Pure Storage and Kioxia Collaborate to Drive Scalability, Efficiency, and Performance in Hyperscale Data CentersIs another part of Mexico becoming the 'next Tulum?'SHENZHEN, China , Nov. 27, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China , today announced its unaudited financial results for the third quarter ended September 30, 2024 . Third Quarter 2024 Operational Highlights September 30, 2023 June 30, 2024 September 30, 2024 originated (RMB in million) due for 31-60 days due for 91-180 days September 30, 2023 June 30, 2024 September 30, 2024 "Specifically on the operational front, our total loan amount facilitated and originated was down 4% year-on-year but up 25% sequentially to RMB28 billion , above the high end of our guidance. Delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.02% and 3.22%, respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago. We are pleased with these improvements in asset quality and will continue to optimize our risk management system through advanced technology." "In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery. As an integral part of the economy, the personal finance market we serve should benefit from this upturn. We have already observed positive signs in the market and are committed to adjusting loan volumes in line with risk levels. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record." Mr. Frank Fuya Zheng , Chief Financial Officer of the Company, added, "I'm pleased to report that our strategy of balancing business growth and profitability continued to pay off. Total net revenue was RMB1.6 billion , up 13% year-on-year and 15% sequentially, while non-GAAP adjusted net income reached a record high of RMB434 million , up 16% year-on-year and sequentially. As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our semi-annual dividend policy and explore opportunities under our share repurchase program to return more value to our shareholders over the long term." Third Quarter 2024 Financial Results Total net revenue in the third quarter of 2024 increased by 13.3% to RMB1,582 .5 million ( US$225 .5 million) from RMB1,396.9 million in the same period of 2023, primarily due to growth in various disaggregated revenue items compared with the same period of 2023. Please refer to analysis of disaggregation of revenue below. Post-origination service fees in the third quarter of 2024 increased by 10.7% to RMB186 .1 million ( US$26 .5 million) from RMB168 .2 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the third quarter of 2024 increased by 11.6% to RMB335 .8 million ( US$47 .8 million) from RMB301 .0 million in the same period of 2023, primarily due to an increase in average loan receivables held by the Company compared with the same period of 2023. Guarantee income in the third quarter of 2024 was RMB53.6 million ( US$7.6 million ), compared with RMB7.9 million in the same period of 2023, due to the cumulative effect of increased volume of loans facilitated covered by guarantee service in the previous quarters compared with the same period of 2023. Revenues from guarantee service are recognized systematically when the Company released from the underlying risk. Other revenue in the third quarter of 2024 increased by 42.4% to RMB128.8 million ( US$18.3 million ), compared with RMB90.4 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms. Origination and servicing expenses in the third quarter of 2024 increased by 13.6% to RMB457 .5 million ( US$65 .2 million) from RMB402 .9 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Borrower acquisitions and marketing expenses in the third quarter of 2024 increased by 20.7% to RMB506 .8 million ( US$72 .2 million) from RMB419 .9 million in the same period of 2023, primarily due to intensified efforts in borrower acquisitions compared with the same period of 2023. Reversal of provision for loans receivable in the third quarter of 2024 was RMB35 thousand ( US$5 thousand ), compared with provision for loans receivable of RMB53.9 million in the same period of 2023, primarily due to a decrease in the average estimated default rate compared with the same period of 2023, and partially offset by an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Provision for contingent guarantee liabilities in the third quarter of 2024 was RMB56.4 million ( US$8.0 million ), compared with RMB41.6 million in the same period of 2023, primarily due to an increase in guarantee liabilities held by the Company as a result of the increased volume of loans facilitated covered by the guarantee service this quarter compared with the same period of 2023. Income from operations in the third quarter of 2024 was RMB509 .0 million ( US$72 .5 million), compared with RMB435 .0 million in the same period of 2023. Income before income taxes and gain from equity in affiliates in the third quarter of 2024 was RMB473 .5 million ( US$67 .5 million), compared with RMB417 .5 million in the same period of 2023. Income tax expense in the third quarter of 2024 was RMB100.3 million ( US$14.3 million ), compared with RMB74.2 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375 .8 million ( US$53 .6 million), compared with RMB347 .2 million in the same period of 2023. Non-GAAP adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted ADS in the third quarter of 2024 was RMB7 .86 (US$1.12), and RMB7 .74 (US$1.10), compared with RMB7 .26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9 .12 (US$1.30), and RMB8 .88 (US$1.27), compared with RMB7 .80 and RMB7 .56 respectively, in the same period of 2023. Cash and cash equivalents was RMB1,044 .1 million ( US$148 .8 million) as of September 30, 2024 , compared with RMB1,612.2 million as of June 30, 2024 . Recent Development Share Repurchase Plans On September 4, 2024 , the Company further extended the period of the US$30 million share repurchase program until March 31, 2026 . In the third quarter of 2024, the Company repurchased an aggregate of 1,689,722 Class A ordinary shares with 10,038 Class A ordinary shares represented by ADSs for a total consideration of approximately US$1.3 million . The Company has approximately US$4.1 million remaining for potential repurchases under its US$30 million share repurchase plan. As previously disclosed, on May 30, 2024 , the Company announced that its board of directors authorized a new US$20 million share repurchase plan, effective through November 30, 2025 . The Company completed a tender offer in July 2024 under the new share repurchase program, with a total repurchase amount of approximately US$9.2 million . The Company has approximately US$10.8 million remaining under its US$20 million plan. Business Outlook The Company expects the total loan amount facilitated and originated for the fourth quarter of 2024 to be between RMB30.0 billion and RMB31.0 billion . The total loan amount facilitated and originated for 2024 is expected to be between RMB102.6 billion and RMB103.6 billion . This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 27, 2024 ( 8:00 PM Beijing / Hong Kong Time on November 27, 2024 ). Dial-in details for the earnings conference call are as follows: A replay of the conference call may be accessed by phone at the following numbers until December 4, 2024 : About X Financial X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China . The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com . Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.0176 to US$1.00 , the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024 . Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China ; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X Financial Mr. Frank Fuya Zheng E-mail: [email protected] Christensen IR In China Mr. Rene Vanguestaine Phone: +86-178-1749 0483 E-mail: [email protected] In US Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: [email protected]
Trump picks Rep. Lori Chavez-DeRemer to lead Labor DepartmentTennessee grabs No. 1 in AP Top 25 after shakeup; No. 3 Iowa State has highest ranking since 1950s
Donald Trump asked a New York state judge to dismiss the criminal case against him, in which he was convicted in May, in light of his re-election. His lawyers also made reference to Hunter Biden's recent pardon. President-elect Donald Trump 's lawyers on Tuesday formally urged a New York state judge to drop the criminal case where he was convicted on 34 counts related to hush money paid to a former pornographic film actress in May this year. Trump's lawyers argued that having the case and sentencing hanging over him after he takes office in the US on January 20 would impede his ability to govern and "disrupt his transition efforts." "Local elected officials such as D.A Bragg have no valid basis to cause such disruptions," defense lawyers Todd Blanche and Emil Boye wrote in a court filing in reference to the prosecutor of the case. Trump has nominated both Blanche and Boye to senior positions in the Justice Department since his election win. Sentencing currently delayed indefinitely Justice Juan Merchan in Manhattan last month suspended the previously scheduled November 26 sentencing date indefinitely to give Trump the chance to seek dismissal. The prosecutors with Bragg's office had recommended suspending sentencing until after Trump's second term as president was complete, but had indicated they would fight motions to drop the case altogether. Trump's legal team responded that this was "ridiculous" and would lead to sentencing around a decade after the investigation began. Reference to Hunter Biden pardon in argument Trump's lawyers also mentioned President Joe Biden's recent pardon of his son, Hunter Biden , after his conviction on tax and gun charges, arguing that there were parallels in this case. "President Biden asserted that his son was 'selectively, and unfairly, prosecuted,' and 'treated differently,'" the legal team said. Manhattan's district attorney, they alleged, had engaged in the same type of political theater "that President Biden condemned" in pursuing Trump. What was the case about? Trump was convicted in May on 34 counts of falsifying business records . He was accused of trying to conceal a $130,000 (roughly €125,000) payment to porn actor Stormy Daniels, just before the 2016 presidential election, to suppress her claim that they had sex a decade earlier. Prosecutors portrayed it as an attempt to avoid negative attention ahead of the vote. Trump says her story was not true and denies any wrongdoing in the case. Prosecutors alleged that Trump's then-lawyer, Michael Cohen, paid Daniels, with Trump later reimbursing him and logging the payments as legal expenses to conceal their nature. Trump had said the payments were properly characterized as legal expenses and that he intended to appeal the verdict even if the case is not dismissed. Other court cases against Trump have already been dropped or shelved in light of his election win. These include two sets of felony charges, connected to the January 6, 2021 uprising at Congress and to him allegedly being inappropriately in possession of classified documents . No surprise cases against Trump are dropped: DW’s Ines Pohl To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video msh/kb (AP, Reuters)Results of a non-binding vote on the proposed Grassy Mountain coal mine in Crowsnest Pass were announced Monday, with more than 71 per cent of voters supporting the project. About 54 per cent of eligible voters participated in the plebiscite, which was held to gauge community sentiment specifically on metallurgical coal mining by Northback Holdings Corp. The ballot posed the question, “Do you support the development and operations of the metallurgical coal mine at Grassy Mountain?” An advance poll was conducted on Nov. 19, followed by the primary voting day on Monday. The results showed 71.7 per cent of voters in favour of the project, while 28.3 per cent opposed it. Crowsnest Pass Mayor Blair Painter expressed satisfaction with the strong voter turnout and called the result a “real strong message” from the community. “I’m very pleased that we had over 53 per cent of the eligible voters turn out to vote on this subject,” Painter told Shootin’ the Breeze. “This sends a very strong message to our council that our community is in favour of ethical metallurgical coal mining in our area.” Painter emphasized the importance of understanding community preferences regarding a project that could affect housing, infrastructure and employment in the region. “We are the community that this mine primarily will draw from. Therefore, it is important that we need to know where our community stands and they have told us,” he said. However, he acknowledged that the municipal council’s role is limited to advocacy and that the ultimate decision on the proposed mine is not in their hands. “We are not the decision-maker on this project; we are only one of the stakeholders,” he noted, adding that council will move forward and continue to advocate. The Grassy Mountain coal mine project has been the subject of significant debate. On Sept. 10, Crowsnest Pass council passed a motion to conduct a non-binding vote, seeking input from residents on their support for the development and operations of the proposed mine. Since then, a long-standing debate has grown heated at times regarding the consequences of mining. Supporters have cited its potential to drive economic growth and create jobs, while critics have voiced concerns over environmental risks, such as selenium contamination and air quality issues due to dust generation. Painter acknowledged these concerns, stating, “Clean water is very important. We get that. Now you must also remember that the area of this mine site, Grassy Mountain, is not pristine mountaintops. It’s previously mined land with no reclamation.” He added that mining operations have made strides in addressing environmental concerns, citing global investments in clean-water technology by other mining companies. “Our mining neighbours to the west of us, Glencore, is spending billions of dollars on clean water technology. They are leaders globally in clean water,” he said. The mayor clarified that council’s next steps would involve internal deliberations, with no influence over the regulatory process or the mining company’s decisions. “We cannot control what they are going to do. They’re bound by the rules and regulations of our country. We cannot influence that,” he said. Northback Holdings, the company behind the Grassy Mountain project, welcomed the vote’s outcome, calling it a step forward for “responsible resource development.” In a statement issued on social media, the company expressed gratitude for the community’s support and reiterated its commitment to balancing economic growth with environmental stewardship. “Exciting news from Crowsnest Pass! Residents have voted in favour of the Grassy Mountain project! Thank you for your overwhelming support for responsible resource development and economic growth,” the company said. “Together, we’re creating well-paying jobs and a brighter future for the region. At Northback, we are committed to modern mining practices that protect the environment while revitalizing the local economy. Let’s move forward together!” Northback representatives were unavailable to comment on the voting results.
Mark Halperin Says JD Vance Has ‘Huge Advantage’ Over ‘Potential Presidential Candidates In Both Parties’Finish strong? Rutgers did more than that in rout of Michigan State | ObservationsNighdive Studios seems to have quietly announced a The Thing: Remastered release date of December 5, 2024. Nightdive announced its latest remaster at IGN Live in June of this year, promising to deliver a bone-chilling upgrade for the classic 2002 adaptation before 2024 came to a close. A post from the studio’s X/Twitter account promised that the release date is in December earlier today but did not clarify whether the December 5 date shown in the Xbox Wire post is accurate. If it is, then we shouldn’t have to wait much longer before the full experience is available for everyone to play for themselves. In addition to Xbox One and Xbox Series X | S, The Thing: Remastered is currently set to come to PC via Steam, Nintendo Switch, PlayStation 4, and PlayStation 5. Nightdive has made a name for itself as an experienced remaster studio throughout the last few years. Other titles in its catalog include remasters for the Turok trilogy, Star Wars: Dark Forces, System Shock, Shadow Man, and more. The Thing: Remastered promises a suite of additions to help bring the original experience to modern platforms. These include dynamic lighting, up to 144fps, 4K resolution, antialiasing, and other general gameplay improvements. While we wait for Nightdive to share more about its plans for The Thing: Remastered, you can read about PO’ed: Definitive Edition , another one of its projects that launched earlier this year. You can also read up on why we think remakes and remasters are great for gamers , and the top 10 Konami games we think deserve a fresh coat of paint . Michael Cripe is a freelance contributor with IGN. He started writing in the industry in 2017 and is best known for his work at outlets such as The Pitch, The Escapist, OnlySP, and Gameranx. Be sure to give him a follow on Twitter @MikeCripe.South Korea lifts president's martial law decree after lawmakers reject military rule SEOUL, South Korea (AP) — The president of South Korea early Wednesday lifted the martial law he imposed on the country hours earlier, bending to political pressure after a tense night in which troops surrounded parliament and lawmakers voted to reje Kim Tong-hyung, The Associated Press Dec 3, 2024 3:16 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message A man shouts to demand South Korean President Yoon Suk Yeol to step down in front of the National Assembly in Seoul, South Korea, Wednesday, Dec. 4, 2024. (AP Photo/Ahn Young-joon) SEOUL, South Korea (AP) — The president of South Korea early Wednesday lifted the martial law he imposed on the country hours earlier, bending to political pressure after a tense night in which troops surrounded parliament and lawmakers voted to reject military rule. President Yoon Suk Yeol, who appeared likely to be impeached over his actions, imposed martial law late Tuesday out of frustration with the opposition, vowing to eliminate “anti-state” forces as he struggles against opponents who control parliament and that he accuses of sympathizing with communist North Korea. Police and military personnel were seen leaving the grounds of parliament following the bipartisan vote to overrule the president, and the declaration was formally lifted around 4:30 a.m. during a Cabinet meeting. Parliament acted swiftly after martial law was imposed, with National Assembly Speaker Woo Won Shik declaring that the law was “invalid” and that lawmakers would “protect democracy with the people.” In all, martial law was in effect for about six hours. The president’s surprising move harkened back to an era of authoritarian leaders that the country has not seen since the 1980s, and it was immediately denounced by the opposition and the leader of Yoon’s own conservative party. Lee Jae-myung , leader of the liberal Democratic Party, which holds the majority in the 300-seat parliament, said the party’s lawmakers would remain in the Assembly’s main hall until Yoon formally lifted his order. Woo applauded how troops quickly left the Assembly after the vote. “Even with our unfortunate memories of military coups, our citizens have surely observed the events of today and saw the maturity of our military,” Woo said. While announcing his plan to lift martial law, Yoon continued to criticize parliament’s attempts to impeach key government officials and senior prosecutors. He said lawmakers had engaged in “unscrupulous acts of legislative and budgetary manipulation that are paralyzing the functions of the state.” Jo Seung-lae, a Democratic lawmaker, claimed that security camera footage following Yoon’s declaration showed that troops moved in a way that suggested they were trying to arrest Lee, Woo and even Han Dong-hoon, the leader of Yoon’s People Power Party. Officials from Yoon’s office and the Defense Ministry did not respond to requests for comment early Wednesday. Seemingly hundreds of protesters gathered in front of the Assembly, waving banners and calling for Yoon’s impeachment. Some protesters scuffled with troops ahead of the lawmakers’ vote, but there were no immediate reports of injuries or major property damage. At least one window was broken as troops attempted to enter the Assembly building. One woman tried unsuccessfully to pull a rifle away from one of the soldiers, while shouting “Aren’t you embarrassed?” Under South Korea’s constitution, the president can declare martial law during “wartime, war-like situations or other comparable national emergency states” that require the use of military force to maintain peace and order. It was questionable whether South Korea is currently in such a state. When martial law is declared, “special measures” can be employed to restrict freedom of press, freedom of assembly and other rights, as well as the power of courts. The constitution also states that the president must oblige when the National Assembly demands the lifting of martial law with a majority vote. Following Yoon’s announcement of martial law, South Korea’s military proclaimed that parliament and other political gatherings that could cause “social confusion” would be suspended, South Korea’s Yonhap news agency said. The military said anyone who violated the decree could be arrested without a warrant. In Washington, the White House said the U.S. was “seriously concerned” by the events in Seoul. A spokesperson for the National Security Council said President Joe Biden’s administration was not notified in advance of the martial law announcement and was in contact with the South Korean government. Pentagon spokesman Maj. Gen. Pat Ryder said there was no effect on the more than 27,000 U.S. service members based in South Korea. The South Korean military also said that the country’s striking doctors should return to work within 48 hours, Yonhap said. Thousands of doctors have been striking for months over government plans to expand the number of students at medical schools. Soon after martial law was declared, the parliament speaker called on his YouTube channel for all lawmakers to gather at the National Assembly. He urged military and law enforcement personnel to “remain calm and hold their positions. All 190 lawmakers who participated in the vote supported the lifting of martial law. At one point, television footage showed police officers blocking the entrance of the National Assembly and helmeted soldiers carrying rifles in front of the building. An Associated Press photographer saw at least three helicopters, likely from the military, that landed inside the Assembly grounds, while two or three helicopters circled above the site. The leader of Yoon’s conservative party called the decision to impose martial law “wrong.” Lee, who narrowly lost to Yoon in the 2022 presidential election, said Yoon’s announcement was “illegal and unconstitutional.” Yoon said during a televised speech that martial law would help “rebuild and protect” the country from “falling into the depths of national ruin.” He said he would “eradicate pro-North Korean forces and protect the constitutional democratic order.” “I will eliminate anti-state forces as quickly as possible and normalize the country,” he said, while asking the people to believe in him and tolerate “some inconveniences.” Yoon — whose approval rating dipped in recent months — has struggled to push his agenda against an opposition-controlled parliament since taking office in 2022. His party has been locked in an impasse with the liberal opposition over next year’s budget bill. The opposition has also attempted to impeach three top prosecutors, including the chief of the central Seoul prosecutors’ office, in what the conservatives have called a vendetta against their criminal investigations of Lee, who has been seen as the favorite for the next presidential election in 2027 in opinion polls. During his televised announcement, Yoon also described the opposition as “shameless pro-North Korean anti-state forces who are plundering the freedom and happiness of our citizens.” He did not elaborate. Yoon has taken a hard line on North Korea over its nuclear ambitions, departing from the policies of his liberal predecessor, Moon Jae-in, who pursued inter-Korean engagement. Yoon has also dismissed calls for independent investigations into scandals involving his wife and top officials, drawing quick, strong rebukes from his political rivals. Yoon’s move was the first declaration of martial law since the country’s democratization in 1987. The country’s last previous martial law was in October 1979, following the assassination of former military dictator Park Chung-hee. Sydney Seiler, Korean chair at the Center for Strategic and International Studies, argued that the move was symbolic for Yoon to express his frustration with the opposition-controlled parliament. “He has nothing to lose,” said Seiler, comparing Yoon’s move to the Hail Mary pass in American football, with a slim chance of success. Now Yoon faces likely impeachment, a scenario that was also possible before he made the bold move, Seiler said. Natalia Slavney, research analyst at the Stimson Center’s 38 North website that focuses on Korean affairs, said Yoon’s imposition of martial law was “a serious backslide of democracy" that followed a “worrying trend of abuse” since he took office in 2022. South Korea “has a robust history of political pluralism and is no stranger to mass protests and swift impeachments,” Slavney said, citing the example of former President Park Geun-hye, the country’s first female president, who was ousted from office and imprisoned for bribery and other crimes in 2017 . ___ Associated Press writers Hyung-jin Kim in Seoul, South Korea, and Matt Lee, Didi Tang and Tara Copp in Washington contributed to this report. Kim Tong-hyung, The Associated Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More World News Missouri executes a man for sexually assaulting and strangling a 9-year-old girl in 2007 Dec 3, 2024 4:34 PM President-elect Donald Trump’s lawyers urge judge to toss his hush money conviction Dec 3, 2024 4:23 PM Namibia will have its first female leader after VP wins presidential election for the ruling party Dec 3, 2024 2:40 PM Featured Flyer
WASHINGTON (AP) — withdrew Thursday as pick for attorney general amid continued fallout over a that cast doubt on his ability to be confirmed as the nation's chief federal law enforcement officer. The announcement caps a turbulent eight-day period in which Trump sought to capitalize on his decisive election win to force Senate Republicans to accept provocative selections like Gaetz, who had been investigated by the Justice Department before being tapped last week to lead it. The decision could heighten scrutiny on other controversial Trump nominees, including , who faces sexual assault allegations that he denies. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition,” Gaetz, a Florida Republican who one day earlier met with senators in an effort to win their support, said in a statement. “There is no time to waste on a needlessly protracted Washington scuffle, thus I’ll be withdrawing my name from consideration to serve as Attorney General. Trump’s DOJ must be in place and ready on Day 1," he added. Trump, in a social media post, said: “I greatly appreciate the recent efforts of Matt Gaetz in seeking approval to be Attorney General. He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect. Matt has a wonderful future, and I look forward to watching all of the great things he will do!” He did not immediately announce a new selection. Last week, Todd Blanche, Emil Bove and D. John Sauer to senior roles in the department. Another possible contender, Matthew Whitaker, The withdrawal, just a week after the pick was announced, averts what was shaping up to be a pitched confirmation fight that would have tested how far Senate Republicans were willing to go to support Trump’s Cabinet picks. The selection of the fierce Trump ally over well-regarded veteran lawyers whose names had circulated as possible contenders stirred concern for the Justice Department's independence at a time when Trump has openly threatened to seek retribution against political adversaries. It underscored the premium Trump to have a disruptor lead a Justice Department that for years investigated and ultimately indicted him. In the Senate, deeply skeptical lawmakers sought more information about Justice Department and congressional investigations into sex trafficking allegations involving underage girls, which Gaetz has denied. Meanwhile, with limited legal experience who has echoed Trump's claims of a weaponized criminal justice system. As Gaetz sought to lock down Senate support, concern over the sex trafficking allegations showed no signs of abating. In recent days, said his clients told House Ethics Committee investigators that Gaetz paid them for sex on multiple occasions beginning in 2017, when Gaetz was a Florida congressman. One of the women testified she saw Gaetz having sex with a 17-year-old at a party in Florida in 2017, according to the attorney, Joel Leppard. Leppard has said that his client testified she didn’t think Gaetz knew the girl was underage, stopped their relationship when he found out and did not resume it until after she turned 18. The age of consent in Florida is 18. "They’re grateful for the opportunity to move forward with their lives,” Leppard said Thursday of his clients. “They’re hoping that this brings final closure for all the parties involved.” Gaetz has vehemently denied any wrongdoing. The Justice Department’s investigation ended last year with no charges against him. Gaetz’s political future is uncertain. He had abruptly resigned his congressional seat upon being selected as attorney general, a move seen as a way to shut down the ethics investigation into sexual misconduct allegations. He did win reelection in November for the new Congress, which convenes Jan. 3, 2025, but he said in his resignation letter last week that he did not intend to take the oath of office. There are plans for a special election in Florida for his seat. Republicans on the House Ethics Committee declined this week to release the panel's findings, over objections from Democrats in a split vote. But the committee did agree to finish its work and is scheduled to meet again Dec. 5 to discuss the matter. As word of Gaetz's decision spread across the Capitol, Republican senators seemed divided. Oklahoma Sen. Markwayne Mullin, who served with Gaetz in the House, called it a “positive move." Maine Sen. Susan Collins said Gaetz “put country first and I am pleased with his decision.” Others said they had hoped Gaetz could have overhauled the department. Florida Sen. Rick Scott, a close ally of Trump, said he was “disappointed. I like Matt and I think he would have changed the way DOJ is run.” Kentucky Sen. Rand Paul said he hopes Trump will pick someone “equally as tenacious and equally as committed to rooting out and eliminating bias and politicization at the DOJ.” Gaetz is not the only Trump pick facing congressional scrutiny over past allegations. A detailed investigative police report made public Wednesday shows that a woman told police that she was sexually assaulted in 2017 by Hegseth, the former Fox News host now tapped to lead the Pentagon, after he took her phone, blocked the door to a California hotel room and refused to let her leave. “The matter was fully investigated and I was completely cleared,” Hegseth told reporters Thursday at the Capitol, where he was meeting with senators to build support for his nomination. Associated Press writers Michelle L. Price, Lisa Mascaro, Mary Clare Jalonick and Adriana Gomez Licon contributed to this report. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Stay up-to-date on the latest in local and national government and political topics with our newsletter.Bill Maher says he may quit his weekly TV talk show over Donald Trump’s return to the White House. The comedian, who hosts on HBO, said he won’t be able to handle Trump for another four years. “I’m s—ing my pants. I may quit,” Maher told his podcast guest Jane Fonda on Sunday. “Because I don’t want to do another [Trump term]. I did all the Trump stuff before anybody. “I called him a con man before anybody, I did, ‘he’s a mafia boss.’ I was the one who said he wasn’t going to concede the election. I’ve done it.” Maher added he was getting bored talking about Trump. The actress and environmental activist told him to avoid Trump and talk about other topics, but Maher replied that the show is about politics and continued to gripe about the incoming U.S. president. “He’s going to dominate the news like he always does,” he added. They then debated about the far left in American society. Fonda asked him to give her one example. “Last year, the NAACP (National Association for the Advancement of Colored People) issued a travel advisory for Black people not to go [to] Florida,” Maher said. “Every day, there’s stories like that where that just makes people roll their eyes and go, ‘Are you people nuts?’ Even if they don’t matter that much, I don’t think one person listened to this and thought, ‘I can’t go to Florida?'” They also debated about transgender people getting pregnant and climate change, before Fonda concluded that they have nothing in common. “You’re so different than me that it’s hard for me sometimes to even understand what you’re talking about,” Fonda said. She added that his worldview is totally different and that he is a cynic. “I’m not cynical, and I’ve been around longer than you, a good 20 years more,” she said. “You could be my son. I’d put you over my knees and spank you.”
Renuka Rayasam | (TNS) KFF Health News In April, just 12 weeks into her pregnancy, Kathleen Clark was standing at the receptionist window of her OB-GYN’s office when she was asked to pay $960, the total the office estimated she would owe after she delivered. Clark, 39, was shocked that she was asked to pay that amount during this second prenatal visit. Normally, patients receive the bill after insurance has paid its part, and for pregnant women that’s usually only when the pregnancy ends. It would be months before the office filed the claim with her health insurer. Clark said she felt stuck. The Cleveland, Tennessee, obstetrics practice was affiliated with a birthing center where she wanted to deliver. Plus, she and her husband had been wanting to have a baby for a long time. And Clark was emotional, because just weeks earlier her mother had died. “You’re standing there at the window, and there’s people all around, and you’re trying to be really nice,” recalled Clark, through tears. “So, I paid it.” On online baby message boards and other social media forums , pregnant women say they are being asked by their providers to pay out-of-pocket fees earlier than expected. The practice is legal, but patient advocacy groups call it unethical. Medical providers argue that asking for payment up front ensures they get compensated for their services. How frequently this happens is hard to track because it is considered a private transaction between the provider and the patient. Therefore, the payments are not recorded in insurance claims data and are not studied by researchers. Patients, medical billing experts, and patient advocates say the billing practice causes unexpected anxiety at a time of already heightened stress and financial pressure. Estimates can sometimes be higher than what a patient might ultimately owe and force people to fight for refunds if they miscarry or the amount paid was higher than the final bill. Up-front payments also create hurdles for women who may want to switch providers if they are unhappy with their care. In some cases, they may cause women to forgo prenatal care altogether, especially in places where few other maternity care options exist. It’s “holding their treatment hostage,” said Caitlin Donovan, a senior director at the Patient Advocate Foundation . Medical billing and women’s health experts believe OB-GYN offices adopted the practice to manage the high cost of maternity care and the way it is billed for in the U.S. When a pregnancy ends, OB-GYNs typically file a single insurance claim for routine prenatal care, labor, delivery, and, often, postpartum care. That practice of bundling all maternity care into one billing code began three decades ago, said Lisa Satterfield, senior director of health and payment policy at the American College of Obstetricians and Gynecologists . But such bundled billing has become outdated, she said. Previously, pregnant patients had been subject to copayments for each prenatal visit, which might lead them to skip crucial appointments to save money. But the Affordable Care Act now requires all commercial insurers to fully cover certain prenatal services. Plus, it’s become more common for pregnant women to switch providers, or have different providers handle prenatal care, labor, and delivery — especially in rural areas where patient transfers are common. Some providers say prepayments allow them to spread out one-time payments over the course of the pregnancy to ensure that they are compensated for the care they do provide, even if they don’t ultimately deliver the baby. “You have people who, unfortunately, are not getting paid for the work that they do,” said Pamela Boatner, who works as a midwife in a Georgia hospital. While she believes women should receive pregnancy care regardless of their ability to pay, she also understands that some providers want to make sure their bill isn’t ignored after the baby is delivered. New parents might be overloaded with hospital bills and the costs of caring for a new child, and they may lack income if a parent isn’t working, Boatner said. In the U.S., having a baby can be expensive. People who obtain health insurance through large employers pay an average of nearly $3,000 out-of-pocket for pregnancy, childbirth, and postpartum care, according to the Peterson-KFF Health System Tracker . In addition, many people are opting for high-deductible health insurance plans, leaving them to shoulder a larger share of the costs. Of the 100 million U.S. people with health care debt, 12% attribute at least some of it to maternity care, according to a 2022 KFF poll . Families need time to save money for the high costs of pregnancy, childbirth, and child care, especially if they lack paid maternity leave, said Joy Burkhard , CEO of the Policy Center for Maternal Mental Health, a Los Angeles-based policy think tank. Asking them to prepay “is another gut punch,” she said. “What if you don’t have the money? Do you put it on credit cards and hope your credit card goes through?” Calculating the final costs of childbirth depends on multiple factors, such as the timing of the pregnancy , plan benefits, and health complications, said Erin Duffy , a health policy researcher at the University of Southern California’s Schaeffer Center for Health Policy and Economics. The final bill for the patient is unclear until a health plan decides how much of the claim it will cover, she said. But sometimes the option to wait for the insurer is taken away. During Jamie Daw’s first pregnancy in 2020, her OB-GYN accepted her refusal to pay in advance because Daw wanted to see the final bill. But in 2023, during her second pregnancy, a private midwifery practice in New York told her that since she had a high-deductible plan, it was mandatory to pay $2,000 spread out with monthly payments. Daw, a health policy researcher at Columbia University, delivered in September 2023 and got a refund check that November for $640 to cover the difference between the estimate and the final bill. “I study health insurance,” she said. “But, as most of us know, it’s so complicated when you’re really living it.” While the Affordable Care Act requires insurers to cover some prenatal services, it doesn’t prohibit providers from sending their final bill to patients early. It would be a challenge politically and practically for state and federal governments to attempt to regulate the timing of the payment request, said Sabrina Corlette , a co-director of the Center on Health Insurance Reforms at Georgetown University. Medical lobbying groups are powerful and contracts between insurers and medical providers are proprietary. Because of the legal gray area, Lacy Marshall , an insurance broker at Rapha Health and Life in Texas, advises clients to ask their insurer if they can refuse to prepay their deductible. Some insurance plans prohibit providers in their network from requiring payment up front. If the insurer says they can refuse to pay up front, Marshall said, she tells clients to get established with a practice before declining to pay, so that the provider can’t refuse treatment. Related Articles Your cool black kitchenware could be slowly poisoning you, study says. Here’s what to do Does fluoride cause cancer, IQ loss, and more? Fact-checking Robert F. Kennedy Jr.’s claims US towns plunge into debates about fluoride in water Older Americans living alone often rely on neighbors or others willing to help Nationwide IV fluid shortage could change how hospitals manage patient hydration Clark said she met her insurance deductible after paying for genetic testing, extra ultrasounds, and other services out of her health care flexible spending account. Then she called her OB-GYN’s office and asked for a refund. “I got my spine back,” said Clark, who had previously worked at a health insurer and a medical office. She got an initial check for about half the $960 she originally paid. In August, Clark was sent to the hospital after her blood pressure spiked. A high-risk pregnancy specialist — not her original OB-GYN practice — delivered her son, Peter, prematurely via emergency cesarean section at 30 weeks. It was only after she resolved most of the bills from the delivery that she received the rest of her refund from the other OB-GYN practice. This final check came in October, just days after Clark brought Peter home from the hospital, and after multiple calls to the office. She said it all added stress to an already stressful period. “Why am I having to pay the price as a patient?” she said. “I’m just trying to have a baby.” ©2024 KFF Health News. Distributed by Tribune Content Agency, LLC.Landcar Casualty Company Receives Upgraded Credit Rating from AM Best