WORKERS CAPITAL
Australia’s Top Pension Takes Hit on Pluralsight Restructure


Amy Bainbridge
Mon, 26 Aug 2024

(Bloomberg) -- AustralianSuper, the country’s largest pension, has written down its investment in US education software firm Pluralsight Inc. after private credit lenders agreed to take ownership of the company.

AustralianSuper is an investor in Vista Equity Partners, which bought Pluralsight three years ago, according to the pension’s latest disclosures. Vista and its co-investors are losing around $4 billion on their original equity investment, Bloomberg News reported last week.

AustralianSuper is writing off A$1.1 billion ($750 million), according to the Australian Financial Review, which first reported the loss earlier Monday. Pluralsight was thrust into the spotlight several months ago, when some assets were moved to a subsidiary as part of an effort to raise fresh funds.

“The asset was well supported by a range of major global investors,” AustralianSuper Head of International Equities and Private Equity, Mark Hargraves, said in an emailed statement. “However, the impact of the Covid pandemic, volatile macroeconomic conditions, rising interest rates and increasing competition combined to create a very challenging environment for the company.”

Blue Owl-Led Private Debt Group Takes Ownership of Pluralsight

Australia’s A$3.9 trillion pension industry has shown increased appetite for private assets, which now make up around one fifth of investments. That’s brought increased scrutiny, with regulators this month flagging such investments as a priority. In April, AustralianSuper said it planned to almost double unlisted assets over the next four years.

Hargreaves said the higher risk-return profile for private equity was a “characteristic of the asset class,” adding that the valuation was fully accounted for and won’t impact its members’ future earnings.

“We will continue to invest in private equity, venture capital and also the tech sector in general,” Hargreaves said. “These asset classes and the tech sector are strong value creators for members.

Most Read from Bloomberg Businessweek

Australian homeowners struggling to afford insurance as climate risks grow, report says


Residential homes can be seen in the coastal Sydney suburb of South Coogee, Australia·

Reuters
Sun, 25 Aug 2024, 

SYDNEY (Reuters) - Home insurance is becoming unaffordable for a growing number of Australian households as increased climate threats drive up their premiums, potentially putting billions of dollars in mortgage loans at risk, a report said on Monday.

As of March 2024, 15% of Australian households were experiencing home insurance affordability stress, which is defined as having premiums that cost more than four weeks' of their incomes, the report from the Actuaries Institute found.

That is equivalent to 1.61 million households, compared to 1.24 million found to be facing affordability stress a year ago – an increase of 30%.

Rising insurance costs have fuelled inflation in Australia and there are signs that some homeowners can no longer afford to protect their homes due to climate-related risks and high construction costs.

"Unfortunately, we expect this will continue because of the overall increasing risk of natural disasters associated with climate change, which will continue to put upward pressure on premiums," said the report's lead author Sharanjit Paddam.

The report estimated that 5% of Australian households with home loans were experiencing extreme pressures, with their insurance premiums averaging A$5,216 ($3,505) a year, more than double the average of A$2,124.

Those households facing the most extreme affordability stress have about A$57 billion in outstanding mortgage loans as of March, representing 3% of all home loan assets, it said.

"If their home is damaged by a natural disaster and they either don't have insurance or are underinsured, they could find themselves in a stressful financial situation," Paddam said.

"So, this is potentially a problem that's bigger than just insurance. It's also a problem for lenders, regulators and governments."

The report estimated that due to heightened risks of floods and cyclones, half of households in southwestern Queensland, the Northern Rivers region of New South Wales and regional Western Australia faced premiums that cost more than one month's income.

($1 = 1.4883 Australian dollars)

(Reporting by Stella Qiu; Editing by Helen Popper)

Mushrooms are magic in the tussle with frizzy hair, says Dyson

Zoe Wood 

Consumer affairs correspondent

THE GUARDIAN
Sun, 25 Aug 2024, 

Customers will have to dig deep – the styling cream and serum, which Dyson claims ‘reduces frizz by up to 50%’, cost £50 for 100ml.Photograph: Nancy Nehring/Getty Images/iStockphoto

Mushrooms are the wellness trend du jour, turning up in coffee, supplements and even beer. Now, we are being told to slather them on our heads after Dyson revealed they could be a secret weapon in the age-old battle with frizzy hair.

Dyson researchers have discovered that fungal chitosan – which is found in the cell walls of oyster mushrooms and commonly used in skincare products – can be used to tame unruly hair.

Named after this “hero” ingredient, Chitosan will go on sale in the company’s stores and on its website on Tuesday. Customers will have to dig deep – the styling cream and serum, which Dyson claims “reduces frizz by up to 50%”, both cost £50 for 100ml.

Chitosan is “delicate yet strong, it’s what gives the fungi its shape and provides the basis of Dyson’s flexible hold”, the company said.

Its engineers have “rigorously tested to find the optimum percentage of chitosan for all-day, flexible hold, while maintaining natural movement”. Dyson added: “Each bottle harnesses the power of up to eight oyster mushrooms.”.

James Dyson, who remains the company’s chief engineer, said: “Whilst some other styling products use simple polymers that stick the strands of hair together like glue. Dyson’s formulas work differently.

“The complex macromolecule helps create flexible bonds that support hair strand by strand, for twice the hold, with movement and shine.”

The company, which since its founding by the British inventor James Dyson in 1991 has made billions from innovations including bagless vacuum cleaners to bladeless fans, has in recent years been trying to conquer the lucrative beauty market with products such as a “supersonic” hairdryer.

Dyson is not the only company attempting to cash in on fungi – with the ingredient turning up in so many products that the consumer champion group Which? was compelled to look into the evidence base for the “mushroom mania” sweeping the high street.

Describing some mushroom products on sale in health food shops, the group said: “While they do have potential benefits, there isn’t enough evidence yet to suggest they work, and the vast majority don’t have authorised health claims in the UK.”

‘Enough is enough’: Rohingya demand end to violence in Myanmar

Rohingya seeking refuge in Bangladesh hold rallies marking the seventh anniversary of their exodus from Myanmar.

Rohingya refugees mark the seventh anniversary of the brutal military crackdown in 2017

[Mokammel Mridha/Reuters]

Published On 25 Aug 2024

Tens of thousands of Rohingya refugees in Bangladesh have held rallies in camps to mark the seventh anniversary of the military crackdown in Myanmar that forced them to flee.

Refugees from children to the elderly waved placards and chanted slogans on Sunday in the camps in Cox’s Bazar, demanding an end to violence and their safe return to Myanmar.

Keep reading

More injured Rohingya arriving in Bangladesh as Myanmar war intensifies

Bangladesh’s Yunus promises support to Rohingya in first policy speech

Photos: 300,000 in emergency shelters after Bangladesh flood

Many also wore ribbons bearing the words “Rohingya Genocide Remembrance”.

“Hope is home” and “We Rohingya are the citizens of Myanmar,” their placards read.

“Enough is enough. Stop violence and attacks on the Rohingya community,” refugee Hafizur Rahman told the Reuters news agency.

The Rohingya, a mostly Muslim minority, have long been a target of discrimination and ethnic violence in Myanmar.

In 2017, at least 750,000 Rohingya fled to neighbouring Bangladesh after the Myanmar military launched a crackdown that is now the subject of a genocide case at the International Court of Justice in The Hague.

Rohingya refugee children hold placards in Cox’s Bazar as they protest at the Kutupalong Refugee Camp to mark the fifth anniversary of their flight from Myanmar to escape a 2017 military crackdown [File: Rafiqur Rahman/Reuters]

In recent weeks, thousands more Rohingya have reportedly fled western Myanmar’s Rakhine state to Bangladesh as fighting escalates between the military regime and the Arakan Army, a powerful ethnic armed group that recruits from the Buddhist majority.

The international medical group Doctors without Borders, known by its French acronym MSF, said its teams in Cox’s Bazar treated 39 people for conflict-related injuries, including mortar shell and gunshot wounds, in the four days leading up to August 7. More than 40 percent of the injured were women and children, it added in a statement.

UNICEF has also raised alarm over the worsening situation in Rakhine, citing increasing reports of civilians, especially children, being caught in the crossfire.

It said that seven years after the exodus from Myanmar, “about half a million Rohingya refugee children are growing up in the world’s largest refugee camp”.

“We want to return to our homeland with all the rights. The United Nations should take initiatives to ensure our livelihood and peaceful coexistence with other ethnic communities in Myanmar,” refugee Mohammed Taher said.

Meanwhile, Bangladesh’s de facto foreign minister in its interim government, Mohammad Touhid Hossain, told the Reuters news agency this month that other countries neighbouring Myanmar, such as India, should do more.

Hossain also called for more international pressure on the Arakan Army to stop attacking the Rohingya in Rakhine state.

Orla Murphy, MSF’s country representative in Bangladesh, said in a statement there is also a need to immediately protect civilians caught up in the conflict in Myanmar.

“People must not come under indiscriminate attack and should be allowed to leave for safer areas, while all those in need of vital medical care should have unhindered and sustained access to medical facilities,” Murphy said.

Myanmar was plunged into uncertainty in February 2021 when the military seized power from the elected government of Aung San Suu Ky. The power grab triggered mass demonstrations against military rule that evolved into an armed uprising when the military responded with force.

 

Rohingya demand end to violence on 7th anniversary of flight from Myanmar

Tens of thousands of Rohingya refugees rallied in camps in Bangladesh on Aug 25 on the seventh anniversary of the military crackdown. PHOTO: REUTERS

Aug 25, 2024

DHAKA - Tens of thousands of Rohingya refugees rallied in camps in Bangladesh on Aug 25 on the seventh anniversary of the military crackdown that forced them to flee, demanding an end to violence and safe return to Myanmar.

More than a million Rohingya live in squalid camps in southern Bangladesh with little prospect of returning home, where they are mostly denied citizenship and other rights.

Thousands more are believed to have fled Myanmar’s Rakhine state in recent weeks, as fighting escalates between troops of the ruling junta and the Arakan Army, the powerful ethnic militia that recruits from the Buddhist majority.

Refugees, from children to the elderly, waved placards and chanted slogans in the camps in Cox’s Bazar, many wearing ribbons bearing the words “Rohingya Genocide Remembrance”.

“Hope is home” and “We Rohingya are the citizens of Myanmar”, the placards read.

“Enough is enough. Stop violence and attacks on the Rohingya community,” refugee Hafizur Rahman said.

The latest attacks are the worst violence against the Rohingya since a 2017 Myanmar military-led campaign, which the United Nations described as having genocidal intent, forced more than 73,000 to flee across the Bangladesh border.

Densely populated Bangladesh says repatriating the refugees to Myanmar is the only solution. Local communities have been increasingly hostile as funds for the Rohingya have dried up.

Bangladesh is in no position to accept more Rohingya refugees, de-facto foreign minister Mohammad Touhid Hossain told Reuters in August, asking India and other countries to do more.

Mr Hossain also called for more international pressure on the Arakan Army to stop attacking the Rohingya in Rakhine state.

The UN children's agency Unicef has raised alarm over the worsening situation in Rakhine, citing increasing reports of civilians, especially children, being caught in the crossfire.

It said that seven years after the exodus from Myanmar, “about half a million Rohingya refugee children are growing up in the world’s largest refugee camp”.

“We want to return to our homeland with all the rights. The United Nations should take initiatives to ensure our livelihood and peaceful coexistence with other ethnic communities in Myanmar,” Rohingya refugee Mohammed Taher said. REUTERS

Can Your Dog See Colors? Know How Dogs See The World

Dogs, unlike humans, have a unique ability to see color. Know what colors dogs can and cannot see.

Outlook International Desk
Updated on: 25 August 2024 

Representative oimage Photo: Pinterest

When you’re out walking your dog, the vibrant hues of the world—green grass, blue sky, and yellow sun—are part of your visual experience. But how does your dog perceive these colors?

For years, it was commonly believed that dogs see only in black and white. However, recent research has challenged this notion and provided new insights into canine vision.

According to the American Academy of Ophthalmology, color vision in humans is facilitated by three types of cones in the retina: red-sensing, green-sensing, and blue-sensing. These cones allow us to perceive a wide range of colors. In contrast, dogs have only two types of cones, which can detect blue and yellow hues, as reported by VCA Animal Hospitals. This condition is known as "dichromatic vision."

Without red-sensing cones, dogs’ color perception resembles that of a person with red-green color blindness, a condition studied by Jay Neitz, a color vision researcher at the University of Washington. Such individuals often confuse colors; for example, red may appear as black or brown, and green may be perceived as yellow. Similarly, dogs may see a red ball as brown and a green toy as yellowish, according to the American Kennel Club.

Beyond color perception, dogs have several other visual differences compared to humans. VCA Animal Hospitals notes that dogs are more near-sighted, meaning that objects at a distance may appear blurrier to them. However, they have superior peripheral vision and a wider field of view, though their depth perception is less precise.

Dogs are less sensitive to changes in brightness. Therefore, while humans can distinguish subtle shades, dogs see these variations as more muted.

Israel Economy Is Secondary Concern as Netanyahu Focuses on War

Galit Altstein
Mon, 26 Aug 2024,

(Bloomberg) -- With domestic and international attention focused on Israel’s war in Gaza and escalating tensions with Hezbollah, Prime Minister Benjamin Netanyahu’s administration has stalled discussions on next year’s budget — set to be the most challenging and crucial in decades.

Netanyahu and Finance Minister Bezalel Smotrich insist there will be a fiscal framework in place for 2025 but haven’t explained delays in its formulation, leaving markets and investors guessing on how it will be put together at a time that the conflict is causing the budget deficit and debt issuance to soar. Budgeting is usually well underway by this time of year.

Top central bank and finance ministry technocrats have joined credit-rating agencies and business leaders in warning that a hiatus will cloud Israel’s economic prospects and elevate the already-high risk premium on its assets.

Tensions over the budgetary process were evident in a letter Bank of Israel Governor Amir Yaron wrote to Netanyahu this month. He urged the prime minister to follow up on a meeting they held weeks ago to discuss ways to steady the nation’s finances — including trimming spending and raising taxes.

Yaron, who under Israeli law is the government’s top economic adviser, argues that permanent budgetary adjustments totaling some 30 billion shekels ($8 billion) are needed next year to sustain increased defense and other war-related expenditure. They are also necessary, he said, to steady Israel’s debt-to-gross domestic product ratio — which the central bank sees at 67.5% this year, up from around 59% in 2022.

“Maintaining the budget framework for 2024 and promoting the orderly process of structuring the budget for 2025 are critical,” the governor wrote.

GDP grew just 2% last year, almost half the rate the finance ministry expected prior to the outbreak of the war, and JPMorgan Chase & Co. sees an expansion of just 1.4% this year after cutting its forecast twice over the past two weeks.

Disquiet over Israel’s economy, the government’s handling of its finances and the risk of intensified fighting is becoming evident in the financial markets. Yields on the government’s 10-year shekel bonds have risen almost 90 basis points this year.

Fitch Ratings cut Israel’s rating by one notch to A, the third-highest level, on Aug. 13. That followed a similar move by Moody’s Investors Service in February.

“The conflict in Gaza could last well into 2025 and there are risks of it broadening to other fronts,” Fitch said.

Fighting erupted after Hamas militants swarmed into southern Israel on Oct. 7, killing about 1,200 people and taking 240 hostage. Israel responded with an air and ground assault that have reduced large tracts of the Gaza Strip to rubble. More than 40,000 people have been killed, according to health officials in Hamas-run Gaza.

Israel and Hezbollah have also been engaged in tit-for-tat strikes since the war began. Those escalated on Sunday, when 100 Israeli warplanes swooped over southern Lebanon, taking out thousands of Hezbollah missile launchers in what it termed a pre-preemptive strike, and the group responded by firing more than 200 projectiles across the border. Hamas and Hezbollah are both backed by Iran and are designated as terrorist organizations by the US.

Israel has spent 88 billion shekels on the war so far — almost 5% of GDP — and has raised more than 190 billion shekels through July to help fund the military and plug the fiscal deficit. If sustained, this year’s borrowing will break the record set during the Covid-19 pandemic in 2020.

The deficit rose to 8.1% of GDP in the 12 months through July. The finance ministry and central bank expect it be around 6.6% for this year as a whole, but that’s presuming the conflict with Hezbollah doesn’t worsen.

“Fiscal policy is the elephant in the room” as far as markets are concerned, Yaron said last month. “If you wait for the last minute, you make bad decisions.”

Budget proposals are typically drafted early in the Israeli summer, brought to the cabinet for approval by August and passed by parliament by year-end. Under Israeli law, the process can be extended until as late as the end of March. The government automatically collapses if it isn’t concluded.

Netanyahu and Smotrich met last week to discuss the budget, but they’ve yet to agree on a basic framework and finance ministry officials say almost no substantive discussions have taken place so far.

An official at the prime minister’s office, who spoke on condition of anonymity, said spending and financing plans can be comfortably approved even if they are placed before the cabinet as late as October — a time line technocrats say isn’t feasible.


The politics surrounding the budget are fraught, with some money directed toward entities headed by ultra-religious and nationalist politicians who form part of Netanyahu’s coalition and are key to him retaining power. Those discretionary budgets alone totaled 6 billion shekels this year, including funding for Jewish settlements in the West Bank and religious causes that have stirred controversy.

“The government stalls because the unveiling of a budget involves public scrutiny, and if controversial expenses aren’t cut it will be slammed domestically and may precipitate another downgrade in Israel’s credit rating,” Avigdor Lieberman, an opposition leader who preceded Smotrich as finance minister, said in an interview. “It’s likely that the government will choose to increase the deficit and its external debt.”

The stalling is vintage Netanyahu and he is likely to dismiss any criticism as politically motivated, according to Mazal Mualem, a political analyst who recently published a biography on the Israeli leader.

“For the prime minister, procrastination is a management strategy,” she said.

--With assistance from Srinivasan Sivabalan and Julius Domoney.

Most Read from Bloomberg Businessweek

 

Gaza war economic consequences for Israel

TEHRAN, Aug. 27 (MNA) – With growing concern, Zionist economists are warning officials in Tel Aviv that if the Gaza war does not end by 2025, the regime's economic situation will worsen.

According to the US media, the current state of the Israeli regime is the result of the high costs that this regime has incurred during the ongoing war in Gaza.

Israeli premier Benjamin Netanyahu tried to allay the fears of Zionist experts by saying that the economic damage is short-term and temporary, but contrary to his claims, the war in Gaza has harmed thousands of small businesses and international trust in Israel's economy.

Yacov Sheinin, an Israeli economist, said the total cost of the war could amount to $120 billion, or 20% of the country’s gross domestic product, a broad measure of economic activity.

The Israeli regime's Finance Ministry this month said the country’s deficit over the last 12 months has risen to over 8% of GDP, far exceeding the 6.6% deficit-to-GDP ratio the ministry projected for 2024. In 2023, Israel’s budget deficit was roughly 4% of its GDP.

The Israeli ports also saw a 16% percent drop in shipping in the first half of the year, compared with the same period in 2023.

Israeli business information company CofaceBDI reports that some 46,000 businesses have closed since the start of the war — 75% of them small businesses.

Iceland’s Second Chance initiative – A model for national rehabilitation

Following Paul Cowley’s interview on ITV’s This Morning, Iceland Foods’ Second Chance Initiative is gaining attention for its impactful approach to ex-offender rehabilitation. Under the leadership…

COMMENTARY

26 August, 2024 | by Natalie Fresen

Following Paul Cowley’s interview on ITV’s This Morning, Iceland Foods’ Second Chance Initiative is gaining attention for its impactful approach to ex-offender rehabilitation.

Under the leadership of Paul Cowley, a man with a deep understanding of the transformative power of employment, the company’s Second Chance scheme is not just a corporate initiative but a beacon of hope for those looking to rebuild their lives after prison.

Paul Cowley, who now serves as Iceland’s first Director of Rehabilitation, has been instrumental in driving this initiative. Since its inception in September 2022, Cowley has visited 98 prisons and extended job offers to 680 inmates upon their release. His efforts come at a time when six out of ten prisoners in England and Wales reoffend within a year of release, often due to the lack of employment opportunities. Cowley’s philosophy is simple yet powerful: “If you can offer someone gainful employment, it reduces reoffending by 50 per cent.”

The Second Chance scheme is built on the premise that hope is a critical factor in the rehabilitation process.

For many inmates, the future looks bleak, and the absence of opportunities post-release often leads them back to crime. However, as Cowley noted during his appearance on ITV’s Good Morning Britain earlier this morning, the impact of receiving a letter while still in prison, promising a guaranteed job upon release, can be life-changing. “It changes their whole future,” he remarked, underlining the psychological and practical benefits of such a promise.

Iceland’s initiative has caught the attention of not just the public but also government officials. The grocery retailer has petitioned James Timpson, the newly appointed Minister of State for Prisons and Rehabilitation, to consider adopting Iceland’s model as a national blueprint. The potential for such a scheme to be rolled out across the country is significant, with the Ministry of Justice itself acknowledging that meaningful employment can halve the rates of reoffending.

The success of the Second Chance scheme is evident in the stories of those it has helped. One such individual, a former inmate named Stuart, shared his journey on Good Morning Britain. Stuart, who had been imprisoned for armed robbery, spoke candidly about how the lack of job opportunities led him to reoffend. However, the letter from Iceland offering him a job before his release was a turning point. “This opportunity has changed it for me. My mindset has changed. I absolutely love the company I work with,” he said, highlighting the profound impact of employment on mental health and self-respect.

Cowley’s commitment to rehabilitation extends beyond his role at Iceland. In 2005, he founded the charity Caring for Ex-Offenders, which has helped over 2,000 men and women reintegrate into society. His dedication to this cause was recognised with an MBE in 2016. Now, through the Second Chance scheme, he is expanding this vision on a larger scale, with Iceland employing 330 ex-prisoners across its 900 stores. The retention rate and reduced sick days among these employees are a testament to the effectiveness of the programme.

The success of Iceland’s initiative is not isolated. Other companies in the food and drink sector, such as Cook and Greggs, have also implemented similar schemes with impressive results. Cook’s Raw Talent scheme and Greggs’ Fresh Start programme have both shown that hiring ex-offenders is not only a moral imperative but also a sound business strategy.

As Iceland continues to champion the cause of rehabilitation, it is clear that these individuals deserve the second chance they are being given. Cowley’s words resonate deeply: “More needs to be done to ensure they are given the opportunity to succeed.” With the government now being urged to back such initiatives, the hope is that the Second Chance scheme will become a national model, paving the way for a more inclusive and just society.

LITHIUM SUPER HOT FIRE

Fire damages multiple EVs at Rivian's Illinois plant

© Rivian

Electronics Production | August 26, 2024

A fire broke out at the Illinois manufacturing facility of electric manufacturer Rivian on Saturday night, causing damage to an unspecified number of trucks.

A company spokes person told Reuters that no injuries had been reported and the cause of the fire is being investigated.

The assembly plant in Normal, Illinois – about 209 km south of Chicago – was unaffected by the fire, which was contained to a parking lot on the north side of the factory, according to the local fire department.

Rivian has not publicly stated how many vehicles have been damaged.

The electric vehicle company has been expanding its Normal plant to prepare for the production of its smaller R2 SUVs, expected to launch in 2026 and considered crucial to its success.

Earlier this year, the company temporarily shut down the plant for three weeks to undertake a major retooling aimed at streamlining manufacturing and reducing costs.

 Reuters reports.

US national parks are receiving record-high gift of $100M


Photo, shows a view seen on the way to Glacier Point trail in the Yosemite National Park, Calif. (AP Photo/Tammy Webber, File)

BY PATRICK WHITTLE
August 25, 2024

PORTLAND, Maine (AP) — The official nonprofit organization of the National Park Service is set to receive the largest grant in its history, a $100 million gift the fundraising group described as transformative for the country’s national parks.

The National Park Foundation, which Congress created in the 1960s to support national parks, will receive the donation from Indianapolis-based foundation Lilly Endowment Inc. The park foundation described the gift on Monday as the largest grant in history benefiting U.S. national parks.

The money will be used to address the needs of the country’s more than 400 national park sites, said Will Shafroth, president and CEO of the National Park Foundation.

The foundation hopes to announce the first round of grants stemming from the donation later this year, Shafroth said.

Exactly how the money will be utilized remains to be seen, but one of the foundation’s priorities is restoring coral reefs at Biscayne National Park in Florida, Shafroth said, while another priority is the restoration of trout species in western national parks.
ADVERTISEMENT


In addition to funding initiatives that protect fragile ecosystems and species, Shafroth said the money will also be used to create opportunities for young people to visit national parks.


RELATED COVERAGE


Did Taylor Swift create a new era for food bank donations?


With their massive resources, corporations could be champions of racial equity but often waver


VP nominee JD Vance to dissolve last vestige of mothballed charity, give its $11K to Appalachia

“This grant will allow us to supercharge our efforts to ensure our national parks are for everyone, for generations to come,” he said.





The system’s hundreds of units include national parks, memorials, monuments, historic sites and other locations. It includes iconic national parks such as Yellowstone National Park in Montana and Yosemite National Park in California, as well as beloved sites such as the Lincoln Memorial in Washington, D.C. It also includes preserved areas that are less accessible to many people, such as Buck Island Reef National Monument in the U.S. Virgin Islands.

The National Park Foundation is in the midst of its “Campaign for National Parks,” a $1 billion fundraising effort to support parks. Lilly Endowment made the gift to support that effort, said N. Clay Robbins, chair and CEO of Lilly.
ADVERTISEMENT


“We believe the National Park Foundation’s campaign will enhance the programming in and promote the future vibrancy of our country’s marvelous system of parks, monuments and historic sites,” Robbins said.
___

The Lilly Endowment provides funding for Associated Press coverage of democracy, philanthropy, and religion.

All 39 crew members rescued when Malaysian ship floods, partially sinks

KD Pendekar was partially submerged 2 nautical miles southeast of Tanjung Penyusop cape in Johar state

Anadolu staff |25.08.2024 -



ANKARA

All 39 crew members of a Malaysian navy ship that partially submerged after a leak and flooding have been rescued, local media reported on Sunday.

The Royal Malaysian Navy's KD Pendekar was partially submerged two nautical miles southeast of the Tanjung Penyusop cape in the southern Johor state, local English daily Malay Mail reported, citing the navy.

The leak, according to the navy, is believed to be from the vessel hitting an underwater object.

“The leak, which was first detected in the ship's engine room, spread rapidly and uncontrollably. All crew members were successfully rescued after efforts to control the leak and stabilize the ships were unsuccessful," the navy said.

A special investigation board is being set up to find the source of the incident, it added.

The Pendekar was commissioned in 1979.

Malaysian naval attack ship sinks after hitting unknown object

August 26, 2024

KUALA LUMPUR, Malaysia (AP) — Malaysian authorities were working Monday to salvage a 45-year-old fast attack naval ship that sank after it struck an unknown underwater object.

The navy said in a statement that a leak was first detected in the engine room of the KD Pendekar on Sunday, which quickly flooded the vessel. The crew failed to fix the hole and the 260-ton ship sank underwater hours later off the coast of southern Johor state, it said. All 39 crew members were evacuated safely, with no injuries.

“The leak is believed to be caused by the ship hitting an underwater object,” it said, adding that salvage operations were underway. An investigation has been launched into the cause of the incident, it said.

Defense Minister Mohamed Khaled Nordin on Monday ordered an inspection of navy vessels over 40 years old, which make up at least a third of the country’s fleet. The Pendekar, built by Karlskrona Varvet Shipyard in Sweden, was commissioned into the Malaysian fleet in 1979.

“We do not deny that (some of) our ships are old but that is not likely to be one of the causes ... and the important thing is that thankfully no lives were lost,” Khaled was quoted as saying by the Malay-language Harian Metro newspaper.

Khaled said a fleet modernization is ongoing, involving the construction of littoral combat ships with the first due to be commissioned in 2026. The ministry is also negotiating to purchase littoral missions ships from Turkiye, he said.