NoneAP Business SummaryBrief at 1:54 p.m. EST

President-elect Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States. On Monday, Trump sent shockwaves across the nation's northern and southern borders, vowing sweeping new tariffs on Mexico, Canada , as well as China, as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. In a pair of posts on his Truth Social site, Trump railed against an influx of illegal migrants, even though southern border apprehensions have been hovering near four-year lows. He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. He said the new tariffs would remain in place "until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" The president-elect asserts that tariffs — basically import taxes — will create more factory jobs, shrink the federal deficit, lower food prices and allow the government to subsidize childcare. Economists are generally skeptical, considering tariffs to be a mostly inefficient way for governments to raise money. They are especially alarmed by Trump's latest proposed tariffs. Carl B. Weinberg and Rubeela Farooqi, economists with High Frequency Economics said Tuesday that energy, automobiles and food supplies will be particularly hit hard. "Imposing tariffs on trade flows into the United States without first preparing alternative sources for the goods and services affected will raise the price of imported items at once," Weinberg and Farooqi wrote. "Since many of these goods are consumer goods, households will be made poorer." High Frequency Economics believes the threats are not meant to support new trade policy and are instead a tool to elicit some changes along the borders and for imports from Canada, Mexico and China. Though Vice President Kamala Harris criticized Trump's tariff threats as unserious during her failed bid for the presidency, the Biden-Harris administration retained the taxes the Trump administration imposed on $360 billion in Chinese goods. And it imposed a 100% tariff on Chinese electric vehicles. Indeed, the United States in recent years has gradually retreated from its post-World War II role of promoting global free trade and lower tariffs. That shift has been a response to the loss of U.S. manufacturing jobs, widely attributed to unfettered trade and an increasingly aggressive China. They are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country. The tariff rates range from passenger cars (2.5%) to golf shoes (6%). Tariffs can be lower for countries with which the United States has trade agreements. For example, most goods can move among the United States, Mexico and Canada tariff-free because of Trump's US-Mexico-Canada trade agreement. Trump insists that tariffs are paid for by foreign countries. In fact, its is importers — American companies — that pay tariffs, and the money goes to U.S. Treasury. Those companies, in turn, typically pass their higher costs on to their customers in the form of higher prices. That's why economists say consumers usually end up footing the bill for tariffs. Still, tariffs can hurt foreign countries by making their products pricier and harder to sell abroad. Yang Zhou, an economist at Shanghai's Fudan University, concluded in a study that Trump's tariffs on Chinese goods inflicted more than three times as much damage to the Chinese economy as they did to the U.S. economy By raising the price of imports, tariffs can protect home-grown manufacturers. They may also serve to punish foreign countries for committing unfair trade practices, like subsidizing their exporters or dumping products at unfairly low prices. Before the federal income tax was established in 1913, tariffs were a major revenue driver for the government. From 1790 to 1860, tariffs accounted for 90% of federal revenue, according to Douglas Irwin, a Dartmouth College economist who has studied the history of trade policy. Tariffs fell out of favor as global trade grew after World War II. The government needed vastly bigger revenue streams to finance its operations. In the fiscal year that ended Sept. 30, the government is expected to collect $81.4 billion in tariffs and fees. That's a trifle next to the $2.5 trillion that's expected to come from individual income taxes and the $1.7 trillion from Social Security and Medicare taxes. Still, Trump wants to enact a budget policy that resembles what was in place in the 19th century. He has argued that tariffs on farm imports could lower food prices by aiding America's farmers. In fact, tariffs on imported food products would almost certainly send grocery prices up by reducing choices for consumers and competition for American producers. Tariffs can also be used to pressure other countries on issues that may or may not be related to trade. In 2019, for example, Trump used the threat of tariffs as leverage to persuade Mexico to crack down on waves of Central American migrants crossing Mexican territory on their way to the United States. Trump even sees tariffs as a way to prevent wars. "I can do it with a phone call,'' he said at an August rally in North Carolina. If another country tries to start a war, he said he'd issue a threat: "We're going to charge you 100% tariffs. And all of a sudden, the president or prime minister or dictator or whoever the hell is running the country says to me, 'Sir, we won't go to war.' " Tariffs raise costs for companies and consumers that rely on imports. They're also likely to provoke retaliation. The European Union, for example, punched back against Trump's tariffs on steel and aluminum by taxing U.S. products, from bourbon to Harley-Davidson motorcycles. Likewise, China responded to Trump's trade war by slapping tariffs on American goods, including soybeans and pork in a calculated drive to hurt his supporters in farm country. A study by economists at the Massachusetts Institute of Technology, the University of Zurich, Harvard and the World Bank concluded that Trump's tariffs failed to restore jobs to the American heartland. The tariffs "neither raised nor lowered U.S. employment'' where they were supposed to protect jobs, the study found. Despite Trump's 2018 taxes on imported steel, for example, the number of jobs at U.S. steel plants barely budged: They remained right around 140,000. By comparison, Walmart alone employs 1.6 million people in the United States. Worse, the retaliatory taxes imposed by China and other nations on U.S. goods had "negative employment impacts,'' especially for farmers, the study found. These retaliatory tariffs were only partly offset by billions in government aid that Trump doled out to farmers. The Trump tariffs also damaged companies that relied on targeted imports. If Trump's trade war fizzled as policy, though, it succeeded as politics. The study found that support for Trump and Republican congressional candidates rose in areas most exposed to the import tariffs — the industrial Midwest and manufacturing-heavy Southern states like North Carolina and Tennessee.

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THREE KEY FACTS US President-elect Donald Trump’s proposed tariffs could affect goods from China including furniture. The US National Retail Federation report of tariffs predicts a demand reduction for Chinese manufactured products. Trump, citing frustration over drugs and illegal migrants, has announced plans to introduce 25% tariffs on goods entering the US from Canada and Mexico and to increase tariffs on China by 10%. Few can doubt Donald Trump ’s trade intentions once he takes office in January. In a recent social media post, the US President-elect promised: “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States.” In a separate post he announced there would be a further 10% tariff on imports from China. Though New Zealand goods are exempt at this stage, we can expect indirect impacts from a variety of directions.

The National Hajj Commission of Nigeria has inaugurated a 32-man Screening and Aviation Monitoring Committee for 2025 Hajj air-carriers and cargo conveyers, as well as a six-man Secretariat for the Committee. The Commission has also opened Application Forms for the Issuance of Hajj Licence for airlift of the 2025 pilgrims from Nigeria. This was contained in a statement signed and released by NAHCON’S Assistant Director of Public Affairs, Fatima Sanda Usara, on Tuesday According to the statement, the inauguration of the committees would set the pace “for a series of activities that will culminate in the selection of pilgrims’ air carriers as well as excess luggage freighters for the 2025 Hajj exercise”. “The NAHCON Chairman, Professor Abdullahi Saleh Usman described the inauguration as an important activity that demands commitment due to the magnitude of work involved and its significance to successful operations He urged the members to work within the terms of reference towards providing excellent services to pilgrims, “the statement added. Usara said the Committee, chaired by NAHCON’s Commissioner of Operations, Inspection and Licensing, Anofi Elegushi, draws membership from several aviation industry managers, and stakeholders from the State Pilgrims’ Welfare Boards, and representatives from the Presidency, Security Agencies and NAHCON staff. The Committee members nclude five representatives from State Pilgrims’ Welfare Boards, three from the Nigerian Civil Aviation Authority, and one member each from the Federal Airports Authority of Nigeria, the Nigerian Airspace Management Agency, the Nigerian Meteorological Agency, and the Nigerian Safety Investigation Bureau. Similarly, one member each was drawn from the Nigerian Customs’ Service and the Independent Corrupt Practices Commission. Others are NAHCON Board members representing each geo-political zone of the country, NAHCON Heads of Aviation, Procurement, Legal, Internal Audit, Special Duties, as well as Board Member representing the Aviation industry. Related News NAHCON to provide N90bn Hajj subsidy documents Reps committee slams NAHCON's ‘dirty’ operations during 2024 Hajj NAHCON warns against unauthorised contracts for 2025 Hajj Usara also said eleven airlines, including two from Saudi Arabia, had already sent in application, indicating interest to airlift pilgrims for the 2025 Hajj. “Eleven airlines, including two from Saudi Arabia sent applications indicating interest in the airlift of pilgrims for this year’s Hajj. From Saudi Arabia under the airlift bilateral agreement are FlyNas and Flyadeal. Nine applications are from Nigerian airline companies; they are Air Peace, GYRO Air Limited, Max Air Ltd, Nahco Aviance, Tarco Aviation, Umra Airline Limited standing for Ethiopian Airlines, UMZA Aviation Services Limited, Value Jet and Trebet Aviation Ltd”. “Meanwhile, five cargo companies applied for excess luggage transportation. They are Aglow Aviation Support Services Limited, Cargo Zeal Technologies, Qualla Investment, Kiswah Logistics Services Limited, and Sokodeke Global Travels and Cargo, “the statement read. The Commission also stated that the Terms of Reference for the Airlines Screening Committee included screening prospective carriers for the 2025 or declining the screening of applicants whose status were at variance with the conditions of application. The Committee will also have the authority to recommend minimum standards of operation in accordance with industry best practices by the prequalified companies, recommend appropriate pilgrim airfare and excess luggage rate for the specified departure zones, and submit a comprehensive report at the completion of the exercise for consideration of the EXCO of the Commission For the Aviation Monitoring Committee, the terms of reference include constituting a subcommittee to review and evaluate all documents to be submitted by applicant Airlines in respect of 2025 Hajj, inspecting and assessing the readiness of the airports being considered for the 2025 Hajj Operation, and liasing with the Central Security Committee and Task Force on abscondment of pilgrims in order to provide support where needed. The Committee Chairman, Anofi Elegushi, called on members to be ready to work day and night in order to conclude their assignment within the timeframe allotted. He reminded them of the crucial place aviation occupies in the operation of Hajj. He described last year’s Hajj airlift as successful having concluded both the outbound and inbound flights earlier than slated, and gave assurances of replicating the feat and even better.

Trump's latest tariff plan: What does it mean for the US?RADNOR — Having landed his dream job once, Eric Roedl wasn’t sure at first what to make of the chance to do it again. It would’ve taken a lot to get the Deputy Athletic Director at the University of Oregon to leave Eugene, where he’s spent 13 years. The chance to lead not just any athletic department but that of his alma mater was sufficient to bring him back to the Main Line. Roedl was introduced Tuesday as Villanova’s Vice President and Director of Athletics. He replaces Mark Jackson, who was hired in the fall to become the AD at Northwestern. The move brings Roedl home. He played tennis at Villanova, graduating in 1997. His wife Nicole is a 1998 graduate of Villanova. Roedl spent eight years in athletic administration at Temple, then a stint at William & Mary before venturing west to a power conference behemoth in Oregon. While Villanova President Rev. Peter M. Donohue joked at Tuesday’s press conference that he hoped Roedl could bring a slice of the Ducks’ massive budget East with him, Roedl will carry some tangible aspects managing such a big organization to the mission-driven challenge at Villanova. “My big takeaways from Oregon are a commitment to building a championship culture in everything we do, very high standards, full-fledged commitment to holistic student-athlete development, always trying to be out in front when it comes to NCAA deregulation and the things that we can do to provide support for our student-athletes, and just creating a great environment for our student-athletes and our staff,” Roedl said. “People talk about resources and they talk about money, but to me, what really is the difference maker in building successful programs – and I know you know this here at Villanova – it’s about the people and how you operate in the culture.” Both Donohue and Roedl acknowledged several times the changing landscape of college athletics. Athletes are able to earn money for their name, image and likeness, and the House settlement requires colleges to share revenue with athletes. The pressure of those changes will exert much different responses at Roedl’s former employer, a public land-grant institution backed by the deep pockets of Nike’s founder, than at a small, private, Augustinian university. Roedl highlighted those differences in asserting how his approach would meet those challenges. “We have an exciting and compelling vision for the future,” Roedl said in prepared remarks. “Villanova has a deep belief in the role and value of college athletics as a part of this community. Nothing brings people together like sports, and I think Nova Nation is a true testament to that. ... Our priorities will be focused on what’s in the best interest of this university and alignment with our Augustinian values, and certainly what is in the best interest of the health, well-being and success of our student-athletes.” Roedl talked around a question about the basketball program’s recent struggles, beyond a pledge to “continue to innovate and strategically invest” in the men’s and women’s programs. The Wildcats, who won national titles in 2016 and 2018 under Jay Wright, have failed to make the NCAA Tournament in consecutive seasons under Kyle Neptune. Roedl won’t formally take over until January, but he’ll be monitoring how the basketball season progresses, with on-court performance as one of several factors in determining Neptune’s fate. Roedl is transitioning from a program that enjoys a revenue-generating football program to a Football Championship Subdivision squad that is a much different economic model. But he extolled the virtues of that competitive format for Villanova, which begins the FCS playoffs on Saturday. “I think the FCS football model is terrific,” Roedl said. “I love the fact that you’re competing throughout the year, and you’re competing to get into the playoffs, and you can play your way through. The CFP finally came around to that type of a model. It took a while, but the financial model is different, and football means different things to different schools. “There’s a lot of benefit to having an FCS football program and all the things that it brings to your campus. The team represents this university really well. We bring in tremendous, talented student-athletes from all over the country to come in here and compete for Villanova, and that’s a program that I really look forward to supporting and being a part of.” Roedl played a sport in college that, like many Olympic sports, feels economically endangered at the collegiate level. He calls his student-athlete experience “transformational,” in both his career and his life. He used the term “broad-based excellence” on several occasions to illustrate a goal of elevating all of Villanova’s 24 varsity programs, in terms of on-field success and off-field sustainability. In lamenting that “college athletics has become a little bit more transactional,” Roedl is endeavoring to lead Villanova through a middle path. If recruiting talent becomes a bidding war against bigger and better resourced schools, they don’t necessarily have the capital to compete directly. So the name of the game is to provide something more than just what happens on the field, whether that’s academically or via the community. “To me, one of the things that’s most special about college athletics is all the opportunity that it provides to young people to dream and be a part of a university athletic program, and that’s something that we’re going to be fully committed to here at Villanova,” he said. “We’re going to work our tails off to go out and find the resources. It’s a new time, and there’s going to be more pressure on each of our programs to find ways to be sustainable, to continue to be able to provide those opportunities. There’s a lot of pressure on resources right now post-House settlement and we look forward to engaging in the communities around all of our sports to continue to have them be thriving and successful.”After institutions for people with disabilities close, graves are at risk of being forgotten

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German startup FibreCoat has bagged €20mn in Series B funding as it looks to bring its super-resistant materials to the burgeoning space industry. FibreCoat spunout from RWTH Aachen University in 2020. The startup has developed a patented process for coating fibres with metals and plastics during the spinning stage. This creates fibres that are lightweight and conductive, yet strong and durable — at a fraction of conventional costs. These can then be spun together to form reinforced composites. So far, FibreCoat has focused on securing clients in the automotive, construction, and defence industries, where the materials are particularly useful for radiation shielding and weight reduction applications. Now the company is setting its sights on upward. Spacecraft require materials that can withstand extreme temperatures, radiation, and electromagnetic interference (EMI) without adding unnecessary weight. “Space is a rapidly growing sector, and launchers and satellites increasingly need coated fibres to endure harsh conditions,” said Dr. Robert Brull, CEO of FibreCoat. What day is today? It's CYBER MONDAY! TNW Conference is offering an exclusive 30% discount on their startup and scaleup programs this week only. This is the best deal you'll get before prices change in January. Luxembourg-based NewSpace Capital co-led the funding round, bringing vital expertise as the startup looks to cash in on the expanding space ecosystem, projected to reach $1.8trn by 2035. “Space and terrestrial supply chains are converging,” said Bogdan Gogulan, managing partner at NewSpace Capital, adding that FibreCoat has the potential to address critical challenges across a swathe of industries. FibreCoat will use the fresh funds to ramp up R&D and scale production as it looks to commercialise its fibre coating technology. The startup is far from the only spinout access story to emerge from RWTH Aachen in recent years. One of the fastest growing is Cylib. The startup is currently constructing what is set to be Europe’s largest EV battery recycling plant . Cylib’s founders — Dr Lilian Schwich, Paul Sabarny, and Dr Gideon Schwich — launched the company after a decade of battery recycling research at RWTH Aachen. The partners claim their method uses 30% less energy than competitors. Another big player is Black Semiconductor, which raised €254.4mn back in June . That’s a massive raise for any startup, let alone a European one. Even more impressive is that the company is only four years old. Brothers Daniel and Sebastian Schall launched Black Semiconductor in 2020. The startup is developing a new type of chip-connecting technology using the “wonder material” graphene.

Tua Tagovailoa's TD pass to Jonnu Smith gives Dolphins 32-26 overtime win over Aaron Rodgers, Jets5,969.34 +20.63 Dow 30 44,296.51 +426.16 Nasdaq 19,003.65 +31.23 Russell 2000 2,406.67 +42.65 T;23.18;+0.20;15.94;23.29; AUB;42.63;+0.74;30.22;43.57; AAP;40.79;+2.10;35.59;88.56; ACM;116.31;+3.75;82.23;116.76; ALL;203.80;+0.32;134.17;205.35; AEP;97.59;-0.49;75.22;105.18; BSET;14.94;+0.55;12.11;17.89; CSX;35.78;+0.44;31.65;40.12; COF;187.06;+4.42;105.43;198.30; GLW;48.52;+0.68;27.57;51.03; DHR;235.84;+0.79;215.68;281.70; D;58.14;-0.23;43.53;61.97; DD;83.32;+0.57;61.14;90.06; ELV;402.55;-1.05;391.02;567.26; XOM;121.79;-0.14;95.77;126.34; FDX;299.97;+4.81;234.45;313.84; RAIL;9.45;-0.20;2.25;16.10; GE;181.15;+2.45;94.31;194.80; HD;420.00;+9.55;308.31;421.56; HTBI;37.68;+0.24;22.44;38.62; HOFT;18.67;-0.23;13.09;27.15; IBM;222.97;+0.57;153.92;237.37; IP;59.32;+0.14;32.51;60.22; KR;59.22;+0.64;42.97;60.35; LHX;248.16;+1.56;187.37;265.74; LOW;264.68;-0.54;196.23;287.01; LUNA;1.8600;+0.2200;1.4300;7.9200; MMC;227.82;+3.40;184.28;232.32; MSFT;417.00;+4.13;362.90;468.35; NKSH;32.04;+1.33;25.18;37.00; NSC;268.95;+4.69;206.71;277.60; OCC;2.3921;-0.0079;2.2900;3.5300; PNFP;126.18;+3.72;70.23;129.39; RGCO;21.24;-0.13;17.39;24.20; STLY;5.02;-0.11;5.00;6.51; STLD;143.57;-1.39;104.60;155.56; TFC;47.96;+1.15;31.23;48.06; UPS;134.82;+3.45;123.12;163.82; VZ;43.15;+0.65;36.46;45.36; WMT;90.44;+2.05;49.85;90.91; WFC;75.96;+1.13;42.52;76.08;

Goldman Sachs logo / Yonhap By Lee Kyung-min Korea will experience persistent volatile trading conditions in the near term, hamstrung by potential downside risks to earnings and policy uncertainty domestically and globally, a Goldman Sachs report said Wednesday. However, Korean equities remain attractive, due in large part to overall low valuation. Also favorable are the opposition party-driven re-rating of Korea’s stock market, as evidenced by the Corporate Value-up drive and related bills. Recent waves of legislative efforts to revise the Capital Markets Act and the Commercial Act will guide more firms to make shareholder-friendly decisions. Whether the recently heightened political uncertainty from the martial law fiasco will lead to wider volatility remains to be seen. For context, neither impeachments of the country’s two former presidents – Roh Moo-hyun in 2004 and Park Geun-hye in 2016 – triggered strong foreign outflows. Read More Weak exports, resulting delays in investments to slash 2025 growth: Goldman Sachs BOK surprises with key rate cut amid economic slowdown, weak exports Yen carry trade reverses to heighten stock market volatility Korean won plunges, bitcoin rallies on Trump victory “The macro backdrop looks more challenging for Korea going into 2025,” the report said. Chief among the headwinds are the global dominance of a strong U.S. dollar, high long-term interest rates, and tariff uncertainties. The Korean economy is expected to slow due to weakening growth in both exports and industrial production. “Korea’s earnings downgrades cycle could persist given sustained weak export growth and declining DRAM prices. Thus, the fundamental backdrop looks unlikely to improve at the moment given potentially higher economic policy uncertainties. These assessments and our outlook have met with broad agreement in recent conversations with domestic investors." Nonetheless, market conditions are improving, as indicated by bipartisan legislative efforts to strengthen shareholder rights and improve corporate governance, it added. “We believe disclosure of treasury shareholdings and enhancing the fiduciary duty of board members will help balance the interests of ordinary shareholders and corporations.” Read More Korean financial market endures fallout from short-lived martial law fiasco Martial law fallout to add to uncertainty in FX market High exchange rate pressure caused by martial law creates headwinds for Korean airlines Martial law affects banks' resilience amid exchange rate woes The report noted that equity market volatility increased in the lead-up to the impeachment votes of the two former presidents but rebounded afterward. The KOSPI index rally continued after Park’s impeachment, propelling a gain of over 20 percent in the six months after the vote. In the case of Roh, the benchmark index fell over 20 percent after an initial rebound. “Neither impeachment event drove strong foreign outflows, although there were tactical outflows around the actual key event dates, such as the parliamentary vote and the constitutional court decisions.” Beyond these market and portfolio flow observations, Korea’s impeachment process led to higher economic policy uncertainty. “The market volatility is likely to remain elevated into a potential impeachment vote, and both domestic policy uncertainty and the broader macro backdrop will likely influence market developments.”French President Emmanuel Macron said he will serve out the remainder of his presidential term as he seeks to quickly stymie the political turmoil in his country after Marine Le Pen’s far-right party allied with leftist lawmakers to topple his government. "The mandate you gave me democratically is for five years and I will exercise it fully,” Macron, whose term ends in 2027, said in a televised speech Thursday evening. He said he will appoint a new premier in the coming days who will be tasked with forming a government of general interest representing all the political forces committed to not censuring it. The speech came a day after Prime Minister Michel Barnier was evicted from office in a no-confidence vote backed by the far right and the left over his plans for vast spending cuts and tax increases to repair gaping holes in public finances.

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After institutions for people with disabilities close, graves are at risk of being forgottenVANCOUVER, British Columbia & MELBOURNE, Australia--(BUSINESS WIRE)--Dec 24, 2024-- Proton Intelligence Inc., developing the first-ever Continuous Potassium Monitoring (CKMTM) platform, today announced the closing of its $6.95 million USD Seed Financing round joined by SOSV, We Venture Capital, Tenmile, LongeVC, 15th Rock, Exor, and Trampoline Venture Partners. The CKMTM platform is designed to transform the management of cardio-kidney-metabolic diseases by providing clinicians and patients crucial data about potassium levels on-demand. Potassium is both the most important biomarker in cardiac-kidney-metabolic diseases and the hardest to measure. Dangerous fluctuations in potassium levels—whether too high or too low—lead to cardiac arrhythmias and sudden cardiac death. The inability to provide timely potassium levels to patients and providers is a major barrier to getting patients on the correct life-saving therapies. About 33% of people with chronic kidney disease (CKD) or heart failure (HF) unnecessarily stop life-saving therapy after a high potassium event, which ultimately results in a nearly 40% increase in 6-month mortality [ 1 ]. Proton’s CKMTM technology aims to provide providers and patients accurate, remote, continuous potassium levels allowing precise treatment of patients suffering from kidney disease or heart failure. "We are proud to be the first institutional investor in Proton Intelligence," said Mohan S. Iyer, General Partner at SOSV. "The team's exceptional focus and relentless execution inspire confidence, and we are excited to continue to support them as they move into clinical validation.” “We Venture Capital have been impressed by this true breakthrough in electrolyte sensing capability, which will fulfil a critical gap in the current care continuum for many patients at risk from dyskalemia. We look forward to working with the Proton Intelligence team on the next phase of their journey,” said Dr. Louise Warme, Head of We Venture Capital. The company has initiated clinical studies assessing the performance of CKMTM in people living with severely impaired kidney function such as the underserved population living with end-stage renal disease (ESRD) or chronic kidney disease (CKD). According to the United States Renal Data System (USRDS), 14% of US adults have CKD and account >25% of Medicare spend. Patients with ESRD account for 7% of US Medicare expenditure annually [ 2 ]. “The ability to continuously monitor potassium will enable better data driven decision making for patients with late-stage chronic kidney disease or on dialysis, not only improving outcomes for these patients but saving health systems considerable costs,” said Dr. Steve Burnell, Managing Director at Tenmile. “This fundraising milestone represents a major leap forward for us,” said Dr. Sahan Ranamukhaarachchi, Founder and CEO of Proton Intelligence Inc. “We are immensely grateful for the trust and support of our investors, who share our vision of revolutionizing cardio-kidney-metabolic care. Their belief in our mission sees us funded through a number of clinical feasibility trials ahead of a pivotal study planned for 2026 and get closer to making CKMTM a reality for millions of patients.” About Proton Intelligence Inc. Proton Intelligence Inc. is headquartered in Vancouver, Canada , with R&D operations in Melbourne, Australia . The company is revolutionizing healthcare with its continuous electrolyte monitoring technology, starting with CKMTM for potassium (akin to continuous glucose monitoring in diabetes). The CKMTM platform addresses a critical challenge in cardio-kidney-metabolic disease management by enabling the safe implementation of optimal medical therapies. About SOSV SOSV is a multi-stage, deep tech venture investor committed to “human and planetary health,” and invests beginning at a startup’s inception, the “First Check in Deep Tech®.” Headquartered in Princeton, NJ, SOSV operates the deeply resourced startup development programs in New York City and San Francisco (IndieBio) and Newark, NJ (HAX) equipped with labs for bio-safety, chem, food, EE, analytics and mechatronics. The SOSV ecosystem spans the globe, with 800+ startups operating in 40 countries. About We Venture Capital We Venture Capital is a specialized fund investing in diagnostics, as well as tools and digital solutions in the diagnostics area. Being the corporate investment arm of Werfen, a worldwide leader in specialized diagnostics, We Venture Capital is an active investor, leveraging the network and knowledge from Werfen to the benefit of our investments. We invest in and partner with early-stage startups close to market entry or early scale-ups, working closely with our portfolio to support their growth over time. We are firm believers of technical advancement as a means to improve patient outcomes and revolutionize healthcare. About Tenmile ​Tenmile is a health technology investment business that partners with early-stage companies to target unmet needs in healthcare and develop the Australian health commercialisation ecosystem. Launched in September 2022 with a $250m commitment we have team members in Perth, Sydney and New York. Health technology covers digital health, diagnostics, medical devices, tools, and therapeutics. Visit our website for more information: https://www.protonintelligence.com/ View source version on businesswire.com : https://www.businesswire.com/news/home/20241224844196/en/ CONTACT: Media Rory St Clair marketing@protonintel.com KEYWORD: AUSTRALIA/OCEANIA AUSTRALIA NORTH AMERICA CANADA INDUSTRY KEYWORD: CARDIOLOGY BIOTECHNOLOGY TECHNOLOGY MANAGED CARE HEALTH HEALTH TECHNOLOGY MEDICAL DEVICES RESEARCH SOFTWARE SCIENCE CLINICAL TRIALS SOURCE: Proton Intelligence Inc. Copyright Business Wire 2024. PUB: 12/24/2024 05:29 PM/DISC: 12/24/2024 05:29 PM http://www.businesswire.com/news/home/20241224844196/en