PLANO, Texas--(BUSINESS WIRE)--Dec 12, 2024-- Upbound Group, Inc. (“Upbound” or the “Company”) (NASDAQ: UPBD), a technology and data-driven leader in accessible and inclusive financial products that address the evolving needs and aspirations of underserved consumers, today announced it has entered into a definitive agreement to acquire Brigit, a leading financial health technology company, for total consideration of up to $460 million consisting of cash and shares of Upbound common stock. This transaction is a logical next step reflecting Upbound’s strategic focus on expanding its technology-driven financial solutions for consumers who are underserved by the traditional financial system. Brigit, which offers a subscription-based model, was launched nationally in 2019 to expand financial inclusion and help consumers build a brighter financial future. It is consistently ranked among the most downloaded financial health apps and is a recognized leader in innovation in the industry. Built on proprietary artificial intelligence and machine learning-powered cash flow data insights, Brigit’s core product is its direct-to-consumer Instant Cash advance product (earned wage access or EWA) which has saved its users approximately $1 billion in overdraft fees since inception 2. Brigit also offers a credit builder product that helps its subscribers build their credit history over time as they increase their savings, as well as financial wellness solutions and educational resources to help consumers better manage, save, and earn money. Brigit currently serves nearly two million monthly active customers, including over one million active paying subscribers and almost one million free subscribers. Their customers are highly engaged, with paid users logging in on average six times per month. The business is expected to generate revenues of approximately $215 million to $230 million in 2025 and approximately $350 million to $400 million in 2026. Brigit will expand Upbound’s offerings of innovative and flexible financial solutions, positioning the combined company to create an industry-leading technology platform for the financially underserved that meets the consumer wherever they are on their financial journey. In addition, Brigit’s proprietary data and sophisticated tech stack are expected to enhance Upbound’s existing brands, including Acima and Rent-A-Center (RAC), by improving risk management and fraud prevention, enabling more customer approvals while also mitigating net losses and enhancing account management. The combined company’s data-driven insights will create a more personalized customer experience with the ability to deliver, at the right time and through the right channels, a wider range of targeted solutions for consumers. Upbound expects these enhancements to boost conversion rates, lower churn, and increase customer loyalty and engagement. “We are thrilled to welcome Brigit, a company whose mission and target customer base are closely aligned with ours, into our family of brands,” said Upbound’s Chief Executive Officer Mitch Fadel. “Creating a financial solutions platform with Brigit as the backbone expands our addressable market and enables Upbound to innovate across even more product categories to improve the financial health of our customers. The ability to add new products for our customers beyond lease-to-own is an important part of our strategy and now we can offer liquidity solutions, budgeting, credit building, financial literacy and savings. We believe this transaction will position Upbound for accelerated growth, with greater scale and a more diversified financial profile, ultimately driving long-term value for our shareholders.” “Brigit has helped everyday Americans build a brighter financial future through a suite of innovative financial products that leverage cutting-edge cash flow technology,” said Brigit cofounder & CEO Zuben Mathews. “This transaction is a testament to our team’s continued passion for helping the underserved and our dedication to innovation. By combining forces with Upbound, we can accelerate our impact and better serve the millions of Americans who have been historically underserved by traditional financial institutions. Together, we are excited to widen our reach and bring financial freedom to even more people in need.” Brigit founders Zuben Mathews and Hamel Kothari will continue to lead the Brigit team as a business segment of Upbound. Brigit will continue to operate under its existing branding and will retain its headquarters in New York City, which is expected to serve as one of Upbound’s innovation hubs. Transaction Details Upbound is acquiring Brigit for up to $460 million, comprised of (1) $325 million payable at closing, 75% in cash and 25% in Upbound shares; (2) $75 million in deferred cash consideration over two years; and (3) a potential earnout of up to $60 million in cash based on achievement of certain financial performance metrics for the Brigit business in 2026. Upbound will fund the transaction through a combination of cash on hand, borrowing capacity under its $550 million revolving credit facility, and issuance of new shares of Upbound common stock to Brigit stockholders. The integration of Brigit’s all-digital, scalable platform is expected to expand Upbound’s addressable market outside of durable goods and enhance its strong financial profile while adding an additional complementary growth segment. With approximately 80% recurring subscription revenue, and an estimated total revenue growth in 2024 of 40% to 50% compared to 2023 with similar expectations in 2025, Upbound believes the transaction will accelerate its growth and is expected to be neutral to non-GAAP EPS in year one and meaningfully accretive to non-GAAP EPS in year two and beyond. Brigit will diversify Upbound’s revenue/Adjusted EBITDA mix; within the next four years, Upbound expects approximately two-thirds of revenue and Adjusted EBITDA 3 will be derived from virtual and digital platforms. Following the transaction, Upbound expects pro forma net leverage ratio of approximately 3x 4 and pro forma available liquidity of nearly $300 million 5. Upbound continues to target leverage of approximately 2x over the long-term. The acquisition is expected to close in Q1 2025, subject to receipt of requisite regulatory approvals and satisfaction of other customary closing conditions. Advisors Greenhill & Co. Inc. is acting as financial advisor to Upbound, Sullivan & Cromwell LLP and Mayer Brown LLP are acting as its legal counsel. FT Partners is acting as financial advisor to Brigit and Cooley LLP and Morgan Lewis & Bockius LLP are acting as its legal counsel. Investor Conference Call Details Upbound will host a conference call on Friday, December 13, 2024, at 9:00 am (ET) to discuss this transaction. Interested parties can access a live webcast of the conference call via this link or through the Company's investor relations website. About Upbound Group, Inc. Upbound Group, Inc. (NASDAQ: UPBD), is a technology and data-driven leader in accessible and inclusive financial products that address the evolving needs and aspirations of underserved consumers. The Company’s customer-facing operating units include industry-leading brands such as Rent-A-Center® and Acima® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,300 company branded retail units across the United States, Mexico and Puerto Rico. Upbound Group, Inc. is headquartered in Plano, Texas. For additional information about the Company, please visit our website Upbound.com . About Brigit Brigit is a holistic financial health app that has helped millions of Americans budget better, get their earned wages early, build their credit through savings, protect themselves from identity theft, and find ways to earn and save money. Its mission is to help everyday Americans build a better financial future. Brigit is backed by Lightspeed, DCM, Nyca, Flourish Ventures, Hummingbird VC, DN Capital, Will Smith, Kevin Durant, and other prominent investors. Cautionary Note Regarding Forward-Looking Statements This press release and the associated investor presentation and webcast contain forward-looking statements that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "estimate," "predict," "continue," "should," "anticipate," "believe," or “confident,” or the negative thereof or variations thereon or similar terminology and include, among others, statements concerning (a) the anticipated benefits of the proposed transaction, (b) the anticipated impact of the proposed transaction on the combined company’s business and future financial and operating results, (c) the anticipated closing date for the proposed transaction, (d) other aspects of both companies’ operations and operating results, and (e) our goals, plans and projections with respect to our operations, financial position and business strategy. However, there can be no assurance that such expectations will occur. The Company's actual future performance could differ materially and adversely from such statements. Factors that could cause or contribute to such material and adverse differences include, but are not limited to: (1) risks relating to the proposed transaction, including (i) the inability to obtain regulatory approvals required to consummate the transaction with Brigit on the terms expected, at all or in a timely manner, (ii) the impact of the additional debt on the Company’s leverage ratio, interest expense and other business and financial impacts and restrictions due to the additional debt, (iii) the failure of conditions to closing the transaction and the ability of the parties to consummate the proposed transaction on a timely basis or at all, (iv) the failure of the transaction to deliver the estimated value and benefits expected by the Company, (v) the incurrence of unexpected future costs, liabilities or obligations as a result of the transaction, (vi) the effect of the announcement of the transaction on the ability of the Company or Brigit to retain and hire necessary personnel and maintain relationships with material commercial counterparties, consumers and others with whom the Company and Brigit do business, (vii) the ability of the Company to successfully integrate Brigit’s operations over time, (viii) the ability of the Company to successfully implement its plans, forecasts and other expectations with respect to Brigit’s business after the closing and (ix) other risks and uncertainties inherent in a transaction of this size and nature, (2) the general strength of the economy and other economic conditions affecting consumer preferences, demand, payment behaviors and spending; (3) factors affecting the disposable income available to the Company's and Brigit’s current and potential customers; (4) the appeal of the Company’s and Brigit’s offerings to consumers; (5) the Company's and Brigit’s ability to protect their proprietary intellectual property; (6) the impact of the competitive environment in the Company’s and Brigit’s industries; (7) the Company's and Brigit’s ability to identify and successfully market products and services that appeal to their current and future targeted customer segments; (8) consumer preferences and perceptions of the Company's and Brigit’s brands; (9) the Company’s and Brigit’s compliance with applicable laws and regulations and the impact of active enforcement of those laws and regulations, including any changes with respect thereto or attempts to recharacterize their offerings as credit sales, (10) information technology and data security costs; (11) the impact of any breaches in data security or other disturbances to the Company's or Brigit’s information technology and other networks and the Company's and Brigit’s ability to protect the integrity and security of individually identifiable data of its customers and employees; and (12) the other risks detailed from time to time in the Company's SEC reports, including but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2023 and in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures This release and the associated investor presentation and webcast contain certain financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (GAAP), including (1) Adjusted EBITDA (net earnings before interest, taxes, stock-based compensation, depreciation and amortization, as adjusted for special items) on a consolidated and segment basis and (2) Net Leverage Ratio (total debt less unrestricted cash, divided by Adjusted EBITDA). “Special items” refers to certain gains and charges we view as extraordinary, unusual or non-recurring in nature or which we believe do not reflect our core business activities. Special items are reported as Other Gains and Charges in our Consolidated Statements of Operations. Because of the inherent uncertainty related to these special items, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measures or reconciliation to any forecasted GAAP measure without unreasonable effort. These non-GAAP measures are additional tools intended to assist our management in comparing our performance on a more consistent basis for purposes of business decision-making by removing the impact of certain items management believes do not directly reflect our core operations. These measures are intended to assist management in evaluating operating performance and liquidity, comparing performance and liquidity across periods, planning and forecasting future business operations, helping determine levels of operating and capital investments and identifying and assessing additional trends potentially impacting our Company that may not be shown solely by comparisons of GAAP measures. Consolidated Adjusted EBITDA is also used as part of our incentive compensation program for our executive officers and others. We believe these non-GAAP financial measures also provide supplemental information that is useful to investors, analysts and other external users of our consolidated financial statements in understanding our financial results and evaluating our performance and liquidity from period to period. However, non-GAAP financial measures have inherent limitations and are not substitutes for, or superior to, GAAP financial measures, and they should be read together with our consolidated financial statements prepared in accordance with GAAP. Further, because non-GAAP financial measures are not standardized, it may not be possible to compare such measures to the non-GAAP financial measures presented by other companies, even if they have the same or similar names. ______________________________ 1 Non-GAAP Financial Measure. See descriptions below in this release. Due to the inherent uncertainty related to the special items discussed under “Non-GAAP Financial Measures” below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measure or reconciliation to any forecasted GAAP measure without unreasonable effort. 2 Assumes all Brigit’s cash advances since inception have assisted customers with avoiding overdraft fees at an estimated $34/overdraft. 3 Non-GAAP Financial Measure. See descriptions below in this release. Due to the inherent uncertainty related to the special items discussed under “Non-GAAP Financial Measures” below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measure or reconciliation to any forecasted GAAP measure without unreasonable effort. 4 Non-GAAP Financial Measure. See descriptions below in this release. Due to the inherent uncertainty related to the special items discussed under “Non-GAAP Financial Measures” below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measure or reconciliation to any forecasted GAAP measure without unreasonable effort. 5 Pro forma net leverage ratio (total debt less unrestricted cash, divided by Adjusted EBITDA) and pro forma available liquidity (estimated available borrowings under the company’s revolving credit facility and unrestricted cash) assume the acquisition of Brigit is completed March 31, 2025 and the Company makes the closing date cash payment at that time. Above metrics reflect the Company’s estimates and are not reflective of actual amounts or indicative of future results. View source version on businesswire.com : https://www.businesswire.com/news/home/20241212082702/en/ CONTACT: Investor Contact Jeff Chesnut SVP, Strategy & Corporate Development 972-801-1108 jeff.chesnut@upbound.comMedia Contacts Kelly Kimberly 713-822-7538 Kelly.kimberly@fgsglobal.com Leah Polito 212-687-8080 Leah.polito@fgsglobal.com KEYWORD: TEXAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY FINANCE FINTECH HEALTH TECHNOLOGY PROFESSIONAL SERVICES SOFTWARE HEALTH DATA MANAGEMENT SOURCE: Upbound Group, Inc. Copyright Business Wire 2024. PUB: 12/12/2024 05:00 PM/DISC: 12/12/2024 05:00 PM http://www.businesswire.com/news/home/20241212082702/enAs we await the final verdict, one thing is certain: the dust has finally settled, and the football world is watching closely to see where it will land. The future of Manchester City hangs in the balance, and only time will tell what fate awaits the club at the center of this tumultuous storm.
Strife, the second character, embodies the pervasive conflict and discord that have fractured Taiwanese society along political, social, and generational lines. The relentless pursuit of personal interests at the expense of collective well-being has led to a breakdown in trust and cooperation, hindering progress and fostering a climate of toxicity and resentment.
The decision to part ways with their leading marksman has sent ripples of uncertainty through the club, with many questioning the motivations behind such a bold move. Speculation is rife as to which top-tier striker United have in their sights as a replacement, with names such as Erling Haaland, Harry Kane, and Kylian Mbappé swirling in the rumor mill.
The parents, who had purchased a house in Shanghai as an investment many years ago, initially decided to transfer the property to their daughter as a way of ensuring her financial security in the future. However, as time passed, they began to have second thoughts about their decision and started to regret their choice.
Save Log in , register or subscribe to save articles for later. Save articles for later Add articles to your saved list and come back to them any time. Got it Normal text size Larger text size Very large text size At the beginning of the year, we looked to our correspondents for tips of what to expect around the world in 2024. Among them was hope for change for millions of people who were to vote in elections in 50 countries. At least in the United States, that change turned out to be more of the same. Among the surprises, however, there was the end of a dynasty in Syria and the beginning of another in Indonesia. Here are some of the biggest stories of the past 12 months: Europe If 1992 was the late Queen Elizabeth II’s annus horribilis , then it’s hard to know how she’d have ranked this year for Britain ’s royal family. In January, her son and successor, Charles III, put out a rather benign statement that he would attend hospital the following week for a “corrective procedure” on his enlarged prostate . King Charles, Princess Catherine and Princess Charlotte at the Trooping of the Colours in June. Credit: Getty Images The statement was made shortly after it was revealed his daughter-in-law, Catherine, Princess of Wales, was expected to be in hospital for 10 to 14 days after undergoing abdominal surgery. Advertisement Things would snowball from there. Weeks later, the King would announce he had been diagnosed with cancer. Catherine’s recovery was kept under wraps until the rumour mill went into overdrive . A family photo was released, and it was a disaster. Even more questions were asked. Suddenly came an announcement: she, too, had cancer . Neither have been given the all-clear but have returned to light duties. Charles joined with Queen Camilla for a royal visit to Australia. But his relationships with son Harry and brother Andrew have continued to plague him. Australian-born Queen Mary and King Frederik of Denmark. Credit: Steen Evald Our own Princess Mary, was crowned Queen of Denmark in January after her mother-in-law, Margrethe, stepped down to make way for her son, Frederik. Two decades on from Mary’s fairytale wedding, she waved to the crowds in Copenhagen as the sovereign’s wife. Rumours have swirled about her marriage, too , and the Danish royals showed it ain’t just the Brits who have their problems. But 2024 was the year of the election. In Britain, Labor was swept to power after 14 years of Conservative rule, with Keir Starmer moving into 10 Downing Street in a landslide victory. Within weeks, however, his popularity would start to tumble in a string of scandals and misjudgments. Loading In the European Union elections, success by right-wing populist movements delivered a major shock across the continent. Germany ’s far-right AfD (Alternative for Germany) was jubilant after beating Chancellor Olaf Scholz’s centre-left SPD to second place in the European Parliament elections with 16 per cent. Advertisement His problems at home reached a peak in December when he lost a confidence vote. In France , the EU results triggered an electoral earthquake. President Emmanuel Macron called a bombshell snap parliamentary election after his party was resoundingly defeated by Marine Le Pen’s far-right National Rally. That result left the country without a clear winner but one clear loser: Macron. He continues to struggle to grasp any real power. But it was another story in France that shocked the nation and the world. Seventy-two-year-old grandmother Gisele Pelicot bravely retold the horrors done to her by her husband of 50 years and his 50 accomplices , to stop rape from being swept under the carpet. Gisele Pelicot exits the Avignon courthouse, in southern France, after all the men accused along with her husband of raping her were found guilty. Credit: AP In Georgia, mass protests were sparked by the government’s decision to suspend negotiations on joining the EU and push back on Russian influence. In the end, a pro-Russia former Manchester City footballer, Mikheil Kavelashvili, became president . An election in Romania was also plagued by interference , with the result annulled and voters to go back to the polls next year. In May, Slovakia ’s Prime Minister Robert Fico survived a “politically motivated” assassination attempt, during which he was shot five times. He recovered and is one of many populists slowly diluting Europe’s unity towards Ukraine and against Russia . Advertisement Another blow for that cause was Austria ’s far-right Freedom Party, as they celebrated an unprecedented election victory. Its leader, Herbert Kickl , aligned himself closely with Hungarian Prime Minister Viktor Orban and his self-styled “illiberal democracy”. Kickl had also spoken of becoming Volkskanzler (people’s chancellor), which for some Austrians carries echoes of the term used to describe Adolf Hitler in Nazi Germany. Loading War continues in Ukraine after almost three years. Where and when it ends, no one knows. Children are struggling with the turmoil . President Volodymyr Zelensky has laid out a plan for peace. It’s likely many will die before that happens. Russia’ s Vladimir Putin is scrambling to conquer as much territory as possible before those peace talks begin. Last month, Russia captured an area the size of London while suffering its highest casualty rates of the war. – Rob Harris, Europe correspondent North Asia This year, China continued its re-engagement strategy with Australia, and finally agreed to remove the remaining trade restrictions on the live lobster trade and two beef exporters, ending the $20 billion of economic sanctions slapped on Australian industries during the Morrison government. Advertisement China lifted its import ban on Australian lobsters. Credit: Joe Armao Federal Treasurer Jim Chalmers was the first Australian treasurer to visit China in seven years when he went to Beijing in September. His trip tapped into ongoing concerns about China’s struggling economy and the flow-on impact on Australia. Loading But the rapprochement has not dimmed security concerns posed by China’s increasingly aggressive tactics in the Indo-Pacific, which included confrontations with Australian naval forces and repeated clashes with Filipino vessels in the South China Sea this year that heightened fears of sparking a full-blown conflict. In the face of a drumbeat of negativity from economic analysts and investors, Chinese President Xi Jinping appeared to reverse course in the second half of the year and began pursuing stimulus measures aimed at pumping money and confidence into his beleaguered housing sector. Taiwan inaugurated new president William Lai in May, drawing the ire of Beijing, which regards him as a “dangerous separatist” and responded by launching a round of war drills encircling the island. A second round of drills in October piled pressure onto Taiwan’s stretched defence systems. Japan ’s Prime Minister Fumio Kishida stepped down in September as his government slid to record low approval ratings. His replacement Shigeru Ishiba’s gamble in calling a snap election proved costly, leaving the governing Liberal Democratic Party scrambling to form a minority government. Advertisement In November, Hong Kong jailed Australian Gordon Ng and 44 other pro-democracy protesters on subversion charges under its Beijing-led national security crackdown, in a case that drew international condemnation for its perceived silencing of political dissent. It also reignited the debate about the role of Australian judges serving in Hong Kong’s top court . And in December, South Korea virtually imploded under President Yoon Suk Yeol who misread his electorate and fellow politicians, and declared martial law as a political manoeuvre, only to have to retract it when he was overruled by parliament . Having been impeached , he now awaits a court decision to confirm the parliamentary move. Members of the national federation of farmers, known as “Junnong”, and the Korean Confederation of Trade Unions, with effigies of South Korean President Yoon Suk Yeol (right) and his wife, Kim Keon-hee. Credit: AP The year closed with the future of the Sino-American relationship, and hence global stability, facing a new era of uncertainty under the incoming second presidency of Donald Trump. Trump’s appointment of China hawks Marco Rubio and Mike Waltz to key administration positions, and his pledged to impose 60 per cent tariffs on Chinese imports , has set the stage for more turbulence between the two nations. – Lisa Visentin, North Asia correspondent South-East Asia After two failed attempts against Joko Widodo, Prabowo Subianto finally realised his decades-long dream of becoming president of Indonesia . Widodo was constitutionally barred from running for a third term, so when his sniffing around for ways to run again went nowhere, the president and Prabowo teamed up for some win-win. Indonesia’s Prabowo Subianto (right) and his running mate, Gibran Rakabuming Raka, (Joko Widodo’s son) at a post-election party. TikTok helped the strongman dance his way to the presidential palace. Credit: AP Prabowo, the former son-in-law of late autocrat Suharto, enlisted Widodo’s son, Gibran Rakabuming Raka, to be his vice presidential running mate. Widodo then turned his back on his own party and threw his considerable political and popular weight behind his former enemy. Never mind his dodgy human rights track record as a military strongman, Prabowo won the February elections in a canter. After backroom deals with self-interested politicians and parties in the months leading up to October’s inauguration, the 73-year-old now sits atop a massive coalition, troubling democracy watchers. Singapore changed prime ministers for the first time in 20 years. Credit: iStock Singapore , too, underwent a rare change of boss . Lee Hsien Loong stepped down in May after 20 years as prime minister, handing the reins to his deputy, Lawrence Wong. Wong inherited a middle power punching way above its weight division, a stable and wealthy nation in a region of regular upheaval. He is an erudite statesman and seems eminently capable, but he has shown little interest in loosening the government’s tight grip on free expression. Thailand’s leadership transition, meanwhile, was a bin fire. Srettha Thavisin was tossed out by order of the dubious court system , which many Thais and observers consider a big-time cog in the self-serving military and royalist establishment. Pita Limjaroenrat’s Move Forward Party won the most votes in the 2023 election but was blocked from forming government by an unelected senate. Amid the chaos, Paetongtarn Shinawatra, the daughter of controversial and once-exiled former prime minister Thaksin Shinawatra, became prime minister. Philippines Vice President Sara Duterte’s hatred for her boss , President Ferdinand Marcos Jr, crossed into the unhinged. In October, she warned “Bong Bong” she would dig up his old man’s bones and throw them into the sea. Last month, she told the press of her done deal with an assassin to have the president killed if she was killed first. She really said this. Philippine Vice President Sara Duterte’s death threat was taken seriously, though she later tried to walk back the remarks. Credit: AP The feud is unfolding amid investigations into Duterte’s alleged misuse of funds and her dad’s bloody “war on drugs”. It is not a great time for toxic politics in the Philippines, which is clashing almost weekly with China in the West Philippine Sea. In Vietnam , which has its own claims to the South China Sea, To Lam inherited the job of Communist Party secretary-general after 80-year-old statesman Nguyen Phu Trong died in July . In his 12 years at the top (not to mention nearly three decades in the Politburo), Trong significantly reduced poverty rates, strengthened ties with the United States and implemented a fierce anti-corruption drive dubbed the “blazing furnace”. As is often the case in South-East Asia, and Communist regimes more broadly, he also preferred his dissenters in jail. Cambodian Prime Minister Hun Manet inspects an honour guard during a visit to Malaysia. The prime minister’s family retains control of many senior roles in the Cambodian government. Credit: AP Meanwhile, those who hoped Cambodian leader Hun Manet’s considerable Western education might yield democratic changes were sorely disappointed in his first full year as prime minister . He was gifted the job by his ruthless and ageing father Hun Sen, who still pulls strings, only now as president of the Senate. If anything, the intimidation of opposition and arrests of protesters have only increased. The most high-profile arrest was journalist Mech Dara, whose reporting touched on the businesses of Ly Yong Phat, a senator, tycoon and Hun Sen adviser, who was sanctioned by the US in September . Dara was bailed several weeks after his October arrest after a coerced public apology, a typical ploy of the Huns’ regime that they think demonstrates their beneficence. Myanmar , a nation with so much economic potential, continued to suffer repeated wrecking by military men. Min Aung Hlaing, who ousted the democratically elected government of Aung San Suu Kyi in February 2021, still holds onto power through force despite serious losses to myriad armed opposition groups. ASEAN, a wet lettuce leaf among regional blocs, has been unable to bring the general to heel. Underscoring the complexity of this multi-front civil war, one of the worst atrocities came at the hands of a group fighting the junta, when the Arakan Army slaughtered hundreds of innocent Rohingya Muslims near the border of Bangladesh in August. In recent weeks, however, two major armed rebel groups – Myanmar National Democratic Alliance Army and ally the Ta’ang National Liberation Army – signalled they were ready for peace talks. Holly Bowles and Bianca Jones died after a suspected mass drink poisoning. The most tragic case closer to Australia in South East Asia was the methanol poisoning of backpackers in Laos in November, Australian 19-year-olds Bianca Jones and Holly Bowles among them. Several hostel staff have been detained , and investigations continue. – Zach Hope, South-East Asia correspondent South Asia The biggest election ever staged delivered a shock result in India . Ahead of the national poll, concluded on June 1, Prime Minister Narendra Modi was expected to romp home. But once the 642 million ballots were counted his Bharatiya Janata Party (BJP) lost a swag of seats , he needed to rely on other parties to control parliament. Modi has dominated Indian politics for the past decade, but now faces a more uncertain era of coalition government. Elsewhere on the subcontinent, 2024 was marked by political turmoil. Indian Prime Minister Narendra Modi’s BJP won power in 2014. This year, he was expected to romp it in, but his party lost many seats, complicating his rule. Credit: AP In Bangladesh , Sheikh Hasina, prime minister for 20 of the past 28 years, was driven out by a vast display of people power on the streets of the capital city, Dhaka. After she made a dramatic escape to neighbouring India on August 5, her government was replaced by military-backed caretaker regime led by Muhammad Yunus , an 84-year-old Nobel Laureate, economist and social entrepreneur. Yunus has the difficult task of building consensus for much-needed reforms and staging a fair election. There was political change in Sri Lanka as well when the little-known former Marxist, Anura Kumara Dissanayake, emerged the surprise winner in a presidential election held in September. The country continues to grapple with the aftermath of a debilitating financial crisis in 2022. In Pakistan, the incarceration of cricket great and former prime minister Imran Khan continues to roil politics and society. His party, Pakistan Tehreek-e-Insaf (PTI), did surprisingly well in February elections and his supporters have since staged huge and sometime violent protests demanding his release. – Matt Wade, former India correspondent Middle East The power dynamics in the Middle East were dramatically reshaped this year, with Israel on the ascendancy and its bitter rival, Iran , substantially weakened. Iran’s President Ebrahim Raisi died in a helicopter crash in May, and things only got worse from there for the hard-line rulers in Tehran. Israel and Iran traded missile fire at several points throughout the year, setting off fears of an all-out regional war. Thanks to Israel’s Iron Dome system and support from Western nations, the Iranian strikes caused minimal damage, while Iran’s missile-production capability was crippled. After the monumental intelligence failure of last year’s October 7 attacks, the Jewish state regrouped and achieved some significant strategic victories. The Israeli military assassinated the mastermind of the October 7 attacks, Hamas leader Yahya Sinwar , in Gaza and Hezbollah leader Hassan Nasrallah in Beirut. After a year of tit-for-tat fighting on its border with Lebanon, Israel escalated the fight against Hezbollah. This began with the shock September pager and walkie-talkie attacks against the Iranian proxy group and culminated in a ground invasion and air strikes on Lebanon. It ended on favourable terms for Israel, with Lebanese civilians paying a heavy price for a conflict many did not want to be involved in. Israeli bombardment and ground invasions have left vast areas of Gaza in ruins. Credit: Getty Images Meanwhile, the devastating war in Gaza continues and there is still no clear vision for what will come when it is over. Almost 45,000 Palestinians have been killed since the beginning of the war and over 100 Israeli hostages still remain in Gaza. In November, the International Criminal Court issued arrest warrants against Netanyahu and former Israeli defence minister Yoav Gallant for alleged war crimes in Gaza, reflecting widespread international horror at the war. At home, though, Netanyahu’s popularity has been creeping up. In the most surprising development of all, Syria ’s President Bashar al-Assad’s brutal regime was swept from power in a matter of days in December. A defaced portrait of Bashar al-Assad inside the presidential palace. Credit: Nicole Tung/The New York Times Syrian rebels from the Hayat Tahrir al-Sham took advantage of Assad’s key allies – Russia and Iran – being distracted by fighting elsewhere and stormed into Damascus with remarkable ease. This has injected new uncertainty into the region, with Iran again the loser after losing a crucial ally in Assad. By contrast, Turkey ’s President Recep Tayyip Erdogan is emboldened and empowered after backing the rebel forces. – Matthew Knott, Foreign Affairs correspondent North America This year was meant to culminate in an election rematch between Joe Biden and Donald Trump. But after imploding on a debate stage in June, the United States ’ oldest president was forced to withdraw his bid for a second term, setting in motion one of the most extraordinary political comebacks in history. Donald Trump celebrates his victory flanked by daughter-in-law Lara Trump (left) and his wife, Melania. Credit: AP While Biden’s decision to pass the torch to Vice President Kamala Harris upended the trajectory of the 2024 campaign and sparked fresh enthusiasm among voters, it was not enough to dent the anger millions of Americans felt over soaring cost-of-living pressures or immigration. In a victory so resounding even some Republicans were shocked, Trump not only won all seven battleground states, he also narrowly secured the popular vote and helped Republicans take control of both the House of Representatives and the Senate. It was a remarkable turnaround for a former president who began the year facing 91 charges and four criminal trials: one in Washington for trying to subvert the 2020 election; one in Georgia for election interference in that state; another in Florida for mishandling classified documents; and one in New York for falsifying business records to cover up a sex scandal with a porn star . In the end, only the New York “hush money” trial would eventuate, resulting in Trump becoming the first convicted felon to run for the White House. A US Supreme Court decision to grant presidents substantial immunity for acts conducted in office helped him thwart all the other trials. Trump’s ascendancy was also fuelled by an attempted assassination at a rally in Pennsylvania – an event that shocked the world, reignited the debate over political violence, and created one of the most iconic images in political history. Assassination attempt: A defiant Trump raises a fist to the crowd after his right ear was nicked by a sniper’s bullet in July. Credit: AP Two months later came another assassination plot – this time by a lone gunman hiding in the bushes of his golfing resort in West Palm Beach, Florida. In other North America news, environmental scientist Claudia Sheinbaum was elected Mexico ’s first female president; the war in Gaza sparked student uprisings at elite universities across the US; and Taylor Swift continued her global dominance, concluding her 149-show Eras Tour in Canada after becoming the most-awarded artist in VMA history. – Farrah Tomazin, North America correspondent South America Interest in South America rose briefly in Australian minds last month owing to Prime Minister Anthony Albanese’s visit to Lima, Peru , for the Asia Pacific Economic Co-operation annual summit, overshadowed by incoming US president Donald Trump’s economic agenda. Albanese then went to Rio de Janeiro, Brazil, for this year’s G20. Neither gathering produced groundbreaking deals , except to serve as further demonstration of China’s continued geopolitical wins and deepening ties in the region where it has invested billions of dollars in infrastructure. Prime Minister Anthony Albanese (front, second from right), holds hands with China’s Xi Jinping at the G20 summit in Rio de Janeiro, Brazil. Credit: Alex Ellinghausen Take the new $5.6 billion port President Xi Jinping – who arrived pushing for an “orderly multipolar world” – inaugurated in Chancay, north of Lima. The intended continental logistics hub creates a direct route between Asia and South America across the Pacific Ocean. Apart from allowing Beijing to look beyond Australia and Asia for imports such as iron ore, wine and soybeans, the port could also, says the US, be used as a foothold by Chinese military ships in the Americas . China’s influence in the region could also extend to ground stations for Chinese satellites. In Brazil, former president Jair Bolsonaro was indicted along with 36 others in a failed coup to reverse the last election and overthrow the government of President Luis Inacio Lula da Silva in a US Capitol-inspired takeover of Congress in 2022. He denies the charges, which add to his long list of legal woes. Lula, 79, had emergency brain surgery to relieve bleeding but was back to work in a few days. In Argentina, the election of right-wing Trump-like disruptor and cloned-dog owner President Javier Milei provided some relief to the US, after Milei declared a preference for traditional Western alliances to the alternative BRICS – the Brazil, Russia, India, China and South Africa group that has evolved to admit myriad other countries, and hopes to launch an alternative trade currency to the US dollar. Argentinian President Javier Milei at home with his cloned mastiff puppies. Credit: Marcelo Dubini/Caras via The New York Times In Venezuela, new elections returned President Nicolas Maduro to power, but no one believed the results, which the opposition said were stolen and the UN human rights watchdog is investigating. The crisis-torn country was also in the headlines owing to campaign-mode Trump blaming “Venezuelan gangs” for rampant crime in the US. In December, prominent human rights lawyer Claudio Grossman quit the International Criminal Court in The Hague over what he said was its failure to prosecute members of Maduro’s government for crimes against humanity. In early December, Argentina, Brazil, Uruguay , Paraguay and Bolivia , under the bloc Mercosur , signed a blockbuster free trade deal with the European Union. If ratified, it will create one of the world’s largest free trade zones, covering a market of 780 million people. But in France, the Netherlands and other countries with big dairy and beef industries, critics say it will create unfair competition. – Lia Timson, Deputy World Editor Oceania In New Zealand , the year started with a large “unity meeting” convened by Maori King Tuheitia to discuss action against changes proposed by the new coalition government of Prime Minister Chris Luxon, including the watering down of policies previously designed to elevate Maori language and recognition. Tuheitia said the Treaty of Waitangi was not open for reinterpretation. Tuheitia died in August , with King Charles leading the tributes, saying “a mighty tree has fallen”. His daughter, 27-year-old Nga Wai Hono i te Po Paki , was chosen by a council of 12 male elders to succeed him, over her two older brothers, although the crown is not automatically inherited. Tensions over the government’s “race-based” changes, and the introduction of a bill to reinterpret the treaty, spilt over when thousands participated in a seven-day march that ended in parliament , where Maori MPs interrupted proceedings with a haka that made headlines around the world. France declared a state of emergency in its Pacific territory, New Caledonia , in May after an electoral reform approved in Paris triggered protests and the death of three indigenous Kanak and a police official . It sent hundreds of police to help stem the riots, including soldiers to secure the port and airports, which were closed, trapping tourists on the otherwise idyllic islands . Macron then followed with a visit but was criticised as being out of touch . His government later blamed Azerbaijan and Russia for causing the chaos and stoking separatism . Continuing its efforts to keep Papua New Guinea closer to Australia than to China, Prime Minister Anthony Albanese headed to PNG and along with Prime Minister James Marape, did a two-day Kokoda hike, complete with birthday cake for his counterpart . It was all part of Anzac commemorations and soft diplomacy, which continues with the inclusion of a PNG rugby team in the NRL , helped along by $600 million from Australian taxpayers over 10 years . And a devastating earthquake struck Vanuatu in later December, causing many deaths, hundreds of injuries and crippling the nation’s electricity, water and communications systems. – Lia Timson, Deputy World Editor Prime ministers Anthony Albanese and James Marape take a selfie after the Anzac Day dawn service at the Isurava memorial site on the Kokoda Track in PNG. Credit: Dominic Lorrimer Africa In South Africa , Nelson Mandela’s party ANC lost its parliamentary majority 30 years after the vote that ended apartheid and brought it to power. President Cyril Ramaphosa managed to retain his job after a coalition deal with the country’s second-biggest party, the Democratic Alliance. In Kenya, the discovery of footprints near a lake added to evidence that two human species lived side-by-side 1.5 million years ago, in a closing reminder that humans are capable of getting along. with agencies Get a note directly from our foreign correspondents on what’s making headlines around the world. Sign up for the weekly What in the World newsletter here .https://arab.news/cm73d Nearly half of American teenagers say they are online “constantly” despite concerns about the effects of social media and smartphones on their mental health, according to a new report published Thursday by the Pew Research Center. As in past years, YouTube was the single most popular platform teenagers used — 90 percent said they watched videos on the site, down slightly from 95 percent in 2022. Nearly three-quarters said they visit YouTube every day. There was a slight downward trend in several popular apps teens used. For instance, 63 percent of teens said they used TikTok, down from 67 percent and Snapchat slipped to 55 percent from 59 percent. This small decline could be due to pandemic-era restrictions easing up and kids having more time to see friends in person, but it’s not enough to be truly meaningful. X saw the biggest decline among teenage users. Only 17 percent of teenagers said they use X, down from 23 percent in 2022, the year Elon Musk bought the platform. Reddit held steady at 14 percent. About 6 percent of teenagers said they use Threads, Meta’s answer to X that launched in 2023. The report comes as countries around the world are grappling with how to handle the effects of social media on young people’s well-being. Australia recently passed a law banning kids under 16 from social networks, though it’s unclear how it will be able to enforce the age limit — and whether it will come with unintended consequences such as isolating vulnerable kids from their peers. Meta’s messaging service WhatsApp was a rare exception in that it saw the number of teenage users increase, to 23 percent from 17 percent in 2022. Pew also asked kids how often they use various online platforms. Small but significant numbers said they are on them “almost constantly.” For YouTube, 15 percent reported constant use, for TikTok, 16 percent and for Snapchat, 13 percent. As in previous surveys, girls were more likely to use TikTok almost constantly while boys gravitated to YouTube. There was no meaningful gender difference in the use of Snapchat, Instagram and Facebook. Roughly a quarter of Black and Hispanic teens said they visit TikTok almost constantly, compared with just 8 percent of white teenagers. The report was based on a survey of 1,391 US teens ages 13 to 17 conducted from Sept. 18 to Oct. 10, 2024.
Alibaba Cloud's data center fire incident serves as a reminder of the critical importance of disaster preparedness and business continuity planning for organizations relying on cloud services. While unforeseen events can disrupt operations, a prompt and well-coordinated response can help minimize the impact on customers and mitigate risks to data security.
With its engaging storyline, memorable characters, and heartfelt moments, "Moonlight Madness" is poised to be a refreshing addition to the comedy genre in Chinese cinema. Fu Jing's debut as a lead actress in a comedy film is a milestone in her career, signaling her willingness to take risks and explore new creative opportunities.The decision to cull 240,000 chickens is a necessary but heartbreaking one for the affected farms. Not only does it result in a substantial financial loss for the farm owners, but it also underscores the fragile nature of the poultry industry in the face of disease outbreaks. The culling process is carried out with the utmost care and attention to ensure that the virus is contained and does not spread to other farms in the vicinity.
At the same time, the enforcement of such policies also raises questions about user privacy, data security, and the overall user experience. As streaming platforms tighten their grip on account management and access control, it is crucial for them to strike a balance between protecting their interests and respecting the rights and expectations of their users. Transparency, communication, and user-friendly solutions will be key to navigating this complex landscape and building trust with the audience.In a surprising turn of events, the Bank of Japan (BOJ) has announced that it will be holding a rare speech and press conference, sparking speculation that an interest rate hike could be on the horizon. This unexpected move has caught many market analysts off guard and has led to a flurry of activity in financial markets as investors adjust their positions in anticipation of a potential policy shift by the central bank.US senator says mysterious drones spotted in New Jersey should be 'shot down, if necessary'
The Bu'an incident has gripped the nation with its shocking revelations and disturbing details. As more information comes to light, it has become evident that the case goes beyond a simple misunderstanding or mistake. The involvement of multiple individuals in the incident has raised concerns about the underlying motives and intentions behind the events that transpired.Alabama football has 11 names in the NCAA transfer portal, including seven from its offense. Justice Haynes, a former five-star in the 2023 class from Buford, Ga., became the latest name Friday to enter the portal. The talented running back recorded 168 yards rushing and two touchdowns as a freshman on Alabama’s 2023 Southeastern Conference Championship team. Nick Sabam was giddy about Haynes in spring practice and his excitement for him continued into the season. Much was expected from Haynes this season and he totaled seven rushing scores and 448 yards, but did he have enough opportunities to showcase his talents? Statistics would say no as he averaged six carries per game. He is heading to place where he can be the featured back, but what does it mean for Alabama’s running back room? Jam Miller is the featured guy in the backfield. He finished the regular season with 641 yards rushing and seven touchdowns on 135 carries. The coaching staff trusted Miller more with the ball as he averaged nearly 12 carries a game (11.25). He was an exceptional pass-blocker and caught 13 passes for 119 yards and a touchdown. If Miller chooses to forgo the NFL Draft and return for his senior season, he would be the biggest voice in the running back room. Richard Young, a former 5-star from the 2023 class, would be the next important back. Young, a native Floridian, would be fully healthy next season — starting in the spring. He was banged up at times this season; however, he finished with 25 carries for 140 yards and two touchdowns. Young brings a physicality to him, but he also has some speed. He needs to develop more breakaway speed on big runs to be a home run hitter. Daniel Hill and Kevin Riley were freshmen this season, but now it’s time for them to be called on more. Hill, a native Mississippian, has a rushing touchdown as a power back. Riley, a Tuscaloosa native, has more speed and explosiveness. Alabama also has Akylin Dear, a freshman signee from Mississippi, in the room too. It will be interesting to see how he fits the rotation. It does not feel good to lose Haynes, but Alabama has not had a game-breaker at running back since Jahmyr Gibbs. Miller will be good for the Tide and Young has the potential, but should Alabama hit the portal for a back? We will see what the coaches do. This article first appeared on Touchdown Alabama Magazine and was syndicated with permission.
In conclusion, the issue of winter school uniforms being cut up and labeled as rag waste raises important questions about waste management, sustainability, and ethical considerations in the education sector. The ongoing investigation by the Education Bureau is a step in the right direction towards addressing these concerns and ensuring that school uniforms are disposed of in a responsible and sustainable manner. It is hoped that the outcome of the investigation will lead to improved practices and heightened awareness of the importance of environmental stewardship in schools.In conclusion, the analysis of Trump 2.0 nominee cabinet reveals a mix of opportunities and challenges for the administration as it seeks to advance its policy agenda. While the presence of loyalists and experienced individuals may facilitate smoother implementation of policies, the lack of diversity and potential polarizing effects could also pose obstacles to effective governance. As the new cabinet members take on their roles and begin to shape the direction of the administration, it will be crucial for analysts and observers to closely monitor their actions and decisions to assess the impact on American politics and policy.LUQUE, Paraguay (AP) — Sake is perhaps more Japanese than the world-famous sushi. It's brewed in centuries-old mountaintop warehouses, savored in the country’s pub-like izakayas, poured during weddings and served slightly chilled for special toasts. The smooth rice wine that plays a crucial role in Japan's culinary traditions was enshrined on Wednesday by UNESCO on its list of the “intangible cultural heritage of humanity." At a meeting in Luque, Paraguay, members of UNESCO’s committee for safeguarding humanity's cultural heritage voted to recognize 45 cultural practices and products around the world, including Brazilian white cheese, Caribbean cassava bread and Palestinian olive oil soap. Unlike UNESCO’s World Heritage List, which includes sites considered important to humanity like the Pyramids of Giza in Egypt, the Intangible Cultural Heritage designation names products and practices of different cultures that are deserving of recognition. A Japanese delegation welcomed the announcement in Luque. “Sake is considered a divine gift and is essential for social and cultural events in Japan,” Kano Takehiro, the Japanese ambassador to UNESCO, told The Associated Press. The basic ingredients of sake are few: rice, water, yeast and koji, a rice mold, which breaks down the starches into fermentable sugars like malting does in beer production. The whole two-monthlong process of steaming, stirring, fermenting and pressing can be grueling. The rice — which wields tremendous marketing power as part of Japan's broader cultural identity — is key to the alcoholic brew. For a product to be categorized Japanese sake, the rice must be Japanese. The UNESCO recognition, the delegation said, captured more than the craft knowledge of making high-quality sake. It also honored a tradition dating back some 1,000 years — sake makes a cameo in Japan’s famous 11th century novel, “The Tale of Genji,” as the drink of choice in the refined Heian court. Now, officials hope to restore sake's image as Japan's premier alcoholic drink even as the younger drinkers in the country switch to imported wine or domestic beer and whiskey. “It means a lot to Japan and to the Japanese,” Takehiro said of the UNESCO designation. "This will help to renew interest in traditional sake elaboration.” Also, Japanese breweries have expressed hope that the listing could give a little lift to the country's export economy as the popularity of sake booms around the world and in the United States amid heightened interest in Japanese cuisine. Sake exports, mostly to the U.S. and China, now rake in over $265 million a year, according to the Japan Sake and Shochu Makers Association, a trade group. Japan's delegation appeared ready to celebrate on Wednesday — in classic Japanese style. After the announcement, Takehiro raised a cypress box full of sake to toast the alcoholic brew and cultural rite. The Associated Press