best casino site reviews CHANTILLY, Va.--(BUSINESS WIRE)--Dec 16, 2024-- Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the fiscal year ended September 27, 2024, and affirmed its outlook for fiscal year 2025. “We reported strong results for fiscal year 2024, delivering top-line and bottom-line growth,” commented Amentum Chief Executive Officer John Heller. “2024 was a significant year in our Company’s history, culminating in the merger of Amentum with Jacobs’ Critical Mission Solutions and Cyber & Intelligence businesses to create one of the strongest advanced engineering and technology companies in the industry. Today, over two months since the merger, we continue to be excited about the combined strength of these two historic businesses. We have transformed Amentum into a larger, more diversified company with broader customer reach and capabilities to deliver greater value to the world’s most complex challenges. In fiscal year 2025 we already see positive momentum and are confident in our outlook.” Revenues $8,388 $7,865 7% Operating income $291 $57 Net loss $(82) $(314) Diluted loss per share $(0.90) $(3.49) Pro Forma Revenues $13,858 $13,371 4% Pro Forma Adjusted EBITDA 1 $1,052 $986 7% Pro Forma Adjusted EBITDA Margin 1 7.6% 7.4% +20 bps Pro Forma Adjusted Net Income 1 $489 $453 8% Pro Forma Adjusted Diluted Earnings Per Share (EPS) 1 $2.01 $1.86 8% 1 – Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Amentum’s results of operations and financial condition, including its ability to comply with financial covenants. See Unaudited Pro Forma Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures. GAAP Results GAAP revenues, which exclude Jacobs' Critical Mission Solutions and Cyber & Intelligence (CMS) businesses, increased 7% year-over-year driven by new contract awards and growth on existing programs. GAAP operating income increased primarily as a result of a non-cash impairment charge that was recognized during fiscal year 2023. Operating income also benefited from reduced intangible amortization expense and the higher revenue volume. GAAP net loss and diluted loss per share improved year-over-year due to the higher operating income and a gain on the acquisition of a controlling interest, partially offset by higher interest expense and a loss on extinguishment of debt. Pro Forma and Non-GAAP Results Pro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 4% year-over-year driven by new contract awards and growth on existing programs partially offset by the expected ramp-down of other historical programs. Pro Forma Adjusted EBITDA increased 7% year-over-year primarily due to the higher revenue volume and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased due to the higher operating income partially offset by increased tax expense. As of September 27, 2024, the Company had a total backlog of $45.0 billion, compared with $26.8 billion a year ago, an increase of $18.2 billion primarily due the addition of backlog from CMS. Funded backlog as of September 27, 2024 was $7.6 billion. Notable Fiscal Year 2024 Awards Amentum affirms its fiscal year 2025 guidance originally presented at Capital Markets Day on August 13, 2024 and provides Adjusted Diluted Earnings Per Share (EPS) guidance. Revenues $13,800 - $14,200 Adjusted EBITDA 1 $1,060 - $1,100 Adjusted Diluted EPS 1 $2.00 - $2.20 Free Cash Flow 1 $475 - $525 1 – Represents a Non-GAAP financial measure - see the related explanations included elsewhere in this release. Amentum does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Tuesday, December 17, 2024 to discuss the results for the fiscal year ended September 27, 2024. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at . After the call concludes, a replay of the webcast can be accessed on the Investor Relations website. Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, inclusion and well-being are integral to success. Headquartered in Chantilly, Virginia, we have more than 53,000 employees in approximately 80 countries. Visit us at to learn how we advance the future together. This release contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities; our ability to comply with the various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in the annual report on Form 10-K (the “Annual Report”), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. This release includes the presentation and discussion of pro forma financial information that incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X. This release also includes the presentation and discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income, Pro Forma Adjusted Diluted Earnings Per Share, and Free Cash Flow, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These pro forma and non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these pro forma and non-GAAP measures, when read in conjunction with the Company’s financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company’s financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company’s ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of pro forma and non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided elsewhere in this release. Cost of revenues (2,013 ) (1,894 ) (7,590 ) (7,083 ) Selling, general, and administrative expenses (137 ) (99 ) (353 ) (297 ) Amortization of intangibles (57 ) (74 ) (228 ) (298 ) Equity earnings of non-consolidated subsidiaries 22 10 74 56 Goodwill impairment charges — — — (186 ) Interest expense and other, net (108 ) (112 ) (438 ) (397 ) Loss on extinguishment of debt (42 ) — (45 ) — Gain on acquisition of controlling interest 69 — 69 — Benefit for income taxes 76 9 40 19 Less: net loss attributable to non-controlling interests 4 17 1 7 Current assets: Cash and cash equivalents $ 452 $ 305 Accounts receivable, net 2,401 1,440 Prepaid expenses and other current assets 231 186 Total current assets 3,084 1,931 Property and equipment, net 144 85 Equity method investments 123 104 Goodwill 5,556 2,891 Intangible assets, net 2,623 988 Other long-term assets 444 414 Total assets $ 11,974 $ 6,413 Current liabilities: Current portion of long-term debt $ 36 $ 45 Accounts payable 764 560 Accrued compensation and benefits 696 369 Contract liabilities 113 120 Other current liabilities 356 282 Total current liabilities 1,965 1,376 Long-term debt, net of current portion 4,643 4,067 Deferred tax liabilities 370 141 Other long-term liabilities 444 413 Total liabilities 7,422 5,997 Common stock, $0.01 par value – 1,000,000,000 shares authorized and 243,302,173 shares issued and outstanding at September 27, 2024; no shares authorized, issued or outstanding at September 29, 2023. 2 — Additional paid-in capital 4,962 772 Retained deficit (527 ) (445 ) Accumulated other comprehensive income 23 48 Total Amentum shareholders' equity 4,460 375 Non-controlling interests 92 41 Total shareholders' equity 4,552 416 Total liabilities and shareholders' equity $ 11,974 $ 6,413 Net income (loss) $ 22 $ (23 ) $ (83 ) $ (321 ) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation 6 7 23 27 Amortization of intangibles 57 74 228 298 Amortization of deferred loan costs and original issue discount 6 5 22 21 Goodwill impairment charges — — — 186 Derivative instruments 3 16 37 21 Equity earnings of non-consolidated subsidiaries (22 ) (10 ) (74 ) (56 ) Distributions from equity method investments 15 7 61 49 Deferred income taxes (98 ) (43 ) (115 ) (62 ) Equity-based compensation 15 — 18 3 Gain on acquisition of controlling interest (69 ) — (69 ) — Other 8 (1 ) 14 2 Changes in assets and liabilities, net of effects of business acquisition: Accounts receivable, net 52 (36 ) 81 (68 ) Prepaid expenses and other assets 8 49 78 56 Accounts payable, contract liabilities, and other current liabilities (100 ) 109 (211 ) (24 ) Accrued employee compensation and benefits (14 ) (40 ) 43 (82 ) Other long-term liabilities (2 ) 18 (6 ) 17 Net cash (used in) provided by operating activities (113 ) 132 47 67 Acquisitions, net of cash acquired 488 — 488 — Purchase of property and equipment (4 ) (4 ) (11 ) (12 ) Contributions to equity method investments (1 ) (1 ) (1 ) (17 ) Return of capital from equity method investments — — — 14 Other — — (1 ) (2 ) Net cash provided by (used in) investing activities 483 (5 ) 475 (17 ) Borrowings on revolving credit facilities — 234 562 1,201 Payments on revolving credit facilities — (234 ) (562 ) (1,201 ) Proceeds from borrowing under the term loans 2,620 — 2,620 — Repayments of borrowings under the credit agreement (4,002 ) (9 ) (4,177 ) (34 ) Proceeds from issuance of Senior Notes 1,000 — 1,000 — Payments of debt issuance fees (38 ) — (38 ) — Proceeds from borrowings under other agreements — — 1 5 Repayments of borrowings under other agreements (3 ) (3 ) (13 ) (67 ) Capital contribution 235 — 235 — Capital contribution from non-controlling interest — — — 13 Distributions to non-controlling interests (4 ) (1 ) (6 ) (24 ) Other (1 ) (2 ) (4 ) (5 ) Net cash used in financing activities (193 ) (15 ) (382 ) (112 ) Effect of exchange rate changes on cash 4 (2 ) 7 1 Net change in cash and cash equivalents 181 110 147 (61 ) Cash and cash equivalents, beginning of period 271 195 305 366 Cash and cash equivalents, end of period $ 452 $ 305 $ 452 $ 305 The presentation and discussion of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income, Pro Forma Adjusted Diluted EPS, and Free Cash Flow are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. is defined as pro forma net (loss) income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, adjusted for pro forma interest expense and other, net, pro forma (benefit) provision for income taxes, pro forma depreciation and amortization, and excludes the following discrete pro forma items: is defined as Pro Forma Adjusted EBITDA divided by Pro Forma Revenues. is defined as pro forma net (loss) income attributable to common shareholders, which incorporates the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, excluding the discrete pro forma items listed under Pro Forma Adjusted EBITDA and the related pro forma tax impacts. is defined as Pro Forma Adjusted Net Income divided by pro forma diluted weighted average number of common shares outstanding. is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the fiscal year ended September 27, 2024: Non-operating expense, net (390 ) — — 45 — — (345 ) Provision for income taxes 1 (37 ) (13 ) (120 ) (11 ) — — (181 ) Less: net income attributable to non-controlling interests (3 ) — — — (16 ) — (19 ) Net income margin 2 0.2 % 3.5 % Depreciation expense 37 — — — — — 37 Amortization of intangibles 499 — (499 ) — — — — Interest expense and other, net 345 — — — — — 345 Provision for income taxes 37 13 120 11 — — 181 EBITDA margin 6.9 % 7.6 % 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net loss attributable to common shareholders divided by revenues. The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the fiscal year ended September 29, 2023: Non-operating expense, net (279 ) — — (69 ) — — (348 ) (Provision) benefit for income taxes 1 (4 ) (9 ) (142 ) 17 (2 ) — (140 ) Less: net (loss) income attributable to non-controlling interests 9 — — — (41 ) — (32 ) Net (loss) income margin 2 (1.1 )% 3.4 % Depreciation expense 45 — — — — — 45 Amortization of intangibles 592 — (592 ) — — — — Interest expense and other, net 348 — — — — — 348 Provision (benefit) for income taxes 4 9 142 (17 ) 2 — 140 EBITDA margin 6.3 % 7.4 % 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net loss attributable to common shareholders divided by revenues. The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the quarter ended September 27, 2024: Non-operating expense, net (140 ) — — 42 — — (98 ) Provision for income taxes 1 (11 ) (4 ) (30 ) (10 ) — — (55 ) Less: net (loss) income attributable to non-controlling interests 2 — — — (3 ) — (1 ) Net (loss) income margin 2 (1.4 )% 3.2 % Depreciation expense 9 — — — — — 9 Amortization of intangibles 125 — (125 ) — — — — Interest expense and other, net 98 — — — — — 98 Provision for income taxes 11 4 30 10 — — 55 EBITDA margin 5.4 % 7.8 % 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net loss attributable to common shareholders divided by revenues. The following table presents the unaudited pro forma combined reconciliation of Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin, Pro Forma Adjusted Net Income and Pro Forma Adjusted Diluted EPS to the most directly comparable pro forma measures for the Company, including CMS, for the quarter ended September 29, 2023: Non-operating expense, net (91 ) — — — — (91 ) Provision for income taxes 1 (2 ) (4 ) (36 ) (1 ) — (43 ) Less: net income attributable to non-controlling interests 19 — — (28 ) — (9 ) Net (loss) income margin 2 1.1 % 4.0 % Depreciation expense 11 — — — — 11 Amortization of intangibles 148 — (148 ) — — — Interest expense and other, net 91 — — — — 91 Provision for income taxes 2 4 36 1 — 43 EBITDA margin 8.1 % 8.0 % 1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 - Calculated as net loss attributable to common shareholders divided by revenues. View source version on : CONTACT: Investor Relations Contact Nathan Rutledge Contact Roela Santos KEYWORD: VIRGINIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENVIRONMENT OTHER DEFENSE HOMELAND SECURITY CONSULTING OTHER ENERGY PROFESSIONAL SERVICES PUBLIC POLICY/GOVERNMENT ENERGY STATE/LOCAL DEFENSE SOURCE: Amentum Holdings, Inc. Copyright Business Wire 2024. PUB: 12/16/2024 04:30 PM/DISC: 12/16/2024 04:28 PM

NEW YORK (AP) — U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year. The S&P 500 rose 0.4%, coming off its first losing week in the last four . The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%. Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts’ expectations. The technology company is riding a wave of enthusiasm about its artificial-intelligence offerings in particular. The market’s main event, though, will arrive on Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%. The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting. For now, the general expectation among traders is that the Fed may cut a couple more times in 2025, according to data from CME Group. But such expectations have been shrinking following reports suggesting inflation may be tougher to get all the way down to 2% from here. Besides last month’s slight acceleration in inflation, another worry is that President-elect Donald Trump’s preferences for tariffs and other policies could lead to higher inflation down the line. Goldman Sachs economist David Mericle has dropped his earlier forecast of a cut by the Fed in January, for example. Beyond the possibility of tariffs, he said Fed officials may also want to slow their cuts because of uncertainty about exactly how low rates need to go so that they no longer press the brakes on the economy. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year and is heading for one of its best years of the millennium . The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago. On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin , which set another all-time high. But its stock ended the day down by les than 0.1% after bitcoin’s price pulled back below $106,000 after setting a record above $107,700, according to CoinDesk. The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will also soon join the Nasdaq 100 index. Bitcoin’s price has catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that Trump will create a system that’s more favorable to digital currencies . Honeywell rose 3.7% after saying it’s still considering a spin-off or sale of its aerospace business, as part of a review of its overall business. It said it plans to give an update with the release of its fourth-quarter results. They helped offset a drop for Nvidia, whose chips are powering much of the world’s move into AI. Its stock fell 1.7%. Because it’s grown so massive, with a total value topping $3 trillion, it was the single heaviest weight on the S&P 500. All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89. In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%. In stock markets abroad, indexes fell modestly across much of Europe and Asia. They sank 0.9% in Hong Kong and 0.2% in Shanghai after China reported lackluster economic indicators for November despite attempts to strengthen the world’s second-largest economy. South Korea’s Kospi fell 0.2% as law enforcement authorities pushed to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree, and the Constitutional Court met to discuss whether to remove him from office or reinstate him. ___ AP Business Writer Elaine Kurtenbach contributed. Stan Choe, The Associated PressThe Government of Canada barely tabled its (FES) after a day of political chaos and uncertainty. The Liberal government was thrown into turmoil following the surprise resignation of Deputy Prime Minister and Finance Minister Chrystia Freeland hours before she was scheduled to deliver the feds’ latest economic plan. With no finance minister at the time, House Leader Karina Gould tabled the FES just after 4 p.m. this afternoon, which includes a number of measures aimed at spurring more investment in Canada’s technology sector and domestic businesses more broadly. Facing a glaring hole at one of the most important cabinet positions, the FES was tabled without a speech and with no questions permitted in the House of Commons, despite outcry from Members of Parliament (MPs). Shortly thereafter, Dominic LeBlanc was sworn in as the next Minister of Finance, filling one leadership gap in the Liberal government while questions remain at the top. Following Freeland’s resignation and the delayed release of the FES, members of the Conservatives, NDP, Bloc Québécois, and multiple Liberal MPs alike called on Prime Minister Justin Trudeau to step down. Trudeau has yet to respond publicly to these calls or address Freeland’s departure and LeBlanc’s appointment, but is also considering prorogation or resignation. Freeland from cabinet earlier today, claiming that Trudeau told her last week that he no longer wanted her to serve as finance minister. Her departure comes days after she a slew of new federal programs and updates for Canada’s tech sector contained in the FES. These include a renewal of the Venture Capital Catalyst Initiative (VCCI) and Scientific Research and Experimental Development (SR&ED) tax credit reform, alongside new programs designed to encourage more private investment in mid-cap growth companies and artificial intelligence (AI) data centres, among other measures. Today, the federal government outlined plans to renew VCCI for a fourth time and inject up to $1 billion. Under the investment-matching program, the government provides one dollar for every three dollars raised by select indirect fund managers up to a cap. The latest $1-billion VCCI round will include “more enticing terms” for those funds, but no other details were provided. The feds are also investing up to $1 billion in mid-cap growth companies to crowd in additional private capital to the growth equity market. The funding will be delivered by a qualified fund manager and concessional, meaning that it provides favourable, low-interest terms for companies. According to the FES, the government is developing a program that would provide up to $15 billion in aggregate loan and equity investments for AI data centre projects that receive investments from Canadian pension funds. Those funds must invest at a two-to-one ratio compared to the government, and must become “significant shareholders” in a data centre project. The feds say seven pension funds have already expressed interest and more details will be announced in Budget 2025. To attract more investment, the feds are removing the cap that currently restricts pension funds from owning more than 30 percent of a Canadian company, making it easier for them to acquire controlling stakes. The Government of Canada has also committed $150 million over three years starting in 2024–2025 for the Global Innovation Clusters and $24 million over two years beginning in 2025–2026 for the national AI institutes. This comes in addition to its recently announced $2-billion . The government is proceeding with long-awaited reforms of the Scientific Research and Experimental Development (SR&ED) program. As of any fiscal year beginning on or after Dec. 16, businesses can now claim capital expenditures on SR&ED tax credits again, reversing a Harper government-era change. Public companies, which previously were entitled to a 15-percent non-refundable tax credit, will be permitted to claim the 35-percent tax incentives for applicable research and development projects. The feds are also raising the annual expenditure limit under SR&ED from $3 million to $4.5 million, allowing companies to claim a maximum of $1.575 million per year. The reforms also raise two key eligibility criteria: Companies can access the credit with taxable capital under $15 million, up from $10 million. The phase-out threshold for taxable capital has been raised to $75 million from $50 million. Another new detail from today’s announcement is the federal government’s plan to implement a patent box regime to encourage the development and retention of intellectual property in Canada. The feds said they are currently reviewing feedback from recent consultations and will share details of this regime in Budget 2025. The Government of Canada also indicated that the launch of its consumer-driven banking framework will not happen until early 2026—not 2025 in last year’s FES—marking in Canada’s lengthy quest to implement open banking. It remains unclear what impact Freeland’s departure has on the plans laid out in the FES. At time of publication, Trudeau and the Liberal caucus (including Minister Freeland) were still in an emergency meeting to discuss the day’s events. The CBC has also reported that as many as 60 Liberal MPs will sign a letter asking Trudeau to resign, echoing repeated requests made across the aisle today. Canadian business leaders have expressed fear that Freeland’s departure will further erode investment in the country and destabilize its already shaky economy at a time when incoming United States President Donald Trump has threatened tariffs. Private calls for an election mirrored public requests from the Conservatives today for a confidence vote, underscored by uncertainty in the continued stability of the federal government. “Last week, we were encouraged by an announcement from Minister Freeland, which improved the program criteria for the SR&ED tax credit and increased funding for Canada’s venture capital ecosystem,” Council of Canadian Innovators president Ben Bergen said in a statement today. “Today, Chrystia Freeland is gone, and the future of the Liberal government is up in the air.” “Canadian innovators cannot scale globally on shaky ground—we need strong leadership, not uncertainty, at this critical moment.”

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JEDDAH, Saudi Arabia (AP) — “My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia's decades-long cinema ban. Eight years later, the landscape for film in the kingdom looks much different — and the star of “My Driver and I” now has an award. Roula Dakheelallah was named the winner of the Chopard Emerging Saudi Talent award at the Red Sea International Film Festival on Thursday. The award — and the glitzy festival itself — is a sign of Saudi Arabia's commitment to shaping a new film industry. “My heart is attached to cinema and art; I have always dreamed of a moment like this,” Dakheelallah, who still works a 9-5 job, told The Associated Press before the awards ceremony. “I used to work in voluntary films and help my friends in the field, but this is my first big role in a film.” The reopening of cinemas in 2018 marked a cultural turning point for Saudi Arabia, an absolute monarchy that had instituted the ban 35 years before, under the influence of ultraconservative religious authorities. It has since invested heavily in a native film industry by building theaters and launching programs to support local filmmakers through grants and training. The Red Sea International Film Festival was launched just a year later, part of an attempt to expand Saudi influence into films, gaming, sports and other cultural fields. Activists have decried the investments as whitewashing the kingdom’s human rights record as it tightly controls speech and remains one of the world’s top executioners. With FIFA awarding the 2034 World Cup to Saudi Arabia this week, Lina al-Hathloul, a Saudi activist with the London-based rights group ALQST, said Crown Prince Mohammad bin Salman “has really managed to create this bubble where people only see entertainment and they don’t see the reality on the ground.” These efforts are part of Vision 2030, an ambitious reform plan unveiled in 2016 to ease the economy's dependence on oil. As part of it, Saudi Arabia plans to construct 350 cinemas with over 2,500 movie screens — by this past April, across 22 cities, it already had 66 cinemas showing movies from the local film industry, as well as Hollywood and Bollywood. (The Red Sea International Film Festival attracts a host of talent from the latter industries, with Viola Davis and Priyanka Chopra Jonas also picking up awards Thursday.) The country's General Entertainment Authority last month opened Al Hisn Studios on the outskirts of Riyadh. As one of the largest such production hubs in the Middle East, it not only includes several film studios but also a production village with workshops for carpentry, blacksmithing and fashion tailoring. “These facilities, when they exist, will stimulate filmmakers,” said Saudi actor Mohammed Elshehri. “Today, no writer or director has an excuse to imagine and say, ‘I cannot implement my imagination.’” The facilities are one part of the equation — the content itself is another. One of the major players in transforming Saudi filmmaking has been Telfaz11, a media company founded in 2011 that began as a YouTube channel and quickly became a trailblazer. Producing high-quality digital content such as short films, comedy sketches and series, Telfaz11 offered fresh perspectives on Saudi and regional issues. In 2020, Telfaz11 signed a partnership with Netflix to produce original content for the streaming giant. The result has been movies that demonstrate an evolution on the storytelling level, tackling topics that were once off-limits and sensitive to the public like secret nightlife in “Mandoob” (“Night Courier”) and changing social norms in “Naga.” “I think we tell our stories in a very simple way, and that’s what reaches the world,” Elshehri says of the changing shift. “When you tell your story in a natural way without any affectation, it will reach every person.” But the films were not without their critics, drawing mixed reaction. Social media discoursed ranged from pleasure that Saudi film were tackling such topics to anger over how the films reflected conservative society. As Hana Al-Omair, a Saudi writer and director, points out, there are still many stories left untold. “We certainly have a long time ahead of us before we can tell the Saudi narrative as it should be,” she said, acknowledging that there are still barriers and rampant censorship. “The Goat Life,” a Malayalam-language movie about an Indian man forced to work without pay in Saudi Arabia, is not available on Netflix's platform in the country. Movies that explore political topics or LGBTQ+ stories are essentially out of the question. Even “My Driver and I,” featured at the Red Sea festival alongside 11 other Saudi feature-length films, was initially too controversial. It centers on a Sudanese man in Jeddah, living away from his own daughter, who feels responsible for the girl he drives as her parents are absent. It was initially blocked from being made because of the relationship between the girl and the driver, filmmaker Ahd Kamel has said, even though it's not a romantic relationship. Now in 2024, the film is a success story — a symbol of the Saudi film industry's evolution as well as the growing role of women like Kamel behind the camera and Dakheelallah in front of it. “I see the change in Saudi cinema, a very beautiful change and it is moving at a wonderful speed. In my opinion, we do not need to rush,” Dakheelallah said. “We need to guide the truth of the artistic movement that is happening in Saudi Arabia.”

The four public officials involved in the case were found guilty of using their positions to facilitate the production and sale of the "Eight Treasures Pill." Their actions not only violated the law but also betrayed the trust placed in them by the public. The severity of their actions is reflected in the sentences handed down by the court.Aston Villa denied last-gasp winner in Juventus stalemate

WCPL receives national funding to help bridge digital divide

MHSA executive board takes action on realignment for footballLower interest rates amid the ongoing easing cycle of the Bangko Sentral ng Pilipinas (BSP) supported the growth of local currency (LCY) bond issuances in the third quarter, with corporate borrowers regaining their appetite for fresh debt. Figures from the latest Asia Bond Monitor report of Manila-based Asian Development Bank (ADB) showed offerings of peso-denominated debt securities had increased by 11 percent quarter-on-quarter to P2.9 trillion in the three months ending in September. READ: Treasury bureau raises P15 billion as planned from 5-year T-bonds By type of issuer, offerings from the government jumped by 34 percent while corporate bond issuances spiked more than threefold, with banking giants BDO Unibank and Bank of the Philippine Islands making the largest debt sale among firms in the third quarter. The multilateral lender attributed such growth to declining borrowing costs after the BSP had kicked off its rate-cutting cycle. Between Sept. 2 and Oct. 31, ADB monitoring showed that yields on LCY government bonds had fallen by 33 basis points (bp) on average across all tenors. The growth in issuances, in turn, supported the expansion of the domestic bond market. The ADB said total outstanding peso bonds had breached P13 trillion by the end of the third quarter, registering a 3.8-percent sequential increase. Broken down, government bonds grew by 3.6 percent amid a high volume of debt maturities that had to be paid. Total corporate debt stock, meanwhile, rose by 3.1 percent—recovering from the previous quarter’s 7.7-percent contraction—as companies were encouraged by the dovishness of the BSP. Unlike in the United States, where a slowing job market prompted the US Federal Reserve to deliver a jumbo 50-bp cut in September, the BSP had entered its easing era in August with the traditional quarter-point reduction to the policy rate. In October, the BSP cut the policy interest rate by 25 bp again to 6 percent, with Governor Eli Remolona Jr. dropping clear hints of additional—but gradual—easing moves. But Remolona last week floated the possibility of an easing pause at the Dec. 19 meeting of the Monetary Board, citing persistent price pressures. —Ian Nicolas P. Cigaral Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy .

COP29: Developing nations slam 'paltry' $300 billion climate dealLake County Public Library uses TikTok to bring in more patronsThe S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%. Nvidia rose just 0.5% after beating analysts' estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts' expectations due to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia's revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another "flawless" profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls "the Godfather of AI." The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia's stock performs has more impact than any other because it's grown into Wall Street's most valuable company at roughly $3.6 trillion. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ'S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart, which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%. Google's parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company's oversight committee continues to see evidence of misconduct. All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42. In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It's more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country "the crypto capital of the planet" and create a "strategic reserve" of bitcoin. Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January. Gensler has pushed for more protections for crypto investors. Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that's been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In stock markets abroad, shares of India's Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world's richest people is accused of concealing that his company's huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Stock indexes elsewhere in Asia and Europe were mixed. In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy. One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected.

Local makers are feeling the crunch as the Canada Post strike enters its second week and the holiday shopping season ramps up. Read this article for free: Already have an account? To continue reading, please subscribe: * Local makers are feeling the crunch as the Canada Post strike enters its second week and the holiday shopping season ramps up. Read unlimited articles for free today: Already have an account? Local makers are feeling the crunch as the Canada Post strike enters its second week and the holiday shopping season ramps up. Leiah Bauer, an artisan soap maker from southeast Manitoba, is overstocking her booth for this weekend’s Third + Bird Christmas market to make up for business she’s losing from online sales. Her company, Apothecandy, makes soaps and bath products sourced from goat milk from her own farmstead. The strike forced Bauer to turn off shipping options on her website, which she says accounts for 95 per cent of her e-commerce sales. RUTH BONNEVILLE / FREE PRESS Leiah Bauer, owner of Apothecandy, is overstocking her booth for this weekend’s Third + Bird Christmas market to make up for business she’s losing from online sales. “It’s basically put half my business on hold,” she said Thursday. “I’m located rural so I’ve lost a lot of my way of selling it and getting it into the hands of my customers.” About 55,000 members of the Canadian Union of Postal Workers hit the picket line last Friday morning after failing to reach an agreement with Canada Post. The strike has ground mail and package deliveries to a halt. Union workers are asking for better working conditions and wage increases of 23 per cent over four years. Canada Post has offered an increase of 11.5 per cent over four years, according to the union. Bauer is among dozens of local businesses who sell their wares at Christmas markets to carry their business through the end of the year. Shipping alternatives aren’t available from her farm, located outside Richer, so the maker is scrambling to find alternatives. “I do have a pickup at my farm gate as an option, but it is outside of the city so that’s challenging for a lot of people, and a lot of people can’t make it out there,” she said. Bauer can’t rely on alternative shipping options because they are either not available or out of her price range. Other shippers, such as FedEx or UPS, charge 30 to 40 per cent more for shipping than Canada Post. Makers like Delaney Tycholis, who refurbishes and reworks vintage jewelry, have packages stuck in Canada Post limbo with no information as to when her customers can expect their jewelry. She’s also waiting on material to be delivered so she can continue running her business. “I get excited for supplies and when it no-shows I can’t create and work, which is what I love to do,” she said. A poll commissioned by the Retail Council of Canada shows 62 per cent of Manitobans do their holiday shopping in November. The strike, coming right before Black Friday, is sure to put retailers in a bind, said Retail Council Manitoba director John Graham. He called on the federal government to institute back-to-work legislation. “Canada Post is a critical lifeline for small businesses across the country and we’re very concerned of the impact this will have to shifting away from buying and supporting local to larger retailers that have have... guaranteed shipping contracts in place that put them at that advantage,” he said. During previous Canada Post strikes, in 2011 and 2018, the federal government passed back-to-work legislation, which ended service disruptions. Tycholis has other options for shipping her product during the holiday season and offers local pickup, but the strike has made her reconsider her reliance on Canada Post. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. “I care so much about my customers and promptly delivering their pieces,” she said. “I hope I can sit tight while Canada Post does its thing. It’ll hurt my pocket for sure but I’m trying to stay hopeful.” While Bauer waits out the strike, she’s partnered with a Winnipeg business who offered to be a pickup point for Apothecandy’s online orders, but the option isn’t a long-term solution should the strike drag on. “Small business people are creative and resilient, and I hope that we can kind of rally and support all of our local small businesses this season, but we could do with slightly fewer challenges,” she said. nicole.buffie@freepress.mb.ca Nicole Buffie is a multimedia producer who reports for the city desk. Born and bred in Winnipeg, Nicole graduated from Red River College’s Creative Communications program in 2020 and worked as a reporter throughout Manitoba before joining the newsroom in 2023. . Every piece of reporting Nicole produces is reviewed by an editing team before it is posted online or published in print — part of the ‘s tradition, since 1872, of producing reliable independent journalism. Read more about , and . Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider . Our newsroom depends on its audience of readers to power our journalism. Thank you for your support. Canada Post and the union have agreed to continue delivering federal benefit cheques, such as Canada Child Benefit, old age security and the Canada Pension Plan during the strike. On Thursday, the province opened pickup and drop-off locations for cheques and other essential mail: Nicole Buffie is a multimedia producer who reports for the city desk. Born and bred in Winnipeg, Nicole graduated from Red River College’s Creative Communications program in 2020 and worked as a reporter throughout Manitoba before joining the newsroom in 2023. . Every piece of reporting Nicole produces is reviewed by an editing team before it is posted online or published in print — part of the ‘s tradition, since 1872, of producing reliable independent journalism. Read more about , and . Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider . Our newsroom depends on its audience of readers to power our journalism. Thank you for your support. Advertisement AdvertisementGoodbye to time changes? Donald Trump says he will push to end daylight saving time

Call for Nominations: 2025 Enterprise Innovation Awards - Celebrating Excellence in Digital Transformation Across ASEAN

The voter ID in Nigeria, known officially as the Permanent Voter Card (PVC), may no longer be a requirement for voter verification if a set of reforms to the electoral process initiated by the Independent National Electoral Commission (INEC) goes through. The reforms also seek to expand and streamline the use of biometrics in enhancing the positive outcome of elections in terms of voting and results management, particularly as the country looks forward to general elections in 2027. Neighbouring Ghana is one country that has in the use of biometrics in elections. In a recent meeting with Resident Electoral Commissioners, the Chairman of INEC, Prof Mahmood Yakubu, said the planned reforms are mostly inspired by recommendations that came from different quarters regarding the conduct of the 2023 general elections. He said the Commission has also consulted widely with different stakeholders on the issues to be rejigged in the electoral system. Nigeria amended its Electoral Act before the elections last year. According to a by Punch, Yakubu reiterated the desire of the election management agency to fix many of the loopholes noticed, and to pave the way for the organization of even more credible and transparent elections in the country in three years. The INEC leader said in the near future, the electoral umpire will take the substance of the envisaged amendments to the relevant parliamentary committees for consideration. Yakubu explained that from their internal review and external consultations and engagements, a total of 142 recommendations have been identified for action at different levels. These recommendations, he said, have to do with “the general state of preparedness, voter management, voter education and public communication, political parties and candidate management, electoral operations and logistics management, election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework.” Eight of the 142 recommendations require a legislative amendment to be approved by the two chambers of parliament, 86 need administrative measures to be implemented by INEC, while the remaining 48 need collaboration between a number of government institutions and agencies for their effective implementation. Among those recommendations requiring legislative amendment is a move to do away with the physical voter ID which has served as a proof of ID for voters at the polling station in past elections. It has also been a subject of controversy, often at the origin of allegations. Its production adds up election costs and its collection by registered voters has faced problems, with many voters abandoning the cards. The INEC boss says the idea is to replace the PVC with a digital slip or downloadable identity credential for voter verification. Advocacy group Yiaga Africa advised INEC after the 2023 polls to with downloadable credentials. A Commonwealth Observer Group report had also urged in the technology deployed for result counting and transmission. “The commission also believes that with the introduction of the Bimodal Voter Accreditation System, the use of the Permanent Voters’ Cards as the sole means of identification for voter accreditation on Election Day should be reviewed,” Yakubu is quoted as saying, referring to the potential of the biometric voter verification system to replace the physical credential. “Those who already have the PVCs can still use them to vote, but going forward, computer-generated slips issued to the voter or even downloaded from the Commission’s website will suffice for voter accreditation,” he added. Other areas the reform envisages by INEC include considering voting by Diaspora Nigerians and the cleansing of the voter’s register by strengthening collaboration between the National Identity Management Commission (NIMC) and the National Population Commission (NPC), as we back in 2021. | | | | | | |New York doctor sued for prescribing abortion pills to a Texas woman via telemedicine

THIS Storm Bert wreaked havoc on transport services and brought devastating flooding to towns across the region. In the early hours of Saturday (November 23) morning, Storm Bert hit South Wales, and several flood alerts were triggered. The M48 Severn bridge was closed in both directions due to the strong wind which had a knock-on effect of 50-minute delays on the M4. The Met Office had issued a yellow weather warning for wind and rain. However, it was not until Sunday that the full force of the storm was felt. Yellow warning of rain affecting Wales A yellow weather warning is a familiar sight for the Argus readers, but on Sunday the devastating floods showed the real impact of the storm. In the early hours of Sunday, the M48 once again closed in both directions due to strong winds. There were several flood warnings issued with 50 red warnings and 60 amber alerts from Natural Resource Wales. Throughout the day, residents across Gwent and Monmouthshire saw increasingly shocking images and video footage as rivers burst their banks. The flooding took place across the region including but not limited to Risca, Ebbw Vale, Abertillery, Newport, Abergavenny, Monmouthshire, Abersychan and Blackwood. It may have felt like the real question was where wasn’t flooding, as road closure after road closure was announced. A map of all the flood warnings across Wales showed the national emergency taking place, which was even addressed by the First Minister of Wales herself. First Minister for Wales, Eluned Morgan, in a post on X (formerly Twitter), said: "Diolch to emergency services and council staff working hard to keep us safe during this awful weather and flooding. "Follow advice from your council, emergency services and Natural Resource Wales." Diolch to emergency services and council staff working hard to keep us safe during this awful weather and flooding. Diolch i'r rhai sy'n gweithio'n galed i ddiogelu ni. Cymerwch ofal a dilynwch gyngor lleol - follow advice from your council, emergency services and . An important message was issued by Gwent Police asking the public to abide by the road closure and not attempt to drive through floodwater. It was in the early morning, that within minutes a rugby club in Crosskeys Newport was hit by flash flooding. Cross Keys RFC says it is ‘heartbroken’ after it was hit by the devastating flash flooding at around 7.20am. Colin Vernal, 74, who runs the social club, was cleaning inside before the flood hit the premises. “I was in there at twenty past seven cleaning the club and there was not a drop of water, but by half past it was a job managing to get out of there.” He described the sound of floodwater hitting the building as loud as a ‘bomb going off’. The club previously flooded in 2019 and raised over £140,000 to repair damage to the furniture and carpets. The club is 'devastated' and heartbroken by the damage and how much this flood will set them back. In the morning, a local resident in Abergavenny witnessed the road completely flooded and what appeared to be a landslide at the Hardwick Roundabout. When the River Usk burst its banks over Castle Meadows in Abergavenny, the water rushed into the surrounding fields and roads. It was not just the roads that were flooded, as images showed a children’s play area at the Boating Lake park and garden in Cwmbran flooded. The flooding throughout Newport disrupted local bus services and train lines between Abergavenny and Pontypool were completely blocked. At around 10.19am photographs and videos of significant flooding on roads and residential streets in Abersychan began to emerge. The M48 Severn Crossing may have reopened at around 11.20am as winds died down, but the flooding continued to wreak havoc in towns across the region. At around 12.50, the River Ebbw at Tredegar Park in Newport began to breach its banks and residents received calls warning them of potential imminent flooding. In the early afternoon, a street in The Hawthorns in Caerleon was completely flooded, reported a local resident. In a video shared with the Argus, water levels can be seen so high that a skip floated towards parked cars at the Blackwood Rugby Club. A fundraiser has been set up to try and raise money to save the rugby club in Blackwood and a fundraiser for the Cross Keys RFC will be set up in a day or so. In Newport, an ominous picture shared by Mark Powis showed the gravestones at St Woolos Cemetery flooded with water.DENVER (AP) — Highly touted high school quarterback Julian Lewis has committed to the University of Colorado, possibly an indicator that coach Deion Sanders does indeed plan to stick around in Boulder. The five-star recruit recently decommitted from Southern California to explore his options. He announced Colorado would be his destination Thursday on ESPN’s “The Pat McAfee Show” as he donned a Buffaloes stocking cap. Lewis figures to be the heir apparent to Shedeur Sanders, who’s expected to be a top pick in the next NFL draft. handing the keys over to the young QB in a video posted on Lewis’ Instagram account. It gives Deion Sanders another elite quarterback to build around at Colorado. On Tuesday, Sanders over his future. “I’m enthusiastic about where I am,” he said. “I love it here. Truly do.” His roster this season has several young players making significant contributions, including freshman left tackle Jordan Seaton. “We ain’t going nowhere,” Sanders said. “We’re about to get comfortable.” Lewis, whose nickname is “Ju Ju,” became the starting quarterback at Carrollton High School in Georgia as a freshman. The 6-foot-1, 185-pound player was the 2023-24 Gatorade Georgia football player of the year. This season, he’s thrown for 2,842 yards and 40 touchdowns with only four interceptions, according to MaxPreps. He’s completing 77.8% of his passes. “It’s big for me, just coming in after Shedeur, seeing what he’s done at Colorado, and what he’s turned it into,” Lewis said on McAfee’s show. “It’s definitely a blessing to get to this position, coming in after him with his dad. “Coach Prime has always said the best man is going to play. That’s really what I wanted, was to be able to compete ... I don’t have much fun sitting on the bench, so I want to come to where I have a chance to play.” Lewis delivered the news to Deion Sanders over a phone call. He’s set join the Buffaloes (8-2, 6-1 Big 12, ) this spring. “Julian loves to compete; he’s extremely excited for the challenge that lies ahead in college football,” said TC Lewis, Julian’s father. “What ‘Coach Prime’ and Colorado provide for him in regards to development and a path to play are exceptional.” ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up . AP college football: andAston Villa denied last-gasp winner in Juventus stalemate