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Stormont minister Maurice Morrow told an official he would not raise the issue with the Northern Ireland Executive, despite similar measures being considered in England and Wales. A file on planning arrangements for the jubilee celebrations reveals a series of civil service correspondences on how Northern Ireland would mark the occasion. It includes a letter sent on January 11 2001 from an official in the Office of the First Minister/Deputy First Minister (OFMDFM) to the Department of Social Development, advising that a committee had been set up in London to consider a programme of celebrations. The correspondence says: “One of the issues the committee is currently considering is the possibility of deregulating liquor licensing laws during the golden jubilee celebrations on the same lines as the arrangements made for the millennium. “It is felt that the golden jubilee bank holiday on Monday 3 June 2002 is likely to be an occasion on which many public houses and similar licensed premises would wish to stay open beyond normal closing time.” The letter said a paper had been prepared on the issue of extending opening hours. It adds: “You will note that paragraph seven of the paper indicates that the devolved administrations ‘would need to consider deregulation separately within their own jurisdictions’. “I thought that you would wish to be aware that this issue is receiving active consideration for England and Wales and to consider whether anything needs to be done for Northern Ireland.” Some months later a “progress report” was sent between officials in OFMDFM, which again raised the issue of licensing laws. It says: “I spoke to Gordon Gibson, DSD, about Terry Smith’s letter of 12 January 2001 about licensing laws: the matter was put to their minister Maurice Morrow (DUP) who indicated that he would not be asking the NIE (Northern Ireland Executive) to approve any change to current licensing laws in NI to allow for either 24 hour opening (as at the millennium) nor a blanket approval for extended opening hours as is being considered in GB. “In both cases, primary legislation would be required here and would necessitate consultation and the minister has ruled out any consultation process.” The correspondence says individual licensees could still apply for an extension to opening hours on an ad hoc basis, adding “there the matter rests”. It goes on: “DSD await further pronouncements from the Home Office and Gibson and I have agreed to notify each other of any developments we become aware of and he will copy me to any (existing) relevant papers. “Ministers may well come under pressure in due course for a relaxation and/or parity with GB.” The document concludes “That’s it so far...making haste slowly?” Emails sent between officials in the department the same month said that lord lieutenants in Northern Ireland had been approached about local events to mark the jubilee. One message says: “Lord lieutenants have not shown any enthusiasm for encouraging GJ celebrations at a local level. “Lady Carswell in particular believes that it would be difficult for LLs to encourage such activities without appearing political.”
Editor’s note: This story has been corrected to state that Castellum Inc — not Constellium SE — announced the pricing of a public stock offering. With U.S. stock futures trading lower this morning on Friday, some of the stocks that may grab investor focus today are as follows: Viracta Therapeutics, Inc . VIRX said its board has initiated a process to explore a broad range of strategic alternatives. The company announced plans to close its ongoing pivotal Phase 2 clinical trial of Nana-val in Relapsed/Refractory EBV + Lymphomas. Viracta Therapeutics shares dipped 13.9% to $0.2040 in the after-hours trading session. Evaxion Biotech A/S EVAX applied for a patent for vaccines targeting Neisseria gonorrhoeae. Evaxion Biotech shares jumped 104.5% to $1.73 in after-hours trading. Castellum Inc CTM announced the pricing of a previously announced stock offering of 4,355,000 shares at 85 cents per share for gross proceeds of approximately $3.7 million. Check out our premarket coverage here . The Arena Group Holdings, Inc. AREN disclosed that its compliance plan was accepted by the NYSE American. Arena Group shares jumped 17.6% to $1.67 in the after-hours trading session. Grid Dynamics Holdings, Inc. GDYN will replace Revelyst Inc. GEAR in the S&P SmallCap 600 effective before the opening bell on Thursday, Jan. 2. Grid Dynamics shares jumped 9.7% to $23.11 in after-hours trading. Check This Out: Top 3 Utilities Stocks You’ll Regret Missing In December Photo courtesy: Wikimedia © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.MEDIROM Healthcare Technology‘s Subsidiary, MEDIROM MOTHER Labs, Raises an Aggregate Total of ...
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Ange Postecoglou has admitted his position will be under “a lot of scrutiny” if he has not lifted Tottenham out of mid-table by Christmas. The club play at Manchester City on Saturday – the start of what Postecoglou called a “pivotal” nine-game sequence in 29 days – and he was keen to highlight the fine margins at work. If Spurs had beaten on the Sunday before last, they would sit third in the Premier League. They have the second-best goal difference in the division, are into the Carabao Cup quarter-final – where they have a home tie against Manchester United – and are going well in the Europa League. Instead, they were beaten by Ipswich – they have lost before each of the three international breaks – to lag in 10th. Postecoglou made a fast start to his Spurs tenure, winning eight and drawing two of 10 league matches at the beginning of last season. Since then his record in the competition reads W17 D5 L17. “It’s a significant period and at the end of it we could be in a decent position for a strong second half of the year,” Postecoglou said. “You can build some momentum or if things don’t go well you could get yourself into a bit of a grind. So it’s going to be a really pivotal part of the season. If we’re still 10th then people won’t be happy, I won’t be happy. But we might not be 10th. “If we had beaten Ipswich, we’d be third and I reckon this press conference would be much different. I’m not going to let my life be dictated by one result. I take a wider perspective because I know how fickle it can be. But we need to address our position. And if we’re 10th at Christmas it won’t be great – for sure. Rightly so, there’d be a lot of scrutiny and probably a lot of scrutiny around me. That’s not where I plan for us to be.” Postecoglou, preparing for his 50th league game in charge, said Spurs were “definitely a better side than we were last year”. He also remembered where the club were when he took over. They had finished eighth, failing to qualify for Europe, and were about to embark on a squad overhaul in terms of personnel and style. “I think there’s enough there that shows we are progressing and developing into the team we want,” Postecoglou said. “The key is the next 50 games: if they can be, in totality, better than the first 50? First, that means I’m here. Second, I think we’ll be in a good space. I firmly believe we’re on the right path. I firmly believe in this squad of players. I firmly believe we will have success. But I can see why outwardly, if you put a pin in it right now, it doesn’t look that way.” Postecoglou reported that Cristian Romero would miss the City game as he looks to recover full fitness after hamstring and toe problems. The manager’s other first-choice centre-half, Micky van de Ven, is out with a hamstring injury, meaning Radu Dragusin and Ben Davies are likely to start. Romero came off at half-time for Argentina against Paraguay on Thursday of last week and missed his country’s game against Peru on Wednesday. His daughter, Lucy, was born on Tuesday. Postecoglou admitted Romero had not been properly fit for a few weeks and he was asked whether he might have had second thoughts about him travelling to South America. “Yeah, you do,” Postecoglou replied. “But there’s always a line there, especially with someone like Romero, where you’ve got to trust his judgment as well. He understands the responsibility he has. “I think when he went away, he realised that this is not healing the way we want it to. I said: ‘Just have a break. We need you 100% fit.’ As much as we’d love to have him out there, it’s best for him he gets totally over everything. He had the birth of his daughter this week, which is a significant event in his life. It’s important for him to pause a little bit and just spend some time with his family. He’s kind of over both [injuries] now. But we’ll just wait.” Postecoglou also addressed the fallout from Rodrigo Bentancur’s seven-game ban for making a racial slur against his teammate Son Heung- min. The club are understood to have not fined him and want the FA’s to the minimum tariff of six matches but their appeal has been criticised for its bad optics, particularly as their position is that Bentancur has made a mistake. The seventh game of his ban is against Liverpool. “I couldn’t care less who it is against and, yes, the appeal is worth it,” Postecoglou said. “We still have a judicial process. That’s why appeals are there. We think it was harsh, we think it should have been the minimum [punishment] and we’ll go through that process.”Bears vs. Vikings: 5 bold predictions for Sunday's matchup
The World Bank's report "Conceptualizing Disaster Risk-Based Budgeting and Exploring Practical Applications," authored by Tatiana Skalon, Richard Anthony Sutherland, Stephanie Allan, and Eleanor Bayley, emphasizes the urgent need to embed disaster risk considerations into public financial management (PFM) systems. Drawing on insights from the World Bank's Disaster Risk Financing and Insurance Program and Governance Global Practice, the report highlights the increasing fiscal vulnerabilities posed by disasters exacerbated by climate change. Traditionally treated as unpredictable events requiring reactive responses, disasters often strain government finances and delay recovery efforts. To address these challenges, the authors propose disaster risk-based budgeting (DRBB), a framework that integrates risk considerations into the entire budget cycle, ensuring governments are better equipped to manage disasters' financial and social impacts. Addressing the Gaps in Current Systems Existing PFM systems often neglect the proactive inclusion of disaster risk management, focusing instead on ad hoc responses. This gap is especially pronounced in low-income nations, where disasters can cause significant economic damage relative to GDP. The reactive approach delays recovery and increases costs due to inefficiencies in resource allocation. Governments often rely on ex-post measures like budget reallocations or external aid, which can exacerbate fiscal pressures and limit resources for critical areas such as health and education. The report identifies several barriers to proactive disaster risk management, including a lack of technical expertise, insufficient cross-sectoral coordination, and the perception of disasters as unforeseeable. Moreover, the fragmented nature of disaster-related expenditures complicates efforts to assess and address fiscal risks comprehensively. Practical Tools for Risk Integration The report offers practical entry points for integrating disaster risk into budgeting processes. A critical measure is the quantification of disaster-related contingent liabilities, which allows governments to forecast fiscal impacts and prioritize resources effectively. Another tool is disaster budget tagging, which categorizes expenditures related to disaster resilience and improves monitoring and strategic allocation. These approaches are already yielding results in countries like Ethiopia, where a dual tagging system for disaster and climate finance ensures integration into national budgets. Similarly, the Philippines has reformed disaster fund allocation and monitoring processes, reducing bottlenecks and improving accountability. Financial incentives for cross-sectoral collaboration are also highlighted as essential for fostering a cohesive approach to disaster management. Governance and Institutional Leadership Governance is a cornerstone of successful DRBB implementation. Central finance agencies are pivotal in anchoring disaster risk considerations in PFM systems and ensuring alignment with broader government priorities. The report stresses the importance of leadership and collaboration across sectors to overcome institutional silos. For example, New Zealand’s centralized approach to public asset management leverages collective insurance mechanisms, reducing fiscal vulnerabilities while enhancing preparedness. Establishing clear institutional roles, backed by robust strategic plans and legislative oversight, is essential for creating a sustainable and adaptive disaster resilience framework. The report also highlights the importance of building institutional capacity, fostering a culture of learning, and engaging legislators to ensure accountability in disaster-related expenditures. Recommendations for a Resilient Future To achieve the objectives of DRBB, the report outlines actionable recommendations tailored to different national contexts. Governments are encouraged to prioritize investments in disaster risk reduction, establish pre-arranged financial mechanisms, and enhance transparency in budget execution. Embedding DRF strategies into routine PFM systems ensures sustained attention to disaster risks, even beyond immediate political cycles. Policy review tools, such as disaster-focused Public Expenditure Reviews and DRF diagnostics, are recommended for identifying fiscal gaps and guiding reforms. The authors also call for further research into the political economy of disaster financing, subnational DRBB applications, and the integration of disaster resilience measures across public sector financial frameworks. By embedding disaster risk considerations into financial systems, governments can mitigate the economic and social costs of disasters while building a sustainable fiscal foundation for the future. The report underscores that a proactive, well-integrated approach to disaster risk management not only reduces the impacts of disasters but also enhances economic stability and resilience. Governments worldwide are urged to adopt DRBB as a transformative strategy to safeguard public finances and protect vulnerable populations from the escalating challenges of climate change and other disasters. Through innovative financial instruments, institutional collaboration, and a commitment to proactive planning, DRBB offers a viable pathway to a more resilient future.AP Sports SummaryBrief at 10:31 p.m. EST
Nvidia Focuses on Robots Amid Stiffer AI Chip CompetitionThe figure that is mentioned most when discussing Arne Engels and assessing the start he has made to his Celtic career is undoubtedly his £11m price tag. Mentioned less is his age, with the Belgian internationalist coming to a new country with that fee on his shoulders at just 21. Despite widespread perceptions that he has yet to live up to expectations over the piece, his opening goal for his side against Motherwell on Boxing Day was his fifth in 23 appearances already – though admittedly, four of those have come from the penalty spot. What it all adds up to though, at least in his own estimation, is a more than satisfactory start to life at Celtic. His manager, Brendan Rodgers , spoke about Engels in the aftermath of the win over Motherwell, saying that he has been hugely impressed by the ability in training, and that he is starting to see that demonstrated more consistently on a matchday too. And, crucially, that there is much more to come. Engels himself has echoed that sentiment, taking the time to look back over his first four months in the country after making a valuable contribution to Celtic’s latest victory. “I think it's always nice to help the team,” Engels said. “That's why I'm here. That's why everybody's here is to help the team win. So that's the most important thing. “It's always nice to grab a goal then and to help the team like this. So, yeah, it was a nice afternoon. Everybody knows that you need to perform here and everybody is doing really well. “Everybody's pushing each other. So, that's a really nice competition into the team and that helps us also to perform every game. I think everybody is performing really well and then you get wins. “It's been really nice. Everybody's really nice to me. Also settling down here, it's been amazing. It's an amazing country actually. So, it's all been easy for me. “In the team, the boys are amazing. They're all fantastic guys that we can love every day. So, it has been really enjoyable actually. “Just the people [are my favourite thing about Scotland] actually. Everybody's so nice to each other. That makes me feel really welcome here. Read more: Celtic 4 Motherwell 0: Engels shines as champions get back to winning ways Brendan Rodgers certain there is more to come from Arne Engels and Celtic “Also, of course, you have really beautiful places here in Scotland. The city is also nice. So, it has been really nice.” His penalty prowess may have inflated his scoring stats somewhat, but he still has to stick them away, and in important moments such as the one he faced on Thursday, Engels seems completely unfazed. “I'm always training on it,” he said. “It's not really something that I'm really thinking about or something. I'm just training it like everybody's training and everybody's ready to take it. So, like you saw in the cup (final), everybody is taking them really well. And that's the most important thing that we can all take a good penalty and that we can all score. “I think I'm just confident in my shooting abilities. So, that makes it more easy for me to take a penalty. I think it's nothing really special that I'm thinking about. “I'm just doing it.” (Image: Jane Barlow - PA) What Engels also seems to be doing then is slowly winning over any remaining sceptics, and he will be hoping to follow up his performance against Motherwell with another good showing against St Johnstone tomorrow to stake a claim for a starting place against Rangers in the New Year derby. Not that he would ever admit to thinking that far ahead, just yet. “I think we showed already every week that we are in a good place,” he said. “It's now just up to us to keep the focus and keep working on the next game. “I think we showed already a few weeks and a few months that we are ready for every game. I think it's the same for the next one. “We just talk about the next game. We talked about this game, now we're talking about the next game. We see every game by itself, and we don't look forward [beyond that] because then you forget the important things of the next games. “You need to win every game here, so you need to be focused every week.” Meanwhile, there was another bit of good news for Celtic on Thursday with Nicolas Kuhn coming off the bench after a knee issue that had ruled him out of the trip to face Dundee United just prior to Christmas. True to his form this season, the winger found the net, with his tally of 13 goals so far already over double his previous best for a campaign - which was the six scored last term. And while he isn’t yet at 100 percent, another run-out against St Johnstone should have him fit and firing by the time Ibrox rolls around. “It was still a bit painful, but it was good to be back,” he said. “The goal was not the nicest I’ve scored but I will take it. “It’s nice to pick up where I left off. I just tried to continue the way I’ve started this season, and I was happy to get the goal. But the most important thing was the three points. “I feel good. I am really happy at the club, with the team and all the people here. “I enjoy playing. Do I have a taste for goals? Yes. Maybe at the end I could have taken another shot but I wanted to get the assist! It’s nice to assist too. “I don’t really set targets. The most important thing for me is to stay fit after a full pre-season with the team. I have felt fit all season so hopefully it will be fine and I am back 100 percent soon. “This has been my best return now and there are still a lot of games to come. You can’t play in all of them, but I am happy to be back and I want to continue. “My ambitions are just to stay fit and keep going.”Trump To Change Dollar Stores For Good? Dollar Tree Exec Says 'Prepared To Act'
Oregon already secured its spot in the Big Ten championship game, but the top-ranked Ducks have plenty to play for in their regular-season finale. Revenge may be on Oregon's mind when the Ducks host longtime rival Washington on Saturday in Eugene, Ore. Oregon (11-0, 8-0 Big Ten) would perhaps be closing in on its second straight College Football Playoff appearance had the Huskies (6-5, 4-4) not dealt the Ducks their only two losses last season. Washington edged Oregon 36-33 in Seattle last October, then slipped past the Ducks 34-31 in the Pac-12 title game to secure a playoff spot for the second time in school history. Both teams joined the Big Ten in August. Third-year Oregon head coach Dan Lanning is 33-5 leading the Ducks. But he remains winless against the Huskies (0-3). Oregon plots to sprint out of its late-season bye after using time to heal injuries, but Lanning doesn't believe the break should stall the flow of an undefeated season. "It's always about what we're able to do on the field. Motivation is overrated," Lanning said. "Our guys have to want to go out there and execute at a really high level. Since the beginning of the season we've talked about playing our best football at the end of November. We're there. This is our opportunity to go play our best football against a good team." The Ducks could have star wide receiver Tez Johnson back from a shoulder injury this week. Johnson has missed the past two games. That would be good news for quarterback Dillon Gabriel, who would regain the team's leader in receptions (64), receiving yards (649) and receiving touchdowns (eight). Washington, under first-year head coach Jedd Fisch, is 63-48-5 all-time against Oregon but is just 1-12-1 when facing the No. 1-ranked team in the country. The Huskies are led on offense by running back Jonah Coleman, who has racked up 1,008 yards and nine scores on the ground this season. Coleman averages 5.8 yards per carry and has 36 runs of at least 10 yards. In the passing game, wide receiver Denzel Boston is tied for the Big Ten lead with nine in touchdown catches and ranks sixth in the conference with 764 receiving yards. Whom Boston will be catching passes from is not yet known, however. Washington has not revealed whether Will Rogers or Demond Williams Jr. will start at quarterback. Rogers has started every game for the Huskies but was benched in favor of Williams two weeks ago after throwing a pair of interceptions in a 31-19 win over UCLA. Fisch said he has a "good idea" of how he will use his quarterbacks on Saturday, and while he wouldn't go as far as to name a starter, he did say Rogers responded well in practices last week. "On the same token, Demond's energy and Demond's confidence showed up. His ability to jump right in and feel really good about leading the group whenever it was his turn... he did a really nice job there as well," Fisch told Seattle Sports. "I think both guys responded well to the week of practice, and now, really, it's important for us that the guy we believe will start the game gets a significant amount of reps in practice week. But as you know, we're not afraid to play two quarterbacks." --Field Level Media
Tyler Herro had a confident answer when asked about a scuffle between him and Houston Rockets guard Ame Thompson. The Miami Heat star said Thompson was upset that Herro was having such a good game as the Rockets lost 104-100. Herro had 27 points and nine assists in the win. "Just two competitors going at it, playing basketball," Herro said. "...Just a physical game. Guess that's what happens when someone's scoring, throwing dimes, doing the whole thing. I'd get mad too." The fight occurred with just 35 seconds left in the game when Miami led 99-94. Along with Herro and Thompson being ejected, Terry Rozier, Jalen Green and Rockets coaches Ime Udoka and Ben Sullivan were ejected. Thompson had five points, five assists and five rebounds in the game, a somewhat disappointing game, at least compared to Herro. Herro has emerged as the Heat's No. 1 option this season and it's leading to a career year for the sixth-year player. He's posting 23.9 points, 5.7 rebounds and 5.1 assists per game, all of which are career-highs. Based on his comments after the fight with Thompson, Herro seems to have plenty of confidence amid the big season. While Herro and the Heat walked away victorious on Sunday, Thompson's Rockets can rest knowing they're having a better season thus far. Miami improved to 16-14 on the year after taking down Houston, but the Rocket sit in third place in the Western Conference amid a 21-11 start. The Heat and Rockets could both be without key players in the coming week depending on the NBA's punishment for those ejected on Sunday. It's unclear what kind of fines or suspensions Herro, Thompson and others could be facing, but the league handed out a few suspensions earlier this week after a fight between players on the Phoenix Suns and Dallas Mavericks. The NBA suspended Mavericks forward Naji Marshall for four games and Suns center Jusuf Nurkić for three games. The league also suspended P.J. Washington for one game for being involved in the altercation.
49% Year-to-Date Revenue Growth and 71% Adjusted Gross Margin Drive OAM's Path to Profitability TORONTO , Nov. 27, 2024 /CNW/ - OverActive Media Corp. ("OverActive" or the "Company") OAM OAMCF , a global esports, and entertainment company for today's generation of fans , released its third-quarter results for the three and nine-month periods ended September 30, 2024 . Note to reader: A significant portion of the Company's revenue is derived from "League Revenues," which have historically varied in the quarter they were received, making period-over-period comparisons less meaningful. To address this, the Company has adopted a straight-line revenue recognition model, distributing revenue evenly over 12 months. This approach ensures more consistent quarter-to-quarter comparisons. The normalized financials in this press release reflect this change, providing clearer insights into the Company's performance. All amounts are presented in Canadian dollars ($). Below is a summary of the financial results for the three and nine months ended September 30, 2024 , compared to the three and nine months ended September 30, 2023 : $CAD (000's) Three months ended September 30, 2024 Three months ended September 31, 2023 Variance (%) Three months ended September 30, 2023 (Normalized) Variance (%) Normalized Nine months ended September 30, 2024 Nine months ended September 30, 2023 Variance (%) Nine months ended September 30, 2023 (Normalized) Variance (%) Normalized Revenue $6,881 $6,015 14 % $3,998 72 % $17,156 $11,492 49 % $10,819 59 % Adjusted Gross Profit i $5,071 $4,837 5 % $2,820 80 % $12,194 $7,717 58 % $7,044 73 % Adjusted Gross Margin i 74 % 80 % -8 % 71 % 4 % 71 % 67 % 6 % 65 % 9 % Operating Expenses $7,609 $5,374 42 % $5,374 42 % $22,416 $17,259 30 % $17,259 30 % Adjusted EBITDA i $4 $777 -99 % ($1,240) 100 % ($3,048) ($5,508) 45 % ($6,181) 51 % Net Income (Loss) ($1,790) ($1,993) 10 % ($4,010) 55 % $239 ($11,170) 102 % ($11,843) 102 % Net Working Capital $9,423 ($4,260) 321 % ($4,260) 321 % $9,423 ($4,260) 321 % ($4,260) 321 % Cash & Equivalents $8,861 $9,695 -9 % $9,695 -9 % $8,861 $9,695 -9 % $9,695 -9 % i Adjusted EBITDA and Adjusted Gross Margin/Profit are non-IFRS measures. Refer to "Non-IFRS Measures" at the end of this press release. "Our third-quarter results demonstrate OverActive Media's disciplined execution and growth. With year-to-date revenue up 49% to $17.1 million and positive net income of $239,000 , we are making significant progress," said Adam Adamou , CEO of OverActive Media. "This growth is driven by strategic changes, including renegotiated league agreements, increased digital revenue, and contributions from our KOI and Riders acquisitions, as well as our entry into the VALORANT EMEA ecosystem. We delivered positive Adjusted EBITDA this quarter and significantly reduced year-to-date Adjusted EBITDA losses by 45%, illustrating our strong path forward." Mr. Adamou continued, "Restructuring agreements with Activision earlier this year eliminated over $35 million in liabilities, strengthening our net working capital to $9.4 million . Additionally, post-quarter, we finalized a new Riot Games agreement that eliminated the remaining $2 million franchise fee for our LEC team, securing full ownership of our franchises without future obligations. These restructured agreements have enabled us to generate high-margin revenue streams, especially in digital merchandise and microtransactions. Mr. Adamou concluded, "Today, we are operating from a position of financial strength — debt-free, globally diversified, and supported by partnerships with iconic brands like Pepsi, AMD, Telefónica, and Bell. With a clear strategy, strong margins, and transformative agreements in place, we are focused on expanding our opportunities and driving sustainable, profitable growth in the near future." Q3 2024 Financial Highlights Revenue for the three months ended September 30, 2024 totaled $6.8 million , reflecting a 14% increase compared to $6.0 million in the same period of 2023. On a normalized basis—accounting for changes in revenue recognition—revenue increased by $2.8 million , or 72%. This growth was driven by several strategic initiatives, including the acquisition of Riders and KOI assets in the first quarter and our entry into the VALORANT EMEA ecosystem in February. Additionally, stronger performance across both our Team Operations and Business Operations segments, particularly from digital merchandise (MTX) sales, contributed significantly to this revenue expansion. Operating Costs for the three months ended September 30, 2024 totaled $7.6 million , compared to $5.4 million for the same period in 2023, reflecting a 42% increase. This rise in costs is primarily attributed to higher payroll expenses across both corporate and team operations, driven by the integration of the recently acquired Riders and the KOI assets. Additionally, one-time restructuring costs incurred as part of our strategic efforts to streamline operations and improve efficiency have also contributed to this increase. Adjusted Gross Profit i for the quarter (defined as revenue less direct costs) remained strong at $5.1 million , resulting in an Adjusted Gross Margin i of 74%, compared to $4.8 million and 80% for the same period in 2023. On a normalized basis, Adjusted Gross Profit improved from $2.8 million to $5.1 million for the quarter and Adjusted Gross Margin improved from 71% to 74%. The stability in Adjusted Gross Profit, despite the increase in operating costs, highlights the effectiveness of our revenue growth initiatives, particularly from digital merchandise sales and contributions from our expanded portfolio. These results underscore the scalability of our business model as we continue to execute on strategic opportunities to drive long-term profitability. Adjusted EBITDA i for the three months ended September 30, 2024 was essentially break-even, compared to an Adjusted EBITDA gain of $777,000 in the same period in 2023. This year-over-year decline is primarily due to changes in the timing of revenue recognition for certain league earnings and in-game microtransactions (MTX). On a normalized basis, Adjusted EBITDA showed a significant improvement, moving from a loss of $1.2 million in Q3 2023 to a gain of $4,000 in Q3 2024. This improvement was driven by increased revenues from strategic acquisitions, and successful team performances in key tournaments. Net Loss for the three months ended September 30, 2024 was $1.8 million , representing a 10% improvement compared to a Net Loss of $2.0 million in the same period in 2023. This improvement was driven by strong revenue growth and disciplined cost management, even as the Company absorbed additional expenses related to acquisitions and integration. Net Working Capital (current assets less current liabilities) as of September 30, 2024 improved dramatically to $9.4 million , compared to negative working capital of $4.3 million in the same period in 2023 — a positive shift of $13.7 million . This significant change is primarily the result of the acquired businesses and the restructuring of our league partnerships, which resulted in the elimination of substantial league payables. Cash and Cash Equivalents as of September 30, 2024 totaled $8.9 million , compared to $9.7 million at the same time in 2023. This modest decrease reflects careful asset management, with planned investments directed toward operating activities and acquisition integration costs. The Company's approach underscores a commitment to balancing strategic growth with operational efficiency while maintaining a strong liquidity position. Nine Months 2024 Financial Highlights For the nine months ended September 30, 2024 Revenue totaled $17.2 million , a 49% increase compared to $11.5 million during the same period in 2023. After normalizing for changes in revenue recognition, Revenue grew by $6.3 million or 59%. This growth was driven by strategic acquisitions of Riders and KOI, stronger performance across Team Operations and Business Operations segments, and contributions from our marketing and influencer activities. Operating Costs for the nine months ended September 30, 2024 were $22.4 million , a 30% increase compared to $17.3 million in the same period in 2023. This increase reflects higher payroll expenses, costs associated with integrating acquired businesses, and one-time restructuring expenses. These costs align with the Company's strategic focus on streamlining operations and positioning for sustainable growth. Adjusted Gross Profit for the period stood at $12.2 million , with an Adjusted Gross Margin of 71%, compared to $7.7 million and 67% for the same period in 2023. On a normalized basis, year-to-date Adjusted Gross Profit significantly improved from $7.0 million to $12.2 million and Adjusted Gross Margin improved from 65% to 71%. The growth in Adjusted Gross Profit underscores the scalability of our revenue model, particularly from digital merchandise and expanded team contributions. Adjusted EBITDA loss for the nine months ended September 30, 2024 was $3.0 million , a 45% improvement from the $5.5 million loss reported for the same period in 2023. This improvement reflects robust revenue growth from acquisitions and changes in revenue recognition, offset by integration and restructuring costs. Net Income for the nine months ended September 30, 2024 was a gain of $239,000 , compared to a Net Loss of $11.2 million in the same period in 2023. The shift to profitability was driven by strong revenue performance, disciplined cost management, and a gain from the termination of the Call of Duty League franchise obligation. Selected Q3 2024 Achievements OverActive Media's teams, competing as Toronto Ultra at the 2024 Esports World Cup (EWC) in Saudi Arabia , delivered a strong international performance, earning valuable Club Championship Points in Overwatch 2, Teamfight Tactics, and Call of Duty to secure an 11th place global finish. This achievement underscores OverActive Media's growing influence in the global esports ecosystem and highlights its role as an Official Esports World Cup Partner. OverActive Media secured new high-profile partnerships with global brands, including Pepsi, and renewed previous announced partnerships with AMD, SCUF and Bell. These partnerships continue to enhance the Company's market presence and brand portfolio, particularly in the esports and gaming sectors. Toronto Ultra finished in third place at the CDL World Championships in Texas , capping off a successful year that included winning Major 1 in the first quarter and leading all CDL teams in team branded digital merchandise sales globally. Significant Announcements Subsequent to Quarter End OverActive Media's esports team, Movistar KOI, partnered with Ecoembes, a leader in circular economy and packaging recycling, to drive sustainability within the esports community. This strategic sponsorship positions Movistar KOI as an advocate for environmental responsibility in European esports, focusing on recycling awareness, packaging recovery, and carbon neutrality. The partnership also includes Movistar KOI's commitment to the United Nations Sports for Climate Action Framework, reinforcing OverActive Media's dedication to sustainable growth. OverActive Media's League of Legends team MAD Lions KOI qualified for the World Championship tournament for the sixth consecutive time, drawing peak viewership of almost 2.5M concurrent viewers. OverActive Media has secured a new long-term partnership with Riot Games for the League of Legends EMEA Championship (LEC), reinforcing its presence in one of the world's premier esports leagues. The agreement eliminates all future franchise obligations from OAM's balance sheet, significantly improving future cash flows and ensuring full ownership of its franchises with no remaining liabilities. This milestone positions the company for enhanced revenue opportunities and long-term growth in the global esports ecosystem. The Company's consolidated unaudited financial statements, notes to financial statements, and Management's Discussion and Analysis for the three and nine-month periods ended September 31, 2024 , are available on the Company's website at www.overactivemedia.com and under the Company's profile on SEDAR at www.sedarplus.ca . Conference Call The Company will conduct a conference call on Thursday, November 28, 2024 , at 9:00 a.m. (Eastern Time) to review the third-quarter results, as well as provide an overview of the Company's recent milestones and growth strategy. To access the conference call without operator assistance, please register and enter your phone number at https://emportal.ink/3O6qT40 to receive an instant automated callback. To dial directly to be entered into the call by an operator, please dial 1-888-699-1199 or, for international callers, 416-945-7677 . A replay will be available shortly after the call and can be accessed by dialing 1-888-660-6345 or, for international callers, 289-819-1450 . The entry code for the replay is 27822# . The replay will expire on Thursday, December 5, 2024 . A live conference call webcast can be accessed on OverActive's website at https://app.webinar.net/ZXxR8X7pPLM . An online webcast archive will be available via the same link for three months following the call. ABOUT OVERACTIVE MEDIA OverActive Media Corp. OAM OAMCF is headquartered in Toronto, Ontario , with operations in Madrid, Spain and Berlin, Germany , is a premier global esports and entertainment company for today's generation of fan. OverActive owns team franchises in professional esports leagues, including the Call of Duty League, operating as the Toronto Ultra, the League of Legends EMEA Championship (LEC), operating as MAD Lions KOI, the VALORANT Champions League (VCT) EMEA, operating as Movistar KOI and other professional esports leagues and competitions. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of OverActive with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the anticipated financial and operating results of OverActive in the future. Investors are cautioned that forward-looking statements are not based on historical facts but instead OverActive management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although OverActive believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the OverActive. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the following: the potential impact of OverActive's qualifying transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; the ability of the Company to continue to execute on its existing partnerships and business strategy; the ability of the MAD Lions and Call of Duty Leagues to maintain viewership; the successful completion of the Company's new venue; and other risk factors set out in OverActive's most recent annual information form and its other filings with Canadian securities regulators, copies of which may be found under OverActive's profile at www.sedarplus.ca . These forward-looking statements may be affected by risks and uncertainties in the business of OverActive and general market conditions, 9. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although OverActive has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. OverActive does not intend and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law. NON-IFRS MEASURES This press release includes references to Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Margin. These non-IFRS financial measures are not earnings or cash flow measures recognized by IFRS and do not have standardized meanings prescribed by IFRS. Our method of calculating these financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Adjusted EBITDA is defined by the Company net income or loss before income taxes, finance costs, finance income, depreciation and amortization, decrease in net present value of franchise obligations, foreign exchange gains / loss, assistance payments from Franchise League and government assistance, restructuring and business development costs, impairment charges, and share-based compensation. We believe that Adjusted EBITDA is a useful measure of financial performance because it provides an indication of the Company's ability to capitalize on growth opportunities in a cost-effective manner, finance its ongoing operations and service its financial obligations. A reconciliation of Adjusted EBITDA to net income/loss may be found in the Company's Management's Discussion and Analysis for the three and nine-month periods ended September 30, 2024 . Adjusted Gross Profit is defined by the Company as revenue less the direct operating costs incurred by the Company in generating revenue. Direct operating costs include merchandise, sponsorship and agency expenses, live event expenses and the portion of team prize money revenue paid to team members but do not include other team operation expenses or other indirect operating costs. Adjusted Gross Profit Margin is the percentage that Adjusted Gross Profit represents of total revenue. We believe that Adjusted Gross Profit and Adjusted Gross Profit Margin are important measures of financial performance because they focus on the profitability of our core revenue-generating activities by excluding indirect operating costs. These metrics provide investors with a clearer view of the Company's ability to deliver value to fans, sponsors, advertisers, and league partners, while maintaining sustainable margins in our primary operations. This distinction helps investors evaluate the underlying performance and efficiency of our revenue streams before considering broader expenses. A reconciliation of revenue to Adjusted Gross Profit and Adjusted Gross Profit Margin for the periods indicated is as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $ $ $ $ Revenue for the period 6,881 6,015 17,156 11,492 Normalized revenue for the period 6,881 3,998 17,156 10,819 Less: Merchandise, sponsorship and agency expenses (1) 625 126 1,542 595 Live event expenses 510 888 2,157 1,999 Team prize money expense (2) 674 163 1,263 1,181 Total Direct Costs 1,810 1.178 4,962 3,775 Adjusted Gross Profit 5,071 4,837 12,194 7,717 Normalized Adjusted Gross Profit 5,071 2,820 12,194 7,044 Adjusted Gross Profit Margin 74 % 80 % 71 % 67 % Normalized Adjusted Gross Profit Margin 74 % 71 % 71 % 65 % Notes: (1) These are selling, general and administrative operating costs that the Company treats as direct costs. (2) Represents the portion of team operations constituting prize money the portion of team prize money revenue paid to team members. The following tables presents a reconciliation of net loss to adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $ $ $ $ Net income (loss) for the period (1,790) (1,993) 239 (11,170) Income tax expense (recovery) 176 152 (334) 148 Depreciation 546 435 1,688 1,313 Amortization 318 51 744 159 Decrease in net present value of franchise obligations - - (9,838) - Finance income (64) (44) (222) (182) Finance costs 150 1,332 1,603 3,843 Foreign exchange (gain) loss (70) 610 903 119 Share-based compensation 254 122 368 (55) Restructuring and development costs 484 112 1,801 317 Adjusted EBITDA 4 777 (3,048) (5,508) Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. SOURCE Overactive Media Corp. View original content: http://www.newswire.ca/en/releases/archive/November2024/27/c7616.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Pickard, a Millersville Democrat, plans to prioritize workforce and infrastructure investments, as well as affordable housing, in her bid to be the next county executive.
DUP minister rejected suggestion licensing laws could be relaxed for jubilee
Swift's daily impact on Vancouver may have exceeded 2010 Games, says industry figureXavier tries to get right vs. Morgan State before rivalry clashWelcome to the online version of From the Politics Desk , an evening newsletter that brings you the NBC News Politics team’s latest reporting and analysis from the White House, Capitol Hill and the campaign trail. In today’s edition, we report on the fallout from Matt Gaetz withdrawing from consideration to be the next attorney general. Plus, senior politics reporter Jonathan Allen puts the former Florida congressman's fall in historical context. Sign up to receive this newsletter in your inbox every weekday here. Trump’s ‘retribution’ campaign hits the harsh reality of governing in Washington By Henry J. Gomez, Olympia Sonnier, Jake Traylor and Julie Tsirkin Matt Gaetz’s withdrawal Thursday as a candidate for attorney general illustrates the roadblocks President-elect Donald Trump could face as he attempts to convert his campaign of “retribution” into a governing coalition capable of working within the realities of Washington. Gaetz, until recently a Florida congressman, embodies Trump’s grievance- and vendetta-driven agenda like few others can. He has been one of Trump’s most pugilistic defenders and the bleeding edge of MAGA resistance in Congress, even against his own Republican leadership. But it was a tough sell from the moment Trump announced Gaetz as his choice eight days ago — in a pick that shocked much of Washington. The Justice Department that Trump wanted him to lead had once investigated Gaetz in a sex-trafficking case it closed without charging him . Meanwhile, an unreleased report from a separate House Ethics Committee investigation also hung over Gaetz’s head, and details of what two women who allege he paid them for sex told the committee were beginning to trickle out. Gaetz’s hasty retreat is also emblematic of how the president-elect and his team often reject the conventions of Capitol Hill. Although Gaetz’s liabilities and legal troubles were well documented, deeper vetting by Trump’s team might have unearthed details of the ethics probe sooner. And there was little, if any, effort to take the temperature of senators before Trump surprised the political world with his announcement last week. At least five Senate Republicans were planning to vote against Gaetz and had communicated to other senators and those close to Trump that they were unlikely to be swayed, according to multiple people with direct knowledge. The “no” votes included Sens. Mitch McConnell of Kentucky, Lisa Murkowski of Alaska, Susan Collins of Maine and Markwayne Mullin of Oklahoma, as well as Sen.-elect John Curtis of Utah. And at least 20 — and perhaps as many as 30 — Senate Republicans were very uncomfortable about having to vote for Gaetz on the Senate floor, one source said. Read more → Putting Gaetz’s withdrawal in historical context By Jonathan Allen It’s rare for a newly elected president to lose a pick for any Cabinet post, much less attorney general. The last time the Senate actually voted down a nominee: George H.W. Bush’s 1989 appointment of longtime Texas Sen. John Tower to run the Pentagon. But it’s not even Thanksgiving, and Donald Trump is already looking for a backup top law enforcement officer after Matt Gaetz withdrew his AG bid Thursday. Republican senators apparently found his recent charm offensive less influential than his long campaign to discredit them and the allegations of sexual misconduct against him, which Gaetz has denied. Gaetz had not been formally nominated — Trump doesn’t take office until January — but he is the first attorney general pick to fall since 1993, when two of Bill Clinton’s selections, Zoë Baird and Kimba Wood, withdrew from consideration following revelations they had hired undocumented immigrants. New presidents typically compile Cabinet rosters with at least one eye on their chances of winning confirmation. Gaetz did not fit that mold. On a broader level, Trump has picked more fights with the Senate than most presidents. And he may find that the Republican majority there is less pliant than he would like. Former Fox News personality Pete Hegseth, his choice for defense secretary, has run into some early resistance. So, too, have Tulsi Gabbard and Robert F. Kennedy Jr., his picks for director of national intelligence and secretary of health and human services, respectively. Their fates remain to be determined. But Trump isn’t off to a good start. He will have to put more thought into nominating people who can win confirmation on their own, or whom he can push across the finish line with senators. Otherwise, he risks a repeat — or worse — of Barack Obama’s Cabinet failures. In 2009, Tom Daschle (Health and Human Services), Bill Richardson (Commerce) and Judd Gregg (Commerce) all withdrew for different reasons. The last time around, Trump lost just one of his initial Cabinet picks, when Andrew Puzder withdrew as the labor secretary nominee in February 2017. ➡️ More on the Trump transition That’s all from the Politics Desk for now. If you have feedback — likes or dislikes — email us at politicsnewsletter@nbcuni.com And if you’re a fan, please share with everyone and anyone. They can sign up here .
Marc Skinner has insisted Manchester United Women still have the support of INEOS despite Sir Jim Ratcliffe's comments. The Red Devils co-owner controversially brushed aside Skinner's team during an interview with United We Stand last week. Ratcliffe told the fanzine: "There’s only so much that you can do and our focus has been on the men’s team. "If not, you get spread too thinly. We need to sort out the main issue, the men’s team. "The women's team is an opportunity. Women's football is growing really quickly in popularity and size. We need to participate in that. "The girls wear a Manchester United badge on their shirt and they're representing the club." His remarks came as part of the same interview in which he called United 'mediocre' in a series of bombshell statements. Skinner has now responded to the British billionaire's comments, though, ahead of his side's trip to Crystal Palace . Asked about Ratcliffe's remarks in his pre-match press conference on Friday, Skinner said: "Words are cheap but actions last longer. "I see the actions. It’s hard for me to hear those comments but actually that’s not what I see from the (Ineos) working group that is with us everyday. "Would I love the biggest budget in the league? Of course I would, I think everyone would. Everyone in this room wants a sustainable game. "We want to grow, we want women to have the same rights, to grow those rights, to have the finances available for all resources. But unfortunately we’ve got to work for that because we’re starting from behind." The Red Devils boss still believes the women's team have the support of Ineos, adding: "Support isn’t always finance. "It’s knowing you’ve got a strategy. I feel supported in the fact that everybody in this club wants our team to do well and we’re going to grow towards a sustainable model. "There’s a lot reported about us and I understand why. But when you feel it, when you’re internal, it’s not a lie. We’re not lying. But there are different ways you can show support." Skinner has been in charge since 2021 and guided the club to the Women's FA Cup last season. His side are currently fourth in the Women's Super League after nine matches this term. United find themselves nine points behind leaders Chelsea ahead of their clash with Palace this weekend.
LONDON (AP) — Barely a month after quitting international rugby , former England prop Joe Marler has brought forward his retirement plans and will end his time in the sport completely this week. Marler's last match will be for Harlequins, his team since 2009, at home to Bristol in the English league on Friday. The 34-year-old Marler had indicated he would continue playing club rugby until the end of the season. He has made 285 appearances for Harlequins since arriving in 2009 and retires with two English league winners medals. “The time has come to finally jump off the rollercoaster and walk away from this beautifully brutal game,” he said Wednesday. The charismatic Marler announced on Nov. 3 that his 95-cap test career was over, days after he left England’s camp ahead of the November internationals because of personal reasons. He had baited New Zealand in the build-up to England's first autumn test match by criticizing the Haka, stating on social media that it is “ridiculous” and “needs binning." He later apologized for the comments. AP rugby: https://apnews.com/hub/rugby
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