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Priority Income Fund Announces Redemption of its 6.250% Series G Term Preferred Stock Due 2026TORONTO, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Sprott Focus Trust, Inc. (Nasdaq-FUND) (the “Fund” or “FUND”) has declared a quarterly distribution of $0.2161 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock or in cash by specific stockholder election, is to be paid on December 30, 2024 to stockholders of record at the close of business on December 13, 2024 (ex-dividend on December 13, 2024). The price of shares issued for reinvestment will be determined on December 20, 2024. The Fund currently has adopted a Distribution Policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 6% of the rolling average of the prior four calendar quarter-end net asset values (“NAVs”), with the fourth quarter distribution being the greater of 1.50% of the rolling average or the minimum distribution required by IRS regulations. The policy, including the annual rate, is subject to change at the discretion of the Fund’s Board of Directors. The Fund’s estimated sources of the distribution to be paid on December 30, 2024 and for 2024 year-to-date are as follows: Estimated Allocations as of November 30, 2024 Estimated Allocations for 2024 through November 30, 2024 You should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information 1 Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ended November 30, 2024. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year, assuming reinvestment of distributions paid. 2 The Annualized Current Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of November 30, 2024. 3 Cumulative Total Return is the percentage change in the Fund’s NAV from December 31, 2023 to November 30, 2024, assuming reinvestment of distributions paid. 4 The Cumulative Fiscal Year Distribution Rate is the dollar value of distributions for the fiscal year period (January 1, 2024 to November 30, 2024), as a percentage of the Fund’s NAV as of November 30, 2024. About Sprott Focus Trust, Inc. Sprott Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq Global Select Market. The Fund’s investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities. For further information on the Fund, please visit our web site at: www.sprottfocustrust.com . An investor should consider investment objectives, risks, charges and expenses carefully before investing. The Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. The Fund trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. Suite 230 | 320 Post Road | Darien, Connecticut | USA 06820 | (203) 636-0977 | www.sprott.com Contact: Glen Williams (416) 943-4394
WASHINGTON: The Republican-controlled US House of Representatives passed legislation on Friday that would avert a midnight government shutdown, defying President-elect Donald Trump’s demand to also greenlight trillions of dollars in new debt. The House voted 366-34 to approve the bill, the day after rejecting Trump’s debt ceiling demand. The Democratic-controlled Senate will also need to pass the bill to advance it to President Joe Biden, who the White House said would sign it into law to ensure the US government will be funded beyond midnight (0500 GMT Saturday), when current funding expires. The legislation would extend government funding until March 14, provide $100 billion for disaster-hit states and $10 billion for farmers. However, it would not raise the debt ceiling — a difficult task that Trump has pushed Congress to do before he takes office on Jan. 20. A government shutdown would disrupt everything from law enforcement to national parks and suspend paychecks for millions of federal workers. A travel industry trade group warned that a shutdown could cost airlines, hotels and other companies $1 billion per week and lead to widespread disruptions during the busy Christmas season. Authorities warned that travelers could face long lines at airports. The package resembled a bipartisan plan that was abandoned earlier this week after an online fusillade from Trump and his billionaire adviser Elon Musk, who said it contained too many unrelated provisions. Most of those elements were struck from the bill — including a provision limiting investments in China that Democrats said would conflict with Musk’s interests there. “He clearly does not want to answer questions about how much he plans to expand his businesses in China and how many American technologies he plans to sell,” Democratic Representative Rosa DeLauro said on the House floor. Musk, the world’s richest person, has been tasked by Trump to head a budget-cutting task force but holds no official position in Washington. The bill also left out Trump’s demand to the nation’s debt ceiling, which was resoundingly rejected by the House — including 38 Republicans — on Thursday. The federal government spent roughly $6.2 trillion last year and has more than $36 trillion in debt, and Congress will need to act to authorize further borrowing by the middle of next year. Representative Steve Scalize, the No. 2 House Republican, said lawmakers had been in touch with Trump but did not say whether he supported the new plan. Sources said the White House has alerted government agencies to prepare for an imminent shutdown. The federal government last shut down for 35 days during Trump’s first White House term over a dispute about border security. Previous fights over the debt ceiling have spooked financial markets, as a US government default would send credit shocks around the world. The limit has been suspended under an agreement that technically expires on Jan. 1, though lawmakers likely would not have had to tackle the issue before the spring.
Chad Chronister, Donald Trump’s pick to run the DEA, withdraws name from consideration
BOGOTA, Colombia (AP) — 2024 was a brutal year for the Amazon rainforest, with rampant wildfires and extreme drought ravaging large parts of a biome that’s a critical counterweight to climate change. A warming climate fed drought that in turn fed the worst year for fires since 2005. And those fires contributed to deforestation, with authorities suspecting some fires were set to more easily clear land to run cattle. The Amazon is twice the size of India and sprawls across eight countries and one territory, storing vast amounts of carbon dioxide that would otherwise warm the planet. It has about 20% of the world’s fresh water and astounding biodiversity, including 16,000 known tree species. But governments have historically viewed it as an area to be exploited, with little regard for sustainability or the rights of its Indigenous peoples, and experts say exploitation by individuals and organized crime is rising at alarming rates. “The fires and drought experienced in 2024 across the Amazon rainforest could be ominous indicators that we are reaching the long-feared ecological tipping point,” said Andrew Miller, advocacy director at Amazon Watch, an organization that works to protect the rainforest. “Humanity’s window of opportunity to reverse this trend is shrinking, but still open.” There were some bright spots. The level of Amazonian forest loss fell in both Brazil and Colombia. And nations gathered for the annual United Nations conference on biodiversity agreed to give Indigenous peoples more say in nature conservation decisions. “If the Amazon rainforest is to avoid the tipping point, Indigenous people will have been a determinant factor," Miller said. Forest loss in Brazil’s Amazon — home to the largest swath of this rainforest — dropped 30.6% compared to the previous year, the lowest level of destruction in nine years. The improvement under leftist President Luiz Inácio Lula da Silva contrasted with deforestation that hit a 15-year high under Lula's predecessor, far-right leader Jair Bolsonaro, who prioritized agribusiness expansion over forest protection and weakened environmental agencies. In July, Colombia reported historic lows in deforestation in 2023, driven by a drop in environmental destruction. The country's environment minister Susana Muhamad warned that 2024's figures may not be as promising as a significant rise in deforestation had already been recorded by July due to dry weather caused by El Nino, a weather phenomenon that warms the central Pacific. Illegal economies continue to drive deforestation in the Andean nation. “It’s impossible to overlook the threat posed by organized crime and the economies they control to Amazon conservation,” said Bram Ebus, a consultant for Crisis Group in Latin America. “Illegal gold mining is expanding rapidly, driven by soaring global prices, and the revenues of illicit economies often surpass state budgets allocated to combat them.” In Brazil, large swaths of the rainforest were draped in smoke in August from fires raging across the Amazon, Cerrado savannah, Pantanal wetland and the state of Sao Paulo. Fires are traditionally used for deforestation and for managing pastures, and those man-made blazes were largely responsible for igniting the wildfires. For a second year, the Amazon River fell to desperate lows , leading some countries to declare a state of emergency and distribute food and water to struggling residents. The situation was most critical in Brazil, where one of the Amazon River's main tributaries dropped to its lowest level ever recorded. Cesar Ipenza, an environmental lawyer who lives in the heart of the Peruvian Amazon, said he believes people are becoming increasingly aware of the Amazon's fundamental role “for the survival of society as a whole." But, like Miller, he worries about a “point of no return of Amazon destruction.” It was the worst year for Amazon fires since 2005, according to nonprofit Rainforest Foundation US. Between January and October, an area larger than the state of Iowa — 37.42 million acres, or about 15.1 million hectares of Brazil’s Amazon — burned. Bolivia had a record number of fires in the first ten months of the year. “Forest fires have become a constant, especially in the summer months and require particular attention from the authorities who don't how to deal with or respond to them,” Ipenza said. Venezuela, Colombia, Ecuador, and Guyana also saw a surge in fires this year. The United Nations conference on biodiversity — this year known as COP16 — was hosted by Colombia. The meetings put the Amazon in the spotlight and a historic agreement was made to give Indigenous groups more of a voice on nature conservation decisions , a development that builds on a growing movement to recognize Indigenous people's role in protecting land and combating climate change. Both Ebus and Miller saw promise in the appointment of Martin von Hildebrand as the new secretary general for the Amazon Treaty Cooperation Organization, announced during COP16. “As an expert on Amazon communities, he will need to align governments for joint conservation efforts. If the political will is there, international backers will step forward to finance new strategies to protect the world’s largest tropical rainforest,” Ebus said. Ebus said Amazon countries need to cooperate more, whether in law enforcement, deploying joint emergency teams to combat forest fires, or providing health care in remote Amazon borderlands. But they need help from the wider world, he said. “The well-being of the Amazon is a shared global responsibility, as consumer demand worldwide fuels the trade in commodities that finance violence and environmental destruction,” he said. Next year marks a critical moment for the Amazon, as Belém do Pará in northern Brazil hosts the first United Nations COP in the region that will focus on climate. “Leaders from Amazon countries have a chance to showcase strategies and demand tangible support," Ebus said. The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org .
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