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Nearly half of all students who sat the Fiji Year Eight Examination this year failed, raising alarm bells among parents, teachers, and education stakeholders. Of the 19,300 plus registered students, the Ministry of Education recorded a 69 per cent pass rate, up just two per cent from 2023. This leaves more than 6000 students likely to progress to year nine, despite failing. Fijian Teachers Association general secretary, Paula Manumanunitoga, described the results as “close to pathetic”, urging all stakeholders to reassess and strategise. “From classroom teachers to ministry officials, everyone must take stock, analyse the issues, and implement countermeasures to improve outcomes next year,” he said. Mr Manumanunitoga criticised the lack of parental involvement, stating many parents fail to supervise or support their children’s education. “They should take their children’s education seriously and not treat it as trivial,” he said. The controversial no-repeat policy introduced by the previous government came under fire. Mr Manumanunitoga called for its removal, blaming it for advancing students unprepared for higher levels. “We have children who can’t read going to university. It must go,” he said. From 2019 to 2023, 5726 students dropped out before completing year 10, with another 4589 leaving before finishing primary school, according to ministry data. Curriculum Chaos Mr Manumanunitoga pointed to frequent curriculum changes as a significant issue, noting the confusion caused by multiple reforms in the past decade. “There have been at least three curriculums introduced by different ministers, and the constant changes are confusing for teachers,” he said. Prime Minister Sitiveni Rabuka also criticised the no-repeat policy, indicating plans to revisit it. Mr Rabuka acknowledged the need for a more effective curriculum to address persistently poor exam results. The Ministry of Education was unavailable for comment at the time of publication. Feedback: shratikan@fijisun.com.fjSUZHOU, China, Nov. 27, 2024 (GLOBE NEWSWIRE) -- YXT.com Group Holding Limited (NASDAQ: YXT) ("YXT.com” or the "Company”), a leader and disruptor of the digital corporate learning industry in China, today announced its unaudited financial results for the first nine months of 2024 that ended September 30, 2024. First Nine Months 2024 Operating and Financial Highlights Mr. Pun Leung Liu, Chief Financial Officer of YXT.com, added, "Our financial results for the first nine months of 2024 demonstrate the effectiveness of our operational optimization initiatives. Through strategic cost management and AI-enabled operational improvements across multiple functions, we significantly narrowed our net loss to RMB14.9 million from RMB245.3 million in the same period last year. We remain committed to disciplined cost control while continuing to invest in strategic areas that drive long-term growth, particularly our technology capabilities and enterprise-focused solutions.” Financial Results for the First Nine Months of 2024 Revenues Revenues were RMB241.7 million (US$34.4 million), compared with RMB328.8 million in the same period of last year. Cost of revenues was RMB95.8 million (US$13.6 million), compared with RMB133.8 million in the same period of 2023, representing a decrease of 28.4%, mainly due to (i) the deconsolidation of CEIBS PG effective on January 15, 2024, resulting in a decrease of RMB22.7 million; (ii) lower instructor compensation costs due to reduced offline activities, aligning with our strategic shift towards subscription-based corporate learning solutions; and (iii) decreased staff expenses and third-party infrastructure costs through operational optimization. Sales and marketing expenses Sales and marketing expenses were RMB105.8 million (US$15.1 million), compared with RMB173.2 million in the same period of last year, representing a decrease of 38.9%, mainly due to (i) the deconsolidation of CEIBS PG effective on January 15, 2024, resulting in a decrease of RMB36.5 million; and (ii) reduced compensation and incentives through human resources optimization. Research and development expenses Research and development expenses were RMB90.6 million (US$12.9 million), compared with RMB136.8 million in the same period of 2023, representing a decrease of 33.8%, mainly due to (i) the deconsolidation of CEIBS PG effective on January 15, 2024, resulting in a decrease of RMB18.8 million; and (ii) reduced compensation through human resources optimization. General and administrative expenses General and administrative expenses were RMB75.0 million (US$10.7 million), compared with RMB117.1 million in the same period of 2023, representing a decrease of 35.9%, mainly due to (i) the deconsolidation of CEIBS PG effective on January 15, 2024, resulting in a decrease of RMB13.5 million; (ii) a RMB18.5 million decrease in share-based compensation following completion of certain share-based incentives amortization; and (iii) reduced professional fees. Net loss and adjusted net loss Net loss was RMB14.9 million (US$2.1 million), compared with a net loss of RMB245.3 million in the same period of last year. Adjusted net loss was RMB123.1 million (US$17.5 million), compared with an adjusted net loss of RMB196.1 million in the same period of last year. Earnings/(loss) per share Basic and diluted net income per share was RMB5.02 (US$0.72), compared with basic and diluted net loss per share of RMB7.06 in the same period of last year. The improvement in earnings per share was primarily attributable to the deemed contribution to common shareholders due to modification and extinguishment of the Company's convertible redeemable preferred shares on July 1, 2024. Balance Sheet As of September 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term bank deposits of RMB488.7 million (US$69.6 million), compared with RMB496.2 million as of December 31, 2023. Conference Call Information The Company's management team will hold a conference call at 8:00 P.M. U.S. Eastern Time on Tuesday, November 26, 2024 (or 9:00 A.M. Beijing Time on Wednesday, November 27, 2024) to discuss the financial results. Details for the conference call are as follows: A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.yxt.com/. Non-GAAP Financial Measures In evaluating our business, we consider and use adjusted net loss as a supplemental non-GAAP measure to review and assess our operating performance. Adjusted net loss is net loss excluding amortization of incremental intangible assets resulting from business combination, gain on deconsolidation of CEIBS PG, share-based compensation, change in fair value of derivative liabilities, net of income taxes, to the extent applicable. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of the non-GAAP measure facilitates investors' assessment of our operating performance. The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measure is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. We compensate for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, 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. Exchange Rate Information This announcement contains translations of certain Renminbi ("RMB”) amounts into U.S. dollars ("US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Safe Harbor Statements This press release contains forward-looking statements. These statements are made under the "safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may,” "will,” "expect,” "anticipate,” "target,” "aim,” "estimate,” "intend,” "plan,” "believe,” "potential,” "continue,” "is/are likely to”, or other similar expressions. 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 press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. About YXT.com As a technology company, YXT.com provides corporations with digital corporate learning solutions, including SaaS platforms, learning content, and other services. YXT.com is a leader and disruptor of the digital corporate learning industry in China. Established in 2011, YXT.com has supported Fortune 500 companies and other leading companies with their transformation and digitalization of learning and development, and has received recognition, respect and recurring business. Contact Robin Yang ICR, LLC [email protected] +1 (646) 405-4883 December 31, September 30, December 31, September 30,
Commentary: From sinkholes to K-pop, there’s a growing threat of disinformation in MalaysiaEven in death, John McCain has his daughter’s vote for president. In a podcast interview released Thursday, Meghan McCain revealed she cast a vote for her dead dad as a write-in for president on her 2024 ballot. The Republican political commentator and daughter of the late Arizona senator — who died in 2018 after a battle with brain cancer — waxed poetic about politics on the latest episode of “Next Question with Katie Couric.” “I wrote in my dad,” she told Couric. “People are mad at me. People are so mad at me, Katie. I mean, mad that I didn’t vote either way.” McCain went on to explain the reasoning behind her decision, saying she could “never” vote for Donald Trump but couldn’t support Kamala Harris either. “I don’t want anything on my conscience with any of it,” she said. “I can never vote for Trump. I can’t do it. I could never explain it to my children.” When probed further on why she didn’t vote for Harris , McCain told Couric she “really wanted” the VP to “give me a reason to vote for her and I just felt like it never happened.” But perhaps even more than Harris, McCain said her inability to vote for the Democratic ticket was largely due to Harris’ running mate, Minnesota Governor Tim Walz. “Look, I’m a pro-life, pretty hardcore conservative woman and Governor Walz was way too extreme for me,” McCain said. “He actually scared me a lot more than she did. He’s very radical on abortion and his record during the 2020 George Floyd protests in Minneapolis...I felt like he was cosplaying as a Republican to try to get my vote.” John McCain, who served as a U.S. representative and senator from Arizona for over 30 years, also ran an unsuccessful bid for president in 2008. He reduced his role in the Senate after being diagnosed with glioblastoma in 2017 , ultimately dying from the disease a year later. His death still deeply affects his oldest daughter . “My dad dying gutted me,” Meghan McCain said. “I always feel like there’s life before my dad died and after my dad died. I didn’t become a different person, but it just hardens you and ages you when you lose anyone to brain cancer. You just become a different version of yourself.” But the 40-year-old mother of two said she’s relieved her father is not here to bear witness to the polarizing political climate. “There’s a part of me that’s happy he’s not alive to see all this, because it would have broken his heart so badly to see the divisions in the country the way they are.”
The former Cy Young winner re-signed with the Guardians on Wednesday, a reunion that seemed unlikely when he became a free agent. However, the 29-year-old Bieber decided to stay with the AL Central champions after making just two starts in 2024 before undergoing Tommy John surgery. Bieber agreed last week to a one-year, $14 million contract. The deal includes a $16 million player option for 2026. It seemed like a long shot that Bieber, who is 62-32 with a 3.22 ERA in 132 starts, would return to Cleveland. He had turned down long-term offers in the past from the club, and it was expected he would sign with another contender, likely one on the West Coast. But the California native has a special connection with the Guardians, who selected him in the fourth round of the 2016 draft. Bieber, who won the AL Cy Young in the pandemic-shortened 2020 season, threw only 12 innings last season before lingering issues with his elbow forced him to have surgery. He is expected to join Cleveland's rotation at some point in 2025. A two-time All-Star, Bieber was named MVP of the midsummer event in 2019 when it was held in Cleveland. He has the highest strikeout ratio per nine innings (10.2) and third-highest winning percentage (.660) in the franchise's 124-year history. Bieber is one of just three Cleveland pitchers to start five season openers, joining Stan Coveleski (1917-21) and Corey Kluber (2015-19). While Bieber had some elbow issues in the past, he didn't show any issues before being shut down. He struck out 11 in six scoreless innings against Oakland on March 28, and followed that up with six more shutout innings at Seattle on April 2. DALLAS — Pitchers again dominated the big league phase of the Rule 5 draft at the winter meetings, comprising 11 of the 15 unprotected players who were picked Wednesday. The 121-loss Chicago White Sox had the first pick and selected 24-year-old right-hander Shane Smith from the Milwaukee Brewers organization. Smith was an undrafted free agent out of Wake Forest when he was signed by Milwaukee in July 2021. The 6-foot-4, 235-pounder has gone 13-7 with a 2.69 ERA and 203 strikeouts over 157 innings in 19 starts and 54 relief appearances over three minor league seasons. There were 14 teams who made picks in the major league portion of the Rule 5 draft of players left off 40-man rosters after several minor league seasons. Only Atlanta made two selections, after making none since 2017. Atlanta chose right-hander Anderson Pilar from the Miami Marlins with the 11th pick, and then took infielder Christian Cairo from the Cleveland Guardians with the 15th and final pick in the MLB portion. The 26-year-old Pilar was original signed by Colorado as a minor league free agent in 2015 and has pitched in 213 minor league games that included 17 starts. He is 28-20 with a 2.86 ERA. Teams pay $100,000 to take a player in the major league portion. The players must stay on the big league roster all of next season or clear waivers and be offered back to their original organization for $50,000. Six of the 10 players selected during the Rule 5 draft last December — five of them right-handed pitchers — remained last season with organization that selected them. Two of the four position players taken Wednesday by other teams came from the Detroit Tigers organization: catcher Liam Hicks and third baseman Gage Workman. Miami drafted second after Colorado passed making a selection, and took Hicks. Workman was taken by the Chicago Cubs with the 10th pick. Baltimore lost two right-handed pitchers on back-to-back picks, Juan Nunez to San Diego with the 12th pick before Connor Thomas went to Milwaukee. DALLAS — Tom Hamilton, who has called Cleveland games on the radio for 35 seasons, won the Hall of Fame’s Ford C. Frick Award for excellence in broadcasting on Wednesday. Hamilton, 70, joined the team's broadcast in 1990, when he was with Herb Score in the booth and part of the coverage of their World Series appearances in 1995 and 1997. Hamilton became the voice of the franchise when Score retired after that second World Series. Hamilton will be honored during the Hall of Fame’s induction weekend from July 25-28 in Cooperstown, New York. He was selected the hall's Frick Award 16-member committee as the 49th winner. There were 10 finalists on this year's ballot, whose main contributions came as local and national voices and whose careers began after, or extended into, the Wild Card era. The other nine were Skip Caray, Rene Cardenas, Gary Cohen, Jacques Doucet, Ernie Johnson Sr., Mike Krukow, Duane Kuiper, Dave Sims and John Sterling. DALLAS — The Texas Rangers acquired slugging corner infielder Jake Burger from the Miami Marlins on Wednesday in a trade for three minor league players. Burger hit .250 with 29 home runs and 76 RBIs in 137 games for the Marlins last season, with 150 strikeouts in 535 at-bats with 31 walks. He started 59 games at third base and made 50 starts at first. Five days of service time short of being eligible for salary arbitration this offseason, he will be eligible next winter and can become a free agent after the 2028 World Series. Miami got infielders Max Acosta and Echedry Vargas and left-handed pitcher Brayan Mendoza. The acquisition of Burger comes about a month after the Rangers hired former Marlins manager Skip Schumaker as a senior adviser for baseball operations. Luis Urueta, Miami's bench coach the past two seasons, also was added recently to manager Bruce Bochy's on-field coaching staff for 2025. BRIEFLY WHITE SOX: Mike Tauchman is switching sides in Chicago. The White Sox announced a $1.95 million, one-year contract for the outfielder. Tauchman, 34, grew up in Palatine, Illinois, about 35 miles northwest of Chicago, and played college ball for Bradley in Peoria, Illinois. He spent the previous two seasons with the Cubs. TRADE: All-Star left-hander Garrett Crochet was acquired by the Boston Red Sox from the Chicago White Sox for four prospects. Catcher Kyle Teel, infielder Chase Meidroth, right-hander Wikelman Gonzalez and outfielder Braden Montgomery are headed to Chicago.
Baijiayun was honored with the title of "Exclusive Member Unit" by the Beijing Educational Informationization Industry Alliance.
Reiterates Commitment to Investing in America to Lower Grocery Prices, Raise Associate Wages, and Support Local Communities Highlights Resilience of Value Creation Model and Strong Momentum to Drive Long-term, Sustainable Growth Board of Directors Authorizes $7.5B Share Repurchase Program including $5B Accelerated Share Repurchase CINCINNATI , Dec. 11, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today terminated its merger agreement with Albertsons after the U.S. District Court for the District of Oregon granted the Federal Trade Commission's request for a preliminary injunction to block the proposed merger. After reviewing options, the company determined it is no longer in its best interests to pursue the merger. "Kroger is moving forward from a position of strength. Our go-to-market strategy provides exceptional value and unique omnichannel experiences to our customers which powers our value creation model. We look forward to accelerating our flywheel to grow our alternative profit businesses and generate increased cash flows. The strength of our balance sheet and sustainability of our model allows us to pursue a variety of growth opportunities, including further investment in our store network through new stores and remodels, which will be an important part of our 8 – 11% TSR model over time," said Rodney McMullen , Kroger's Chairman and CEO. America's Grocer is Committed to Lowering Grocery Prices & Investing in Associates "Kroger has an extraordinary track record of investing in America," said McMullen. "We are at our best when we serve others – our customers, associates, and communities – and we take seriously our responsibility to provide great value by consistently lowering prices and offering more choices. When we do this, more customers shop with us and buy more groceries, which allows us to reinvest in even lower prices, a better shopping experience and higher wages. We know this model works because we've been doing it successfully for many years, and this is exactly what we will continue to do." Kroger's ongoing investments in America include: "I appreciate our associates who remained focused on taking care of our customers, communities and each other throughout the merger process," added McMullen. Share Repurchase Program Including Accelerated Share Repurchases Now that Kroger has terminated the merger agreement, the company is ready to deploy its capacity. With its strengthened balance sheet, Kroger will resume share repurchases after a more than two-year pause. Since announcing the merger, Kroger used its strong free cash flow and debt financing to build meaningful balance sheet capacity while maintaining its investment-grade rating. Kroger's Board of Directors approved a new share repurchase program authorizing the repurchase of up to $7.5 billion of common stock. The new repurchase authorization replaces Kroger's existing $1 billion authorization which was approved in September 2022 . Kroger intends to enter an accelerated share repurchase ("ASR") agreement for the repurchase of approximately $5 billion of common stock. "Our strong balance sheet and free cash flows position us to deliver on our commitment to grow the business and return capital to shareholders, maintaining capacity to invest in lower prices and higher associate wages," McMullen said. Kroger expects to continue to generate strong free cash flow and remains committed to its capital allocation priorities including maintaining its current investment grade debt rating, investing in the business to drive long-term sustainable net earnings growth, and returning excess free cash flow to shareholders via share repurchases and a growing dividend over time, subject to board approval. Looking forward, Kroger plans to host an Investor Day event in late spring of 2025 to share an update on its strategic priorities, future growth prospects and long-term financial outlook. Merger Debt Redemption In connection with the termination of the merger agreement, Kroger will begin the process of redeeming the $4.7 billion of its senior notes issued on August 27, 2024 , that include a special mandatory redemption provision in accordance with their terms. The notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date. Termination of Exchange Offers In connection with the termination of the merger agreement, Kroger has also elected to terminate its previously announced offers to exchange (collectively, the "Exchange Offers") any and all outstanding notes (the "ACI Notes") issued by Albertsons Companies, Inc., New Albertsons, L.P., Safeway Inc., Albertson's LLC, Albertsons Safeway LLC and American Stores Company, LLC (collectively, the "ACI Issuing Entities"), for up to $7,441,608,000 aggregate principal amount of new notes to be issued by Kroger and cash. Kroger has also elected to terminate the related solicitation of consents (the "Consent Solicitation" and, together with the Exchange Offer, the "Exchange Offer and Consent Solicitation") on behalf of the ACI Issuing Entities to adopt certain proposed amendments to the indentures governing the ACI Notes (the "ACI Indentures"). As a result of the Exchange Offer being terminated, the total consideration, including any consent fee, will not be paid or become payable to holders of the ACI Notes who have validly tendered and not validly withdrawn their ACI Notes for exchange in the Exchange Offer, and the ACI Notes validly tendered and not validly withdrawn for exchange pursuant to the Exchange Offer will be promptly returned to the tendering holders. As a result of the Consent Solicitation being terminated, the proposed amendments to the ACI Indentures and the supplemental indentures previously entered into reflecting such proposed amendments will not become operative. About the Exchange Offers Global Bondholder Services Corporation served as exchange agent and information agent for the now terminated Exchange Offer and Consent Solicitation. You should direct questions and requests for assistance to Global Bondholder Services Corporation at (855) 654-2015 (toll-free) or (212) 430-3774 (banks and brokers), or by email at contact@gbsc-usa.com . About Kroger At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: to Feed the Human SpiritTM. We are, across our family of companies nearly 414,000 associates who serve over eleven million customers daily through a seamless digital shopping experience and retail food stores under a variety of banner names , serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities. To learn more about us, visit our newsroom and investor relations site. Forward Looking Statements This press release contains certain statements that constitute "forward-looking statements" about Kroger's financial position and the future performance of the company. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "achieve," "committed," "confidence," "continue," "deliver," "expect," "future," "guidance," "model," "outlook," "strategy," "target," "trends," "well-positioned," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following: Kroger's ability to achieve sales, earnings, incremental FIFO operating profit, and adjusted free cash flow goals may be affected by: the termination of the merger agreement and our proposed transaction with Albertsons and related divestiture plan; labor negotiations; potential work stoppages; changes in the unemployment rate; pressures in the labor market; changes in government-funded benefit programs; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, and the aggressiveness of that competition; Kroger's response to these actions; the state of the economy, including interest rates, the inflationary, disinflationary and/or deflationary trends and such trends in certain commodities, products and/or operating costs; the geopolitical environment including wars and conflicts; unstable political situations and social unrest; changes in tariffs; the effect that fuel costs have on consumer spending; volatility of fuel margins; manufacturing commodity costs; supply constraints; diesel fuel costs related to Kroger's logistics operations; trends in consumer spending; the extent to which Kroger's customers exercise caution in their purchasing in response to economic conditions; the uncertainty of economic growth or recession; stock repurchases; changes in the regulatory environment in which Kroger operates, along with changes in federal policy and at regulatory agencies; Kroger's ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger's ability to negotiate modifications to multi-employer pension plans; natural disasters or adverse weather conditions; the effect of public health crises or other significant catastrophic events; the potential costs and risks associated with potential cyber-attacks or data security breaches; the success of Kroger's future growth plans; the ability to execute our growth strategy and value creation model, including continued cost savings, growth of our alternative profit businesses, and our ability to better serve our customers and to generate customer loyalty and sustainable growth through our strategic pillars of fresh, our brands, personalization, and seamless; the successful integration of merged companies and new strategic collaborations; and the risks relating to or arising from our proposed nationwide opioid litigation settlement, including our ability to finalize and effectuate the settlement, the scope and coverage of the ultimate settlement and the expected financial or other impacts that could result from the settlement. Our ability to achieve these goals may also be affected by our ability to manage the factors identified above. Our ability to execute our financial strategy may be affected by our ability to generate cash flow. Kroger assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. View original content to download multimedia: https://www.prnewswire.com/news-releases/kroger-reiterates-its-commitment-to-lower-prices-and-initiates-new-7-5b-share-buyback-program-302329493.html SOURCE The Kroger Co.
Ravens' running game was crucial in a big win over the Chargers, especially on 4th downMiddle East latest: Israel agrees to a ceasefire with Hezbollah in LebanonNEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (MTI), a global specialty minerals company, today announced the closing of a new seven-year $575 million senior secured Term Loan B (TLB) along with the increase of its Revolving Credit Facility (Revolver) from $300 million of capacity due 2027 to $400 million due 2029. Proceeds from the TLB will be used to refinance MTI's existing $523 million Term Loan A and repay outstanding Revolver borrowings. This transaction extends the weighted average tenor of MTI's capital structure to more than five years, increases the company's liquidity by $150 million, and is neutral to the company's leverage position. "We are pleased with this refinancing, which reflects the strong credit profile of the company. We improved our balance sheet flexibility by extending maturities and increasing liquidity,” said Erik Aldag, Chief Financial Officer. "Our balance sheet is now even stronger and is well-positioned to support our long-term growth strategy.” About Minerals Technologies Inc. New York-based Minerals Technologies Inc. (MTI) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems, and services. MTI serves a wide range of consumer and industrial markets globally, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. The company reported global sales of $2.2 billion in 2023. For further information, please visit our website at www.mineralstech.com . Investor Contact: Lydia Kopylova, (212) 878-1831Bieber re-signs with Guardians
Hello and welcome to Yahoo's live news blog this Thursday. The jackpot has risen to $100 million once again. Lottery officials are expecting a big rush this evening, with one in two Australian adults expected to have a ticket. The heat continues in NSW with temperatures set to soar well above 30 yet again. Residents are also being warned about storms that will bring heavy rain, strong winds and possibly hail to large parts of the state. Follow along as we bring you regular updates throughout the day. China has told New Zealand there will be "negative consequences" if the country joins Australia, the UK and the US in the military pact AUKUS. Chinese ambassador to New Zealand Wang Xiaolong told RNZ such a move "will have a negative impact on the [China-New Zealand] relationship". "Trust is one of the most precious but also one of the most fragile commodities. It may take years to build up; it just might take seconds to be destroyed," he said, according to the Global Times. "We would advise against anything that threatens to erode that very important trust between us." Australia has invested heavily in AUKUS, with up to $368 billion to be spent on boosting military readiness, with the centrepiece a fleet of nuclear-powered submarines. The pact has been widely seen as a direct counter to China's military growth and increased presence in the Indo-Pacific. But China has repeatedly slammed the group, accusing the countries of harbouring a "cold war mentality". A woman has been charged with allegedly attempting to drown two children. Emergency services were called to Riverpark Drive, Liverpool, about 10.30am on Monday, September 11, 2023, following reports of a concern for a welfare. Police found a woman had fallen from the Light Horse Bridge. The 36-year-old woman was treated by paramedics before being transported to hospital in a critical condition. About 12.50pm the same day, emergency services were called to the Georges River near Riverpark Drive in Liverpool following reports of two children in the water. “Officers attended and were told two girls – aged seven and eight – had been rescued from the river by a passer-by,” a statement from NSW Police read. The young girls were treated at the scene by paramedics and taken to hospital for further assessment. A crime scene was established and police launched an investigation into the incident. The now-37-year-old woman was released from hospital on Wednesday, November 27 about 11.30am. Following an extensive investigation, detectives arrested the woman, who was taken to Liverpool Police Station and charged with two counts of attempt to drown person with intent to murder. Police will allege the woman threw the two girls into the water. She was refused bail and appeared before court on Wednesday, November 27. - NCA NewsWire It's yet another $100 million draw for the Powerball tonight. They used to be a rare occurrence but in the last few years they've been pretty regular and there's a reason why. In 2018, lottery officials added an extra ball to the draw, making it almost twice as hard to scoop Division one and therefore triggering more rollovers. The big jackpots lead to plenty of buzz and plenty of tickets purchased. The Lott regularly predicts a $100 million draw prompts half of Australia's adults to buy a ticket – a quite staggering amount and one far greater than if the jackpot returned to the low millions. The Lott revealed this week that at the peak of sales at the last $100 million draw, there were 8,681 tickets sold in a single minute. A "huge rush" for tickets has been predicted for tonight. According to The Lott's estimations, this would mean the draw will bring in at least $57.2 million from roughly 10.6 million people based on the cost of the minimum requirement of four games to participate. If on average there were 20 games per person, the equivalent number of tickets in a PowerHit entry, Thursday's draw would turn over $285,569,840. The Lott has previously remained tight-lipped on the exact number of tickets it sells. Well it was a hot night for millions in NSW after what was a sweltering day on Wednesday. The heat rose to 39.9C in Penrith yesterday while at one point in the middle of the day, Sydney Airport became the hottest place in the planet momentarily when it hit 38.2C, Weatherzone reported. And while there were repeated warnings from the state government energy supplies might run out with air cons blaring, it was actually a different cause that left properties and businesses in Sydney's CBD without power on Thursday morning. "At least 950 customers and businesses lost power after a water main burst and flooded an underground substation," Ausgrid said this morning. Crews are working on the issue and power is expected to be out for "most of the day". There's more heat on the way today, and those in the state will also be facing storms that will bring rain, wind and potentially hail.LONGMONT, Colo. , Nov. 26, 2024 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW ) today announced it has filed its 10-Q for the three months ended September 30, 2024 . S&W previously issued preliminary first quarter fiscal 2025 financial results on November 19, 2024 . The financial results filed in the 10-Q are in line with the preliminary financial results previously released. In addition to the filing of the 10-Q, the Company announced yesterday that it has finalized the voluntary plan of administration, or VA, process for its subsidiary, S&W Seed Company Australia Pty Ltd, or S&W Australia. In the announcement on November 19, 2024 , the Company also introduced new guidance for fiscal 2025, which includes adjusted EBITDA for the remaining three quarters of fiscal 2025 (period from October 1, 2024 to June 30, 2025 ) to be between approximately ($1.9) million and $0.1 million . The Company is maintaining that guidance as a result of the filing of the 10-Q and finalization of the VA process. "As a result of the VA process being completed, on a go forward basis S&W is exclusively focused on its core U.S.-based operations led by our high margin Double Team sorghum solutions as well as our biofuels joint venture with Shell," commented S&W Seed Company's CEO, Mark Herrmann . "As we announced during our preliminary earnings call on November 19, 2024 , we believe we have a robust commercial plan in place to drive continued adoption of Double Team and other high value sorghum trait solutions, including the planned launch of our Prussic Acid Free trait this fiscal year. We are similarly focused on driving efficiencies across our production and operating operations. Our guidance indicates continued strong improvement in gross margins, coupled with a reduction in operating expenses, which is paving the way for us to approach positive adjusted EBITDA performance. In fact, we are expecting the high end of our range to be at adjusted EBITDA breakeven for the rest of fiscal 2025. This would be a significant potential milestone if we can achieve our expectations." Financial Results Total revenue for the first quarter of fiscal 2025 was $8.3 million compared to total revenue for the first quarter of fiscal 2024 of $10.8 million . This decrease was driven by a $1.5 million decrease in non-dormant alfalfa sales in the Middle East and North Africa region driven by the import ban on alfalfa in Saudi Arabia , a $0.8 million decrease in sorghum sales in Mexico related to tightening of credit policies and carryover seed from the prior year in the market, a $0.5 million decrease in Double Team sorghum revenue, a $0.4 million decrease in sorghum sales to South Africa due to limited inventory supply of compatible hybrids, and a $0.3 million decrease in conventional sorghum sales due to an extended sales season in the prior year. This decrease was offset by a $0.5 million increase in non-dormant alfalfa sales in the United States , a $0.3 million increase in non-dormant alfalfa sales in Mexico , and a $0.3 million increase in dormant alfalfa sales in the United States . Gross profit margin for the first quarter of fiscal 2025 was 16.1% compared to gross profit margin for the first quarter of fiscal 2024 of 25.3%. The gross profit percentage decrease was primarily driven by an estimated 6.5 point decrease attributable to the Company's International segment, with an estimated 3.8 point decrease related to lower selling prices in the Middle East North Africa region due lower demand, and an estimated 2.7 point decrease in margin related to South Africa sorghum sales due to the available supply of reduced quality and low cost seed in the prior year. The net gross profit for the Americas segment decreased primarily due to inventory write-offs. GAAP operating expenses for the first quarter of fiscal 2025 were $5.6 million compared to GAAP operating expenses for the first quarter of fiscal 2024 of $5.7 million . This decrease was due to a $0.1 million decrease in selling, general, and administrative expenses. Adjusted operating expenses (see Table A1) for the first quarter of fiscal 2025 were $4.5 million compared to $4.8 million for the first quarter of fiscal 2024. The $0.3 million decrease in adjusted operating expenses for the first quarter of fiscal 2025 was largely attributed to a $0.2 million decrease in selling, general, and administrative expenses after excluding non-recurring transaction costs. Net loss from continuing operations for the first quarter of fiscal 2025 was ($6.2) million , or ($2.73) per basic and diluted share, compared to ($5.0) million , or ($2.22) per basic and diluted share for the first quarter of fiscal 2024. Net loss from discontinued operations for the first quarter of fiscal 2025 was ($10.0) million , or ($4.38) per basic and diluted share, compared to ($0.9) million , or ($0.41) per basic and diluted share, for the first quarter of fiscal 2024. GAAP net loss for the first quarter of fiscal 2025 was ($16.2) million , or ($7.11) per basic and diluted share, compared to ($6.0) million , or ($2.63) per basic and diluted share, for the first quarter of fiscal 2024. Adjusted net loss (see Table A2) for the first quarter of fiscal 2025 was ($4.9) million , or ($2.15) per basic and diluted share, excluding the loss from discontinued operations, interest expense - amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. Adjusted net loss (see Table A2) for the first quarter of fiscal 2024 was ($3.8) million , or ($1.70) per basic and diluted share, excluding the loss from discontinued operations, interest expense - amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. Adjusted EBITDA (see Table B) for the first quarter of fiscal 2025 was ($3.1) million compared to adjusted EBITDA for the first quarter of fiscal 2024 of ($1.7) million . S&W Australia As previously reported, S&W Australia adopted a voluntary plan of administration on July 24, 2024 , and on October 11, 2024 , creditors of S&W Australia approved a proposed Deed of Company Arrangement, or DOCA, pursuant to which, among other things, 100% of the shares in S&W Australia would be transferred to Avior Asset Management No. 3 Pty Ltd. The effective date of the DOCA was November 22 , 2024. In order to facilitate the satisfaction of certain conditions to the effectiveness of the DOCA, on November 22, 2024 , S&W entered into a settlement agreement in exchange for a release from the intercompany obligations owed to S&W Australia. S&W will transfer ownership of certain white clover and alfalfa (lucerne) intellectual property, provide the associated inventory, repay insurance proceeds received on behalf of S&W Australia, and provide transitional support to S&W Australia necessary to assist in the changeover of business operations to a standalone entity. S&W also entered into an agreement with National Australia Bank Limited that releases S&W from the AUD $15.0 million guarantee and obtained a release of certain applicable liens from CIBC Bank USA . Fiscal 2025 Guidance S&W expects fiscal 2025 revenue to be within a range of $34.5 to $38.0 million . This includes approximately $4.1 million of international sales in the just completed first quarter of fiscal 2025. Adjusted EBITDA is expected to be in the range of ($5.0) million to ($3.0) million for fiscal 2025. Adjusted EBITDA for the first quarter of fiscal 2025 was ($3.1) million indicating that the Company expects adjusted EBITDA for the remaining three quarters of the fiscal year to be in a range of ($1.9) to $0.1 million . Non-GAAP Financial Measures In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), S&W has provided the following non-GAAP financial measures in this release and the accompanying tables: adjusted EBITDA; adjusted operating expenses; as well as adjusted net loss and adjusted net loss per share. S&W uses these non-GAAP financial measures internally to facilitate period-to-period comparisons and analysis of its operating performance and liquidity, and believes they are useful to investors as a supplement to GAAP measures in analyzing, trending and benchmarking the performance and value of its business. However, these measures are not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures. For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see Tables A1, A2, and B accompanying this release. In order to calculate these non-GAAP financial measures, S&W makes targeted adjustments to certain GAAP financial line items found on its condensed consolidated statement of operations, backing out non-recurring or unique items that we believe otherwise distort the underlying results and trends of the ongoing business. S&W has excluded the following items from one or more of its non-GAAP financial measures for the periods presented: Selling, general and administrative expenses; operating expenses. S&W excludes from operating expenses depreciation and amortization and a portion of SG&A expense related to non-recurring transaction costs and, for its adjusted EBITDA calculation, also non-cash stock-based compensation. S&W excludes non-recurring transaction costs from S&W's total operating expenses to provide investors a method to compare its operating results to prior periods and to peer companies, as such amounts can vary significantly based on the frequency of restructuring or acquisition events and the magnitude of restructuring or acquisition expenses. Net loss on discontinued operations : S&W excludes the net loss on discontinued operations, as this is outside of the scope of normal operations and is related to the disposal and operations of S&W Australia, which is no longer applicable. S&W believes it is important to exclude this amount in order to better understand its business performance. Foreign currency loss. The foreign currency loss represents fluctuations from changes in exchange rates that are uncertain or out of S&W's control and cannot be reasonably predicted. S&W believes it is useful to exclude this amount in order to better understand its business performance and allow investors to compare its results with peer companies. Interest expense – amortization of debt discount . Amortization of debt discount and debt issuance costs are primarily related to S&W's working capital lines of credit and term loans. These amounts are non-cash charges and are unrelated to its core performance during any particular period. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Interest expense, net . Interest expense, net primary consists of interest incurred on S&W's working capital credit facilities, the MFP Loan, the AgAmerica loan, and equipment capital leases. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Dividends accrued for participating securities and accretion . Dividends accrued for participating securities and accretion relates to dividends accrued for the Series B convertible preferred stock and the accretion for the discount related to the warrants issued in conjunction with the Series B convertible preferred stock. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Equity in loss of equity method investee (Vision Bioenergy), net of tax . This loss represents S&W's percentage of Vision Bioenergy's loss for the three months ended September 30, 2024 and 2023, as it has significant influence in Vision Bioenergy. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows: Adjusted Operating Expenses . S&W defines adjusted operating expenses as GAAP operating expenses adjusted to exclude depreciation and amortization, loss (gain) on disposal of property, plant and equipment, and non-recurring transaction costs. S&W believes that the use of adjusted operating expenses is useful to investors and other users of its financial statements in evaluating its operating performance because it provides a method to compare its operating results to prior periods and to peer companies after making adjustments for depreciation and amortization and amounts that are not expected to recur. Adjusted net loss and loss per share . S&W defines adjusted net loss as net loss attributable to S&W less interest expense – amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. S&W believes that these non-GAAP financial measures provide useful supplemental information for evaluating its operating performance. Adjusted EBITDA. S&W defines adjusted EBITDA as net loss attributable to S&W adjusted to exclude the loss from discontinued operations, interest expense, net, interest expense – amortization of debt discount, provision for (benefit from) income taxes, depreciation and amortization, non-recurring transaction costs, non-cash stock-based compensation, foreign currency loss, equity in loss of equity method investee (Vision Bioenergy), net of tax, and dividends accrued for participating securities and accretion. S&W believes that the use of adjusted EBITDA is useful to investors and other users of its financial statements in evaluating its operating performance because it provides them with an additional tool to compare business performance across companies and across periods. S&W uses adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of its overall assessment of its performance, for planning purposes, including the preparation of its annual operating budget, to evaluate the effectiveness of its business strategies and to communicate with its Board concerning its financial performance. Management does not place undue reliance on adjusted EBITDA as its only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. Financial Tables For a complete press release including financial tables, please view online at: https://swseedco.com/investors/press-releases/ . About S&W Seed Company Founded in 1980, S&W is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado . S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa and sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in pasture and sunflower seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com . Safe Harbor Statement This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "ability," "believe," "may," "future," "plan," "intends" "should" or "expects." Forward-looking statements in this release include, but are not limited to: our success in growing and expanding our Double Team operations in the Americas and driving the continued adoption of Double Team Grain Sorghum; our expected timelines for the development and launch of our planned products and the anticipated commercial success of such products; the shift in revenue towards our higher margin products and the expected continued increase in profit margins; and the success of our cost-saving, production optimization and operational initiatives to reduce operating expenses and drive our business towards profitability. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to: market adoption of products designed to support the energy transition and customer demand for our partnership's products; the effects of unexpected weather and geopolitical and macroeconomic events, such as global inflation, bank failures, supply chain disruptions, uncertain market conditions, the armed conflict in Sudan , the ongoing military conflict between Russia and Ukraine and related sanctions and the conflict in the Middle East , on our business and operations as well as those of our partnership, and the extent to which they disrupt the local and global economies, as well as our business and the businesses of our partnership, our customers, distributors and suppliers; sufficiency of our partnership's cash and access to capital in order to develop its business; the sufficiency of our cash and access to capital in order to meet our liquidity needs, including our ability to pay our growers as our payment obligations come due; our need to comply with the financial covenants included in our loan agreements, refinance certain of our credit facilities and raise additional capital in the future and our ability to continue as a "going concern"; changes in market conditions, including any unexpected decline in commodity prices, may harm our results of operations and revenue outlook; our proprietary seed trait technology products, including Double Team, may not yield their anticipated benefits, including with respect to their impact on revenues and gross margins; changes in the competitive landscape and the introduction of competitive products may negatively impact our results of operations; demand for our Double Team sorghum solution may not be as strong as expected; our business strategic initiatives may not achieve the expected results; previously experienced logistical challenges in shipping and transportation of our products may become amplified, delaying our ability to recognize revenue and decreasing our gross margins; we may be unable to achieve our goals to drive growth, improve gross margins and reduce operating expenses; the inherent uncertainty and significant judgments and assumptions underlying our financial guidance; and the risks associated with our ability to successfully optimize and commercialize our business. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2024 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. Company Contact: Mark Herrmann , Chief Executive Officer S&W Seed Company Phone: (720) 593-3570 www.swseedco.com Investor Contact: Robert Blum Lytham Partners, LLC Phone: (602) 889-9700 [email protected] www.lythampartners.com SOURCE S&W Seed Company
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By Ricardo Brito and Anthony Boadle BRASILIA (Reuters) - Harley Sandoval, an evangelical pastor, real estate agent and mining entrepreneur, was arrested in July 2023 for illegally exporting 294 kilos of gold from Brazil's Amazon to the United States, Dubai and Italy. On paper, the gold was sourced from a legal prospect Sandoval was licensed to mine in the northern state of Tocantins. But police said not an ounce of gold had been mined there since colonial times. Using cutting-edge forensic technology, along with satellite imagery, Brazil's Federal Police said it was able to establish that the exported gold did not come from the Tocantins prospect. Instead, it had been dug up from three different wildcat mines in neighboring Pará, some on protected Indigenous reservation lands, according to previously unreported court documents dated November 2023 seen by Reuters. The prosecution is one of the first in Brazil using the new technology to tackle clandestine trading that may account for as much as half of the gold output of Brazil, a major producer and exporter of the precious metal. Illegal gold mining has surged at thousands of sites in the Amazon rainforest, bringing environmental destruction and criminal violence to the region. Seizures of illegally mined gold have surged seven-fold in the past seven years, according to Federal Police records obtained exclusively by Reuters. Sandoval, who has been released pending trial and continues to preach with his wife at a Pentecostal Evangelical church in the central Brazilian city of Goiania, denies the allegations. He maintains there is no way to establish where the gold was mined once it is melted down into ingots for export. "That's impossible. To export gold one always has to melt it down," he told Reuters by telephone. THE DNA OF GOLD Historically, gold is notoriously difficult to trace, especially once metal from different sources has been melted together, erasing the original signatures. After that, it can easily be traded as a financial asset or be used in the jewelry industry. But investigators say that's starting to change. A police program called "Targeting Gold" is creating a database of samples from across Brazil that are examined with radio-isotope scans and fluorescence spectroscopy to determine the unique composition of elements. The technique, long used in archaeology, was pioneered in mining by University of Pretoria geologist Roger Dixon to help distinguish between legal and stolen gold. The program developed in partnership with university researchers includes the use of powerful light beams from a particle accelerator at a Sao Paulo lab to study nano-sized impurities associated with gold, be it dirt or other metals like lead or copper, that help trace its origins. Humberto Freire, director of the Federal Police's recently-created Environment and Amazon Department, said the technology allows scientists to analyze "the DNA of Brazilian gold." "Nature has marked the gold with isotopes and we can read these unique fingerprints with radio-isotope scans," Freire said. "With this tool we can trace illegal gold before it gets refined for export." The program has helped fuel an increase in gold seizures since leftist President Luiz Inacio Lula da Silva took office last year — up 38% in 2023 from 2022, according to government numbers seen by Reuters. New Brazil central bank gold market regulations, including mandatory electronic tax receipts for all trades and tightened monitoring of suspect transactions, have also helped, according to Freire. "We estimate that around 40% of the gold that is extracted in the Amazon is illegal," he told Reuters. Brazil exported 110 tonnes of gold in 2020 worth $5 billion, according to official data, ranking among the world's top 20 exporters. Last year, exports were 77.7 tonnes, a drop the government attributes to improved enforcement of illegal mining. INDIGENOUS TENSIONS Lula's predecessor, far-right President Jair Bolsonaro weakened environmental controls in the Amazon. That triggered a new gold rush in Brazil, spurred by record world gold prices that were driven up by geopolitical tensions and central bank purchases, led by China. Prices have continued to new highs, trading at around $2,650 per ounce on Friday. Gold rushes have been a hallmark of mineral-rich Brazil from its Portuguese colonial past. But the latest surge in wildcat mining beginning during Bolsonaro's administration has been unprecedented. Satellite images show there are some 80,000 such prospects today in the Amazon rainforest, more than ever registered before. Once dominated by prospectors with gold pans, artisanal mining in Brazil has become an industrial-scale activity with heavy excavating machinery and million-dollar river dredgers. Criminal organizations fly people, equipment and gold into and out of the region with helicopters and planes that land at clandestine airstrips. Their excavations often leave behind gaping ponds of sludge contaminated with mercury, used to separate the gold from dirt and other minerals. Last year, thousands of miners who invaded the Yanomami territory, the country's largest Indigenous reservation on the northern border with Venezuela, brought violence and disease that caused malnutrition and a humanitarian crisis among the tribe, prompting Lula to send in troops. But many returned this year after the military pulled out. Lula, who has pledged to stamp out illegal gold mining, tried to fight back by deploying special forces of the environmental protection agency Ibama into Indigenous reservations and forest conservation parks. Police say cracking down on the organized crime gangs that back the wildcat miners is the next step in staunching an illegal trade that feeds the jewelry and watch industry in Switzerland, which buys 70% of Brazil's exported gold, according to government trade data. Amazon neighbors, including Colombia and French Guiana, are considering adopting the Brazilian gold analysis method to deal with their illegal gold trade and European governments have shown interest, including Switzerland and Britain, the top importers from Brazil after Canada, police and diplomats said. Brazil accounts for just 1% of gold imported by Switzerland, a global trade hub for the metal, and "measures are in place to import only legally mined gold," a Swiss embassy statement said. The embassy said it has set up a working group with other importing countries to study traceability and anti-counterfeiting tools. A 2022 study by non-profit watchdog Instituto Escolhas found that 52% of the gold exported from the Amazon was illegal, nearly all from protected Indigenous reservation lands or national conservation parks. A vibrant lobby for informal gold mining has survived Bolsonaro in Brazil's Conservative Congress, where pending bills propose legalizing wildcat mining. For now, though, gold samples from across Brazil are being added to a database with the help of scientists at the Federal Police's criminology institute lab in Brasilia, where forensic expert Erich Moreira Lima oversees microscopic scanning of gold nuggets that are kept in a safe. "Now that we have a team set up, we hope to analyze the 30,000 gold samples the Brazilian Geological Service has collected. In a few years, we should have mapped all Brazil's 24 gold producing regions," he told Reuters. Geologist Maria Emilia Schutesky and her team at the National University of Brasilia's geosciences lab conduct mass spectrometry scans on gold samples to identify associated molecules, such as lead, to place the gold's origins. "We researchers seek a 100% ability to trace gold, but that is more than what the police needs to prove a crime, which is just to establish that the gold does not come from where a suspects claims it is from," Schutesky said. (Reporting by Ricardo Brito and Anthony Boadle; Editing by Christian Plumb and Claudia Parsons)
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