ssbet77
Facepalm: Generative AI services are gaining immense popularity among both internet users and cybercriminals. According to the FBI, "synthetic" content is increasingly being exploited to carry out various types of fraud. However, with the right precautions, individuals can still effectively protect themselves online. The FBI has issued an alert about the criminal misuse of generative AI technology. In a recently published public service announcement, the bureau warns Americans that fraudsters are exploiting AI-generated content to make their illegal schemes more convincing and effective. According to the FBI, generative AI allows criminals to reduce the time and effort needed to deceive their targets. These AI tools take user inputs to "synthesize" entirely new content based on prompts. They can even help correct human errors that might otherwise raise suspicion, particularly in AI-generated text. Creating content with AI isn't inherently illegal, but it becomes a crime when that content is used in fraud or extortion attempts. The FBI's alert outlines several examples of how generative AI can be misused and offers practical advice to help users protect themselves online. AI-generated text can appear highly convincing in social engineering or spear-phishing campaigns. Fraudsters are leveraging generative AI to produce large amounts of fake content, create fake social media profiles, send messages, and translate languages with greater accuracy and fewer grammatical errors. Entire fraudulent websites can now be built in record time, and chatbots are being used to trick victims into clicking malicious links. AI-generated images are, unsurprisingly, at the forefront of current trends, and cybercriminals are taking full advantage of them. Fraudsters are using AI-generated visuals to enhance fake social media profiles and counterfeit ID documents that support fraudulent activities. According to the FBI, AI algorithms can produce "realistic" images that are being exploited in social engineering campaigns, spear phishing attempts, scams, and even "romance schemes." AI-generated audio and video content poses similar risks. Criminals can now impersonate public figures or even people personally known to their targets, requesting financial assistance or access to sensitive information like bank accounts. The FBI advises users to establish a "secret word" or phrase with trusted family and friends as a quick way to verify identities. Additional tips to guard against generative AI-enabled crimes include carefully inspecting images and videos for irregularities or inconsistencies, as well as minimizing the online availability of personal images or voice recordings. When dealing with financial requests, the FBI stresses the importance of verifying their legitimacy through direct phone calls rather than relying on text or email. Sensitive information should never be shared with individuals met exclusively online. While it may seem obvious, the FBI also reiterates that sending money, gift cards, or cryptocurrency to strangers online is highly risky and often leads to fraud.
Congress takes on AAP: Veteran Farhad Suri to challenge Sisodia in Jangpura"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" To keep reading, please log in to your account, create a free account, or simply fill out the form below.ATLANTA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its third quarter of fiscal 2024 ended November 2, 2024. Consolidated net sales in the third quarter of fiscal 2024 were $308 million compared to $327 million in the third quarter of fiscal 2023. Loss per share on a GAAP basis was $0.25 compared to net earnings per share of $0.68 in the third quarter of fiscal 2023. On an adjusted basis, loss per share was $0.11 compared to net earnings per share of $1.01 in the third quarter of fiscal 2023. Tom Chubb, Chairman and CEO, commented, “Following a difficult third quarter, we are pleased with the beginning of the holiday season now that some recent headwinds have started to abate. The cumulative effects of several years of high inflation combined with distractions from the U.S. elections and other world events, led to less frequent and more tentative consumer spending behavior during the third quarter which is traditionally our smallest volume quarter of the year. Additionally, our most significant and important market, the Southeastern United States, was impacted by two major hurricanes in quick succession that resulted in estimated lost sales of $4 million and an estimated impact of $0.14 per share. When combined with a highly competitive and promotional environment, these headwinds led to financial performance that was weaker than expected.” Mr. Chubb concluded, “Encouragingly, consumers have responded favorably to our recent product introductions and marketing campaigns, driving a nice improvement in comp store trends once the holiday season got underway. However, due to the weaker than expected consumer environment before the election and the fourth quarter impact of the hurricanes, which we project will include an additional $3 million of lost revenue and $0.11 per share, we have lowered our fiscal 2024 sales and EPS guidance. We are confident that our business model will drive profitable growth and long-term shareholder value well into the future. We could not do this without our exceptional team of people, to whom we extend our sincere gratitude.” Third Quarter of Fiscal 2024 versus Fiscal 2023 Consolidated net sales of $308 million decreased compared to sales of $327 million in the third quarter of fiscal 2023. Full-price direct-to-consumer (DTC) sales decreased 8% to $200 million versus the third quarter of fiscal 2023. Full-price retail sales of $99 million were 6% lower than prior-year period. E-commerce sales of $101 million were 11% lower than prior-year period. Outlet sales of $17 million were 3% higher than prior-year period. Food and beverage sales were $24 million, a 4% increase versus prior-year period. Wholesale sales of $67 million were 2% lower than the third quarter of fiscal 2023. Gross margin was 63.1% on a GAAP basis, compared to 62.9% in the third quarter of fiscal 2023. The increase in gross margin was primarily due to a $4 million lower LIFO accounting charge and lower discounts at Lilly Pulitzer. This was partially offset due to full-price retail and e-commerce sales representing a lower proportion of net sales at Tommy Bahama, Lilly Pulitzer and Johnny Was with more sales occurring during promotional and clearance events. Adjusted gross margin, which excludes the effect of LIFO accounting, decreased to 63.0% compared to 64.0% on an adjusted basis in the prior-year period. SG&A was $205 million compared to $195 million last year. On an adjusted basis, SG&A was $201 million compared to $191 million in the prior-year period. The increase in SG&A was primarily driven by: Expenses related to 33 new store openings since the third quarter of fiscal 2023, including four Tommy Bahama Marlin Bars. Pre-opening expenses related to approximately five additional stores planned to open in the fourth quarter of fiscal 2024, including two additional Tommy Bahama Marlin Bars that are expected to open in the next few months. The addition of Jack Rogers. Royalties and other operating income of $4 million were comparable to the third quarter of fiscal 2023. Operating loss was $6 million, or (2.0%) of net sales, compared to operating income of $14 million, or 4.4% of net sales, in the third quarter of fiscal 2023. On an adjusted basis, operating income decreased to an operating loss of $3 million, or (1.1%) of net sales, compared to operating income of $21 million, or 6.6% of net sales, in the third quarter of fiscal 2023. The decreased operating income includes the impact of decreased net sales and increased SG&A as the Company continues to invest in the business. Interest expense decreased from $1 million in the prior year period. The decreased interest expense was primarily due to a lower average outstanding debt balance during the third quarter of fiscal 2024 than the third quarter of fiscal 2023. Due to lower earnings during the third quarter as compared to our other fiscal quarters, certain discrete or other items have a more pronounced impact on the effective tax rate. Our effective income tax rate of 42.5% for the third quarter of fiscal 2024 included the impact of discrete, favorable US federal return-to-provision adjustments primarily related to an increase in the research and development tax credit and certain adjustments to the US taxation on foreign earnings. For the third quarter of fiscal 2023, our effective income tax rate of 18.6% included the favorable utilization of the research and development tax credit and adjustments to the US taxation on foreign earnings which reduced the effective tax rate. Balance Sheet and Liquidity Inventory decreased $3 million, or 2%, on a LIFO basis and increased $2 million, or 1%, on a FIFO basis compared to the end of the third quarter of fiscal 2023. Inventory balances were comparable in all operating groups. During the first nine months of fiscal 2024, cash flow from operations was $104 million compared to $169 million in the first nine months of fiscal 2023. The cash flow from operations in the first nine months of fiscal 2024, along with borrowings of $29 million, provided sufficient cash to fund $92 million of capital expenditures and $33 million of dividends. During the third quarter of fiscal 2024, long-term debt decreased to $58 million compared to $66 million of borrowings outstanding at the end of the third quarter of fiscal 2023 as cash flow from operations exceeded increased capital expenditures primarily associated with the project to build a new distribution center in Lyons, Georgia, payments of dividends and working capital requirements. The Company had $7 million of cash and cash equivalents versus $8 million of cash and cash equivalents at the end of the third quarter of fiscal 2023. Dividend The Board of Directors declared a quarterly cash dividend of $0.67 per share. The dividend is payable on January 31, 2025 to shareholders of record as of the close of business on January 17, 2025. The Company has paid dividends every quarter since it became publicly owned in 1960. Outlook For fiscal 2024 ending on February 1, 2025, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of $1.50 billion to $1.52 billion as compared to net sales of $1.57 billion in fiscal 2023. In fiscal 2024, GAAP EPS is expected to be between $5.78 and $5.98 compared to fiscal 2023 GAAP EPS of $3.82. Adjusted EPS is expected to be between $6.50 and $6.70, compared to fiscal 2023 adjusted EPS of $10.15. For the fourth quarter of fiscal 2024, the Company expects net sales to be between $375 million and $395 million compared to net sales of $404 million in the fourth quarter of fiscal 2023. GAAP EPS is expected to be between $1.02 and $1.22 in the fourth quarter compared to a GAAP loss per share of $3.85 in the fourth quarter of fiscal 2023 that included noncash impairment charges totaling $114 million, or $5.31 per share. Adjusted EPS is expected to be between $1.18 and $1.38 compared to adjusted EPS of $1.90 in the fourth quarter of fiscal 2023. The Company anticipates interest expense of $3 million in fiscal 2024, with interest expense expected to be $1 million in the fourth quarter of fiscal 2024. The Company’s effective tax rate is expected to be approximately 23% for the full year of fiscal 2024. Capital expenditures in fiscal 2024, including the $92 million in the first nine months of fiscal 2024, are expected to be approximately $150 million compared to $74 million in fiscal 2023. The planned year-over-year increase in capital expenditures includes approximately $75 million now budgeted in fiscal 2024 for the distribution center project in Lyons, Georgia. Additionally, we have been investing in new brick and mortar locations, relocations and remodels of existing locations resulting in a year-over-year net increase of full price stores of approximately 30 by the end of fiscal 2024, which includes approximately five planned to open in the fourth quarter of the year. We will also continue with our investments in our various technology systems initiatives, including e-commerce and omnichannel capabilities, data management and analytics, customer data and insights, cybersecurity, automation, including artificial intelligence, and infrastructure. Conference Call The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through December 25, 2024 by dialing (412) 317-6671 access code 13750235. About Oxford Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama ® , Lilly Pulitzer ® , Johnny Was®, Southern Tide ® , The Beaufort Bonnet Company ® , Duck Head ® and Jack Rogers ® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com. Basis of Presentation All per share information is presented on a diluted basis. Non-GAAP Financial Information The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others. Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release. Safe Harbor This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, elevated interest rates, concerns about the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors; possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures and the impact of the recent elections in the United States; competitive conditions and/or evolving consumer shopping patterns, particularly in a highly promotional retail environment; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food & beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; unseasonal or extreme weather conditions or natural disasters, such as the September and October 2024 hurricanes impacting the Southeastern United States; lack of or insufficient insurance coverage; the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems; the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences; the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; our ability to identify and secure suitable locations for new retail store and food & beverage openings; the timing and cost of retail store and food & beverage location openings and remodels, technology implementations and other capital expenditures; the timing, cost and successful implementation of changes to our distribution network; the effectiveness of recent, focused efforts to reassess and realign our operating costs in light of revenue trends, including potential disruptions to our operations as a result of these efforts; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on sustainability issues and practices, including failures by our suppliers to adhere to our vendor code of conduct; the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; the risk of impairment to goodwill and other intangible assets such as the recent impairment charges incurred in our Johnny Was segment; and geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Fiscal 2023 Form 10-K, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.MANILA – President Ferdinand R. Marcos Jr. has approved the establishment of a one-stop system to ensure children’s protection against all forms of abuse that are detrimental to their development. Executive Order (EO) 79 inked by Marcos on Dec. 8 establishes the Mahalin at Kalingain ating mga Bata (MAKABATA) Program and institutionalizes the MAKABATA Helpline 1383. Under EO 79, the MAKABATA Program will serve as a one-stop system for addressing and monitoring all issues and concerns of children in need of special protection (CNSPs), with components that include reporting; rescue and relief; rehabilitation; and reintegration. READ MORE : House to recommend filing charges against people tied to drugs, Pogos The EO defines CNSPs as persons below 18 years old, or those 18 years old and over but are unable to fully take care of themselves because of physical or mental disability or conditions, and are vulnerable to, or are victims of abuse, neglect, exploitation, cruelty, discrimination, violence, and other similar cases such as child labor, online sexual abuse and exploitation of children (OSAEC), child sexual abuse or exploitation of materials (CSAEM), child trafficking, and other circumstances that gravely threaten or endanger a child’s survival and normal development. CNSPs also refer to children in conflict with the law, children living in alternative care, and children living with human immunodeficiency virus. The Department of Social Welfare and Development (DSWD) will lead the implementation of the MAKABATA program, while the Council for the Welfare of Children (CWC) will serve as the overall coordinating and monitoring body for the implementation of the MAKABATA Program. All concerned government agencies are directed to designate MAKABATA coordinators, focal persons, and child protection officers, as may be necessary, subject to existing laws, rules and regulations. EO 79 orders the institutionalization of the existing MAKABATA Helpline 1383, a dedicated hotline number for the program operating round the clock. The helpline, which will serve as the central reporting system for all CNSP issues and concerns, will continue to be under the CWC’s management and operation. “All concerns received through any of the communication platforms of the MAKABATA Helpline 1383 shall be immediately acted upon or referred, directly or indirectly, to concerned government agencies and instrumentalities, including LGUs and private sector partners, for appropriate action and/or intervention,” according to EO 79. “In this regard, the MAKABATA Program, through MAKABATA Helpline, shall establish and develop a referral pathway which will link all government agencies and instrumentalities, including LGUs and private sector partners, into a network of cooperation and collaboration with the overall aim of ensuring delivery of services to CNSPs under the MAKABATA Program,” it added. EO 79 instructs the CWC to respond to all inquiries regarding CNSP issues and concerns; refers matters, issues, and concerns involving CNSPs to concerned government agencies; and implements a monitoring, evaluation, and feedback mechanism to ensure the provision of time and appropriate interventions to CNSPs. The CWC is also tasked to coordinate with the Presidential Communications Office to promote and raise public awareness on MAKABATA Helpline 1383, as well as study and recommend ways to streamline services of existing helplines for CNSPs. The DSWD and CWC are directed to issue the necessary guidelines for the effective implementation of EO 79, which takes effect immediately upon publication in the Official Gazette or a newspaper of general circulation. The funding requirements for the initial implementation of EO 79 will be charged against current and available appropriations of the DSWD, CWC, and the implementing agencies.
Matt Gaetz has a new gig lined up as an anchor on conservative news network OAN
Packham resigns as RSPCA president after animal cruelty claims at approved farmsSEATTLE--(BUSINESS WIRE)--Dec 11, 2024-- Starbucks Corporation (NASDAQ: SBUX) today announced that its Board of Directors has approved a quarterly cash dividend of $0.61 per share of outstanding Common Stock. The dividend will be payable in cash on February 28, 2025, to shareholders of record on February 14, 2025. About Starbucks Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 40,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at about.starbucks.com or www.starbucks.com . Forward-Looking Statements Certain statements contained herein are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and in other filings with the SEC, as well as, among others: In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and economic environment. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. View source version on businesswire.com : https://www.businesswire.com/news/home/20241211777419/en/ CONTACT: Starbucks Contact, Investor Relations: Tiffany Willis investorrelations@starbucks.comStarbucks Contact, Media: Emily Albright press@starbucks.com KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR FOOD/BEVERAGE SOURCE: Starbucks Corporation Copyright Business Wire 2024. PUB: 12/11/2024 04:05 PM/DISC: 12/11/2024 04:05 PM http://www.businesswire.com/news/home/20241211777419/en
Chinese scientist Zhu Yongguan has been elected as the vice president of the International Science Council (ISC), the council's official website showed on Friday. He will oversee the coordination of the relationship between ISC members, decide on the strategy of membership development and provide strategic guidance and suggestions for the long-term development of the ISC, according to the China Association for Science and Technology, which recommended Zhu to the council. Zhu is a professor of environmental science and an academician at the Chinese Academy of Sciences. The ISC website described him as "a leader in taking multi-scale and transdisciplinary approaches to environmental problems." Born in 1967 in Tongxiang City, east China's Jiangxi Province, Zhu has been pursuing the study of environmental science. He graduated from Zhejiang Agricultural University in 1989 and obtained a PhD in environmental biology from Imperial College, London, in 1998. The council also elected its next president, another vice president and five governing board members, who will all take office after the ISC general assembly in late January 2025.(Bloomberg) — Chinese curbs on exports of three niche metals to the US have already rattled the market. Now, a bigger clampdown looks set to have far-reaching ramifications for supply chains feeding American defense and chip-making industries. Beijing this month slapped a ban on US-bound exports of gallium, germanium and antimony in a tit-for-tat move in a technology trade war. The metals are important because they have crucial uses in many Western industries from military tech to semiconductors to satellites. The ban may seem symbolic at first, given restrictions imposed more than a year ago had wiped out direct exports of Chinese gallium and germanium to the US. That pushed up prices and made it harder for traders to source buffer stocks. Yet panic levels are rising, because this time Beijing could crimp supplies further with rules prohibiting foreign companies and countries from helping US manufacturers to evade the controls. For instance, the measures could prevent international firms from reprocessing Chinese gallium, germanium and antimony in third countries, and then selling those products into the US. End buyers of those metals — such as the chip, aerospace and defence sectors — may have little choice but to try to use less, recycle more or strike deals with the few Western companies who can potentially start new production. There are also worries that other critical materials could be targeted if tensions escalate. Chinese metal that has been reprocessed elsewhere and re-routed to the US has offered a lifeline for American manufacturers, particularly in the gallium market. But those flows will probably dwindle as suppliers fear reprisals from Beijing, according to people with knowledge of the trade, who asked not to be identified due to the commercially sensitive nature of the matter. The tiny size of those markets and limited companies participating in them mean such sales would be easy to track, and being blacklisted by China would have huge repercussions for firms involved, the people said. It will be relatively easier for China to stop gallium shipments via third countries, given it’s a niche market, said Uchi Wakaaki, director of overseas business at Wing Co., Japan’s largest importer of the metal. Wing’s imports from China have halved this year due to the knock-on impact of trade curbs, he said. The impact on supply chains will vary, but traders, analysts and suppliers broadly expect Beijing’s ban to materially tighten global markets and boost metal prices in the coming months. Prices are already high. Germanium — which is over 300 times more expensive than copper — and antimony have hit records, while gallium is at a 13-year high, data from Fastmarkets show. Chipmaker Intel Corp. said the ban won’t significantly threaten production given its global supply sources. But since last year’s restrictions, several niche manufacturers in the sector have warned of risks for securing components or selling their products if they become more expensive to make. They include French night-vision technology company Exosens SAS and Lumentum Holdings Inc., which makes lasers for the semiconductor, defense and renewables sectors. AXT Inc., a semiconductor manufacturer that produces gallium products in China to supply US plants, said in some cases the government hasn’t issued export licenses, and shipments have been delayed. Exosens and Lumentum didn’t respond to requests for comment about the impact of this month’s ban. A spokesperson for AXT also didn’t respond to an email requesting comment, and a message left on the company’s general voicemail wasn’t replied to. In the longer term, industry insiders say the challenge will be securing new or alternative supplies, and finding refiners who can transform them into extremely pure forms that manufacturers need. There’s also the question of whether China could target other commodities. It’s the dominant supplier of dozens of critical minerals, but analysts and traders are focusing on ones that have key applications in the defense sector, and which the US doesn’t produce in meaningful volumes. Possible candidates include hafnium, zirconium, tungsten, titanium, and indium, they said. “Industries that have never had an issue around material availability are all of a sudden waking up to the fact that there might be one,” said Ionut Lazar, principal consultant at researcher CRU Group. “For the smaller manufacturers who are really heavily reliant on that material being available — almost regardless of the price — that’s the concern.” Drawing on views from producers, traders, manufacturers and consultants, here’s a metal-by-metal breakdown of how China is exposing pinch points in the West’s defense and chip-making supply chains — and the impact: Gallium Like fellow minor metals germanium and antimony, gallium is typically extracted as byproduct from mining and refining mainstream commodities like zinc, copper, aluminum and gold. Annual gallium output totals less than 1,000 tons, with China producing virtually all of it. To highlight the minuscule market, China’s aluminum industry — which pumps out gallium as a byproduct — makes more than 40 million tons each year. The nation is so dominant because in addition to being by far the top aluminum producer, its refiners are also required by law to recover gallium. “If you really wanted to throttle a market, it would make sense to start there,” said Jack Bedder, founder of critical minerals consultancy Project Blue. “We’re still nowhere near the levels of muscle that China could flex in this space if it really wanted to.” International producers could in theory raise gallium production by investing in ways to extract it as a byproduct. Rio Tinto Group last week said it’s looking into whether that’s worth doing in Canada, and Metlen Energy & Metals SA is exploring something similar in Greece. Despite gallium’s price, some prospective producers are hesitant to invest and have sought commitments from US and European governments to fund projects. Some refiners also want minimum-price guarantees from manufacturers in return for long-term deals, people familiar with the matter said. That’s because suppliers are worried that prices could collapse if China lifts export restrictions or metal flows though prohibited channels. That’s a particular concern for gallium since China produced more than the world needed before the ban, meaning it risks building a domestic glut. Germanium Germanium is one example of how trade restrictions — including sanctions affecting Russian metals and mining — are shutting international merchants out of the market, reducing their role as suppliers of last resort in times like this. Alongside a handful of Chinese producers and a few alternative ones overseas, supplies of minor metals have traditionally been controlled by a group of specialist traders primarily operating out of London, New York, Hong Kong and Tokyo. They’ve historically built inventories when supplies are ample, before waiting — sometimes for years — to sell them when metal becomes scarce. But since China’s restrictions last year, many have been frozen out of the affected metals, with customs officials only approving shipments to established end users, according to people familiar with the matter. Germanium and gallium exports to traders’ main storage hubs in the Netherlands and Hong Kong have collapsed to zero, trade data show. That means less available metal on hand. Take Suzannah Lipmann’s family owned firm, famous among London’s tight-knit network of minor metals traders for having virtually every rare mineral in stock. Lipmann Walton & Co. no longer includes germanium on its list, having stepped out of that market for now in response to tightening trade restrictions. “Normally, the trade would find a way to solve these types of shortages if you leave it be,” said Lipmann, whose family has traded minor metals for three generations. “In a geopolitical crisis, normally the one thing that keeps on flowing is metal.” With traders ill-equipped to plug the gap, manufacturers have been tapping their own buffer stocks, seeking to lock in additional supplies from a handful of alternative Western refiners and asking governments for help in building more resilient supply chains. Beijing’s grip on germanium is looser than it is for gallium, but is still a concern for the US as it seeks to become less reliant on Chinese supplies. After China’s curbs last year, the Biden administration sent diplomats to Belgium and the Democratic Republic of Congo to shore up critical mineral supplies for domestic manufacturers, including defense and aerospace contractors who need extremely pure forms of germanium to keep satellites in orbit and missiles on target. It’s only the beginning of China’s “attempts to assert its dominance on critical minerals,” Jose Fernandez, US under secretary of state for economic growth, energy and the environment, said in Brussels this month. “I’m anticipating this will not be the last time we need to address this issue.” The US once dominated germanium supply more than China does today. Cold War-era scientists pioneered a process that made it one of the purest materials ever — with impurities reaching just one in every 10 trillion atoms. Umicore SA, which transforms germanium for use in high-tech products like thermal-imaging systems and radiation detectors, has partnered with Congo to process the metal from mine-waste dumps there in a deal brokered by US authorities. A key question is how quickly it can boost supplies. “This partnership is part of our overall strategy to diversify our supply sources and to strengthen the supply chain,” said Umicore, which has historically had agreements for large Chinese supplies. “We are confident that our sourcing strategy and our supply portfolio are sufficiently robust to secure continued operations and supplies to our customers.” Antimony Like many minor metals, antimony — widely used in munitions — has been oversupplied for much of this century as China’s rapid industrial expansion boosted output. But that has been changing in recent years as the county’s geological reserves shrink. While illicit exports via Vietnam in the past helped ease supply squeezes, better border monitoring and supply chain auditing by Western manufacturers have seen so-called border leakages drop in recent years, according to CRU. Looking ahead, such flows are “probably going to be more and more difficult,” said Willis Thomas, a principal consultant at CRU. The few deposits developed in countries like Tajikistan, Myanmar and Turkey aren’t large enough to make up for the shortfall in Chinese supply, and the big worry is when and where any new mines will be found. The only known US deposit sits in an abandoned gold mining region in Idaho and the US Defense Department has supported developer Perpetua Resources Corp. to help start production. That could reduce America’s antimony shortage, potentially contributing more than 30% of its needs. The problem is that development could take years and much more is needed to plug the global shortfall. Many end users remain worried about supplies. “At the time China made this announcement, we started getting an avalanche of calls from the Defense Department,” said Gary Evans, head of United States Antimony Corp, which runs a smelter in Montana that’s operating at about 50% of capacity due to a raw ore shortage. “The hard part is finding supply. We’ve been on the phone the last 120 days with companies trying to find supply.” —With assistance from Thomas Hall and Martin Ritchie.None
The F-35 won’t be canceled anytime soon
CLEVELAND -- Alyssa Nakken, the first woman to coach in a Major League Baseball game, is leaving the San Francisco Giants to join the Cleveland Guardians. Nakken made history in 2022 when she took over as first-base coach following an ejection. A former college softball star at Sacramento State, Nakken joined the Giants in 2014 and was promoted to a spot on manager Gabe Kapler's staff in 2020, becoming the majors' first full-time female coach. Nakken has been hired as an assistant director within player development for the Guardians, who won the AL Central last season under first-year manager Stephen Vogt — the AL Manager of the Year. With Cleveland, the 34-year-old Nakken will work with former Giants coaches Craig Albernaz and Kai Correa. Her exact duties are still being determined. "We thank Alyssa Nakken for her incredible contributions to the San Francisco Giants and for trailblazing a path for women in sports,” the Giants said in a statement on Friday. "Her leadership, dedication, and passion for the game have inspired countless individuals, and her impact has been truly transformative for the Giants organization and the baseball community. “As she embarks on this exciting new chapter in her career, we have no doubt that she’ll continue to inspire and achieve great things. We wish her and her family nothing but the best.” Nakken is the second on-field female coach hired by the Guardians. In 2023, the club brought in Amanda Kamekona as their hitting development coach for their year-round training academy in Goodyear, Arizona. Last season, she was an assistant hitting coach at Double-A Akron. Kamekona was twice a third-team All-American at UCLA after transferring from Cal State Fullerton. ___ AP MLB: https://apnews.com/hub/mlb
NBA memo to players urges increased vigilance regarding home security following break-insMan arraigned on murder charges in NYC subway death fanned flames with a shirt, prosecutors say