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Kansas Gov. Laura Kelly and Kansas Department of Labor secretary Amber Shultz announce the launch of the state's new online unemployment system Nov. 22, 2024, at the Statehouse. (Anna Kaminski/Kansas Reflector) TOPEKA — After years of fraud, delayed claims and long waits, Kansas’ beleaguered unemployment program has rolled out a new, modernized system. Gov. Laura Kelly and Kansas Department of Labor secretary Amber Shultz announced Friday the launch of the online claim system that has been three years in the making, and more than a decade overdue. Kelly called it a “complete transformation.” “Now we’ve unlocked access to a world of new possibilities,” Kelly said. “Modernizing an IT system is about more than just updating old software. It’s about rethinking the entire infrastructure.” The old system was “slow, inefficient and, frankly, unresponsive, especially when Kansas needed it most,” Kelly told reporters and labor department staff. Kansas’ aging unemployment system crumbled under the weight of a historic number of unemployment claims filed during the COVID-19 pandemic, of which an estimated hundreds of millions of dollars worth were deemed fraudulent. Officials admitted the system should have been updated years ago. In 2011, former Gov. Sam Brownback’s administration halted efforts to revamp the system. Kelly had planned to upgrade the 1970s-era mainframe system before the pandemic, but the process didn’t begin until June 2022. Kelly referenced floppy disks, the Beatles and the Vietnam War when characterizing the time in which the system came to be. Roughly 50 years later, transforming the system was like turning a rotary phone into a smartphone, she said. Kelly said the overhaul cost more than $40 million, but it would have cost about $27 million if done a decade ago. Continued investment in technology is important, Kelly said, “so we never fall behind the mark again.” Shultz, who took over as department secretary in 2021 , became emotional while thanking the labor department staff members. The “dark days” of the pandemic, as Kelly dubbed them, involved death threats and law enforcement protection for labor department staff. “They came into a burning building during the pandemic,” she said. A September 2021 state audit found that about 59% of the roughly 1 million unique claims filed during the pandemic were suspected to be fraudulent. That same audit showed the state processed $700 million in fraudulent benefit payments. Half came from federal funds and half from state funds. A backlog of fraudulent claims still exists, Shultz told the Reflector. However, the department believes every case of fraud has been identified. The new system, accessible at KansasUI.gov , was launched earlier this week. Some users encountered hiccups with the system’s multi-factor authentication, a process that is meant to add an extra layer of security, but Shultz said those affected have been contacted. With the new system’s launch, claim filings are at normal levels, Shultz said. Typically, seasonal layoffs bring in about 1,200 initial claims this time of year, while continued claims are at about 7,500. As the new system’s first week comes to a close, volumes remain normal, Shultz said.TEANECK, N.J. , Nov. 22, 2024 /PRNewswire/ -- GC Biopharma USA , the commercial operations and distribution company of GC Biopharma, has announced the appointment of industry veteran, Sean Zam , to its senior leadership team as Head of Sales and Marketing. He comes to GC Biopharma USA with a wealth of experience in the pharmaceutical industry, including extensive experience in plasma therapeutics. Sean has a proven track record of growing business and building lasting partnerships for companies such as Grifols, AstraZeneca, and Pfizer. Lisa Betts , Chief Operating Officer at GC Biopharma USA , says the following about Sean: "He's everything we'd hoped to find in a sales and marketing leader. He's authentic, earnest, experienced, and passionate about the IG industry. His core values align perfectly with the unique leadership team we are building." Sean shares his excitement: "When I joined the GC Biopharma USA leadership team, I was inspired by how differently they approach the business. It's not just about business; it's about relationships and the communities they serve. It was something I knew I wanted to be a part of." He adds: "I'm always struck by the strength and resourcefulness of patients who take the initiative to find answers, especially those living with rare diseases. It propels me to push harder. That's partly why I joined this growing team. It's a great opportunity to have a real impact." Sean Zam's appointment further contributes to GC's vision of establishing excellence within its US-based operations. About GC Biopharma GC Biopharma USA , headquartered in Teaneck, NJ , established its sales, marketing, and business operations in 2018 to serve customers and patients throughout the US. Our foundation is built on the expertise of our parent company GC Biopharma, a leading biopharmaceutical company delivering plasma therapies and vaccines worldwide for more than 50 years. With GC Biopharma USA , GC Biopharma will further extend its footprint, bringing its expertise and legacy to the US. This press release may contain forward-looking statements that express the current beliefs and expectations of the management at GC Biopharma and GC Biopharma USA . Such views do not represent any guarantee by either entity or its government of future performance and involve known and unknown risks, uncertainties, and other factors. GC Biopharma and GC Biopharma USA undertake no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements they may make, except as required by law or stock exchange rule. ©2024 GC Biopharma USA , Inc. All rights reserved. All trademarks are the property of their respective owners. ALY-C-0074 11/2024 View original content to download multimedia: https://www.prnewswire.com/news-releases/sean-zam-named-head-of-sales-and-marketing-at-gc-biopharma-usa-302314539.html SOURCE GC Biopharma USA Inc.Châtillon, France, December 11 th , 2024 DBV Confirms Alignment with U.S. FDA on Accelerated Approval Pathway for the Viaskin® Peanut Patch in Toddlers 1 – 3 Years-Old DBV and FDA aligned on key study design elements for the COMFORT Toddlers study in 1 – 3 year-olds, including study size and wear time collection methodology and analysis COMFORT Toddlers study on-track to initiate in 2Q 2025 Viaskin Peanut patch BLA submission for the Toddlers indication anticipated for 2H 2026 FDA confirmed criteria for post-marketing confirmatory study in toddlers 1 – 3 years-old Company to host investor webcast today at 5:00pm ET DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT), a clinical-stage biopharmaceutical company, today announced the successful outcome of recent written and oral communication with the U.S. Food and Drug Administration (FDA) that provides a clear and well-defined regulatory pathway for the Viaskin Peanut patch program in toddlers 1 – 3-years-old. The FDA has formalized guidance on an Accelerated Approval for the Viaskin Peanut patch in toddlers 1 – 3-years-old. DBV and FDA have agreed on the key design elements for a post-marketing confirmatory study. “DBV is pleased to have received, what we believe to be, a clear and reasonable pathway towards an Accelerated Approval for the Viaskin Peanut patch in toddlers 1 – 3-years-old. This comes on the heels of our October 22 nd press release announcing details in support of our separate Viaskin Peanut programs in 4 – 7 year-olds and in 1 – 7 year-olds in Europe,” said Daniel Tassé, Chief Executive Officer, DBV Technologies. “We believe we have decreased the regulatory pathway risk of our programs. DBV can now fully focus on executing the remaining studies that will support two distinct BLAs across age groups and an MAA in Europe. We are grateful to the Agency for its attentive collaboration as we continue to work towards introducing this novel therapy to caregivers and patients as expeditiously as possible.” Accelerated Approval Pathway The FDA recently issued written communication confirming an Accelerated Approval pathway for the Viaskin Peanut patch in toddlers 1 – 3-years-old. As a reminder, current FDA guidance for Accelerated Approval includes three qualifying criteria: That the product candidate treats a serious condition That the product candidate generally provides a meaningful advantage over available therapies That the product candidate demonstrates an effect or an intermediate clinical endpoint that is reasonably likely to predict clinical benefit As DBV previously announced , FDA confirmed via written communication that the Viaskin Peanut patch already met criteria one and two. FDA and DBV have been engaged in ongoing dialogue throughout Q4 of this year regarding the intermediate clinical endpoint necessary to meet the third criterion. In the recent written communication, the FDA confirmed the efficacy data from the Company’s Phase 3 EPITOPE study can serve as an intermediate clinical endpoint. The FDA has agreed that the endpoint is reasonably likely to predict clinical benefit and will therefore fulfill the requirement for Accelerated Approval. In preparation for commercialization, DBV made slight modifications to the Viaskin Peanut patch used in EPITOPE to increase the simplicity of application for the caregiver and provide product identification on each patch. No changes, including patch shape or size, were made to the device components that are in contact with the patient’s skin. Further, to increase the volume of patch production for future commercialization, changes needed to be made to the manufacturing process and location. Although the intended commercial Viaskin Peanut patch is currently being used (N=304) in the ongoing 3-year Open Label Extension to EPITOPE, the collective changes to the commercial Viaskin Peanut patch were viewed by the FDA as constituting a different product relative to the clinical patch used in the EPITOPE study. The Company intends to use the commercial Viaskin Peanut patch in both the COMFORT Toddlers study and the post-marketing confirmatory study. Post-Marketing Confirmatory Study In the recent written communication, FDA confirmed criteria for a post-marketing confirmatory study in toddlers 1 – 3-years-old. DBV and FDA agreed that the confirmatory study will assess the effectiveness of the intended commercial Viaskin Peanut patch and will need to be initiated at the time that the BLA is submitted. To date, the commercial patch has been used in 304 subjects with over 234,695 patient-days of therapy in the placebo crossover and the EPITOPE Open Label Extension, with no clinically relevant differences in efficacy or safety vs. the clinical patch used in the EPITOPE Phase 3 trial. The confirmatory study will include a double-blind, placebo-controlled food challenge (DBPCFC) and will use the same statistical criteria for success (i.e., lower bound of the 95% CI > 15%) as used in the EPITOPE Phase 3 efficacy study. Adhesion data for the post-marketing confirmatory study will be collected in a similar manner relative to the COMFORT Toddlers study. The Company expects these data will further support the importance of average daily wear time in the use of the Viaskin Peanut patch as it relates to efficacy and labeling. “When it comes to food allergy management, what works for one family, might not work for another. That is why having varied treatment options available is so incredibly important to our community,” said Sung Poblete, PhD, RN, CEO of FARE (Food Allergy Research & Education). “I’m pleased to learn that DBV’s constructive dialogue with the FDA has resulted in this Accelerated Approval guidance outlining remaining developmental steps for the Viaskin Peanut patch in toddlers with a peanut allergy. At FARE, we look forward to the possibility that one day, if approved, caregivers and families will have this exciting new treatment as an option to consider.” COMFORT Toddlers Supplemental Safety Study COMFORT Toddlers is a Phase 3 double-blind, placebo-controlled (DBPC) study designed to generate additional safety (primary endpoint) and adhesion data of the Viaskin Peanut patch in peanut allergic toddlers 1 – 3-years old. DBV is pleased to announce that Dr. Julie Wang, MD, Professor of Pediatrics, Jaffe Food Allergy Institute, the Icahn school of Medicine at Mount Sinai, will act as the Global Principal Investigator for the COMFORT Toddlers study. “I am thrilled to assume the role of Global Principal Investigator of the COMFORT Toddlers study,” stated Dr. Julie Wang, Professor of Pediatrics, Jaffe Food Allergy Institute, Icahn school of Medicine at Mount Sinai in New York. “Viaskin Peanut, if approved, would offer a much-needed alternative treatment option for patients and caregivers. I look forward to working with the DBV team to advance this important clinical trial.” The Company anticipates that COMFORT Toddlers will enroll approximately 480 subjects randomized 3:1 (active: placebo) at approximately 80 – 90 study centers across the U.S., Canada, Australia, and Europe. COMFORT Toddlers will be a six-month study followed by an optional 18-month open-label treatment phase, to provide 24 or 18 months of treatment with the Viaskin Peanut patch for participants randomized to the active or placebo groups, respectively. Thus, the COMFORT Toddlers study will increase the total subjects exposed to the Viaskin Peanut patch for at least six-months in a controlled study to 600, as required by FDA. In total, there will be approximately 240 subjects with the clinical patch in EPITOPE and 360 with the commercial patch in COMFORT Toddlers. As previously disclosed , DBV and FDA have aligned on a patch wear time collection methodology, analysis and study objective hierarchy in the COMFORT Toddlers study. The agreed-upon adhesion data collection methodology provides a practical approach for subjects, families, and investigators. The methodology is intended to generate sufficient data to support a BLA submission under the Accelerated Approval pathway (i.e., collecting patch adhesion data with a focus on daily wear time at relevant time points). We believe there are three positive outcomes coming out of the productive discussions with FDA: FDA agreed that adhesion would not be a co-objective of a safety study and would be an exploratory endpoint. Next, adhesion should be assessed in the overall totality of benefit to risk (i.e., in the context of efficacy and safety). The third success is that we have aligned on what DBV believes is a very feasible approach to collecting adhesion data. DBV has initiated study start-up activities and plans to screen the first subject in the second quarter of 2025. Biologic License Application Submission in 1 – 3 Year-Olds There will be two Phase 3 studies in 1 – 3-year-olds using the Viaskin Peanut patch. The data generated from the studies will be used to inform a BLA submission: Twelve months of DBPC efficacy and safety data from the previously completed Phase 3 EPITOPE study (published in the New England Journal of Medicine i n May 2023), and 36 months of open-label extension data. Six months of DBPC data generated in COMFORT Toddlers supplemental safety study. DBV anticipates that the BLA for the Viaskin Peanut patch in toddlers 1 – 3 years-old under the Accelerated Approval program will be submitted in 2H 2026. Investor Conference Call and Webcast DBV management will host an investor conference call and webcast today, Wednesday, December 11 th , at 5:00pm EST, to discuss these regulatory updates. This call is accessible via the below teleconferencing numbers and requesting the DBV Technologies call. United States: +1-877-346-6112 International: +1-848-280-6350 A live webcast of the call will be available on the Investors & Media section of the Company’s website: https://www.dbv-technologies.com/investor-relations/ . A replay of the presentation will also be available on DBV’s website after the event. About DBV Technologies DBV Technologies is a clinical-stage biopharmaceutical company developing treatment options for food allergies and other immunologic conditions with significant unmet medical need. DBV is currently focused on investigating the use of its proprietary Viaskin® patch technology to address food allergies, which are caused by a hypersensitive immune reaction and characterized by a range of symptoms varying in severity from mild to life-threatening anaphylaxis. Millions of people live with food allergies, including young children. Through epicutaneous immunotherapy (EPITTM), the Viaskin® patch is designed to introduce microgram amounts of a biologically active compound to the immune system through intact skin. EPIT is a new class of non-invasive treatment that seeks to modify an individual’s underlying allergy by re-educating the immune system to become desensitized to allergen by leveraging the skin’s immune tolerizing properties. DBV is committed to transforming the care of food allergic people. The Company’s food allergy programs include ongoing clinical trials of Viaskin Peanut in peanut allergic toddlers (1 through 3 years of age) and children (4 through 7 years of age). DBV Technologies is headquartered in Châtillon, France, with North American operations in Warren, NJ. The Company’s ordinary shares are traded on segment B of Euronext Paris (Ticker: DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing five ordinary shares) are traded on the Nasdaq Capital Market (Ticker: DBVT; CUSIP: 23306J309). For more information, please visit www.dbv-technologies.com and engage with us on X (formerly Twitter) and LinkedIn . Forward Looking Statements This press release may contain forward-looking statements and estimates, including statements regarding the therapeutic potential of Viaskin® Peanut patch and EPITTM, designs of DBV’s anticipated clinical trials, DBV’s planned regulatory and clinical efforts including timing and results of communications with regulatory agencies, plans and expectations regarding initiation of the confirmatory study, plans and expectations with respect to COMFORT Toddlers and COMFORT Children, plans and expectations with respect to the submission of BLAs to FDA, anticipated support for the BLA submission, DBV’s expectations with respect to the Accelerated Approval pathway and any other actionable regulatory pathway, and the ability of any of DBV’s product candidates, if approved, to improve the lives of patients with food allergies. These forward-looking statements and estimates are not promises or guarantees and involve substantial risks and uncertainties. At this stage, DBV’s product candidates have not been authorized for sale in any country. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, and DBV’s ability to successfully execute on its budget discipline measures. A further list and description of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements in this press release can be found in DBV’s regulatory filings with the French Autorité des Marchés Financiers (“AMF”), DBV’s filings and reports with the U.S. Securities and Exchange Commission (“SEC”), including in DBV’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024, and future filings and reports made with the AMF and SEC by DBV. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. Other than as required by applicable law, DBV Technologies undertakes no obligation to update or revise the information contained in this Press Release. Viaskin is a registered trademark and EPIT is a trademark of DBV Technologies. Investor Contact Katie Matthews DBV Technologies katie.matthews@dbv-technologies.com Media Contact Angela Marcucci DBV Technologies angela.marcucci@dbv-technologies.com Attachment PDF Version
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PHILADELPHIA , Dec. 5, 2024 /PRNewswire/ -- The Board of Directors of FS Credit Opportunities Corp. (the Fund) (NYSE: FSCO) announced the monthly distribution for December 2024 . The distribution of $0.06 per share will be paid on December 31, 2024 . Further information on the distribution is summarized in the charts below. The current annualized distribution rate equates to an annualized distribution yield 1 of 10.1% and 10.6%, respectively, based on the Fund's net asset value (NAV) and market price as of November 30, 2024 . The monthly distribution has been fully covered by the Fund's net investment income throughout 2024, and the Fund has generated an estimated total return on NAV of 12.75% and 33.1% on market price year-to-date through November 30, 2024 . The Fund has approximately $2.2 billion in assets under management and invests in event-driven credit, special situations, private capital solutions and other non-traditional credit opportunities. Month Ticker Fund Name Monthly Dividend December FSCO FS Credit Opportunities Corp. $0.06 The distribution will be made on the following schedule: Month Ex-Date Record Date Payable Date December December 23, 2024 December 23, 2024 December 31, 2024 The Fund pays regular monthly cash distributions to common shareholders at a level rate that may be adjusted from time to time. The amount of monthly distributions may be affected by numerous factors, including changes in portfolio and market conditions. Shareholders should not use the information provided here in preparing their tax returns. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will tell them how to report these distributions for federal income tax purposes. Investors should consider, among other things, the investment objectives, risks, charges and expenses of the Fund carefully before investing. Investors can find the Fund's most recent reports and other filings on the Securities and Exchange Commission's EDGAR Database or on the Fund's website ( https://fsinvestments.com/fs-credit-opportunities-corp/ ). About FS Investments FS Investments is a global alternative asset manager dedicated to delivering superior performance and innovative investment and capital solutions. The firm manages over $82 billion in assets for a wide range of clients, including institutional investors, financial professionals and individual investors. FS Investments provides access to a broad suite of alternative asset classes and strategies through its best-in-class investment teams and partners. With its diversified platform and flexible capital solutions, the firm is a valued partner to general partners, asset owners and portfolio companies. FS Investments is grounded in its high-performance culture and guided by its commitment to building value for its clients, investing in its colleagues and giving back to its communities. The firm has more than 500 employees across offices in the U.S., Europe and Asia and is headquartered in Philadelphia. Contact Information: Investor Relations Joe Montelione joseph.montelione@fsinvestments.com Media Sarah Hilferty media@fsinvestments.com Forward Looking Statements Statements included herein may constitute "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to future events or the future performance or operations of the Fund. Words such as "intends," "will," "expects," and "may" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include changes in the economy, geopolitical risks, risks associated with possible disruption to the Fund's operations or the economy generally due to hostilities, terrorism, natural disasters or pandemics such as COVID-19, future changes in laws or regulations and conditions in the Fund's operating area, unexpected costs, the price at which the Fund's shares of common stock may trade on the New York Stock Exchange and such other factors that are disclosed in the Fund's filings with the Securities and Exchange Commission. The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, the Fund undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements. 1 Annualized distribution yield reflects the current month's distribution per share annualized and divided by the estimated current month end net asset value (NAV) per share or market price per share; because annualized distribution yield is based on estimated current month end NAV, it is an estimate that is subject to change. View original content to download multimedia: https://www.prnewswire.com/news-releases/fs-credit-opportunities-corp-fsco-declares-distribution-for-december-2024-302324322.html SOURCE FS InvestmentsSAN RAMON, Calif., Dec. 05, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, today announced financial results for its fiscal fourth quarter and full year ended October 31, 2024. Fourth quarter 2024 revenue of $1,018.4 million, up 10%, or up 7% organically. Fiscal year 2024 revenue of $3.9 billion, up 8%, or up 8% organically. Fourth quarter 2024 GAAP diluted earnings per share (EPS) of $0.58, up 38%. Fiscal 2024 GAAP diluted EPS of $1.96, up 33%. Fourth quarter 2024 non-GAAP diluted EPS of $1.04, up 19%. Fiscal 2024 non-GAAP diluted EPS of $3.69, up 15%. See "Reconciliation of Selected GAAP Results to Non-GAAP Results" below. Commenting on the results, Al White, Cooper's President and CEO said, "Fiscal 2024 was a great year for Cooper having achieved record consolidated revenues, including record CooperVision revenues, record CooperSurgical revenues and record non-GAAP EPS. We look forward to continued success in fiscal 2025 and thank all of our employees for driving these results." Fourth Quarter Operating Results Revenue of $1,018.4 million, up 10% from last year’s fourth quarter, up 9% in constant currency, up 7% organically. Gross margin of 67% compared with 65% in last year’s fourth quarter driven by price and efficiency gains. On a non-GAAP basis, gross margin was similar to last year at 67%. Operating margin of 19% compared with 15% in last year’s fourth quarter driven by SG&A expense leverage and stronger gross margins. On a non-GAAP basis, operating margin was 26%, up from 24% last year. Interest expense of $27.0 million compared with $26.3 million in last year's fourth quarter. On a non-GAAP basis, interest expense was $25.6 million, down from $26.4 million. Cash provided by operations of $268.1 million offset by capital expenditures of $139.9 million resulted in free cash flow of $128.2 million. Fourth Quarter CooperVision (CVI) Revenue Revenue of $676.4 million, up 9% from last year’s fourth quarter, up 8% in constant currency, up 8% organically. Revenue by category: Revenue by geography: Fourth Quarter CooperSurgical (CSI) Revenue Revenue of $342.0 million, up 12% from last year's fourth quarter, up 12% in constant currency, up 5% organically. Revenue by category: Fiscal Year 2024 Operating Results Revenue of $3,895.4 million, up 8% from fiscal 2023, up 9% in constant currency, up 8% organically. CVI revenue of $2,609.4 million, up 8% from fiscal 2023, up 8% in constant currency, up 9% organically, and CSI revenue $1,286.0 million, up 10% from fiscal 2023, up 11% in constant currency, up 5% organically. Gross margin of 67% compared with 66% in fiscal 2023. Non-GAAP gross margin was 67% compared with 66% in fiscal 2023. Operating margin of 18% compared with 15% in fiscal 2023. Non-GAAP operating margin was 25% compared with 24% in fiscal 2023. Cash provided by operations of $709.3 million offset by capital expenditures of $421.2 million resulted in free cash flow of $288.1 million. Fiscal Year 2025 Financial Guidance The Company initiated its fiscal year 2025 financial guidance. Details are summarized as follows: Fiscal 2025 total revenue of $4,080 - $4,158 million (organic growth of 6% to 8%) CVI revenue of $2,733 - $2,786 million (organic growth of 6.5% to 8.5%) CSI revenue of $1,347 - $1,372 million (organic growth of 4% to 6%) Fiscal 2025 non-GAAP diluted earnings per share of $3.92 - $4.02 Non-GAAP diluted earnings per share guidance excludes amortization and impairment of intangible assets, and certain income or gains and charges or expenses including acquisition and integration costs which we may incur as part of our continuing operations. With respect to the Company’s guidance expectations, the Company has not reconciled non-GAAP diluted earnings per share guidance to GAAP diluted earnings per share due to the inherent difficulty in forecasting acquisition-related, integration and restructuring charges and expenses, which are reconciling items between the non-GAAP and GAAP measures. Due to the unknown effect, timing and potential significance of such charges and expenses that impact GAAP diluted earnings per share, the Company is not able to provide such guidance. Reconciliation of Selected GAAP Results to Non-GAAP Results To supplement our financial results and guidance presented on a GAAP basis, we provide non-GAAP measures such as non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted earnings per share, as well as constant currency and organic revenue growth because we believe they are helpful for the investors to understand our consolidated operating results. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, to make operating decisions, and to plan and forecast for future periods. The non-GAAP measures exclude costs which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. We provide further details of the non-GAAP adjustments made to arrive at our non-GAAP measures in the GAAP to non-GAAP reconciliations below. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. To present constant currency revenue growth, current period revenue for entities reporting in currencies other than the United States dollar are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year. To present organic revenue growth, we excluded the effect of foreign currency fluctuations and the impact of any acquisitions, divestitures and discontinuations that occurred in the comparable period. We define the non-GAAP measure of free cash flow as cash provided by operating activities less capital expenditures. We believe free cash flow is useful for investors as an additional measure of liquidity because it represents cash that is available to grow the business, make strategic acquisitions, repay debt, or buyback common stock. Management uses free cash flow internally to understand, manage, make operating decisions and evaluate our business. In addition, we use free cash flow to help plan and forecast future periods. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. EPS, amounts and percentages may not sum or recalculate due to rounding. (1) Charges include the direct effects of acquisition accounting, such as amortization of inventory fair value step-up, professional services fees, regulatory fees and changes in fair value of contingent considerations, and items related to integrating acquired businesses, such as redundant personnel costs for transitional employees, other acquired employee related costs, and integration-related professional services, manufacturing integration costs, legal entity rationalization and other integration-related activities. The acquisition and integration-related charges in fiscal 2024 were primarily related to the Cook Medical acquisition and integration expenses. The acquisition and integration-related charges in fiscal 2023 were primarily related to the Generate acquisition and integration expenses. Charges included $2.9 million and $8.4 million related to redundant personnel costs for transitional employees, $0.7 million and $4.5 million of professional services fees, $1.4 million and $1.4 million of manufacturing integration costs, $1.5 million and 1.5 million of inventory fair value step-up amortization, and $0.7 million and $4.1 million of other acquisition and integration-related activities in the three and twelve months ended October 31, 2024, respectively. The twelve months ended October 31, 2024 also included $0.7 million regulatory fees. Charges included $7.5 million and $21.9 million related to redundant personnel costs for transitional employees, $6.5 million and $16.2 million of professional services fees, $2.9 million and $6.5 million of manufacturing integration costs, $3.1 million and $5.0 million of legal entity rationalization costs, $0.9 million and $2.7 million regulatory fees, and $0.6 million and $5.0 million in other acquisition and integration-related activities, in the three and twelve months ended October 31, 2023, respectively. (2) Charges include costs related to product line exits such as inventory write-offs, site closure costs, contract termination costs and specifically-identified long-lived asset write-offs. Charges included $2.3 million of write-offs of long-lived assets and $1.7 million of other costs related to product line exits in the twelve months October 31, 2024. No charge related to product line exits was incurred in the three months ended October 31, 2024. Charges included $3.4 million and $7.9 million of site closure costs related to the exit of the lens care business, $0.4 million and $1.1 million of other costs related to product line exits in the three and twelve months ended October 31, 2023, respectively. The fourth quarter of fiscal 2023 also included $9.8 million of intangible assets impairment charge associated with the discontinuation of certain products. (3) Charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be limited to a specific time period. (4) Charges represent the costs associated with initiatives to increase efficiencies across the organization and optimize our overall cost structure, including changes to our IT infrastructure and operations, employee severance costs, legal entity and other business reorganizations, write-offs or impairments of certain long-lived assets associated with the business optimization activities. Charges included $1.5 million and $10.6 million of employee severance costs, $1.0 million and $4.1 million related to changes to our IT infrastructure and operation, and $0.4 million and $2.9 million of legal entity and other business reorganizations costs, in the three and twelve months ended October 31, 2024, respectively. The twelve months ended October 31, 2024 also included $0.7 million of other optimization costs. Charges included $1.4 million and $11.3 million of employee severance costs, $1.4 million and $1.9 million of legal entity and other business reorganizations costs, and $0.3 million and $5.9 million related to changes to our IT infrastructure and operations, partially offset by $0.2 million and $0.4 million of other items in the three and twelve months ended October 31, 2023, respectively. (5) Amount represents an accrual for probable payment of a termination fee in connection with an asset purchase agreement in the second quarter of 2023, which was paid in August 2023. (6) Amount represents the release the contingent consideration liability associated with SightGlass Vision's regulatory approval milestone in the first quarter of 2023. (7) Charges include certain business disruptions from natural causes, litigation matters and other items that are not part of ordinary operations. The adjustments to arrive at non-GAAP net income also include gains and losses on minority interest investments and accretion of interest attributable to acquisition installment payables. Charges included $1.5 million and $5.9 million of gains and losses on minority interest investments, $1.4 million and $5.5 million of accretion of interest attributable to acquisition installments payable, $0.6 million and $1.5 million related to legal matters in the three and twelve months ended October 31, 2024, respectively. Charges included $1.6 million and $6.3 million of gains and losses on minority interest investments, and $1.3 million and $4.6 million related to legal matters in the three and twelve months ended October 31, 2023, respectively. The twelve months ended October 31, 2023 also included $1.1 million of other items. (8) In fiscal 2021, the Company transferred its CooperVision intellectual property and goodwill to its UK subsidiary. As a result, we recorded a deferred tax asset equal to approximately $2.0 billion as a one-time tax benefit in accordance with U.S. GAAP in fiscal 2021 as subsequently adjusted for changes in UK tax law. The non-GAAP adjustments reflect the ongoing net deferred tax benefit from tax amortization each period under UK tax law. Audio Webcast and Conference Call The Company will host an audio webcast today for the public, investors, analysts and news media to discuss its fourth quarter results and current corporate developments. The audio webcast will be broadcast live on CooperCompanies' website, www.investor.coopercos.com , at approximately 5:00 PM ET. It will also be available for replay on CooperCompanies' website, www.investor.coopercos.com . Alternatively, you can dial in to the conference call at 800-715-9871; conference ID 2026064. About CooperCompanies CooperCompanies (Nasdaq: COO) is a leading global medical device company focused on improving lives one person at a time. The Company operates through two business units, CooperVision and CooperSurgical. CooperVision is a trusted leader in the contact lens industry, improving the vision of millions of people every day. CooperSurgical is a leading fertility and women's health company dedicated to assisting women, babies and families at the healthcare moments that matter most. Headquartered in San Ramon, CA, CooperCompanies ("Cooper") has a workforce of more than 16,000 with products sold in over 130 countries. For more information, please visit www.coopercos.com. Forward-Looking Statements This earnings release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements of which are other than statements of historical fact, including our fiscal year 2025 financial guidance are forward looking. In addition, all statements regarding anticipated growth in our revenues, anticipated effects of any product recalls, anticipated market conditions, planned product launches, restructuring or business transition expectations, regulatory plans, and expected results of operations and integration of any acquisition are forward-looking. To identify these statements look for words like "believes," "outlook," "probable," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are: adverse changes in the global or regional general business, political and economic conditions including the impact of continuing uncertainty and instability of certain countries, man-made or natural disasters and pandemic conditions, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items; the impact of international conflicts and the global response to international conflicts on the global and local economy, financial markets, energy markets, currency rates and our ability to supply product to, or through, affected countries; our substantial and expanding international operations and the challenges of managing an organization spread throughout multiple countries and complying with a variety of legal, compliance and regulatory requirements; foreign currency exchange rate and interest rate fluctuations including the risk of fluctuations in the value of foreign currencies or interest rates that would decrease our net sales and earnings; our existing and future variable rate indebtedness and associated interest expense is impacted by rate increases, which could adversely affect our financial health or limit our ability to borrow additional funds; changes in tax laws, examinations by tax authorities, and changes in our geographic composition of income; acquisition-related adverse effects including the failure to successfully achieve the anticipated net sales, margins and earnings benefits of acquisitions, integration delays or costs and the requirement to record significant adjustments to the preliminary fair value of assets acquired and liabilities assumed within the measurement period, required regulatory approvals for an acquisition not being obtained or being delayed or subject to conditions that are not anticipated, adverse impacts of changes to accounting controls and reporting procedures, contingent liabilities or indemnification obligations, increased leverage and lack of access to available financing (including financing for the acquisition or refinancing of debt owed by us on a timely basis and on reasonable terms); compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of personal information such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the California Consumer Privacy Act (CCPA) in the U.S. and the General Data Protection Regulation (GDPR) requirements in Europe, including but not limited to those resulting from data security breaches; a major disruption in the operations of our manufacturing, accounting and financial reporting, research and development, distribution facilities or raw material supply chain due to challenges associated with integration of acquisitions, man-made or natural disasters, pandemic conditions, cybersecurity incidents or other causes; a major disruption in the operations of our manufacturing, accounting and financial reporting, research and development or distribution facilities due to the failure to perform by third-party vendors, including cloud computing providers or other technological problems, including any related to our information systems maintenance, enhancements or new system deployments, integrations or upgrades; a successful cybersecurity attack which could interrupt or disrupt our information technology systems, or those of our third-party service providers, or cause the loss of confidential or protected data; market consolidation of large customers globally through mergers or acquisitions resulting in a larger proportion or concentration of our business being derived from fewer customers; disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses; new U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect areas of our operations including, but not limited to, those affecting the health care industry, including the contact lens industry specifically and the medical device or pharmaceutical industries generally, including but not limited to the EU Medical Devices Regulation (MDR), and the EU In Vitro Diagnostic Medical Devices Regulation (IVDR); legal costs, insurance expenses, settlement costs and the risk of an adverse decision, prohibitive injunction or settlement related to product liability, patent infringement, contractual disputes, or other litigation; limitations on sales following product introductions due to poor market acceptance; new competitors, product innovations or technologies, including but not limited to, technological advances by competitors, new products and patents attained by competitors, and competitors' expansion through acquisitions; reduced sales, loss of customers, reputational harm and costs and expenses, including from claims and litigation related to product recalls and warning letters; failure to receive, or delays in receiving, regulatory approvals or certifications for products; failure of our customers and end users to obtain adequate coverage and reimbursement from third-party payers for our products and services; the requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill, other intangible assets and idle manufacturing facilities and equipment; the success of our research and development activities and other start-up projects; dilution to earnings per share from acquisitions or issuing stock; impact and costs incurred from changes in accounting standards and policies; risks related to environmental laws and requirements applicable to our facilities, products or manufacturing processes, including evolving regulations regarding the use of hazardous substances or chemicals in our products; risks related to environmental, social and corporate governance (ESG) issues, including those related to regulatory and disclosure requirements, climate change and sustainability; and other events described in our Securities and Exchange Commission filings, including the “Business”, “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, as such Risk Factors may be updated in annual and quarterly filings. We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law. Contact: Kim Duncan Vice President, Investor Relations and Risk Management 925-460-3663 ir@cooperco.com THE COOPER COMPANIES, INC. AND SUBSIDIARIES GAAP to Non-GAAP Reconciliation Constant Currency Revenue Growth and Organic Revenue Growth Net Sales
Open Text Corp. stock rises Wednesday, still underperforms marketOld friends Conners and Henderson reunite at Grant Thornton InvitationalCaracas, December 5, 2024 ( ) — Venezuelan Vice President Delcy Rodríguez is in China on an official visit to “review and strengthen” the cooperation map established last year when the countries elevated their relationship to an Upon her arrival in Beijing on Wednesday, Rodríguez stated that the allies nations will revise cooperation agreements in “multiple strategic areas,” including politics, energy, economy, finance and technology. “We will strengthen our framework for cooperation as well as ties of complementarity and mutual development in different areas to continue solidifying a historical relationship and deep friendship that reached in 2024,” Rodríguez on social media. Rodríguez went on to add that China and Venezuela have a “shared vision” regarding a new multipolar world “where the sovereignty and self-determination of the peoples of the Global South are respected.” She remarked that the BRICS organization would play a key role in advancing multipolarity. On Thursday, the Venezuelan vice president met with her Chinese counterpart Han Zheng, with both officials reportedly committing to achieve “greater progress” in bilateral relations. According to the , Han said China is eager to fully implement the “all-weather strategic partnership” reached last year as well as “strengthen practical cooperation.” For her part, Rodríguez reiterated Venezuela’s respect for the one-China principle and emphasized the need to strengthen multilateral coordination to “oppose unilateral illegal sanctions, safeguard national security and development, and international fairness and justice.” In recent years, Venezuela and China have deepened their strategic political and economic ties as both governments aim to counteract Western hegemony and unilateral coercive measures. Since 2017, the Caribbean nation has faced severe hardships caused by the US-led economic blockade which has particularly targeted the crucial . In September 2023, Presidents Nicolás Maduro and Xi Jinping the countries’ relations to an “all-weather strategic partnership” and signed 31 agreements to boost collaboration in areas such as oil, scientific development, healthcare, and space exploration. The new level of bilateral partnership was considered historic with Venezuela being the first Latin American country to enter the “all-weather” category reserved by Beijing for its closest allies. The upgrade reflects China’s growing role as Venezuela’s primary trading partner in Asia, particularly in crude oil purchases. On the eve of her trip to China, Vice President Rodríguez the country’s 2025 budget proposal to the National Assembly (AN), estimated at USD $22.7 billion. The figure represents an increase of nearly 11 percent from this year’s $20.5 billion budget and nearly doubles the $11.6 billion allocated in 2023. It still stands at around a fifth of the government’s $118 billion budget for 2015. Rodríguez attributed the recent sustained increase to “consistent ” since 2021, citing an 8.5 percent GDP growth in the first three quarters of 2024 as measured by Venezuela’s Central Bank. The Caribbean nation is set for a fourth consecutive year of economic improvement, though GDP remains below 30 percent of its high mark in 2014. “This budget reflects the victorious resilience of the Venezuelan economy amid adversity and economic suffocation that have targeted our workers and production processes,” she told lawmakers on Tuesday. “In these challenging conditions, Venezuela is now one of the fastest-growing countries in Latin America.” The vice president detailed that 77.6 percent of next year’s budget will be dedicated to social investment, focusing on education, healthcare, security, science and technology, public infrastructure, and housing. The spending plan incorporates input gathered from thousands of popular assemblies held across the country. Rodríguez also highlighted that the budget includes a special fund for chosen and managed directly by the Venezuelan people through communal circuits, as well as an additional allocation for the Essequibo region. According to , tax revenues are expected to contribute $5.25 billion to the budget, financing 28 percent of total spending. Venezuelan authorities have praised tax collection, which has more than doubled year-on-year in 2024. In contrast, Venezuelan state oil company PDVSA will cover 53 percent of expenditures, amounting to $10.1 billion, down from an estimated $11.9 billion this year. The remainder of the country’s annual financing will come from mining, loans, and debt issuances. On Thursday, Parliament President Jorge Rodríguez that the 2025 budget proposal had been approved by the legislature and sent to the Maduro government for its promulgation.
Indexes ended lower on Thursday as traders focused on the coming jobs report. The data is expected to show the US economy added 214,000 new hires, a steep uptick from October's reading. The report will give new clues about the path of interest rates ahead of this month's Fed meeting. Indexes ended lower on Thursday as traders' attention remained fixed on the upcoming November jobs report due Friday morning. The major averages ended slightly lower, while bond yields were little changed. The 10-year Treasury yield was about flat at 4.178% Economists polled by FactSet expect the jobs data to show that US employers added 215,000 new jobs, a steep uptick from October's dismal reading of just 12,000 following that month's hurricanes and labor strikes. The data will provide important clues to investors about the path of interest rates as the Federal Reserve heads toward its next policy meeting later this month. The Fed has made two consecutive rate cuts since September, and markets see a 70% chance of a 25 basis point cut this month, according to the CME FedWatch Tool . However, fed fund futures also show traders eyeing rising odds of a pause, with odds of no change to the benchmark rate at30%, compared to 22% on Wednesday. That comes as Fed speakers this week have voiced caution on easing monetary policy. Chair Jerome Powell, who spoke at The New York Times' DealBook Summit on Wednesday sounded optimistic about the state of the US economy, stating that the central bank could afford to move slowly on rate cuts. "Growth is definitely stronger than we thought, and inflation is coming a little higher," Powell said, adding, "The good news is that we can afford to be a little more cautious as we try to find neutral." Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday: S&P 500 : 6,075.11, down 0.19% Dow Jones Industrial Average : 44,765.71, down 0.55% (-248.33 points) Nasdaq composite : 19,700.26, 0.18% Meanwhile, bitcoin continued to trade higher for much of the day after passing the key $100,000 threshold for the first time on Wednesday. The jump cam after President-elect Donald Trump nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission. The coin slipped back below the six-figure threshold Thursday afternoon, trading at $99,316. Here's what else is happening: Bitcoin has rallied but other cryptos are up even more. Here are the 10 biggest tokens by market cap . Bitcoin will replace gold as the "premier store of value" asset in the next decade, Bernstein says. South Korea's economy would boom if its president is impeached, research firm says. The US stock market boom has boosted the wealth of the world's billionaires to $14 trillion, UBS says. In commodities, bonds, and crypto: West Texas Intermediate crude inched lower to $68.46 a barrel. Brent crude , the international benchmark, dipped to $72.22. Gold was down 0.8% to $2,653.90. The 10-year Treasury yield was nearly flat at 4.178%. Bitcoin edged down to $99,316.I raised my hand in the Psychology 101 class, confused by the theory expounded by the professor. He was instructing us about Behaviorism and cited an example of helping a client with a hand-washing obsession by helping him change his behaviors associated with his constant desire to wash his hands. The professor helped him to find other things to do to divert his compulsion to wash his hands. I expressed my concern that since the underlying fear was not dealt with, that the change of behavior would not alleviate that underlying fear and that alternative expressions of the compulsion might arise. I asked the professor what should be done when one compulsion exercise was substituted for another. He responded that at that time he would simply address the new set of compulsive behaviors. While I was somewhat impressed that the professor had discovered a way to ensure repeat business, I was also concerned about the ethics of transferring a client’s obsession to a different set of compulsive behaviors instead of “curing” him of the compulsion, thus removing the need for any acting-out behavior. Lay the axe at the root, not at each successive branch. Hand-washing is not the problem. The fear that created the obsession to get one’s clean hands clean is the problem. Get rid of the compulsion itself and no alternative compulsive behaviors will be the result. In my naïve world I did not understand the economics of symptom treatment. Modern medicine and counseling are mostly paid for by someone other than the client. In most cases, it is some form of insurance or public assistance that covers the cost of treatment. In the profession this is called third-party co-pay. You get treatment and (most often) your insurance company pays for it. You pay premiums to your insurance company for “coverage.” The main goal of the insurance company is to present the highest possible dividend to its stock holders, the people who invest in the stock of the insurance company. If the company does not pay good dividends, then people will invest their money elsewhere and the company’s operating fund will decline, potentially threatening the viability of the business. Underwriters, folks who are educated in economics and cost-management, ultimately decide who will receive benefits and how much. Neither you, your doctor, or your counselor decides how much treatment you will receive, the ones paying the piper will. Your care is not their primary concern, although it is important to them. Return-on-investment to shareholders is their primary concern. Your medical or psychological problem is primarily an economic one to them. Your counselor must convince them of a diagnosis and then, using actuary tables, an underwriter will authorize a certain amount of sessions for payment. After those sessions are completed, the counselor must appeal to the co-pay, and justify the need, for additional sessions. That again, is the decision of an underwriter. The average number of third-party-co-pay authorized sessions for serious psychological diagnosis is somewhere around a dozen. Hypothetically, what may have taken a client a lifetime to develop must be “cured” in a few fifty-minute meetings. The counselor understands that he must so target the “problem” that it can be cured in the equivalent of a day and a half. It is quite easy to understand that the counselor is under duress to achieve counseling success by framing the problem in a such a way that it only requires that much time. It takes much less time to train someone to not wash their hands than it does to delve into an understanding about why they feel compelled to wash clean hands and then to address and remove that fear. The first is behavioral and the second is more traditional psychoanalytical, which has fallen out of vogue not because it is not helpful, but because it is too expensive. This would all be tragic enough if it only applied to medical or psychological maladies, but this approach to improving life has permeated all areas of problem-solving because it is quick and cheap. In the dark, untouched by surface behavioral change is an underlying problem that is growing in intensity because it is hidden from diagnosis and address because the symptomatic behaviors offer it a protective cover. One day, as we see all around us, it will rise from its lair and wreak all manner of destruction because tuberculosis does not ultimately respond to cough medicine. Reach Stephen Parker at fam4evrsp@gmail.comFiserv's Options Frenzy: What You Need to Know
Solaris Resources Appoints New CEO and Moves Headquarters to SwitzerlandWarren Buffett, the legendary US investor and chairman of Berkshire Hathaway, has made further preparations for giving away his fortune after his death. Buffett, 94, plans to donate 99.5 per cent of his remaining wealth, valued on Friday at $US149.7 billion ($A229.5 billion) according to Forbes magazine, to a charitable trust overseen by his daughter and two sons when he dies. In a letter to Berkshire shareholders on Monday, Buffett said three potential successor trustees have been designated if his daughter Susie, 71, and sons Howard, 69, and Peter, 66, cannot serve. He said each is somewhat younger than his children, well known to them and "makes sense" to all of them. "I've never wished to create a dynasty or pursue any plan that extended beyond the children," Buffett wrote. "But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets." Buffett also said he is donating another $US1.14 billion of Berkshire stock to four family foundations. That boosts his giving to more than $US58 billion since 2006, when Buffett pledged most of his fortune to the foundations and to the Bill & Melinda Gates Foundation, which has received more than $US43 billion. He has donated 56.6 per cent of his Berkshire shares. Buffett has led Omaha, Nebraska-based Berkshire since 1965. He still owns 14.4 per cent of its stock and plans to continue donating shares to the five foundations during his lifetime. After his death, his children will have about 10 years to give away his remaining wealth, and must decide unanimously which philanthropic purposes it should serve. Susie Buffett leads the Susan Thompson Buffett Foundation, which funds reproductive health and is named for Buffett's first wife, and the Sherwood Foundation, which supports Nebraska non-profits and early childhood education. Howard Buffett heads the Howard G Buffett Foundation, which works to address global hunger, combat human trafficking and mitigate conflicts. Peter Buffett leads the NoVo Foundation, which has initiatives focused on marginalised girls and women as well as indigenous communities. Berkshire is a $US1 trillion conglomerate, owning businesses such as the BNSF railway and Geico car insurance, and stocks such as Apple and American Express. In his letter, Buffett acknowledged his advancing age but signalled no intention to step aside. "Father time always wins," he said. "To date, I've been very lucky but - before long - he will get around to me."
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