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EDF considers extending life of two UK nuclear plants due to energy crisis – The Guardian

Posted: October 2, 2022 at 4:10 pm

Frances EDF is considering extending the life of two British nuclear power plants due to the severity of the energy crisis.

EDF said on Wednesday that it would review whether there was a case to keep open the Hartlepool nuclear power plant in County Durham and Heysham 1 on the north-west coast of England near Lancaster. Both plants had been scheduled to close in March 2024.

EDF operates all of Britains eight nuclear power plants, five of which are still providing power to the grid, about 13% of the UKs electricity. The entire fleet is due to shut by 2028 apart from Sizewell B, which will close in 2035.

When EDF took over the nuclear fleet in 2009, Heysham 1 and Hartlepool were due to run until 2014. After technical reviews, that was extended to 2019 and then, in 2016, a further five-year extension was approved after further reviews.

Sources said any extra lifespan for the stations was likely to be far shorter than previous extensions. The stations which produce 2.2 gigawatts of power, enough to power 3.5m homes have been operational for four decades.

EDF said it had decided to launch the review in light of the severity of the energy crisis and the results of recent graphite inspections and said an extension would depend on the results of graphite inspections over the coming months.

Russias invasion of Ukraine has sparked turmoil in energy markets and sent gas and electricity prices soaring. It has also caused an international dash for gas supplies and raised concerns over potential blackouts this winter.

The government has moved to shore up winter energy supplies, signing deals to keep coal-fired power stations in Yorkshire and the east Midlands on standby including EDFs West Burton A plant in Nottinghamshire.

Mike Clancy, general secretary of the Prospect union, said: The government has had no option but to keep these plants on longer term. It underlines that we need a long-term plan for energy generation. Were a decade late on nuclear and if we dont move fast enough we will miss the boat on other fuels, like hydrogen. The government needs to give people the confidence to invest.

Some power-generation companies, including those on nuclear, old solar and windfarm contracts have landed an unexpected windfall from the jump in electricity prices while their costs have not risen, triggering calls for a windfall tax.

EDF said its nuclear fleet would generate 42 terawatt hours of power in 2022. It said that, because it had sold its output in advance, it had delivered at well below current wholesale prices.

The Guardian revealed earlier this month that Centrica, which owns a 20% stake in the nuclear fleet alongside EDF, wants to renegotiate its electricity-generation contracts.

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Tom Burke, co-founder of the green thinktank E3G, said: In the current climate it makes a lot of sense [to extend the plants lifespans]. The question is mainly about the cost: is the extra time youre buying worth the cost of keeping it safe? The Office for Nuclear Regulation are not going to play fast and loose with safety so then it depends on the spend. With electricity prices where they are now it probably does make sense.

EDF said it plans to invest 1bn in the nuclear fleet from 2023 to 2025. The debt-laden company, which is being fully nationalised by the French government, is developing the delayed and over-budget Hinkley Point C project in Somerset.

It is also behind plans for a sister station, Sizewell C, in Suffolk, which was given the green light in the final days of Boris Johnsons premiership.

Tom Greatrex, the chief executive of the Nuclear Industry Association, said: Getting the most out of our existing nuclear stations is vital to ensuring Britain has a secure supply of power going forward.

The Labour leader, Keir Starmer, on Tuesday pledged to launch Great British Energy, a publicly owned energy company run on clean UK power, if elected.

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Rittenbach among Extension team professionals honored – Jamestown Sun | News, weather, sports from Jamestown North Dakota – The Jamestown Sun

Posted: at 4:10 pm

North Dakota State University Extension staff including several from the Jamestown area were recognized at the National Extension Association of Family and Consumer Sciences annual session held in Raleigh, North Carolina.

NDSU Extension family and community wellness professionals were recognized for the On the Move to Better Health Cooking and Baking Schools Go Virtual program. They placed first in the central region and first in the nation. Team members includedDonna Anderson, agent in Eddy and Foster counties,Susan Milender, agent in Barnes County, and Christina Rittenbach, agent in Stutsman County.

The program engaged youth in virtual after-school lessons to increase their food preparation knowledge and skills and improve their knowledge of food science and nutrition.The National Extension Association of Family and Consumer Sciences, with 1,800 active members, educates and recognizes Extension professionals who impact the quality of life for individuals, families and communities.

Visit http://www.ndsu.edu/agriculture/extension for information about NDSU Extension's family and community wellness programs.

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Rittenbach among Extension team professionals honored - Jamestown Sun | News, weather, sports from Jamestown North Dakota - The Jamestown Sun

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What is the circular economy and why is it essential for real sustainability? – Schroders

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Todays population consumes 1.7 times more resources than the Earth can sustain, yet the global population is growing fast*. By 2050 it is set to exceed 9 billion.

Despite plans to reduce them, greenhouse gases are also being produced at a rate which is rapidly destabilising the climate.

Our economic model is outdated and must change. A circular economic model offers ways to cut waste in both energy and materials, and reduce environmental harm.

But what is the circular economy, how will we get there, and how can investors engage?

A circular economy delivers what consumers need without accepting that materials will be discarded and pollution created in the process. It challenges the existing take-make-waste approach, which consumes finite resources that are used briefly, and then discarded, often directly to landfill.

A circular economy designs out waste and pollution to keep materials in use. 55% of global greenhouse gases are created through energy use. What few people realise is that 45% is generated from production processes (spanning industry, agriculture and land use). A circular economy designs products and services with efficiency, reusability and recyclability in mind.

This is a global, durable trend which is essential to protecting the planet and living standards long into the future. Governments are introducing clear targets and policy support to close the economic loop. Consumers are demanding sustainable products and services and insisting on higher environmental standards. Technology is also helping deliver the transition, ranging from materials science to digitisation.

This will create an estimated $4.5 trillion opportunity by 2030 and $25 trillion by 2050. Investors can back - and benefit from directing capital towards its success. We believe superior returns can be generated by investing into such impactful companies. Competitors that lack the vision or capacity to adopt to a circular model, will wither.

The world ecological footprint measures how much biologically productive area it takes to provide for the competing demands of the human population. This includes space for fishing and growing food, for fibre production and timber regeneration. It also includes accommodation, commodity extraction and infrastructure, as well as absorption of CO2 from fossil fuels.

We passed the threshold of natural, annual regeneration in the 1970s, and now require about 170% of the area that can replenish itself naturally. Population growth means we will hit around three times the sustainable level by 2050.

Only around 16% of waste is recycled globally, and waste generation is set to rise by over 70% by 2050. 80% of all plastic produced globally is wasted, with just 9% recycled. That means 12 million tonnes of plastic enter the ocean per year. Nearly a third of all food produced worldwide is wasted.

Over 32 billion cubic metres of water is lost every year due to leaks. 80% of wastewater globally is currently released untreated. This against a backdrop of nearly 60% of the worlds fresh water aquifers having already passed their tipping point for replenishment, with water demand set to grow 50% by 2050.

The International Panel on Climate Change forecasts that to keep temperature change to 1.5 degrees above pre-industrial levels, we need to reduce greenhouse gas emissions by 45% from 2010 levels by 2030, and be at net zero by 2050. Despite this, the US Energy Information Administration still expects greenhouse gas emissions in 2050 to be 30% higher than they were in 2010.

While its a bleak backdrop, it at least means we have a staggering opportunity-set to target when seeking companies that design out waste and pollution and keep products and materials in use.

The success of the transition to a circular economy relies on a combination of influence and innovation. Large, mature firms represent the financial clout and size to enact change on a required scale. Equally, the longevity of linear economic models means certain behaviours are very deeply entrenched. Younger, more agile companies are often delivering the most disruptive and revolutionary ideas. Many young companies those challenging the status quo - are still private, and not yet listed on public stock markets.

To evolve at the pace needed, both budding companies and those with deep roots will need to play a role. Investors seeking to participate in the circular economy transition should aim to cultivate the greatest flexibility possible, in order to access innovation where it is most abundant.

There are five key sub-themes originally identified by Accenture and now widely adopted that will deliver investment opportunities as the global economy makes the transition.

This involves the introduction of fully renewable, recyclable or biodegradable materials that can be used in consecutive lifecycles. This can reduce long-term costs while increasing predictability within, and control over, a supply chain.

Recovery and recycling refers to a production and consumption system where everything that used to be considered waste is revived for other uses. Companies can recover end-of-life products to recapture and reuse valuable material, energy and components.

Sharing platforms use technology to increase the utilisation of assets, prevent idle capacity or find products a new home. Product as a service involves consumers paying for the use of a product rather than the product itself. This shifts the manufacturers focus to longevity, reliability and reusability.

The product life extension model aims to capture the value from products that may be broken, out of

fashion or no longer needed. By maintaining and improving products through repairs, upgrades or remanufacturing - or by finding a new owner - companies can create massive economic value. More than that, they can greatly reduce the consumption of raw materials and emissions generated from production processes.

These are companies whose products or services provide the tools for a transition to a circular economy. These companies can range across the software, electronics and industrial sectors but all provide necessary tools for a successful circular transition.

Back Market is one of the words largest market places for refurbished electronics including smartphones and laptops. Schroders Capital co-invested in Back Market alongside a longstanding and highly regarded co-investment partner. It now serves more than five million customers across Europe, the UK, the US and Japan.

Back Market was identified as an opportunity because of its strong business model and ambitious expansion plans, but also its contribution to sustainable production of consumer goods. The company has successfully prevented the creation of1,600 tonnes of e-waste as well as 260,000 tonnes of CO2, and saved 160,000 tonnes of raw materials.

Norsk Gjenvinning is a leading waste management company and recycling leader. Of the 2.5 million tonnes of waste under its management in 2021, it recycled 98%, with 60% being recovered as new raw materials. That 2.5 million tonnes represents over 20% of all Norwegian waste, and its recycling activity can save the equivalent of more than 550,000 tonnes of CO2 per year.

UPM is a leading forest products company in based in Finland. From its origins in paper manufacture, the company has been using a beyond fossils fuels approach to guide their growth investments.

In recent years UPM has expanded further into pulp and emission-free energy, as well as into sustainable labelling and biofuels. Their next large investment is into bioplastics. They are currently building a plant that will use residue materials from sustainably managed forests to produce bio-alternatives to petrochemical based plastics and rubbers. They are currently working with Coca-Cola to help replace oil-based PET in their bottles with plant-based plastics, for example.

UPMs forests act as natural carbon sinks, while many of their products help to displace fossil-fuel based alternatives. Additionally they have been working on increasing their share of raw materials from sustainable sources towards 100% (83% currently). UPM is also aiming to reduce the amount of waste that goes to landfill, targeting 100% of process waste to be either recovered or recycled by 2030 (89% today). These are only a few examples of companies that are aligned with progress on the circular economy, and we continue to engage with them to ensure their influence will expand.

We have pushed past the planets limits to support humanity. World leaders, having woken up to the challenge, are now lifting their heads out of the sand and understanding its scale. We need to drastically cut the strain on the earth by rapidly recalibrating the global economy entirely. We believe that by backing companies that will help to deliver this economic reality will outperform those that remain wedded to the old paradigm. More than that, we can ensure that prosperity for future generations is maintained, or bettered.

Source: footprintnetwork.org

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44 national and international NGOs call for renewal and expansion of truce in Yemen [EN/AR] – Yemen – ReliefWeb

Posted: at 4:10 pm

With the current truce agreement set to expire on 2 October 2022, humanitarian organisations remind all parties to the conflict that the future of the people of Yemen is in their hands.

As organisations working in Yemen, we recognise and applaud the important steps taken by all parties to the conflict as they continue to work towards upholding the truce. Together you have enabled the longest period of calm for more than seven years, bringing relief and hope to the people of Yemen. During the past six months, we have seen a 60 per cent reduction in casualties. The amount of fuel entering Hudaydah port has quadrupled, allowing hospitals and businesses greater access to fuel, helping to maintain proper functionality of and access to public services, including critical medical treatments. Commercial flights from Sanaa have helped 21,000 Yemenis to access lifesaving medical care, pursue education and business opportunities and reunite with loved ones overseas.

With the current truce agreement set to expire, now is a critical moment for the people of Yemen. While important gains have already been made, more time is needed to ensure that Yemenis can start to rebuild and recover their lives.

After more than seven years of conflict, 23.4 million people in Yemen are dependent on humanitarian assistance. A longer truce would be the first step towards building the lasting peace that is critical to allow people to move beyond food handouts and build their self-reliance. More time is needed to take steps to resolve the payment of civil servant salaries, ensuring that (among the many public sector workers) more teachers are available to support children through education and that more nurses and health practitioners are there to save lives.

While civilian casualties have fallen during the period of the truce, injuries and death as a result of landmines and unexploded ordnances are continuing to rise. A longer period of peace would give humanitarian mine actors the time needed to import critical demining equipment, train staff and carry out clearance to help protect civilians, allow farmers to start using land again, and ensure that children can attend school without risking their lives.

A longer extension of the truce would be the first step in further building upon the gains over the past six months and creating the stability needed to carry out longer-term assistance. If the conflict restarts now, it not only risks destroying gains already made but threatens the future development of Yemen.

Families that we speak to tell us that they want the conflict to end and recognise that, while the truce might not be perfect, it is a crucial step on the road to long and lasting peace. A reduction in fighting means that for the first time in more than seven years, children could start the school year without fear of attacks, including those caused by airstrikes and ground shell and missile fire. As one first-grade teacher said, During these six months, my pupils have begun to change their perception of seeing a plane fly overhead. To not be terrified, confused and uncomfortable. I hope they will not have to change their perception back to what it was before.

Al Tathamon Foundation for Development // Abna Saada Association for Development Social & Charity // ACTED Action Contre la Faim (ACF) // Action For Humanity International // ADRA // Alamal Womens Sociocultural Foundation (AWSF) // All Girls Foundation // CARE // Civilians In Conflict ( CIVIC) // Diakonie Katastrophenhilfe // Danish Refugee Council // FES // Field Medical Foundation // Generations without Qat // HALO // Handicap International - Humanity and Inclusion // International Medical Corps // INTERSOS // IRC // Islamic Relief Worldwide // Life Makers Meeting Place Organisation // Light Foundation for Development // Mercy Corps // MSI Yemen // Norwegian Peoples Aid Norwegian Refugee Council // Oxfam // Polish Humanitarian Action (PAH) // PU-AMI (Premire Urgence Aide Mdicale Internationale) // Qudrah Organization for Sustainable Development // Rawahel Foundation Development Relief International // Rescue Foundation for Development // Samaritans Purse // Save the Children // She4Society Intiative // Tamdeen Youth Foundation // Vision Hope International // War Child UK // Yemen Center for Human Rights Studies // Yemen Family Care Association // ZOA

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University City Townhomes residents now have until end of the year to find new low-income housing – The Philadelphia Inquirer

Posted: at 4:10 pm

Residents of University City Townhomes now have until the end of the year to find new low-income housing, according to a spokesperson for the landlord.

Tenants federal affordable housing subsidies had been set to expire Oct. 8, but the U.S. Department of Housing and Urban Development agreed to an extension through Dec. 27, said Kevin Feeley, a spokesperson for IBID Associates. Residents were notified late last week, he said.

Were still on edge about it, said Rasheda Alexander, a 14-year UC Townhomes resident and tenant representative. We still are facing the same fears and anxieties that we faced previously, especially because nothing has really changed as far as the housing market is concerned.

It gives us a little bit more time, but Im nervous, said Lynn Green, who has lived at UC Townhomes for more than two decades and has yet to find a new place to live. When I go to look for places, I get there and theres 30 people looking at the same place.

This most recent extension is the latest development surrounding the University City Townhomes, an affordable housing complex home to 69 predominantly Black and Hispanic families. Located at 39th and Market Streets, the complexs neighborhood was once referred to as Black Bottom, a historically Black community that gradually gentrified with the development of the University of Pennsylvania and Drexel University.

Last year, IBID announced its plan to sell and redevelop the property, ending its federal affordable housing contract that was originally set to expire this past July.

Residents, some of whom have lived in the complex for decades, were not happy to hear of those plans.

Since then, they have organized, forming the Save the UC Townhomes coalition. This summer, they set up an encampment on the complexs lawn in protest. Earlier this month, the coalition of residents and supporters rallied at City Hall, laying out a list of demands. They called for IBID to extend its federal contract for another two years and to sell the property to a third party that intends to keep the complex as affordable housing.

READ MORE: Why the University City Townhomes are really vanishing and why it could happen again

City Councilmember Jamie Gauthier tried to intervene and prohibit demolition on the property. IBID then sued Gauthier and the city federal court. The lawsuit has yet to be resolved.

The federal contract has been extended several times, first from July to Sept. 7 to to allow more time for the housing vouchers to arrive for displaced tenants. Then, it was pushed to Oct. 8 and now, the end of the year.

Under the contract, HUD pays the difference between the units rent and 30% of the resident households income.

IBID has no plans to evict residents when the contract expires, Feeley said, but they will no longer receive those subsidies unless they move to another affordable housing complex.

READ MORE: How to find affordable housing in Philly

We have never said were going to be evicting anybody, Feeley said. The relocation process is working and our intention is to give people a reasonable amount of time to complete it.

Feeley said at least half of residents have moved or received their vouchers in anticipation of moving, with most others having completed their paperwork to get the vouchers. Alexander told Billy Penn that 58 families do not know where they are moving.

Residents Alexander and Green both said they have received their vouchers but have encountered difficulty finding comparable housing options.

Green, who worked two jobs most of her life and struggles with health problems, said she could not afford to live at UC Townhomes when the subsidies end I dont have that kind of money. The stress of the upcoming deadline has had physical effects, too, Green said, adding that she has not slept well in months and began suffering from panic attacks.

IBIDs ultimate goal remains to sell and redevelop, Feeley said, but there is no set deadline for when it plans to do so.

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New Eskom board: Business groups happy with mix of skills – News24

Posted: at 4:10 pm

(PHOTO: Gallo Images/ALAMY)

Business Unity South Africa CEO Cas Coovadia is "happy with the mix of relevant skills and expertise" on the new Eskom board, amid some reservations from political parties.

Public Enterprises Minister Pravin Gordhan announced a new board on Friday. The board includes Nedbank chair Mpho Makwana, former MTN SA boss Mthetho Nyathi, and former Cosatu secretary-general Bheki Ntshalintshali.

South Africa is currently grappling with the longest stretch of load shedding on record.

READ |ANALYSIS | The new Eskom board's 75% challenge

Coovadia called on the government to give the incoming board the space to stabilise the entity and power supply.

"The appointment of this board is an important step in the right direction to ameliorate the immediate load shedding crisis, and to also guide Eskom's role in implementing the President's energy plan," said Coovadia.

Energy Intensive Users Group CEO Fanele Mondi said the previous Eskom board was heavily handicapped by vacancies and skills gaps. Mondi said the new board seemed "complete and well balanced in terms of its skills and experience".

"This is over and above equally impressive skills in the fields of engineering, finance, HR, law, and ICT. Equally important, in the light of the seemingly challenging execution of the Koeberg life extension, is the addition of nuclear experience in the boardroom that will hopefully bring a closer oversight of this important project," said Mondi.

The South African Photovoltaic Industry Association said in a statement that it is encouraged by the inclusion of experienced engineers with renewable energy experience and expertise on the board.

Black Business Council CEO Kganki Matabane said the first responsibility of the new board should be to release CEO Andr de Ruyter and Oberholzer, calling the two directors "incompetent".

Democratic Alliance MP Ghaleb Cachalia said Ntshalintshali's appointment to the board was "a cheap attempt to fulfill the ANC's cadre deployment quota" after he served as secretary-general of the ANC-aligned Cosatu.

"Although an attempt was made to bring some individuals with a heavy engineering background, the government did not go far enough and some are simply recycled executives with no engineering experience," said Cachalia.

Cachalia said declaring a national State of Disaster around Eskom would have empowered the board to make decisions free from red tape and consideration for cadre deployment. He urged the board to expedite power plant maintenance, secure short-term power supply, and end load shedding.

READ |ESKOM LIVE | Former Cosatu boss Ntshalintshali, Nedbank chair Makwana on new board

The Economic Freedom Fighters said in a statement that it did not believe the new board could resolve any of the trouble power utility's challenges, least of all his astronomical debt and enduring load shedding.

The EFF said at the heart of Eskom's troubles lay the lack of a coherent energy policy, the "irrational" imposition of Independent Power Producers, and "conflicted" strategic appointments by Gordhan as well as De Ruyter and Oberholzer, whom the statement called "clueless".

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Full circle on the farm: Penn State alum returns to help educate Pa. growers – Pennsylvania State University

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UNIVERSITY PARK, Pa. When Penn State alum Sara Hricko first came to the University as an undergrad, she had every intention of graduating with a degree in mathematics. But one elective in the College of Agricultural Sciences ending up changing the course of her education, and eventually, her career.

When she was in her very first semester at Penn State, Hrickos adviser recommended she take a science general education course. She chose PPEM 120 The Fungal Jungle: A Mycological Safari from Truffles to Slime Molds, a course that explores the role of fungi in everyday life.

Hricko enjoyed the class so much that she switched her major from mathematics to plant sciences, with a minor in plant pathology. And recently, after earning her masters degree in plant pathology at Michigan State University, Hricko has once again returned to Penn State this time as an extension educator.

Id always been fascinated by mushrooms and spent a lot of time foraging for wild fungi with my dad, but I hadnt realized people could study them and make a career out of the topic, Hricko said. The Fungal Jungle course opened my eyes to the amazing discipline of plant pathology and mycology, and since then, Ive been continuing on, full-steam ahead!

According to Hricko, her love of plants continued to develop as she took more classes at Penn State and worked in several labs within the Department of Plant Pathology and Environmental Microbiology. But she first became inspired to be an educator specifically while working as an undergraduate researcher with Gary Moorman, a now-retired Penn State plant pathology professor who also conducted extension programming related to diseases of ornamental plants.

Now, in her current role, Hricko is based in Columbia County working with vegetable, fruit and greenhouse growers as she shares information and connects them with programs and resources to help them grow successful businesses.

Hricko said her education at Penn State, as well as her experience helping to manage a farm of her own, has allowed her to feel confident educating other growers.

After graduate school, I returned to Pennsylvania where my husband and I now co-manage a 100-acre tree-fruit farm, Hricko said. Now that I have both the academic background and the practical experience from actually being a grower, I feel even more strongly about my job communicating with and understanding the local growers I work with. Ive gained an enormous amount of appreciation for those who grow our food and what they need to succeed.

Carolee Bull, head of the department and professor of plant pathology and systematic bacteriology, said she fondly remembers Hrickos time as a student in the Department of Plant Pathology and Environmental Microbiology and looks forward to working with her again as a Penn State Extension educator.

We often say that once you are a member of the PPEM family, you always are, and Sara is a great example of that, Bull said. As an undergraduate, Sara worked in many labs within our department, as well as attending our annual dinners and other events with her family. We were delighted when she sought an M.S. in plant pathology and are even more delighted that she is back and part of the Penn State team again.

Moving forward, Hricko said that while shes not sure how her career will continue to evolve, she wants to continue to help spread the knowledge shes gained both in school and in the field.

Education is a huge part of my life, and I believe that no matter where life takes me, that will be part of it, she said. I think that's why Penn State Extension fits me so well. It's all about education, bringing scientific discoveries to the field, and bringing real-world problems back to the lab to find solutions.

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Task Force: Blacks are owed hundreds of thousands – CalMatters

Posted: at 4:10 pm

In summary

Black Californians could be due hundreds of thousands of dollars for housing discrimination, incarceration, and health disparities alone, consultants said at reparations task force hearings.

Editors Note: This story was updated to reflect Newsoms veto of a bill that would have extended the task force by a year.

Californias task force on reparations has begun putting dollar figures to potential compensation for the various forms of racial discrimination, generational pain and suffering Black Americans experienced in the state.

The rough estimates by economic consultants may mean that hundreds of thousands of dollars could be due to Black Californians who are descendants of enslaved ancestors. However some politicians on the task force indicated the reparations would be a difficult case to make.

Task force member and state Sen. Steven Bradford, a Democrat representing South Los Angeles, told an audience at public meetings in Los Angeles over the weekend it would be a major hurdle to pass any reparations plan in the Legislature.

For a state that didnt have slavery, dont think theyre going to be quick to vote on this final product of this task force, he said. We need to stay unified, we need to be together. We arent always going to agree, but we have to put forth a unified front.

Meeting in the California Science Center Friday and Saturday, the nine-member state-appointed group invited a team of economic experts to describe reparation ideas in financial terms. It was the groups first gathering since June, when the task force released a 500-page report on the states history of slavery and racism.

In March the task force voted to recommend to state leaders that if California makes some form of reparations available, they should go to Black Californians who can establish lineage to enslaved ancestors, rather than to those who are more recent immigrants or descendants of recent immigrants. The reparations could be in the form of cash, grants, tuition assistance, loans or other financial programs, the task force said.

At this meeting, the task force described several scenarios for which Black Californians could receive monetary compensation.

For instance, the task force considered redlining, a practice of denying mortgages to Black homeowners and of devaluing residential property in primarily minority neighborhoods.

The four economic consultants calculated that each Black Californian who lived in the state between 1933 and 1977 experienced a housing wealth gap of $223,239, or $5,074 for each year in the period. The experts said that number which is the difference between the average value of all homes in California and the value of Black-owned homes could be considered for reparations.

Such calculations are far from final, the consultants said, and there is no total estimate, though it is based on all 2.5 million Black California residents today, they said. The consultants said they havent calculated how many people would qualify for each type of reparation.

The consultants are William Darity, an economics professor, and A. Kirsten Mullen, a researcher, both at Duke University in Durham, N.C.; Kaycea Campbell, an economics professor at Pierce College in Los Angeles; and William Spriggs, chief economist for the AFL-CIO and a Howard University professor.

For another example of injustice, mass incarceration, the consultants calculated potential income lost by incarcerated Black Californians from 1971, the beginning of then-President Richard Nixons announced War on Drugs, until today. The economists pointed to many studies showing Black people were incarcerated far beyond their numbers in the general population.

Without discussing guilt or innocence, the economic consultants estimated that incarcerated Black residents were out $124,678, or $2,494 a year, for unpaid prison labor and years of lost income. The consultants mixed into the calculations the average salaries of California state workers and the $15,000 that some Japanese Americans received in reparations after their internment during World War II, from 1942 to 1945.

One of the most pervasive forms of racial injustices Black Californians faced is disproportionate health outcomes. The economic consultants noted that Black Californians have the shortest life expectancy of any racial group at 71 years, which is 7.6 years shorter than whites. Black Californians also faced higher death rates from cancer than other racial groups, and Black mothers were four times more likely to die in childbirth than any other group.

Although there is no actual price tag on a year of life, for statistical purposes some economists use a $10 million valuation for a persons entire life. This group of economic consultants calculated the dollar amount of the gap in life expectancy for Black Californians to be worth $127,226 per year.

The consultants dollar estimates are rough, Campbell said Friday.

Were not the Supreme Court. Were only commissioners, and we serve at the will of the deployment agent.

Task force Chairperson Kamilah Moore noted that the list of injustices and harms the task force is considering was much longer and has been narrowed down from a dozen last spring to five.

The economic consultants disclosed numerous pages of data analysis they have yet to complete, and they have a November deadline to request more racial and financial data from the states Department of Justice to make more accurate calculations.

After this process is over, we need to get you all a Nobel Peace Prize in economics, Moore joked.

The task force also has to narrow down how many people would be eligible for payments, the time frame for reparations, and decide how recipients would establish residency in California.

The discussion about reparations hasnt been just about money. In June, the task force issued a preliminary report that recommended a public, formal apology in addition to cash payments, free college tuition, and zero-interest housing loans.

Cash payments were the most popular form of reparations suggested during 17 community listening sessions and in 46 testimonies uploaded to a website hosted by UCLAs Bunche Center think tank, researchers told the task force Friday.

Meanwhile, Gov. Gavin Newsom considered but recently rejected a bill that would have extended the life of the task force. Introduced by Assemblymember and task force member Reggie Jones-Sawyer, Assembly Bill 2296 would have let the task force deliberate a third year, to 2024, instead of ending in 2023.

Weve been waiting for 400 years. We do not need an extension.

The task force is required to submit its final recommendations to the Legislature in June 2023.

Jones-Sawyer, a Democrat who represents South Los Angeles, told CalMatters he hoped to keep the task force together another year after delivering its report, to leave room for additional hearings and to allow for input from members of the task force who are not legislators.

This is just so that we as a body can stay united, he said. Its really difficult to get things to the Legislature so were going to need everybody involved to make sure it gets done. The best experts are those people in the room right now. Theres nobody else on the planet right now that knows more about reparations than the nine members of the task force.

Some audience members, however, said they worried that the bill would delay reparations.

AB 2296 is a betrayal of Black Americans, said Tiffany Quarles, a member of the audience. Weve been waiting for 400 years. We do not need an extension.

Jones-Sawyer said that the bill would not slow reparations.

Newsom said he vetoed the extension bill at the request of Secretary of State Shirley Weber, who when she was in the Assembly authored the legislation that created the task force.

Another controversial provision in the bill would allow legislators to remove and replace task force members. Many audience members argued against that.

Chris Lodgson, with the Coalition for a Just and Equitable California, which push to create the task force, told CalMatters the removal clause is dangerous.

It politicizes this, he said. If some of the politicians dont like the fact that were getting cash reparations, they could simply remove people on the task force who support them.

Jones-Sawyer says the removal clause would hold task members accountable for malfeasance or sexual or racial harassment.

Were not the Supreme Court, he said. Were only commissioners, and we serve at the will of the deployment agent.

State Senate, District 35 (San Pedro)

How he voted 2019-2020

Liberal Conservative

District 35 Demographics

Race/Ethnicity

Latino 55%

White 10%

Asian 12%

Black 19%

Multi-race 2%

Voter Registration

Dem 58%

GOP 13%

No party 24%

Other 6%

Campaign Contributions

Sen. Steven Bradford has taken at least $1.1 million from the Labor sector since he was elected to the legislature. That represents 21% of his total campaign contributions.

State Assembly, District 59 (Los Angeles)

How he voted 2019-2020

Liberal Conservative

District 59 Demographics

Race/Ethnicity

Latino 77%

White 3%

Asian 2%

Black 16%

Multi-race 1%

Voter Registration

Dem 65%

GOP 5%

No party 24%

Other 5%

Campaign Contributions

Asm. Reggie Jones-Sawyer has taken at least $2 million from the Labor sector since he was elected to the legislature. That represents 30% of his total campaign contributions.

Newsom appointed five task force members. Senate President Pro Tem Toni Atkins and Assembly Speaker Anthony Rendon each picked two.

Lodgson said he believes Jones-Sawyer wants the composition of the task force to change so eligibility for reparations could be voted on again. Jones-Sawyer was among four task force members who voted against limiting reparations to those who could trace their ancestry to enslaved relatives.

Jones-Sawyer responded that he cannot predict what will happen to task force members.

Other public commenters urged the task force to keep its word and limit reparations to those who descended from an enslaved or freed ancestor.

In other discussions, Amos Brown, a civil rights leader and task force member, asked that every member of the Legislature receive a copy of the task forces first report, to ensure they cant ignore it. And the task force heard from experts on international models of reparations from Chile, South Africa, and Germany, and discussed the United Nations standards for remedying human rights violations.

The task force plans to meet again in Oakland on Dec. 14 and 15.

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ProLynx appoints Richard King as Chief Executive Officer and Chris Ehrlich as Board Director – GlobeNewswire

Posted: September 20, 2022 at 7:57 am

SAN FRANCISCO, Sept. 20, 2022 (GLOBE NEWSWIRE) --

ProLynx, Inc., a biotechnology company with a novel platform technology for half-life extension of therapeutics, enabling novel and potentially best-in-class treatments to be developed, today announced that Richard King, MBA, has been appointed as Chief Executive Officer and as a member of the Board of Directors. Additionally, Chris Ehrlich, MBA, has joined the company as a member of the Board of Directors.

As a seasoned executive in the industry with a track record of success in partnering, Richard is an excellent fit forProLynx,saidBill Rutter,a ProLynx Board member. The ProLynx Board looks forward to working with Richard and the executive team to realize the promise of our innovative technology for the betterment of patient and caregiver lives. Additionally, I am delighted to welcome Chris to the Board. His expertise in venture capital, business development and financing strengthen the capabilities of our Board.

Richard King is an accomplished executive with over 35 years of leadership experience in the biotechnology and pharmaceutical industries. He has raised over $1bn in private and public capital, completed multiple business transactions, including the sale of Tercica, Inc., the partnership of AcelRx and Grunenthal regarding a novel pain management system, and the strategic affiliation of CALIBR with the Scripps Research Institute.

I am delighted to join ProLynx at this time, saidRichard King. The ProLynx technology is incredibly unique, enabling half-life extension of proteins, peptides and small molecules. This advancement can make existing medications more effective, better tolerated and require less frequent administration. The ProLynx technology can also be applied to molecules in development that might otherwise never be advanced due to efficacy or toxicity issues, allowing these product candidates to move forward and possibly become life-altering treatments for patients.

Chris Ehrlich began his career with consulting firm LEK before becoming a business development executive in the pharmaceutical industry. Subsequently he was Managing Director at venture capital firm InterWest, serving on multiple company Boards. He joined Locust Walk, a life sciences transaction firm, where, as Global Head of Biotechnology and Head of Strategic Transactions, he sourced and lead multiple transactions for emerging biopharmaceutical companies.

ProLynx is in a great position with its lead development program in clinical trials to treat various cancers, as well as multiple other programs having demonstrated proof of concept across a variety of disease areas, said Chris Ehrlich. I am delighted to join the Board to help bring this novel half-life extension technology forward to advance treatment options for patients in need.

AboutProLynx

ProLynx is a biotechnology company located in San Francisco, CA, developing proprietary drug delivery technologies for half-life extension of therapeutics. The ProLynx pipeline centers on a long-acting oncology drug, PLX038, in Phase 2 clinical trials, a long-acting interleukin 15, PLX015, for immuno-oncology and a very long-acting C-type natriuretic peptide, PLX138, for achondroplasia, together with several other early-stage programs.

Contact

Richard KingRichard@prolynxinc.com

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Analysis: Behind Trump’s media deal, a vote where only yes will do – Reuters

Posted: at 7:57 am

The Truth Social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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NEW YORK, Sept 20 (Reuters) - Individual investors like Tony Alvarado have been a blessing and a curse for Donald Trump's social media company.

Trump Media & Technology Group (TMTG) - which operates the Truth Social app co-founded by the former U.S. president after he was banned from Twitter - reached a valuation of as much as $15 billion in October 2021 thanks to Alvarado and hundreds of thousands of other investors.

Those investors scrambled to buy shares in Digital World Acquisition Corp (DWAC.O), the special purpose acquisition company (SPAC) that signed a deal in October to take TMTG public. Digital World's shares rallied as much as 1,650% that month, making it the most valuable SPAC of all time.

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A year later, Digital World shares have shed most of the gains as regulatory and potentially criminal investigations weigh on the prospects of its deal with TMTG, now valued at just over $2 billion. read more

"To be perfectly honest, I treat it like a casino," said Alvarado, a 44-year-old call center customer service manager from Orange County, California.

Individual investors, which comprise about 90% of Digital World's shareholder base, have suddenly become an obstacle to the deal with TMTG being completed.

Digital World has not been able to get enough of them to vote for an extension of its life by 12 months, which it says it needs as it waits for the U.S. Securities and Exchange Commission to complete a review of the transaction.

The challenge has been to get shareholders to cast their votes rather than convincing them to vote in favor. Digital World's shares, which closed at $22.40 on Monday, will each return $10.30 to shareholders if the SPAC liquidates, so a 'no' vote would go against their financial interests.

But while individual investors are adept at using apps like Robinhood to buy shares, many are not as accustomed to voting their shares.

Alvarado said he had not heard about the shareholder vote before a Sept. 6 deadline. He added he had become disillusioned with the stock after he was left with only $200 of his original $872 investment. "Once you've already lost 77% of your investment, it's easy to lose interest," Alvarado said.

Digital World and TMTG representatives did not respond to requests for comment.

The deal's woes have rattled Trump's supporters who bought into Digital World because of him. Many have said in social media posts they will stick with the stock.

"I've lost $154,000 this year ... and I'm down 85% on my remaining life savings. I'm still not giving up but it hurts really, really, badly," one Reddit user describing themselves as an "honorable disabled veteran" posted on the platform.

Despite the missed deadline, the vote on the extension of Digital World is still on.

When the SPAC realized on Sept. 6 it did not have enough votes to reach the required 65% threshold of shareholders backing the extension, it pushed the deadline to Sept. 8.

When it still fell short, Digital World delayed the vote again, first until later that day and then to Oct. 10. It could extend the vote further if chooses.

Digital World can tap into the $293 million in its trust to pay for its campaign to reach shareholders, but SPAC managers must reimburse it if the merger with TMTG does not happen - a significant risk given the probes into the deal.

The SPAC has already spent $12 million for the deal so far, according to a regulatory filing.

The SPAC managers handed over $2.85 million to Digital World's trust this month - in a move that allowed them to unilaterally extend the SPAC's life, without shareholder backing, to Dec. 8. They borrowed that money, according to a person familiar with the arrangement.

A $1 billion private placement that Digital World raised for the TMTG deal last December allows investors who participated to terminate their commitment on Tuesday. It is unclear how many investors will do so and whether Digital World will seek new investors to replace them.

The private placement constituted most of the $1.3 billion cash infusion that TMTG was set to receive as part of the deal.

When the vote failed on Sept. 6, Digital World's proxy solicitor, Saratoga Proxy Consulting, pushed a call center of 100 people plus 40 of its employees into overdrive to contact shareholders and help them vote, the sources said.

Between Sept. 6-8, the team tracked down investors, phoned and emailed them and assisted with voting, fueled by coffee, pizza and donuts, one of the sources added. They got about 40% of Digital World shareholders to vote in favor of the extension, sources told Reuters at the time. read more

Saratoga sent Digital World Chief Executive Patrick Orlando an invoice for $200,000 last week for its services and informed him that getting to the required threshold would cost hundreds of thousands of dollars more, a person familiar with the matter said. Orlando told Saratoga he could not afford to pay the invoice and any future bill, the source added.

Saratoga and Orlando declined to comment.

Digital World disclosed last Friday it hired a new proxy solicitor, Alliance Advisors LLC, which it agreed to pay a fee of $10,000 plus additional expenses on a pre-approved basis.

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Reporting by Svea Herbst-Bayliss, Echo Wang and Krystal Hu in New York; Editing by Greg Roumeliotis and Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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