, we believe Vast's technology will have a key role to play in reducing the cost of sustainable fuels production. Vast is also progressing a co-located renewable methanol production facility (SM1) at the Port Augusta site, partnering with German fuels giant Mabanaft on that project. During the year, Vast also expanded its presence in the US market, signing a project development partnership with Houston-based renewables developer GGS Energy. As Vast looks to 2025, the key focus will be on: CEO's Address from Craig Wood As Peter mentioned, our utility-scale CSP reference project in Port Augusta, VS1, is progressing well. The plant will have 30MW capacity and 8 hours of thermal storage, providing dispatchable overnight power critical to stabilising South Australia's grid. We recently finalised the FEED stage and we're working diligently with our partners towards achieving Final Investment Decision in Q1 2025 with construction to commence shortly thereafter. The project has received support from the Australian Government, including from ARENA and the Department for Climate Change, Energy, Environment and Water. The co-located renewable methanol plant, SM1, is also progressing well through the pre-FEED stage. The project will produce 7,500 tonnes of renewable methanol per annum, which will help decarbonise the local maritime industry. As a world-first project, we're thrilled to be partnering with German company Mabanaft on this effort. Financial close is currently targeted for 2025. Vast continues to strengthen our market-leading proprietary CSP technology, and to build out our manufacturing capability ahead of delivering Vast equipment into the VS1 project. Our solution leverages the abundant sunshine in sunbelt countries like Australia to power homes, industry and transport with green, reliable and affordable energy. We continue to improve the cost and performance of our modular, scalable technology, and to de-risk its manufacture and operation. Vast equipment is currently being produced at our facility in Queensland, Australia, and we'll be scaling up our manufacturing capability to deliver to the Port Augusta projects starting in 2025. Throughout 2024, we've also invested in our business systems and capabilities to set ourselves up for success. Vast has had a strong emphasis on safety during 2024, and we are focused on improving our safety performance as we head towards construction on site next year. We are investing in a new ERP to replace legacy systems as our requirements continue to evolve. We are also developing the quality and project control systems necessary to deliver the Port Augusta projects. All of this activity means Vast's team has continued to grow throughout the year, both in Australia and the US. This growth will continue early into 2025, and then accelerate as we move into construction of the VS1 and SM1 projects. As Peter mentioned, we were delighted to announce earlier this week that Vast continues to enjoy strong support from ARENA as evidenced by up to $30m of funding being made available to the business, subject to certain milestones being achieved. This funding is important as it creates a runway to support Vast in completing the necessary activities to achieve financial close on VS1 and SM1, and to continue the build out of our Australian green technology manufacturing business. As part of that release, we also updated the estimated capital cost for VS1 to AUD360-390million. We look forward to another successful year in 2025 as we move into construction on VS1 and SM1, deliver Vast technology through our manufacturing business, and expand our project development pipeline in Australia, the US and other global markets. We thank you, our shareholders, all of our partners and our employees for their ongoing support. About Vast Vast is a renewable energy company that has CSP systems to generate, store, and dispatch carbon-free, utility-scale electricity, industrial heat, or a combination to enable the production of sustainable fuels. Vast's CSP v3.0 approach utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. On December 19, 2023, Vast listed on the Nasdaq under the ticker symbol "VSTE”, while remaining headquartered in Australia. Visit www.vast.energy for more information. Contacts For Investors: Caldwell Bailey ICR, Inc. [email protected] For US media: Matt Dallas ICR, Inc. [email protected] For Australian media: Nick Albrow Wilkinson Butler [email protected] Forward Looking Statements The information included herein and in any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the Port Augusta project, Vast's future financial performance, Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "project," "should," "will," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast's ability to obtain financing on commercially acceptable terms or at all; Vast's ability to manage growth; Vast's ability to execute its business plan, including the completion of the Port Augusta project , at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast's recent business combination; the inability to recognize the anticipated benefits of Vast's recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast's products and services. Additional risks are set forth in the section titled "Risk Factors" in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, as amended on November 7, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast's expectations can be found in Vast's periodic filings with the SEC. Vast's SEC filings are available publicly on the SEC's website at www.sec.gov
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Published 23:26 IST, December 28th 2024 Kriti Sanon Attends Rahat Fateh Ali Khan’s Performance In Dubai With Kabir Bahia, Varun Sharma, Nupur Sanon. Pictures are now going viral on social media. Kriti Sanon has been rumoured to be dating businessman Kabir Bahia and often the two are snapped enjoying dinner and celebrating festivals together. Kriti’s sister Nupur Sanon has shared pictures and videos which show Kriti Sanon and her enjoying Rahat Fateh Ali Khan’s performance at an event in Dubai. Viral pics of Kriti Sanon having fun with her rumoured boyfriend Kabir Bahia Kriti Sanon ’s sister Nupur Sanon took to her Instagram stories to share a series of pictures. In the pictures, Kriti Sanon, Varun Sharma and Nupur can be seen having a gala time at the show. Along with sharing pictures, she wrote, “With my main 3 handsome men!" Another picture that has surfaced on Instagram shows Kriti Sanon, Kabir Bahia, Nupur, cricketer MS Dhoni, and others together on the stage, enjoying Stebin’s performance. Kriti Sanon-Kabir Bahia’s Christmas celebrations Kriti Sanon recently celebrated Christmas with Kabir, his family and MS Dhoni. Sharing the photos, she simply dropped Christmas tree, Santa Claus and heart emoticons. Kabir also shared a photo on his Instagram Stories that shows him, along with Kriti, MS Dhoni, his wife Sakshi Dhoni and their daughter Ziva, happily posing for the camera. It all started when rumours of Kriti Sanon dating Karan Bahia surfaced when a fan in Greece photographed them at an open-air restaurant. The rumoured couple had celebrated Diwali together with family. Kriti Sanon's rumoured boyfriend maintains a strong connection with Indian cricketers as well, including the legendary captain MS Dhoni and his wife Sakshi Dhoni, as well as Hardik Pandya . Get Current Updates on India News , Entertainment News along with Latest News and Top Headlines from India and around the world. Updated 23:26 IST, December 28th 2024Trump endorses H-1B visa for skilled foreign workersBy 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) 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. 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. Related Articles 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.” 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 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.
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Every new year comes with changes for everyone, and Social Security won’t be the exception. According to the federal agency, in less than two weeks the Social Security system will see two major changes that will directly impact retirees and other beneficiaries in the country. While some Social Security changes only affect specific groups of people, others affect a large number of existing or prospective claimants. As 2025 approaches, there are two significant shifts to be mindful of concerning the latter. Benefits are worth learning about even if you aren’t receiving them right now since they can still be important for your retirement plans in the future. The SSA announced two important surprises that will impact retirees in January 2025 Monthly paychecks will increase for more than 72 million beneficiaries In 2025, the biggest shift to Social Security payouts should be positive. The Social Security cost-of-living adjustment (COLA) will increase the monthly income for all current recipients. It is important to note that the purpose of the annual COLA is to counteract the impacts of inflation. The cost of most products and services, including housing, food, and clothing, appears to be rising gradually. Additionally, it has a greater effect on people who rely on fixed incomes like Social Security. The good news is that starting in January 2025 , recipients can anticipate a 2.5% rise in their monthly benefits. Although a 2.5% increase may be worse, it is less than the average COLA since it became annual in 1975. Benefits staying the same have happened a few times, but that is more of an exception than the rule. The last 10 COLAs are listed below: Social Security calculates the COLA for the following year using the inflation figures for July, August, and September of the previous year. Inflation hasn’t been as high as it has been in recent years, although the 2.5% COLA seems reasonable. I’m sure many retirees don’t mind making this sacrifice. Beneficiaries will have to pay more taxes on their Social Security paychecks A great deal of American workers pay Social Security payroll taxes throughout their working lives. If you have an employer, you and your spouse each pay 6.2% of the 12.4% Social Security tax. If you work for yourself, you are responsible for the entire 12.4%. The good news is that some workers’ earnings may not be subject to Social Security payroll taxes up to a certain amount, known as the wage base limit. The wage base limit was set at $168,600 in 2024, but it will increase to $176,100 in 2025. This means that the higher incomes of certain workers will be subject to Social Security payroll taxes. For example, if your income in 2024 is $175,000, the SSA will exempt around $6,400 from your payroll taxes. On the other hand, because $175,000 is below the new earnings base limit , all of it will be taxable in 2025. Here you will find the last ten wage limits in the US: For those who want to obtain the highest monthly benefit ($5,108 in 2025), it is crucial to understand the yearly wage base limit in addition to the tax issues. You must earn more than the salary base limit during the 35 years that Social Security uses to determine your monthly benefit , and you must wait until 70 (the latest age at which benefits grow by waiting) to be eligible for the maximum amount. Although current Social Security claimants are not directly impacted by wage base limits, it is nonetheless worthwhile to stay updated on yearly adjustments as they can provide insight into the program’s direction and overall health.