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Thursday, November 21, 2024

 

Kiribati Has Benefitted from Abolishing Its Military


David Swanson asked me to write about Kiribati after I wrote to him to point out Costa Rica is not the only “full-fledged and totally independent country to be entirely demilitarised.” Kiribati, and other small countries I suspect, have no military. In Kiribati’s case this was a deliberate decision taken by the first President and Government of Kiribati as it was becoming Independent in 1979. Like Costa Rica it has almost certainly benefitted from that foundational decision. Many other newly independent ex British colonies suffered from coups and military rule as a result of the British policy of promoting nationhood on the British model: Westminster type parliament, independent judiciary, and a military force. It was interesting interviewing Sir Ieremia Tabai, the first President and a leading campaigner at the time when it was an issue, stating that the motivation was heavily economic – we are a small country with very little money so we can’t go wasting it on buying guns. If only more leaders would adhere to such basic commonsense!

But first of all a bit of an introduction to Kiribati, as most people have never heard of us and even fewer know much about us. Kiribati sits right in the middle of the Pacific Ocean but tending to the Western side. It is the only country in the world with a claim to be in all four hemispheres, north, south, east and west, spanning as it does the Equator and the 180 meridian, the International Date Line. There are 33 islands spread over 3000kms from west to east along the Equator. The population is currently 130,000 and rising fast, with more than half living in the capital Tarawa. The population is over 90% ethnically homogenous Micronesian, I-Kiribati, with its own language and unique culture. Kiribati dance is a unique cultural form and is central in the culture, an integral part of every occasion from the opening of Parliament to weddings, birthdays, and public holidays. It is one of the main ways in which the culture preserves itself, the Kiribati diaspora using it as an excuse to come together wherever they are and teach it to the children.

Current revenue is predominantly from fishing licences for the right to fish in Kiribati’s vast Exclusive Economic Zone, mainly tuna. The country is very democratic with 45 MPs elected from all the islands who then choose Presidential candidates from amongst their number and these then go up for election by the whole country. The President, who sits for 4 years, barring a vote of no confidence, then chooses a Cabinet from amongst their supporters. The country is now on its fifth President in 45 years. Presidents can have a maximum of three terms. Despite being classified by the UN as a Least Developed State Kiribati has free universal education and health provision, a form of Universal Basic Income, state provision for disabled people, and a non-contributary pension scheme for all those over 60. While some of these benefits are well below the standards provided in more wealthy countries they all represeent advances on previous times. Kiribati has a sovereign wealth fund of $1.5 billion and receives foreign aid from countries such as Australia, New Zealand, China, Japan, Korea, the USA, Cuba, the UN, and the EU. The logistics of Kiribati ensure that it is never likely to become a developed state: the isolation and distances involved, and the consequent difficulties of providing services to tiny communities of only a few hundred people separated by thousands of kilometres ensuring that it continues to be underdeveloped, by world standards.

Isolation has not prevented Kiribati from suffering the depradations of colonialism, militarism, and capitalism. The islands were initially settled by various waves of settlement over the past few thousand years resulting in a homogenous culture and language developed over that timescale. Western Europeans started to arrive in the 19th century, particularly whalers operating out of America and elsewhere which started the first great exploitation, decimating the whale population which has not recovered to this day. This was followed at the turn of the 20th century by the beginning of phosphate mining on Banaba, or Ocean Island as it was called by the British. Banaba was mined to such an extent that its inhabitants were forced to resettle on another island which had been bought for them with their own money. It has been suggested that Banaba’s phosphate was used to subsidise the exponential growth of agriculture in Australia and New Zealand, Britain’s partners in exploiting Kiribati, to the tune of $800 million until the phosphate ran out in 1979, the year of Kiribati independence from Britain. Banaban phosphate royalties also covered the cost of Britain’s colonial administration of the Kiribati.

During WWII, the Japanese invaded Kiribati and fortified one island heavily which then became the site of one of the first major battles of the Pacific war when it was retaken by the Americans at the Battle of Tarawa. In the post WWII decades the British used Kiribati as a nuclear testing ground, doing atmospheric tests on Kiritimati Island in the late 1950s and early 1960s. The U.S. tested its bombs on Bikini and Eniwetok in the Marshall Islands immediately north of Kiribati, while the French tested theirs in Muroroa to the south, inflicting on Kiribati and its Pacific island neighbours what Western nations’ own populations refused to accept.

Whilst fishing revenues are now the basis of the Kiribati economy, it is also true that this is the main way in which the country is exploited as its fishing licence revenues are only a small percentage of the profits gained by foreign fishing companies fishing in its EEZ. Kiribati has had to work hard, along with other Pacific countries, Parties to the Nauru Agreement (PNU), to get even the comparatively small amount it gets in licences, gradually building on its success in forcing American fishing fleets to pay in the mid-1980s. Faced by the complete refusal of U.S. fishing companies to pay for fishing in Kiribati waters Kiribati sold the fishing rights to the Russians, exploiting their superpower rivalry so effectively that the following year the U.S. started to pay as prescribed by the UN Convention on the Law of the Sea(UNCLOS) – a great example of a microstate manipulating two superpowers to achieve its own ends!

Although to date Kiribati has suffered little from climate change it is quite possible that this could provide an existential threat in the future if ocean acidification and temperature increases, sea level rise and weather pattern change combine to make life impossible and cause dispersal of Kiribati’s people, despite Kiribati having made minuscule contributions to the causes.

Kiribati has hosted visits from foreign warships from the U.S., China, Taiwan, Australia, France and others but these are courtesy visits often bringing medical and other teams to share their expertise. Kiribati benefits from the assistance of an Australian patrol boat to police its EEZ and has occasionally held fishing boats illegally fishing in Kiribati waters. It also benefits from New Zealand Air Force search and rescue teams assisting searches for missing fishermen.

Pacific countries generally, and Kiribati particularly, are seen by the United States and its allies as being stategically important in their geo-political rivalry with China – or their need to have an enemy in order to justify their military spending and safeguard the profits of the military industrial complex. Whenever Kiribati is mentioned in articles and programmes in the Western media it is usually accompanied by references to its strategic significance and the threat of it being taken over by China, particularly over recent years since 2019 when Kiribati returned its diplomatic recognition to China following recognition of Taiwan in 2003. The fear seems to be that Kiribati will allow China to build ports and airbases from which China would be able to attack the United States and disrupt trade, although neither Kiribati nor China has shown any inclination to do this, a case it seems of the pot calling the kettle black. The United States has multiple military bases in the Pacific, and indeed throughout the world, and seems to think that everyone else wants to waste money and resources in the same way. Following the switch from Taiwan to China in 2019 the U.S. has been keen to make connections in Kiribati but has been thwarted by the lack of a military it can entice with hardware and a shortage of land in the capital Tarawa where it could build an Embassy. Kiribati sees itself as a Christian country and is naturally culturally connected to the U.S. – its first missionaries were American. U.S. churches have a strong presence in the country. It was liberated by U.S. forces defeating the Japanese in World War II. It has benefitted in the past from Peace Corps volunteers. And its official language is English which makes it part of the Anglophone world. There is a Kiribati diaspora including communities in the U.S. At the same time, the people of Kiribati have no wish to be controlled by any foreign power, and resent any country that interferes with Kiribati’s independence. Experience has also taught Kiribati that it can exploit rivalry for its own benefit. The dangers for Kiribati in this are that should the rivalry escalate to war it is likely that rival powers would prefer to fight in somewhere like Kiribati rather than in their own countries.

Whilst thinking about writing this article it occurred to me that a major benefit of Kiribati’s lack of a military is the lack of guns in the country. I can’t remember anyone ever having been shot, and on asking around I found that no one else could either – hardly surprising as there are no guns to shoot with! This was not always the case. Early contact with Europeans, mainly whalers and traders, was characterised by a trade in tobacco, alcohol, guns, and metal — knives, pots and pans, nails etc. Various chiefs and factions acquired guns to gain an advantage over local rivals, which led to a number of conflicts on and between different islands in the latter half of the 19th century. This came to an end however with the declaration of a Protectorate by the British in 1892 when HMS Royalist raised the Union Jack on all the different islands and rounded up all the guns at the same time.

It feels to me that Kiribati has much to teach the world. Its culture is very communal with an expectation that we should help each other, most strongly within the extended family but also on a wider level. Strangers and visitors are welcomed and treated very well. There are hundreds, probably thousands, of maneabas, communal meeting houses where everybody is welcome, often offering accomodation to anyone who needs it. The expectation is that decisions should be reached by consensus. Most houses are not locked and many are indeed open sided without walls. Kiribati clearly demonstrates the benefits of any people having their own space over which they have control and which they can call their own, without being dominated or subjugated by other ethnicities — a principle which if applied worldwide would lead to the break up of bullying superpowers and other countries that have usually been created through conquest. We could see hundreds, or indeed thousands, of states offering all peoples their own autonomy within a cooperative world framework. Many conflicts in the world are caused by the domination of one group by another within the confines of a larger state, whether that be the Palestinians in Israel, the indigenous peoples of the Americas within their colonised lands, the Rohingya in Myanmar/Bangladesh, the Uyghers in China, the Basques and Catalans in Spain, the Kurds within Iran, Iraq, and Turkey, the West Papuans in Indonesia, or innumerable ethnicities within the colonial imposed boundaries of Africa.

In conclusion, it is worth reiterating the main benefits of Kiribati’s lack of a military. Ieremia insisted that the rationale was wholly economic – we cannot afford to spend money financing a military as that will deprive far more essential services such as education and health of much needed resources. And who is going to attack us anyway out here in the middle of the ocean? The other benefits, which are difficult to be so sure about, include the political stability that has allowed peaceful development and the unchallenged primacy of the democratic electoral system without interference from unelected military officers enforced by soldiers. Then there is the lack of a gun culture leading to completely unnecessary deaths. It is difficult to imagine any advantages that would be gained by having a military!

Richard Westra is Designated Associate Professor, Graduate School of Law, Nagoya University, Nagoya, Japan. His work has been published in numerous international refereed journals. He is author and editor of 10 books including Confronting Global Neoliberalism: Third World Resistance and Development Strategies, Clarity Press 2010. Read other articles by Richard.

Wednesday, November 20, 2024

OUTLAW DEEP SEA MINING

Deep sea mining risks over $560 billion in countries’ annual export earnings — report

MINING.COM Editor | November 14, 2024


TMC has carried out exploratory mining expeditions to the Clarion-Clipperton Zone (CCZ) — a vast area between Hawaii and Mexico. (Image: TMC.)

Deep sea mining is expected to negatively affect terrestrial mining, risking over $560 billion in annual export earnings, a new report published by financial think tank Planet Tracker argues.


The study, titled Race to the Bottom, claims that the financial returns from mining the seafloor are negligible and urges governments and investors to prioritize environmental preservation and improvements in land-based mining practices

The findings follow US President-elect Donald Trump’s recent nomination of Elise Stefanik, to serve as the the country’s ambassador to the United Nations. Stefanik is a vocal supporter of securing critical minerals for local consumption from potato-sized rocks called “polymetallic nodules”.

These nodules lie on the ocean’s floor at depths of 4 to 6 km (2.5 to 4 miles) and are abundant in the CCZ, where Canada’s The Metals Company (NASDAQ: TMC), already has two exploration contracts.

Planet Tracker’s report also comes a day after the International Union for Conservation of Nature (IUCN) warned that over 40% of coral species face extinction as a result of human activities, including fishing activity, especially bottom trawling, deep sea mining, as well as drilling for oil and gas.

The reports and Stefanik’s nomination coincide with the International Seabed Authority’s (ISA) ongoing work towards the final version of a Mining Code to govern deep-sea mining, expected to be adopted in 2025.

According to Planet Tracker, even in the most optimistic projections, countries involved in deep sea mining could see an annual corporate income tax revenue of just $6.25 million. For most nations, this contribution is inconsequential when measured against the potential environmental costs, the authors say.
Source: Planet Tracker’s “Race to the Bottom” report.

“Deep sea mining is expected to offer minimal financial returns to ISA Member States,” Emma Amadi, Investment Analyst at Planet Tracker, wrote. “Countries do not own the mineral resources in international waters, and companies can choose sponsorship from any ISA member State, triggering a race to the bottom in corporate income tax rates.”
“Overly simplistic“

The report calculates that royalties, another potential source of income for nations, would range from $42,000 to $1.1 million a year — an insignificant figure for all but the smallest economies. It also warns that these royalties could be subject to arbitrary reductions by the ISA, making it unlikely that member states will receive substantial payouts.
Source: Planet Tracker’s “Race to the Bottom” report.

Deep-sea miner The Metals Company said the NGO’s calculations don’t fully capture the complexities involved in this matter.

“As the world’s largest economies gear up for responsible deep-sea mining, activists are throwing the whole misinformation kitchen sink at the public. Take Planet Tracker’s latest: speculating on a fixed annual tax revenue is overly simplistic,” a TMC spokesperson told MINING.COM.

TMC highlighted it has conducted a comprehensive SEC-compliant SK-1300 Initial Assessment for its NORI-D project, which includes detailed underlying assumptions regarding project size, project economics, ISA royalty rates, and onshore tax rates.

“This assessment indicates $7 billion in life-of-mine royalties for Nauru and ISA members, along with $9 billion in life-of-mine taxes,” the spokesperson said. “These figures exclude the majority of NORI’s estimated resource.”
Unknown risks

A parallel report by Planet Tracker, Mining for Trouble, highlights the broader economic risks of deep sea mining. The report estimates that countries mining key minerals terrestrially—such as copper, cobalt, nickel and manganese—stand to lose a combined $560 billion in annual export revenues. The potential disruption to these established industries could have far-reaching consequences for global economies.

Previous research talked of up to $500 billion of lost value and damages to the world’s biodiversity. These have been projected to be up to 25 times greater than land-based mining.

On the other side of the equation, there are peer-reviewed studies that show how producing battery metals from nodules could reduce emissions of CO² by 70%-75%, cut land use by 94% and eliminate 100% of solid waste.

Opponents to seafloor mining have long-warned that consequences of both exploration and extraction of minerals from the seabed are unknown and that more research should be conducted before going ahead.

Those that support the expansion of the activity believe deep-sea mining is central to meeting the increasing demand of mineral growth. The demand for copper and rare earth metals is predicted to grow by 40%, according to the International Energy Agency.

The Paris-based organization also expects that the demand share for nickel, cobalt and lithium from clean energy technologies alone will grow by 60%, 70% and 90%, respectively.

Sunday, November 17, 2024

Trump chooses oil fracking boss as energy secretary

Bloomberg News | November 16, 2024  

President-elect Donald Trump nominated Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department.


Wright, the chief executive officer of Liberty Energy Inc., has no previous Washington experience. He’s made a name for himself as a vocal proponent of oil and gas, saying fossil fuels are crucial for spreading prosperity and lifting people from poverty. The threat of global warming, he has said, is exaggerated.

“Chris has been a leading technologist and entrepreneur in Energy,” Trump said in a statement Saturday. “He has worked in nuclear, solar, geothermal, and oil and gas. Most significantly, Chris was one of the pioneers who helped launch the American shale revolution that fueled American energy independence, and transformed the global energy markets and geopolitics.”

Trump said Wright, if confirmed, would also sit on the newly formed Council of National Energy that will be chaired by Doug Burgum, Trump’s nominee to lead the Interior Department.

The Energy Department has a disparate mission that includes helping to maintain the nation’s nuclear warheads, studying supercomputers and maintaining the US’s several hundred million-barrel stockpile of crude oil.

It also plays a key role in approving projects to export liquefied natural gas, something that was paused during Biden’s administration. Trump has vowed to undo the pause.

While the department has little authority over oil and gas development, Wright will play a leading role in helping Trump carry out his energy priorities.

Trump’s selection of Wright, whose company is among the largest providers of fracking services globally, is a show of support for the hot-button oil and gas extraction method that Trump frequently touted during the campaign to attack his Democratic opponent Kamala Harris.

Harris said she’d consider banning the technique during her 2020 primary run and reversed course in her 2024 campaign.


‘No climate crisis’

Wright’s company published a 180-page paper this year that concluded climate change “is far from the world’s greatest threat to human life,” and that “hydrocarbons are essential to improving the wealth, health, and life opportunities for the less energized.”


“There is no climate crisis. And we are not in the midst of an energy transition either,” Wright said in a video posted on his LinkedIn page. “Humans, and all complex life on earth, is simply impossible without carbon dioxide — hence the term carbon pollution is outrageous.”

Wright holds engineering degrees from the Massachusetts Institute of Technology and the University of California at Berkeley. He describes himself on his Denver-based company’s website as a “tech nerd turned entrepreneur and a dedicated humanitarian.”

While Wright has warned that subsidies for wind and solar drive up power prices and increase grid instability, he does support alternative energy. He serves on the board of small modular reactor developer Oklo Inc., and his company is an investor in geothermal energy and sodium-ion battery technology.

“I’m not here to protect market share for oil gas,” he said during a 2022 interview with Bloomberg Television. “We should do credible things, mostly driven by market forces. But shoveling subsidies at wind and solar, which are 3% of global energy, that’s not meaningfully going to change greenhouse gas emissions. But it is going to drive electricity prices up.”

Wright is also on the board EMX Royalty Corp., a global mining royalties firm, according to his company bio.


Chris Wright, CEO of Liberty Energy, speaking at the ALEC Annual Meeting in Denver in October 2024. Credit: The American Legislative Exchange Council


Trump named Wright with backing from Continental Resources chairman Harold Hamm, a Trump energy adviser and donor. Hamm said in an interview with the Houston-based trade publication Hart Energy that Wright was his choice for the job.

If confirmed by Congress, Wright would play a leading role in Trump carrying out his campaign pledge to declare a national emergency on energy. Trump has cast such a declaration as helping increase domestic energy production — including for electricity — which he says is needed to help meet booming power needs for artificial intelligence.

Under the first Trump administration, the Energy Department played a critical role in the president-elect’s efforts to revive US coal power, an initiative he’s hinted he may attempt again.

Wright would also oversee Trump’s promise to refill the nation’s emergency cache of crude oil. The Strategic Petroleum Reserve, which has a capacity of more than 700 million barrels, reached lows not seen since the 1980s following the Biden administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine.

Trump’s first energy secretary, former Texas Governor Rick Perry, called for eliminating the agency entirely during a run for president in the 2012 cycle. He later apologized and vowed to defend the agency “after being briefed on so many of the vital functions” it plays.

(By Ari Natter)

Friday, November 15, 2024

WORKERS  CAPITAL SEIZED BY THE STATE

Braid: Stephen Harper at AIMCo and UCP's pension drive go hand-in-hand

Smith keeps laying down sovereignty building blocks at a furious pace, playing on support still fuelled by public anger at Trudeau

Author of the article:
By Don Braid • Calgary Herald
Published Nov 14, 2024

Former prime minister Stephen Harper delivers the keynote address at a conference on Wednesday, March 22, 2023 in Ottawa. Adrian Wyld/The Canadian Press

Within days, former prime minister Stephen Harper will almost certainly be the new chair of Alberta Investment Management Corp. (AIMCo).

Some people wonder if this has anything to do with the UCP drive for a provincial pension plan.

Ya think?

Five years before he became prime minister, Harper signed the famous Firewall Letter sent to then-premier Ralph Klein on Jan. 24, 2001.
The letter urged the Alberta government to “Withdraw from the Canada Pension Plan to create an Alberta Pension Plan offering the same benefits at lower cost, while giving Alberta control over the investment fund . . . The legislation setting up the Canada Pension Plan permits a province to run its own plan, as Quebec has done from the beginning.

“If Quebec can do it, why not Alberta?”

Premier Danielle Smith obviously wants AIMCo to manage this new pension fund, just as the Caisse de Depot handles Quebec’s stand-alone pension.

To that end, AIMCo has to be a lot more visible — and successful — than it was when she recently fired the entire board.

The Caisse is an investment whale with $434.4 billion under management. AIMCo has a relatively paltry $168 billion.

The UCP wants to top that up with a $334-billion divorce settlement from the CPP — 53 per cent of the national fund.

This is politically impossible, as Harper himself showed when he became PM and did nothing to advance the Firewall pension push.


Ted Morton, a former Alberta minister who also signed that letter, says the best Harper could do was “leave Alberta alone.” And he did; for nine years the federal government was friendly to successive provincial PC regimes.


Province eyes former PM Stephen Harper to be next AIMCo chairman


AIMCo upheaval resurrects questions over future of proposed Alberta pension plan


Morton says hopefully that if Harper now leads AIMCo toward a provincial pension, he would “come full circle.”
Ted Morton speaks at the Value of Alberta conference in Calgary on Jan. 18, 2020. Darren Makowichuk/Postmedia
Article content

Harper would certainly bring stature and profile to AIMCo, at least among conservatives. He was by far the most successful Alberta prime minister (the others being Joe Clark and, far back in the 1930s, R. B. Bennett).

The pension plan is not popular with most Albertans. It’s a scary move with direct impact on everybody’s bank account, sooner or later.

Herald columnist Chris Nelson argues with his usual verve that Smith and the UCP should drop the plan entirely, lest it destroy them

That isn’t about to happen. Smith’s chief of staff, Rob Anderson, is an author of the Free Alberta Strategy, which the premier rode into office. It argues fiercely for the Alberta pension.


Varcoe: Smith heading to Trump's inauguration, but 'not worried' about U.S. tariffs on Canadian energy


'Needs to be resolved': Canada Post workers strike in Calgary, across Canada


Despite widespread fear of the concept, the pension plan probably could be sold to the public, eventually.

Before a referendum, the big incentive would be a promise of lifetime monthly payments higher than the CPP.

The Firewall Letter only referred to “the same benefits at lower cost.” The payoff would have to be much bigger than that.




The government is also pushing hard for other key sovereignty measures, including a provincial police force. The dream of a provincial tax collection agency is still active, although quiet for now.


Soon we’ll see a major provincial claim to new powers, stemming from the federal emissions cap.


But Smith and the UCP are working furiously because they have a problem. His name is Pierre Poilievre.

If the Conservative leader becomes prime minister, much of the local fury at Liberal Ottawa will disappear, along with the hunger for sovereignty measures.

Poilievre will be an ally on many issues, especially in energy.

But like Harper before him, Poilievre would never agree to gutting the CPP. He could hardly endorse the Free Alberta Strategy, which raises the prospect of separation as a last resort.

Conservative L Leader Pierre Poilievre speaks in the House of Commons on Tuesday, Sept. 24, 2024. Adrian Wyld The Canadian Press


The thinkers behind this movement have always said no federal government will ever redress what Morton, in his new book titled Strong and Free, calls the “deeper structural vulnerability to predatory federal policies.”


To them it doesn’t matter what party runs the country. The trouble is baked in. The UCP want Poilievre to get that message.

And so, Smith keeps laying down sovereignty building blocks at a furious pace, playing on support still fuelled by public anger at Trudeau.

Re-enter Stephen Harper, stage right.

Don Braid’s column appears regularly in the Herald
X: @DonBraid

Public ambush sends alert to $169 billion Alberta pension: Government’s in charge

By Layan Odeh, Paula Sambo and Dawn Lim
November 15, 2024 a

(Bloomberg) -- It was supposed to be a bonding experience.

Evan Siddall, then-chief executive officer of Alberta Investment Management Corp., gathered about 170 senior staff at The Westin Edmonton for a meeting and an exercise on “how to lead from a place of joy” taught by The Moth, a nonprofit dedicated to the art of storytelling.

Things quickly turned joyless.

Nate Horner, Alberta’s finance minister, showed up to tell Siddall and three other executives they no longer had jobs. The four left the building after their phones and laptops were confiscated. Horner then broke the news to the remaining Aimco employees. He also dismissed the entire board.

The public purge sent a clear message: The government of Alberta is the boss, and it’s taking back control.

Horner has temporarily become the fund manager’s chairman and sole director, and the conservative regime that rules the Canadian province plans to overhaul the firm and cut costs.

“To restore confidence in the agency, Alberta’s government has decided to reset the investment corporation’s focus with a new CEO and board,” the government of Alberta said in a statement.

Canada’s biggest pension funds — dubbed the Maple Eight – have long been the envy of peers. They’re admired as among the world’s most sophisticated money managers, known for independence from politics, managing most of their assets internally, hiring world-class talent and paying top executives millions of dollars.

Aimco has invested with elite alternative asset shops such as Blackstone Inc. and KKR & Co.

Now Aimco is controlled by a populist government, which has been considering putting an ex-politician, former Prime Minister Stephen Harper, in charge of the board. The Edmonton-based firm manages about C$169 billion ($120 billion) of public pensions plans and government funds, all of which have a stake in who’s running the show.

“No well-run firm replaces all of its executive team and whole board at once,” pension expert Alexander Dyck, a finance professor at the University of Toronto’s Rotman School of Management, said in an interview. “That’s a recipe for disaster.”

Some staffers and government officials didn’t view the ousters as politically motivated, but rather as a responsible move after complaints about churn and cost under Siddall. Others see it as an attack on the Canadian model of independence that has helped the pension funds attract top talent.

Either way, the intervention has stoked panic among staff over their jobs and pay. In recent years, Aimco has lured people from firms such as Carlyle Group Inc., Royal Bank of Canada and Barclays Plc. Employees have already told acquaintances they want new jobs, anticipating the province will begin treating the pension manager like a state agency and slash their pay.

There are few leaders left at the firm who can reassure them.

Aimco has been without a permanent chairman since the end of last year, and its audit committee chair left in April. Even before last week’s deposition, Aimco experienced senior staff turnover under Siddall.

A chief legal officer and a chief corporate officer left during his tenure. Four different people held the title of chief investment officer in a little more than three years. The last, Marlene Puffer, departed in September as the Alberta government intensified pressure on the company.

To politicians, Siddall seemed disconnected from Alberta’s fiscally conservative culture, neglecting complaints about rising costs.

He grew corporate, non-investment functions and made splashy expenditures along the way, including renting an office in high-end tower One Vanderbilt in New York despite the reservations of some staff.

While an internal study showed the fund’s costs were near the bottom of its peer group in 2022, the appearance that it was spending lavishly posed a problem for the provincial government.

(Aimco annual reports)

And it wasn’t the only issue. Siddall’s positive stance on green investing and his globe-trotting irked officials in oil-rich Alberta, who preferred their pension manager to keep a lower profile.

Along with Siddall, the other senior executives dismissed by Horner included the chief legal officer, the chief of staff and the chief people, culture and engagement officer. None of those executives worked on investments directly.

This story is based on conversations with multiple people familiar with Aimco and Alberta’s government. The people asked not to be identified to discuss confidential matters; some cited concerns over retaliation. A spokesperson for Aimco declined to comment.
New offices

Siddall, the former head of Canada’s federal housing agency, became CEO of Aimco in July 2021 after it lost C$2.1 billion on a bet against market volatility that blew up when the pandemic hit.

Fast-talking and blunt, Siddall aimed to elevate Aimco’s profile on Wall Street. Hired with a mandate to revamp the operation, he created new roles such as chief technology officer. While most of staff were in Edmonton, he wanted to attract people beyond Canada, too.

Early this year, Aimco opened the office in New York in One Vanderbilt. The real estate team had suggested at least five cheaper locations for the New York office, but Siddall thought it was important to have an office that attracted staff to work, according to people familiar with the matter.

Several months earlier, Siddall had opened an outpost in Singapore to focus on investments in Asia-Pacific. Aimco’s investments in Asia stood at around 3% of total assets as of last year.

He hired GIC Pte’s Kevin Bong to lead the efforts there. Aimco, which also opened an office in Calgary in 2022, has around 600 people working from seven offices, while giving them the flexibility to work remotely. In London, Siddall caught people’s attention with a renovation to accommodate more staff.

The global expansion suggested to some within the government that the pension fund was shifting priorities away from Edmonton, where its presence has supported the city’s economy. Aimco invests more than 40% of its assets in Canada, with a large chunk of that deployed in its home province.

Alberta Teachers’ Retirement Fund, one of Aimco’s clients, said in the past it has raised issues regarding costs with both the government and the fund. Aimco management has always been transparent about expenses, according to people close to the firm.

Aimco’s clients had asked for an almost doubling of allocations to private assets, driving more costs, according to a letter from former board Vice Chair Ken Kroner to government officials.

“Aimco hired the talent necessary to support this client-led growth, and this should not be misinterpreted as evidence of costs being out of control,” he wrote, adding that fees to outside managers grew at a slower pace than assets.

But as IT and human resources budgets added up, new expenses became a flashpoint.

Staff costs ballooned by 71%, and headcount grew by 29% from 2019 to 2023, according to a statement from Horner’s office. Third-party management fees also increased by 96% during the period.

(Annual reports of the three fund)

Another source of friction: Aimco awarded a contract worth millions of dollars to BlackRock Inc. for its portfolio management software Aladdin.

Some insiders saw this as a necessary expense to replace an inferior risk-management tool. Others viewed it as an unnecessary contract that cost too much. BlackRock declined to comment.

Aimco spent C$276 million on salaries, wages and benefits in its last fiscal year, and awarded Siddall more than C$4.5 million in direct pay.

New York State Teachers’ Retirement System, a US fund that oversees a similar amount of money but relies more heavily on outside managers than Canadian funds, spent $59 million on salaries and benefits, according to its most recent annual report.

Aimco ultimately falls in the lowest third on cost relative to peers, according to a study by CEM Benchmarking for 2022, the latest such study available. Its costs were 23% lower than those of average peers.

As for returns, Aimco beat its benchmarks in two of the three years Siddall was in charge, and recent internal surveys showed employee morale substantially improving. That gave the board few reasons to question his investment judgment.

But for politicians in Alberta’s capital city, it wasn’t quite so simple.

‘First kick’

Alberta produces the vast majority of Canada’s crude oil — close to 4 million barrels a day — and its economy relies on fossil-fuel revenues for creating jobs and boosting growth. In fact, government royalties from oil and gas form a part of the pool of money Aimco manages.

The province is led by Premier Danielle Smith, a conservative and outspoken booster of the oil and gas sector who frequently fights with Prime Minister Justin Trudeau’s left-leaning government in Ottawa. Recently, Smith said she was “pissed” about federal draft rules to cap oil and gas emissions and vowed to challenge them.

Siddall didn’t embody Alberta’s conservatism.

A longtime public servant who has Parkinson’s disease, he increased the focus on human resources at Aimco and boosted diversity and inclusion initiatives — including hiring a chief people officer.

On Instagram, he posted photos from a COP climate conference in Egypt and reflected on Canada’s treatment of indigenous people.

While he rejected fossil-fuel divestment — a political non-starter in Alberta — he also pitched decarbonization as an attractive investment strategy.

In February, Aimco said it was creating a C$1 billion fund dedicated to the energy transition, including “low-carbon renewable energy production,” to be led by then-CIO Puffer.

Some clients complained to the government that the pension fund manager was steering away from Aimco’s principles. Others backed its direction.

Ultimately, Horner sided with the first group. The government has for months been mulling giving the chairman’s role to Harper, according to people familiar with the matter. He’s a longtime politician who led the Conservative Party of Canada to three straight election victories — and he’s deeply trusted by conservatives in Alberta.

The finance minister waited for an opening. Then came last week’s purge at the Westin hotel. More changes are certain, potentially destabilizing Aimco further.

“You’re kicking at the foundation, and the concern is that when you kick at the foundations enough, at some point they’re all gonna fall down,” said Dyck, the pension expert, speaking about Canadian pension funds in general and their history of political non-interference. “It’s just, this is the first kick.”



Fired AIMCo chair disputes Alberta’s narrative on costs in letter to Horner

AIMCo is a low-cost manager compared to similar funds and has 'solidly' exceeded benchmarks over the years, says Kenneth Kroner

Published Nov 14, 2024 • 
Alberta Finance Minister Nate Horner at the Alberta Legislature. Photo by Shaughn Butts/Postmedia files

The former interim chair of Alberta Investment Management Corp. has written a letter to the Alberta cabinet minister who fired him last week to dispute what he calls an “incorrect narrative” and “misinformation” about the performance of the asset manager and Crown corporation.

In a letter to Alberta Finance Minister Nate Horner that was viewed by the Financial Post, Kenneth Kroner disputes the data and a number of assertions used to justify the government’s “reset” at AIMCo, which saw the entire board of directors, including Kroner, as well as chief executive Evan Siddall, removed from their posts. The letter goes on to say that while the government is within its rights to replace the board, the faulty narrative that AIMCo’s costs are out of control will make things difficult for the next board and management team.

“Over the last week, there have been numerous public statements made about AIMCo’s performance and costs,” wrote Kroner, who was on the board of AIMCo for eight years and had been acting chair since the beginning of this year. “I have concerns that these are tarnishing AIMCo’s reputation, which will only make it harder for Albertans to have confidence in the public asset manager, and will create unnecessary barriers for AIMCo in its goal to deliver strong investment performance for Albertans.

Contrary to skyrocketing costs and poor performance, he said AIMCo is a low-cost manager compared to similar funds and has “solidly” exceeded benchmarks over the years.

“The data contradicts the very negative narrative that is out there,” Kroner wrote in the letter, which was also sent to the government’s bipartisan standing committee on the Alberta Heritage Savings Trust Fund, which is managed by AIMCo.

“The misinformation will make it unnecessarily difficult for the next management team to be effective,” it said.

In statements to media since the board and Siddall were let go en masse last Thursday, Horner has said he and his team had asked for changes at AIMCo and applied “constant” pressure on costs.

“We asked for change. Weren’t seeing it. Weren’t seeing it. We were seeing the opposite,” he told the Calgary Herald.

“It became evident things were not going to change even with constant pressure from me and the team.”

In a statement announcing the board purge, the government said that AIMCo’s third-party management fees increased by 96 per cent in the 2019 to 2023 period, the number of employees increased by 29 per cent and salary, wage and benefit costs increased by 71 per cent. The government said the cost increases had not come with a commensurate increase in returns.

In Kroner’s response, dated Wednesday, Nov. 13, he said the government’s measure of AIMCo’s total returns ignores the fact that clients, such as operators of pension funds for teachers, judges and police officers, direct how much of each asset class the pension management organization should invest in on their behalf

“AIMCo’s mandate is to outperform the benchmarks that clients given them,” Kroner wrote. “This is why I’ve consistently emphasized that AIMCo’s contribution can only be measured by returns versus their client-directed benchmarks, not total returns.”


He said AIMCo has consistently added value on this metric, the only one it can control. For example, the provincial government’s Heritage Fund has seen an annualized 10-year return that is half a percentage point above its benchmark after all costs through the end of June. Returns outperformed the benchmark in seven of those years, and, after all costs, added $1 billion to the Heritage Fund, according to the letter.

“This is not poor investment performance as the narrative states, but rather is a performance record that Albertans can be proud of,” wrote Kroner, who holds a PhD in economics from the University of California at San Diego and was a senior managing director at Blackrock and predecessor Barclays Global Investments for more than 20 years.

As for the government’s statements about AIMCo’s costs, he said they were indeed rising, but so were assets under management. Moreover, independent firm CEM Benchmarking pegged AIMCo’s costs at 23 per cent below what an average peer would incur to manage AIMCo’s client assets.

“That $258-million (based on 2022 figures) goes straight into Albertan’s pockets,” Kroner wrote. “AIMCo has always been, and remains, a cost-conscious, high value-for-money asset manager.”

The government figures that Kroner says “are being used to tarnish AIMCo’s reputation” include an assessment of third-party management fees. Third-party assets rose by two and half times in the 2019 to 2023 period, so fees naturally went up. “But these fees went up at a much slower pace than assets,” he wrote, “and the data shows that AIMCo’s average third-party management fees dropped by a third … over that window. This is evidence of effective cost management not undisciplined cost management.”

He said AIMCo’s headcount increases have also drawn much public discussion, but that the staffing reflects client request for a near doubling of the illiquid investments such as real estate, private equity and infrastructure in the period between 2019 and 2023. It was well known that this would require expanding investment and legal teams, strengthening risk controls, and building a global presence.


“AIMCo hired the talent necessary to support this client-led growth, and this should not be misinterpreted as evidence of costs being out of control,” Kroner wrote.

Horner stepped in as acting chair following the board and executive purge last week. Alberta’s deputy minister of executive council, Ray Gilmour, the province’s top bureaucrat, was named interim chief executive.

Since then, speculation has emerged that former prime minister Stephen Harper will become AIMCo’s next chair. Sources say his name has been in the mix for nearly a year, since shortly after Mark Wiseman, former CEO of Canada Pension Plan Investment Board, announced plans to step down as chair of the Alberta pension and investment manager.




Stephen Harper's name in mix as potential head of AIMCo


AIMCo's performance before last week's ‘shocking’ purge



Representatives for Harper have not responded a request for comment.

On the day the board was let go, Horner said he expected to have a new board in place within 30 da

 

Canadian Unions Plan Court Challenges to Arbitration Ending Port Strikes

Montreal port
Canada's largest ports remained closed as the unions threatened court challenges to the arbitration order (Port of Montreal)

Published Nov 13, 2024 4:53 PM by The Maritime Executive

 


The unions representing the foremen for ports in British Columbia and the dockworkers in Montreal both responded angrily to the announcement that the federal government was mandating final and binding arbitration in their contract disputes. Both of the unions are being supported by the broader labor movement in Canada when they said they would seek charter challenges to the decision by Labour Minister Steven MacKinnon. 

On the West Coast, where the International Longshore and Warehouse Union Ship & Dock Foremen Local 514 has been locked out since November 4, the union leadership called the government’s decision “an insult” and said it was denying workers’ bargaining rights.

“We will fight this order in the courts. We will fight the arbitrated forced contract in the courts,” said Frank Morena, president of the local, in a press release. “Labour Minister Steven MacKinnon has unfairly given the BC Maritime Employers Association (BCMEA) the one-sided federal intervention it wanted from locking out workers and closing BC ports.”

At the same time, the Quebec branch of the Canadian Union of Public Employees (CUPE), which represents the port of Montreal’s nearly 1,200 dockworkers, called it a “dark day for workers’ rights.” In a press release, the union asserted, “The right to collective bargaining is a constitutional right.” 

Montreal dockworkers had been striking against two of the large container terminals that had contracts with MSC Mediterranean Shipping Company. On Sunday, members across the port nearly unanimously rejected the “final offer” from the Maritime Employers Association. They were locked out largely closing the Port of Montreal as on Monday.

Both unions said on Tuesday that they planned to file court challenges to the direction by the Labour Minister of the Canada Industrial Relations Board to begin the final arbitration process. MacKinnon said it was clear that there was an impasse in both negotiations and that while the government supports negotiations the strikes were now having broader repercussions on more Canadians.

Labor unions including Teamsters Canada issued statements in support of challenges while businesses expressed relief that a resolution was in reach. Businesses and trade organizations had increasingly been pressuring the federal government to intervene.

With the potential for challenges, activity at the ports has not resumed while the unions and employers were awaiting instructions from CRIB. MacKinnon had said it could be a few days before operations were fully restarted. 

The Greater Vancouver Board of Trade posted a calculator on its website to show the impact of the work stoppage including the ports of Vancouver and Prince Rupert as well as smaller Pacific ports. As the lockout passes nine days, they are showing the value of trade disrupted at C$7.2 billion (US$ ). They emphasize this is just trade stopped at the ports and does not reflect the broader economic implications to Canada.


ILA Breaks Off Negotiations Over Automation Issues for East Coast Ports

longshore workers
Contract negotiations broke down for the U.S. East Coast ports over the use of automation (ILA file photo)

Published Nov 13, 2024 12:18 PM by The Maritime Executive

 

 

The tumultuous relationship between the International Longshoremen’s Association and the United States Maritime Alliance (USMX), which represents terminal operators, has taken another turn with the ILA reporting it has broken off the negotiations for a new master contract. Talks resumed this week after a three-day strike in October that closed ports from Maine to Florida and along the U.S. Gulf Coast.

“We are disappointed that USMX would attempt to disregard our ILA’s well-known position opposing job-cutting automation and semi-automation,” said the union in a statement released Wednesday, November 13 after just two days of negotiations.

The ILA is asserting that the employers “continued pushing automation and semi-automation language in its master contract proposals that will eliminate ILA jobs.” The union says USMX introduced new language for semi-automated equipment to be used at the ports.

“Unfortunately, the ILA is insisting on an agreement that would move our industry backward by restricting future use of technology that has existed in some of our ports for nearly two decades ­– making it impossible to evolve to meet the nation’s future supply chain demands,” USMX responded. They acknowledged that while making progress on other issues, “we were unable to make significant progress on our discussions that focused on a range of technology issues.”

The employers insist that they are not seeking technology that would eliminate jobs, but that the terminals need continued modernization. They said the focus is on increased efficiency, worker safety, and increased capacity. Previously, USMX offered to maintain the existing language in the contract regarding automation. This established a committee including the union to review proposed automation. Port officials point out that most of the ports have little or no automation in place today.

The issue of automation was left unresolved when the ILA and USMX reached an agreement to end the strike with a 62 percent wage increase over six years. They agreed to extend the contract till January 15, 2025, to resume negotiations on the remaining issues including automation, healthcare benefits for members and retirees, work jurisdiction, and container royalties.

Union president Harold Dagget told members that they would hold off on accepting the wage increase because he contends that would require signing a no-strike clause. The ILA called on USMX in today’s statement to “alter its unwinnable strategy, and resume negotiations as soon as possible.”

The January 15 contract expiration is just five days before the U.S. presidential inauguration setting the potential stage for a longshore strike at the start of the new Trump administration. The Biden administration was supportive of the union and pressured the employers to increase the wage offer.  Dagget says that President-elect Donald Trump “promised to support the ILA in its opposition to automated terminals.”

Experts point out a January strike would come at a less critical time for the economy as it is a traditionally slower period for retail sales. However, the ports collectively handle half of U.S. volumes. In addition to containers, Ro-Ro traffic including cars and farm and construction equipment would be impacted.

The ILA broke off talks with USMX in June 2024 refusing to start the master contract negotiations and instead preparing for the October strike. Union leaders assert that the membership still stands behind them in the fight over automation creating the strong potential for a second strike.

Saturday, November 09, 2024

Daughter of missing Mexico environment defender pleads for global help


By AFP
November 8, 2024


Brenda Diaz Valencia is seen in Washington holding a photo of her father, Antonio Diaz Valencia, and his colleague Ricardo Lagunes, both of whom disappeared after criticizing mining practices in Mexico - Copyright AFP ETIENNE LAURENT

Issam AHMED

Brenda Diaz Valencia’s life was upended nearly two years ago when the bullet-riddled truck driven by her father, Mexican environmental defender Antonio Diaz Valencia, and lawyer Ricardo Lagunes was found abandoned.

Both men had spent years denouncing what they saw as the catastrophic environmental impacts and inadequate community benefits of a giant open-pit iron mine in San Miguel de Aquila, in Mexico’s central Michoacan state.

Now, the 39-year-old Diaz Valencia said she is determined to rally the international community to action.

“I’m here to ask for help, to find the truth, and for them to be returned,” she told AFP in Washington, where she was accompanied by Alejandra Gonza, an international human rights lawyer.

“I know that the United States can do a lot and put pressure on the Mexican government to do the impossible to bring them back,” she said.

Her father and Lagunes had been fierce critics of the mine’s operator, Luxembourg-incorporated steel giant Ternium, which posted global sales of $17.6 billion in 2023 and operates in a region rife with powerful gangs.

The two men were declared missing on January 15, 2023 after attending an anti-mining community meeting, becoming the latest victims in a grim trend of violence targeting environmental and human rights defenders — and critics of Ternium.

In a statement to AFP, Ternium said it “maintains its deep concern over the disappearance” of the pair, adding that it takes the situation with the “utmost seriousness.”

“Ternium rejects any attempt to contextualize violence in Mexico or the regions where it operates to associate our company or its officials directly or indirectly with violent cases such as the above mentioned or the disappearance of any people.”



– Protecting forests and people –



Diaz Valencia, a teacher, recalls her father’s lifelong commitment to safeguarding the rivers, forests and Indigenous Nahua traditions of San Miguel de Aquila.

Over time, she witnessed the Aquila River, once the lifeblood of the community, run dry as its waters were redirected for iron ore mining, which also led to deforestation for exclusive roads.

“The presence of this mine also fractured the social fabric,” she said, describing a profound consequence of the mine’s operations.

While Ternium paid royalties to the community, publicizing the recipients sparked extortion by organized crime.

In 2019, as Ternium expanded and increased payments, her father accused a small group, allegedly backed by the company, of claiming leadership roles to misappropriate funds.

He and Lagunes were working to elect new officials, renegotiate royalties and address environmental impacts.

But their activism came at a price: they were shadowed by armed men and repeatedly threatened.

At one community assembly, held in the presence of company representatives, they were warned that if they continued to oppose Ternium, they would be forcibly disappeared.

In a letter to then-president Andres Manuel Lopez Obrador in December 2022, Diaz Valencia accused Ternium of colluding with armed groups to suppress the Aquila community.

A month later, he and Lagunes were gone.



– Critics go missing –



The men’s disappearance isn’t an isolated case.

A decade ago, three Aquila community representatives who challenged Ternium on financial promises vanished and were later found dead.

Between 2006 and 2023, at least 93 land and environmental defenders went missing across Mexico, with 40 percent still unaccounted for.

In April 2023, the Mexican attorney general’s office announced two arrests tied to the activists’ disappearance, citing internal Nahua disputes.

A year later, media reports linked the case to the Jalisco New Generation cartel, one of Mexico’s most feared criminal organizations.

Gonza, president of Global Rights Advocacy, argues that it is too convenient for the government to blame the disappearances solely on organized crime rather than investigating systemic issues.

“You have to open up at least all lines of investigation,” she said, noting organized crime’s domination in the area and extremely powerful corporate interests.

She and co-counsel Thomas Antkowiak from Seattle University have filed complaints with the United Nations and the Inter-American Commission on Human Rights.

“It’s not only Mexico’s responsibility to bring them back,” Gonza argued, but of the many wealthy countries connected to Ternium, which can pressure the company to review its Mexican operations.

Brenda Diaz Valencia said her relentless advocacy is driven by the hope that the disappeared are not forgotten — and that one day, she will see her father again.

“I will keep that hope,” she said.

PSYCO-SOCIAL HEALTH & WELLNESS

Grant to support new research to address alcohol-related partner violence among sexual minorities



Virginia Tech
Meagan Brem, assistant professor in the College of Science, received a two-year, $436,586 grant from the National Institute on Alcohol Abuse and Alcoholism. 

image: 

Meagan Brem, assistant professor in the College of Science, received a two-year, $436,586 grant from the National Institute on Alcohol Abuse and Alcoholism.

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Credit: Photo by Becca Halm for Virginia Tech.




Navigating the intersection of alcohol use and intimate partner violence amongst young couples is not an easy journey, and for bisexual+ couples, the road may be even more winding.  

“No study has examined the extent to which alcohol use increases intimate personal violence among bisexual+ young adults or daily experiences unique to them. Our study will look at factors such as minority stressors that may lead to alcohol-related partner violence,” said Meagan Brem, director of the Research for Alcohol and Couple’s Health Lab at Virginia Tech.

Alcohol use and intimate partner violence - defined as any action in a romantic relationship including psychological, emotional, physical, and sexual partner-directed aggression - are as or more prevalent among bisexual+ couples than heterosexual couples, according to Brem, who is also assistant professor in the Department of Psychology. However, compared with other sexual identities, the research has largely neglected this population, which includes individuals who identify as multi-gender attracted, pansexual, and omnisexual individuals.

This critical gap will be addressed by Brem and her research team as the result of a new, two-year $436,586 grant from the National Institute on Alcohol Abuse and Alcoholism, which is part of the National Institutes of Health (NIH).  

Brem and her collaborators will collect daily data for 60 consecutive days from 50 bisexual+ couples and will characterize the day-to-day processes that contribute to alcohol-related intimate partner violence within this understudied priority population. They will then identify subpopulations within bisexual+ couples — including same- or different-gender dyads and couples in which both partners have minoritized sexual identities — to inform future alcohol-related intimate partner violence research.

“This study will be the first step in a line of research that will inform interventions tailored to bisexual+ young adults, a population vulnerable to heavy drinking and partner violence,” said Brem, who is the project’s principal investigator. “If bisexual+ minority stress increases the odds of alcohol-related intimate partner violence, but partner support mitigates these odds, intervention refinements could be developed and tested to ensure that bisexual+ individuals and their partners strengthen their coping strategies and partner support, particularly in response to sexual minority stressors.” 

Project collaborators include

“This research will also increase awareness of the unique challenges facing bisexual people and inform interventions to improve their health and wellbeing,” Feinstein said. “It’s incredible to see the NIH supporting research on bisexual health, and I’m grateful to Meagan for her leadership." 

The project is a result of Brem’s previous research contribution to the development of an integrated theory of sexual minority alcohol-related intimate partner violence. Pilot data collected to apply for this grant was made possible through Virginia Tech’s Dean’s Discovery Fund.

In that past work, Brem and colleagues proposed that greater sexual minority stress, such as harassment, stigma, and discrimination, creates a salient state of negative, provocative stimuli that when paired with the pharmacological effects of alcohol increases odds of intimate partner violence perpetration. However, their preliminary findings among individuals — rather than couples — did not support this theory, which then led them to focus on the ways in which partners within each couple support and validate each other in response to sexual minority stressors at the daily level.  

Becuase of the higher rates of alcohol use, intimate partner violence, and lack of research among bisexual+ couples, Brem and her team decided to specifically focus on this population and improve upon their previous methods by assessing daily exposure to sexual minority stress and partner support.  

The team will also be partnering with local and national LGBTQ+ agencies to make sure that the results reach those who can benefit the most from this work.  

“No bisexual+ specific intervention targets have been identified or incorporated into existing alcohol-related intimate partner violence interventions,” Brem said. “Our study will identify sorely needed intervention targets for this priority population to enhance the inclusivity of interventions.”

 

State divorce laws, reproductive care policies, and pregnancy-associated homicide rates



JAMA Network Open




About The Study: 

In this cross-sectional study of pregnancy-associated homicide rates, barriers to divorce were associated with higher homicide rates and access to reproductive health care was associated with lower homicide rates. This study highlights the association between state legislation and pregnancy-associated homicide in the U.S., which is important information for policymakers. 



Corresponding Author: To contact the corresponding author, Kaitlin M. Boyle, PhD, email kb49@mailbox.sc.edu.

To access the embargoed study: Visit our For The Media website at this link https://media.jamanetwork.com/

(doi:10.1001/jamanetworkopen.2024.44199)

Editor’s Note: Please see the article for additional information, including other authors, author contributions and affiliations, conflict of interest and financial disclosures, and funding and support.

#  #  #

Embed this link to provide your readers free access to the full-text article This link will be live at the embargo time http://jamanetwork.com/journals/jamanetworkopen/fullarticle/10.1001/jamanetworkopen.2024.44199?utm_source=For_The_Media&utm_medium=referral&utm_campaign=ftm_links&utm_term=110824

About JAMA Network Open: JAMA Network Open is an online-only open access general medical journal from the JAMA Network. On weekdays, the journal publishes peer-reviewed clinical research and commentary in more than 40 medical and health subject areas. Every article is free online from the day of publication. 

Catastrophic health expenditures for in-state and out-of-state abortion care


JAMA Network



About The Study:

 In this cross-sectional study of U.S. patients seeking abortion, many individuals and their households were estimated to incur catastrophic health expenditures, particularly those traveling from out of state. The financial and psychological burdens of abortion seeking have likely worsened after the Dobbs decision, as more people need to cross state lines to reach abortion care. The findings suggest expansion of insurance coverage to ensure equitable access to abortion care, irrespective of people’s state of residence, is needed.



Corresponding Author: To contact the corresponding author, Ortal Wasser, MSW, email ow345@nyu.edu.

To access the embargoed study: Visit our For The Media website at this link https://media.jamanetwork.com/

(doi:10.1001/jamanetworkopen.2024.44146)

Editor’s Note: Please see the article for additional information, including other authors, author c

ontributions and affiliations, conflict of interest and financial disclosures, and funding and support.


Heat waves and adverse health events among dually eligible individuals 65 years and older


JAMA Health Forum



About The Study: 

In this time-series study, heat waves were associated with increased adverse health events among dually eligible individuals 65 years and older. Without adaptation strategies to address the health-related impacts of heat, dually eligible individuals are increasingly likely to face adverse outcomes. 


Corresponding Author: To contact the corresponding author, Hyunjee Kim, PhD, email kihy@ohsu.edu.

To access the embargoed study: Visit our For The Media website at this link https://media.jamanetwork.com/

(doi:10.1001/jamahealthforum.2024.3884)

Editor’s Note: Please see the article for additional information, including other authors, author contributions and affiliations, conflict of interest and financial disclosures, and funding and support.

#  #  #

Embed this link to provide your readers free access to the full-text article This link will be live at the embargo time https://jamanetwork.com/journals/jama-health-forum/fullarticle/10.1001/jamahealthforum.2024.3884?utm_source=For_The_Media&utm_medium=referral&utm_campaign=ftm_links&utm_term=110824

About JAMA Health Forum: JAMA Health Forum is an international, peer-reviewed, online, open access journal that addresses health policy and strategies affecting medicine, health and health care. The journal publishes original research, evidence-based reports and opinion about national and global health policy; innovative approaches to health care delivery; and health care economics, access, quality, safety, equity and reform. Its distribution will be solely digital and all content will be freely available for anyone to read.

 

Cleveland Clinic announces updated findings in preventive breast cancer vaccine study


Data presented at Society for Immunotherapy of Cancer Annual Meeting


Cleveland Clinic

Cleveland Clinic presents updated findings in preventative breast cancer vaccine study. 

image: 

Cleveland Clinic researchers are presenting updated findings from their novel study of a vaccine aimed at preventing triple-negative breast cancer.

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Credit: Cleveland Clinic




November 8, 2024, CLEVELANDCleveland Clinic researchers are presenting updated findings from their novel study of a vaccine aimed at preventing triple-negative breast cancerthe most aggressive and lethal form of the disease.

 

The study team found that the investigational vaccine was generally well tolerated and produced an immune response in most patients. The team described the side effects of the vaccine, showed the highest tolerated dose to date, and presented the immunologic effects of the vaccine. Findings are being presented at the Society for Immunotherapy of Cancer Annual Meeting.

 

Launched in 2021 and funded by the U.S. Department of Defense, the ongoing clinical trial is evaluating safety and monitoring immune response of the vaccine. The phase 1 study, conducted at Cleveland Clinic’s main campus in partnership with Anixa Biosciences, Inc., has included 26 patients to date across three cohorts:

  • Phase 1a - patients who completed treatment for early-stage, triple-negative breast cancer within the past three years and are currently tumor-free but at high risk for recurrence.
  • Phase 1b - individuals who are cancer-free and at high risk for developing breast cancer who have elected to voluntarily have a preventative mastectomy to lower their risk. Primarily, these are women with BRCA1, BRCA2 and PALB2 mutations.
  • Phase 1c - patients with early-stage triple-negative breast cancer who have received preoperative chemoimmunotherapy and surgery, and are being treated with pembrolizumab following surgery. These patients have residual cancer in the breast tissue, making them at risk of recurrence.
     

Anixa is planning a phase 2 study to evaluate the efficacy of the vaccine. The trial is expected to begin in 2025 and is projected to last approximately two to three years.

 

“Triple-negative breast cancer is the form of the disease for which we have the least effective treatments,” said G. Thomas Budd, M.D., of Cleveland Clinic’s Cancer Institute and principal investigator of the phase 1 study. “Long term, we are hoping that this can be a true preventive vaccine that would be administered to individuals who are cancer-free to prevent them from developing this highly aggressive disease.”

 

According to Dr. Budd, there is a great need for improved treatments for triple-negative breast cancer, which does not have biological characteristics that typically respond to hormonal or targeted therapies. Despite representing only about 10-15% of all breast cancers, triple-negative breast cancer accounts for a disproportionately higher percentage of breast cancer deaths, according to American Cancer Society. It is twice as likely to occur in Black women, and approximately 70-80% of the breast tumors that occur in women with mutations in the BRCA1 gene are triple-negative breast cancer.

 

The investigational vaccine is based on pre-clinical research led by the late Vincent Tuohy, Ph.D., who was the Mort and Iris November Distinguished Chair in Innovative Breast Cancer Research at Cleveland Clinic’s Lerner Research Institute. Dr. Tuohy’s decades of groundbreaking research led to the development of this investigational vaccine. 

The vaccine targets a lactation protein, α-lactalbumin, which is no longer found after lactation in normal, aging breast tissues but is present in most triple-negative breast cancers. If breast cancer develops, the vaccine is designed to prompt the immune system to attack the tumor and keep it from growing. 

The study is based on Dr. Tuohy’s research that showed that activating the immune system against α-lactalbumin was safe and effective in preventing breast tumors in mice. The research, originally published in Nature Medicine, was funded in part by philanthropic gifts from more than 20,000 people over the last 12 years.

“It was Dr. Tuohy’s hope that this vaccine would demonstrate the potential of immunization as a new way to control breast cancer, and that a similar approach could someday be applied to other types of malignancy,” said Dr. Budd.

Anixa is the exclusive worldwide licensee of the novel breast cancer vaccine technology developed at Cleveland Clinic. Cleveland Clinic is entitled to royalties and other commercialization revenues from the company. 

For more information and eligibility requirements visit clinicaltrials.gov.

Faster measurement of response to antibiotic treatment in sepsis patients using Dimeric HNL



Uppsala University




The biomarker human neutrophil lipocalin HNL, which was previously shown to be a useful indicator of bacterial infections, may also in the form of Dimeric HNL be used to effectively monitor the success of antibiotic treatment in sepsis. The first promising results in this regard were published in 2019 and now the research group has confirmed these results in a larger study. The study is published in the journal PLOS ONE.

Sepsis, the costliest disease to health care, is a life-threatening condition with high mortality if not diagnosed and treated early and effectively. Mostly the cause is a bacterial infection. Thus, early and effective antibiotic treatment is lifesaving. The use of broad-spectrum antibiotics increases the likelihood of an effective treatment but may also add to the development of antibiotic resistance. The 2013 World Economic Forum classified antibiotic resistance as one of the biggest threats to global health. 1.27 million deaths were caused directly by antimicrobial resistance in 2019 and 13.66 million had sepsis as an immediate or intermediate cause of death. https://www.healthdata.org/research-analysis/health-risks-issues/antimicrobial-resistance-amr.


In a new study the scientists wanted to investigate if the use of HNL Dimer as a blood biomarker would be useful in the monitoring of antibiotic treatment of patients with sepsis and provide more reliable and faster response than the currently used biomarkers. 


The investigation was conducted on 277 patients admitted to the intensive care unit. Blood was drawn at admission and the next three consecutive days and later analysed in the laboratory. For comparison with HNL Dimer, several other blood biomarkers were analysed for the purpose of following their kinetics during successful antibiotic treatment. These were Procalcitonin, Heparin-Binding Protein and CRP (C-Reactive Protein) and are all highly elevated in blood in patients with bacterial infections such as sepsis. 


“The problem, however, with these biomarkers is that it often takes 4-5 days of successful treatment before any reduction in blood levels is seen. The levels of HNL Dimer are reduced much faster and often within a day of successful antibiotic treatment. Thus, by measuring HNL Dimer in blood in our patients we may gain important time savings of 3-4 days before we know the result of our antibiotic treatment” says Per Venge, MD and professor in Clinical Chemistry at the University of Uppsala in Sweden and who has conducted research for many years on Human Neutrophil Lipocalin as a biomarker of disease.


The assay of HNL Dimer is developed in close collaboration between Uppsala University and the company Diagnostics Development in Uppsala.