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Providence 60, Delaware 53SINGAPORE, Nov. 23, 2024 (GLOBE NEWSWIRE) -- Trident Digital Tech Holdings Ltd (("Trident" or the "Company, NASDAQ: TDTH ), a leading digital transformation facilitator in the e-commerce enablement and digital optimization services market for small and medium enterprise (SMEs) in Singapore, today announced its unaudited financial results for the six months ended June 30, 2024. Initial Public Offering On September 11, 2024, the Company closed the initial public offering of 1,800,000 American Depositary Shares ("ADSs") at a price to the public of US$5.00 per ADS. Each ADS represents eight Class B Ordinary Shares of the Company. Trident's ADSs began trading on the Nasdaq Capital Market on September 10, 2024, under the symbol "TDTH." First Half of 2024 Financial Highlights Total revenues were US$378,839, compared to US$481,165 for the six months ended June 30, 2023. Net loss was US$1,927,027, compared to US$1,861,412 for the six months ended June 30, 2023. Soon Huat Lim, Trident's Founder, Chairman, and Chief Executive Officer, commented, "Our recent performance comes as we continue our ongoing business transformation, marked by our successful listing on Nasdaq this September. While we're pleased with this important milestone in our corporate journey, we're equally encouraged by the growing momentum of Tridentity, our Web 3.0 e-commerce platform launched in December 2023. As we navigate our business transition, we're strategically investing in innovation and market expansion while maintaining disciplined resource allocation. The increasing adoption of our solutions across key verticals such as food and beverage, fintech, and retail validates our vision of bridging businesses to a secure and trusted digital commerce ecosystem. Looking ahead, we remain focused on leveraging our position as a U.S.-listed company to accelerate our growth and deliver long-term shareholder value." Haiyan Huang, Trident's Chief Financial Officer, added, "Our first half results reflect the ongoing transformation of our business model and the investments we are making to position ourselves for future growth. Our total revenues declined 21.3% year over year as we sought to prioritize the shift towards our Web 3.0 e-commerce platform. Our strategic investments in the business transformation, while impacting our near-term profitability, are essential to ensuring the security, functionality, and overall success of our platform. We remain focused on the disciplined execution of our transition strategy as we seek to become a leader in Web 3.0 enablement." Key Financial Results For the six months ended June 30 Change in % of 2024 2023 amount change Revenues $ 378,839 $ 481,165 $ (102,326 ) -21.27 % Cost of revenues (360,390 ) (389,569 ) 29,179 -7.49 % Gross profit 18,449 91,596 (73,147) -79.86 % Selling expenses (264,326 ) (253,343 ) (10,983 ) 4.34 % General and administrative expenses (1,528,022 ) (1,551,710 ) 23,688 -1.53 % Research and development expenses (172,519 ) (192,855 ) 20,336 -10.54 % Total operating expenses (1,964,867) (1,997,908) 33,041 -1.65 % Loss from operations (1,946,418) (1,906,312) (40,106) 2.10 % Total other income, net 19,391 44,900 (25,509 ) -56.81 % Loss before income tax expense (1,927,027) (1,861,412) (65,615) 3.53 % Income tax expense - - - N/A Net loss $ (1,927,027 ) $ (1,861,412 ) $ (65,615 ) 3.53 % Unaudited Financial Results for the Six Months Ended June 30, 2024 Revenues For the six months ended June 30, Variances 2024 2023 Amount % Business consulting $ 111,318 $ 113,764 $ (2,446 ) -2.15 % IT customization 265,649 367,401 (101,752 ) -27.70 % (i) IT consulting - 130,289 (130,289 ) -100.00 % (ii) Management software 265,649 237,112 28,537 12.04 % Others 1,872 - 1,872 N/A Total revenues $ 378,839 $ 481,165 $ (102,326 ) -21.27 % The Company's revenues decreased by 21.27% from US$481,165 for the six months ended June 30, 2023, to US$378,839 for the six months ended June 30, 2024. The decrease was primarily due to the Company's strategic shift towards prioritizing its Web 3.0 e-commerce platform, Tridentity, a core growth area for its long-term vision in the future. As a result, the Company allocated fewer resources to its consulting and IT customization business. This realignment allows the Company to concentrate on expanding its presence in Tridentity, positioning Trident to capture new opportunities in a rapidly advancing digital ecosystem. Tridentity, the Company's flagship product, is a cutting-edge identity app built on blockchain technology, designed to provide secure single sign-on capabilities to integrated third-party systems in various industries, which was launched in December 2023. Tridentity currently includes three primary business modules: Tri-event for NFT (Non-Fungible Token) event ticketing, Tri-food for block-chain powered food delivery, and Tri-verse for virtual community connecting its users. As the platform remains in the development, optimization, and gradual testing stages, the Company generated only US$1,872 in revenue from providing technical support for selling event tickets on behalf of merchants through Tridentity for the six months ended June 30, 2024. Cost of Revenues For the six months ended June 30, Variances 2024 2023 Amount % Service fees $ 358,534 $ 246,572 $ 111,962 45.41 % Direct labor costs - 122,142 (122,142 ) -100.00 % Miscellaneous cost 1,856 20,855 (18,999 ) -91.10 % Total cost of revenues $ 360,390 $ 389,569 $ (29,179 ) -7.49 % The Company's cost of revenues decreased by 7.49% from US$389,569 for the six months ended June 30, 2023 to US$360,390 for the six months ended June 30, 2024, primarily due to a decrease in direct labor cost and miscellaneous costs in total of US$141,141 as a result of a significant reduction in headcount in response to lower business volumes and cost controls, and partially offset by an increase of service fees in the amount of US$111,962 as a result of the fulfillment of slightly increased number of management software solutions projects since the second half of 2023. Gross profit and margin As a result of the factors described above, the Company recorded a gross profit of US$0.09 million and US$0.02 million for the six months ended June 30, 2023 and 2024, representing a gross profit margin of 19.0% and 4.9%, respectively. The decrease in gross profit margin was primarily due to the decrease in IT consulting services with relatively higher gross margin and high proportion of revenues in the first half of 2023, which had no revenue in the first half of 2024. Operating expenses Selling expenses The Company's selling and marketing expenses slightly increased from US$253,343 for the six months ended June 30, 2023 to US$264,326 for the six months ended June 30, 2024. The increase was primarily due to hiring of additional business development personnel to support the launch, operation and promotion of Tridentity since the second half of 2023, which was partially offset by the decrease in marketing and advertising expenses due to the Company's strict control over discretionary spending. General and administrative expenses The Company's general and administrative expenses decreased slightly from US$1,551,710 for the six months ended June 30, 2023 to US$1,528,022 for the six months ended June 30, 2024. The decrease was primarily due to a decrease in professional service fees and other overhead expenses, which was partially offset by an increase in payroll expenses due to additional headcount in management. Research and development expenses The Company's research and development expenses decreased from US$192,855 for the six months ended June 30, 2023 to US$172,519 for the six months ended June 30, 2024, primarily due to the decrease in system development expenses for which there will be no further related expenses in 2024. This decrease was partially offset by the increase in payroll expenses, outsource service fees and the technical support expenses for Tridentity. Other income, net The Company's other income, net decreased from US$44,900 for the six months ended June 30, 2023 to US$19,391 for the six months ended June 30, 2024. The decrease was primarily due to the decrease of interest income and the depreciation of the Singapore dollar against the U.S. dollar in the Company's reporting currency translation from S$1.3523 to US$1.00 for the six months ended June 30, 2023 to S$1.3552 to US$1.00 for the six months ended June 30, 2024, leading to a decrease in unrealized gain as the foreign currency exposures are liabilities. About Trident Trident is a leading digital transformation facilitator in the e-commerce enablement and digital optimization services market for SMEs in Singapore. The Company offers business and technology solutions that are designed to optimize clients' experiences with their customers by driving digital adoption and self-service. Tridentity, the Company's flagship product, is a cutting-edge identity app built on blockchain technology, designed to provide secure single sign-on capabilities to third-party integrated systems in industry verticals such as e-commerce, food and beverage, fintech, healthcare and health services, and wholesale and retail. Tridentity endeavors to offer unparalleled security features, ensuring the protection of sensitive information and safeguarding against potential threats, which promises a new and better age in the digital landscape. Orchestrating with and beyond Tridentity, Trident's mission is to be the leader in Web 3.0 enablement, bridging businesses to a trusted and secure e-commerce platform with curated customer experiences. Safe Harbor Statement This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in announcements and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's strategies, future business development, and financial condition and results of operations; the expected growth of the digital solutions market; the political, economic, social and legal developments in the jurisdictions that the Company operates in or in which the Company intends to expand its business and operations; the Company's ability to maintain and enhance its brand. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Investor/Media Enquiries Investor Relations Robin Yang, Partner ICR, LLC Email: investor@tridentity.me Phone: +1 (212) 321-0602 TRIDENT DIGITAL TECH HOLDINGS LTD UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In U.S. dollars, except for share and per share data, or otherwise noted) As of June 30, As of December 31, 2024 2023 Assets Current assets: Cash $ 10,868 $ 1,808,603 Accounts receivable, net 2,140 2,198 Contract cost assets 194,417 341,808 Deferred offering costs 2,000,195 1,046,187 Amounts due from related parties 92,827 337,920 Prepaid expenses and other current assets 435,512 451,217 Total current assets 2,735,959 3,987,933 Non-current assets: Property and equipment, net 168,422 202,777 Operating lease right-of-use assets 1,119,503 1,639,233 Total non-current assets 1,287,925 1,842,010 TOTAL ASSETS 4,023,884 5,829,943 Liabilities Current liabilities: Current portion of long-term borrowings 58,885 68,987 Accounts payable 129,158 202,289 Deferred revenue 463,980 572,186 Amounts due to related parties, current 635,161 4,820 Accrued expenses and other liabilities 314,951 733,189 Operating lease liabilities, current 333,641 430,554 Total current liabilities 1,935,776 2,012,025 Non-current liabilities: Amounts due to related parties, non-current 723,140 - Long-term borrowings 126,963 176,589 Operating lease liabilities, non-current 785,863 1,208,679 Total non-current liabilities 1,635,966 1,385,268 TOTAL LIABILITIES 3,571,742 3,397,293 COMMITMENTS AND CONTINGENCIES Shareholders' equity Ordinary Shares (par value $0.00001 per share; 1,000,000,000 Class A ordinary shares authorized, 50,000,000 and 50,000,000 Class A ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 4,000,000,000 Class B ordinary shares authorized, 451,964,286 and 451,964,286 Class B ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.)* 5,020 5,020 Additional paid-in capital 8,426,684 8,426,684 Accumulated deficit (8,110,572 ) (6,183,545 ) Accumulated other comprehensive income 131,010 184,491 Total shareholders' equity 452,142 2,432,650 TOTAL LIABILITIES AND EQUITY $ 4,023,884 $ 5,829,943 * The shares and per share information are presented on a retroactive basis to reflect the reorganization. TRIDENT DIGITAL TECH HOLDINGS LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In U.S. dollars, except for share and per share data, or otherwise noted) For the six months ended June 30, 2024 2023 Net revenue $ 378,839 $ 481,165 Cost of revenue (360,390 ) (389,569 ) Gross profit 18,449 91,596 Operating expenses: Selling expenses (264,326 ) (253,343 ) General and administrative expenses (1,528,022 ) (1,551,710 ) Research and development expenses (172,519 ) (192,855 ) Total operating expenses (1,964,867 ) (1,997,908 ) Other income, net: Financial expenses, net (5,015 ) 23,742 Other income 24,406 21,158 Total other income, net 19,391 44,900 Loss before income tax expense (1,927,027 ) (1,861,412 ) Income tax expenses - - Net loss (1,927,027 ) (1,861,412 ) Other comprehensive (loss)/income: Foreign currency translation adjustment (53,481 ) 34,853 Total comprehensive loss (1,980,508 ) (1,826,559 ) Weighted average number of Ordinary Shares – basic and diluted* 501,964,286 410,205,000 Basic and diluted loss per ordinary share (0.00 ) (0.00 ) * The shares and per share information are presented on a retroactive basis to reflect the reorganization. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
‘Hidden’ fat could predict Alzheimer’s disease up to 20 years before symptoms, research findsTyrese Hunter tossed in a game-high 26 points to lead Memphis to a 99-97 upset victory over No. 2 UConn on Monday in the first round of the Maui Invitational in Lahaina, Hawaii. Hunter, who played at Iowa State and Texas before transferring to Memphis, made eight field goals with 7-of-10 3-point shooting. The Tigers (5-0) connected on 12 of their 22 3-point attempts in the win. The loss ended a 17-game winning streak dating back to last season for UConn (4-1), the two-time defending national champions. UConn's Hassan Diarra made a free throw to cut the Memphis lead to 99-97 with 2.2 seconds left. He intentionally missed the second free throw and collected the loose ball, but his desperation shot was off the mark. It was 92-92 when UConn's Liam McNeeley was called for an offensive foul with 40.3 seconds left. UConn coach Dan Hurley received a technical for arguing the foul call, and PJ Carter made all four free throws to give the Tigers a four-point lead. Memphis, which squandered a 13-point lead with four minutes to play in regulation, received 22 points from PJ Haggerty, 19 from Colby Rogers and 14 from Dain Dainja. Memphis will play the winner of Monday night's game between Colorado and Michigan State in Tuesday's semifinals. UConn will face the loser of that contest. Tarris Reed Jr. had a team-high 22 points and a game-high 11 rebounds for UConn before he fouled out with 3:18 to play. He made 10 of his 13 field goal attempts. Alex Karaban added 19 points for the Huskies. Jaylin Stewart scored a career-high 16 points, Diarra had 12 and McNeeley added 10. UConn trailed 82-79 after Diarra made two free throws with 24.2 seconds to play in regulation. The Huskies then forced a turnover and tied the game on a 3-pointer by Solo Ball with 1.2 on the clock. Although Memphis shot 56.5 percent from the field (13 for 23) and 50 percent from 3-point territory (5 for 10) in the first half, the game was tied 40-40 after 20 minutes. Neither team led by more than six points in the half. UConn received 29 points from its bench in the first half. Reed scored 15 of those points and Stewart supplied the other 14. --Field Level MediaTexas, Texas A&M rivalry dates to 1894Hensley 4-14 5-6 15, Massey 2-4 0-0 4, Davis 5-13 4-6 16, Dibba 4-11 4-4 12, Mayo 1-7 0-0 2, Sharp 3-6 1-1 7, Aligbe 4-5 1-2 9, Sykes 3-6 0-3 7, Steffe 2-5 1-2 7. Totals 28-71 16-24 79. Batcho 4-12 8-10 16, Abram 8-13 2-2 18, Cooper 6-14 4-5 18, Newman 3-9 5-6 11, Ree 1-2 0-0 3, Green 5-12 7-7 19, Allen 0-0 0-0 0, Bates 0-0 0-0 0, Crawford 0-0 0-0 0. Totals 27-62 26-30 85. Halftime_S. Illinois 31-27. 3-Point Goals_S. Illinois 7-24 (Steffe 2-5, Hensley 2-6, Davis 2-7, Sykes 1-1, Mayo 0-2, Dibba 0-3), Louisiana Tech 5-20 (Cooper 2-5, Green 2-6, Ree 1-2, Abram 0-2, Newman 0-5). Fouled Out_Mayo. Rebounds_S. Illinois 43 (Davis 10), Louisiana Tech 35 (Cooper 12). Assists_S. Illinois 18 (Mayo, Sharp 4), Louisiana Tech 11 (Newman 5). Total Fouls_S. Illinois 22, Louisiana Tech 16.
St. Bonaventure’s Noel Brown becoming center of attention as Bonnies move to 6-0Traders working on the floor of the New York Stock Exchange, on Nov 21. NEW YORK - Wall Street stocks shook off early weakness and pushed higher on Nov 21 following solid Nvidia results, while Alphabet tumbled after US authorities called for Google to be dismantled. Nvidia itself had a volatile day, finishing modestly higher after several reversals. The chip company reported a whopping US$19 billion (S$25 billion) in profits, although investors wondered if its current rate of stupendous growth is sustainable. But stocks rose as a “relief trade” after the Nvidia report, said Briefing.com analyst Patrick O’Hare. The Dow Jones Industrial Average finished up 1.1 per cent at 43,870.35. The broad-based S&P 500 gained 0.5 per cent to 5,948.71, while the tech-rich Nasdaq Composite Index edged up less than 0.1 per cent to 18,972.42. Mr O’Hare called the Nov 21 rally a “broad-based move,” noting nine of 11 sectors rose and adding that investors are hopeful about a year-end rally. Sales of previously owned homes in the United States picked up in October, industry data showed, fueling hopes that a slump in the sector may be ending. Among individual companies, Google parent Alphabet tumbled 4.6 per cent after the Justice Department asked a federal court to order Google to sell its widely used Chrome browser in a major antitrust crackdown. DOJ also asked the court to ban deals for Google to be the default search engine on smartphones and prevent it from exploiting its Android mobile operating system. Google is expected to make its recommendations in a filing in December and rival sides will argue their positions at a hearing in April. Deere & Co jumped 8.1 per cent as it reported better-than-expected earnings despite suffering a 28 per cent drop in revenues. AFP Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now
ROADS in or near Cirencester are still closed as of this evening. Gloucestershire Roads have posted on social media to say the following roads are shut in the aftermath of Storm Bert. A419 Dobbies to McDonald's roundabout Cirencenter. Mcdonald's Roundabout to Love Lane Roundabout, Cirencester was shut but has now reopened B4225 Bibury to Barnsley Please find alternative routes
SAG Actress Megan Nager Presents Literary Art Award at the 2024 MartinArts Awards (The 'Marties')
TYLER, Texas , Dec. 3, 2024 /PRNewswire/ -- SmartDrone Corporation, "The U.S.A. Drone Company" ® , is excited to announce the acquisition of the drone operations of Skytec, LLC, a Chattanooga -based leader in remote sensing and GIS technology. This acquisition allows SmartDrone to expand its UAV service offerings while continuing to support Skytec's clients with high-precision aerial data collection across industries, including landsurveying, construction, and environmental management. Skytec, founded in 2015, has built a reputation for excellence in geospatial technology, combining satellite imagery, drone platforms, and GIS expertise to deliver scalable, high-resolution data solu ti ons . "Skytec has been at the forefront of remote sensing, providing unmatched insights and precision to clients worldwide," said Rob Cammack , CEO and Founder of SmartDrone. " Integrating their drone operations with SmartDrone's lidar and imaging technology enables us to serve Skytec and their clients across the United States with the speed, accuracy, and quality that hundreds of our existing clients depend upon." "Skytec is growing , and this allows us to focus on our core strengths in geospatial data analysis and satellite-based monitoring while ensuring our clients continue to receive the high-quality UAV services they rely on," said Bill Rogers , CEO of Skytec. "SmartDrone's exper tise and market reach make them an ideal partner to support our mission." Through this acquisition, SmartDrone will provide ongoing UAV services to Skytec's existing client base, ensuring a seamless transition and access to best-in-class aerial data collection. With Skytec's operational excellence in geospatial data analysis and its excellent UAV services carried forward by SmartDrone, clients can expect to benefit from a fully integrated approach to data-driven decision-making. About SmartDrone Corpora tion Based in Tyler, Texas , SmartDrone Corporation designs, engineers, and manufactures LiDAR and imaging drones and provides nationwide Professional Services. As "The U.S.A. Drone Company" ® , SmartDrone leads the way in the American Drone Revolution. SmartDrone's Website About Skytec Founded in 2015, Skytec is a global leader in remote sensing and GIS technology. Based in Chattanooga, Tennessee , Skytec uses a combination of satellite imagery, drone technology, and GIS expertise to deliver scalable, high-impact data solutions for sustainable resource management and informed decision-making. Skytec's Website For more information, please visit www.smartdrone.us or contact Bailey Franklin at baileyfranklin@smartdrone.us . View original content to download multimedia: https://www.prnewswire.com/news-releases/smartdrone-acquires-drone-operations-of-skytec-expanding-uav-service-capabilities-302321699.html SOURCE SmartDrone CorporationKey Indiana lawmakers skeptical of Braun property tax cut promises
NoneSEOUL, South Korea (AP) — The president of South Korea early Wednesday lifted the martial law he imposed on the country hours earlier, bending to political pressure after a tense night in which troops surrounded parliament and lawmakers voted to reject military rule. President Yoon Suk Yeol, who appeared likely to be impeached over his actions, imposed martial law late Tuesday out of frustration with the opposition, vowing to eliminate “anti-state” forces as he struggles against opponents who control parliament and that he accuses of sympathizing with communist North Korea. Police and military personnel were seen leaving the grounds of parliament following the bipartisan vote to overrule the president, and the declaration was formally lifted around 4:30 a.m. during a Cabinet meeting. Parliament acted swiftly after martial law was imposed, with National Assembly Speaker Woo Won Shik declaring that the law was “invalid” and that lawmakers would “protect democracy with the people.” In all, martial law was in effect for about six hours. The president’s surprising move harkened back to an era of authoritarian leaders that the country has not seen since the 1980s, and it was immediately denounced by the opposition and the leader of Yoon’s own conservative party. Lee Jae-myung , leader of the liberal Democratic Party, which holds the majority in the 300-seat parliament, said the party’s lawmakers would remain in the Assembly’s main hall until Yoon formally lifted his order. Woo applauded how troops quickly left the Assembly after the vote. “Even with our unfortunate memories of military coups, our citizens have surely observed the events of today and saw the maturity of our military,” Woo said. While announcing his plan to lift martial law, Yoon continued to criticize parliament’s attempts to impeach key government officials and senior prosecutors. He said lawmakers had engaged in “unscrupulous acts of legislative and budgetary manipulation that are paralyzing the functions of the state.” Jo Seung-lae, a Democratic lawmaker, claimed that security camera footage following Yoon’s declaration showed that troops moved in a way that suggested they were trying to arrest Lee, Woo and even Han Dong-hoon, the leader of Yoon’s People Power Party. Officials from Yoon’s office and the Defense Ministry did not respond to requests for comment early Wednesday. Seemingly hundreds of protesters gathered in front of the Assembly, waving banners and calling for Yoon’s impeachment. Some protesters scuffled with troops ahead of the lawmakers’ vote, but there were no immediate reports of injuries or major property damage. At least one window was broken as troops attempted to enter the Assembly building. One woman tried unsuccessfully to pull a rifle away from one of the soldiers, while shouting “Aren’t you embarrassed?” Under South Korea’s constitution, the president can declare martial law during “wartime, war-like situations or other comparable national emergency states” that require the use of military force to maintain peace and order. It was questionable whether South Korea is currently in such a state. When martial law is declared, “special measures” can be employed to restrict freedom of press, freedom of assembly and other rights, as well as the power of courts. The constitution also states that the president must oblige when the National Assembly demands the lifting of martial law with a majority vote. Following Yoon’s announcement of martial law, South Korea’s military proclaimed that parliament and other political gatherings that could cause “social confusion” would be suspended, South Korea’s Yonhap news agency said. The military said anyone who violated the decree could be arrested without a warrant. In Washington, the White House said the U.S. was “seriously concerned” by the events in Seoul. A spokesperson for the National Security Council said President Joe Biden’s administration was not notified in advance of the martial law announcement and was in contact with the South Korean government. Pentagon spokesman Maj. Gen. Pat Ryder said there was no effect on the more than 27,000 U.S. service members based in South Korea. The South Korean military also said that the country’s striking doctors should return to work within 48 hours, Yonhap said. Thousands of doctors have been striking for months over government plans to expand the number of students at medical schools. Soon after martial law was declared, the parliament speaker called on his YouTube channel for all lawmakers to gather at the National Assembly. He urged military and law enforcement personnel to “remain calm and hold their positions. All 190 lawmakers who participated in the vote supported the lifting of martial law. At one point, television footage showed police officers blocking the entrance of the National Assembly and helmeted soldiers carrying rifles in front of the building. An Associated Press photographer saw at least three helicopters, likely from the military, that landed inside the Assembly grounds, while two or three helicopters circled above the site. The leader of Yoon’s conservative party called the decision to impose martial law “wrong.” Lee, who narrowly lost to Yoon in the 2022 presidential election, said Yoon’s announcement was “illegal and unconstitutional.” Yoon said during a televised speech that martial law would help “rebuild and protect” the country from “falling into the depths of national ruin.” He said he would “eradicate pro-North Korean forces and protect the constitutional democratic order.” “I will eliminate anti-state forces as quickly as possible and normalize the country,” he said, while asking the people to believe in him and tolerate “some inconveniences.” Yoon — whose approval rating dipped in recent months — has struggled to push his agenda against an opposition-controlled parliament since taking office in 2022. His party has been locked in an impasse with the liberal opposition over next year’s budget bill. The opposition has also attempted to impeach three top prosecutors, including the chief of the central Seoul prosecutors’ office, in what the conservatives have called a vendetta against their criminal investigations of Lee, who has been seen as the favorite for the next presidential election in 2027 in opinion polls. During his televised announcement, Yoon also described the opposition as “shameless pro-North Korean anti-state forces who are plundering the freedom and happiness of our citizens.” He did not elaborate. Yoon has taken a hard line on North Korea over its nuclear ambitions, departing from the policies of his liberal predecessor, Moon Jae-in, who pursued inter-Korean engagement. Yoon has also dismissed calls for independent investigations into scandals involving his wife and top officials, drawing quick, strong rebukes from his political rivals. Yoon’s move was the first declaration of martial law since the country’s democratization in 1987. The country’s last previous martial law was in October 1979, following the assassination of former military dictator Park Chung-hee. Sydney Seiler, Korean chair at the Center for Strategic and International Studies, argued that the move was symbolic for Yoon to express his frustration with the opposition-controlled parliament. “He has nothing to lose,” said Seiler, comparing Yoon’s move to the Hail Mary pass in American football, with a slim chance of success. Now Yoon faces likely impeachment, a scenario that was also possible before he made the bold move, Seiler said. Natalia Slavney, research analyst at the Stimson Center’s 38 North website that focuses on Korean affairs, said Yoon’s imposition of martial law was “a serious backslide of democracy" that followed a “worrying trend of abuse” since he took office in 2022. South Korea “has a robust history of political pluralism and is no stranger to mass protests and swift impeachments,” Slavney said, citing the example of former President Park Geun-hye, the country’s first female president, who was ousted from office and imprisoned for bribery and other crimes in 2017 . ___ Associated Press writers Hyung-jin Kim in Seoul, South Korea, and Matt Lee, Didi Tang and Tara Copp in Washington contributed to this report. Kim Tong-hyung, The Associated Press
By Noam N. Levey, KFF Health News Worried that President-elect Donald Trump will curtail federal efforts to take on the nation’s medical debt problem, patient and consumer advocates are looking to states to help people who can’t afford their medical bills or pay down their debts. “The election simply shifts our focus,” said Eva Stahl, who oversees public policy at Undue Medical Debt, a nonprofit that has worked closely with the Biden administration and state leaders on medical debt. “States are going to be the epicenter of policy change to mitigate the harms of medical debt.” New state initiatives may not be enough to protect Americans from medical debt if the incoming Trump administration and congressional Republicans move forward with plans to scale back federal aid that has helped millions gain health insurance or reduce the cost of their plans in recent years. Comprehensive health coverage that limits patients’ out-of-pocket costs remains the best defense against medical debt. But in the face of federal retrenchment, advocates are eyeing new initiatives in state legislatures to keep medical bills off people’s credit reports, a consumer protection that can boost credit scores and make it easier to buy a car, rent an apartment, or even get a job. Several states are looking to strengthen oversight of medical credit cards and other financial products that can leave patients paying high interest rates on top of their medical debt. Some states are also exploring new ways to compel hospitals to bolster financial aid programs to help their patients avoid sinking into debt. “There’s an enormous amount that states can do,” said Elisabeth Benjamin, who leads health care initiatives at the nonprofit Community Service Society of New York. “Look at what’s happened here.” New York state has enacted several laws in recent years to rein in hospital debt collections and to expand financial aid for patients, often with support from both Democrats and Republicans in the legislature. “It doesn’t matter the party. No one likes medical debt,” Benjamin said. Other states that have enacted protections in recent years include Arizona, California, Colorado, Connecticut, Florida, Illinois, Minnesota, Nevada, New Jersey, New Mexico, Oregon, Rhode Island, and Washington. Many measures picked up bipartisan support. President Joe Biden’s administration has proved to be an ally in state efforts to control health care debt. Such debt burdens 100 million people in the United States, a KFF Health News investigation found . Led by Biden appointee Rohit Chopra, the Consumer Financial Protection Bureau has made medical debt a priority , going after aggressive collectors and exposing problematic practices across the medical debt industry. Earlier this year, the agency proposed landmark regulations to remove medical bills from consumer credit scores. The White House also championed legislation to boost access to government-subsidized health insurance and to cap out-of-pocket drug costs for seniors, both key bulwarks against medical debt. Trump hasn’t indicated whether his administration will move ahead with the CFPB credit reporting rule, which was slated to be finalized early next year. Congressional Republicans, who will control the House and Senate next year, have blasted the proposal as regulatory overreach that will compromise the value of credit reports. And Elon Musk, the billionaire whom Trump has tapped to lead his initiative to shrink government, last week called for the elimination of the watchdog agency . “Delete CFPB,” Musk posted on X. If the CFPB withdraws the proposed regulation, states could enact their own rules, following the lead of Colorado, New York, and other states that have passed credit reporting bans since 2023. Advocates in Massachusetts are pushing the legislature there to take up a ban when it reconvenes in January. “There are a lot of different levers that states have to take on medical debt,” said April Kuehnhoff, a senior attorney at the National Consumer Law Center, which has helped lead national efforts to expand debt protections for patients. Kuehnhoff said she expects more states to crack down on medical credit card providers and other companies that lend money to patients to pay off medical bills, sometimes at double-digit interest rates. Under the Biden administration, the CFPB has been investigating patient financing companies amid warnings that many people may not understand that signing up for a medical credit card such as CareCredit or enrolling in a payment plan through a financial services company can pile on more debt. If the CFPB efforts stall under Trump, states could follow the lead of California, New York, and Illinois, which have all tightened rules governing patient lending in recent years. Consumer advocates say states are also likely to continue expanding efforts to get hospitals to provide more financial assistance to reduce or eliminate bills for low- and middle-income patients, a key protection that can keep people from slipping into debt. Hospitals historically have not made this aid readily available, prompting states such as California, Colorado, and Washington to set stronger standards to ensure more patients get help with bills they can’t afford. This year, North Carolina also won approval from the Biden administration to withhold federal funding from hospitals in the state unless they agreed to expand financial assistance. In Georgia, where state government is entirely in Republican control, officials have been discussing new measures to get hospitals to provide more assistance to patients. “When we talk about hospitals putting profits over patients, we get lots of nodding in the legislature from Democrats and Republicans,” said Liz Coyle, executive director of Georgia Watch, a consumer advocacy nonprofit. Many advocates caution, however, that state efforts to bolster patient protections will be critically undermined if the Trump administration cuts federal funding for health insurance programs such as Medicaid and the insurance marketplaces established through the Affordable Care Act. Trump and congressional Republicans have signaled their intent to roll back federal subsidies passed under Biden that make health plans purchased on ACA marketplaces more affordable. That could hike annual premiums by hundreds or even thousands of dollars for many enrollees, according to estimates by the Center on Budget and Policy Priorities, a think tank. And during Trump’s first term, he backed efforts in Republican-led states to restrict enrollment in their Medicaid safety net programs through rules that would require people to work in order to receive benefits. GOP state leaders in Idaho, Louisiana, and other states have expressed a desire to renew such efforts. “That’s all a recipe for more medical debt,” said Stahl, of Undue Medical Debt. Jessica Altman, who heads the Covered California insurance marketplace, warned that federal cuts will imperil initiatives in her state that have limited copays and deductibles and curtailed debt for many state residents. “States like California that have invested in critical affordable programs for our residents will face tough decisions,” she said. ©2024 KFF Health News. Distributed by Tribune Content Agency, LLC.Pat King found guilty of mischief for role in ‘Freedom Convoy’
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