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wolf den casino Net sales increased 2% versus last year with comparable sales up 1% Operating margin of 9.3% improved 270 basis points versus last year Market share gains across all brands in the quarter Raises outlook for fiscal 2024 net sales, gross margin and operating income growth SAN FRANCISCO , Nov. 21, 2024 /PRNewswire/ -- Gap Inc. GAP , the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta, today reported financial results for its third quarter ended November 2, 2024. "I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4 th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said President and Chief Executive Officer, Richard Dickson . "Consistent execution of our strategic priorities, including the rigor and repetition we're applying to our brand reinvigoration playbook, is making us a stronger company and demonstrates our continued progress in unlocking Gap Inc.'s full potential." Dickson continued: "Holiday is off to a strong start and we remain focused on executing with excellence in the fourth quarter. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth." Third Quarter Fiscal 2024 – Financial Results Net sales of $3.8 billion were up 2% compared to last year. Comparable sales were up 1% year-over-year. Due to the 53 rd week in fiscal 2023, in order to maintain consistency, comparable sales for the third quarter of fiscal 2024 are compared to the 13 weeks ended November 4, 2023 . Store sales decreased 2% compared to last year. The company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated. Online sales increased 7% compared to last year and represented 40% of total net sales. Gross margin of 42.7% increased 140 basis points versus last year's gross margin. Merchandise margin increased 90 basis points versus last year primarily driven by improved inventory management. Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 50 basis points versus last year. Operating expense was $1.3 billion . Operating income was $355 million ; operating margin of 9.3%. The effective tax rate was 24%. Net income of $274 million ; diluted earnings per share of $0.72 . Balance Sheet and Cash Flow Highlights Ended the quarter with cash, cash equivalents and short-term investments of $2.2 billion , an increase of 64% from the prior year. Year-to-date net cash from operating activities was $870 million . Year-to-date free cash flow , defined as net cash from operating activities less purchases of property and equipment, was $540 million . Ending inventory of $2.33 billion was down 2% compared to last year. Capital expenditures were $330 million . Paid a third quarter dividend of $0.15 per share, totaling $57 million. The company's Board of Directors approved a fourth quarter fiscal 2024 dividend of $0.15 per share. Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. Third Quarter Fiscal 2024 – Global Brand Results Comparable Sales Third Quarter 2024 2023 Old Navy — % 1 % Gap 3 % (1) % Banana Republic (1) % (8) % Athleta 5 % (19) % Gap Inc. 1 % (2) % Old Navy: Third quarter net sales of $2.2 billion were up 1% compared to last year. Comparable sales were flat. The brand's continued focus on operational rigor and brand reinvigoration drove solid performance in the quarter, despite lapping tougher compares and facing weather-related headwinds. Gap: Third quarter net sales of $899 million were up 1% compared to last year. Comparable sales were up 3% representing the fourth consecutive quarter of positive comparable sales at the brand. Gap's strong product and marketing execution have helped drive continued momentum and consistent results at the brand. Banana Republic: Third quarter net sales of $469 million were up 2% compared to last year. Comparable sales were down 1%. The brand saw strength in its men's business during the quarter and remains focused on fixing the fundamentals. Athleta: Third quarter net sales of $290 million were up 4% compared to last year. Comparable sales were up 5%. As expected, the brand returned to positive comparable sales in the quarter as its new product and marketing are resonating with customers. Fiscal 2024 Outlook As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. Please note that the company's projected full year fiscal 2024 operating income growth below is provided in comparison to its full year fiscal 2023 adjusted operating income, which excludes $93 million in restructuring costs and a $47 million gain on sale of a building. Full Year Fiscal 2024 Current FY24 Outlook Prior FY24 Outlook FY23 Results Net sales Up 1.5% to 2.0% on a 52-week basis Up slightly on a 52-week basis $14.9 billion 1 Gross margin Approximately 220 bps expansion Approximately 200 bps expansion 38.8 % Operating expense Approximately $5.1 billion Approximately $5.1 billion $5.17 billion (adjusted) 2 Operating income Mid to High 60% growth range Mid to High 50% growth range $606 million (adjusted) 3 Effective tax rate Approximately 26.5% Approximately 28% 9.7 % Capital expenditures Approximately $500 million Approximately $500 million $420 million 1 Fiscal year 2023 consisted of 53 weeks and the extra week drove approximately $160 million of incremental sales. 2 Fiscal year 2023 adjusted operating expense of $5.17 billion excludes $89 million in restructuring costs and a $47 million gain on sale. 3 Fiscal year 2023 adjusted operating income of $606 million excludes $93 million in restructuring costs and a $47 million gain on sale. Webcast and Conference Call Information Whitney Notaro , Head of Investor Relations at Gap Inc., will host a conference call to review the company's third quarter fiscal 2024 results beginning at approximately 2:00 p.m. Pacific Time today. Ms. Notaro will be joined by President and Chief Executive Officer, Richard Dickson and Chief Financial Officer, Katrina O'Connell . A live webcast of the conference call and accompanying materials will be available online at investors.gapinc.com . A replay of the webcast will be available at the same location. Non-GAAP Disclosure This press release and related conference call include financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are therefore referred to as non-GAAP financial measures. The non-GAAP measures described below are intended to provide investors with additional useful information about the company's financial performance, to enhance the overall understanding of its past performance and future prospects, and to allow for greater transparency with respect to important metrics used by management for financial and operating decision-making. The company presents these non-GAAP financial measures to assist investors in seeing its financial performance from management's view and because it believes they provide an additional tool for investors to use in computing the company's core financial performance over multiple periods with other companies in its industry. Additional information regarding the intended use of non-GAAP measures included in this press release and related conference call is provided in the tables to this press release. The non-GAAP measures included in this press release and related conference call are adjusted operating expense/adjusted SG&A, adjusted operating income, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP measures exclude the impact of certain items that are set forth in the tables to this press release. In addition, the company's outlook includes projected full year fiscal 2024 operating income growth compared to its full year fiscal 2023 adjusted operating income. The non-GAAP measures used by the company should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. The company urges investors to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the tables to this press release below, and not to rely on any single financial measure to evaluate its business. The non-GAAP financial measures used by the company have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Forward-Looking Statements This press release and related conference call and accompanying materials contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: becoming a high performing company; unlocking Gap Inc.'s potential; our four strategic priorities, including maintaining and delivering financial and operational rigor, the reinvigoration of our brands, strengthening our operating platform, and energizing our culture; driving relevance and revenue by executing on our brand reinvigoration playbook; expectations for Old Navy for the holiday season; accelerating Old Navy's presence in the Active category; Old Navy's holiday activations and product; reigniting Gap brand's leadership in trend-right products and creative expression through big ideas and culturally relevant messaging; reestablishing Banana Republic to thrive in the premium lifestyle space; evolving Banana Republic's assortment and fit; continuing to fix the fundamentals at Banana Republic; Banana Republic's holiday product; Athleta's trajectory; Athleta's holiday product; enhancing Athleta's in-store and online experiences; driving high-performance across our teams; executing with excellence; Gap Inc.'s positioning going into the holiday season; expectations for our full year performance; expected year-end inventory levels; expected full year fiscal 2024 net sales; the expected impact of the loss of the 53rd week on full year fiscal 2024 net sales; expected fourth quarter fiscal 2024 net sales; the expected impacts of the loss of the 53rd week and the weekly calendar shift on fourth quarter fiscal 2024 net sales; expected full year fiscal 2024 gross margin; the expected impacts of commodity costs and better inventory management on full year fiscal 2024 gross margin; expected full year fiscal 2024 ROD; expected fourth quarter fiscal 2024 gross margin; the expected impact of the loss of the 53rd week on fourth quarter fiscal 2024 gross margin; expected full year fiscal 2024 SG&A/operating expense; continuing cost discipline and unlocking more efficiencies in the business; expected full year fiscal 2024 operating income; expected full year fiscal 2024 effective tax rate; expected full year fiscal 2024 capital expenditures; generating sustainable, profitable growth and delivering long-term shareholder value; and our dividend policy. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on our business, financial condition, results of operations, or reputation: the overall global economic and geopolitical environment, including the ongoing Russia - Ukraine and Israel-Hamas conflicts and recent elections in the United States , and impacts on consumer spending patterns; social and political unrest in our sourcing countries, including Bangladesh , and disruptions to global trade and shipping capacity, including in the Red Sea; the risk that we or our franchisees may be unsuccessful in gauging apparel trends and changing consumer preferences or responding with sufficient lead time; the highly competitive nature of our business in the United States and internationally; the risk that we may be unable to manage our inventory effectively and the resulting impact on our gross margins and sales; the risk that our investments in customer, digital, and omni-channel shopping initiatives may not deliver the results we anticipate; the risk that we fail to maintain, enhance, and protect our brand image and reputation; the risk of loss or theft of assets, including inventory shortage; the risk that we fail to manage key executive succession and retention or continue to attract qualified personnel; reductions in income and cash flow from our credit card arrangement related to our private label and co-branded credit cards; the risk that changes in our business strategy or restructuring our operations may not generate the intended benefits or projected cost savings; the risk that trade matters could increase the cost or reduce the supply of apparel available to us; the risks to our business, including our costs and global supply chain, associated with global sourcing and manufacturing; the risks to our reputation or operations associated with importing merchandise from foreign countries, including failure of our vendors to adhere to our Code of Vendor Conduct; the risk that we or our franchisees may be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; engaging in or seeking to engage in strategic transactions that are subject to various risks and uncertainties; the risk that our efforts to expand internationally may not be successful; the risk that our franchisees and licensees could impair the value of our brands; the risk of data or other security breaches or vulnerabilities that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in our security measures; the risk that failures of, or updates or changes to, our IT systems may disrupt our operations; the risk that our comparable sales and margins may experience fluctuations, that we may fail to meet financial market expectations, or that the seasonality of our business may experience fluctuations; the risk of foreign currency exchange rate fluctuations; the risk that our level of indebtedness may impact our ability to operate and expand our business; the risk that we and our subsidiaries may be unable to meet our obligations under our indebtedness agreements; the risk that changes in our credit profile or deterioration in market conditions may limit our access to the capital markets; natural disasters, public health crises (such as pandemics and epidemics), political crises (such as the ongoing Russia - Ukraine and Israel-Hamas conflicts), negative global climate patterns, or other catastrophic events; evolving regulations and expectations with respect to ESG matters, including climate reporting; the adverse effects of climate change on our operations and those of our franchisees, vendors, and other business partners; our failure to comply with applicable laws and regulations and changes in the regulatory or administrative landscape; the risk that we will not be successful in defending various proceedings, lawsuits, disputes, and claims; the risk that our estimates and assumptions used when preparing our financial information are inaccurate or may change; the risk that changes in the geographic mix and level of income or losses, the expected or actual outcome of audits, changes in deferred tax valuation allowances, and new legislation could impact our effective tax rate, or that we may be required to pay amounts in excess of established tax liabilities; the risk that changes in our business structure, our performance or our industry could result in reductions in our pre-tax income or utilization of existing tax carryforwards in future periods, and require additional deferred tax valuation allowances; the risk that the adoption of new accounting pronouncements will impact future results; and the risk that additional information may arise during our close process or as a result of subsequent events that would require us to make adjustments to our financial information. Additional information regarding factors that could cause results to differ can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 19, 2024 , as well as our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of November 21, 2024 . We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. About Gap Inc. Gap Inc., a house of iconic brands, is the largest specialty apparel company in America. Its Old Navy , Gap , Banana Republic , and Athleta brands offer clothing, accessories, and lifestyle products for men, women and children. Since 1969, Gap Inc. has created products and experiences that shape culture, while doing right by employees, communities and the planet. Gap Inc. products are available worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2023 net sales were $14.9 billion . For more information, please visit www.gapinc.com . Investor Relations Contact: Nina Bari Investor_relations@gap.com Media Relations Contact: Megan Foote Press@gap.com The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED ($ in millions) November 2, 2024 October 28, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,969 $ 1,351 Short-term investments 250 — Merchandise inventory 2,331 2,377 Other current assets 580 646 Total current assets 5,130 4,374 Property and equipment, net of accumulated depreciation 2,546 2,552 Operating lease assets 3,217 3,200 Other long-term assets 960 926 Total assets $ 11,853 $ 11,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,523 $ 1,433 Accrued expenses and other current liabilities 1,135 1,078 Current portion of operating lease liabilities 617 604 Income taxes payable 50 24 Total current liabilities 3,325 3,139 Long-term liabilities: Long-term debt 1,489 1,488 Long-term operating lease liabilities 3,360 3,456 Other long-term liabilities 544 509 Total long-term liabilities 5,393 5,453 Total stockholders' equity 3,135 2,460 Total liabilities and stockholders' equity $ 11,853 $ 11,052 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED 13 Weeks Ended 39 Weeks Ended ($ and shares in millions except per share amounts) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,829 $ 3,767 $ 10,937 $ 10,591 Cost of goods sold and occupancy expenses 2,194 2,211 6,322 6,488 Gross profit 1,635 1,556 4,615 4,103 Operating expenses 1,280 1,306 3,762 3,757 Operating income 355 250 853 346 Interest, net (6) — (12) 8 Income before income taxes 361 250 865 338 Income tax expense 87 32 227 21 Net income $ 274 $ 218 $ 638 $ 317 Weighted-average number of shares - basic 377 371 376 369 Weighted-average number of shares - diluted 383 375 383 373 Earnings per share - basic $ 0.73 $ 0.59 $ 1.70 $ 0.86 Earnings per share - diluted $ 0.72 $ 0.58 $ 1.67 $ 0.85 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 39 Weeks Ended ($ in millions) November 2, 2024 (a) October 28, 2023 (a) Cash flows from operating activities: Net income $ 638 $ 317 Depreciation and amortization 371 394 Gain on sale of building — (47) Change in merchandise inventory (344) (5) Change in accounts payable 156 133 Other, net 49 40 Net cash provided by operating activities 870 832 Cash flows from investing activities: Purchases of property and equipment (330) (288) Net proceeds from sale of building — 76 Purchases of short-term investments (343) — Proceeds from sales and maturities of short-term investments 97 — Net proceeds from divestiture activity, net of cash paid — 9 Net cash used for investing activities (576) (203) Cash flows from financing activities: Repayments of revolving credit facility — (350) Proceeds from issuances under share-based compensation plans 27 18 Withholding tax payments related to vesting of stock units (48) (16) Cash dividends paid (169) (166) Other (3) (2) Net cash used for financing activities (193) (516) Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash (4) (7) Net increase in cash, cash equivalents, and restricted cash 97 106 Cash, cash equivalents, and restricted cash at beginning of period 1,901 1,273 Cash, cash equivalents, and restricted cash at end of period $ 1,998 $ 1,379 ____________________ (a) For the thirty-nine weeks ended November 2, 2024 and October 28, 2023, total cash, cash equivalents, and restricted cash includes $29 million and $28 million, respectively, of restricted cash recorded within other long-term assets on the Condensed Consolidated Balance Sheets. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED FREE CASH FLOW Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures. We require regular capital expenditures including technology improvements as well as building and maintaining our stores and distribution centers. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results. 39 Weeks Ended ($ in millions) November 2, 2024 October 28, 2023 Net cash provided by operating activities $ 870 $ 832 Less: Purchases of property and equipment (330) (288) Free cash flow $ 540 $ 544 The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED ADJUSTED STATEMENT OF OPERATIONS METRICS FOR THE THIRD QUARTER OF FISCAL YEAR 2023 The following adjusted statement of operations metrics are non-GAAP financial measures. These measures are provided to enhance visibility into the Company's underlying results for the period excluding the impact of restructuring costs. Management believes the adjusted metrics are useful for the assessment of ongoing operations as we believe the adjusted items are not indicative of our ongoing operations, and provide additional information to investors to facilitate the comparison of results, on an annualized basis, against past and future years. However, these non-GAAP financial measures are not intended to supersede or replace the GAAP measures. Operating Expenses Operating Expenses as a % of Net Sales (b) Operating Income Operating Margin (b) Income Tax Expense Net Income Earnings per Share - Diluted ($ in millions) 13 Weeks Ended October 28, 2023 GAAP metrics, as reported $ 1,306 34.7 % $ 250 6.6 % $ 32 $ 218 $ 0.58 Adjustments for: Restructuring costs (a) (5) (0.1) % 5 0.1 % 2 3 0.01 Non-GAAP metrics $ 1,301 34.5 % $ 255 6.8 % $ 34 $ 221 $ 0.59 ____________________ (a) Primarily represents consulting and other associated costs related to our previously announced actions to further simplify and optimize our operating model and structure. (b) Metrics were computed individually for each line item; therefore, the sum of the individual lines may not equal the total. The Gap, Inc. NET SALES RESULTS UNAUDITED The following table details the Company's third quarter fiscal year 2024 and 2023 net sales (unaudited): ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (2) Total 13 Weeks Ended November 2, 2024 U.S. (1) $ 1,949 $ 683 $ 406 $ 281 $ 21 $ 3,340 Canada 190 95 43 9 — 337 Other regions 11 121 20 — — 152 Total $ 2,150 $ 899 $ 469 $ 290 $ 21 $ 3,829 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta Global Other (2) Total 13 Weeks Ended October 28, 2023 U.S. (1) $ 1,917 $ 664 $ 398 $ 267 $ 15 $ 3,261 Canada 193 96 42 10 — 341 Other regions 16 127 20 2 — 165 Total $ 2,126 $ 887 $ 460 $ 279 $ 15 $ 3,767 ____________________ (1) U.S. includes the United States and Puerto Rico. (2) Primarily consists of net sales from revenue-generating strategic initiatives. The Gap, Inc. REAL ESTATE Store count, openings, closings, and square footage for our stores are as follows: February 3, 2024 39 Weeks Ended November 2, 2024 November 2, 2024 Number of Store Locations Number of Stores Opened Number of Stores Closed Number of Store Locations Square Footage (in millions) Old Navy North America 1,243 19 7 1,255 19.9 Gap North America 472 3 14 461 4.9 Gap Asia 134 — 9 125 1.1 Banana Republic North America 400 3 10 393 3.3 Banana Republic Asia 43 2 5 40 0.1 Athleta North America 270 2 2 270 1.1 Company-operated stores total 2,562 29 47 2,544 30.4 Franchise 998 121 60 1,059 N/A Total 3,560 150 107 3,603 30.4 View original content to download multimedia: https://www.prnewswire.com/news-releases/gap-inc-reports-third-quarter-fiscal-2024-results-raises-full-year-outlook-302313560.html SOURCE Gap Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Hyderabad: A young man, out of frustration, burnt his newly brought bike after he was constantly harassed by a private finance firm in Medak district on Sunday. Video of the incident has surfaced on social media showing a bike up in flames. A young man, out of frustration, burnt his newly brought bike after he was constantly harassed by a private finance firm in Medak district on Sunday. pic.twitter.com/PWzt6gNOxh According to local reports, the young man had purchased the bike on a monthly instalment by availing loan from the private finance company. He was consistent in paying back the loan money for several months. However, due to financial constraints, he failed to pay the instalments for some time. What followed was constant threats from the private finance company. Irked by the behaviour, the young man burnt his bike, creating a tensed atmosphere. On information, police reached the spot and a case has been registered. Further investigations are on.

Creating the economy

As Black Friday and Cyber Monday approach, consumers and investors both need to remain extra vigilant. Between January and May 2024, cybercrime losses surged to roughly $1.6 billion, according to the FBI’s Internet Crime Complaint Center. The Federal Trade Commission also noted that cyber fraud losses exceeded $10 billion last year, marking a significant jump in scams and fraudulent activity. With cybercriminals employing increasingly sophisticated methods to dupe you out of your money, here are five cybersecurity threats and protective measures you should be aware of this holiday season. 1. Phishing attacks Phishing, by which scammers co-opt trusted entities to steal personal data, remains one of the most common threats during the holidays, and especially during Black Friday when your guard may be down. Shoppers receive fraudulent emails that appear to be from reputable retailers, offering deals that direct them to fake websites where their personal information can be stolen. To protect against phishing, you should carefully check URLs for authenticity, avoid clicking any links from unsolicited emails, and ensure you are doing business only on secure, https-encrypted websites. 2. Fake apps and websites falsely promote “too good to be true” offers To attract online shoppers they can scam, cybercriminals often create fake websites or mobile apps mimicking popular retailers. Often these sites are indistinguishable from their true counterparts, except for small differences in their URLs. (Phone numbers can be phony, too.) Once users enter their credit card information into these sites, they steal their financial data. You should only download apps from official stores like the Apple App Store or Google Play, and verify websites by carefully examining domain names. If an offer looks too good to be true, it probably is. 3. Social media scams mask nefarious intentions Social media is a popular platform for holiday promotions, but it is also a popular tool for scammers who post fake ads to try to capture your personal and financial information. Fraudulent ads often direct users to phishing sites, while others may lead you to purchase counterfeit goods. Be cautious when clicking on ads and avoid purchasing directly from unverified social media links. 4. Investment scams targeting crypto and “get-rich-quick” schemes Holiday shopping season is also a time when fraudulent investment offers rise. These digital ruses often claim high returns with minimal risk, especially in cryptocurrency. While crypto scams target people of all age groups and income levels, younger adults who engage primarily through social platforms are especially at risk. Given that investment scams accounted for over $4.6 billion in losses last year, according to the Federal Trade Commission , you should be very skeptical about unsolicited investment opportunities, and especially any that try to put time pressure on you to make a decision. Never share any financial information without thoroughly researching the offer’s legitimacy (which is why scammers don’t want to give you time to decide). 5. Malware and ransomware fraudsters are aiming at schools and mid-sized businesses Cybercriminals often deploy malware that infects devices to steal passwords, credit card information, or even lock files until a ransom is paid. The holiday season, when people are generally more trusting, is ripe for these exploits. Readers may recall the highly disruptive 2023 ransomware attack on Minneapolis Public Schools that put students’ personal information at risk. Protect against malware by installing reputable antivirus software, keeping devices updated and avoiding suspicious downloads. The best offense is a good defense Regularly monitor your bank statements and set up alerts for transactions, as catching fraudulent charges early can help limit damage. To shop smart, take advantage of holiday season credit card perks that include fraud protection and return guarantees, which add another layer of protection against cybercriminals. In addition, the FTC and FBI emphasize taking a few proactive steps to safeguard personal information. For added security, enable two-factor authentication, use unique, strong passwords, and monitor financial accounts regularly for suspicious activity. If you suspect fraudulent activity, you can report it to the FTC and the FBI’s IC3 center to help combat cybercrime. Taking these few extra precautionary steps can protect you and your finances. With scams on the rise, awareness and a little vigilance go a long way in keeping the season secure. Related Articles Business | Your Money: Starting the tough conversations with your kids Business | Your Money: Charitable giving helps in at least two ways Business | Your Money: A balanced approach to end-of-life planning Business | Your Money: Inflation fears are delaying retirements, survey says Business | Your Money: Financial planning for special needs families The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on WCCO 830 AM on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com . Securities offered through LPL Financial, member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial.LINCOLN — Republican Gov. Jim Pillen plans to toss his party’s right flank some red meat next year before addressing the harder politics of closing Nebraska’s projected $432 million budget shortfall. One reason could be the potential of Pillen facing Republican primary challengers in 2026. Those could include his top 2022 GOP primary opponent, Charles Herbster. Pillen denied “political” motivations for picking any of his top legislative priorities for the 2025 legislative session, which he announced last week and detailed in an interview Friday. But all four policies are likely to be popular with the GOP base that typically decides races for Nebraska governor. Echoing themes from his 2022 campaign and speeches around the state, he said his four goals for the session would benefit Nebraska’s “kids, taxes, agriculture and values.” “Those four words, there’s a lot of opportunity to make a difference along,” Pillen said of the upcoming session, set to start on Jan. 8. “That’s what guides ’25.” He outlined those goals in a Dec. 1 statement and clarified them during the pre-session sit-down. Some highlights: Missing from the priorities was closing the state’s projected $432 million budget gap, which was largely driven by Pillen’s previous tax-cut and tax-relief changes. Another contributing factor is more spending than the governor’s budget shows, an Examiner analysis indicates. Pillen highlights his first two years of spending increases as being fiscally conservative. He cites budget documents listing the increases at 3.9% in fiscal year 2023 and 1.9% in fiscal year 2024. But a review of two decades of state budgets shows Pillen’s team kept the spending figures lower than his predecessors’ budgets, partly by classifying some significant expenditures as budget transfers rather than direct spending. This affects the numbers because money that is moved between funds, such as moving it from the general fund or the rainy day fund to the state’s new Education Future Fund, is classified as a transfer and not as spending, even if the money is being moved to spend on a specific purpose. A key example is how Pillen’s administration lists a $1 billion investment in the Education Future Fund and follow-up investments in the fund as transfers. The fund is intended to cover special education costs and create a new baseline of K-12 public school aid, which Pillen has said would reduce some of the reliance on local property taxes. Pillen’s budget numbers show that the general fund in fiscal year 2023 increased from $5.15 billion to $5.35 billion. If he had included the $1 billion in Education Future Fund spending, the general fund budget would have jumped to $6.35 billion. If Pillen had classified the fund the same way other governors have done with similar investments, it would push the general fund annual spending increase to 23.5% in Pillen’s first year as governor. His combined two-year spending increase would be 22.5%, instead of the listed 5.9%. By contrast, spending increased a combined 8.9% in the first two years of Republican Gov. Pete Ricketts’ administration. Previous Gov. Dave Heineman, also a Republican, increased spending a combined 9.6% in his first two years, an Examiner analysis found. “The Education Future Fund is an investment in our kids,” Pillen said. “If somebody wants to call that spending, I don’t care. It doesn’t matter to me, but I believe in investing in our kids.” Pillen also signed income tax rate cuts into law in 2023 that were projected to reduce revenues by $3.3 billion from 2024-2029. He and State Sen. Lou Ann Linehan of Omaha have called the cuts needed to compete better with neighboring states. Those cuts phased in a reduction of the top income tax rate from 6.84% to 3.99% by 2027 and lowered corporate taxes. The governor’s critics say those changes risk the structural balance of future budgets. Some have questioned whether the state can afford the school spending changes Pillen wants. On sports and spaces, the governor said he wants to see the next Legislature revisit the core of Legislative Bill 575, known as the Sports and Spaces Act, which fell to a filibuster in 2024. Pillen said Nebraskans are right to want to “protect their kids” and act on their “values.” He repeated his stance that he has no ill will toward transgender kids or adults. He said he thinks they should have the right to be who they want to be once they are old enough to understand the ramifications of their actions and mature enough to decide for themselves. But he wants specific legislation to protect women’s sports. His issue, he said, is having a student with male characteristics playing against girls or “showering with your daughter and granddaughter.” “That’s not going to happen if I can do anything about it,” he said. He said he has less of a problem with women competing against men, because there is no “competitive advantage.” He wants a new law to require separate locker rooms, though. “If there’s two young girls that are really good at wrestling and there’s not enough to have women’s wrestling, hey, it’s great to wrestle boys,” Pillen said. “That’s not a problem.” The Nebraska School Activities Association, which governs middle and high school sports, has had a policy addressing locker rooms and sports eligibility of trans student-athletes since 2016. In response to a question, Pillen said he didn’t have any concerns about a sports and spaces ban potentially impacting Nebraska’s longstanding relationship with the NCAA, which oversees college sports. The NCAA, which has specific guidelines for each sport to allow trans athletes to participate, signs contracts that let Omaha host the College World Series and NCAA tournament games, including volleyball and basketball. Pillen, who played defensive back for Nebraska football, said he does not think the organization would change where it holds one of its signature championships “over a state doing what’s right.” “All due respect, the NCAA has failed college athletics miserably for the last 20 years,” Pillen said. “Whatever their opinion is, from my seat it really doesn’t hold any water.” The author of LB 575, State Sen. Kathleen Kauth of Omaha, said she appreciates that Pillen remains committed to protecting “opportunities, safety and privacy” for women and girls. “I am grateful he is willing to make this issue a priority,” she said. Kauth has not yet shared a new version of her proposal or said how or whether her approach might change to secure more legislative votes. She has said she wants a proposal to include collegiate athletics . Critics of the sports and spaces restrictions have said LB 575 and similar measures needlessly attack a tiny minority of children who are transgender and already at higher risk of self-harm. Advocates for LGBTQ kids have said the governor and supporters of similar policies in this and other states risk creating a public panic that leads to increases in bullying or worse. State Sen. Megan Hunt of Omaha, who helped filibuster the bill, said it was “embarrassing” but not surprising to see Pillen prioritize cultural issues instead of kitchen-table economics. “I’m looking forward to working with my colleagues in the Legislature to address the budget deficit, child care, affordable housing, and other priorities for our state,” Hunt said. Pillen said he understands the challenge of pushing for changes to the state aid formula for K-12 education because legislative support often comes down to the impact on schools in senators’ legislative districts. He said his focus remains reducing the property tax burden. He has been sharing tax rankings that he says hurt the state when he is trying to recruit new businesses and residents. He says lawmakers hear demands for change from their constituents. He repeated many of the arguments he made last year when pushing for broader property tax reform: including that the state leans too heavily on property taxpayers to pay for schooling. He said he still wants to broaden the sales tax base to ease the burden of property taxes. This year, he is focused on adapting sales taxes to the modern service economy. He said he expects pushback from people who don’t want to pay more for haircuts, massages and lawn care but said he would focus on taxing services people could do for themselves. “Most of us agree we have a property tax crisis, so how do we come up with the fairest way?” Pillen asked. “If all of us are unhappy, then that’s going to be pretty good policy.” He believes the state should fund the cost of operations — the costs of teachers, staff and classroom learning. He said local property taxpayers should fund the cost of school buildings, athletic facilities, and school grounds and maintenance. He said buildings and maintenance would represent about $650 million of the $3.1 billion in property taxes spent each year on K-12 education in Nebraska. “The school districts, the school boards, the communities, they decide what kind of buildings they want to have their kids in, and that stays on the property tax,” Pillen said. “If you want to build a Taj Mahal, good for you. Your people pay for it.” He said he wants to fund education and work with school district leaders to spend less money on things that don’t help educate kids — the middle managers, administrators and “checkers of the checkers” who distract teachers from teaching. Pillen says he is focused on finding government efficiencies. He says his team is working with school superintendents, the Legislature and the Nebraska Department of Education to reduce the number of costly state mandates on schools. Legislation meant to curb unfunded mandates has stalled for years in the Legislature. His goal is “decrease the administrative bloat“ and get more money back into classrooms. The next version of the state aid formula should build off the idea that it costs a certain amount to educate each child, he said. He says he is hearing from lawmakers and people in education about the need to make sure that any formula accounts for fast-growing districts and that rearranging aid per student will make that easier. Some school leaders have publicly supported the idea of shifting more school funding to the state. Others have questioned whether the state will be able to meet its K-12 commitments when the farm economy sours or when state receipts drop. “I think running state government is just like life,” Pillen said. “It’s priorities. Education’s a top priority. We’re always going to find the money there.” Pillen wants Nebraska to join Florida and Alabama in banning the sale of meat alternatives, or if sales of some products that cannot be stopped to no longer be labeled as meat, which he said was misleading. He called it “bioreactor meat.” He considers the proposal part of his years-long effort to fight against animal-rights activists and others who have tried to demonize production agriculture and animal agriculture, which is personal for him as an owner of a Columbus-based hog operation. He said he hears from dairy producers dealing with labeling like almond milk, which he calls “almond nut juice.” He said companies shouldn’t be able to confuse potential consumers about what they’re buying. He said he knows some Nebraskans might want to purchase lab-grown meat, but they “ain’t gonna buy it in Nebraska.” Lab meat defenders say they reduce greenhouse emissions, cut down on the use of antibiotics and reduce cruelty to animals. “Cattle is king,” Pillen said. “We can’t stand back and reactive. We need to be proactive. So our policies are going to be aggressive ... so we lead and create the dust, not eat the dust.” Pillen also wants to make 2024 the last time Democrats can win a “blue dot” in the Omaha area’s 2nd Congressional District from a Republican candidate. Nebraska Democratic Party Chair Jane Kleeb has said Republicans would rather change the rules than continue to compete. Pillen says he wants to make Nebraska like 48 other states. Nebraska and Maine are the only states that award Electoral College votes to candidates for president by congressional district, in addition to giving two votes to the winner statewide. Pillen pressed the Legislature to make the change in time for the 2024 general election but fell short of votes when State Sen. Mike McDonnell, a former Democrat-turned-Republican, said he wouldn’t back it. He needed 33 votes to overcome a Democratic filibuster from senators in the Omaha area. One reason supporters like the current practice is seeing tens of millions of dollars being spent every four years on political ads and campaigns. Many of those senators also like the boost to Democratic voter turnout in the 1st and 2nd Districts. Nebraska Republicans have wanted to make the change for decades. Republicans outnumber Democrats in the state more than 2-to-1 by registration, though nonpartisan and third-party registrants make up about a fourth of the state’s registered voters. President-elect Donald Trump tried to persuade Nebraska senators to make the change earlier this year . Trump praised Pillen publicly for trying, but if Pillen can finish the job it could help him if he faces another run against Herbster, a multi-state businessman and top Trump donor whom Trump endorsed in 2022. Pillen on Friday said there are 33 Republicans in the officially nonpartisan Legislature and noted that McDonnell leaves office in January. “My belief is that it was a mistake 30 years ago (to stop using winner-take-all),” Pillen said. “If it was such a great policy ... we’d have a lot of other states that have the same policy.” He said he wants all states to play by the same rules when electing a president. He said he doesn’t believe the outside political money coming into Omaha is helpful. He does not see the change as a means of voter suppression and said people shouldn’t need the extra motivation of a competitive presidential race to choose to vote. “This is Nebraska,” he said. “This should be decided by Nebraskans, not lots of other people’s money. ... Democracy is way more important. Our values are way more important.”

The Houston Texans made some crucial mistakes late in their game against the Tennessee Titans on Sunday that may have cost them a win. The Texans were trailing 23-17 late in the third quarter at NRG Stadium in Houston, Texas. Their defense came up with a huge play when cornerback Jimmie Ward intercepted a pass from Titans quarterback Will Levis and returned it for a touchdown. The Texans went up 24-23 and extended their lead to 27-23 with a field goal two drives later. Things quickly went downhill from there. First, Houston completely blew a coverage and allowed tight end Chig Okonkwo to break free for a 70-yard touchdown: Chig Okonkwo gets in open space for a 70-yard TD! : #TENvsHOU on CBS/Paramount+ : https://t.co/waVpO909ge pic.twitter.com/98scOwfisp — NFL (@NFL) November 24, 2024 That gave the Titans a 30-27 lead. CJ Stroud and the Texans drove into field goal range and had a chance to tie the game with 1:56 remaining, but Ka’imi Fairbairn shanked a 28-yard chip shot wide left: NO GOOD!!!!!! OH NO TEXANS!!! pic.twitter.com/VyQh6aY4pj — Mr Matthew CFB (@MrMatthew_CFB) November 24, 2024 The Texans still had three timeouts left after the missed field goal. Their defense came up with a stop and they got the ball back with 1:29 remaining. Houston’s drive started at their own 8-yard line, however, and Stroud took a big sack on 2nd-and-10. Stroud was then forced out of the back of the end zone for a safety on third down. SAFETY DANCE @Titans defense continues to make big plays pic.twitter.com/lUltpoQJFN — NFL on CBS (@NFLonCBS) November 24, 2024 Houston went on to lose 32-27 in a game in which they were heavily favored. The win was just the third of the year for Tennessee, while the Texans fell to 7-5. The Texans remain in the lead in the AFC South, but their loss to the Titans is the type of game — and self-inflicted wound — that could come back to haunt them late in the year. This article first appeared on Larry Brown Sports and was syndicated with permission.The demands of achieving both one-day shipping and a satisfying orgasm collide in Halina Reijn’s “Babygirl,” a kinky and darkly comic erotic thriller about sex in the Amazon era. Nicole Kidman stars as Romy Mathis, the chief executive of Tensile, a robotics business that pioneered automotive warehouses. In the movie’s opening credits, a maze of conveyor belts and bots shuttle boxes this way and that without a human in sight. Romy, too, is a little robotic. She intensely presides over the company. Her eyes are glued to her phone. She gets Botox injections, practices corporate-speak presentations (“Look up, smile and never show your weakness”) and maintains a floor-through New York apartment, along with a mansion in the suburbs that she shares with her theater-director husband ( Antonio Banderas ) and two teenage daughters (Esther McGregor and Vaughan Reilly). But the veneer of control is only that in “Babygirl,” a sometimes campy, frequently entertaining modern update to the erotically charged movies of the 1990s, like “Basic Instinct” and “9 1/2 Weeks.” Reijn, the Dutch director of “Bodies Bodies Bodies” has critically made her film from a more female point of view, resulting in ever-shifting gender and power dynamics that make “Babygirl” seldom predictable — even if the film is never quite as daring as it seems to thinks it is. The opening moments of “Babygirl,” which A24 releases Wednesday, are of Kidman in close-up and apparent climax. But moments after she and her husband finish and say “I love you,” she retreats down the hall to writhe on the floor while watching cheap, transgressive internet pornography. The breathy soundtrack, by the composer Cristobal Tapia de Veer, heaves and puffs along with the film’s main character. One day while walking into the office, Romy is taken by a scene on the street. A violent dog gets loose but a young man, with remarkable calmness, calls to the dog and settles it. She seems infatuated. The man turns out to be Samuel (Harris Dickinson), one of the interns just starting at Tensile. When they meet inside the building, his manner with her is disarmingly frank. Samuel arranges for a brief meeting with Romy, during which he tells her, point blank, “I think you like to be told what to do.” She doesn’t disagree. Some of the same dynamic seen on the sidewalk, of animalistic urges and submission to them, ensues between Samuel and Romy. A great deal of the pleasure in “Babygirl” comes in watching Kidman, who so indelibly depicted uncompromised female desire in Stanley Kubrick’s “Eyes Wide Shut,” again wade into the mysteries of sexual hunger. “Babygirl,” which Reijn also wrote, is sometimes a bit much. (In one scene, Samuel feeds Romy saucers of milk while George Michael’s “Father Figure” blares.) But its two lead actors are never anything but completely magnetic. Kidman deftly portrays Romy as a woman falling helplessly into an affair; she both knows what she’s doing and doesn’t. Dickinson exudes a disarming intensity; his chemistry with Kidman, despite their quickly forgotten age gap, is visceral. As their affair evolves, Samuel’s sense of control expands and he begins to threaten a call to HR. That he could destroy her doesn’t necessarily make Romy any less interested in seeing him, though there are some delicious post-#MeToo ironies in their clandestine CEO-intern relationship. Also in the mix is Romy’s executive assistant, Esme (Sophie Wilde, also very good), who’s eager for her own promotion. Where “Babygirl” heads from here, I won’t say. But the movie is less interested in workplace politics than it is in acknowledging authentic desires, even if they’re a little ludicrous. There’s genuine tenderness in their meetings, no matter the games that are played. Late in the film, Samuel describes it as “two children playing.” As a kind of erotic parable of control, “Babygirl” is also, either fittingly or ironically, shot in the very New York headquarters of its distributor, A24. For a studio that’s sometimes been accused of having a “house style,” here’s a movie that goes one step further by literally moving in. What about that automation stuff earlier? Well, our collective submission to digital overloads might have been a compelling jumping-off point for the film, but along the way, not every thread gets unraveled in the easily distracted “Babygirl.” Saucers of milk will do that. “Babygirl,” an A24 release, is rated R by the Motion Picture Association for “strong sexual content, nudity and language.” Running time: 114 minutes. Three stars out of four.Synchrony Financial stock underperforms Monday when compared to competitors despite daily gains

MONTREAL, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “the Company”) announces some updates about the Company and takes this opportunity to thank its shareholders, partners and suppliers for their trust throughout 2024 and wishes them a Merry Christmas and a Happy New Year 2025. Mirabelli and Maqua Results The Company announces that it has received all its results related to the summer and fall 2024 exploration campaigns on the Mirabelli SM and Maqua SM properties. These do not reveal any significant grades in the metals and minerals initially sought. Management announces that exploration work will not be continued on these properties. The Company also announces that it no longer intends to continue exploration related to Lithium and will focus on the gold potential of its properties, in particular, the Amanda project now 100% owned and which contains numerous gold showings. Lichen and 113 North Projects Mosaic announces that it has received formal notification from Castlebar Capital Corporation that it is abandoning the option agreement to acquire 100% of the Lichen property ( see press release dated June 11, 2024 ). Mosaic is regaining control of this property which consists of 282 claims covering a total area of ​​15,622 hectares and is located approximately 100 km west of the Chibougamau mining camp. The property is underlain by volcanic rocks of the Obatogamau Formation intersected by intermediate stocks and plutons. The volcanic belt parallels two known gold-bearing volcanic belts, the Bachelor Lake gold zone to the west and the Osisko-Windfall gold zone to the south. The Nelligan and Monster Lake gold projects are located at the eastern end of the volcanic belt. The Company also announces that it has received formal notification from Panther Minerals Inc. (formerly Lithium Lion Metals Inc.) that the latter is abandoning the option agreement to acquire 100% of the 113 North property ( see press release dated December 5, 2023 ). Mosaic is regaining control of this property which is located in the southeastern part of the Abitibi Greenstone Belt and comprises 59 cells totaling 3,010 hectares within a 6- to 12-kilometre-wide band of volcano-sedimentary rocks located between the Josselin and Montgay granodiorite-tonalite batholiths. The volcanic rocks in this group have felsic, intermediate and mafic compositions and are cut by dunite, gabbro and diorite dykes. Iron formations (sulphides and oxides) and clastic sedimentary rocks, such as greywackes and schists, are also present. Gold, copper, nickel, platinum and palladium occurrences have been discovered in this geological environment near the project. The scientific and technical information of Mosaic Minerals Corporation included in this press release has been reviewed and approved by Gilles Laverdière, P.Geo, Vice-President Exploration of Mosaic Minerals and qualified person under National Instrument 43-101 respecting information concerning mining projects (“Regulation 43-101”). About Mosaic Minerals Corporation Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of critical minerals such as Nickel in the province of Quebec. Source: M. Jonathan Hamel President & CEO jhamel@mosaicminerals.ca This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. NOT FOR DISTRIBUTION IN THE UNITED STATES OR ANY US NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE TITLES DESCRIBED HEREIN.Korea Zinc, a leading player in the global lead and zinc smelting industry, has recently achieved a significant milestone by obtaining the designation of its precursor manufacturing technology as a national core technology from the South Korean government. This designation is crucial for safeguarding the company’s technological assets amid ongoing management disputes and foreign acquisition concerns. Key Takeaways Importance Of The Designation The Ministry of Trade, Industry and Energy’s approval of Korea Zinc’s precursor technology as a national core technology underscores the strategic importance of this technology in the domestic battery materials sector. The precursor is a vital component in the production of cathodes for electric vehicle batteries, accounting for a significant portion of manufacturing costs. This designation not only protects Korea Zinc’s technological innovations but also enhances the company’s position in the market, particularly as it faces challenges from foreign competitors. The government has recognized that the leakage of such technology could have severe implications for national security and economic development. Management Control Disputes The designation comes at a critical time as Korea Zinc navigates a complex management control dispute. Young Poong Corp., the largest shareholder, has allied with MBK Partners, a private equity firm, to acquire a controlling stake in Korea Zinc. This move has raised concerns about the potential sale of the company’s assets or technologies to foreign entities, particularly given the reported involvement of Chinese capital in MBK. In response, Korea Zinc’s Chairman, Choi Yun-birm, has partnered with Bain Capital to counter the acquisition bid. The ongoing struggle for control highlights the tensions within the company and the broader implications for its future direction. Economic Security Concerns The designation of Korea Zinc’s precursor technology is also a response to the growing economic security concerns in South Korea. Currently, approximately 97% of the country’s precursor imports come from China, creating a significant vulnerability in the supply chain for domestic battery manufacturers. By designating this technology as a national core asset, the government aims to encourage local production and reduce dependency on foreign sources. Korea Zinc is actively working to establish a self-sufficient supply chain for high-nickel precursors, which are essential for the production of lithium-ion batteries. The company has initiated the construction of a new nickel smelter in Ulsan and has formed a joint venture with LG Chem to enhance its production capabilities. Future Prospects With the national core technology designation, Korea Zinc is poised to strengthen its market position and ensure the stability of its operations. The company plans to implement strict management measures to protect its technology and will require government approval for any foreign investments or acquisitions involving its precursor technology. As the electric vehicle market continues to grow, the demand for locally produced battery materials is expected to rise. Korea Zinc’s proactive approach in securing its technological assets and enhancing its production capabilities will be crucial in meeting this demand and maintaining its competitive edge in the industry. Sources