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Amalgamated Regional Trading (ART) Corporation says ongoing restructuring will enhance group performance and agility in swiftly responding to opportunities across business units. Group chairman, Dr Thomas Utete, Wushe said in a statement of financials for the year ending September 30, 2024, that the company could deliver the expected financial performance for the year due to the ongoing transformation of the business. He said the changes were severely impacted by unfavourable dynamics in the economic environment. “The bold and defensive decisions taken to scale back investment in the paper segment during the year resulted in significant losses in the paper divisions after taking into account one-off restructuring costs and under-recoveries. “The energy storage, timber, and stationery businesses delivered resilient performances as they remain foundationally strong, but power shortages during the period exacerbated product availability challenges in the peak season,” Mr Wushe said. He said group revenue for the year decreased by 11 percent to US$33,321 million from the prior year’s US$38,227 million due to product availability challenges and the deliberate scaling down of paper production. The group’s export volumes declined by 15 percent compared to the prior year. “The foreign currency shortages in the region continued, resulting in significant payment delays in Zambia and Malawi,” said Mr Wushe. The group’s gross profit margins for the year at 44 percent improved by 2 percentage points, benefiting from the change in sales mix with the slowdown of the low-margin paper volumes. Dr Wushe said operating expenses increased as currency movements drove service providers to move to hard currency and hedge against further value loss. “The group was relentless in its drive to fix, strengthen, and reposition the business,” he said. Dr Wushe said overall short-term bank debt was reduced substantially as proceeds from property disposals were applied towards loan repayments. In terms of divisional performance, overall battery volume in the Energy Storage unit declined by 8 percent from the prior year with the business facing tough economic conditions, power, and supply chain disruptions. Dr Wushe said demand in the market remained high despite increased competition from imports, and technology will continue to impact customer preferences in the segment. “The business broadened its investment in new technologies with the launch of the maintenance-free batteries. “Battery clinics were increased throughout the country to educate consumers who have inadvertently been purchasing counterfeit batteries and low-cost imported batteries without after-market support,” he said. He added that industrial battery volume increased by 16 percent on the back of increased demand from mining, energy, and telecommunication sectors. During the period under review, the stationery division volumes were affected by power-induced product shortages, disruptions in the formal market, and currency instability. As a result, volumes decreased by 10 percent from the prior year. Dr Wushe said the proliferation of low-cost imported pens, during the peak back-to-school periods, was aided by product shortages. He indicated that the new Eversharp pens performed well in the first year, contributing 10 percent of total revenue. “The listing of the Eversharp pens in the Zambia formal retail market during the period is expected to boost exports once product shortages are alleviated. “The Eversharp brand has retained its position in the market with raw material supply and quality challenges having been resolved during the year. “The Clean Schools campaign and National Heads programme were sponsored, affirming Eversharp’s continued support and role in the education sector,” said Dr Wushe. In the paper division, Dr Wushe said the scaling back of production during the period to allow for optimisation of the new equipment and restructuring of the division had to be extended to the end of the year as it became apparent that the worsening power supply situation and unfavourable market conditions would persist into 2025. He said this had come with significant difficulties and trade-off decisions given the limited cash resources available. “Paper milling in the country faces significant obstacles related to raw material supply, the cost and availability of power, and water. The disruption that technology and advancements in paper making present will continue to challenge our capabilities. “The group, however, remains confident that its experience and investments will, in the long term, withstand and overcome these challenges,” he said. Dr Wushe said the company had identified partners to enhance capabilities and technologies to support the group’s innovation pipeline and talent base. He said tissue converting and trading under the new partnerships commenced in the last quarter with volumes expected to recover on the back of improved product availability. The group’s Mutare Estates sales volumes were above the prior year by 3 percent, with demand for structural sawn timber increasing as the year ended. “Gum volumes orders could not be fulfilled due to extraction bottlenecks. Gross margins increased to 54 percent from 46 percent due to an improvement in recovery rates and blended harvesting around the plantation. Pallet sales were slowed by customer payment delays,” said Dr Wushe. Dr Wushe noted that the estates suffered minimal fire losses as a result of a highly prepared and motivated fire-fighting team. He said the business continues to face disruptions from the illegal mining activity around Inodzi Estate and will continue to engage law enforcement authorities to ensure the estate is safeguarded.WASHINGTON — A top White House official said Wednesday at least eight U.S. telecom firms and dozens of nations were impacted by a Chinese hacking campaign. Deputy national security adviser Anne Neuberger offered new details about the breadth of the that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. FILE - The American and Chinese flags wave at Genting Snow Park ahead of the 2022 Winter Olympics, in Zhangjiakou, China, on Feb. 2, 2022. A top White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign. (AP Photo/Kiichiro Sato, File) Neuberger divulged the scope of the hack a day after the FBI and the Cybersecurity and Infrastructure Security Agency intended to help root out the hackers and prevent similar cyberespionage in the future. White House officials cautioned that the number of telecommunication firms and countries impacted could grow. The U.S. believes the hackers were able to gain access to communications of senior U.S. government officials and prominent political figures through the hack, Neuberger said. “We don’t believe any classified communications has been compromised,” Neuberger added during a call with reporters. She added that Biden was briefed on the findings and the White House “made it a priority for the federal government to do everything it can to get to the bottom this.” US officials recommend encrypted messaging apps amid "Salt Typhoon" cyberattack, attributed to China, targeting AT&T, Verizon, and others. The Chinese embassy in Washington rejected the accusations that it was responsible for the hack Tuesday after the U.S. federal authorities issued new guidance. “The U.S. needs to stop its own cyberattacks against other countries and refrain from using cyber security to smear and slander China,” embassy spokesperson Liu Pengyu said. The embassy did not immediately respond to messages Wednesday. White House officials believe the hacking was regionally targeted and the focus was on very senior government officials. Federal authorities confirmed in October that hackers linked to China of then-presidential candidate Donald Trump and his running mate, Sen. JD Vance, along with people associated with Democratic candidate Vice President Kamala Harris. The number of countries impacted by the hack is currently believed to be in the “low, couple dozen,” according to a senior administration official. The official, who spoke on the condition of anonymity under rules set by the White House, said they believed the hacks started at least a year or two ago. The released Tuesday are largely technical in nature, urging encryption, centralization and consistent monitoring to deter cyber intrusions. If implemented, the security precautions could help disrupt the operation, dubbed Salt Typhoon, and make it harder for China or any other nation to mount a similar attack in the future, experts say. Trump's pick to head the Federal Bureau of Investigation Kash Patel was allegedly the target of cyberattack attempt by Iranian-backed hackers. Neuberger pointed to efforts made to beef up cybersecurity in the rail, aviation, energy and other sectors following . “So, to prevent ongoing Salt Typhoon type intrusions by China, we believe we need to apply a similar minimum cybersecurity practice,” Neuberger said. The cyberattack by a gang of criminal hackers on the critical U.S. pipeline, which delivers about 45% of the fuel used along the Eastern Seaboard, sent ripple effects across the economy, highlighting cybersecurity vulnerabilities in the nation’s aging energy infrastructure. Colonial confirmed it paid $4.4 million to the gang of hackers who broke into its computer systems as it scrambled to get the nation's fuel pipeline back online. Picture this: You're on vacation in a city abroad, exploring museums, tasting the local cuisine, and people-watching at cafés. Everything is going perfectly until you get a series of alerts on your phone. Someone is making fraudulent charges using your credit card, sending you into a panic. How could this have happened? Cyberattacks targeting travelers are nothing new. But as travel has increased in the wake of the COVID-19 pandemic, so has the volume of hackers and cybercriminals preying upon tourists. Financial fraud is the most common form of cybercrime experienced by travelers, but surveillance via public Wi-Fi networks, social media hacking, and phishing scams are also common, according to a . consulted cybersecurity sources and travel guides to determine some of the best ways to protect your phone while traveling, from using a VPN to managing secure passwords. Online attacks are not the only type of crime impacting travelers—physical theft of phones is also a threat. Phones have become such invaluable travel aids, housing our navigation tools, digital wallets, itineraries, and contacts, that having your phone stolen, lost, or compromised while abroad can be devastating. Meanwhile, traveling can make people uniquely vulnerable to both cyber and physical attacks due to common pitfalls like oversharing on social media and letting your guard down when it comes to taking risks online. Luckily, there are numerous precautions travelers can take to safeguard against cyberattacks and phone theft. Pickpockets, scammers, and flagrant, snatch-your-phone-right-out-of-your-hand thieves can be found pretty much everywhere. In London, for instance, a staggering , breaking down to an average of 248 per day, according to the BBC. Whether you're visiting a crowded tourist attraction or just want peace of mind, travel experts advise taking precautions to make sure your phone isn't physically stolen or compromised while traveling. There are several antitheft options to choose from. If you want a bag that will protect your phone from theft, experts recommend looking for features like slash-resistant fabric, reinforced shoulder straps, hidden zippers that can be locked, and secure attachment points, like a cross-body strap or a sturdy clip. For tethers, look for those made of tear-resistant material with a reinforced clip or ring. If your phone falls into the wrong hands, there's a good chance you won't be getting it back. Out of those 91,000 phones stolen in London in 2022, only 1,915 (or about 2%) were recovered. The good news is that you can take precautions to make the loss of your phone less devastating by backing up your data before you travel. With backed-up data, you can acquire a new device and still access your photos, contacts, messages, and passwords. Moreover, if you have "Find My Device" or "Find My Phone" enabled, you can remotely wipe your stolen phone's data so the thief cannot access it. It's safest to back up your data to a hard drive and not just the cloud. That way, if you have to wipe your device, you don't accidentally erase the backup, too. In order for the previous tip on this list to work, "Find My Phone" must be turned on in advance, but remotely wiping your device isn't the only thing this feature allows you to do. The "Find My Phone" feature enables you to track your device, as long as it's turned on and not in airplane mode. This is particularly helpful if you misplaced your phone or left it somewhere since it can help you retrace your steps. While this feature won't show you the live location of a phone that has been turned off, it will show the phone's last known location. With "Find My Phone," you can also remotely lock your phone or enable "Lost Mode," which locks down the phone, suspends any in-phone payment methods, and displays contact information for returning the phone to you. If your phone was stolen, experts caution against taking matters into your own hands by chasing down the thief, since this could land you in a potentially dangerous situation and is unlikely to result in getting your phone back. Strong passwords for important accounts help protect your information while you travel, but it's just a first step. The National Cybersecurity Alliance recommends creating long, unique, and complex passwords for every account and combining them with multifactor authentication to create maximum barriers to entry. If you're worried about remembering these passwords, password managers can be a vital tool for both creating and storing strong passwords. Password managers are apps that act as secure vaults for all your passwords. Some even come with a feature that allows you to temporarily delete sensitive passwords before you travel and then easily restore them once you return. Get the latest local business news delivered FREE to your inbox weekly.
NEW YORK, Nov. 30, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a lawsuit against Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) and certain of the Company’s current and former senior executives. If you invested in Evolv, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/evolv-technologies-holdings-inc . Investors have until December 31, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Evolv’s securities. The case is pending in the U.S. District Court for the District of Massachusetts and is captioned Buchan v. Evolv Technologies Holdings, Inc. , No. 1:24-cv-12768. A copy of the lawsuit can be found here: https://www.bfalaw.com/siteFiles/Cases/EvolvFiledComplaint.pdf What is the Lawsuit About? Evolv is a security technology company that utilizes AI-based screening designed to help create safer experiences. The complaint alleges that Evolv’s financial statements prepared for the periods between the second quarter of 2022 and the second quarter of 2024 contained material misstatements relating to Evolv’s revenue recognition and other reported metrics that are a function of revenue. On October 25, 2024, Evolv announced that the Company’s financial statements issued between the second quarter of 2022 and the second quarter of 2024 should not be relied upon due to material misstatements impacting revenue recognition and other previously reported metrics that are a function of revenue. The Company revealed that certain sales, including sales to one of its largest channel partners, were subject to extra-contractual terms and conditions not shared with the Company’s accounting personnel and that certain Company personnel engaged in misconduct in connection with those transactions. The Company also announced that it has self-reported these issues to the Division of Enforcement of the Securities and Exchange Commission and was delaying filing its upcoming quarterly report for the third quarter of 2024. On this news, the price of Evolv stock declined roughly 40%, from $4.10 per share on October 24, 2024, to $2.47 per share on October 25, 2024. Then, on October 31, 2024, Evolv announced the termination of the Company’s CEO, Peter George, effective immediately. The Company announced that Michael Ellenbogen, Evolv’s Chief Innovation Officer will serve in an interim role until a successor is appointed. On this news, the price of Evolv stock declined roughly 8%, from $2.34 per share on October 30, 2024, to $2.15 per share on October 31, 2024. Click here for more information: https://www.bfalaw.com/cases-investigations/evolv-technologies-holdings-inc . What Can You Do? If you invested in Evolv you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: https://www.bfalaw.com/cases-investigations/evolv-technologies-holdings-inc Or contact: Ross Shikowitz ross@bfalaw.com 212-789-3619 Why Bleichmar Fonti & Auld LLP? Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd. For more information about BFA and its attorneys, please visit https://www.bfalaw.com . https://www.bfalaw.com/cases-investigations/evolv-technologies-holdings-inc Attorney advertising. Past results do not guarantee future outcomes.
December 4, 2024 This article has been reviewed according to Science X's editorial process and policies . Editors have highlightedthe following attributes while ensuring the content's credibility: fact-checked peer-reviewed publication trusted source proofread by Indiana University Although many tech companies and start-ups have touted the potential of automated fact-checking services powered by artificial intelligence to stem the rising tide of online misinformation, a new study led by researchers at Indiana University has found that AI-fact checking can, in some cases, actually increase belief in false headlines whose veracity the AI was unsure about, as well as decrease belief in true headlines mislabeled as false. The work also found that participants given the option to view headlines fact checked by large language model-powered AI were significantly more likely to share both true and false news—but only more likely to believe false headlines, not true headlines. The study, "Fact-checking information from large language models can decrease headline discernment," was published Dec. 4 in the Proceedings of the National Academy of Sciences . The first author is Matthew DeVerna, a Ph.D. student at the Indiana University Luddy School of Informatics, Computing and Engineering in Bloomington. The senior author is Filippo Menczer, IU Luddy Distinguished Professor and director of IU's Observatory on Social Media. "There is a lot of excitement about leveraging AI to scale up applications like fact-checking, as human fact-checkers cannot keep up with the volume of false or misleading claims spreading on social media, including content generated by AI," DeVerna said. "However, our study highlights that when people interact with AI, unintended consequences can arise, highlighting how important it is to carefully consider how these tools are deployed." In the study, IU scientists specifically investigated the impact of fact-checking information generated by a popular large language model on belief in, and sharing intent of, political news headlines in a pre-registered randomized control experiment. Although the model accurately identified 90% of false headlines, the researchers found that this did not significantly improve participants' ability to distinguish between true and false headlines, on average. In contrast, the researchers found the use of human-generated fact checks did enhance users' discernment of true headlines. "Our findings highlight an important source of potential harm stemming from AI applications and underscore the critical need for policies to prevent or mitigate such unintended consequences," said Menczer. "More research is needed to improve the accuracy of AI fact-checking as well as understand the interactions between humans and AI better." Additional contributors to the paper were Kai-Cheng Yang of Northeastern University and Harry Yaojun Yan of the Stanford Social Media Lab. More information: Matthew R. DeVerna et al, Fact-checking information from large language models can decrease headline discernment, Proceedings of the National Academy of Sciences (2024). DOI: 10.1073/pnas.2322823121 Journal information: Proceedings of the National Academy of Sciences Provided by Indiana UniversityHonda Motor Co. and Nissan Motor Co. are exploring a potential merger, according to people familiar with the matter, which would create a singular rival to Toyota Motor Corp. in Japan and better position the combined company to face competitive challenges around the world. The two carmakers have been holding preliminary talks about a combination, the people said Tuesday, asking not to be identified because discussions are private. One option being considered is the creation of a new holding company under which the combined businesses would operate, one of the people said. The transaction could also be expanded to include Mitsubishi Motors Corp., the person said. Discussions are early stage and may not lead to an agreement, the people said. While Honda and Nissan stopped short of confirming the merger talks, both automakers issued statements that reiterated their previous pledges for further future cooperation. “We will inform our stakeholders of any updates at an appropriate time,” Honda said in its statement. Such a deal would effectively consolidate the Japanese auto industry into two main camps: One controlled by Honda, Nissan and Mitsubishi and another consisting of Toyota group companies. It would also provide them with more resources to compete with larger peers globally after downsizing long-held partnerships with other carmakers. Nissan has loosened ties with France’s Renault SA and Honda has backed away from General Motors Co. The move toward a merger would follow a decision by the two companies earlier this year to work together on electric vehicle batteries and software. At that time, Honda Chief Executive Officer Toshihiro Mibe floated the possibility of a capital tie-up with Nissan. The two Japanese carmakers plan to sign a memorandum of understanding to discuss shared equity stakes in a new holding company, the Nikkei reported earlier in the day. The merger would help the manufacturers compete against rivals in electric vehicles such as Tesla Inc. and Chinese automakers, it said. American depositary receipts of Honda and Nissan shares climbed on the report. Nissan ADRs rose 12% and Honda’s gained 0.9% in late New York trading. In some ways, it could be seen as a defensive merger among Japan’s weaker players. Honda, Nissan and Mitsubishi combined sold about 4 million vehicles globally in the first six months of the year, well shy of the 5.2 million that Toyota sold on its own. Combining forces would allow the two companies to fend off Toyota, the world’s largest automaker, at home and abroad. Toyota has taken stakes in Subaru Corp., Suzuki Motor Corp. and Mazda Motor Corp., creating a powerhouse of brands backed by its top-notch credit rating. Honda’s valuation stood at 6.8 trillion yen ($44.4 billion) as of the close of trading in Tokyo on Tuesday, well above Nissan’s 1.3 trillion yen market capitalization. But even their combined value is dwarfed by Toyota’s 42.2 trillion yen. Honda has long struggled to keep up with bigger capitalized rivals when it comes to investments in new technologies. It recently has shifted gears to boost hybrid gas-electric vehicles even as it spends billions of dollars on all-electric production. At the same time, Honda’s arms-length partnership with GM has been weakened, most recently earlier this month when their self-driving car partnership ended. GM has strengthened its ties with South Korea’s Hyundai Motor Co. Nissan is in need of a partner to put it back on a stronger financial footing as it steps up restructuring efforts to cope with stalled revenue growth and lower profits. It faces pressure from an activist shareholder and a daunting debt load that has led to speculation in credit markets about its investment grade rating. The Yokohama-based company has partially unwound its complex 25-year strategic partnership with Renault, a fixation of former Chair Carlos Ghosn. Rivalries and mutual suspicion mounted over the years and came to a head when Ghosn openly contemplated a merger, contributing to his downfall. The former chairman and CEO, who has filed a suit against his former company for ousting him in 2018, warned of a “disguised takeover” of Nissan by Honda in an August interview with Automotive News. The merger talks come after the Financial Times said last month that Nissan was looking for an anchor investor to replace part of Renault’s equity holding and that it hadn’t ruled out having Honda buy some of its shares.
COLUMBUS, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Worthington Enterprises, Inc. (NYSE: WOR), a market-leading designer and manufacturer of innovative products and solutions that serve customers in the building products and consumer products end markets, today reported results for its fiscal 2025 second quarter ended November 30, 2024. Second Quarter Highlights (all comparisons to the second quarter of fiscal 2024): Net sales of $274.0 million, decreased 8% driven by the deconsolidation of the former Sustainable Energy Solutions segment (“SES”) Adjusted EPS of $0.60 from continuing operations (diluted), up 5% and adjusted EBITDA of $56.2 million, up 2%, despite lower net sales Repurchased 200,000 shares of common stock for $8.1 million leaving 5,715,000 shares remaining on the Company’s share repurchase authorization Declared a quarterly dividend of $0.17 per share payable on March 28, 2025, to shareholders of record at the close of business on March 14, 2025 Financial highlights, on a continuing operations basis, for the current year and prior year quarters are as follows: “We delivered solid financial results for the quarter despite mild but persistent macro headwinds, achieving year over year and sequential growth in adjusted EBITDA and adjusted EPS,” said Worthington Enterprises President and CEO Joe Hayek. “Consumer Products’ earnings growth was driven by increased volumes and improved gross margins. Building Products generated higher earnings driven by the inclusion of Ragasco and stronger contributions from WAVE." Consolidated Quarterly Results Net sales for the second quarter of fiscal 2025 were $274.0 million, a decrease of $24.2 million, or 8.1%, from the prior year quarter, primarily driven by the deconsolidation of SES during the fourth quarter of fiscal 2024. Net sales in the prior year quarter include $27.5 million related to SES, which is now operated as an unconsolidated joint venture and results are reported within equity income on the consolidated statement of earnings beginning June 1, 2024. Operating income of $3.5 million was favorable $17.9 million to the operating loss in the prior year quarter due to certain nonrecurring effects of the separation of the former Steel Processing business (“Separation”) in the prior year, including one-time Separation costs and stranded corporate costs eliminated post-Separation, partially offset by higher restructuring and other expense in the current quarter. Excluding these items, adjusted operating income was $6.1 million, an increase of $3.8 million over the prior year quarter, primarily driven by the inclusion of Ragasco, which was acquired on June 3, 2024, along with higher overall gross margin. Equity income decreased $4.1 million from the prior year quarter to $34.6 million, on lower contributions from ClarkDietrich in the current year quarter and the $2.8 million gain in the prior year quarter related to the divestiture of the Brazilian operations of the engineered cabs joint venture. These headwinds were partially offset by a $3.1 million increase in equity earnings from WAVE. ClarkDietrich contributed equity earnings of $9.7 million, down $4.0 million from the prior year quarter, but up $1.0 million sequentially from the first quarter of fiscal 2025. Income tax expense was $9.1 million in the second quarter of fiscal 2025 compared to $6.6 million in the prior year quarter. The increase was driven by higher pre-tax earnings from continuing operations, partially offset by a lower estimated annual effective tax rate of 24.1%, down from 25.7% in the prior year quarter. Balance Sheet and Cash Flow The Company ended the quarter with cash of $193.8 million, down $50.4 million from May 31, 2024, primarily driven by the acquisition of Ragasco. During the second quarter, the Company generated operating cash flow of $49.1 million, of which $15.2 million was invested in capital projects, including approximately $4.9 million related to previously announced facility modernization projects. Total debt at quarter end consisted entirely of long-term debt and was relatively unchanged from May 31, 2024, at $295.7 million. The Company had no borrowings under its revolving credit facility as of November 30, 2024, leaving $500.0 million available for future use. Quarterly Segment Results Consumer Products generated net sales of $116.7 million during the second quarter of fiscal 2025, down $2.6 million, or 2.2%, from the prior year quarter, primarily driven by a less favorable product mix that was partially offset by higher volumes. Adjusted EBITDA was $15.5 million, up $2.8 million over the prior year quarter, on the combined impact of higher volumes and gross margin improvement partially offset by higher SG&A expense. Building Products generated net sales of $157.3 million during the second quarter of fiscal 2025, an increase of $6.0 million, or 4.0%, over the prior year quarter on contributions from Ragasco, partially offset by lower overall volumes. Adjusted EBITDA of $47.2 million, was up $1.4 million over the prior year quarter, as contributions from Ragasco and higher equity income from WAVE were partially offset by the combined impact of lower volumes and lower contributions of equity income from ClarkDietrich. Outlook “Our team continues to navigate the current environment effectively, maintaining a strong focus on delivering value-added solutions and products for our customers,” Hayek said. “While we are pleased with our performance, we continue to set our sights higher. We have improved our value propositions in multiple product lines over the last year, and we are very well positioned as growth returns to our end markets. Led by our people-first, performance-based culture, leveraging a solid balance sheet and a commitment to transformation, innovation and M&A, we are confident in our ability to optimize our business, drive sustainable growth and deliver long-term value to our shareholders.” Conference Call The Company will review fiscal 2025 second quarter results during its quarterly conference call on December 18, 2024, at 8:30 a.m. Eastern Time. Details regarding the conference call can be found on the Company website at www.WorthingtonEnterprises.com. About Worthington Enterprises Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that help enable people to live safer, healthier and more expressive lives. The Company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, Coleman® (propane cylinders), CoMet®, Garden Weasel®, General®, HALOTM, HawkeyeTM, Level5 Tools®, Mag Torch®, NEXITM, Pactool International®, PowerCoreTM, Ragasco®, Well-X-Trol® and XLiteTM, among others. The Company also serves the growing global hydrogen ecosystem via a joint venture focused on on-board fueling systems and gas containment solutions. Headquartered in Columbus, Ohio, Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe. Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The Company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation , participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts . For more information, visit worthingtonenterprises.com . Safe Harbor Statement Selected statements contained in this release constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Act”). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee” and similar words or phrases. These forward-looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; the anticipated benefits of the separation of the Company’s Steel Processing business (the “Separation); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the Company’s performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; the tax treatment of the Separation transaction; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at the Company’s operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; the ever-changing effects of the novel coronavirus (“COVID-19”) pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, employees and third-party service providers; and other non-historical matters. Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the uncertainty of obtaining regulatory approvals in connection with the Separation, including rulings from the Internal Revenue Service; the Company’s ability to successfully realize the anticipated benefits of the Separation; the risks, uncertainties and impacts related to the COVID-19 pandemic – the duration, extent and severity of which are impossible to predict, including the possibility of future resurgence in the spread of COVID-19 or variants thereof – and the availability, effectiveness and acceptance of vaccines, and other actual or potential public health emergencies and actions taken by governmental authorities or others in connection therewith; the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19, the actions taken in connection therewith and the implementation of related fiscal stimulus packages; the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company’s products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company’s products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations (especially in light of the COVID-19 pandemic and Russia’s invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts (especially in light of Russia’s invasion of Ukraine), terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability (especially in light of Russia’s invasion of Ukraine), foreign currency exchange rate exposure and the acceptance of the Company’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the Company’s operations and financial results; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company’s markets; the impact of environmental laws and regulations or the actions of the United States Environmental Protection Agency or similar regulators which increase costs or limit the Company’s ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase the Company’s healthcare and other costs and negatively impact the Company’s operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the Company’s costs and negatively impact the Company’s operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company’s filings with the United States Securities and Exchange Commission, including those described in “Part I – Item 1A. – Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2024. Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. WORTHINGTON ENTERPRISES, INC. NON-GAAP FINANCIAL MEASURES (In thousands, except units and per share amounts The following provides a reconciliation of non-GAAP financial measures, including adjusted operating income, adjusted earnings before income taxes, adjusted income tax expense (benefit), adjusted net earnings from continuing operations attributable to controlling interest, and adjusted earnings per diluted share from continuing operations attributable to controlling interest, from their most comparable GAAP measure for the three and six months ended November 30, 2024 and 2023. Refer to the Use of Non-GAAP Financial Measures and Definitions section herein and non-GAAP footnotes below for further information on these measures. To further assist in the analysis of segment results for the three and six months ended November 30, 2024 and 2023 the following supplemental information has been provided. Reconciliations of adjusted EBITDA from continuing operations and adjusted EBITDA margin from continuing operations to the most comparable GAAP measures are provided below. A reconciliation from earnings before income taxes from continuing operations to the non-GAAP financial measure of adjusted EBITDA from continuing operations for the each of the periods presented is provided below. WORTHINGTON ENTERPRISES, INC. USE OF NON-GAAP FINANCIAL MEASURES AND DEFINITIONS NON-GAAP FINANCIAL MEASURES. These materials include certain financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The non-GAAP financial measures typically exclude items that management believes are not reflective of, and thus should not be included when evaluating the performance of the Company’s ongoing operations. Management uses the non-GAAP financial measures to evaluate the Company’s performance, engage in financial and operational planning, and determine incentive compensation. Management believes these non-GAAP financial measures provide useful supplemental information and additional perspective on the performance of the Company’s ongoing operations and should not be considered as an alternative to the comparable GAAP measure. Additionally, management believes these non-GAAP financial measures allow for meaningful comparisons and analysis of trends in the Company’s businesses and enable investors to evaluate operations and future prospects in the same manner as management. The following provides an explanation of each non-GAAP financial measure presented in these materials: Adjusted operating income (loss) is defined as operating income (loss) excluding the items listed below, to the extent naturally included in operating income (loss). Adjusted net earnings from continuing operations is defined as net earnings from continuing operations attributable to controlling interest (“net earnings from continuing operations”) excluding the after-tax effect of the excluded items outlined below. Adjusted earnings per diluted share from continuing operations (“Adjusted EPS from continuing operations”) is defined as adjusted net earnings from continuing operations divided by diluted weighted-average shares outstanding). Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation, and amortization. EBITDA is calculated by adding or subtracting, as appropriate, interest expense, net, income tax expense, depreciation, and amortization to/from net earnings from continuing operations attributable to controlling interest, which is further adjusted to exclude impairment and restructuring charges (gains) as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of its ongoing operations, as outlined below. Adjusted EBITDA also excludes stock-based compensation due to its non-cash nature, which is consistent with how management assesses operating performance. At the segment level, adjusted EBITDA includes expense allocations for centralized corporate back-office functions that exist to support the day-to-day business operations. Public company and other governance costs are held at the corporate-level. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. Exclusions from Non-GAAP Financial Measures Management believes it is useful to exclude the following items from the non-GAAP financial measures presented in this report for its own and investors’ assessment of the business for the reasons identified below. Additionally, management may exclude other items from the Non-GAAP financial measures that do not occur in the ordinary course of our ongoing business operations and note them in the reconciliation from earnings before income taxes from continuing operations to the non-GAAP financial measure of adjusted EBITDA from continuing operations. Impairment charges are excluded because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which we believe facilitates the comparison of historical, current and forecasted financial results. Restructuring activities, which can result in both discrete gains and/or losses, consist of established programs that are not part of our ongoing operations, such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions). These items are excluded because they are not part of the ongoing operations of our underlying business. Separation costs, which consist of direct and incremental costs incurred in connection with the completed Separation are excluded as they are one-time in nature and are not expected to occur in period following the Separation. These costs include fees paid to third-party advisors, such as investment banking, audit and other advisory services as well as direct and incremental costs associated with the Separation of shared corporate functions. Results in the current fiscal year also include incremental compensation expense associated with the modification of unvested short and long-term incentive compensation awards, as required under the employee matters agreement executed in conjunction with the Separation. Loss on early extinguishment of debt is excluded because it does not occur in the normal course of business and may obscure analysis of trends and financial performance. Additionally, the amount and frequency of this type of charge is not consistent and is significantly impacted by the timing and size of debt extinguishment transactions. Corporate costs eliminated at Separation are those costs that were related to corporate resources that, post-Separation, no longer exist to support the Company’s continuing operations, but were not clearly identifiable to the former Steel Processing segment. Sonya L. Higginbotham Senior Vice President Chief of Corporate Affairs, Communications and Sustainability 614.438.7391 sonya.higginbotham@wthg.com Marcus A. Rogier Treasurer and Investor Relations Officer 614.840.4663 marcus.rogier@wthg.com 200 West Old Wilson Bridge Rd. Columbus, Ohio 43085 WorthingtonEnterprises.comAcademy Sports + Outdoors Announces New $700 Million Share Repurchase Program and Quarterly Cash Dividend
Private school tax breaks a 'luxury', says PhillipsonRetail sales rose at healthy pace last month in latest sign of US economy's health WASHINGTON (AP) — Consumers stepped up their spending at retail stores last month, providing a boost to the economy in the early phases of the winter holiday shopping season. Retail sales rose 0.7% in November, the Commerce Department said Tuesday, a solid increase and higher than October’s 0.5% gain. The boost in spending underscores that the economy is still growing at a healthy pace even with higher interest rates, a trend that could cause the Federal Reserve to lower borrowing costs more slowly next year than they have previously signaled. Tuesday’s report arrives just a day before the Fed is set to announce its latest rate decision Wednesday. Americans end 2024 with grim economic outlook, but Republicans are optimistic for 2025: AP-NORC poll WASHINGTON (AP) — A new poll finds that Democrats are feeling more pessimistic about the U.S. economy after Donald Trump's victory. Republicans, meanwhile, are still dour about the current state of the economy but hopeful that growth will be stronger next year when Trump returns to the White House as president. The latest survey from The Associated Press-NORC Center for Public Affairs Research suggests that some Americans are evaluating the economy more by who holds political power than on what the underlying trends suggest. This was a persistent challenge for President Joe Biden and raises the possibility that Trump might also struggle to translate his economic ideas into political wins. Energy chief Granholm warns against 'unfettered exports' of liquefied natural gas WASHINGTON (AP) — Energy Secretary Jennifer Granholm says the incoming Trump administration should proceed cautiously as it considers proposals for new natural gas export terminals. Granholm warns that “unfettered exports” of liquefied natural gas, or LNG, could raise wholesale domestic prices by more than 30% and increase planet-warming greenhouse gas emissions. Granholm’s statement Tuesday came as the Energy Department released a long-awaited study on the environmental and economic impacts of natural gas exports, which have grown exponentially in the past decade. The analysis found that U.S. LNG shipments drive up domestic prices and could lead to higher global carbon emissions. Biden calls for ban on congressional stock trading WASHINGTON (AP) — President Joe Biden has endorsed a ban on congressional stock trading in an interview that’s being released this week. It's the first time he's publicly backed the idea. He made the comments to Faiz Shakir, a political adviser for Sen. Bernie Sanders. Shakir interviewed the Democratic president for A More Perfect Union, a pro-labor advocacy and journalism organization. The Associated Press reviewed a video of the interview before its release. A bipartisan proposal to ban trading by members of Congress and their families has dozens of sponsors, but it has not received a vote. What does Big Tech hope to gain from warming up to Trump? NEW YORK (AP) — In a string of visits, dinners, calls, monetary pledges and social media overtures, big tech chiefs have joined a parade of business and world leaders in trying to improve their standing with President-elect Donald Trump before he takes office in January. The tech list includes Apple’s Tim Cook, OpenAI’s Sam Altman, Meta’s Mark Zuckerberg, SoftBank’s Masayoshi Son and Amazon’s Jeff Bezos. Meanwhile, the list of what the executives may be hoping for includes an open path toward developing artificial intelligence, easier access to energy for data centers and an easing of antitrust enforcement. Suspect charged with killing UnitedHealthcare's CEO as an act of terrorism NEW YORK (AP) — The man accused of killing UnitedHealthcare’s CEO has been charged with murder as an act of terrorism. Prosecutors disclosed the indictment Tuesday as they worked to bring Luigi Mangione to a New York court from from a Pennsylvania jail. The 26-year-old Mangione already had been charged with murder in the Dec. 4 killing of Brian Thompson. But the terror allegation is new. Under New York law, such a charge can be brought when an alleged crime is “intended to intimidate or coerce a civilian population, influence the policies of a unit of government by intimidation or coercion and affect the conduct of a unit of government by murder, assassination or kidnapping.” Mangione's New York lawyer hasn't commented. Amazon investing another $10 billion in Ohio-based data centers COLUMBUS, Ohio (AP) — Amazon Web Services will invest another $10 billion to bolster its data center infrastructure in Ohio. The company and Republican Gov. Mike DeWine announced the plan Monday. The new investment will boost the amount it has committed to spending in Ohio by the end of 2029 to more than $23 billion. AWS launched its first data centers in the state in 2016. It currently operates campuses in two counties in central Ohio. The new investment will allow AWS to expand its data centers to new sites across the state, but the company says those locations have not been determined yet. Federal Reserve is likely to slow its rate cuts with inflation pressures still elevated WASHINGTON (AP) — Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting. The Fed’s policymakers are likely to signal fewer interest rate cuts next year than were previously expected. The officials are set to reduce their benchmark rate, which affects many consumer and business loans, by a quarter-point to about 4.3% when their meeting ends Wednesday. The problem is that while inflation has dropped far below its peak of 9.1% in mid-2022, it remains stubbornly above the Fed’s 2% target. Stock market today: Wall Street trims its stellar gains as Nvidia's star dims again NEW YORK (AP) — U.S. stock indexes closed lower and gave back some of their stellar gains for the year. The S&P 500 fell 0.4% Tuesday, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite fell 0.3% from its record set the day before. Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to records this year, fell for the eighth time in the last nine days. Treasury yields held relatively steady after sales at U.S. retailers strengthened by more than expected. Bitcoin set another record. Why is tech giant SoftBank investing over $100 billion in the US? BANGKOK (AP) — Japanese tycoon Masayoshi Son has joined President-elect Donald Trump in announcing plans by technology and telecoms giant SoftBank Group to invest $100 billion in projects in the United States. Trump said the investments would create 100,000 jobs over four years, twice what Son promised when he pledged $50 billion in U.S. investments in 2016. Son is known for making bold choices, sometimes paying big and sometimes not. SoftBank has investments in dozens of Silicon Valley startups, big companies like semiconductor maker Arm and Chinese e-commerce giant Alibaba. The stock market rally and craze for AI has boosted the value of its assets, but some question if its investments will create that many jobs.
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White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaignA LITTLE-KNOWN TV licence rule means that nearly 1million households could save £159 a year. However, hundreds of thousands are eligible for a free TV licence but aren't claiming it, according to previous research by Policy in Practice. 1 D9RRD2 Close-up of a TV licence letter Anyone who wants to watch live TV including the BBC, ITV and Sky needs to pay for a TV licence otherwise, they will be breaking the law. The licence fee, currently worth £169.50 a year will rise by £5 to £174.50 from April 2025. However, there are some scenarios where you can get a free licence, including if you're on certain benefits. For example, if you're claiming pension credit and over the age of 75, you will be exempt, meaning you could save £174.50 a year from next Spring. Read more in money BYE BYE Iconic music store loved by Pet Shop Boys closes after 116 years of service SHAKE-UP HSBC has made a HUGE change to bank account offering cheaper mortgage deals Over 968,000 people over the age of 75 currently claim pension credit, according to the DWP's latest statistics. But not everyone is claiming their free TV licence as it's not automatic. The government also estimates that a further 760,000 people over 66 aren't pension credit even though they're eligible. This means hundreds of thousands of households are potentially missing out on the over-75s free TV licence. Most read in Money HOUSE THAT Inside the Poundland family home with hidden swimming pool that's on sale LET'S DOUGH First look inside new Glasgow bakery popular with Noel Gallagher & Foo Fighters UNHAPPY HOUR Fury as 11 popular beers AXED with brewery accused of 'wiping out heritage' SHUTTERED Bargain megastore in Scots city to shut for good in days You can also get a free licence if your partner claims pension credit but you do not. To apply for a free TV licence you can visit the following website, https://www.tvlicensing.co.uk/cs/pay-for-your-tv-licence/index.app. Alternatively, you can call the following number and apply over the phone 0300 790 6071. Three key benefits that YOU could be missing out on, and one even gives you a free TV Licence What is pension credit? Pension Credit gives you extra money if you claim the state pension and are on a low income. If you live alone and your weekly income is below £218, or if you live with a partner and both are of state pension age with a combined weekly income below approximately £350, you should qualify. However, if your income is slightly higher, you might still be eligible for pension credit if you have a disability, you care for someone, you have savings or you have housing costs. You could get an extra £81.50 a week if you have a disability or claim any of the following: Attendance allowance The middle or highest rate from the care component of disability living allowance (DLA) The daily living component of personal independence payment (PIP) Armed forces independence payment The daily living component of adult disability payment (ADP) at the standard or enhanced rate. You could get the "savings credit" part of pension credit if both of the following apply: You reached State Pension age before April 6, 2016 You saved some money for retirement, for example, a personal or workplace pension This part of pension credit is worth £17.01 for single people or £19.04 for couples. Pension credit opens the door to other support, including housing benefits, cost of living payments, council tax reductions and the Winter Fuel Payment. APPLY FOR PENSION CREDIT YOU can start your application for pension credit up to four months before you reach state pension age. You can apply any time after you reach state pension age but your application can only be backdated by three months. This means you can get up to three months of pension credit in your first payment if you were eligible during that time. To apply, you'll need the following information about you and your partner if you have one: National Insurance number Information about any income, savings and investments you have Information about your income, savings and investments on the date you want to backdate your application to You'll also need your bank account details. Depending on how you apply, you may also be asked for your bank or building society name, sort code and account number. Applications can be made online by visiting gov.uk/pension-credit/how-to-claim. If you'd prefer to apply over the phone, you can do so by calling the pension credit claim line on 0800 99 1234. How can I watch TV for free without a licence? Pluto TV Pluto TV is another free streaming service with more than 100 channels. Anyone can access Pluto TV for free on the web or on your iPhone and Android device. Virgin Media has just made it available via some of its boxes - but bear in mind you'd need to pay a TV licence and take out a contract with Virgin to take advantage of this. Amazon Freevee Amazon Prime Video may be the first thing you think of but the retail giant also has a growing free alternative. Freevee is home to exclusives like Judy Justice. It's the new home of Neighbours too, which is set to return later this year. But there's some classic on-demand content too. The L Word, Nashville and Parks and Recreation are among the shows available. All4 All4 is the main source of on-demand programmes from Channel 4, E4, Film4 and More 4. The service is free to use and funded by advertisements. All4 offers a free and extensive library of both classic shows and more recent programmes, including complete box sets of some of our most popular series like Gogglebox. UKTV Play If you're a fan of Dave, Drama, W and Yesterday then the UKTV Play is the place for you. The latest featured shows include Meet The Richardsons , Annika and Great British Railway Journeys. You'll have to sign up to start watching - and there are ads. ITVX ITVX launched in November, replacing the old ITV Hub. ITV now drops many new and exclusive shows online before they're shown on ITV1. There's also a load of other shows, including more niche interest like anime. Free trials You should take advantage of free trials to keep more of your hard-earned cash. Some trials are as short as seven days, while others last an entire month. For example, Amazon Prime Video offers newbies 30 days streaming for free. Now TV also offers weekly free trails for Sky Cinema and Entertainment packages. But any savvy savers must remember to unsubscribe to any subscriptions before the end of the trial period or risk incurring further charges. Read more on the Scottish Sun HERE WE SNOW AGAIN Full list of Scots cities to be hit by blizzards as storm moves in MISSED CHANCE I'm Sir Alex's biggest signing mistake, I tell him whenever I see him Customers can also nab a free trial of streaming services when buying new technology. Some Apple technology purchases will include a free trial of Apple TV+ . TV LICENCE NEED-TO-KNOWS IF you want to watch or record live TV, you need a TV licence. Live TV includes all programmes on any channel, including soaps, series, documentaries and even movies. The rules apply even if you don't watch the shows on an actual TV - for example, if you watch programmes that are being broadcast live on a PC, laptop, tablet or phone. A colour TV licence currently costs £169.50 a year. A licence for watching a black and white TV costs £57. You can legally use on-demand TV services (apart from BBC iPlayer) as long as you aren't using them to stream live TV without a TV licence. This includes streaming catch-up content on ITV Player, All 4, My5, BT Vision/BT TV, Virgin Media, Sky Go, Now TV, Apple TV, Chromecast, Roku and Amazon Fire TV. You also don't need a TV licence to watch video clips that aren't live through services such as YouTube.
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In fact, he argued, it could have been a culinary conspiracy concocted by criminals, whose actions led to the cooking wine used to prepare the noodles being laced with a banned heart drug that found its way into an athlete's system. This theory was spelled out to international anti-doping officials during a meeting and, after weeks of wrangling, finally made it into the thousands of pages of data handed over to the lawyer who investigated the case involving 23 Chinese swimmers who had tested positive for that same drug. The attorney, appointed by the World Anti-Doping Agency, refused to consider that scenario as he sifted through the evidence. In spelling out his reasoning, lawyer Eric Cottier paid heed to the half-baked nature of the theory. "The Investigator considers this scenario, which he has described in the conditional tense, to be possible, no less, no more," Cottier wrote. Even without the contaminated-noodles theory, Cottier found problems with the way WADA and the Chinese handled the case but ultimately determined WADA had acted reasonably in not appealing China's conclusion that its athletes had been inadvertently contaminated. Critics of the way the China case was handled can't help but wonder if a wider exploration of the noodle theory, details of which were discovered by The Associated Press via notes and emails from after the meeting where it was delivered, might have lent a different flavor to Cottier's conclusions. "There are more story twists to the ways the Chinese explain the TMZ case than a James Bond movie," said Rob Koehler, the director general of the advocacy group Global Athlete. "And all of it is complete fiction." In April, reporting from the New York Times and the German broadcaster ARD revealed that the 23 Chinese swimmers had tested positive for the banned heart medication trimetazidine, also known as TMZ. China's anti-doping agency determined the athletes had been contaminated, and so, did not sanction them. WADA accepted that explanation, did not press the case further, and China was never made to deliver a public notice about the "no-fault findings," as is often seen in similar cases. The stock explanation for the contamination was that traces of TMZ were found in the kitchen of a hotel where the swimmers were staying. In his 58-page report, Cottier relayed some suspicions about the feasibility of that chain of events — noting that WADA's chief scientist "saw no other solution than to accept it, even if he continued to have doubts about the reality of contamination as described by the Chinese authorities." But without evidence to support pursuing the case, and with the chance of winning an appeal at almost nil, Cottier determined WADA's "decision not to appeal appears indisputably reasonable." A mystery remained: How did those traces of TMZ get into the kitchen? Shortly after the doping positives were revealed, the Institute of National Anti-Doping Organizations held a meeting on April 30 where it heard from the leader of China's agency, Li Zhiquan. Li's presentation was mostly filled with the same talking points that have been delivered throughout the saga — that the positive tests resulted from contamination from the kitchen. But he expanded on one way the kitchen might have become contaminated, harkening to another case in China involving a low-level TMZ positive. A pharmaceutical factory, he explained, had used industrial alcohol in the distillation process for producing TMZ. The industrial alcohol laced with the drug "then entered the market through illegal channels," he said. The alcohol "was re-used by the perpetrators to process and produce cooking wine, which is an important seasoning used locally to make beef noodles," Li said. "The contaminated beef noodles were consumed by that athlete, resulting in an extremely low concentration of TMZ in the positive sample. "The wrongdoers involved have been brought to justice." This new information raised eyebrows among the anti-doping leaders listening to Li's report. So much so that over the next month, several emails ensued to make sure the details about the noodles and wine made their way to WADA lawyers, who could then pass it onto Cottier. Eventually, Li did pass on the information to WADA general counsel Ross Wenzel and, just to be sure, one of the anti-doping leaders forwarded it, as well, according to the emails seen by the AP. All this came with Li's request that the noodles story be kept confidential. Turns out, it made it into Cottier's report, though he took the information with a grain of salt. "Indeed, giving it more attention would have required it to be documented, then scientifically verified and validated," he wrote. Neither Wenzel nor officials at the Chinese anti-doping agency returned messages from AP asking about the noodles conspiracy and the other athlete who Li suggested had been contaminated by them. Meanwhile, 11 of the swimmers who originally tested positive competed at the Paris Games earlier this year in a meet held under the cloud of the Chinese doping case. Though WADA considers the case closed, Koehler and others point to situations like this as one of many reasons that an investigation by someone other than Cottier, who was hired by WADA, is still needed. "It gives the appearance that people are just making things up as they go along on this, and hoping the story just goes away," Koehler said. "Which clearly it has not."
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5 Stocks To Watch in December—And What To Watch For - InvestopediaNew Delhi: Looking to choose a new president in 2025, the BJP is aiming to make new party teams at district and state level for half of the states by January 15. ET Year-end Special Reads What kept India's stock market investors on toes in 2024? India's car race: How far EVs went in 2024 Investing in 2025: Six wealth management trends to watch out for In this regard, the BJP held a meeting of its ongoing Sangathan Parv (Organisational festival) workshop on Sunday at the party headquarter extension office in Delhi. As part of the Sangathan Parv, the party also launched a membership drive with a multi-step verification process, to ensure a full proof and verified membership list. In October this year, the BJP's membership drive crossed the 10 crore mark. In the meeting on Sunday, the BJP's top brass, including its national president JP Nadda, general secretary (organisation) BL Santhosh reviewed the organisational elections. Speaking to the media after the meeting, BJP Ladakh general secretary PT Kunzang said, "It was a successful meeting. We discussed all the aspects of the organisation election process. Party has decided to celebrate former prime minister Atal Bihari Vajpayee Jayanti for a whole year from December 25, 2024, to December 25, 2025, as he has completed 100 years this year. To mark this special occasion, BJP will celebrate his jayanti for a full year as a good governance." It was also decided in the meeting that the party will celebrate Sangathan Parv as a counter to the Congress' allegation of the BJP defaming BR Ambedkar in Parliament , he added. 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Elections for state and district president will be concluded by January 15, 2025, and after that, the election process to elect the national president will start and by the end of January, a new BJP national president will be announced." (You can now subscribe to our Economic Times WhatsApp channel )
