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NEW YORK , Nov. 21, 2024 /PRNewswire/ -- S&P Global Market Intelligence has released a report today highlighting the convergence in public and private credit markets. The newly published Public and Private Markets Outlook: Converging on Credit is part of S&P Global Market Intelligence's Big Picture 2025 Outlook Report Series. In this new report, S&P Global Market Intelligence's capital markets analysts highlight how public and private credit markets have become increasingly intertwined in 2024, and why we expect this trend to continue in 2025. Public debt markets have grown, but not at the expense of the $1.5 trillion private markets, which continue their rapid expansion. " It may be no coincidence that the fall in Credit Default Swap (CDS) credit events aligns with the growth in provision of private credit. Many companies now have recourse to lines of credit from private sources to an extent not seen in previous cycles. This trend is likely to continue in 2025 but may raise questions about the transparency and measurement of credit risk in private credit funds, where the exposure is ultimately shifted," said Gavan Nolan , Executive Director at S&P Global Market Intelligence. Key highlights from the report include: To request a copy of Public and Private Markets Outlook: Converging on Credit , please contact press.mi@spglobal.com . S&P Global Market Intelligence's opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. About S&P Global Market Intelligence At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction. S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence . Media Contact Amanda Oey S&P Global Market Intelligence +1 212-438-1904 amanda.oey@spglobal.com or press.mi@spglobal.com View original content to download multimedia: https://www.prnewswire.com/news-releases/sp-global-market-intelligences-new-outlook-report-shows-the-convergence-of-public-and-private-credit-markets-and-expects-the-trend-to-continue-into-2025-302313385.html SOURCE S&P Global Market Intelligence
ATLANTA — Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, endured humbling defeat after one tumultuous term and then redefined life after the White House as a global humanitarian, has died. He was 100 years old. The longest-lived American president died on Sunday, more than a year after entering hospice care , at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023 , spent most of their lives, The Carter Center said. “Our founder, former U.S. President Jimmy Carter, passed away this afternoon in Plains, Georgia,” the center said on the social media platform X. It added in a statement that he died peacefully, surrounded by his family. As reaction poured in from around the world, President Joe Biden mourned Carter’s death, saying the world lost an “extraordinary leader, statesman and humanitarian” and he lost a dear friend. Biden cited Carter’s compassion and moral clarity, his work to eradicate disease, forge peace, advance civil and human rights, promote free and fair elections, house the homeless and advocacy for the disadvantaged as an example for others. “To all of the young people in this nation and for anyone in search of what it means to live a life of purpose and meaning – the good life – study Jimmy Carter, a man of principle, faith, and humility,” Biden said in a statement. “He showed that we are a great nation because we are a good people – decent and honorable, courageous and compassionate, humble and strong.” Biden said he is ordering a state funeral for Carter in Washington. Businessman, Navy officer, evangelist, politician, negotiator, author, woodworker, citizen of the world — Carter forged a path that still challenges political assumptions and stands out among the 45 men who reached the nation’s highest office. The 39th president leveraged his ambition with a keen intellect, deep religious faith and prodigious work ethic, conducting diplomatic missions into his 80s and building houses for the poor well into his 90s. “My faith demands — this is not optional — my faith demands that I do whatever I can, wherever I am, whenever I can, for as long as I can, with whatever I have to try to make a difference,” Carter once said. A moderate Democrat, Carter entered the 1976 presidential race as a little-known Georgia governor with a broad smile, outspoken Baptist mores and technocratic plans reflecting his education as an engineer. His no-frills campaign depended on public financing, and his promise not to deceive the American people resonated after Richard Nixon’s disgrace and U.S. defeat in southeast Asia. “If I ever lie to you, if I ever make a misleading statement, don’t vote for me. I would not deserve to be your president,” Carter repeated before narrowly beating Republican incumbent Gerald Ford, who had lost popularity pardoning Nixon. Carter governed amid Cold War pressures, turbulent oil markets and social upheaval over racism, women’s rights and America’s global role. His most acclaimed achievement in office was a Mideast peace deal that he brokered by keeping Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin at the bargaining table for 13 days in 1978. That Camp David experience inspired the post-presidential center where Carter would establish so much of his legacy. Yet Carter’s electoral coalition splintered under double-digit inflation, gasoline lines and the 444-day hostage crisis in Iran. His bleakest hour came when eight Americans died in a failed hostage rescue in April 1980, helping to ensure his landslide defeat to Republican Ronald Reagan. Carter acknowledged in his 2020 “White House Diary” that he could be “micromanaging” and “excessively autocratic,” complicating dealings with Congress and the federal bureaucracy. He also turned a cold shoulder to Washington’s news media and lobbyists, not fully appreciating their influence on his political fortunes. “It didn’t take us long to realize that the underestimation existed, but by that time we were not able to repair the mistake,” Carter told historians in 1982, suggesting that he had “an inherent incompatibility” with Washington insiders. Carter insisted his overall approach was sound and that he achieved his primary objectives — to “protect our nation’s security and interests peacefully” and “enhance human rights here and abroad” — even if he fell spectacularly short of a second term. Ignominious defeat, though, allowed for renewal. The Carters founded The Carter Center in 1982 as a first-of-its-kind base of operations, asserting themselves as international peacemakers and champions of democracy, public health and human rights. “I was not interested in just building a museum or storing my White House records and memorabilia,” Carter wrote in a memoir published after his 90th birthday. “I wanted a place where we could work.” That work included easing nuclear tensions in North and South Korea, helping to avert a U.S. invasion of Haiti and negotiating cease-fires in Bosnia and Sudan. By 2022, The Carter Center had declared at least 113 elections in Latin America, Asia and Africa to be free or fraudulent. Recently, the center began monitoring U.S. elections as well. Carter’s stubborn self-assuredness and even self-righteousness proved effective once he was unencumbered by the Washington order, sometimes to the point of frustrating his successors . He went “where others are not treading,” he said, to places like Ethiopia, Liberia and North Korea, where he secured the release of an American who had wandered across the border in 2010. “I can say what I like. I can meet whom I want. I can take on projects that please me and reject the ones that don’t,” Carter said. He announced an arms-reduction-for-aid deal with North Korea without clearing the details with Bill Clinton’s White House. He openly criticized President George W. Bush for the 2003 invasion of Iraq. He also criticized America’s approach to Israel with his 2006 book “Palestine: Peace Not Apartheid.” And he repeatedly countered U.S. administrations by insisting North Korea should be included in international affairs, a position that most aligned Carter with Republican President Donald Trump. Among the center’s many public health initiatives, Carter vowed to eradicate the guinea worm parasite during his lifetime, and nearly achieved it: Cases dropped from millions in the 1980s to nearly a handful. With hardhats and hammers, the Carters also built homes with Habitat for Humanity. The Nobel committee’s 2002 Peace Prize cites his “untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” Carter should have won it alongside Sadat and Begin in 1978, the chairman added. Carter accepted the recognition saying there was more work to be done. “The world is now, in many ways, a more dangerous place,” he said. “The greater ease of travel and communication has not been matched by equal understanding and mutual respect.” Carter’s globetrotting took him to remote villages where he met little “Jimmy Carters,” so named by admiring parents. But he spent most of his days in the same one-story Plains house — expanded and guarded by Secret Service agents — where they lived before he became governor. He regularly taught Sunday School lessons at Maranatha Baptist Church until his mobility declined and the coronavirus pandemic raged. Those sessions drew visitors from around the world to the small sanctuary where Carter will receive his final send-off after a state funeral at Washington’s National Cathedral. The common assessment that he was a better ex-president than president rankled Carter and his allies. His prolific post-presidency gave him a brand above politics, particularly for Americans too young to witness him in office. But Carter also lived long enough to see biographers and historians reassess his White House years more generously. His record includes the deregulation of key industries, reduction of U.S. dependence on foreign oil, cautious management of the national debt and notable legislation on the environment, education and mental health. He focused on human rights in foreign policy, pressuring dictators to release thousands of political prisoners . He acknowledged America’s historical imperialism, pardoned Vietnam War draft evaders and relinquished control of the Panama Canal. He normalized relations with China. “I am not nominating Jimmy Carter for a place on Mount Rushmore,” Stuart Eizenstat, Carter’s domestic policy director, wrote in a 2018 book. “He was not a great president” but also not the “hapless and weak” caricature voters rejected in 1980, Eizenstat said. Rather, Carter was “good and productive” and “delivered results, many of which were realized only after he left office.” Madeleine Albright, a national security staffer for Carter and Clinton’s secretary of state, wrote in Eizenstat’s forward that Carter was “consequential and successful” and expressed hope that “perceptions will continue to evolve” about his presidency. “Our country was lucky to have him as our leader,” said Albright, who died in 2022. Jonathan Alter, who penned a comprehensive Carter biography published in 2020, said in an interview that Carter should be remembered for “an epic American life” spanning from a humble start in a home with no electricity or indoor plumbing through decades on the world stage across two centuries. “He will likely go down as one of the most misunderstood and underestimated figures in American history,” Alter told The Associated Press. James Earl Carter Jr. was born Oct. 1, 1924, in Plains and spent his early years in nearby Archery. His family was a minority in the mostly Black community, decades before the civil rights movement played out at the dawn of Carter’s political career. Carter, who campaigned as a moderate on race relations but governed more progressively, talked often of the influence of his Black caregivers and playmates but also noted his advantages: His land-owning father sat atop Archery’s tenant-farming system and owned a main street grocery. His mother, Lillian , would become a staple of his political campaigns. Seeking to broaden his world beyond Plains and its population of fewer than 1,000 — then and now — Carter won an appointment to the U.S. Naval Academy, graduating in 1946. That same year he married Rosalynn Smith, another Plains native, a decision he considered more important than any he made as head of state. She shared his desire to see the world, sacrificing college to support his Navy career. Carter climbed in rank to lieutenant, but then his father was diagnosed with cancer, so the submarine officer set aside his ambitions of admiralty and moved the family back to Plains. His decision angered Rosalynn, even as she dived into the peanut business alongside her husband. Carter again failed to talk with his wife before his first run for office — he later called it “inconceivable” not to have consulted her on such major life decisions — but this time, she was on board. “My wife is much more political,” Carter told the AP in 2021. He won a state Senate seat in 1962 but wasn’t long for the General Assembly and its back-slapping, deal-cutting ways. He ran for governor in 1966 — losing to arch-segregationist Lester Maddox — and then immediately focused on the next campaign. Carter had spoken out against church segregation as a Baptist deacon and opposed racist “Dixiecrats” as a state senator. Yet as a local school board leader in the 1950s he had not pushed to end school segregation even after the Supreme Court’s Brown v. Board of Education decision, despite his private support for integration. And in 1970, Carter ran for governor again as the more conservative Democrat against Carl Sanders, a wealthy businessman Carter mocked as “Cufflinks Carl.” Sanders never forgave him for anonymous, race-baiting flyers, which Carter disavowed. Ultimately, Carter won his races by attracting both Black voters and culturally conservative whites. Once in office, he was more direct. “I say to you quite frankly that the time for racial discrimination is over,” he declared in his 1971 inaugural address, setting a new standard for Southern governors that landed him on the cover of Time magazine. His statehouse initiatives included environmental protection, boosting rural education and overhauling antiquated executive branch structures. He proclaimed Martin Luther King Jr. Day in the slain civil rights leader’s home state. And he decided, as he received presidential candidates in 1972, that they were no more talented than he was. In 1974, he ran Democrats’ national campaign arm. Then he declared his own candidacy for 1976. An Atlanta newspaper responded with the headline: “Jimmy Who?” The Carters and a “Peanut Brigade” of family members and Georgia supporters camped out in Iowa and New Hampshire, establishing both states as presidential proving grounds. His first Senate endorsement: a young first-termer from Delaware named Joe Biden. Yet it was Carter’s ability to navigate America’s complex racial and rural politics that cemented the nomination. He swept the Deep South that November, the last Democrat to do so, as many white Southerners shifted to Republicans in response to civil rights initiatives. A self-declared “born-again Christian,” Carter drew snickers by referring to Scripture in a Playboy magazine interview, saying he “had looked on many women with lust. I’ve committed adultery in my heart many times.” The remarks gave Ford a new foothold and television comedians pounced — including NBC’s new “Saturday Night Live” show. But voters weary of cynicism in politics found it endearing. Carter chose Minnesota Sen. Walter “Fritz” Mondale as his running mate on a “Grits and Fritz” ticket. In office, he elevated the vice presidency and the first lady’s office. Mondale’s governing partnership was a model for influential successors Al Gore, Dick Cheney and Biden. Rosalynn Carter was one of the most involved presidential spouses in history, welcomed into Cabinet meetings and huddles with lawmakers and top aides. The Carters presided with uncommon informality: He used his nickname “Jimmy” even when taking the oath of office, carried his own luggage and tried to silence the Marine Band’s “Hail to the Chief.” They bought their clothes off the rack. Carter wore a cardigan for a White House address, urging Americans to conserve energy by turning down their thermostats. Amy, the youngest of four children, attended District of Columbia public school. Washington’s social and media elite scorned their style. But the larger concern was that “he hated politics,” according to Eizenstat, leaving him nowhere to turn politically once economic turmoil and foreign policy challenges took their toll. Carter partially deregulated the airline, railroad and trucking industries and established the departments of Education and Energy, and the Federal Emergency Management Agency. He designated millions of acres of Alaska as national parks or wildlife refuges. He appointed a then-record number of women and nonwhite people to federal posts. He never had a Supreme Court nomination, but he elevated civil rights attorney Ruth Bader Ginsburg to the nation’s second highest court, positioning her for a promotion in 1993. He appointed Paul Volker, the Federal Reserve chairman whose policies would help the economy boom in the 1980s — after Carter left office. He built on Nixon’s opening with China, and though he tolerated autocrats in Asia, pushed Latin America from dictatorships to democracy. But he couldn’t immediately tame inflation or the related energy crisis. And then came Iran. After he admitted the exiled Shah of Iran to the U.S. for medical treatment, the American Embassy in Tehran was overrun in 1979 by followers of the Ayatollah Ruhollah Khomeini. Negotiations to free the hostages broke down repeatedly ahead of the failed rescue attempt. The same year, Carter signed SALT II, the new strategic arms treaty with Leonid Brezhnev of the Soviet Union, only to pull it back, impose trade sanctions and order a U.S. boycott of the Moscow Olympics after the Soviets invaded Afghanistan. Hoping to instill optimism, he delivered what the media dubbed his “malaise” speech, although he didn’t use that word. He declared the nation was suffering “a crisis of confidence.” By then, many Americans had lost confidence in the president, not themselves. Carter campaigned sparingly for reelection because of the hostage crisis, instead sending Rosalynn as Sen. Edward M. Kennedy challenged him for the Democratic nomination. Carter famously said he’d “kick his ass,” but was hobbled by Kennedy as Reagan rallied a broad coalition with “make America great again” appeals and asking voters whether they were “better off than you were four years ago.” Reagan further capitalized on Carter’s lecturing tone, eviscerating him in their lone fall debate with the quip: “There you go again.” Carter lost all but six states and Republicans rolled to a new Senate majority. Carter successfully negotiated the hostages’ freedom after the election, but in one final, bitter turn of events, Tehran waited until hours after Carter left office to let them walk free. At 56, Carter returned to Georgia with “no idea what I would do with the rest of my life.” Four decades after launching The Carter Center, he still talked of unfinished business. “I thought when we got into politics we would have resolved everything,” Carter told the AP in 2021. “But it’s turned out to be much more long-lasting and insidious than I had thought it was. I think in general, the world itself is much more divided than in previous years.” Still, he affirmed what he said when he underwent treatment for a cancer diagnosis in his 10th decade of life. “I’m perfectly at ease with whatever comes,” he said in 2015 . “I’ve had a wonderful life. I’ve had thousands of friends, I’ve had an exciting, adventurous and gratifying existence.”
Nick Rolovich is set for a return to college football three years after his dismissal at Washington State. Rolovich was hired Friday as a senior offensive assistant at the University of California, joining the staff of coach Justin Wilcox. Rolovich has been out of college football since being fired at Washington State midway through the 2021 season for not complying with the state’s COVID-19 vaccine mandate for state employees . Rolovich was 5-6 in his 11 games in charge of the Cougars during the 2020-21 seasons that were impacted by the pandemic. He was fired after Washington State beat Stanford 34-31 on Oct. 16, 2021, and was replaced by current Cougars coach Jake Dickert. Rolovich contended he should have been provided a religious exemption to a law requiring state employees to get the vaccine — a requirement that was later rescinded. WSU contended that Rolovich did not raise religious concerns about the vaccine’s development until the deadline approached to get vaccinated. The school said its denial of an exemption was based on its inability to accommodate his coaching under pandemic-related guidelines and skepticism about the sincerity of his beliefs. Rolovich filed a lawsuit in U.S. District Court in Spokane against the university that was originally schedule to go to trial in December. The trial was struck from the court calendar this past summer as both sides filed motions for summary judgment. That is still pending. Rolovich's lawsuit originally included specific claims against Gov. Jay Inslee and then-Washington State athletic director Pat Chun. Those were dismissed in 2023. Rolovich was hired in Pullman as the replacement for the late Mike Leach when he left to take the head job at Mississippi State after the 2019 season. Rolovich was coming off a 10-win season at Hawaii where he went 28-27 in his four seasons in charge. Known for his offensive background and high-scoring teams, Rolovich's hiring at WSU was seen as a continuation of what Leach created during his tenure on the Palouse. But the pandemic arrived just a few months after Rolovich was hired and led to a truncated first season where the Cougars played just four games and the season didn't begin until November. His second season became defined by the lingering vaccine debate which came to light when Rolovich didn't show up in person for Pac-12 media day in Los Angeles where a vaccine mandate was in place. From there, his vaccination status clouded the Cougars season and whether the school would have to move forward with termination. It finally arrived on Monday, Oct. 18, 2021, the day Inslee set as the deadline for state employees to be vaccinated or have an exemption. At the time of his firing, Rolovich was the highest-paid state employee with a contract paying more than $3 million. Rolovich has long connections in the Bay Area and began his coaching career as an assistant coach at San Marin High School in nearby Novato. With the Golden Bears, he'll work on a staff that includes former Boise State and Auburn head coach Bryan Harsin, who was hired as Cal's offensive coordinator earlier this week.
NEW YORK (AP) -- President-elect Donald Trump's lawyers formally asked a judge Monday to throw out his hush money criminal conviction, arguing continuing the case would present unconstitutional "disruptions to the institution of the Presidency." In a filing made public Tuesday, Trump's lawyers told Manhattan Judge Juan M. Merchan that dismissal is warranted because of the extraordinary circumstances of his impending return to the White House. "Wrongly continuing proceedings in this failed lawfare case disrupts President Trump's transition efforts," the attorneys continued, before citing the "overwhelming national mandate granted to him by the American people on November 5, 2024." Trump's lawyers also cited President Joe Biden's recent pardon of his son, Hunter Biden, who had been convicted of tax and gun charges. "President Biden asserted that his son was 'selectively, and unfairly, prosecuted,' and 'treated differently,'" Trump's legal team wrote. The Manhattan district attorney, they claimed, had engaged in the type of political theater "that President Biden condemned." Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but have indicated openness to delaying sentencing until after Trump's second term ends in 2029. In their filing Monday, Trump's attorneys dismissed the idea of holding off sentencing until Trump is out of office as a "ridiculous suggestion." Following Trump's election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing, previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump's prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse the conviction, which involved efforts to conceal a $130,000 payment to porn actor Stormy Daniels, whose affair allegations threatened to disrupt his 2016 campaign. He has denied any wrongdoing. Trump takes office on Jan. 20. Merchan hasn't set a timetable for a decision. The defense filing was signed by Trump lawyers Todd Blanche and Emil Bove, who represented Trump during the trial and have since been selected by the president-elect to fill senior roles at the Justice Department. A dismissal would erase Trump's historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Merchan could also decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump's parallel effort to get the case moved out of state court or choose some other option. Trump was convicted in May on 34 counts of falsifying business records to conceal a $130,000 hush money payment to porn actor Stormy Daniels, just before the 2016 presidential election, to suppress her claim that they had sex a decade earlier. He says they did not and denies any wrongdoing. Prosecutors cast the payout as part of a Trump-driven effort to keep voters from hearing salacious stories about him. Trump's then-lawyer Michael Cohen paid Daniels. Trump later reimbursed him, and Trump's company logged the reimbursements as legal expenses - concealing what they really were, prosecutors alleged. Trump has pledged to appeal the verdict if the case is not dismissed. He and his lawyers said the payments to Cohen were properly categorized as legal expenses for legal work.Ikea India's losses swell, sales growth falls to 6-year lowBy KATE BRUMBACK ATLANTA (AP) — A judge is weighing whether a Georgia state Senate committee has the right to subpoena testimony and documents from Fulton County District Attorney Fani Willis as it looks into whether she has engaged in misconduct during her prosecution of President-elect Donald Trump. The Republican-led committee sent subpoenas to Willis in August seeking to compel her to testify at its September meeting and to produce scores of documents. The committee was formed earlier this year to examine allegations of “various forms of misconduct” by Willis, an elected Democrat, during her prosecution of Trump and others over their efforts to overturn the former president’s 2020 election loss in Georgia. Willis’ attorney, former Democratic Gov. Roy Barnes, told Fulton County Superior Court Judge Shukura Ingram during a hearing Tuesday that although the Georgia General Assembly has subpoena power, that power is not automatically conferred on a single legislative chamber or its committees. Even if the committee did have such power, he argued, the subpoenas in question are overly broad and not related to a legitimate legislative need. Barnes said the focus on Willis and her investigation into Trump shows that the committee was politically motivated and not a legitimate inquiry into the practices of district attorneys’ offices: “What they were trying to do is chill the prosecution of Donald Trump and find out what they had.” Josh Belinfante, a lawyer representing the lawmakers, said there is nothing in the Georgia Constitution that prohibits the Senate from issuing a subpoena. The duly formed interim committee is looking into whether new legislation is needed to regulate the practices of district attorneys’ offices in the state, he argued. “They are investigating and making an inquiry into these allegations that may show that existing state laws, including those establishing the processes for selecting, hiring and compensating special assistant district attorneys, are inadequate,” Belinfante said. The resolution creating the committee focused in particular on Willis’ hiring of special prosecutor Nathan Wade , with whom she had a romantic relationship , to lead the prosecution against Trump and others. It says the relationship amounted to a “clear conflict of interest and a fraud upon the taxpayers” of the county and state. One of the committee’s subpoenas orders Wills to produce documents related to Wade, including documents related to his hiring and payment, documents related to money or items of value that Wade and Willis may have exchanged, text messages and emails between the two, and their phone records. The committee also requested any documents her office sent in response to requests from the U.S. House, as well as communications Willis and her office had with the White House, the U.S. Justice Department and the House relating to the 2020 presidential election. And they asked for documents related to federal grant money Willis’ office has received. Before the deadlines in the subpoenas, Willis challenged them in court. Willis’ challenge was pending in mid-September when she skipped a hearing during which the committee members had hoped to question her. In October, the committee asked Ingram to require Willis to comply with the subpoenas. The committee’s lawyers wrote in a court filing that Willis’ failure to do so had delayed its ability to finish its inquiry and to provide recommendations for any legislation or changes in appropriations that might result. Barnes also argued that once the regular legislative session has adjourned, which happened in March this year, legislative committees can meet to study issues and come up with recommendations but do not have the power to compel someone to appear or produce documents. Belinfante rejected that, saying the state Constitution expressly permits the creation of interim committees and allows them to make their rules. Even if these subpoenas were validly issued, Barnes argued, they ask for too much, including private and personal information that is not a legitimate target of a legislative subpoena. Belinfante said the lawmakers are simply trying to do their jobs. He asked that Willis be ordered to appear before the committee in early January. He also asked that she be ordered to provide the requested documents and explain what privilege justifies any that are excluded. With a glaring lack of state case law on the issue of the General Assembly’s subpoena power, that’s one issue Ingram will have to address. She said she will consider the arguments and release her order as soon as she can. Willis and Wade have acknowledged that they had a relationship but have said it began after he was hired and ended before the indictment against Trump was filed. Trump and other defendants argued that the relationship created a conflict of interest that should disqualify Willis and her office from continuing with her prosecution of the case. Fulton County Superior Court Judge Scott McAfee ruled in March that Willis’ actions showed a “tremendous lapse in judgment,” but he did not find a conflict of interest that would disqualify Willis. He said she could continue her prosecution as long as Wade stepped aside, which he did. Trump and others have appealed that ruling to the Georgia Court of Appeals, and that appeal remains pending.
Baker Mayfield threw for five touchdowns and the Tampa Bay Buccaneers stayed in the race atop the NFC South by pounding the visiting Carolina Panthers 48-14 on Sunday afternoon. Mike Evans and Jalen McMillan both caught two TD passes and Bucky Irving rushed for 113 yards as Tampa Bay's second victory of the month against Carolina came much easier than the road version in overtime. Mayfield completed 27 of 32 passes for 359 yards and Evans caught eight balls for 97 yards. The Buccaneers (9-7) collected 551 yards of total offense. The Panthers (4-12) have lost five of their last six despite Bryce Young throwing two touchdown passes to Adam Thielen (five catches, 110 receiving yards). Young finished 15-for-28 passing for 203 yards, but Carolina managed only 39 rushing yards as it played without injured top running back Chuba Hubbard. Both of Mayfield's TD tosses to Evans were short (2 yards, 1 yard). Mayfield's scoring throws to McMillian covered 10 and 16 yards. He also had a 5-yard throw to Payne Durham to open the second-half scoring. The Buccaneers also scored off J. J. Russell's blocked punt return during a 25-second span of the third quarter when they racked up 14 points. Chase McLaughlin kicked field goals of 23 and 34 yards for the Buccaneers, who need to finish with a better record than the Atlanta Falcons in the divisional race because the tiebreaker favors Atlanta, which plays at Washington on Sunday night. Tampa Bay hosts New Orleans next weekend, while Carolina plays at Atlanta. After scoring on its first possession, Carolina's next three series on offense resulted in a total of minus-6 yards and three punts. The Buccaneers cashed in for 17 points following those defensive stops. The Panthers perked up by going 70 yards in 21 seconds to score on Young's 40-yard pass to Theilen with 50 seconds left in the half. They got the ball back following a Tampa Bay punt, and were in position to post 10 points in the last minute of the half until Eddy Pineiro's 53-yard field goal attempt was off the mark. Carolina has surrendered more points this year than in any season in franchise history, though Tampa Bay came four points shy of matching the most points ever allowed by the Panthers in a game. --Field Level MediaBy JUAN A. LOZANO, Associated Press HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Related Articles Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. Follow Juan A. Lozano on X at https://x.com/juanlozano70
Special counsel moves to dismiss election interference and classified documents cases against TrumpSANTA CLARA, Calif. (AP) — De'Vondre Campbell's decision to quit on his team in the middle of a game overshadowed the bigger issues for the San Francisco 49ers. Read this article for free: Already have an account? To continue reading, please subscribe: * SANTA CLARA, Calif. (AP) — De'Vondre Campbell's decision to quit on his team in the middle of a game overshadowed the bigger issues for the San Francisco 49ers. Read unlimited articles for free today: Already have an account? SANTA CLARA, Calif. (AP) — De’Vondre Campbell’s decision to quit on his team in the middle of a game overshadowed the bigger issues for the San Francisco 49ers. An offense that was one of the most dynamic in the NFL during a run to the Super Bowl last season has been just ordinary for most of 2024 and was downright bad in a 12-6 loss to the Los Angeles Rams on Thursday night that just about ended San Francisco’s playoff hopes. San Francisco (6-8) was held to its fewest yards (191) in a regular-season game in eight seasons under coach Kyle Shanahan and its fewest points since Shanahan’s debut in 2017 on a rainy night that will be remembered mostly for Campbell walking off the field in the middle of the game with a towel draped over his head. The game also featured San Francisco going three-and-out on four drives as Brock Purdy struggled to connect with his receivers. Deebo Samuel dropped a potential touchdown pass after complaining earlier in the week about a lack of touches. Purdy then missed Ricky Pearsall on an underthrown deep shot in the fourth quarter before throwing an interception into the end zone that ended the Niners’ comeback attempt. “I just feel like I had a lot of plays left out there that I could have made for our team,” Purdy said. “I thought the defense and special teams played so good. That’s what’s hurting me is I just feel like I failed the team. I could have been better for our offense and we could have put up more points.” Scoring has been an issue this season for the 49ers, who have been missing key playmakers like Christian McCaffrey and Brandon Aiyuk for much of the season. San Francisco is scoring 8.5 fewer points per game on offense than the Niners did through 14 games last season. What’s working Red-zone defense. After allowing touchdowns on 13 consecutive red-zone drives over the previous four games, the 49ers kept the Rams out of the end zone on all three drives that went inside the 20. What needs help Receivers. The 49ers failed to get much production from their wide receivers with Purdy going 6 for 20 for 63 yards with an INT and a 19.4 rating when targeting wideouts. Samuel had 16 yards on seven targets with the key drop. Jauan Jennings had two drops and was the target on the interception. Pearsall had one catch for 16 yards on four targets. Stock up LB Dre Greenlaw returned for the first time since tearing his left Achilles tendon in last season’s Super Bowl. Greenlaw had eight tackles in the first half as he brought needed intensity and physical play that had been missing for much of the season. Stock down Campbell. The 49ers are deciding whether to waive or suspend Campbell, who lost his starting job when Greenlaw returned and then refused to play when he was needed. “His actions from the game just is not something you can do to your team or your teammates and still expect to be a part of our team,” Shanahan said. “We’re working through exactly the semantics of it right now, but we’ll handle the situation appropriately.” Injuries Greenlaw came out of the game feeling OK after leaving with soreness in his knee and Achilles tendon. He is day to day. ... S Ji’Ayir Brown (groin) and LB Dee Winters (neck) are also day to day. ... LT Trent Williams (ankle) is still trying to get back to play after missing the last four games. Shanahan said Williams’ recovery has been “a lot slower than anticipated.” Key number Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. 0 — The Niners didn’t reach the red zone once all game, with their deepest penetration into Rams territory being when they reached the 27 on a third-quarter field goal drive. This marked the first time since Week 11 in 2010 that the 49ers didn’t run a single play inside the opponent’s 25. What’s next The 49ers visit Miami on Dec. 22. ___ AP NFL: https://apnews.com/hub/NFL Advertisement Advertisement
OTTAWA ’s comment to Prime Minister about Canada becoming “a 51st state” was a “joke” made in a good-humoured social context and not a serious comment, says Dominic LeBlanc, the only cabinet minister at a Mar-a-Lago dinner Friday night. Citing two unnamed sources, Fox News reported Monday night that Trump said he would levy his threatened 25 per cent tariffs against Canadian products if his concern about border security and trade deficits isn’t resolved. Fox News further reported that when Trudeau replied it would kill the Canadian economy, Trump said if Canada can’t survive unless it is ripping off the U.S. to the tune of $100 billion, it could become “the 51st state” and Trudeau could become governor. Fox News also reported that so-called nervous laughter ensued with someone at the table saying Canada would be a very liberal state, and Trump suggesting it could become two — one conservative and one liberal. The details reported by Fox News report were not confirmed by the Canadian government, but nor was the statement attributed to Trump denied. Before a cabinet meeting Tuesday, LeBlanc was asked if it shows Trump thinks Canada is a joke. He responded defensively, saying, “Not at all, not at all. That was not the context at all. In a three-hour social evening at the president’s residence in Florida on a long weekend of American Thanksgiving, the conversation was going to be lighthearted. The President was telling jokes. The President was teasing us. It was, of course, on that issue, in no way a serious comment we had.” LeBlanc repeated the government’s lines since Saturday that the two leaders and a handful of advisers had a wide-ranging conversation about trade and border security issues “that was very productive.” “But the fact that there’s a warm, cordial relationship between the two leaders and the President is able to joke like that for us was a — we don’t have a transcript. Nobody, if you look carefully at the picture, nobody had pads that were taking notes. It was a social evening,” LeBlanc insisted. “It wasn’t a meeting in a boardroom with 10 bureaucrats keeping notes ... And there were moments where it was entertaining and funny, and there were moments where we were able to do, we think, some good work for Canada.” On Tuesday, Trump posted a photoshopped image on his Truth Social platform, of him standing next to a large Canadian flag overlooking a mountain range, dominated by what looked to be (and Google Lens said was) the Matterhorn in Switzerland, with the message: “Oh Canada!” It was not clear what Trump’s intention was. Neither Trudeau nor Chrystia Freeland, his deputy and finance minister who was not on the trip, commented to reporters Tuesday about the so-called joke about the 51st state. Former Conservative interim leader Rona Ambrose in an interview with the CBC said while it’s not clear exactly what was said, she didn’t take it as a joke. “It’s not funny, and it’s not funny to be threatened with a 25 per cent tariff across the board for a country that is so dependent on trade with the U.S.,” said Ambrose. Ambrose previously sat on Trudeau’s outside advisory council during the renegotiation of NAFTA, and doesn’t believe that Trudeau and Trump have the kind of rapport that will exempt Canada from tariffs. “I don’t think that there’s a special relationship between the two leaders, and that’s unfortunate, because I think relationships do make a difference.” But she said the “saving grace” may be that many premiers and U.S. governors, and business leaders do have the ability to “bring to bear some pressure on President Trump.” No Canadian media were at Mar-a-Lago or even aware of the trip before internet flight trackers published the prime minister’s plane was en route to Florida. The prime minister’s team said Trump’s advisers had insisted the meeting remain confidential until the dinner started. Canadian accounts of what was said after their meeting, including the Star’s, relied on brief comments by LeBlanc over the weekend, and on confidential sources — who spoke on condition they not be identified in order to talk about the private discussions. The Star reported on what Trump and Trudeau discussed, and on Monday, the Star reported Trudeau’s team believes it may be to get a reprieve on the threatened tariffs if it addresses the border concerns of the incoming Trump Administration. A senior Canadian official said Trump was clear his focus is on stopping illegal immigration, any flow of illegal drugs — especially fentanyl — and also that he likes tariffs and dislikes trade deficits. But sources did not reveal Trump’s 51st-state comment before Fox News published it. Several Canadian cabinet ministers declined comment Tuesday. “I’ll pass, thank you,” said Jenna Sudds, the minister of families, children and social development. “I think he was trying to joke, but I wasn’t there,” said International Development Minister Ahmed Hussen. J Industry Minister François-Philippe Champagne insisted the meeting itself is important. “The one thing that you should take note is that Prime Minister Trudeau was the first leader of the G7 to be hosted by President Trump. I think that is really significant. That is a testament to the strategic nature of our relationship.”
PM launches project to restore Kachhi canal
Is Enron back? If it’s a joke, some former employees aren’t laughingMichigan aims to cap lost season by beating Ohio StateTrump Slams Kevin McCarthy for Pushing to Raise Debt Ceiling: 'One of the Dumbest Political Decisions Made'ARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) ("Fluence” or the "Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights The Company is initiating fiscal year 2025 guidance as follows: "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company's President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company's common stock as of September 30, 2024 are presented below: The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company's website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. ("GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the "Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under "Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "may,” "possible,” "will,” "should,” "expects,” "plans,” "anticipates,” "could,” "intends,” "targets,” "projects,” "contemplates,” "commits", "believes,” "estimates,” "predicts,” "potential” or "continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers' ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a "controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC's ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A."Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission ("SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. CONSOLIDATED BALANCE SHEETS (U.S. Dollars in Thousands, except share and per share amounts)
Trudeau government accused of not being transparent with delayed release of spending report
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Former Maryland Gov. Larry Hogan (R) claims he saw “large drones” in the sky above his Davidsonville home, located roughly 25 miles from Washington, DC, and called for the federal government to “immediately address” the ongoing issue of reported drone sightings. In a post on X, Hogan explained that he had “observed” the unidentified drone activity for “approximately 45 minutes.” Hogan criticized the “White House, the military, the FBI” and the Department of Homeland Security (DHS) for saying they don’t know “what they are” or “where they came from,” while also saying “they pose no threat.” Hogan’s post comes as people have reportedly claimed to see unidentified drones in the sky in New Jersey, Staten Island, New York , and Pennsylvania , among other places. “Last night, beginning at around 9:45 p.m., I personally witnessed (and videoed) what appeared to be dozens of large drones in the sky above my residence in Davidsonville, Maryland (25 miles from our nation’s capital),” Hogan wrote in his post. “I observed the activity for approximately 45 minutes.” Hogan admitted that “like many” people who have claimed to see the drones, he did “not know if this increasing activity over our skies is a threat to public safety or national security.” “But the public is growing increasingly concerned and frustrated with the complete lack of transparency and the dismissive attitude of the federal government,” Hogan continued. “The government has the ability to track these from their point of origin but has mounted a negligent response. People are rightfully clamoring for answers, but aren’t getting any.” Hogan added: “We are being told that neither the White House, the military, the FBI, or Homeland Security have any idea what they are, where they came from, or who has launched or is controlling them–and that they pose no threat. That response is entirely unacceptable. I join with the growing bipartisan chorus of leaders demanding that the federal government immediately address this issue. The American people deserve answers and action now.” The Pentagon previously denied Rep. Jeff Van Drew’s (R-NJ) claim that the alleged drones are coming from an Iranian mothership located off the East Coast of the United States. On Thursday, the FBI and DHS issued a joint statement stating that they have “no evidence” that the alleged drone sightings were “a national security or public safety threat or have a foreign nexus.” Hogan joins lawmakers such as New Jersey state Sen. Jon Bramnick (R) and Rep. Thomas Kean Jr. (R-NJ) in calling for action to be taken over the reported drone sightings.The King and the Prime Minister have paid tribute to Jimmy Carter following the former US president’s death on Sunday aged 100. In a message to the American people, the King expressed “great sadness” at the news of Mr Carter’s death, describing him as “a committed public servant” who “devoted his life to promoting peace and human rights”. He added: “His dedication and humility served as an inspiration to many, and I remember with great fondness his visit to the United Kingdom in 1977. “My thoughts and prayers are with President Carter’s family and the American people at this time.” Mr Carter, a former peanut farmer, served one term in the White House between 1977 and 1981 and spent his post-presidency years as a global humanitarian, winning the Nobel Peace Prize in 2002. Sir Keir Starmer said Mr Carter had “lived his values in the service of others to the very end” through “decades of selfless public service”. Praising a “lifelong dedication to peace” that saw him win the Nobel Peace Prize in 2002, Sir Keir added: “Motivated by his strong faith and values, President Carter redefined the post-presidency with a remarkable commitment to social justice and human rights at home and abroad.” Tributes to Mr Carter followed the announcement of his death by his family on Sunday, more than a year after he decided to enter hospice care. His son, Chip Carter, said: “My father was a hero, not only to me but to everyone who believes in peace, human rights, and unselfish love.” Very sorry to hear of President Carter’s passing. I pay tribute to his decades of selfless public service. My thoughts are with his family and friends at this time. pic.twitter.com/IaKmZcteb1 — Keir Starmer (@Keir_Starmer) December 29, 2024 US President Joe Biden, one of the first elected politicians to endorse Mr Carter’s bid for the presidency in 1976, said the world had “lost an extraordinary leader, statesman and humanitarian”. He said: “Over six decades, we had the honour of calling Jimmy Carter a dear friend. But, what’s extraordinary about Jimmy Carter, though, is that millions of people throughout America and the world who never met him thought of him as a dear friend as well. “With his compassion and moral clarity, he worked to eradicate disease, forge peace, advance civil rights and human rights, promote free and fair elections, house the homeless, and always advocate for the least among us.” Vice President Kamala Harris said Mr Carter “reminded our nation and the world that there is strength in decency and compassion”. “His life and legacy continue to inspire me — and will inspire generations to come,” she said. “Our world is a better place because of President Carter.” Other UK politicians also paid tribute to Mr Carter. Liberal Democrat leader Sir Ed Davey said he was “an inspiration” who “led a truly remarkable life dedicated to public service with a genuine care for people”. Scottish First Minister John Swinney described the former president as “a good, decent, honest man who strove for peace in all that he did”, while Welsh First Minister said he was “a remarkable man” and “a humanitarian and scholar”. Former prime minister Sir Tony Blair said Mr Carter’s “life was a testament to public service”. He added: “I always had the greatest respect for him, his spirit and his dedication. He fundamentally cared and consistently toiled to help those in need.” Gordon Brown, another former prime minister, said it was a “privilege” to have known Mr Carter, who “will be mourned, not just in America, but in every continent where human rights are valued”. Mr Carter is expected to receive a state funeral featuring public observances in Atlanta, Georgia, and Washington DC before being buried in his hometown of Plains, Georgia. A moderate democrat born in Plains in October 1924, Mr Carter’s political career took him from the Georgia state senate to the state governorship and, finally, the White House, where he took office as 39th president in the wake of the Watergate scandal and the Vietnam War. His presidency saw economic disruption amid volatile oil prices, along with social tensions at home and challenges abroad including the Iranian revolution that sparked a 444-day hostage crisis at the US embassy in Tehran. But he also brokered the Camp David Accords between Egypt and Israel, which led to a peace treaty between the two countries in 1979. After his defeat in the 1980 presidential election, he worked more than four decades leading The Carter Centre, which he and his late wife Rosalynn co-founded in 1982 to “wage peace, fight disease, and build hope”. Under his leadership, the Carter Center virtually eliminated Guinea Worm disease, which has gone from affecting 3.5 million people in Africa and Asia in 1986 to just 14 in 2023. Mrs Carter, who died last year aged 96, had played a more active role in her husband’s presidency than previous first ladies, with Mr Carter saying she had been “my equal partner in everything I ever accomplished”. Earlier this year, on his 100th birthday, Mr Carter received a private congratulatory message from the King, expressing admiration for his life of public serviceSun Tzu, A Chinese military general, strategist, and philosopher who lived approximately in the 5th Century BC, is best known for his famous book 'The Art Of War'. In it, he wrote a proverb well-known to the world even today - "Keep your friends close, but your enemies closer". US President-elect Donald Trump seems to have taken a leaf out of Sun Tzu's book when he invited Chinese President Xi Jinping to his inaugural ceremony in Washington DC scheduled for January 20th. President Xi, who perhaps is also familiar with Sun Tzu works, read right through Donald Trump's invite and has politely declined it, as per the latest reports. Donald Trump's unprecedented decision to invite the Chinese President astonished officials in Washington and many others beyond. "A foreign leader has never attended the inauguration of a US President," said the US State Department after hours of looking up official records dating back to 1874. "It is, however, common for Ambassadors and other diplomats to attend the President's swearing-in ceremony," the US State Department added. Amid all the hustle and bustle at the White House - and chaos behind the scenes - Donald Trump's spokesperson Karoline Leavitt decided to give an interview to Fox News. Confirming the invite to Xi Jinping, Ms Leavitt said "This is an example of President Trump creating an open dialogue with leaders of countries that are not just allies but our adversaries and our competitors too." She also said that an invite for Donald Trump's oath taking ceremony was sent to several other foreign leaders besides just Xi Jinping, but did not reveal who they were. It is not known yet if these "other invites" were sent on the same day as the one extended to Xi Jinping, or after Washington learnt about the Chinese President's decision not to attend. Meanwhile, on the other side of the planet, officials in Beijing have remained tight-lipped over the issue. President Xi though, had, as recently as Tuesday, warned Washington about the expected tariff, trade, and tech wars once Trump becomes President. Expecting economic trouble in the weeks and months ahead, President Xi held a crucial meeting with heads of 10 major international organisations, including the World Bank, the International Monetary Fund, and World Trade Organisation (WTO) in Beijing. " There will be no winners ," he cautioned the United States in his speech at that meeting while he spoke about tariff hikes, tech-bans, and trade clampdowns that Donald Trump has vowed to impose on China once he takes charge. With such war of words and aggressive posturing by both Trump and Xi, the former's decision to invite the Chinese President for his inauguration ceremony does indeed seem both misplaced and rather unusual. Donald Trump has blown hot and cold in his views about Xi Jinping - calling him "a brilliant guy" on one occasion, and describing him as his nemesis on another. An invite sent, as one would, to an ally, on the one hand, and calling China "the greatest threat" on the other. Speaking about President Xi in his pre-election podcast with Joe Rogan, Trump had said, "He controls 1.4 billion people with an iron fist. I mean, he's a brilliant guy, whether you like it or not." But in two other interviews he called Xi Jinping the "biggest threat to the world" and labelled China as the "threat of the century". Donald Trump has also appointed Marco Rubio as his Secretary of State and Mike Walz as his National Security Adviser - both staunch critics of China who have kept a hawk's eye on every move Beijing makes - so much so, that the Chinese government has placed sanctions on Marco Rubio, and in 2020 had banned him from ever entering the country again - something Beijing would need to reconsider when he takes office as Secretary of State. Weeks before the Trump Administration takes over, NSA-designate Mike Waltz has already urged President-elect Trump to "urgently end the conflicts in Ukraine and the Middle East in order to counter the greater threat from the Chinese Communist Party". All eyes are now on what will be Trump's next move after the invitation snub, and what will be Xi Jinping's counter. The endgame is far from sight. Track Latest News Live on NDTV.com and get news updates from India and around the world
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