Darius Tahir | (TNS) KFF Health News President-elect Donald Trump’s choice to run the sprawling government agency that administers Medicare, Medicaid, and the Affordable Care Act marketplace — celebrity doctor Mehmet Oz — recently held broad investments in health care, tech, and food companies that would pose significant conflicts of interest. Oz’s holdings, some shared with family, included a stake in UnitedHealth Group worth as much as $600,000, as well as shares of pharmaceutical firms and tech companies with business in the health care sector, such as Amazon. Collectively, Oz’s investments total tens of millions of dollars, according to financial disclosures he filed during his failed 2022 run for a Pennsylvania U.S. Senate seat. Trump said Tuesday he would nominate Oz as administrator of the Centers for Medicare & Medicaid Services. The agency’s scope is huge: CMS oversees coverage for more than 160 million Americans, nearly half the population. Medicare alone accounts for approximately $1 trillion in annual spending, with over 67 million enrollees. UnitedHealth Group is one of the largest health care companies in the nation and arguably the most important business partner of CMS, through which it is the leading provider of commercial health plans available to Medicare beneficiaries. UnitedHealth also offers managed-care plans under Medicaid, the joint state-federal program for low-income people, and sells plans on government-run marketplaces set up via the Affordable Care Act. Oz also had smaller stakes in CVS Health, which now includes the insurer Aetna, and in the insurer Cigna. It’s not clear if Oz, a heart surgeon by training, still holds investments in health care companies, or if he would divest his shares or otherwise seek to mitigate conflicts of interest should he be confirmed by the Senate. Reached by phone on Wednesday, he said he was in a Zoom meeting and declined to comment. An assistant did not reply to an email message with detailed questions. “It’s obvious that over the years he’s cultivated an interest in the pharmaceutical industry and the insurance industry,” said Peter Lurie, president of the Center for Science in the Public Interest, a watchdog group. “That raises a question of whether he can be trusted to act on behalf of the American people.” (The publisher of KFF Health News, David Rousseau, is on the CSPI board .) Oz used his TikTok page on multiple occasions in November to praise Trump and Robert F. Kennedy Jr., including their efforts to take on the “illness-industrial complex,” and he slammed “so-called experts like the big medical societies” for dishing out what he called bad nutritional advice. Oz’s positions on health policy have been chameleonic; in 2010, he cut an ad urging Californians to sign up for insurance under President Barack Obama’s Affordable Care Act, telling viewers they had a “historic opportunity.” Oz’s 2022 financial disclosures show that the television star invested a substantial part of his wealth in health care and food firms. Were he confirmed to run CMS, his job would involve interacting with giants of the industry that have contributed to his wealth. Given the breadth of his investments, it would be difficult for Oz to recuse himself from matters affecting his assets, if he still holds them. “He could spend his time in a rocking chair” if that happened, Lurie said. In the past, nominees for government positions with similar potential conflicts of interest have chosen to sell the assets or otherwise divest themselves. For instance, Treasury Secretary Janet Yellen and Attorney General Merrick Garland agreed to divest their holdings in relevant, publicly traded companies when they joined the Biden administration. Trump, however, declined in his first term to relinquish control of his own companies and other assets while in office, and he isn’t expected to do so in his second term. He has not publicly indicated concern about his subordinates’ financial holdings. CMS’ main job is to administer Medicare. About half of new enrollees now choose Medicare Advantage, in which commercial insurers provide their health coverage, instead of the traditional, government-run program, according to an analysis from KFF, a health information nonprofit that includes KFF Health News. Proponents of Medicare Advantage say the private plans offer more compelling services than the government and better manage the costs of care. Critics note that Medicare Advantage plans have a long history of costing taxpayers more than the traditional program. UnitedHealth, CVS, and Cigna are all substantial players in the Medicare Advantage market. It’s not always a good relationship with the government. The Department of Justice filed a 2017 complaint against UnitedHealth alleging the company used false information to inflate charges to the government. The case is ongoing. Oz is an enthusiastic proponent of Medicare Advantage. In 2020, he proposed offering Medicare Advantage to all; during his Senate run, he offered a more general pledge to expand those plans. After Trump announced Oz’s nomination for CMS, Jeffrey Singer, a senior fellow at the libertarian-leaning Cato Institute, said he was “uncertain about Dr. Oz’s familiarity with health care financing and economics.” Singer said Oz’s Medicare Advantage proposal could require large new taxes — perhaps a 20% payroll tax — to implement. Oz has gotten a mixed reception from elsewhere in Washington. Pennsylvania Sen. John Fetterman, the Democrat who defeated Oz in 2022, signaled he’d potentially support his appointment to CMS. “If Dr. Oz is about protecting and preserving Medicare and Medicaid, I’m voting for the dude,” he said on the social platform X. Oz’s investments in companies doing business with the federal government don’t end with big insurers. He and his family also hold hospital stocks, according to his 2022 disclosure, as well as a stake in Amazon worth as much as nearly $2.4 million. (Candidates for federal office are required to disclose a broad range of values for their holdings, not a specific figure.) Amazon operates an internet pharmacy, and the company announced in June that its subscription service is available to Medicare enrollees. It also owns a primary care service , One Medical, that accepts Medicare and “select” Medicare Advantage plans. Oz was also directly invested in several large pharmaceutical companies and, through investments in venture capital funds, indirectly invested in other biotech and vaccine firms. Big Pharma has been a frequent target of criticism and sometimes conspiracy theories from Trump and his allies. Kennedy, whom Trump has said he’ll nominate to be Health and Human Services secretary, is a longtime anti-vaccine activist. During the Biden administration, Congress gave Medicare authority to negotiate with drug companies over their prices. CMS initially selected 10 drugs. Those drugs collectively accounted for $50.5 billion in spending between June 1, 2022, and May 31, 2023, under Medicare’s Part D prescription drug benefit. At least four of those 10 medications are manufactured by companies in which Oz held stock, worth as much as about $50,000. 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In his TikTok videos from earlier in November, Oz echoed attacks on the food industry by Kennedy and other figures in his “Make America Healthy Again” movement. They blame processed foods and underregulation of the industry for the poor health of many Americans, concerns shared by many Democrats and more mainstream experts. But in 2022, Oz owned stakes worth as much as $80,000 in Domino’s Pizza, Pepsi, and US Foods, as well as more substantial investments in other parts of the food chain, including cattle; Oz reported investments worth as much as $5.5 million in a farm and livestock, as well as a stake in a dairy-free milk startup. He was also indirectly invested in the restaurant chain Epic Burger. One of his largest investments was in the Pennsylvania-based convenience store chain Wawa, which sells fast food and all manner of ultra-processed snacks. Oz and his wife reported a stake in the company, beloved by many Pennsylvanians, worth as much as $30 million. ©2024 KFF Health News. Distributed by Tribune Content Agency, LLC. Click to share on Facebook (Opens in new window) Click to share on X (Opens in new window) Most Popular Underground fire still burning at Williamsburg Premium Outlets; officials advise caution Underground fire still burning at Williamsburg Premium Outlets; officials advise caution 7 people in custody after barricade situation in Norfolk 7 people in custody after barricade situation in Norfolk Underground fire causes partial parking lot collapse at Williamsburg Premium Outlets Underground fire causes partial parking lot collapse at Williamsburg Premium Outlets One nation, under watch: Flock Safety cameras help the police solve crime. But how much should privacy matter? One nation, under watch: Flock Safety cameras help the police solve crime. But how much should privacy matter? 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But how much should privacy matter? Lizzo shows off dramatic weight loss in new photos Lung cancer is the leading cause of cancer deaths here in Florida. Here’s why After bankruptcy court, Spirit sees future as a higher value airline ‘for years to come’Though I am an atheist, I have built my life and career around religion. First I spent five years pursuing ordination as a secular humanist rabbi, including 18 months living in Jerusalem and Tel Aviv, studying ancient and modern Jewish sacred texts I believed—and continue to believe—are human creations, reflective not of divine inspiration but our own projections and needs. From there I moved to Cambridge, Massachusetts, where I’ve spent almost 20 years now as the humanist chaplain at Harvard University. Advising atheists, agnostics, and allies on ethical and , my work has taken , including writing about and building a diversely nonreligious . But as we approached the end of the past decade, I’d begun to wonder whether the congregation, as a form of organizing, was really how I wanted to spend my energy. Yes, congregations can help “give people the power to build community and bring the world closer together,” as is roughly how I’d imagined them in my rabbinical seminary and . The problem is, that isn’t my language—it’s a quote from Facebook’s mission statement, as Mark Zuckerberg relaunched it in 2017. When I was invited to join MIT as its humanist chaplain in 2018, alongside my work at Harvard, it first occurred to me: Silicon Valley, or “Big Tech,” had superseded religion as the largest force in the world, not only economically, but in terms of our views and experiences of what it means to be human. As historian of technology Mar Hicks told me in 2023, “we’re in a period where tech has expanded to take over nearly every aspect of our lives, economically, socially, and politically.” I then asked Harvard economics professor Jason Furman, who served President Barack Obama as chair of the White House Council of Economic Advisers to what extent he agreed with Hicks. One could attempt to quantify such a statement in any number of potentially valid ways, but ultimately, Furman said, it simply “seems true.” As someone who genuflects before his own a couple hundred times a day, as many of us do, I would have to agree. My first revelation, then, was that , as leading technology critics have , The leading “ideas” in tech today—which I think are better understood as the “theology” and religious “doctrines” of contemporary Silicon Valley—are very often both bizarre, and bizarrely religious. My book is filled with examples of tech products, services, and marketing missives that are based in religious thinking, like: and ; ; ; AI Jesus; ; Robo Priests, a kind of “rapture” or end-times known as “The Singularity”; from AI utopia; fervent and even proudly “fanatical” calls to ; and so much more. In my book I spell out why there are frighteningly close parallels between mainstream beliefs about AI and religious visions of Heaven, Hell, and the “Chosen People.” But all of that was written mainly over the course of 2021-23. Which is, of course, now ancient history. Since tech religion is all about the now, let’s also look briefly at examples from this year. Like the viral Friend.com necklace, the glowing AI pendant that surveils everything you say and hear, feeding the input through Chat GPT to make recommendations as a “friend.” This company’s founder Avi Schiffmann says the app aims to provide a digital/AI alternative to “a relationship people used to have with God but is ,” by providing a constant, all-knowing companion and guide. The leading “ideas” in tech today are very often both bizarre, and bizarrely religious. Then there is Character.AI: It features dozens if not hundreds of chat-ready Gods and deities, explicitly labeled as such, starting conversations with comments like, “I am the God. I am the Creator of all things.” Character.AI is a massive, unregulated, unprecedented experiment: Its founder, Noam Shazeer, left Google to create the company a few years ago, after the tech giant refused to release a new chatbot he’d been working on. Google later to hire Shazeer back. And as Shazeer has told , his “ultimate vision” is to build artificial general intelligence—which, as many have pointed out, is a lot like building . Shazeer’s inventions are “a cool first use case for” such tech, he says. With more and more kids as the AI’s target audience, what could go wrong, right? Though I work as a “professional atheist” in my day job as a Humanist Chaplain, in the “tech religion” I’m just an agnostic, because despite all the strangeness and often destructive absurdity in the ideas I hinted at above, I often can’t say for whether a given form of Silicon Valley tech might have a meaningfully positive impact on humanity. Surely some of these technologies are worthy of our faith, in the secular sense, it can just be very hard to know which ones. Still, it’s incredibly frustrating to watch such an influential set of companies and industries influence so many people (not to mention government institutions and policies) in the wrong direction because of the problematic beliefs of so many of their individual leaders—optimization as a commandment and inefficiency as a sin; profits (and their prophets) over people; over more earthly concerns like the climate or social justice now. That’s why my third revelation was that a massive effort to reform the tech religion is already underway. “I am the God. I am the Creator of all things.” When I talk about a tech “Reformation,” I’m thinking of the kinds of movements led by modern religious reformers: people like Martin Luther King, Jr., and his transformative influence on American Christianity; or the organization Rabbis for Human Rights, in which rabbis from across the Jewish spectrum work to protect Palestinian rights; or my friend Lama Rod Owens, a self-described “Black Buddhist Southern Queen” who was originally ordained in the Tibetan Buddhist tradition, and who is working to reinvent Buddhism as a more radically inclusive religious tradition. These aren’t people who’ve walked away from their religions, muttering loudly on the way out about how “deluded” those they’re leaving behind are. They’re examples of individuals who believe in the potential their religious communities have to do good, but who are honest and clear-eyed about the communities’ failings and injustices, and who devote themselves to improving them. tells many stories about people who are the equivalents to people like these, for the tech world—tech heretics, apostates, skeptics, mystics, Cassandras, and whistleblowers who range from seminal scholars to labor activists to everyday gig workers to social workers, psychotherapists, pastors, and beyond. One of the youngest and most gifted of the reformers I spoke to, a recent Princeton University graduate in African American studies and computer science named Payton Croskey, gave me hope with her call for the creation of an “augmented undercommons”: “a parallel location where all who refuse to submit to technology’s watchful eye may freely reside while reconfiguring the world’s understanding of freedom and security.” It’s not that Croskey is attempting to build some physical tech utopia in a somewhere; rather, what impressed me was her ability to envision, as an undergraduate, a kind of mythological or even spiritual alternative to the mythological place known as “Silicon Valley” (which perhaps began as a reference to a geographical territory in California, but surely now is an idea, an imagined community, more than a space with discernable borders). When I was feeling most hopeless about the future of technology, to be reminded by a young student of the possibility of something more equitable and uplifting was as surprising as it was encouraging. And actually, the alternative digital world Croskey describes very much reminds me of right now: a place where those of us who have been feeling marooned from healthy online conversations can connect, without algorithmic manipulation. Don’t get me wrong, no website or app is perfect. But an online space where thoughtful people can discuss ideas, current events, and the little details of life, bringing together different aspects of humanity without being actively manipulated by billionaires? That, for the moment, sounds like, if not a revolution, then at the very least, a revelation. Posted on Greg M. Epstein serves as humanist chaplain at Harvard & MIT, where he advises students, faculty, and staff members on ethical and existential concerns from a humanist perspective. He was ‘s first “ethicist in residence” and has been called “a symbol of the transition in how Americans relate to organized religion.” He is the author of the -bestselling book and has also written for , , , and . His latest book is Cutting-edge science, unraveled by the very brightest living thinkers.NORAD Santa tracker: See when Father Christmas will reach your house in Wales and where he is now
NEW YORK — There's no place like home for the holidays. And that may not necessarily be a good thing. In the wake of the very contentious and divisive 2024 presidential election, the upcoming celebration of Thanksgiving and the ramp-up of the winter holiday season could be a boon for some — a respite from the events of the larger world in the gathering of family and loved ones. Hours and even days spent with people who have played the largest roles in our lives. Another chapter in a lifetime of memories. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.OTTAWA, ON , le 21 nov. 2024 /PRNewswire/ -- La Monnaie royale canadienne se réjouit que l'unique exemplaire de sa pièce de 10 kg en or pur à 99,99 % 2024 – The Dance Screen (The Scream Too) , un superbe hommage à l'œuvre du célèbre maître sculpteur et chef haïda 7IDANsuu (James Hart), ait trouvé preneur pour la somme de 1 561 250 dollars canadiens (droits d'acheteur compris) au terme d'enchères organisées en direct par la Maison de vente aux enchères Heffel. Ce chef-d'œuvre rarissime en or pur a été acquis par un enchérisseur anonyme le 20 novembre 2024, à un prix surpassant le record pour une pièce de monnaie vendue aux enchères au Canada , jusqu'alors détenu par la pièce de un kilo en platine pur Summum , aussi produite par la Monnaie royale canadienne. « Nous sommes ravis de constater l'intérêt des collectionneurs pour cette pièce unique en son genre et ravis de voir le savoir-faire de la Monnaie royale canadienne et le talent du chef haïda 7IDANsuu (James Hart) reconnus par l'acquéreur de cette pièce de 10 kg en or pur aussi rare que magnifique », souligne Marie Lemay, présidente de la Monnaie royale canadienne. « Ce fut un grand privilège de mettre aux enchères la pièce de 10 kg en or pur The Dance Screen (The Scream Too) », affirme David Heffel , président de la Maison de vente aux enchères Heffel. « Ce chef-d'œuvre hautement significatif, sculpté par le distingué chef James Hart et reproduit au revers de la pièce, constitue un symbole durable de l'art canadien, incarnant les riches traditions et les récits culturels de la Nation haïda. Nous sommes honorés d'avoir logé cette merveille au cœur d'une remarquable collection, et nous nous réjouissons de voir son legs continuer de susciter l'inspiration. » Impeccablement ciselée dans 10 kg d'or canadien pur à 99,99 %, la pièce The Dance Screen (The Scream Too) recrée les éléments sculptés dans le paravent en cèdre rouge d'origine par le chef 7IDANsuu . Le motif au revers de la pièce phare de la collection Opulence 2024 rassemble des personnages traditionnels haïdas dont la survie dépend fortement du Saumon : un Chaman, le Castor, le Corbeau, l'Aigle, la Grenouille, l'Épaulard ainsi que Maman Ourse et ses petits. Le Saumon y est aussi représenté dans sa forme humaine et animale le long du pourtour de la pièce. Six fragments iridescents de coquilles d'ormeaux de source responsable sont également incrustés le long du pourtour de la pièce, luisant d'un éclat nacré sous la lumière et rappelant par leur forme les boucliers en cuivre qui étaient autrefois l'étalon de la richesse chez les Haïdas. L'avers de cette pièce imposante est à l'effigie de Sa Majesté le roi Charles III, selon l'artiste canadien Steven Rosati. Le portrait du monarque est entouré d'un subtil motif gravé reproduisant une portion de l'œuvre originale. À propos de la Monnaie royale canadienne La Monnaie royale canadienne est la société d'État responsable de la production et de la distribution des pièces de circulation canadiennes. Reconnue comme l'un des établissements de monnayage les plus importants et les plus polyvalents au monde, elle produit des pièces de collection primées, des produits d'investissement de premier ordre ainsi que les prestigieuses médailles pour les honneurs militaires et civils du Canada . En tant qu'affineur certifié « bonne livraison » par la LBMA et la COMEX, la Monnaie offre aussi une gamme complète de services d'affinage de l'or et de l'argent de première qualité. Organisation qui s'efforce de mieux prendre soin de l'environnement, de cultiver des milieux de travail sécuritaires et inclusifs et d'avoir une incidence positive dans les collectivités où elle exerce ses activités, la Monnaie intègre des pratiques environnementales, sociales et de gouvernance dans tous les aspects de ses activités. Pour obtenir de plus amples renseignements concernant la Monnaie et ses produits et services, visitez le www.monnaie.ca . Suivez la Monnaie sur LinkedIn , Facebook et Instagram . À propos de la Maison de vente aux enchères Heffel Depuis 1978, la Maison Heffel rassemble des collectionneurs passionnés du monde entier autour d'œuvres d'art exceptionnelles, à l'occasion de ventes totalisant à ce jour près d'un milliard de dollars. Ses bureaux à Toronto , Vancouver , Montréal, Ottawa et Calgary accueillent l'équipe de spécialistes de l'art la plus expérimentée au Canada , qui offre un service à la clientèle de qualité supérieure aux vendeurs comme aux acheteurs du monde entier. Renseignements : Monnaie royale canadienne, Alex Reeves, Chef principal, Affaires publiques, 613-884-6370, [email protected] ; Maison de vente aux enchères Heffel, Rebecca Rykiss , Directrice nationale, Image de marque et communications, 416-961-6505, poste 323, [email protected]
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LEDUC COUNTY, ALTA. - Alberta’s government says it will invest up to $50 million to support the creation of a first-in-Canada drilling test site to support technology development in the oil, gas, geothermal and lithium industries. Read this article for free: Already have an account? To continue reading, please subscribe: * LEDUC COUNTY, ALTA. - Alberta’s government says it will invest up to $50 million to support the creation of a first-in-Canada drilling test site to support technology development in the oil, gas, geothermal and lithium industries. Read unlimited articles for free today: Already have an account? LEDUC COUNTY, ALTA. – Alberta’s government says it will invest up to $50 million to support the creation of a first-in-Canada drilling test site to support technology development in the oil, gas, geothermal and lithium industries. The Alberta Drilling Accelerator is intended to be an open-access, industry-led site where companies can test drilling technologies at deep depths, high temperatures and varying rock types. A location for the hub site has yet to be determined. While no binding contracts have been signed, the province says several companies have expressed strong interest in serving as anchor tenants, including Calgary-based geothermal company Eavor Technologies, Tourmaline Oil Corp. and international oilfield service supermajor Halliburton. The money the province is providing will come from the industry-funded Technology Innovation and Emissions Reduction (TIER) program, which Alberta’s heavy emitters are required to pay into as part of the province’s industrial carbon pricing system. The provincial government says the Alberta Drilling Accelerator could start drilling in 2026. 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. This report by The Canadian Press was first published Nov. 25, 2024. Companies in this story: (TSX:TOU) Advertisement
Latest On Red Sox’ Rotation Plans - MLB Trade RumorsThe business tycoon has interests ranging from ports and airports to renewable energy in India and around the world. Gautam Adani, who India’s opposition calls a close ally of Prime Minister Narendra Modi, has been accused of conspiring to pay hundreds of millions of dollars to bribe Indian government officials to win solar energy contracts. The case alleges Mr Adani’s company, Adani Green Energy Ltd and another firm secured a lucrative deal to sell 12 gigawatts of solar power to the Indian government – enough to power millions of homes and businesses. Prosecutors say Adani, his nephew Sagar Adani, and six other associates, presented the project as promising to Wall Street investors, who invested billions into the project over five years. Meanwhile, back in India, they were accused of arranging or paying $265 million in bribes to Indian officials to secure billions of dollars worth of contracts and financing. The US Attorney’s Office for the Eastern District of New York said the tycoon and his co-defendants sought to “obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors, US Attorney Breon Peace added the defendants “orchestrated an elaborate scheme” and wanted to “enrich themselves at the expense of the integrity of our financial markets.” It further alleges that “on several occasions, Gautam S. Adani personally met with an Indian government official to advance the bribery scheme” and claims to have electronic and mobile phone evidence of this. The criminal charges, filed on Wednesday in New York, are the latest blow to the 62-year-old Mr Adani, whose stock prices crashed after the news was released. Immediately following the indictment, Adani Green Energy announced it would not proceed with a $600 million bond offering. The group called the allegations baseless and stated that “possible legal recourse will be sought.” Previously, US short-seller Hindenburg Research published a report accusing the Adani Group of brazen stock manipulation and accounting fraud, but this indictment represents the biggest setback for the group so far. Indian opposition leader Rahul Gandhi has demanded the immediate arrest of Gautam Adani. Get all the latest news from around the country Scan the QR code on your mobile device for all the latest news from around the countryNvidia shares decline 3.5%, hit 3-week low as rotation into cyclicals continue
CECO Environmental Announces Expiration of HSR Waiting PeriodEAST LANSING, Mich. — The sight was a common one for Andrew Kolpacki. For many a Sunday, he would watch NFL games on TV and see quarterbacks putting their hands on their helmets, desperately trying to hear the play call from the sideline or booth as tens of thousands of fans screamed at the tops of their lungs. When the NCAA's playing rules oversight committee this past spring approved the use of coach-to-player helmet communications in games for the 2024 season, Kolpacki, Michigan State's head football equipment manager, knew the Spartans' QBs and linebackers were going to have a problem. "There had to be some sort of solution," he said. As it turns out, there was. And it was right across the street. Kolpacki reached out to Tamara Reid Bush, a mechanical engineering professor who not only heads the school's Biomechanical Design Research Laboratory but also is a football season ticket-holder. Kolpacki "showed me some photos and said that other teams had just put duct tape inside the (earhole), and he asked me, 'Do you think we can do anything better than duct tape,?" Bush said. "And I said, 'Oh, absolutely.'" Bush and Rylie DuBois, a sophomore biosystems engineering major and undergraduate research assistant at the lab, set out to produce earhole inserts made from polylactic acid, a bio-based plastic, using a 3D printer. Part of the challenge was accounting for the earhole sizes and shapes that vary depending on helmet style. Once the season got underway with a Friday night home game against Florida Atlantic on Aug. 30, the helmets of starting quarterback Aidan Chiles and linebacker Jordan Turner were outfitted with the inserts, which helped mitigate crowd noise. DuBois attended the game, sitting in the student section. "I felt such a strong sense of accomplishment and pride," DuBois said. "And I told all my friends around me about how I designed what they were wearing on the field." All told, Bush and DuBois have produced around 180 sets of the inserts, a number that grew in part due to the variety of helmet designs and colors that are available to be worn by Spartan players any given Saturday. Plus, the engineering folks have been fine-tuning their design throughout the season. Dozens of Bowl Subdivision programs are doing something similar. In many cases, they're getting 3D-printed earhole covers from XO Armor Technologies, which provides on-site, on-demand 3D printing of athletic wearables. The Auburn, Alabama-based company has donated its version of the earhole covers to the equipment managers of programs ranging from Georgia and Clemson to Boise State and Arizona State in the hope the schools would consider doing business with XO Armor in the future, said Jeff Klosterman, vice president of business development. XO Armor first was approached by the Houston Texans at the end of last season about creating something to assist quarterback C.J. Stroud in better hearing play calls delivered to his helmet during road games. XO Armor worked on a solution and had completed one when it received another inquiry: Ohio State, which had heard Michigan State was moving forward with helmet inserts, wondered if XO Armor had anything in the works. "We kind of just did this as a one-off favor to the Texans and honestly didn't forecast it becoming our viral moment in college football," Klosterman said. "We've now got about 60 teams across college football and the NFL wearing our sound-deadening earhole covers every weekend." The rules state that only one player for each team is permitted to be in communication with coaches while on the field. For the Spartans, it's typically Chiles on offense and Turner on defense. Turner prefers to have an insert in both earholes, but Chiles has asked that the insert be used in only one on his helmet. Chiles "likes to be able to feel like he has some sort of outward exposure," Kolpacki said. Exposure is something the sophomore signal-caller from Long Beach, California, had in away games against Michigan and Oregon this season. Michigan Stadium welcomed 110,000-plus fans for the Oct. 26 matchup between the in-state rivals. And while just under 60,000 packed Autzen Stadium in Eugene, Oregon, for the Ducks' 31-10 win over Michigan State three weeks earlier, it was plenty loud. "The Big Ten has some pretty impressive venues," Kolpacki said. "It can be just deafening," he said. "That's what those fans are there for is to create havoc and make it difficult for coaches to get a play call off." Something that is a bit easier to handle thanks to Bush and her team. She called the inserts a "win-win-win" for everyone. "It's exciting for me to work with athletics and the football team," she said. "I think it's really exciting for our students as well to take what they've learned and develop and design something and see it being used and executed." Get local news delivered to your inbox!
Stock market today: Wall Street rallies ahead of ChristmasCALGARY, Alberta, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to announce its 2025 budget with capital projects that will balance cash flow growth while continuing to deliver a durable return of capital framework that will direct 100% of Free Cash Flow to share buybacks in 2025. Corporate Consolidated Strategy and Outlook Value Creation Strategy. Athabasca provides a differentiated liquids-weighted growth platform through its low-decline, long-life Thermal Oil assets. Athabasca’s subsidiary company, Duvernay Energy Corporation (“DEC”), is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and DEC have independent strategies and capital allocation frameworks. The primary strategic objective is to generate top-tier cash flow per share growth over the long term. 2025 Consolidated Budget. Athabasca is planning capital expenditures of ~$335 million with average production of 37,500 – 39,500 boe/d (98% Liquids) and an exit rate of ~41,000 boe/d. Growth in production comes from the expansion plans at Leismer and development of the Duvernay assets. Cash Flow Per Share Growth . The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million 1 . Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Athabasca forecasts generating ~$1.8 billion of Free Cash Flow 1 from its Thermal Oil assets over five years (2025-29), representing ~65% of its current equity market capitalization. Investing in attractive capital projects and prioritizing share buybacks results in ~20% compounded annual cash flow per share 2 growth through this forecast period. Financial Resiliency. Athabasca maintains a strong and differentiated balance sheet with a $135 million consolidated Net Cash position, including ~$335 million of cash. DEC has no debt and operates within its annual Adjusted Funds Flow and its balance sheet. Athabasca (Thermal Oil) also has $2.4 billion in tax pools, including $1.9 billion of immediately deductible non-capital loses and exploration pools, sheltering cash taxes until beyond 2030. Athabasca (Thermal Oil) – 2025 Budget Highlights Capital Program . The Thermal Oil budget is ~$250 million with activity focused primarily on advancing progressive growth to 40,000 bbl/d at Leismer by the end of 2027. The program at Leismer will include the tie-in of six redrills and four new sustaining well pairs on Pad 10 early in 2025, additional development at Pad 10 and 11, and continued facility expansion work. At Hangingstone two new extended reach sustaining well pairs (~1,400 meter average laterals) will be on stream in Q1 2025 and are expected to maintain annual production. The Budget includes routine maintenance at both assets. Production Growth . Annual Thermal Oil production guidance is 33,500 – 35,500 bbl/d. Leismer is expected to achieve 40,000 bbl/d by the end of 2027 at an attractive capital efficiency of ~$25,000/bbl/d. Hangingstone production will be maintained by utilizing existing plant capacity, resulting in capital efficiencies of ~$15,000/bbl/d. The Company has ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion of Contingent Resource. These Thermal Oil assets underpin decades of reserve life with estimated sustaining capital investment of ~C$8/bbl (five-year annual average) to hold production flat. Robust Free Cash Flow. During the five-year time frame (2025-29), Athabasca (Thermal Oil) forecasts generating $1.8 billion in Free Cash Flow 1 , representing ~65% of its current equity market capitalization. Competitive and Resilient Break-evens. Thermal Oil is competitively positioned with sustaining capital to hold production flat funded within cash flow below US$50/bbl WTI 1 and growth initiatives fully funded within cash flow below US$60/bbl WTI 1 . The Company’s operating break-even is estimated at ~US$40/bbl WTI 1 . Exposure to Strong Heavy Oil Pricing. With the start-up of the Trans Mountain pipeline expansion in May, spare pipeline capacity is driving tighter and less volatile WCS heavy differentials. Regional liquids pricing benchmarks have also been supported by a depreciating Canadian currency relative to the United States. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and WCS heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Pre-payout Thermal Oil Differentiation. Strong margins and Free Cash Flow are supported by a Thermal Oil pre-payout Crown royalty structure, with royalty rates between 5 – 9% anticipated to last to the end of 2027 at Leismer and beyond 2030 at Hangingstone. Duvernay Energy Corporation – 2025 Budget Highlights Capital Program. The DEC budget is ~$85 million with activity including the completion of a 100% working interest (“WI”) three-well pad that was drilled in 2024 and the drilling and completion of a 30% WI multi-well pad. Activity will also include spudding two additional multi-well pads in H2 2025 (one operated 100% WI pad and one 30% WI pad) with completions to follow in 2026. DEC is also constructing strategic water and egress expansions on its operated assets. High Netback Production. Annual production guidance is ~4,000 boe/d (77% Liquids) with growth to ~5,500 boe/d by the end of 2025. The Kaybob Duvernay’s high liquid weighting supports strong margins with current type wells forecasted to payout in ~13 months 1 and further cost improvements are expected as the Company executes larger multi-well pad design. Growth Plans. Development will be self-funded within DEC through utilization of 100% of its annual Adjusted Funds Flow and its balance sheet. The Company has self-funded growth potential to in excess of ~20,000 boe/d (75% Liquids) by the late 2020s 1 . Return of Capital 100% of Free Cash Flow Directed to Share Buybacks. In 2025, the Company plans to maintain its commitment to return 100% of Thermal Oil Free Cash Flow to shareholders through share buybacks. In 2024, the Company has completed ~$280 million in share buybacks to the end of November. Share buybacks were initiated in April 2023 and have totaled ~$440 million to date. Focus on Per Share Metrics: A steadfast commitment to cash flow growth and return of capital has driven a 108 million share reduction (~17%) in the Company’s fully diluted share count since March 31, 2023. The Company has realized ~100% cash flow per share growth since 2022 and the corporate strategy is to continue to generate top tier cash flow per share growth over the long term. Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e .g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash ) and production disclosure. 1 Pricing Assumptions: 2025: US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX. 2026+: US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX. 2 The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x Enterprise Value/Debt Adjusted Cash Flow in 2026 and beyond. About Athabasca Oil Corporation Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com . Reader Advisory: This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of the Trans Mountain pipeline expansion and heavy oil pricing; and other matters. In addition, information and statements in this News Release relating to "Reserves" and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca's cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2023 (which is respectively referred to herein as the "McDaniel Report”). Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated February 29, 2024 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Also included in this News Release are estimates of Athabasca's 2024 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Oil and Gas Information “BOEs" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Initial Production Rates Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery. Reserves Information The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2023. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF. Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2023 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2024. The 500 gross Duvernay drilling locations referenced include: 37 proved undeveloped locations and 76 probable undeveloped locations for a total of 113 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company's most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2023 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors. Non-GAAP and Other Financial Measures, and Production Disclosure The "Corporate Consolidated Adjusted Funds Flow", "Athabasca (Thermal Oil) Adjusted Funds Flow", "Duvernay Energy Adjusted Funds Flow", “Corporate Consolidated Free Cash Flow”, "Athabasca (Thermal Oil) Free Cash Flow" and "Duvernay Energy Free Cash Flow" financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Sustaining Capital and Net Cash are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results. Adjusted Funds Flow and Free Cash Flow Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Sustaining Capital Sustaining Capital is managements' assumption of the required capital to maintain the Company’s production base. Net Cash Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts. Production volumes details This News Release also makes reference to Athabasca's forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs. Liquids is defined as bitumen, tight oil, light crude oil, medium crude oil and natural gas liquids. Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow. Enterprise Value to Debt Adjusted Cash Flow is a valuation metric calculated by dividing Enterprise Value (Market Capitalization plus Net Debt) divided by Cash Flow before interest costs.
Facebook Twitter WhatsApp SMS Email Print Copy article link Save BEIRUT — Israel's military launched airstrikes across Lebanon on Monday, unleashing explosions throughout the country and killing at least 31 while Israeli leaders appeared to be closing in on a negotiated ceasefire with the Hezbollah militant group. Israeli strikes hit commercial and residential buildings in Beirut as well as in the port city of Tyre. Military officials said they targeted areas known as Hezbollah strongholds. They issued evacuation orders for Beirut's southern suburbs, and strikes landed across the city, including meters from a Lebanese police base and the city's largest public park. The barrage came as officials indicated they were nearing agreement on a ceasefire, while Israeli Prime Minister Benjamin Netanyahu 's Security Cabinet prepared to discuss an offer on the table. Bulldozers remove the rubble of a destroyed building Monday that was hit in an Israeli airstrike in Dahiyeh, in the southern suburb of Beirut, Lebanon. Foreign ministers from the world’s leading industrialized nations also expressed cautious optimism Monday about possible progress on a ceasefire. People are also reading... Margaret Atwood OSU event altered over threats Tree farm fiasco has Corvallis homelessness under microscope The real reason Corvallis' Pastega Lights moved to Linn County Commentary: Gulbranson shows he should be starter in thrilling win over Cougars Albany's Joel Dahl pleads guilty to sex crime involving minor Strike over: Benton County, union reach tentative deal Philomath woman suspected in Eugene Airport bomb scare American flag thrown by driver fleeing Benton County deputies Sweet Home man sentenced for crash that injured his daughter Bomb cyclone, flood risk in Benton County this week In trying to flee, suspect accused of driving over Albany police officer OSU women's basketball: Ferreira brings versatility to the Beavers' lineup OSU football: Game notes for the Beavers' win over Washington State Head-on crash on Highway 228 kills 1, injures 2 UPDATED: Feds halt drawdown at Green Peter Reservoir after local cities complain “Knock on wood,” Italian Foreign Minister Antonio Tajani said as he opened the Group of Seven meeting outside Rome. “We are perhaps close to a ceasefire in Lebanon," he said. "Let's hope it's true and that there's no backing down at the last-minute.” A ceasefire in Gaza and Lebanon was foremost on the agenda of the G7 meeting in Fiuggi, outside Rome, that gathered ministers from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, in the last G7 encounter of the Biden administration. For the first time, the G7 ministers were joined by their counterparts from Saudi Arabia, Egypt, Jordan, the United Arab Emirates and Qatar, as well as the Secretary General of the Arab League. Thick smoke, flames and debris erupt Monday from an Israeli airstrike that targeted a building in Tayouneh, Beirut, Lebanon. Meanwhile, massive explosions lit up Lebanon's skies with flashes of orange, sending towering plumes of smoke into the air as Israeli airstrikes pounded Beirut's southern suburbs Monday. The blasts damaged buildings and left shattered glass and debris scattered across nearby streets. Some of the strikes landed close to central Beirut and near Christian neighborhoods and other targets where Israel issued evacuation warnings, including in Tyre and Nabatiyeh province. Israeli airstrikes also hit the northeast Baalbek-Hermel region without warning. Lebanon's Health Ministry said Monday that 26 people were killed in southern Lebanon, four in the eastern Baalbek-Hermel province and one in Choueifat, a neighborhood in Beirut's southern suburbs that was not subjected to evacuation warnings on Monday. The deaths brought the total toll to 3,768 killed in Lebanon throughout 13 months of war between Israel and Hezbollah and nearly two months since Israel launched its ground invasion. Many of those killed since the start of the war between Israel and Hezbollah have been civilians, and health officials said some of the recovered bodies were so severely damaged that DNA testing would be required to confirm their identities. Israel claims to have killed more than 2,000 Hezbollah members. Lebanon's Health Ministry says the war has displaced 1.2 million people. Destroyed buildings stand Monday in the area of a village in southern Lebanon as seen from northern Israel. Israeli ground forces invaded southern Lebanon in early October, meeting heavy resistance in a narrow strip of land along the border. The military previously exchanged attacks across the border with Hezbollah, an Iran-backed militant group that began firing rockets into Israel the day after the war in Gaza began last year. Lebanese politicians have decried the ongoing airstrikes and said they are impeding ceasefire negotiations. The country's deputy parliament speaker accused Israel of ramping up its bombardment to pressure Lebanon to make concessions in indirect ceasefire negotiations with Hezbollah. Elias Bousaab, an ally of the militant group, said Monday that the pressure has increased because "we are close to the hour that is decisive regarding reaching a ceasefire." Israeli officials voiced similar optimism Monday about prospects for a ceasefire. Mike Herzog, the country's ambassador to Washington, earlier in the day told Israeli Army Radio that several points had yet to be finalized. Though any deal would require agreement from the government, Herzog said Israel and Hezbollah were "close to a deal." "It can happen within days," he said. Israeli officials have said the sides are close to an agreement that would include withdrawal of Israeli forces from southern Lebanon and a pullback of Hezbollah fighters from the Israeli border. But several sticking points remain. A member of the Israeli security forces inspects an impact site Sunday after a rocket fired from Lebanon hit an area in Rinatya, outskirts of Tel Aviv, Israel. After previous hopes for a ceasefire were dashed, U.S. officials cautioned that negotiations were not yet complete and noted that there could be last-minute hitches that either delay or destroy an agreement. "Nothing is done until everything is done," White House national security spokesman John Kirby said Monday. The proposal under discussion to end the fighting calls for an initial two-month ceasefire during which Israeli forces would withdraw from Lebanon and Hezbollah would end its armed presence along the southern border south of the Litani River. The withdrawals would be accompanied by an influx of thousands more Lebanese army troops, who have been largely sidelined in the war, to patrol the border area along with an existing U.N. peacekeeping force. Western diplomats and Israeli officials said Israel demands the right to strike in Lebanon if it believes Hezbollah is violating the terms. The Lebanese government says such an arrangement would authorize violations of the country's sovereignty. Shoppers say they want eco-friendly products, so why aren't they buying them? Shoppers say they want eco-friendly products, so why aren't they buying them? On paper, being more sustainable and eco-friendly while shopping sounds great—so why don't more people do it? There is growing consumer consciousness about the environmental impact of where people choose to shop and the sustainability of the products they buy. According to McKinsey, over 60% of individuals surveyed in 2020 said they would be willing to pay more for a product that is packaged in an eco-friendly way. Since 2019, products marketed as being environmentally sustainable have seen a 28% growth in revenue compared to 20% for products with no such marketing, a 2023 McKinsey and NielsenIQ report found. Much of this is thanks to the preferences and attitudes of Gen Z, who, on average, care more than their older counterparts about being informed shoppers. The younger generation also has more social justice and environmental awareness altogether. Shoppers are willing to spend around 9.7% more on a product they know is sourced or manufactured sustainably, with 46% saying they would do so explicitly because they want to reduce their environmental footprint, according to a 2024 PwC report. Sustainable practices consumers look for from companies include production methods, packaging, and water conservation. But despite the growing consciousness around being more environmentally responsible, consumer actions don't always align with their values. In psychology, this is defined as the "say-do gap": the phenomenon wherein people openly express concern and intention around an issue, but fail to take tangible action to make a change. According to the Harvard Business Review in 2019, most consumers (65%) say they want to buy from brands that promote sustainability, but only 1 in 4 follow through. So why don't people actually shop sustainably, despite how much they express a preference for eco-friendly products—and how can we close the gap? The RealReal examined reports from the Harvard Business Review and other sources to explore why some shoppers want to buy sustainably but struggle to follow through. This lack of action isn't due to a lack of caring—in many cases, it's hard to know how to be a sustainable consumer and other factors are often outside of shoppers' control. But the more people shop sustainably, the easier and more accessible that market will be for everyone—making it much easier for folks to buy aligned with their values. Barriers to sustainable shopping There are many obstacles preventing shoppers from upholding eco-friendly habits as much as they may want to—but not all of these barriers are necessarily real, or accurately understood. Shopping sustainably simply isn't convenient or accessible for many. Those who live in apartment buildings are 50% less likely to recycle , according to Ipsos. Reasons for this can vary from lack of space to buildings being excluded altogether because of recycling contamination issues. Many believe that sustainable products are too expensive or of a lower quality. The former is often true, which does create a hurdle for many: The manufacturing processes and materials for sustainable products are pricey. For instance, organic cotton requires an intensive production process free of certain chemicals or pesticides; by definition, true eco-friendly products can't be mass-produced, further upping their price tag. Using recycled materials for packaging, or obtaining an eco certification, can also be expensive. However, although the narrative of eco-friendly products being more expensive is true, there is often more of an effort to use better quality materials that last longer than their noneco-friendly counterparts. This could end up saving consumers money in the long run: By paying more upfront, they can get more wear out of sustainable fashion, for instance. There is also undeniable political rhetoric surrounding eco-friendly products—however, despite many Conservative politicians decrying sustainable products, members of all generations are increasingly choosing to prioritize shopping sustainably regardless of their political affiliation, according to research from NYU Stern Center for Sustainable Business . This finding shows a trend toward seeing sustainability as a nonpartisan subject everyone can benefit from, no matter where they lie on the political spectrum. Some might think eco-friendly clothing, in particular, is not fashion-forward; after all, many of the top clothing retailers in the world partake in fast fashion. However, brands are increasingly being recognized as 'cool' and 'trendy' for supporting environmentally ethical practices, particularly as younger generations prioritize sustainability, as noted before. Many increasingly popular online stores are taking advantage of this paradigm shift by offering secondhand shopping options that are not only fashionable, but also more affordable, like ThredUp or Poshmark. Additionally, many legacy large-name brands are hopping on the sustainability movement and are gaining appreciation from loyal customers. Amazon's Climate Pledge Friendly program partners with third-party certification bodies to make it easier for shoppers to identify eco-friendly products as they browse the website. H&M's newly launched H&M Rewear program debuts a resale platform that allows the resale of all clothing brands—not just their own. Similarly, Patagonia's Worn Wear program allows shoppers to trade in and buy used gear and clothing. The federal government is also working to close this gap. The Environmental Protection Agency's Safer Choice program is attempting to make sustainable shopping easier for consumers and companies alike. It includes a directory of certified products, a list of safer chemicals to look out for on labels, a "Safer Choice" label that products can earn to denote they are eco-friendly, and resources for manufacturers looking to adopt more sustainable practices. Most of all, though, the biggest way shoppers can shift toward sustainable shopping is through their behaviors and attitudes amongst their peers and communities. Studies show that humans largely care what others think of their actions; the more shoppers make environmentally conscious shopping the norm, the more others will follow suit. From an economic perspective, the more consumers shop eco-friendly, the more affordable and accessible these products will become, too: Sustainable products are currently more expensive because they are not in high demand. Once demand rises, production rates and prices can lower, making these products more accessible for all. Story editing by Carren Jao. Additional editing by Kelly Glass. Copy editing by Kristen Wegrzyn. This story originally appeared on The RealReal and was produced and distributed in partnership with Stacker Studio. Get local news delivered to your inbox!NEW YORK (AP) — Bitcoin topped $100,000 for the first time this week as a massive rally in the world's most popular cryptocurrency, largely accelerated by the election of Donald Trump, rolls on. The cryptocurrency officially to rose six figures Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Bitcoin has soared since Trump won the U.S. presidential election on Nov. 5. The asset climbed from $69,374 on Election Day, hitting as high as $103,713 Wednesday, according to CoinDesk. And the latest all-time high arrives just two years after bitcoin dropped below $17,000 following the collapse of crypto exchange FTX . Bitcoin fell back below the $100,000 by Thursday afternoon, sitting above $99,000 by 4 p.m. ET. Even amid a massive rally that has more than doubled the value of bitcoin this year, some experts continue to warn of investment risks around the asset, which has quite a volatile history. Here’s what you need to know. Cryptocurrency has been around for a while now. But chances are you’ve heard about it more and more over the last few years. In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain. Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, XRP, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money, but most daily financial transactions are still conducted using fiat currencies such as the dollar. Also, bitcoin can be very volatile, with its price reliant on larger market conditions. A lot of the recent action has to do with the outcome of the U.S. presidential election. Trump, who was once a crypto skeptic, has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. On Thursday morning, hours after bitcoin surpassed the $100,000 mark, Trump congratulated “BITCOINERS” on his social media platform Truth Social. He also appeared to take credit for the recent rally, writing, “YOU’RE WELCOME!!!” Top crypto players welcomed Trump’s election victory last month, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape. And the industry has made sizeable investments along the way. Back in August, Public Citizen, a left-leaning consumer rights advocacy nonprofit, reported finding that crypto-sector corporations spent more than $119 million in 2024 to back pro-crypto candidates across federal elections. Trump made his latest pro-crypto move when he announced his plans Wednesday to nominate Atkins to chair the SEC. Atkins was an SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation. He joined the Token Alliance, a cryptocurrency advocacy organization, in 2017. Under current chair Gary Gensler, who will step down when Trump takes office, the SEC has cracked down on the crypto industry — penalizing a number of companies for violating securities laws. Gensler has also faced ample criticism from industry players in the process. One crypto-friendly move the SEC did make under Gensler was the approval in January of spot bitcoin ETFs, or exchange trade funds, which allow investors to have a stake in bitcoin without directly buying it. The spot ETFs were the dominant driver of bitcoin's price before Trump's win — but, like much of the crypto’s recent momentum, saw record inflows postelection. Bitcoin surpassing the coveted $100,000 mark has left much of the crypto world buzzing. “What we’re seeing isn’t just a rally — it’s a fundamental transformation of bitcoin’s place in the financial system,” Nathan McCauley, CEO and co-founder of crypto custodian Anchorage Digital, said in a statement — while pointing to the growth of who's entering the market, particularly with rising institutional adoption. Still, others note that the new heights of bitcoin's price don't necessarily mean the asset is going mainstream. The $100,000 level is “merely a psychological factor and ultimately just a number,” Dan Coatsworth, investment analyst at British investment company AJ Bell, wrote in a Thursday commentary . That being said, bitcoin could keep climbing to more and more all-time highs, particularly if Trump makes good on his promises for more crypto-friendly regulation once in office. If Trump actually makes a bitcoin reserve, for example, supply changes could also propel the price forward. “It is hard to overstate the magnitude of the change in Washington’s attitude towards crypto post-election,” Matt Hougan, chief investment officer at Bitwise Asset Management, said via email Thursday, reiterating that prices could keep rising if trends persist. “There is a lot more demand than there is supply, and that’s usually a pretty good recipe for success.” Still, as with everything in the volatile cryptoverse, the future is never promised. Worldwide regulatory uncertainties and environmental concerns around bitcoin “mining" — the creation of new bitcoin, which consumes a lot of energy — are among factors that analysts like Coatsworth note could hamper future growth. And, as still a relatively young asset with a history of volatility, longer-term adoption has yet to be seen through. Today’s excitement around bitcoin may make many who aren’t already in the space want to get in on the action. For those in a position to invest, Hougan says it's not too late — noting that bitcoin is still early in its development and most institutional investors “still have zero exposure.” At the same time, Hougan and others maintain that it's important to tread cautiously and not bite off more than you can chew. Experts continue to stress caution around getting carried away with crypto “FOMO,” or the fear of missing out, especially for small-pocketed investors. “A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone,” Coatsworth noted Thursday. “It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.” In short, history shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day. Coatsworth points to recent research from the Bank for International Settlements, a Switzerland-based global organization of central banks, which found that about three-quarters of retail buyers on crypto exchange apps likely lost money on their bitcoin investments between 2015 and 2022. At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000. Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs, and again, now the post-election frenzy. But lighter regulation from the coming Trump administration could also mean less guardrails. This story has been corrected to refer to Anchorage Digital as a crypto custodian, not a crypto asset manager.None{ "@context": "https://schema.org", "@type": "NewsArticle", "dateCreated": "2024-11-27T00:53:35+02:00", "datePublished": "2024-11-27T00:53:35+02:00", "dateModified": "2024-11-27T00:53:33+02:00", "url": "https://www.newtimes.co.rw/article/22136/news/rwanda/a-closer-look-at-the-mandate-of-rwandas-experience-laden-elders-forum", "headline": "A closer look at the mandate of Rwandas experience-laden elders forum", "description": "For the past one decade, the elder’s advisory forum, an institution composed of men and women over the age of 50 years, mostly seasoned politicians, has...", "keywords": "Rwanda Elders Advisory Forum,National issues", "inLanguage": "en", "mainEntityOfPage":{ "@type": "WebPage", "@id": "https://www.newtimes.co.rw/article/22136/news/rwanda/a-closer-look-at-the-mandate-of-rwandas-experience-laden-elders-forum" }, "thumbnailUrl": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/11/27/64912.jpg", "image": { "@type": "ImageObject", "url": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/11/27/64912.jpg" }, "articleBody": "For the past one decade, the elder’s advisory forum, an institution composed of men and women over the age of 50 years, mostly seasoned politicians, has been advising the Head of State and other top leaders on a number of issues of national importance, but don’t do it through usual channels like the senate or parliament. Established in 2013, the Rwanda Elders Advisory Forum (REAF)’s core mandate is to advise government on national topical issues, national political orientation and challenges pertaining to good governance, justice, economy and social welfare. The organ’s members are described as people of “high moral standing and have significant experience” in national leadership or other prominent roles. ALSO READ: PHOTOS: Kagame graces Tito Rutaremara's 80th birthday Often, on their agenda are discussion points ranging from fostering the country's stability, progress, and social cohesion, in addition to carrying out research on a number of things. “We advise the president, but ultimately, it is his prerogative to decide how, or even if, to act on our recommendations,” Tito Rutaremara, REAF’s Chairperson, told The New Times in an interview. Rutaremara, 80, has a political career spanning over five decades and has held numerous roles, including serving as Ombudsman and chaired the commission that drafted the 2003 constitution. He also served as a senator and member of parliament. He is flanked by over a dozen other seasoned individuals who boast experience not only in leadership but also in aspects like family and parenting, business, research, and beyond. We do all types of research, analysing writings, holding discussions, and studying public opinions, Rutaremara told The New Times. Though it is composed of older people, the forum does research on contemporary topics like the Fourth Industrial Revolution, which, according to Rutaremara, they have carried out a research on Rwanda’s readiness to embrace it. The Fourth Industrial Revolution, often called 4IR or Industry 4.0, is a term used to describe the current era of technological advancement where digital, physical, and biological systems are merging. ALSO READ: Lawmakers endorse Elders Advisory Forum Unlike earlier industrial revolutions, which were driven by steam, electricity, or computers, the fourth industrial revolution is powered by innovations like artificial intelligence (AI), robotics, the Internet of Things (IoT), and biotechnology. A “purely advisory” mandate Rutaremara clarified that REAF's role is purely advisory, and so, to discharge its responsibilities, the forum conducts research, reading, interviews and public consultations and comes up with a position paper which is then presented to relevant organs. REAF's mandate covers a broad range of issues, including national policy direction, governance challenges, justice, the economy, and social welfare. The forum may present its advice either upon the president's request or independently. Members of the council are appointed by the president, who also oversees the forum through his office. The council is typically composed of seven members, although the number can be adjusted as the country’s needs evolve. At least 30 per cent of the members must be female. Making decisions The forum has two main organisational bodies: The Council of Elders, which is REAF’s highest decision-making body, and the Bureau of REAF. The bureau consists of the Chairperson and Vice Chairperson, who are responsible for leading the council's activities, preparing meetings, implementing resolutions, and coordinating with other government bodies to ensure smooth collaboration. The Council of Elders’ decisions are reached through consensus; however, if consensus is not possible, an absolute majority vote among the members present will determine the outcome. REAF operates independently in establishing its internal regulations, provided they align with the law under which it was created. These regulations may be published in the Official Gazette of Rwanda. ALSO READ: Bonding with youngsters, telenovelas, and dancing: The other side of Tito Rutaremara The forum’s members serve a renewable term of five years, during which they have the authority to conduct any research deemed necessary to support their advisory role and to establish regulations for the forum's daily operations. A member may lose their position for several reasons, including the completion of their term, voluntary resignation, or inability to perform their duties due to illness or disability. Behaviour incompatible with the responsibilities of their role, no longer meeting the qualifications that were considered at the time of their appointment, or receiving a prison sentence of six months or more without rehabilitation, may also lead to loss of a position on the forum.", "author": { "@type": "Person", "name": "Jesca Mutamba" }, "publisher": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/", "sameAs": ["https://www.facebook.com/TheNewTimesRwanda/","https://twitter.com/NewTimesRwanda","https://www.youtube.com/channel/UCuZbZj6DF9zWXpdZVceDZkg"], "logo": { "@type": "ImageObject", "url": "/theme_newtimes/images/logo.png", "width": 270, "height": 57 } }, "copyrightHolder": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/" } }
