Valley shelter reopens to families in need of housingDonald Trump has threatened to seize the Panama Canal, revived calls to buy Greenland and joked about annexing Canada -- leaving the world guessing once again whether he is serious or not. By challenging the sovereignty of some of Washington's closest allies four weeks before he even returns to the Oval Office, the US-president elect has underscored his credentials as global disruptor-in-chief. His comments have renewed fears from his first term that Trump will end up being harsher on US friends than he is on adversaries like Russia and China. But there are also suspicions that billionaire tycoon Trump is looking for leverage as part of the "art of the deal" -- and that the former reality television star is grabbing headlines to look strong at home and abroad. "It's hard to tell how much of this he really wants, and how much is the latest soundbite that will be heard around the world," said Frank Sesno, a professor at George Washington University and former White House correspondent. "He puts other leaders in position of having to figure out what is literal and what is not," he told AFP. The idea of buying Greenland is not a new one for Trump. He also raised the prospect of purchasing the vast strategic island, a Danish territory, during his first term in office. He revived his push over the weekend when naming his ambassador to Copenhagen, saying the "ownership and control of Greenland is an absolute necessity" for US national security. But he received the same answer this time as he did then, with Greenland's Prime Minister Mute Egede saying on Monday that the resource-rich island was "not for sale." Yet his most headline-grabbing remarks have been on Panama, as he slammed what he called unfair fees for US ships passing through and threatened to demand control of the Panama Canal be returned to Washington. Trump said on Sunday that if Panama did not agree "then we will demand that the Panama Canal be returned to the United States of America -- in full, quickly and without question." He also hinted at China's growing influence around the canal, which was built by the United States in 1914 to link the Atlantic and Pacific oceans. It was returned to Panama under a 1977 deal. Panama's President Jose Raul Mulino dismissed Trump's threats, saying that "every square meter" of the canal would remain in Panamanian hands. Trump responded on TruthSocial: "We'll see about that!" Trump also teased neighboring Canada last week that it would be a "great idea" to become the 51st US state -- but against a dark backdrop of threatened tariffs. Sesno said it was hard for other countries to know how to deal with Trump's comments. "Well, it's clearly a joke. Or is it? said Sesno. "Imagine if you're the President of Panama, how do you react to something like that? You can't ignore it and your country will not let you. So the ripple effect of these comments is extraordinary." Trump's harsh treatment of US allies also stands in stark contrast to his repeated praise for the leaders of US foes -- including Russia's Vladimir Putin, who invaded Ukraine in 2022 in a bid for a land-grab. But there is still likely to be method behind Trump's rhetoric. "Maybe the message is for China" when Trump talks about buying Greenland, said Stephanie Pezard, senior political scientist with the Rand Corporation. Just as Trump expressed concern about Beijing's influence in Panama, China's growing presence in the Arctic and its ties with Russia were "something that the US is really worried about," Pezard told AFP. But there could also be a signal to Denmark that 'If you're too friendly with China, you'll find us in your way" -- even though Denmark and Greenland had been "very good NATO allies." And perhaps Trump knows the reality. Any US plan to "buy" Greenland would be unfeasible "not just in international law but more broadly in the global order that the US has been trying to uphold," she said. dk/bgs
Sutton added eight rebounds for the Mavericks (4-7). Tony Osburn scored 15 points and added five rebounds and three steals. JJ White had nine points and went 4 of 5 from the field. Jacob Holt led the way for the Hornets (2-7) with 15 points, six rebounds and two blocks. Mike Wilson added nine points and six rebounds for Sacramento State. Chudi Dioramma had seven points, 10 rebounds and two blocks. Omaha's next game is Friday against Northern Iowa on the road, and Sacramento State hosts UC Davis on Saturday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
COLUMBIA — The chairman of the South Carolina Young Republicans will resign after showing nude images of himself to fellow party members. Joe Bowers, 33, was accused of showing the images to several women at official events this year in Tucson, Ariz., and San Diego. "I was stunned by this reckless and inappropriate behavior but initially hoped it was an isolated lapse in judgment," one of the women, Christen Norman, wrote in her complaint to other committee members. Norman is a Young Republican member who serves as third vice chair for the state party. SC school board races are often partisan, even if the ballot says otherwise Bowers admitted to showing an explicit image of himself but disputed the allegations. He told party members and a Post and Courier reporter that the sharing of images was consensual. Norman denied this. His defenders included Arizona Young Republicans national committeewoman Katie Ward, the daughter of indicted former Arizona Republican Party Chairwoman Kelli Ward. She wrote a letter to the S.C. Young Republicans asserting the images shown to her in Tucson took place during a private conversation at the back of a reception hall and were consensual. Young Republicans Chairman Joe Bowers "This was a discussion between consenting adults," wrote Ward. "The attempt to make it into something more is disgusting." On Dec. 4, Bowers told The Post and Courier that he was stepping down and would release a statement later. The Young Republicans is a national organization open to those ages 18 to 40 interested in advancing the party's politics. Bowers, who lives in Greenville, was once an active participant on the Lowcountry political scene and recently led an unsuccessful bid to lead the Charleston County Republican Party. Shortly after graduating high school, he ran for a town council seat in Awendaw in 2011. Two years later, he ran for mayor . He was unsuccessful in both bids. He eventually earned a seat on the Charleston County District 1 Constituent School Board. In 2015, the then 23-year-old suggested in a Facebook post there may be "more to this than meets the eye" after the arrest of a Goose Creek school principal for the sexual assault of a 16-year-old student, drawing widespread condemnation . The latest allegations come amid ongoing questions about Bowers' leadership and infighting over the party's finances and organization. One county Y-R chairman, Charleston's Garrett Lacy, left the organization this week — the culmination of a series of internal disputes with chapter leaders that led some former members to leave the organization entirely. Prominent Bluffton GOP activist was ruled in contempt of court. SC Supreme Court overturned decision. S.C. Republican Party Chairman Drew McKissick was among those calling for Bowers' resignation. "The South Carolina Young Republicans is an outstanding organization, and its leadership at every level should reflect the values of our party," McKissick told The Post and Courier. "The reported behavior falls far short of that standard and current leadership should step aside so that the group can get back to the business of growing our party.” Political leaders aren't getting younger. South Carolina's young people hope to change that. The allegations had spurred a minor scandal within the Young Republican National Federation — the national organization for state chapters — ahead of its upcoming annual meeting in Charleston on Feb. 21.
Gov. Chris Sununu got a holiday wish in the corner office last week after the Executive Council agreed to allow Dartmouth Health to take over operations at Hampstead Hospital. Dartmouth Health will now lease Hampstead Hospital — New Hampshire’s only children’s psychiatric hospital and residential treatment facility — from the state with a seven-year contract. Cinde Warmington, the lone Democrat on the council, voted no. Earlier this month, Sununu acknowledged the model was a first for the state. At Glencliff Home and New Hampshire Hospital, the state-owned nursing home and psychiatric facility, a public-private partnership is in place with Dartmouth. There, the private health provider staffs all the clinical positions while the Department of Health and Human Services retains control over executive positions. At Hampstead, Dartmouth will staff the entire facility from top leaders to clinicians. Morissa Henn, the deputy commissioner for Health and Human Services, said the full takeover will provide stability at the facility after two fraught years since the state purchased it in 2022. “What I believe is powerful about this model is that we have the powerhouse of clinical expertise of Dartmouth Health, as well as their mission alignment,” she said. “So it really is a win-win.” To Warmington, the contract lacked strong enforcement mechanisms. “It’s a half-baked contract in my opinion,” she said. “It just doesn’t have the teeth in it, the reporting requirements, the mechanisms and we’ve seen how bad the outcomes can be.” Dartmouth Health will be required to renew its license each year to operate the facility, as well as report on conditions inside the facility, including the use of restraints and seclusion. The contract also establishes a joint oversight commission, which will include hospital and state staff, to address everything from readmission to staffing levels, said Henn. Two existing oversight commissions — one on children’s services and another on health and human services — will also play a role. In addition, a citizens advisory board will be created to allow for people with lived experience, behavioral health advocates and others to provide advice on hospital operations. “I want to respectfully disagree on the premise that this has inadequate teeth,” said Henn. “There are numerous, layer-upon-layer accountability mechanisms to ensure that Dartmouth Health is providing the highest quality care.” Councilors were up against the clock to make a decision on the contract, as it was the last meeting for Sununu, as well as Warmington and Ted Gastas, a Manchester Republican who is retiring. When Hampstead opened under state ownership, the facility was designed to have 71 hospital beds and 12 more spots for a residential psychiatric treatment facility. Due to staffing shortages and space restrictions, the hospital has never admitted more than 40 patients and only half of the residential beds were filled at a time. The new contract intentionally does not indicate how many beds patients should occupy, said Henn. That is, in part, the first step in recognizing that more beds aren’t necessarily good for children in the state. “If we are going to move to a future landscape where we are serving kids around families and not removing them from their homes to be treated in placements, we need to begin to understand that resources may need to be shifted at any given moment toward the outpatient offerings that Dartmouth health is offering, or toward the system of care with community-based partnerships that exist,” she said. Without an arbitrary number, Dartmouth will have greater flexibility in the services it provides and not be held to mandated occupancy requirements. A provision of the lease will also state that New Hampshire children must be served before out-of-state youth are accepted to the facility. As of Wednesday, Henn reported seven children remained in the emergency room waiting to be admitted. With the new partnership, current staff at the hospital will be offered positions as full-time Dartmouth employees. The hospital is offering 2 percent raises for those who stay on and Henn said state and hospital leaders would be onsite as soon as possible to talk through the transition. “My concern is our staff. We have an incredibly dedicated staff at Hampstead hospital who have been through a lot,” said Henn. “I can’t imagine how difficult it must be to work as hard as they do, and go home at the end of the day not knowing what the model holds. ... I believe we don’t have the time to wait.” Becoming a Dartmouth employee isn’t the desired outcome of over 100 hospital staff, though, who signed a petition presented to the Executive Council at their last meeting, asking to remain as state employees. In the last two years, some employees have seen a carousel of changes to their insurance and pensions under the shifts in leadership. The conversation could continue in the legislative chambers, though, with Erica Layon, a Derry Republican, introducing a bill to establish permanent classified state employee positions for the staff of Hampstead. Joeseph Kenney, a Wakefield Republican, urged the council to avoid letting staffing disputes be the final stumbling block. The state can, and should, go to Hampstead and give clear information to employees about the transition and their benefits. Henn estimates the state will finalize a lease agreement with Dartmouth at the beginning of February. “They’re the best game in town and they’re mission-driven,” said Kenney. “Ultimately, it’s the end user, the child, that we’re trying to provide services for. That’s paramount.”Mahakumbh firefighting shield gets ‘AWT’ boostZelensky meets with Trump in Paris as he tries to build support for UkraineGeorgia Tech has agreed to a new five-year contract with football coach Brent Key that extends his stay at the school through the 2029 season. The university's board of trustees approved the deal Friday. The agreement gives Key two additional years with the Yellow Jackets. Financial terms weren't disclosed, but sources told ESPN's Pete Thamel that the deal also includes a significant pay raise that takes Key from the bottom range of the ACC at $2.9 million annually to the middle tier of the league. Editor's Picks Top 75 recruiting classes: Late moves give Oregon its first-ever top class 2h Craig Haubert Stop rate for all 134 CFB teams: Texas ends regular season on top 3d Max Olson Key is 18-15 overall in two seasons at his alma mater and led Georgia Tech to back-to-back bowl games for the first time in a decade. The Yellow Jackets went 7-5 this season, including an eight-overtime, 44-42 loss to rival Georgia last week. "I am so proud and grateful to work with incredible coaches, staff and student-athletes every single day and to represent the Georgia Tech community as its head football coach," Key said in a statement. "Together, we're building something special and I'm looking forward to continuing to work to return Tech football to where it belongs." The Georgia Tech board also approved a five-year contract for athletic director J Batt that, as with Key, extends his stay at the school through 2029.
Punjab to roll out centralised system for monitoring drug de-addiction treatment
Lil Wayne, GloRilla, Camila Cabello to perform at College Football National ChampionshipIsrael strikes Houthi targets in Yemen's capital. WHO chief says he was nearbyNFL NOTES
Team GB cyclist Katy Marchant falls into crowd and breaks arm after clash with German rivalQatar's prime minister said on Saturday that momentum had returned to talks aimed at securing a truce and hostage exchange deal in Gaza following Donald Trump's election as US president. The Gulf emirate, along with the United States and Egypt, had been involved in months of unsuccessful negotiations for a Gaza truce and hostage release. But in November, Doha announced it had put its mediation on hold, saying it would resume when Hamas and Israel showed "willingness and seriousness". "We have sensed, after the election, that the momentum is coming back," Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani told the Doha Forum for political dialogue. He spoke as a source close to the Hamas delegation in the talks told AFP that a new round of negotiations will "most likely" begin in the coming week. Sheikh Mohammed said that while there were "some differences" in the approach to an agreement by the outgoing and incoming US administrations, "we didn't see or recognise any disagreement on the goal itself to end the war". He said there had been "a lot of encouragement from the incoming administration in order to achieve a deal, even before the president comes to the office", adding this had affected Qatar's decision to get talks "back on track". "We hope to get things done as soon as possible. We hope that the willingness of the parties to engage in a good faith continues," he said. The source close to the Hamas delegation, speaking on condition of anonymity, told AFP: "Based on contacts with the mediators, we expect a new round of negotiations to begin in Cairo, most likely this week, to discuss ideas and proposals regarding a ceasefire and a prisoner exchange." The source added that Turkey, as well as Egypt and Qatar, had been "making commendable efforts to stop the war". In a statement later on Saturday, the group said Turkish spy chief Ibrahim Kalin met with a Hamas delegation in Doha to discuss the war in Gaza. The war in Gaza was sparked by Hamas's October 7, 2023 attack on Israel, which resulted in the deaths of 1,208 people, mostly civilians, according to an AFP tally based on official figures. During the attack, militants kidnapped 251 people, 96 of whom remain in Gaza, including 34 declared dead by the Israeli military. Israel's retaliatory military campaign in Gaza has killed at least 44,664 people, a majority civilians, according to figures from the territory's Hamas-run health ministry which the UN considers reliable. The US president-elect this week warned on social media of unspecified massive repercussions if the hostages were not released by the time he takes office next month. Trump has vowed staunch support for Israel and to dispense with outgoing President Joe Biden's occasional criticism, but has also spoken of his desire to secure deals on the world stage. On Saturday, Qatar's premier dismissed the prospect of his country facing greater pressure over the status of the Hamas political bureau, which the Gulf state has hosted since 2012 with Washington's blessing. Sheikh Mohammed called the Hamas office a "platform to convene between the different parties". Qatar was not "expected to enforce solutions" on the Palestinian militants, he added. csp/srm/dcp/it
Results Summary 1 SUNNYVALE, Calif. , Dec. 4, 2024 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS ) today reported results for its fourth quarter and fiscal year 2024. Revenue for the fourth quarter of fiscal year 2024 was $1.636 billion , compared to $1.467 billion for the fourth quarter of fiscal year 2023. Revenue for fiscal year 2024 was $6.127 billion , an increase of approximately 15% from $5.318 billion in fiscal year 2023. "The fourth quarter was a strong finish to a transformational year for Synopsys. We achieved record financial results while doubling down on our strategy with the sale of our Software Integrity business and the pending acquisition of Ansys," said Sassine Ghazi , president and CEO of Synopsys. "Looking ahead, the AI-driven reinvention of compute is accelerating the pace, scale and complexity of technology R&D, which expands our opportunity to solve engineering challenges from silicon to systems." "Continued strong execution drove excellent Q4 results, which exceeded the midpoint of our guidance targets and capped a year of 15% revenue growth for the company," said Shelagh Glaser , CFO of Synopsys. "The combination of our execution focus, operating discipline, and the critical nature of our industry-leading technology positions us well for the future. In 2025, we expect to deliver double-digit revenue growth grounded in pragmatism given continued macro uncertainties and the impact of our fiscal year calendar change." Synopsys' previously announced acquisition of Ansys is expected to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. This week marked the expiration of the Hart-Scott-Rodino (HSR) Act waiting period, and Synopsys is working cooperatively with Federal Trade Commission (FTC) staff to conclude the investigation and the staff's review of Synopsys' proposed remedies. _______________________________________________ 1 On September 30, 2024, Synopsys completed the sale of its Software Integrity business. Synopsys' Software Integrity business has been presented as a discontinued operation in the consolidated financial statements for all periods presented herein and all financial results and targets are presented herein on a continuing operations basis unless otherwise noted. Continuing Operations On September 30, 2024 , Synopsys completed the sale of its Software Integrity business. Unless otherwise noted, Synopsys' Software Integrity business has been presented as a discontinued operation in the Synopsys' consolidated financial statements for all periods presented herein and all financial results and targets are presented herein on a continuing operations basis. GAAP Results On a U.S. generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal year 2024 was $279.3 million , or $1.79 per diluted share, compared to $346.1 million , or $2.23 per diluted share, for the fourth quarter of fiscal year 2023. GAAP net income for fiscal year 2024 was $1.442 billion , or $9.25 per diluted share, compared to $1.227 billion , or $7.91 per diluted share, for fiscal year 2023. Non-GAAP Results On a non-GAAP basis, net income for the fourth quarter of fiscal year 2024 was $529.9 million , or $3.40 per diluted share, compared to non-GAAP net income of $464.1 million , or $3.00 per diluted share, for the fourth quarter of fiscal year 2023. Non-GAAP net income for fiscal year 2024 was $2.058 billion , or $13.20 per diluted share, compared to non-GAAP net income of $1.636 billion , or $10.54 per diluted share, for fiscal year 2023. For a reconciliation of net income, earnings per diluted share and other measures on a GAAP and non-GAAP basis, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below. Business Segments Synopsys reports revenue and operating income in two segments: (1) Design Automation, which includes our advanced silicon design, verification products and services, system integration products and services, digital, custom and field programmable gate array IC design software, verification software and hardware products, manufacturing software products and other and (2) Design IP, which includes our interface, foundation, security, and embedded processor IP, IP subsystems, and IP implementation services. Financial Targets Synopsys also provided its consolidated financial targets for the first quarter and full fiscal year 2025. These targets reflect a change in Synopsys' fiscal year from a 52/53-week period ending on the Saturday nearest to October 31 of each year to October 31 of each year. As a result of this change, there will be ten fewer days in the first half of fiscal year 2025 and two extra days in the second half of fiscal year 2025, which results in eight fewer days in the aggregate in Synopsys' fiscal year 2025 as compared to its fiscal year 2024. These targets also assume no further changes to export control restrictions or the current U.S. government "Entity List" restrictions. These targets constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below. First Quarter and Full Fiscal Year 2025 Financial Targets (1) (in millions except per share amounts) Range for Three Months Ending Range for Fiscal Year Ending January 31, 2025 October 31, 2025 Low High Low High Revenue $ 1,435 $ 1,465 $ 6,745 $ 6,805 GAAP Expenses $ 1,142 $ 1,162 $ 4,926 $ 4,983 Non-GAAP Expenses $ 945 $ 955 $ 4,045 $ 4,085 Non-GAAP Interest and Other Income (Expense), net $ 20 $ 22 $ 94 $ 98 Non-GAAP Tax Rate 16 % 16 % 16 % 16 % Outstanding Shares (fully diluted) 156 158 157 159 GAAP EPS $ 1.81 $ 1.95 $ 10.42 $ 10.63 Non-GAAP EPS $ 2.77 $ 2.82 $ 14.88 $ 14.96 Operating Cash Flow ~ $1,800 Free Cash Flow (2) ~ $1,600 Capital Expenditures ~ $170 (1) Synopsys' first quarter of fiscal year 2025 will end on January 31, 2025 and its fiscal year 2025 will end on October 31, 2025. (2) Free cash flow is calculated as cash provided from operating activities less capital expenditures. For a reconciliation of Synopsys' first quarter and fiscal year 2025 targets, including expenses, earnings per diluted share and other measures on a GAAP and non-GAAP basis and a discussion of the financial targets that we are not able to reconcile without unreasonable efforts, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below. Earnings Call Open to Investors Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m. Pacific Time. A live webcast of the call will be available on Synopsys' corporate website at investor.synopsys.com . Synopsys uses its website as a tool to disclose important information about Synopsys and comply with its disclosure obligations under Regulation Fair Disclosure. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter of fiscal year 2025 in February 2025. Effectiveness of Information The targets included in this press release, the statements made during the earnings conference call, the information contained in the financial supplement and the corporate overview presentation, each of which are available on Synopsys' corporate website at www.synopsys.com (collectively, the " Earnings Materials "), represent Synopsys' expectations and beliefs as of December 4, 2024 . Although these Earnings Materials will remain available on Synopsys' website through the date of the earnings call for the first quarter of fiscal year 2025, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys undertakes no duty and does not intend to update any forward-looking statement, whether as a result of new information or future events, or otherwise update, the targets given in this press release unless required by law. Availability of Final Financial Statements Synopsys will include final financial statements for the fiscal year 2024 in its annual report on Form 10-K to be filed on or before January 2, 2025 . About Synopsys Catalyzing the era of pervasive intelligence, Synopsys, Inc. (Nasdaq: SNPS) delivers trusted and comprehensive silicon to systems design solutions, from electronic design automation to silicon IP and system verification and validation. We partner closely with semiconductor and systems customers across a wide range of industries to maximize their R&D capability and productivity, powering innovation today that ignites the ingenuity of tomorrow. Learn more at www.synopsys.com . Reconciliation of Fourth Quarter and Fiscal Year 2024 Results The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income, earnings per diluted share, and tax rate for the periods indicated below. GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2024 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2024 2023 2024 2023 GAAP net income from continuing operations attributed to Synopsys $ 279,281 $ 346,051 $ 1,441,710 $ 1,227,045 Adjustments: Amortization of acquired intangible assets 54,258 14,886 104,220 50,477 Stock-based compensation 165,116 128,286 656,632 511,730 Acquisition/divestiture related items 62,428 4,016 172,638 13,831 Restructuring charges — (1,348) — 53,091 Gain on sale of strategic investments — — (55,077) — Tax settlement — — — (23,752) Tax adjustments (31,158) (27,753) (262,322) (196,471) Non-GAAP net income from continuing operations attributed to Synopsys $ 529,925 $ 464,138 $ 2,057,801 $ 1,635,951 Three Months Ended Twelve Months Ended October 31, October 31, 2024 2023 2024 2023 GAAP net income from continuing operations per diluted share attributed to Synopsys $ 1.79 $ 2.23 $ 9.25 $ 7.91 Adjustments: Amortization of acquired intangible assets 0.35 0.10 0.67 0.33 Stock-based compensation 1.06 0.83 4.21 3.30 Acquisition/divestiture related items 0.40 0.03 1.11 0.09 Restructuring charges — (0.01) — 0.34 Gain on sale of strategic investments — — (0.35) — Tax settlement — — — (0.15) Tax adjustments (0.20) (0.18) (1.69) (1.28) Non-GAAP net income from continuing operations per diluted share attributed to Synopsys $ 3.40 $ 3.00 $ 13.20 $ 10.54 Shares used in computing net income per diluted share amounts: 155,991 154,845 155,944 155,195 (1) Synopsys' fourth quarter of fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. GAAP to Non-GAAP Tax Rate Reconciliation (1)(2) (unaudited) Twelve Months Ended October 31, 2024 GAAP effective tax rate 6.6 % Stock-based compensation 2.9 % Income tax adjustments (3) 5.5 % Non-GAAP effective tax rate 15.0 % (1) Synopsys' fiscal year 2024 ended on November 2, 2024. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. (2) Presented on a continuing operations basis. (3) The adjustments are primarily related to the differences in the tax rate effect of certain deductions, such as the deduction for foreign-derived intangible income and credits. GAAP to Non-GAAP Reconciliation of 2025 Targets The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below. GAAP to Non-GAAP Reconciliation of First Quarter Fiscal Year 2025 Targets (in thousands, except per share amounts) Range for Three Months Ending January 31, 2025 Low High Target GAAP expenses $ 1,142,000 $ 1,162,000 Adjustments: Amortization of acquired intangible assets (12,000) (15,000) Stock-based compensation (185,000) (192,000) Target non-GAAP expenses $ 945,000 $ 955,000 Range for Three Months Ending January 31, 2025 Low High Target GAAP earnings per diluted share attributed to Synopsys $ 1.81 $ 1.95 Adjustments: Amortization of acquired intangible assets 0.10 0.08 Stock-based compensation 1.22 1.18 Acquisition/divestiture related items (1) 0.08 0.06 Tax adjustments (0.44) (0.45) Target non-GAAP earnings per diluted share attributed to Synopsys $ 2.77 $ 2.82 Shares used in non-GAAP calculation (midpoint of target range) 157,000 157,000 GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2025 Targets (in thousands, except per share amounts) Range for Fiscal Year Ending October 31, 2025 Low High Target GAAP expenses $ 4,926,000 $ 4,983,000 Adjustments: Amortization of acquired intangible assets (46,000) (51,000) Stock-based compensation (835,000) (847,000) Target non-GAAP expenses $ 4,045,000 $ 4,085,000 Range for Fiscal Year Ending October 31, 2025 Low High Target GAAP earnings per diluted share attributed to Synopsys $ 10.42 $ 10.63 Adjustments: Amortization of acquired intangible assets 0.32 0.29 Stock-based compensation 5.36 5.28 Acquisition/divestiture related items (1) 0.29 0.26 Tax adjustments (1.51) (1.50) Target non-GAAP earnings per diluted share attributed to Synopsys $ 14.88 $ 14.96 Shares used in non-GAAP calculation (midpoint of target range) 158,000 158,000 (1) Adjustments reflect certain contractually obligated financing fees and related amortization expenses, and do not fully reflect all potential adjustments for future periods for the reasons set forth in "GAAP to Non-GAAP Reconciliation" below. Forward-Looking Statements This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding short-term and long-term financial targets, expectations and objectives including, among others, our long-term financial objectives, which include the anticipated effects of our pending acquisition of ANSYS, Inc. (the Ansys Merger); business and market outlook, opportunities, strategies and technological trends, such as artificial intelligence; planned acquisitions and their expected impact, including the Ansys Merger; the potential impact of the uncertain macroeconomic and geopolitical environment on our financial results; the expected impact of U.S. and foreign government trade restrictions and regulatory changes, including export control restrictions and tariffs on our financial results; customer license renewals and the expected realization and timing of our contracted but unsatisfied or partially unsatisfied performance obligations (backlog); planned dispositions and their expected impact; customer demand and market expansion for our products and our customers' products; our ability to successfully compete in the markets we serve; our planned product releases and capabilities; industry growth rates; software trends; planned stock repurchases; our expected tax rate; and the impact and result of pending legal, regulatory, administrative and tax proceedings. These statements involve risks, uncertainties and other factors that could cause our actual results, time frames or achievements to differ materially from those expressed or implied in such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: macroeconomic conditions and geopolitical uncertainty in the global economy; uncertainty in the growth of the semiconductor and electronics industries; the highly competitive industry we operate in; actions by the U.S. or foreign governments, such as the imposition of additional export restrictions or tariffs; consolidation among our customers and our dependence on a relatively small number of large customers; risks and compliance obligations relating to the global nature of our operations; failure to complete the Ansys Merger on the terms described in our filings with the SEC, if at all; failure to obtain required governmental approvals related to the Ansys Merger or the imposition of conditions to such governmental approvals that may have an adverse effect on us; failure to realize the benefits expected from the Ansys Merger; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings we make with the SEC from time to time, including in the sections entitled "Risk Factors" in our latest Annual Report on Form 10-K and in our latest Quarterly Report on Form 10-Q. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in Synopsys' most recent reports on Forms 10-K and 10-Q, each as may be amended from time to time. Synopsys' financial results for its fourth quarter and fiscal year 2024 are not necessarily indicative of Synopsys' operating results for any future periods. The information provided herein is as of December 4, 2024 . Synopsys undertakes no duty to, and does not intend to, update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law. SYNOPSYS, INC. Unaudited Consolidated Statements of Income (1) (in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2024 2023 2024 2023 Revenue: Time-based products $ 834,375 $ 780,725 $ 3,224,299 $ 3,016,256 Upfront products 520,939 441,494 1,802,222 1,400,125 Total products revenue 1,355,314 1,222,219 5,026,521 4,416,381 Maintenance and service 280,672 245,164 1,100,915 901,633 Total revenue 1,635,986 1,467,383 6,127,436 5,318,014 Cost of revenue: Products 216,485 197,540 770,238 697,686 Maintenance and service 91,707 76,043 367,055 287,876 Amortization of acquired intangible assets 66,831 12,598 107,996 45,281 Total cost of revenue 375,023 286,181 1,245,289 1,030,843 Gross margin 1,260,963 1,181,202 4,882,147 4,287,171 Operating expenses: Research and development 554,818 465,815 2,082,360 1,849,935 Sales and marketing 219,225 186,953 859,342 724,934 General and administrative 172,032 102,271 568,496 376,677 Amortization of acquired intangible assets 4,086 3,346 16,238 9,295 Restructuring charges — (1,348) — 53,091 Total operating expenses 950,161 757,037 3,526,436 3,013,932 Operating income 310,802 424,165 1,355,711 1,273,239 Interest and other income (expense), net 12,077 (20,400) 158,147 32,231 Income before income taxes 322,879 403,765 1,513,858 1,305,470 Provision (benefit) for income taxes 62,084 60,409 99,718 90,188 Net income from continuing operations 260,795 343,356 1,414,140 1,215,282 Income from discontinued operations, net of income taxes 834,825 3,139 821,670 2,843 Net income 1,095,620 346,495 2,235,810 1,218,125 Less: Net income (loss) attributed to non-controlling interest and redeemable non-controlling interest (18,486) (2,695) (27,570) (11,763) Net income attributed to Synopsys $ 1,114,106 $ 349,190 $ 2,263,380 $ 1,229,888 Net income attributed to Synopsys Continuing operations $ 279,281 $ 346,051 $ 1,441,710 $ 1,227,045 Discontinued operations 834,825 3,139 821,670 2,843 Net income $ 1,114,106 $ 349,190 $ 2,263,380 $ 1,229,888 Net income per share attributed to Synopsys - basic: Continuing operations $ 1.81 $ 2.28 $ 9.41 $ 8.06 Discontinued operations 5.43 0.02 5.37 0.02 Basic net income per share $ 7.24 $ 2.30 $ 14.78 $ 8.08 Net income per share attributed to Synopsys - diluted: Continuing operations $ 1.79 $ 2.23 $ 9.25 $ 7.91 Discontinued operations 5.35 0.03 5.26 0.01 Diluted net income per share $ 7.14 $ 2.26 $ 14.51 $ 7.92 Shares used in computing per share amounts: Basic 153,916 151,972 153,138 152,146 Diluted 155,991 154,845 155,944 155,195 (1) Synopsys' fourth quarter of fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. SYNOPSYS, INC. Unaudited Consolidated Balance Sheets (1) (in thousands, except par value amounts) October 31, 2024 October 31, 2023 ASSETS: Current assets: Cash and cash equivalents $ 3,896,532 $ 1,433,966 Short-term investments 153,869 151,639 Total cash, cash equivalents and short-term investments 4,050,401 1,585,605 Accounts receivable, net 934,470 856,660 Inventories 361,849 325,590 Prepaid and other current assets 1,122,946 548,115 Current assets of discontinued operations — 114,654 Total current assets 6,469,666 3,430,624 Property and equipment, net 563,006 549,837 Operating lease right-of-use assets, net 565,917 559,923 Goodwill 3,448,850 3,346,065 Intangible assets, net 195,164 239,577 Deferred income taxes 1,247,258 853,526 Other long-term assets 583,700 444,820 Long-term assets of discontinued operations — 908,759 Total assets $ 13,073,561 $ 10,333,131 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 1,163,592 $ 1,059,914 Operating lease liabilities 94,791 79,832 Deferred revenue 1,391,737 1,559,461 Current liabilities of discontinued operations — 286,244 Total current liabilities 2,650,120 2,985,451 Long-term operating lease liabilities 574,065 579,686 Long-term deferred revenue 340,831 150,827 Long-term debt 15,601 18,078 Other long-term liabilities 469,738 381,531 Long-term liabilities of discontinued operations — 33,257 Total liabilities 4,050,355 4,148,830 Redeemable non-controlling interest 30,000 31,043 Stockholders' equity: Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding — — Common stock, $0.01 par value: 400,000 shares authorized; 154,112 and 152,053 shares outstanding, respectively 1,541 1,521 Capital in excess of par value 1,211,206 1,276,152 Retained earnings 8,984,105 6,741,699 Treasury stock, at cost: 3,148 and 5,207 shares, respectively (1,025,770) (1,675,650) Accumulated other comprehensive income (loss) (180,380) (196,414) Total Synopsys stockholders' equity 8,990,702 6,147,308 Non-controlling interest 2,504 5,950 Total stockholders' equity 8,993,206 6,153,258 Total liabilities, redeemable non-controlling interest and stockholders' equity $ 13,073,561 $ 10,333,131 (1) Synopsys' fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. SYNOPSYS, INC. Unaudited Consolidated Statements of Cash Flows (1) (in thousands) Twelve Months Ended 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,235,810 $ 1,218,125 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and depreciation 295,065 247,120 Reduction of operating lease right-of-use assets 97,273 97,705 Amortization of capitalized costs to obtain revenue contracts 73,587 82,190 Stock-based compensation 692,316 563,292 Allowance for credit losses 19,724 19,932 Gain on sale of strategic investments (55,077) — Gain on divestitures, net of transaction costs (868,830) — Amortization of bridge financing costs 33,677 — Deferred income taxes (407,649) (211,045) Other (1,295) 13,295 Net changes in operating assets and liabilities, net of effects from acquisitions and dispositions: Accounts receivable (103,460) (178,432) Inventories (51,449) (123,752) Prepaid and other current assets (410,432) (106,396) Other long-term assets (168,255) (100,618) Accounts payable and accrued liabilities 187,564 170,496 Operating lease liabilities (96,966) (73,281) Income taxes (73,215) 198,078 Deferred revenue 8,641 (113,435) Net cash provided by operating activities 1,407,029 1,703,274 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities and sales of short-term investments 138,961 130,435 Purchases of short-term investments (136,821) (131,079) Proceeds from sales of strategic investments 55,696 8,492 Purchases of strategic investments (1,293) (435) Purchases of property and equipment, net (123,161) (189,618) Acquisitions, net of cash acquired (156,947) (297,692) Proceeds from business divestiture, net of cash divested 1,446,578 — Capitalization of software development costs — (2,204) Net cash provided by (used in) investing activities 1,223,013 (482,101) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of debt (2,607) (2,603) Payment of bridge financing and term loan costs (72,265) — Issuances of common stock 232,212 252,986 Payments for taxes related to net share settlement of equity awards (337,541) (241,408) Purchase of equity forward contract — (45,000) Purchases of treasury stock — (1,160,724) Other (1,096) (122) Net cash used in financing activities (181,297) (1,196,871) Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,797 (2,979) Net change in cash, cash equivalents and restricted cash 2,457,542 21,323 Cash, cash equivalents and restricted cash, beginning of year, including cash from discontinued operations 1,441,187 1,419,864 Cash, cash equivalents and restricted cash, end of period, including cash from discontinued operations 3,898,729 1,441,187 Less: Cash, cash equivalents and restricted cash from discontinued operations — 4,947 Cash, cash equivalents and restricted cash from continuing operations $ 3,898,729 $ 1,436,240 (1) Synopsys' fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. Synopsys provides segment information, namely revenue, adjusted segment operating income and adjusted segment operating margin, in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 280, Segment Reporting. Synopsys' chief operating decision maker (" CODM ") is our Chief Executive Officer. In evaluating our business segments, the CODM considers the income and expenses that the CODM believes are directly related to those segments. The CODM does not allocate certain operating expenses managed at a consolidated level to our business segments and, as a result, the reported operating income and operating margin do not include these unallocated expenses as shown in the table below. These unallocated expenses are presented in the table below to provide a reconciliation of the total adjusted operating income from segments to our consolidated operating income from continuing operations: SYNOPSYS, INC. Business Segment Reporting (1)(2)(5) (in millions) Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 Revenue by segment - Design Automation $ 1,118.2 $ 953.7 $ 4,221.1 $ 3,775.3 % of Total 68.3 % 65.0 % 68.9 % 71.0 % - Design IP $ 517.8 $ 513.7 $ 1,906.3 $ 1,542.7 % of Total 31.7 % 35.0 % 31.1 % 29.0 % Adjusted operating income by segment - Design Automation $ 413.3 $ 311.1 $ 1,631.9 $ 1,413.9 - Design IP $ 189.9 $ 236.4 $ 730.2 $ 514.1 Adjusted operating margin by segment - Design Automation 37.0 % 32.6 % 38.7 % 37.5 % - Design IP 36.7 % 46.0 % 38.3 % 33.3 % Total Adjusted Segment Operating Income Reconciliation (1)(2)(5) (in millions) Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 GAAP total operating income – as reported $ 310.8 $ 424.2 $ 1,355.7 $ 1,273.2 Other expenses managed at consolidated level -Amortization of acquired intangible assets (3) 70.9 15.9 124.2 54.6 -Stock-based compensation (3) 165.4 128.6 657.9 513.1 -Non-qualified deferred compensation plan 9.2 (23.9) 85.4 20.2 -Acquisition/divestiture related items (4) 47.0 4.0 138.7 13.8 -Restructuring charges — (1.3) — 53.1 Total adjusted segment operating income $ 603.2 $ 547.5 $ 2,362.1 $ 1,928.0 (1) Synopsys manages the business on a long-term, annual basis, and considers quarterly fluctuations of revenue and profitability as normal elements of our business. Amounts may not foot due to rounding. (2) Synopsys' fourth quarter of fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. (3) The adjustment includes non-GAAP expenses attributable to non-controlling interest and redeemable non-controlling interest. (4) The adjustment excludes the amortization of bridge financing costs entered into in connection with the pending acquisition of Ansys, that was recorded in interest and other income (expense), net, in our unaudited condensed consolidated statements of income. (5) Presented on a continuing operations basis. GAAP to Non-GAAP Reconciliation Synopsys continues to provide all information required in accordance with GAAP but acknowledges evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal budgeting and resource allocation purposes. This press release includes non-GAAP earnings per diluted share, non-GAAP net income and non-GAAP tax rate for the periods presented. It also includes future estimates for non-GAAP expenses, non-GAAP interest and other income (expense), non-GAAP tax rate, non-GAAP earnings per diluted share and free cash flow. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. When possible, Synopsys provides a reconciliation of non-GAAP financial measures to their most closely applicable GAAP financial measures. Synopsys is unable to provide a full reconciliation of certain first quarter and full fiscal year 2025 non-GAAP financial targets to the corresponding GAAP financial measures on a forward-looking basis because Synopsys believes that it would not be possible for it to have the required information necessary to quantitatively reconcile such measures with sufficient precision without unreasonable efforts due to, among other things, the potential variability and limited predictability of the excluded adjustment items necessary for a full reconciliation such as certain acquisition/divestiture related items, restructuring charges, tax deduction variability, changes in the fair value of non-qualified deferred compensation plan, and gains (losses) on the sale of strategic investments. For the same reasons, Synopsys is unable to address the probable significance of the unavailable information. Synopsys' management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, as superior to, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, the corresponding GAAP financial measures. Synopsys' management believes presentation of non-GAAP financial measures, when shown in conjunction with the corresponding GAAP financial measures, provides useful information to investors allowing them to view financial and business trends relating to our financial condition and results of operations through the eyes of management. Synopsys' management evaluates and makes decisions about our business operations using both GAAP financial measures and non-GAAP financial measures to help facilitate internal comparisons to Synopsys' historical operating results and forecasted targets, planning and forecasting in subsequent periods and comparisons to competitors' operating results. The following are descriptions of the adjustments made to reconcile non-GAAP financial measures (other than free cash flow, which is defined in the footnote to the Financial Targets table above) to the most directly comparable GAAP financial measures: (i) Amortization of acquired intangible assets. We incur expenses from amortization of acquired intangible assets, which may include impairment charges from write-downs of acquired intangible assets. Acquired intangible assets include, among other things, core/developed technology, customer relationships, contract rights, trademarks and trade names, and other intangibles related to acquisitions. We amortize the intangible assets over their estimated useful lives. We do not enter into acquisitions on a predictable cycle. The amount of an acquisition's purchase price allocated to intangible assets and their estimated useful lives can vary significantly and are unique to each acquisition. From time to time, we incur impairment charges due to write-downs of acquired intangible assets. We believe that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets, including impairment charges, provides investors and others with a consistent basis for comparison across accounting periods. We also exclude this item because such expenses are non-cash in nature and we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our core operational performance and liquidity, and ability to invest in research and development and fund future acquisitions and capital expenditures. (ii) Stock-based compensation . Stock-based compensation expenses consist primarily of expenses related to restricted stock units, stock options, employee stock purchase rights and other stock awards, including such expenses associated with acquisitions. We exclude stock-based compensation expense from our non-GAAP financial measures primarily because it is not an expense that typically requires or will require cash settlement by us. Further, the expense for the fair value of the stock-based instruments we utilize may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards and, therefore, is not used by management to assess the core profitability of our business operations. (iii) Acquisition/divestiture related items. In connection with certain of our business combinations and/or divestitures, we incur significant expenses that we would not have otherwise incurred as part of our business operations. These expenses include, among other things, compensation expenses, professional fees and other direct expenses, concurrent restructuring activities and divestiture activities, including employee severance and other exit costs, bridge financing costs, costs related to integration activities, changes to the fair value of contingent consideration related to the acquired company, and amortization of the fair value difference of below-market value assets arising from arrangements entered into or acquired in conjunction with an acquisition. We also recognize the gains and losses from the mark-up of equity or cost method investments to fair value upon obtaining control through acquisition. We exclude these items because they are related to acquisitions and have no direct correlation to the core operation of our business. Further, because we do not acquire businesses on a predictable cycle and the terms of each transaction can vary significantly and are unique to each transaction, we believe it is useful to exclude such expenses when looking for a consistent basis for comparison across accounting periods. (iv) Restructuring charges. We initiate restructuring activities to align our costs to our operating plans and business strategies based on then-current economic conditions, and such activities have a specific and defined term. Restructuring costs generally include severance and other termination benefits related to voluntary retirement programs, involuntary headcount reductions and facilities closures. Such restructuring costs include elimination of operational redundancy, permanent reductions in workforce and facilities closures and, therefore, are not considered by us to be a part of the core operation of our business and are not used by management when assessing the core profitability and performance of our business operations. (v) Gains (losses) on the sale of strategic investments. We exclude gains and losses on the sale of equity investments in privately held companies because we do not believe they are reflective of our core business and operating results. (vi) Deferred compensation . We exclude changes in the fair value of our non-qualified deferred compensation plan because we do not use these to assess the core profitability of our business operations. (vii) Income tax effect of non-GAAP pre-tax adjustments . Excluding the income tax effect of non-GAAP pre-tax adjustments from the provision for income taxes assists investors in understanding the tax provision associated with those adjustments and the effect on net income. We utilize an annual non-GAAP tax rate in calculating non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of certain non-recurring and other period-specific items, which can vary in size and frequency and do not necessarily reflect our normal operations, and to more closely align our tax rate with our expected geographic earnings mix. This annual non-GAAP tax rate is based on an evaluation of our historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments, U.S. tax law changes, as well as other factors such as our current tax structure, existing tax positions and expected recurring tax incentives. Based on these considerations, we have elected to adopt a non-GAAP tax rate of 16% for fiscal year 2025. INVESTOR CONTACT : Trey Campbell Synopsys, Inc. 650-584-4289 Synopsys-ir@synopsys.com EDITORIAL CONTACT : Cara Walker Synopsys, Inc. 650-584-5000 corp-pr@synopsys.com View original content to download multimedia: https://www.prnewswire.com/news-releases/synopsys-posts-financial-results-for-fourth-quarter-and-fiscal-year-2024-302322901.html SOURCE Synopsys, Inc.
Driving Sri Lanka’s future: How Ministry of Digital Economy can transform nationSeasoned Blockchain Expert to Lead Intelagen's Expanded Web3 Practice Saint Petersburg, Florida, Dec. 26, 2024 (GLOBE NEWSWIRE) -- Intelagen , a leading Web3 & AI digital engineering consultancy and portfolio company of Alpha Transform Holdings, today announced the expansion of its Web3 practice with the appointment of a new practice leader. This strategic move comes in response to the growing demand for Intelagen's expertise in developing and integrating decentralized and AI-powered solutions for blockchain-based products and platforms. Nick "Bucky” Buchanan joins as the Head of the Web3 practice brings over a decade of experience in blockchain innovation and venture building to this role, coupled with an extensive background in Big Four consulting, including IBM Global Services, PricewaterhouseCoopers, and Taos Mountain. Buchanan has a proven track record of leading high-impact teams and delivering transformative solutions in both traditional and decentralized finance (DeFi). An early blockchain adopter, he co-founded Armor Scientific, where he developed groundbreaking blockchain-based identity solutions that garnered top honors from RSAC and CRN magazine. "We're excited to welcome Nick to Intelagen," says CEO Tom Richer. "His blockchain expertise will be invaluable as we expand our Web3 practice and deliver cutting-edge solutions to our clients. This strategic addition reinforces our commitment to providing exceptional value in the rapidly evolving world of decentralized technologies." During his tenure at PwC, Buchanan served as a Portfolio Manager, spearheading the restructuring of Secure Development Services, which supported the IT security apparatus for member firms in 138 countries. He later returned to the blockchain space as Director of Engineering for Blockperfect, a venture studio supporting protocols on Cosmos and Ethereum. Buchanan is also a published author, having contributed to two IBM RedBooks on reference architectures for meeting regulatory requirements in the banking and financial services industry. Buchanan added, "I'm honored and excited to pave the roads intersecting blockchain and artificial intelligence, with the talent roaming the halls of Intelagen. These technologies are the foundation of a new Internet economy, and I look forward to reshaping industries and creating unprecedented opportunities for innovation in the inevitable transition from Web2 to Web3." Intelagen's Web3 practice offers a comprehensive suite of services, including: Web3 Strategy and Consulting: Helping clients define their Web3 vision, identify opportunities, and develop go-to-market strategies. Decentralized Application (dApp) Development: Building custom dApps on various blockchain platforms, such as Ethereum, Cosmos, and Solana. AI Integration: Integrating AI and machine learning capabilities into Web3 solutions to enhance functionality and user experience. Smart Contract Development and Auditing: Designing, developing, and auditing secure and reliable smart contracts. Tokenization and NFT Solutions: Creating and implementing tokenization strategies and developing non-fungible token (NFT) solutions. About Intelagen Intelagen is a leading Web3 & AI digital engineering consultancy that empowers organizations to build innovative and transformative solutions. As a portfolio company of Alpha Transform Holdings, Intelagen leverages its deep expertise in blockchain technology, artificial intelligence, data engineering, and cloud computing to help clients navigate the evolving digital landscape. Learn more at https://intelagen.ai/ . Contact: Intelagen Investor Relations [email protected] CONTACT: Intelagen Investor Relations Intelagen investorrelations (at) intelagen.aiMangaluru: Media continue to fulfil the crucial responsibility of diligently providing numerous news stories to readers amidst various constraints, said Mangalore University 's vice chancellor PL Dharma. He was speaking at the closing ceremony of the fifth District Conference of the Dakshina Kannada Working Journalists' Association , held on Thursday. "The effort behind collecting and delivering hundreds of news stories daily amidst advertisements, cinema, and other pages is a significant responsibility. Additionally, journalists play a commendable role in alerting society, sometimes admonishing, and responding to the problems of people," he said. Former MP Nalin Kumar Kateel, who participated as a guest, remarked that in today's changing era, media too has transformed. "Alongside print media, TV media and even more rapidly, social media, are operating among people in society. Like the political arena, the media field faces competitive situations. A small incident can be broadcast nationwide in moments. In such times, some news can have adverse effects on society. Amidst this, journalists' positive outlook and efforts for the welfare of the people in their area are commendable. Programs like Brand Mangalore and rural stays are exemplary," he said. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .Salt Typhoon cyberattack: Encrypted messaging apps and other ways to stay safe amid the Chinese telecom hack
WASHINGTON (AP) — President Joe Biden faces a stark choice as he contemplates broad preemptive pardons to protect aides and allies from potential retribution by Donald Trump: Does he hew to the institutional norms he’s spent decades defending or flex the powers of the presidency in untested ways. The deliberations so far are largely at the level of White House lawyers. But Biden himself has discussed the topic with senior aides, according to two people familiar with the matter who spoke on condition of anonymity to discuss the sensitive subject. No decisions have been made, the people said, and it is possible Biden opts to do nothing at all. Pardons are historically afforded to those accused of specific crimes –- and usually to those who have already been convicted of an offense — but Biden’s team is considering issuing them for some who have not even been investigated, let alone charged. The president could, if he chose, issue blanket pardons to specific people whom Trump and his allies have threatened to punish. Or he could pardon a broad class of people — not unlike pardons issued to those convicted of federal marijuana offenses or those ensnared in the “don't ask, don't tell” military policies. Either way, he'd be using the powers of the presidency in a new way. Some worry that Trump and his allies, who have talked of enemies lists and exacting “retribution,” could launch investigations that would be reputationally and financially costly for targeted people even if they don’t result in prosecutions. The door has already been opened, given that Biden has extended a broad pardon to his son, Hunter , who was convicted and pleaded guilty in tax and gun cases. Biden explained that decision by saying he believed the prosecution of his son had been poisoned by politics. White House press secretary Karine Jean-Pierre has said Biden plans additional pardons before leaving office though she would not elaborate on the process. She repeatedly referenced “changing factors” that motivated the president to pardon his son despite promising he wouldn’t. She said Republicans have continued to try to see Hunter Biden investigated for an array of alleged offenses, a rationale that could support additional pardons for Biden aides and allies. It was two weeks ago that one of the president’s closest allies in Congress, Rep, Jim Clyburn of South Carolina, encouraged Biden to pardon his son Hunter. The morning after that conversation, Clyburn told Biden’s staff that he believed the president should also pardon those being targeted by Trump. “I was very forceful in my discussions with him about what I thought he ought to do regarding his son,” Clyburn said Friday. “But I also told them that I thought he ought to go even further, because all the noise about Jack Smith and Liz Cheney and Doctor Fauci and all of that.” Special Counsel Jack Smith has been investigating Trump for his efforts to overturn the 2020 presidential election and for accusations he hoarded classified documents at his home. Liz Cheney, a conservative Republican , was the vice chairwoman of the congressional committee investigating the Jan. 6, 2021, Capitol insurrection and campaigned for Vice President Kamala Harris. Fauci, an infectious disease expert, was instrumental in the government's response to the coronavirus. All have raised the ire of Trump. Clyburn said he told Biden’s team, only half jokingly, that because the Supreme Court has already said that the president has certain immunities, “let’s give that same immunity to Jack Smith for carrying out his duties and to, Doctor Fauci, Liz Cheney, they were carrying out their duties.” Among those mentioned publicly for possible presidential pardons, there are different sentiments on whether pardons would even be wanted. Former House Speaker Nancy Pelosi supported the president’s move to pardon his son, but has been silent on the speculation that Biden is considering additional pardons for her or others. A top Pelosi ally, Rep. Adam Schiff, the Democratic congressman who led Trump’s first impeachment, has panned the idea of pardoning Biden's allies. He says “the courts are strong enough to withstand” the worst of Trump’s threats. “I don’t think a preemptive pardon makes sense,” the incoming senator told NPR recently. “I would urge the president not to do that. I think it would seem defensive and unnecessary,” Schiff said. Democratic Rep. Jamie Raskin, who was the lead manager on Trump’s second impeachment, on the charge of inciting the Jan. 6, 2021, insurrection at the Capitol, said members of Congress already are protected by the speech and debate clause in the Constitution, which protects them prosecution for participating in their legislative duties. Raskin said figures like Mark Milley, the former chairman of the Joint Chiefs of Staff, and John Kelly , Trump's former White House chief of staff, would similarly be protected by the First Amendment. But Raskin said the question is, “Should they go through the criminal investigation and prosecution for not doing anything wrong? I think that’s why this whole issue has erupted.” Raksin added that with Trump promising to pardon hundreds of people who assaulted police officers on Jan. 6th, “I can hardly fault President Biden for exploring the use of the pardon to protect people from a fraudulent and unjust prosecution.” House Democratic Leader Hakeem Jeffries said he’s had no conversations with the White House regarding any preemptive pardons for current or former members of Congress. ___ Associated Press Writer Kevin Freking contributed to this report. Colleen Long, Zeke Miller And Lisa Mascaro, The Associated PressScottie Scheffler goes on a run of birdies in the Bahamas and leads by 2
The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . SACRAMENTO, Calif. (AP) — Marquel Sutton scored 23 points as Omaha beat Sacramento State 70-60 on Saturday night. Sutton added eight rebounds for the Mavericks (4-7). Tony Osburn scored 15 points and added five rebounds and three steals. JJ White had nine points and went 4 of 5 from the field. Jacob Holt led the way for the Hornets (2-7) with 15 points, six rebounds and two blocks. Mike Wilson added nine points and six rebounds for Sacramento State. Chudi Dioramma had seven points, 10 rebounds and two blocks. Omaha’s next game is Friday against Northern Iowa on the road, and Sacramento State hosts UC Davis on Saturday. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .(The Center Square) – Hurricane Helene, Donald Trump and a swelling population were intriguing North Carolina storylines in 2024 as The Center Square delivered news and information. Two dozen of them are gathered here, though the list is not a ranking, does not attempt to define “the most” of anything including republications by news partners. Rather, it is a collection of interesting, important and useful news and information delivered by The Center Square news wire service. Here’s 24 from 2024. • U.S. Census Bureau estimates have pushed the population to 11.1 million . • Secretary of State Elaine Marshall, among the matriarchs of the state's Democrats, will begin work next month with a sixth different governor. She is 79 years young and on track to have 32 consecutive years in the office. Marshall told The Center Square in a one-on-one interview in September , “It’s historic, and it’s also astonishing to me because I didn’t grow up dreaming that I would be even a lawyer, let alone running a major office in government. I didn’t dream big enough for myself.” • Actions of Carolina fraternity brothers with the American flag on the famed Polk Place campus quad drew the praise of Israel Prime Minister Benjamin Netanyahu and led to a joint session of Congress rising for a standing ovation and chanting, “USA! USA! USA!” The April actions amid a protest about the war between Hamas and Israel also led to a guest spot at the Republican National Convention in Milwaukee, Wis. • First bet was the Legislature approving sports wagering. Through the first 265 days, North Carolina is averaging a gain of $372,177 per day on the $98,627,032 total. • VinFast, in line to be a recipient of $1.2 billion in taxpayer money through incentives, failed this summer to start production of its $4 billion plant in Moncure . It’s bleeding money, too, with a third-quarter net loss of $550 million – a tad less than half of the $1.15 billion Mega Millions jackpot drawing on Friday night. • North Carolina is expected to remain a destination for abortions in the South following two decisions in a federal case litigating new state law. Overall, most of the law enacted Dec. 1, 2023, in the wake of Roe v. Wade being reversed in June 2022 is in place. Included are no abortions after 12 weeks, down from 20, except in cases of rape, incest, or “life-limiting anomalies." • Well beyond the halcyon days of the Bible Belt, faith still matters in eastern North Carolina. Speaking to The Center Square at a Trump rally in Rocky Mount, 1st Congressional District candidate and retired Army Col. Laurie Buckhout said, “Faith matters in this state. Faith matters in this district, more than a whole lot of people think.” And, she says, not of the old Bible Belt way. “It did get shook,” she says of the moniker, “and it came to have a not great conversation. Now, it’s a loving, accepting positive environment. It’s a wide environment. I see it all over the state.” • Agriculture, North Carolina’s No. 1 industry forever, topped $111.1 billion in economic impact in 2024 with No. 1 in production rankings nationally for sweet potatoes, tobacco, and poultry and eggs. Growth since coming out of the COVID-19 era in 2022 is $18 billion. • The school choice waiting list of about 55,000 was wiped clean when lawmakers appropriated $463 million to the Opportunity Scholarship program. • The state’s 100 sheriffs, according to a new law, are to hold suspects believed to have illegally entered or be illegally living in the United States. The detainer is up to 48 hours, and Immigration and Customs Enforcement is to be notified . • With a ruling from Judge Melissa Owens Lassiter at the Office of Administrative Hearings, Aetna is in and BlueCross BlueShield is out as the State Health Plan. • Charlotte City Council approved allocation of $650 million to the stadium project of NFL Carolina Panthers owner David Tepper and his companies. He’s the 94th richest person on the planet at an estimated $20.6 billion net worth and owns the stadium used by his Panthers, his Charlotte FC of Major League Soccer, and his Tepper Sports & Entertainment. • Kylee Alons, a two-time national champion and 31-time All-American for N.C. State, is among 16 collegiate athletes, including 12-time All-American Riley Gaines, suing the NCAA for letting men who say they are women compete against them and use the same locker rooms. • Payton McNabb, the volleyball player from Hiawassee Dam High School in the mountains injured in 2022 by a boy saying he was a girl so he could play, continued to lead the national fight to protect women’s spaces alongside notable figures such as Gaines and Paula Scanlan. The Independent Women’s Forum coalition and its Our Bodies Our Sports “Take Back Title IX” Bus Tour, of which she was a part of, was vandalized while making a stop in Chapel Hill. By year’s end, the Biden administration had withdrawn changes to Title IX in a true national grassroots movement victory. • In one of the two biggest legislative wins of the last 15 years for the fight against human trafficking, lawmakers made solicitation of prostitution a felony . Enactment was Dec. 1. • Agriculture Commissioner Steve Troxler, 72, won a sixth term last month . North Carolina was more blue than purple in the 1990s when he felt Democrats were hostile to tobacco production and he left the party to be a Republican. • Gov. Roy Cooper, 67, was a strong consideration for the Democrats’ presidential ticket, ultimately saying he would support Harris but not be her running mate . He remains with a perfect election record, unbeaten in 13 – three for North Carolina House of Representatives, four in the state Senate, four four-year terms for attorney general, and two four-year terms for governor. There's a watch for his decision related to the U.S. Senate seat race in 2026. • Lt. Gov. Mark Robinson held a modest polling lead as late as May against Democrat Josh Stein in the governor’s race. The summer swoon of the Republican went to unthinkable depths – losing by 14 points on Election Day – in part ignited by a Sept. 19 report from CNN. • AI & Politics ’24, led by Lee Rainie and Jason Husser at Elon University, in May said 78% believe it is likely artificial intelligence will be abused to impact the outcome of the presidential race. • Between July 22 and Sept. 12, seven lawsuits were filed against the State Board of Elections that includes Democrats Alan Hirsch, its chairman, Jeff Carmon and Siobhan Millen; and Republicans Stacy Eggers and Kevin Lewis; and Executive Director Karen Brinson Bell. • Hurricane Helene killed 103 in the state, 232 across seven states, and caused an estimated $53 billion in damage to the state. Arguably, it is the state’s worst natural disaster. • Donald Trump and Kamala Harris, as well as their vice president picks and for Harris presidents present and past, were regular visitors ahead of Election Day . Trump’s win kept intact a pattern now 60 years old. • Average household spending in North Carolina is $1,017 more per month today to buy the same goods and services as it was in 2021 according to a July report from the U.S. Congress Joint Economic Committee based on data from the Bureau of Labor Statistics. That’s 22% cumulative inflation. • Fifty-nine positions were eliminated and 131 realigned after the University of North Carolina System changed a diversity policy that ensures “equality of all persons and viewpoints.” Total reported savings are $17.1 million and total redirected savings are $16.2 million.Gold prices are hovering near all-time highs in November 2024, making this a great time to consider . And if you buy the right stocks at the right time, even a small investment can grow significantly over the long term. Whether it’s gold’s safe-haven appeal in times of uncertainty or the importance of base metals like copper in the renewable energy segment, the mining sector is filled with attractive opportunities to get strong returns in the long run, even with a modest $200 investment. In this article, I’ll talk about two no-brainer Canadian mining stocks that are worth your attention and show they could help you build wealth for the future. When it comes to top gold mining stocks in Canada, ( ) stock deserves a closer look in 2024. This Toronto-based gold producer generates revenue by mining and selling gold from its operations in Canada and West Africa with its key gold mines like the Essakane mine in Burkina Faso and the Côté Gold project in Ontario. After rallying by 138% so far in 2024, IMG stock currently trades at $7.95 per share with a of $4.5 billion. One of the key factors that make IMG stock so attractive in 2024 is its strong operational and financial performance. In the third quarter, the gold miner reported a solid 95.5% YoY (year-over-year) jump in its total revenue to US$438.9 million due to higher sales volumes and the inclusion of revenue from its new Côté Gold Mine. In addition, strengthening gold prices helped IAMGOLD post improved profitability with US$0.18 per share in adjusted quarterly earnings, crushing Street analyst expectations of US$0.10 per share. Having produced 490,000 ounces of gold by the end of the third quarter, the company remains on track to meet its annual guidance of 625,000-715,000 ounces. As IAMGOLD remains focused on its plan for scalability, Gosselin Zone drilling, and repurchasing its stake in the Côté Gold mine, its long-term growth outlook looks strong, which should support a continued rise in its share price. OceanaGold stock Up over 75% year to date, ( ) could be another top Canadian mining stock you can consider for a $200 investment today. This Vancouver-headquartered gold and copper producer mainly focuses on operating mining activities in the Philippines, New Zealand, and the United States. OGC stock currently trades at $4.45 per share with a market cap of $3.2 billion. In addition to a rally in metals prices, OceanaGold’s improving financials have also helped its share prices surge so far in 2024. In the quarter ended in September, the company produced 134,900 ounces of gold and 3,400 tonnes of copper, reflecting a 37% sequential increase in its gold output. Not only did its Haile Gold Mine in South Carolina stand out as a key contributor with record-breaking gold production of 64,900 ounces, but the miner’s all-in-sustaining cost dropped to $1,729 per ounce last quarter. Going forward, OceanaGold expects its fourth quarter to be the strongest quarter of the year, with gold production projected to be between 142,000 and 162,000 ounces. Besides that, OceanaGold’s continued focus on optimizing costs and advancing key growth projects further strengthens its long-term growth outlook. That’s why I expect its share prices to maintain strong upward momentum in the years to come.By MATTHEW BROWN and JACK DURA BISMARCK, N.D. (AP) — Donald Trump assigned Doug Burgum a singular mission in nominating the governor of oil-rich North Dakota to lead an agency that oversees a half-billion acres of federal land and vast areas offshore: “Drill baby drill.” That dictate from the president-elect’s announcement of Burgum for Secretary of Interior sets the stage for a reignition of the court battles over public lands and waters that helped define Trump’s first term, with environmentalists worried about climate change already pledging their opposition. Burgum is an ultra-wealthy software industry entrepreneur who grew up on his family’s farm. He represents a tame choice compared to other Trump Cabinet picks. Public lands experts said his experience as a popular two-term governor who aligns himself with conservationist Teddy Roosevelt suggests a willingness to collaborate, as opposed to dismantling from within the agency he is tasked with leading. That could help smooth his confirmation and clear the way for the incoming administration to move quickly to open more public lands to development and commercial use. “Burgum strikes me as a credible nominee who could do a credible job as Interior secretary,” said John Leshy, who served as Interior’s solicitor under former President Bill Clinton. “He’s not a right-wing radical on public lands,” added Leshy, professor emeritus at the University of California College of the Law, San Francisco. The Interior Department manages about one-fifth of the country’s land with a mandate that spans from wildlife conservation and recreation to natural resource extraction and fulfilling treaty obligations with Native American tribes. Most of those lands are in the West, where frictions with private landowners and state officials are commonplace and have sometimes mushroomed into violent confrontations with right-wing groups that reject federal jurisdiction. Burgum if confirmed would be faced with a pending U.S. Supreme Court action from Utah that seeks to assert state power over Interior Department lands. North Dakota’s attorney general has supported the lawsuit, but Burgum’s office declined to say if he backs Utah’s claims. U.S. Justice Department attorneys on Thursday asked the Supreme Court to reject Utah’s lawsuit. They said Utah in 1894 agreed to give up its right to the lands at issue when it became a state. Trump’s narrow focus on fossil fuels is a replay from his 2016 campaign — although minus coal mining, a collapsing industry that he failed to revive in his first term. Trump repeatedly hailed oil as “liquid gold” on the campaign trail this year and largely omitted any mention of coal. About 26% of U.S. oil comes from federal lands and offshore waters overseen by Interior. Production continues to hit record levels under President Joe Biden despite claims by Trump that the Democrat hindered drilling. But industry representatives and their Republican allies say volumes could be further boosted. They want Burgum and the Interior Department to ramp up oil and gas sales from federal lands, in the Gulf of Mexico and offshore Alaska. The oil industry also hopes Trump’s government efficiency initiative led by billionaire Elon Musk can dramatically reduce environmental reviews. Biden’s administration reduced the frequency and size of lease sales, and it restored environmental rules that were weakened under Trump . The Democrat as a candidate in 2020 promised further restrictions on drilling to help combat global warming, but he struck a deal for the 2022 climate bill that requires offshore oil and gas sales to be held before renewable energy leases can be sold. “Oil and gas brings billions of dollars of revenue in, but you don’t get that if you don’t have leasing,” said Erik Milito with the National Ocean Industries Association, which represents offshore industries including oil and wind. Trump has vowed to kill offshore wind energy projects. But Milito said he was hopeful that with Burgum in place it would be “green lights ahead for everything, not just oil and gas.” It is unclear if Burgum would revive some of the most controversial steps taken at the agency during Trump’s first term, including relocating senior officials out of Washington, D.C., dismantling parts of the Endangered Species Act and shrinking the size of two national monuments in Utah designated by former President Barack Obama. Officials under Biden spent much of the past four years reversing Trump’s moves. They restored the Utah monuments and rescinded numerous Trump regulations. Onshore oil and gas lease sales plummeted — from more than a million acres sold annually under Trump and other previous administrations, to just 91,712 acres (37,115 hectares) sold last year — while many wind and solar projects advanced. Developing energy leases takes years, and oil companies control millions of acres that remain untapped. Biden’s administration also elevated the importance of conservation in public lands decisions, adopting a rule putting it more on par with oil and gas development. They proposed withdrawing parcels of land in six states from potential future mining to protect a struggling bird species, the greater sage grouse. North Dakota is among Republican states that challenged the Biden administration’s public lands rule. The states said in a June lawsuit that officials acting to prevent climate change have turned laws meant to facilitate development into policies that obstruct drilling, livestock grazing and other uses. Oil production boomed over the past two decades in North Dakota thanks in large part to better drilling techniques. Burgum has been an industry champion and last year signed a repeal of the state’s oil tax trigger — a price-based tax hike industry leaders supported removing. Burgum’s office declined an interview request. In a statement after his nomination, Burgum echoed Trump’s call for U.S. “energy dominance” in the global market. The 68-year-old governor also said the Interior post offered an opportunity to improve government relations with developers, tribes, landowners and outdoor enthusiasts “with a focus on maximizing the responsible use of our natural resources with environmental stewardship for the benefit of the American people.” Related Articles National Politics | Attorneys want the US Supreme Court to say Mississippi’s felony voting ban is cruel and unusual National Politics | Beyond evangelicals, Trump and his allies courted smaller faith groups, from the Amish to Chabad National Politics | Trump’s team is delaying transition agreements. What does it mean for security checks and governing? National Politics | Judge delays Trump hush money sentencing in order to decide where case should go now National Politics | Republicans scramble to fill JD Vance’s Ohio Senate seat Under current Interior Secretary Deb Haaland, the agency put greater emphasis on working collaboratively with tribes, including their own energy projects . Haaland, a member of the Pueblo of Laguna tribe in New Mexico, also advanced an initiative to solve criminal cases involving missing and murdered Indigenous peoples and helped lead a nationwide reckoning over abuses at federal Indian boarding schools that culminated in a formal public apology from Biden. Burgum has worked with tribes in his state, including on oil development. Badlands Conservation Alliance director Shannon Straight in Bismarck, North Dakota, said Burgum has also been a big supporter of tourism in North Dakota and outdoor activities such as hunting and fishing. Yet Straight said that hasn’t translated into additional protections for land in the state. “Theodore Roosevelt had a conservation ethic, and we talk and hold that up as a beautiful standard to live by,” he said. “We haven’t seen it as much on the ground. ... We need to recognize the landscape is only going to be as good as some additional protections.” Burgum has been a cheerleader of the planned Theodore Roosevelt Presidential Library in Medora, North Dakota. Brown reported from Billings, Montana.
CM assures impartial inquiryBut alongside his stark warning of the threats facing Britain and its allies, Admiral Sir Tony Radakin said there would be only a “remote chance” Russia would directly attack or invade the UK if the two countries were at war. The Chief of the Defence Staff laid out the landscape of British defence in a wide-ranging speech, after a minister warned the Army would be wiped out in as little as six months if forced to fight a war on the scale of the Ukraine conflict. The admiral cast doubt on the possibility as he gave a speech at the Royal United Services Institute (Rusi) defence think tank in London. He told the audience Britain needed to be “clear-eyed in our assessment” of the threats it faces, adding: “That includes recognising that there is only a remote chance of a significant direct attack or invasion by Russia on the United Kingdom, and that’s the same for the whole of Nato.” Moscow “knows the response will be overwhelming”, he added, but warned the nuclear deterrent needed to be “kept strong and strengthened”. Sir Tony added: “We are at the dawn of a third nuclear age, which is altogether more complex. It is defined by multiple and concurrent dilemmas, proliferating nuclear and disruptive technologies and the almost total absence of the security architectures that went before.” He listed the “wild threats of tactical nuclear use” by Russia, China building up its weapon stocks, Iran’s failure to co-operate with a nuclear deal, and North Korea’s “erratic behaviour” among the threats faced by the West. But Sir Tony said the UK’s nuclear arsenal is “the one part of our inventory of which Russia is most aware and has more impact on (President Vladimir) Putin than anything else”. Successive British governments had invested “substantial sums of money” in renewing nuclear submarines and warheads because of this, he added. The admiral described the deployment of thousands of North Korean soldiers on Ukraine’s border alongside Russian forces as the year’s “most extraordinary development”. He also signalled further deployments were possible, speaking of “tens of thousands more to follow as part of a new security pact with Russia”. Defence minister Alistair Carns earlier said a rate of casualties similar to Russia’s invasion of Ukraine would lead to the army being “expended” within six to 12 months. He said it illustrated the need to “generate depth and mass rapidly in the event of a crisis”. In comments reported by Sky News, Mr Carns, a former Royal Marines colonel, said Russia was suffering losses of around 1,500 soldiers killed or injured a day. “In a war of scale – not a limited intervention, but one similar to Ukraine – our Army for example, on the current casualty rates, would be expended – as part of a broader multinational coalition – in six months to a year,” Mr Carns said in a speech at Rusi. He added: “That doesn’t mean we need a bigger Army, but it does mean you need to generate depth and mass rapidly in the event of a crisis.” Official figures show the Army had 109,245 personnel on October 1, including 25,814 volunteer reservists. Mr Carns, the minister for veterans and people, said the UK needed to “catch up with Nato allies” to place greater emphasis on the reserves. The Prime Minister’s official spokesman said Defence Secretary John Healey had previously spoken about “the state of the armed forces that were inherited from the previous government”. The spokesman said: “It’s why the Budget invested billions of pounds into defence, it’s why we’re undertaking a strategic defence review to ensure that we have the capabilities and the investment needed to defend this country.”