Versarien (LON:VRS) Shares Up 20.7% – Still a Buy?12th day of Dallewal fast unto death, but no word on resumption of talks
SYDNEY, Dec. 03, 2024 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (ACN 629 842 799) (“IREN”) today announced its intention to offer, subject to market and other conditions, $300 million aggregate principal amount of convertible senior notes due 2030 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). IREN also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $45 million principal amount of notes. The notes will be senior, unsecured obligations of IREN, will accrue interest payable semi-annually in arrears and will mature on June 15, 2030, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. IREN will settle conversions by paying or delivering, as the case may be, cash, its ordinary shares or a combination of cash and its ordinary shares, at its election. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at IREN’s option, on or after December 20, 2027 and on or before the 30th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of IREN’s ordinary shares exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require IREN to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering. IREN expects to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions and to fund the cost of entering into the prepaid forward transaction, each as described below. IREN intends to use the remainder of the net proceeds for general corporate purposes and working capital. In connection with the offering of the notes, IREN expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or one or more other financial institutions (the “option counterparties”). The capped call transactions are expected to cover, subject to anti-dilution adjustments, the number of ordinary shares of IREN that will initially underlie the notes. If the initial purchasers exercise their option to purchase additional notes, then IREN expects to enter into additional capped call transactions with the option counterparties. The capped call transactions are expected generally to reduce the potential dilution to IREN’s ordinary shares upon any conversion of the notes and/or offset any potential cash payments IREN is required to make in excess of the principal amount of converted notes, as the case may be, with such offset and/or reduction subject to a cap price. If, however, the market price per ordinary share of IREN, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. In addition, the capped call transactions will be solely cash settled until IREN receives shareholder approval to repurchase its ordinary shares pursuant to the terms of the capped call transactions or is otherwise permitted to repurchase its ordinary shares pursuant to the terms of the capped call transactions under the laws of its jurisdiction of incorporation. The Company retains flexibility to seek and/or renew such approval from time to time during the terms of the capped call transactions at a general meeting or future annual general meeting. IREN has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to IREN’s ordinary shares and/or purchase the ordinary shares of IREN concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of IREN’s ordinary shares or the notes at that time. Any such trades by the option counterparties or their respective affiliates would be on a principal basis and without any agreement, arrangement or understanding between, or with, IREN on how those parties would hedge their own positions. In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to IREN’s ordinary shares and/or purchasing or selling IREN’s ordinary shares or other securities of IREN in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity date of the notes and (y) following any early conversion of the notes or any repurchase of the notes by IREN on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by IREN, in each case if IREN exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of IREN’s ordinary shares or the notes, which could affect the ability of noteholders to convert the notes, and, to the extent the activity occurs following a conversion or during any observation period related to a conversion of the notes, it could affect the number of IREN’s ordinary shares and value of the consideration that noteholders will receive upon conversion of the notes. In connection with the offering of the notes, IREN also expects to enter into a privately negotiated prepaid forward share purchase transaction (the “prepaid forward transaction”) with one of the initial purchasers of the notes or its affiliate (the “forward counterparty”), pursuant to which IREN will purchase up to $100 million of its ordinary shares (based on the last reported sale price of IREN’s ordinary shares on the pricing date), for settlement on the date that is shortly after the maturity date of the notes, subject to any early settlement, in whole or in part, of the prepaid forward transaction. The prepaid forward transaction will be solely cash settled until IREN receives shareholder approval to repurchase its ordinary shares pursuant to the terms of the prepaid forward transaction or is otherwise permitted to repurchase its ordinary shares pursuant to the terms of the prepaid forward transaction under the laws of its jurisdiction of incorporation. The prepaid forward transaction is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty or its affiliates and investors in the notes relating to IREN’s ordinary shares by which investors in the notes will establish short positions relating to IREN’s ordinary shares and otherwise hedge their investments in the notes. As a result, the prepaid forward transaction is expected to allow the investors to establish short positions that generally correspond to (but may be greater than) commercially reasonable initial hedges of their investment in the notes. In the event of such greater initial hedges, investors may offset such greater portion by purchasing IREN’s ordinary shares on or shortly after the day IREN prices the notes. Facilitating investors’ hedge positions by entering into the prepaid forward transaction, particularly if investors purchase IREN’s ordinary shares on or shortly after the pricing date, could increase (or reduce the size of any decrease in) the market price of IREN’s ordinary shares and effectively raise the initial conversion price of the notes. In connection with establishing their initial hedges of the prepaid forward transaction, the forward counterparty or its affiliates may enter into one or more derivative transactions with respect to IREN’s ordinary shares with the investors of the notes concurrently with or after the pricing of the notes. Any such trades by the forward counterparty or its affiliates would be on a principal basis and without any agreement, arrangement or understanding between, or with, IREN on how those parties would hedge their own positions. IREN’s entry into the prepaid forward transaction with the forward counterparty and the entry by the forward counterparty into derivative transactions in respect of IREN’s ordinary shares with the investors of the notes could have the effect of increasing (or reducing the size of any decrease in) the market price of IREN’s ordinary shares concurrently with, or shortly after, the pricing of the notes and effectively raising the initial conversion price of the notes. Neither IREN nor the forward counterparty will control how investors of the notes may use such derivative transactions. In addition, such investors may enter into other transactions relating to IREN’s ordinary shares or the notes in connection with or in addition to such derivative transactions, including the purchase or sale of IREN’s ordinary shares. As a result, the existence of the prepaid forward transaction, such derivative transactions and any related market activity could cause more purchases or sales of IREN’s ordinary shares over the term of the prepaid forward transaction than there otherwise would have been had IREN not entered into the prepaid forward transaction. Such purchases or sales could potentially increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of IREN’s ordinary shares and/or the price of the notes. In addition, the forward counterparty or its affiliates may modify their hedge positions by entering into or unwinding one or more derivative transactions with respect to IREN’s ordinary shares and/or purchasing or selling IREN’s ordinary shares or other securities of IREN in secondary market transactions at any time following the pricing of the notes and prior to the maturity of the notes. These activities could also cause or avoid an increase or a decrease in the market price of IREN’s ordinary shares or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the notes. The offer and sale of the notes and any of IREN’s ordinary shares issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any of IREN’s ordinary shares issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction (including the United States and Australia) in which such offer, sale or solicitation would be unlawful. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering and the intended use of the proceeds. Forward-looking statements represent IREN’s current expectations, beliefs, and projections regarding future events and are subject to known and unknown uncertainties, risks, assumptions and contingencies, many of which are outside IREN’s control and that could cause actual results to differ materially from those described in or implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of IREN’s ordinary shares and risks relating to IREN’s business, including those described in periodic reports that IREN files from time to time with the SEC. IREN may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds after funding the cost of entering into the capped call transactions and financing the prepaid forward as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and IREN does not undertake any obligation to update the forward-looking statements included in this press release for subsequent developments, except as may be required by law. For a further discussion of factors that could cause IREN’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in IREN’s Annual Report on Form 20-F for the year ended June 30, 2024 and other risks described in documents filed by IREN from time to time with the Securities and Exchange Commission. About IREN IREN is a leading data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy. Bitcoin Mining: providing security to the Bitcoin network, expanding to 50 EH/s in H1 2025. Operations since 2019. AI Cloud Services: providing cloud compute to AI customers, 1,896 NVIDIA H100 & H200 GPUs. Operations since 2024. Next-Generation Data Centers: 460MW of operating data centers, expanding to 810MW in H1 2025. Specifically designed and purpose-built infrastructure for high-performance and power-dense computing applications. Technology: technology stack for performance optimization of AI Cloud Services and Bitcoin Mining operations. Development Portfolio: 2,310MW of grid-connected power secured across North America, >2,000 acre property portfolio and additional development pipeline. 100% Renewable Energy (from clean or renewable energy sources or through the purchase of RECs): targets sites with low-cost & underutilized renewable energy, and supports electrical grids and local communities. Contacts
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Sir Keir Starmer has been warned by a trade union not to impose “blunt headcount targets” for the size of the Civil Service but Government sources insisted there would be no set limit, although the number “cannot keep growing”. Departments have been ordered to find 5% “efficiency savings” as part of Chancellor Rachel Reeves’ spending review, potentially putting jobs at risk. The size of the Civil Service has increased from a low of around 384,000 in mid-2016, and the Tories went into the general election promising to reduce numbers by 70,000 to fund extra defence spending. Any reduction under Labour would be more modest, with the Guardian reporting more than 10,000 jobs could be lost. A Government spokesman said: “Under our plan for change, we are making sure every part of government is delivering on working people’s priorities — delivering growth, putting more money in people’s pockets, getting the NHS back on its feet, rebuilding Britain and securing our borders in a decade of national renewal. “We are committed to making the Civil Service more efficient and effective, with bold measures to improve skills and harness new technologies.” Mike Clancy, general secretary of the Prospect trade union said: “We need a clear plan for the future of the civil service that goes beyond the blunt headcount targets that have failed in the past. “This plan needs to be developed in partnership with civil servants and their unions, and we look forward to deeper engagement with the government in the coming months.” A Government source said: “The number of civil servants cannot keep growing. “But we will not set an arbitrary cap. “The last government tried that and ended up spending loads on more expensive consultants.” The Government is already risking a confrontation with unions over proposals to limit pay rises for more than a million public servants to 2.8%, a figure only just over the projected 2.6% rate of inflation next year. Unions representing teachers, doctors and nurses have condemned the proposals. In the face of the union backlash, Downing Street said the public sector must improve productivity to justify real-terms pay increases. The Prime Minister’s official spokesman said: “It’s vital that pay awards are fair for both taxpayers and workers.” Asked whether higher pay settlements to staff would mean departmental cuts elsewhere, the spokesman said: “Real-terms pay increases must be matched by productivity gains and departments will only be able to fund pay awards above inflation over the medium-term if they become more productive and workforces become more productive.” TUC general secretary Paul Nowak said: “It’s hard to see how you address the crisis in our services without meaningful pay rises. “And it’s hard to see how services cut to the bone by 14 years of Tory government will find significant cash savings. “The Government must now engage unions and the millions of public sector workers we represent in a serious conversation about public service reform and delivery.”
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Bowls miss out in 4 CFP teams in latest postseason twistFrom March next year, drivers of cars equipped with self-driving technology will be allowed to use it on motorways, reported RTS. This week, the Federal Council approved regulations allowing the use of self-driving systems. Once in force, starting on 1 March 2025, drivers with self-driving cars will be able to take their hands off the steering wheel. However, they must be ready to take control at any time. In addition, in designated parking places and garages, automated driverless parking will be allowed. Beyond motorways and designated parking places, cantons will be given the authority to create approved routes where self-driving technology can be used. However, automated vehicle use on these routes will need to be monitored from a central control room by those operating the vehicles. In addition, the vehicles will need to be able to be controlled from the central facility. Manufacturers of self-drive systems must provide extensive evidence that their systems can guarantee road safety and high traffic fluidity before they can be used.
Shares of Avanos Medical, Inc. ( NYSE:AVNS – Get Free Report ) hit a new 52-week low on Monday . The company traded as low as $15.90 and last traded at $16.00, with a volume of 22944 shares trading hands. The stock had previously closed at $16.08. Analyst Ratings Changes Separately, StockNews.com cut shares of Avanos Medical from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 3rd. Check Out Our Latest Stock Report on Avanos Medical Avanos Medical Stock Down 0.1 % Institutional Investors Weigh In On Avanos Medical Institutional investors have recently modified their holdings of the company. Azzad Asset Management Inc. ADV lifted its position in shares of Avanos Medical by 8.5% during the second quarter. Azzad Asset Management Inc. ADV now owns 28,521 shares of the company’s stock worth $568,000 after purchasing an additional 2,223 shares in the last quarter. Natixis Advisors LLC increased its stake in Avanos Medical by 19.5% during the 2nd quarter. Natixis Advisors LLC now owns 18,878 shares of the company’s stock worth $376,000 after buying an additional 3,077 shares during the period. Paradice Investment Management LLC lifted its holdings in Avanos Medical by 5.4% during the 2nd quarter. Paradice Investment Management LLC now owns 1,344,949 shares of the company’s stock worth $26,791,000 after buying an additional 69,389 shares in the last quarter. Quest Partners LLC purchased a new position in Avanos Medical in the 2nd quarter valued at approximately $444,000. Finally, American Century Companies Inc. grew its stake in shares of Avanos Medical by 12.1% in the second quarter. American Century Companies Inc. now owns 82,930 shares of the company’s stock worth $1,652,000 after acquiring an additional 8,929 shares in the last quarter. 95.17% of the stock is owned by institutional investors and hedge funds. Avanos Medical Company Profile ( Get Free Report ) Avanos Medical, Inc, a medical technology company, offers medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions. Read More Receive News & Ratings for Avanos Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avanos Medical and related companies with MarketBeat.com's FREE daily email newsletter .The battle to get here was certainly an uphill one, but people are generally feeling better about the economy and their finances than they once did. On top of that, the economy has been easing into an ideal, Goldilocks-like position — not running too hot or cooling too quickly. Throughout 2024, consumer sentiment data showed people were fairly positive about the economy and their own finances, even if there’s remaining frustration over elevated prices compared to four years ago. Looking ahead, households are feeling more optimistic about their personal finances in the next year, as the share of those expecting to be in a better financial situation a year from now hit its highest level since February 2020. Combine positive personal vibes with a strong economic picture and it looks like 2024 wasn’t so bad for consumers, after all. But that doesn’t mean there weren’t bumps in the road or potential roadblocks ahead. To cap off the year, NerdWallet writers reflect on the top trends in personal finance and the economy this year — and what they think might be ahead in 2025. In 2024, U.S. consumers have proven resilient following a period of high inflation and ongoing high interest rates. Wage growth has been strong, owing in part to rising productivity. This has driven robust spending throughout the year, which has kept the economy growing at a healthy pace. The labor market has remained steady, though cooler than 2023, and price growth continues to moderate towards the Federal Reserve’s 2% inflation goal. Related Articles Barring significant changes to economic policy and significant shocks, the U.S. economy is expected to grow at a moderate rate in the coming year. Inflation will continue to moderate and the labor market will remain relatively healthy, all due in part to continued slow and deliberate rate cuts from the Fed. However, there are risks to this path. Higher tariffs and tighter immigration policies are likely, but the extent of these changes are yet unclear. The potential policy scenarios are many, and the economic outcomes complex. Increased tariffs are generally inflationary, and stricter immigration policies could impact the labor supply and economic growth. Consumers and small business owners with their eyes to the new year should focus on the things within their control. High-yield savings accounts and certificates of deposit offered elevated rates in 2024, rewarding savers with strong returns. Following the Federal Reserve rate cuts in the second half of the year, high-yield accounts had modest rate decreases, but they continued to outperform traditional savings accounts and CDs. We’re watching for further Federal Reserve rate cuts, which could lead to more decreases in savings rates. Credit card debt levels hit record highs, with consumers turning to credit cards to pay for necessities. While the economy is doing well, many individuals have struggled to make ends meet, as incomes haven’t kept up with certain costs. We may see some policy and regulation changes with the incoming administration that could affect folks when it comes to credit cards, debt and consumer protections. : New businesses continued to blossom in 2024 as business applications remained well above pre-pandemic levels. Confidence in the future state of the U.S. economy also spiked after the presidential election, but that optimism was tempered by concerns over rising costs and labor quality. All eyes are on the incoming administration as small-business owners brace for turbulence resulting from potential tariffs, tax policy changes and dismantled government regulations. We’re also watching the possibility of interest rate cuts in 2025 and small-business owners’ growing reliance on new technologies, such as AI. Home buyers struggled with elevated mortgage rates, rising house prices and a shortage of homes for sale. On top of that, a new rule required buyers to negotiate their agents’ commissions. The Federal Reserve is expected to cut short-term interest rates, but mortgage rates might not necessarily fall by a similar amount. Buyers will probably have more properties to choose from, and the greater supply should keep prices from rising a lot. Interest rates on home equity loans and lines of credit should fall, making it less expensive to borrow to fix up homes — either to sell, or to make the home more comfortable and efficient. The stock market had a great year. The S&P 500 is up more than 25% due to falling interest rates, fading recession fears, AI hype, and the possibility of lighter taxes and regulations under the new administration. Cryptocurrency also saw big gains in 2024; the price of Bitcoin crossed the $100,000 mark for the first time in December. A lot depends on how fast the Fed reduces rates in 2025. Another key unknown is Trump’s second term. Regulatory rollbacks, such as those he has proposed for the banking industry, could juice stock prices — but they also could create systemic risks in the economy. His proposed tariffs could also hurt economic growth (and therefore stock prices). Finally, it remains to be seen whether trendy AI stocks, such as NVIDIA, can continue their momentum into next year. It’s the same story with crypto: How long will this bull market last? Many people saw their home and auto insurance premiums skyrocket in 2024. In some states, homeowners are finding it harder to even find policies in the first place. Meanwhile, have started to decrease post-pandemic. We also saw more insurers offering online-only policies that don’t require a medical exam. Auto and will likely continue to rise, although auto premiums may not rise as dramatically as they have over the past few years. And if you’re in the market for life insurance, expect to see competitive life insurance quotes and more customizable policies. Borrowers received historic student loan relief, but lawsuits derailed an income-driven repayment plan used by 8 million whose payments are indefinitely paused. Uncertainty will carry into 2025 as a result of the presidential administration change. Trump has pledged to overhaul higher education and rein in student loan relief. The fate of the SAVE repayment plan, student loan forgiveness options, FAFSA processing and more remain in the balance. People are willing to pay more for big and small luxuries while traveling, and airlines and hotels are taking note. Many airlines raised checked bag fees early in 2024, credit card issuers and airlines invested in renovated airport lounges, and major hotel companies continued to add luxury properties and brands to their loyalty programs. Southwest will say goodbye to its open seating policy and introduce new extra-legroom seats, a major departure for the airline. Alaska Airlines and Hawaiian Airlines will unveil a unified loyalty program in 2025. Spirit Airlines may attempt to merge with another airline again after its 2024 bankruptcy filing and two failed mergers under President Biden’s administration. Travelers will find that they’ll have to pay a premium to enjoy most of the upgrades airlines and hotels are making. This year, expanded beyond concerts and travel to online retailers and even fast-food restaurants. This practice of prices changing based on real-time supply and demand received plenty of backlash from consumers and prompted the Federal Trade Commission to investigate how companies use consumers’ data to set prices. Beyond an expansion of dynamic pricing — perhaps with added oversight — expect subscription models to become more prevalent and demand for sustainable products to grow. New-car prices held steady in 2024 but remained high after a few years of sharp increases — the average new car now sells for about $48,000, and for the first time ever the price gap between new and used cars surpassed $20,000 (average used-car prices are now slightly more than $25,000). Overall, the car market returned to being in the buyer’s favor, as new-car inventories reached pre-pandemic levels, manufacturer incentives began making a comeback and auto loan interest rates started to decline. The future of the car market is uncertain and depends on policies implemented by the incoming administration. Questions surround the impact of possible tariffs on car prices, whether auto loan rates will continue to drop, and if federal tax credits will still be available for electric vehicle buyers. Buy now, pay later continued to be a popular payment choice for U.S. shoppers, even while facing headwinds, like an interpretive ruling from the CFPB (which determined BNPL should be regulated the same as credit cards) and Apple’s discontinuation of its popular Apple Pay Later product. Large players like Affirm, Klarna and Afterpay continued to offer interest-free, pay-in-four plans at most major retailers, along with long-term plans for larger purchases. Though more regulation had been widely anticipated in 2025, the change in administration suggests the CFPB will play a less active role in regulating BNPL products. For this reason, and its continued strength in the market, BNPL will likely keep growing. Easing inflation was a bright spot in 2024. In June, the fell below 3% for the first time in three years. Consumers saw prices level off or decline for many goods, including for groceries, and new and used vehicles. But prices haven’t fallen far enough or broadly enough to relieve the pinch many households feel. The new and higher proposed by the Trump administration could reignite inflation on a wide range of goods. Rent prices remain high, but annual rent inflation slowed significantly compared to recent years, staying around 3.5% for much of 2024, according to Zillow, a real estate website that tracks rents. A wave of newly constructed rental units on the market seems to be helping ease competition among renters and forcing landlords to offer better incentives for signing a lease. If it continues, a softening rental market could work in renters’ favor. But construction is one of several industries that could see a shortage of workers if the Trump administration follows through on its promise to deport undocumented immigrants. A shortage of workers would mean fewer houses and apartments could be built. After a contentious presidential campaign, former President Donald Trump declared victory over Vice President Kamala Harris. While on the campaign trail, Trump promised to lower inflation, cut taxes, enact tariffs, weaken the power of the Federal Reserve, deport undocumented immigrants and more. Many economists have said Trump’s proposals, if enacted, would likely be inflationary. In Congress, Republicans earned enough seats to control both houses. It’s unclear which campaign promises Trump will fulfill on his own and with the support of the new Congress. He has promised a slew of “day one” actions that could lead to higher prices, including across-the-board tariffs and mass deportations. Most recently, Trump pledged to enact 20% tariffs on Canada and Mexico, as well as an additional 10% tariff on China. He has also promised to extend or make permanent the 2017 Tax Cuts and Jobs Act; many of its provisions expire by the end of 2025. Fiscal year 2023-2024’s funding saga finally came to an end in March, then six months later, the battle to fund the fiscal year 2024-2025 began. The Biden Administration waged its own war against . Antitrust enforcers pushed back against tech giants like Amazon, Apple, Google, and Meta; prevented the Kroger-Albertsons merger; nixed the Jet Blue-Spirit Airlines merger; and moved to ban noncompete agreements. The Supreme Court rejected a of the Consumer Financial Protection Bureau, as well as a challenge to access. SCOTUS also overruled its landmark case, which means every federal regulatory agency’s power to set and enforce its own rules are now weaker. The election’s red sweep means the GOP will control the executive and legislative branches of government. They’ll face the threat of at least one more potential government shutdown; a debt ceiling drama comeback; and the beginning of the debate over extending or making permanent provisions of the expiring 2017 Tax Cuts and Jobs Act.Greener pastures: New solutions to combat climate challenges
W e have come to you, the banner read: Twenty-three thousand tonnes of steel powered by two nuclear engines, the Arktika had cut its way through metres of ice in August 1977, becoming the first ship to reach latitude 90°N, the North Pole. The word ‘conquered’ had been considered for the banner, Soviet sailor Alexander Barinov later recorded, but then dropped. “Man has no power over nature,” Barinov explained , “and sometimes he is powerless before the elements. He can hide, wait, adapt, but he is unable to subjugate them.” He was wrong. Earlier this week, United States President-elect Donald Trump reiterated his five-year-old call to acquire Greenland, a gargantuan territory sprawling over 2.1 million square kilometres. “The United States of America feels that the ownership and control of Greenland is an absolute necessity,” Trump asserted . Like in 2019, Trump’s demand received a frosty response from Greenland, with Prime Minister Múte Egede saying his country was “not for sale.” Trump’s demand to purchase Greenland might seem crazed—but there’s meaning behind the apparent madness. Less than two and a half decades from now, geographer Mia Benett has written, the metres-thick sheets of ice that cover the Arctic will have been claimed by global warming. Ever since 2018, China has publicly pushed for what it calls a Polar Silk Road, linking its industrial centres to the Atlantic and Pacific. China also wants to invest in exploiting the Arctic’s massive energy and mineral resources. And that makes Greenland one of the world’s most important regions—critical to the US’ strategic control not just in the Northeast and Northwest Passage, but also the Central Passage that will open up across the ice. About 14 years after the end of the Second World War, a team of US military engineers built Camp Century, a miniature city eight metres under Greenland’s ice sheet, with a portable nuclear-powered generator providing light and heat for up to 200 soldiers. “Modern technology will make possible military operations in the Far North—under the ice, on the ice, over the ice—previously inconceivable,” a report by a military think-tank recorded. “Science will permit our use of Greenland as an Arctic sword and shield.” Even though Denmark retained control of Greenland after the Treaty of Kiel in 1814, America had an early interest in the region. The naval explorer Charles Hall, allegedly murdered on his expedition to the Arctic in 1871, was the first to survey northwestern Greenland. The American explorer Robert Peary, who declared his expedition the first to reach the North Pole in 1909 after two decades of dangerous effort, laid claim to the islands’ north. The US chose to withdraw its claims in 1917, in return for Denmark’s West Indies colonies—important to the defence of the Panama Canal. In 1940, though, Nazi Germany occupied Denmark and set up weather stations in Greenland. The US, historian Dawn Berry records, responded by invading the islands, sending Coast Guard personnel disguised as volunteers. Among America’s major motivations were the island’s enormous reserves of cryolite, a mineral vital to the production of aluminium. President Harry S. Truman wanted to buy Greenland after World War II, as part of a Cold War strategy for boxing out Soviet forces. The Danish government was less than delighted but made deep concessions to facilitate the presence of American forces. The US began construction of Thule Air Base—today called Pittufik Space Base—which was the northernmost deployment of its military. The Army conducted studies to house up to 600 nuclear-capable missiles under Greenland’s ice. The island also housed a number of electronic intelligence gathering facilities and a radar, monitoring Soviet aircraft and missile tests, as well as ships passing through what is known as the Greenland-Iceland-United Kingdom ice gap. Also read: Reciprocity will define Trump 2.0 – trade ties with India will be purely transactional Even though the tunnels built to house Camp Century have been claimed by climate change , Greenland has new strategic significance. From July to September, months now often blocked by ice, the Arctic route would shrink the journey from Shanghai to Rotterdam from 11,500 nautical miles to some 6,500 nm. The journey would take 18 days, instead of 30. This would reduce costs, and insulate Chinese shipping from the volatile geopolitics of the Middle East. It would enable shorter, faster access to ports on the Atlantic seaboard. The Chinese government, almost certainly, also hopes to make hydrocarbon discoveries in the Arctic, which will allow it to diversify its resource base and mitigate its energy dependence on the Middle East—where the US, again, has long enjoyed a strategic chokehold. According to studies carried out by the United States Geological Survey, the Arctic holds a third of the world’s undiscovered gas and 13 per cent of its oil. Iceland and China have a free-trade agreement, which was signed in 2013. Labelling itself a near-Arctic state, although its northernmost tip is some 800 nm from the Arctic Circle, China is pushing for recognition as a stakeholder in the region. Even though it had no significant corpus of Arctic scientific research, it was granted observer status in the key regional intergovernmental organisation, the Arctic Council, in 2013. The reason was simple: Norway and other European states feared that Beijing would otherwise simply set up its own Arctic club. The Arctic Council, though, also balanced China’s entry by allowing in several other states, including India, Japan, South Korea and Singapore. For its part, scholar Rush Doshi writes, China views Great Power competition as entailing a “struggle over and control of global public spaces’ like the Arctic and Antarctic. Thus, the argument goes, China ‘cannot rule out the possibility of using force’ in this coming ‘scramble for new strategic spaces.’ This isn’t to suggest that the Arctic routes are ready to go. Commercial ship owners transiting the southeastern and northwestern passages, a report by the authoritative Congressional Research Service states, will need to use smaller vessels to transit the waters, or deploy icebreakers. Both options come with significant costs—at least until the ice melts even further. For obvious reasons, the Donald Trump administration doesn’t want to risk a Beijing-controlled Greenland’s energy and mineral industries. In general, public opinion in Greenland—which has a high degree of federal independence of action from Denmark—has stood firmly on the American side. Like all other countries in a similar situation, though, Greenland likely wishes to secure all it can from its situation, without giving up its sovereignty. Also read: US Cold War fixation let nuclear genie out of the bottle in Pakistan. Sanctions won’t help Like so much else to do with Trump, it’s hard to understand where impulse ends, and a well-crafted strategy begins: Everything the US seeks in Greenland and the Arctic it can, and will, be able to secure through diplomacy. The President-elect’s parallel call for US control over the Panama Canal suggests Trump is reviving the 1823 doctrine of President James Monroe, which declared that any European attempt to “extend their system to any portion of this hemisphere as dangerous to our peace and safety.” A maze of questions, though, lies between the words and the meaning of Trump’s Greenland plans. For one, the US already has a substantial military presence on the islands, and its government would be willing to grant more to defend against Russia and China. There is no particular reason to seek colonisation of Greenland, any more than the US has done in other parts of Europe. For its part, China has set about asserting its claims to the Arctic with what can only be called theatrical performances. In 2022, artist-turned-sailor Zhai Mo completed the circumnavigation of the Arctic, as part of a larger government-managed programme to assert China’s claims on the region. This one thing is clear, though: As geopolitical competition intensifies in the age of Trump, the incoming US President is determined to exercise more direct, physical control over America’s near neighbourhood. Even if he delivers on threats to dismantle NATO, and rain a hell of sanctions on America’s trading partners, Trump is also determined to wield absolute control over foreign powers arriving on US shores. Little doubt exists Trump has subtler, and more effective tools at his disposal to secure that end. What remains to be seen is how far he is willing to go, and how much he’s willing to do to compel reluctant partners to heed his will. In 1778, the adventurer James Cook poetically described his journey through the Arctic, sailing “close to the edge of the ice, which was as compact as a wall, and seemed to be ten or twelve feet high.” Those sights will no longer exist for a new generation of sailors crossing the three passages. The sailors now heading into the sea will see just blue water—a grim reminder that nation-states competing for influence in the Arctic might be obsessed with the wrong problem. Praveen Swami is contributing editor at ThePrint. He tweets @praveenswami. Views are personal. (Edited by Zoya Bhatti) var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );
Medicare's $2,000 prescription drug cap expected to bring major relief to cancer patients27 National Cookie Day deals to save you some doughNoneOrlando Magic forward Franz Wagner will be sidelined indefinitely with a torn right oblique muscle, the NBA team said Saturday, a major blow for a club already missing star Paolo Banchero with the same injury. Wagner was hurt in the Magic's 102-94 loss to the Philadelphia 76ers on Friday. Jeff Weltman, Orlando president of basketball operations, said he would be re-evaluated in four weeks. Wagner has played a key role in keeping the Magic competitive since Banchero was injured on October 30. He has scored at least 20 points in nine straight games and is averaging 24.4 points, 5.7 assists and 5.6 rebounds per game for the season. At 16-9 the Magic are in third place in the Eastern Conference. However, they are still without Banchero, who said on Monday he had "finally" been able to take part in some on-court ball-handling and spot shooting practice. "Obviously (there) wasn't any sprinting or cutting or anything," Banchero said. "But hopefully in the next few weeks I can start getting into more of that and just work my way back into playing shape." bb/sev