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Memphis fights off No. 2 UConn in OT in Maui Invitational thrillerEXCLUSIVE Sadiq Khan warned he 'risks bringing New York-style drugs chaos to the capital' over fears London mayor could introduce softer cannabis laws By BRENDAN CARLIN Published: 22:00, 28 December 2024 | Updated: 22:20, 28 December 2024 e-mail 21 View comments The spectre of Sadiq Khan bringing 'New York-style drugs chaos' to the UK was raised last night. Critics raised fears that a new report ordered by the London Labour mayor will next month call for a major liberalisation of Britain's laws on cannabis. They pointed out that the London Drugs Commission is led by Labour peer Charlie Falconer, who has spoken of his regret for 'supporting the war on drugs'. Created two years ago, the commission was asked by Mr Khan to look at the effectiveness of the UK's drug laws but with a specific focus on cannabis, which in this country remains a class B drug. It was set up in May 2022 – the same time as the London mayor toured a cannabis dispensary in California and visited New York, which legalised the personal use of cannabis in 2021. But last night critics at the centre-Right think-tank Centre for Social Justice (CSJ) warned against any plans for the UK to copy the US, saying that the legalisation in New York State had failed to eliminate the illegal market for cannabis. CSJ deputy policy director Sophia Worringer, who recently joined the NYPD on a patrol, told The Mail on Sunday: 'The persistent smog of cannabis that hangs across Manhattan Island could not possibly be sustained by the small handful of official cannabis shops regulated to sell it. 'Despite the legal options, people still prefer their old illegal dealers – who can promise a to-the-door-service of much stronger stuff all while undercutting the legal market.' Critics raised fears that a new report ordered by the London Labour mayor will next month call for a major liberalisation of Britain's laws on cannabis The London mayor visited New York in 2022, which has legalised the personal use of cannabis She added that the legal framework on drug use in New York was now 'confused' and that 'cops feel hamstrung to enforce the law because drug taking is so widespread. The legalisation of cannabis sends a message about the harmless nature of casual drug-taking.' She concluded: 'The last thing in London – or anywhere in the UK for that matter – is to import a similar chaos to NYC by liberalising drug laws'. This month, the CSJ released research that found three-quarters of police here thought that current drug-possession policies were ineffective, and two-thirds said cannabis had effectively been decriminalised already. But the think-tank has warned that where drug laws have been liberalised, such as in Portugal and parts of the US, it has led to an increase in addictions. The London Drugs Commission, involving experts from the worlds of criminal justice, public health and academia, had been expected to report last autumn. However, Mr Khan, who has said he has an 'open mind' about decriminalising cannabis, said then that the issue was 'on the back-burner'. But yesterday, sources said the commission's research was now complete and was expected to be published in January. Sadiq Khan has said he has an 'open mind' about decriminalising cannabis In 2018, former justice secretary Lord Falconer called on his party to fight 'for an end to the drug war and commit to the legal regulation of drug production'. But last night, he declined to comment ahead of the report's publication. Sir Keir Starmer said before the election that he had 'no intention' of changing drug laws and a government source said last night that remained the position. Share or comment on this article: Sadiq Khan warned he 'risks bringing New York-style drugs chaos to the capital' over fears London mayor could introduce softer cannabis laws e-mail Add comment

After telling Canadians that New Democrats would back Prime Minister Justin Trudeau's holiday affordability package and help pass it quickly, NDP Leader Jagmeet Singh now wants it split up, as he's only ready to support part of it. Last Thursday, Trudeau announced a $6.3-billion affordability package that included a two-month tax reprieve on a slate of items, from some essentials to common stocking stuffers, starting in mid-December and running through mid-February, as well as a new one-time benefit payment of $250 for 18.7 million workers, which would roll out in April. Later that day, Singh said New Democrats were behind the proposal and would give the minority Liberals the votes they needed to expedite the package through an otherwise-stalled Parliament. Now, after reading more specifics, Singh wants changes, as he's concerned that too many Canadians were left out of the workers' benefit. "We know that Canadians need a break... but we learned on Friday that the cheques are being excluded from some of the most vulnerable Canadians," Singh said. "From seniors, from people living with disabilities, and from students." "It is a slap in the face," he added. He is now calling on the Liberals to "fix" the benefit to include more Canadians — who he "assumed" would qualify for it — while maintaining his support for passing the GST holiday into law. "We're saying, ‘Let's move ahead on the GST holiday right away, we can get that done this week’... but the Liberals right now need to fix the cheques," he said. Singh, who was briefed on the announcement before it was made, would not say if his calls for expanding the benefit cheques would be an ultimatum or a deal-breaker when it comes to supporting the package overall. "We need some clarity from the Liberals," he said. "We're more concerned about what's not in the bill." Deputy Prime Minister and Finance Minister Chrystia Freeland confirmed Monday that the government quietly tabled draft legislation on Friday outlining how they'd enact these measures, "so that MPs from other parties would have a chance to see what we are proposing." She said the Liberals were having "energetic conversations with other parties about these measures." The actual bill, or bills to advance the tax break and $250 workers' benefit in Parliament, have yet to be presented. Freeland asserted Monday that both affordability-focused offerings will not be extended and will remain temporary — as billed — should they pass and become a reality. Bloc pans Liberals for 'suddenly' having billions to spend Bloc Quebecois Leader Yves-François Blanchet told reporters on Parliament Hill Monday that his party will not support the proposal, unless the benefit portion is expanded to include seniors and retired Canadians. In September, Blanchet gave the Liberals an ultimatum, calling on them to help pass a boost to Old Age Security payments if they wanted Bloc support on confidence votes going forward. The federal government dismissed the measure as insufficiently targeted and too expensive, at a cost of about $3 billion. Now, Blanchet says he will not support the Canada Workers Benefit for the same reason. “The government said it doesn't have $3 billion, and suddenly it has $6 billion,” he said in French. The GST and HST holiday is estimated to cost $1.6 billion, while the cheques heading to Canadians who made $150,000 or less last year, is set to cost $4.7 billion. Blanchet said he was "fascinated" at the NDP’s initial support of the Liberal plan, and criticized the procedural hoops through which MPs may have to jump to get the bill passed. "My problem with this, is that the people who need the most this money, are not the people who will receive access to this money," Blanchet said in English. In an interview on CTV News Channel's Power Play on Monday, Public Services and Procurement Minister Jean-Yves Duclos said the Liberals are "certainly open to working with the opposition parties," to find a path forward. "We cannot do anything for Canadians unless another opposition party supports us... We'll obviously need to have a conversation with the NDP and other opposition parties," he told host Vassy Kapelos. Last week, Conservative Leader Pierre Poilievre called the proposed tax relief measures a "two-month temporary tax trick," and said he wanted to see the legislative specifics and speak with his caucus this week, before announcing if they'd support it. Today in question period, Poilievre said Singh is "giving Canadians whiplash with his latest flip flop and the flop on the flip." Filibuster persists amid acrimony This holiday relief package was seen as a potential way for the Liberals to secure the NDP's support in helping break what's now been a several-weeks-long stalemate in the House of Commons, even temporarily. Now, that prospect appears to also be in question, with no end in sight to the Conservative-led filibuster of a privilege debate that's persisted since September. When asked Monday, Singh was unable to clarify where things stood procedurally, after vowing last week his party would get behind a programming motion to expedite the passage of the package through all stages within one sitting, before resuming the standoff. MPs have been seized with a discussion about their work being impeded by Trudeau's government not turning over documents related to misspending by a now-defunct green technology fund. Addressing an issue that had been simmering for months, House of Commons Speaker Greg Fergus ruled on Sept. 26 that the Liberals did not fully comply with a House order seeking materials related to a Sustainable Development Technology Canada program the Conservatives are calling a "green slush fund." This opened the ability for the Official Opposition to demand the Liberals hand over unredacted copies to the RCMP and advance a priority motion to — as the House Speaker suggested, given the extraordinary circumstances — have the issue studied at the Procedure and House Affairs Committee. Deliberations on the proposal take precedence over most other House business and have essentially seized the Commons since. "Parliament is not functioning right now," Freeland said Monday. "We're in a minority in Parliament. We do not control it." The Liberals have taken the stance that passing this paperwork on to police would set a dangerous precedent and be an abuse of Parliament's power. Last week, another tranche of 29,000 pages was turned over, but with redactions. This was not enough to satisfy the Conservatives, who keep talking out the clock, preventing the motion from coming to a vote. They stated that if the government wants to get back to business, they need to be transparent. And, waiting in the wings, is a second privilege motion seeking to find Liberal MP and former minister Randy Boissonnault’s ex-business partner in contempt of Parliament, which would also have to be disposed of in order for ordinary order of business to resume. Speaker warns of nearing deadlines Beyond preventing government legislation from advancing, the procedural standoff is having knock-on effects on other key elements of parliamentary business. Specifically, the House of Commons is cutting it close when it comes to having time to deal with the supplementary estimates, and the remaining "supply" days — or opposition days, as they're more commonly called. Last Thursday, Speaker Fergus warned MPs that the rules do require them to make certain financial approvals and deal with related business within the next few weeks, and implored parliamentarians to find a path forward. This means both Treasury Board President Anita Anand's recently tabled supplementary estimates — which seeks to have MP sign off on additional spending for certain departments and programs for the fiscal year ending March 31, 2025 — as well as the outstanding opposition days, need to be delt with by Dec. 10. "As we get closer to the end of the current supply period, the chair wishes to encourage the House leaders to keep these various principles in mind," Fergus said. " I am confident that they can find ways to reconcile these important responsibilities." There are four outstanding opposition days to be called in the current supply cycle. These allotted days are designed to allow opposition parties to "present its grievances." Without approval to flow funds, some federal agencies could face a financial shortfall and could lead to a U.S.-style shutdown in the spring if the standoff persisted. Some parliamentary observers have speculated that a prolonged inability for the government to pass spending measures could in effect signal they've lost the confidence needed to keep this Parliament alive. With files from CTV News' Spencer Van Dyk

Rewind 2024: Korea’s top 10 business stories Published: 24 Dec. 2024, 06:00 PARK EUN-JEE [email protected] Audio report: written by reporters, read by AI A television at a train station in Seoul broadcasts footage of U.S. President-elect Donald Trump as he speaks during an election night event on Nov. 6. [AFP/YONHAP] 1. Trump 2.0 ignites fears in Korea over tariffs, currency woes Donald Trump’s landslide election victory in November raised alarms for the Korean economy, as the president-elect’s bold tariff proposals and policy shifts fueled uncertainties for the export-drive nation. The prospect of the incoming second Trump term, which is expected to implement an expansionary fiscal policy, also further strengthened the dollar, pushing the won’s value down. Related Article Rewind 2024: Korea’s top 10 news stories Trump's campaign has proposed a universal base tariff of at least 10 percent on all imports, a policy expected to hit Korea's export-reliant economy hard. The Korea Institute for International Economic Policy estimated that a 10 percent tariff would knock the country's shipments to the United States down by $15.2 billion per year and those to other countries by $7 to $8.9 billion. EV battery stocks were among the hardest hit, as shown in a post-election drop in their share prices, as Trump has repeatedly maintained critical views of EVs and indicated plans to repeal the outgoing Joe Biden administration's expanded manufacturing subsidies. Industry Minister Ahn Duk-geun hosts a joint meeting on the U.S. Inflation Reduction Act with the private sector at JW Marriott Seoul. [YONHAP] As concerns have been growing for Korean chipmakers as well, especially with the president-elect’s cabinet nominees hinting at overhauling Biden’s CHIPS Act policy that promised a substantial amount of incentives for investments made on U.S. soil, the Commerce Department has been speeding up the process to finalize their funding deals with companies ahead of Trump's inauguration. SK hynix has been awarded up to $458 million in subsidies for its $3.9 billion chip packaging facility in Indiana on Dec. 19, while Samsung Electronics, which was initially promised up to $6.4 billion, secured direct funding of up to $4.75 billion , as the chipmaker scaled back its investment plans from $45 billion to $37 billion. 2. Exchange rate blows past 1,400 won to the dollar with turbulent end of year An exchange rate of 1,400 won per dollar, once a significant threshold, has become less of an outlier in 2024 as the continued strengthening of the greenback coupled with Korea's political and economic uncertainties sent the local currency plunging to a 15-year low. On Dec. 19, the won tumbled to its weakest point since March 2009 to breach the 1,450 per dollar mark, as the U.S. central bank hinted at a hawkish shift with fewer rate cuts next year. A screen in Hana Bank's trading room in central Seoul shows the Kospi opening and the won trading above 1,450 to the dollar on Dec. 19. [YONHAP] The won's already-sharp weakening trend has accelerated, trading at a two-year low since November, weighed down by U.S. policy shifts, President Yoon Suk Yeol's martial law declaration and the country’s waning growth momentum. A won-dollar exchange rate of 1,400 has been widely considered a theoretical threshold to warrant government intervention. Before 2024, the rate had surpassed the mark only during three major financial crises: the 1997 Asian financial crisis, the 2008 global financial crisis and 2022 post-pandemic monetary tightening. While authorities have offered assurances that the country's foreign exchange situation does not constitute a crisis, the consistently high won-dollar rate may stimulate inflation and slow down the pace of rate cuts in the upcoming year for the Bank of Korea (BOK). The central bank kicked off its monetary easing cycle on Oct. 11 with a 25-basis-point reduction to 3.25 percent, its first key rate cut since May 2020, as the country’s headline inflation moderated to below the 2 percent threshold. Bank of Korea Gov. Rhee Chang-yong bangs the gavel at the central bank in central Seoul on Nov. 28. [JOINT PRESS CORPS] The decision followed the U.S. Federal Reserve’s 0.5 percentage point reduction to a range of 4.75 to 5 percent in September, its first easing since 2020. The Fed implemented two additional 25-basis-point rate cuts on Nov. 7 and Dec. 18, to a final range of 4.25 to 4.5 percent for the year. During the same period, the BOK reduced its benchmark rate by an additional 25 basis points to 3 percent in its final rate-setting meeting on Nov. 28, which defied market expectations as the high won-dollar rate has been considered a major risk factor. The BOK, however, prioritized boosting Korea’s weakening growth momentum, as the country faces a harsher trade environment with the incoming U.S. administration’s protectionist policy proposals and an export growth slowdown. 3. Samsung suffers tumultuous year with HBM, labor missteps Samsung Electronics Vice Chairman Jun Young-hyun makes a celebratory speech at the Giheung campus in Gyeonggi on Nov. 18. [SAMSUNG ELECTRONICS] Samsung Electronics faced a grueling year in 2024 as it grappled with a prolonged slump in its semiconductor business , prompting its leadership to issue an unprecedented public apology. Adding to its woes, the company confronted a historic labor dispute with its unionized workforce, fueling concerns over a potential existential crisis for a corporation that claimed market capitalization of 16.1 percent in the country’s main bourse as of Dec.18. The year initially showed promise, with its chip division rebounding to profitability in the first quarter after record losses the previous year due to a global chip glut. However, momentum faltered quickly as the year progressed. By the third quarter, earnings had missed estimates, prompting Samsung’s semiconductor chief Jun Young-hyun to issue the first public apology regarding the earnings in the company’s history. Jun acknowledged failures in maintaining a competitive technological edge. While the apology merely contained vague terms, it was clear that the core issue stemmed from Samsung’s shortcomings in high bandwidth memory (HBM) technology — critical for AI chips. Crosstown rival SK hynix continued to secure Nvidia’s approval for successive HBM generations, leaving Samsung struggling to keep pace. Meanwhile, labor unrest escalated as unionized workers staged the first strike in the company’s history over stalled wage negotiations. That talks remain unresolved. Investor frustration was evident as Samsung’s share price sank to the 40,000 won ($28) level in November. In response, the company announced a 10 trillion won share buyback program to restore market confidence. 4. Mercedes-Benz EQE fire damages 880 cars, disrupts 1,600 households Korea’s fear of EV fire reached its peak in 2024 after a Mercedes-Benz EV burst into flames in an underground parking lot in an apartment complex in Incheon in August. The Mercedes EQE sedan exploded on Aug. 1 and damaged as many as 880 nearby cars, including 87 that burned entirely in the parking lot. The incident cut electricity and water supply to some 1,600 households in the apartment complex at the time, with 400 of them having suffered for more than four months now. A Mercedes-Benz executive examines a burned Mercedes EQE sedan in Incheon on Aug. 8. The Mercedes EQE EV explosion damaged as many as 880 vehicles parked in the garage. [NEWS1] A total of 139,067 EVs were sold in Korea through the end of November, according to market tracker CarIsYou, down 7.2 percent compared to same period a year earlier. The exact cause has not been declared, according to the police, as the battery management system in the vehicle that monitors the conditions of the car was destroyed. The Mercedes EV explosion spread anger and fear regarding EV fires after it turned out that the EQE was equipped with batteries made by Chinese company Farasis Energy. Some Mercedes owners launched lawsuits against the German carmaker claiming they'd been deceived by the company after a Mercedes executive said the vehicle would include batteries from Contemporary Amperex Technology, the world’s largest EV battery maker, in an interview. 5. Korean Air completes acquisition of Asiana Airlines Asiana Airlines and Korean Air planes at Incheon International Airport on Nov. 29 [YONHAP] Korean Air finalized the acquisition of Asiana Airlines, bringing the country’s two largest full-service carriers a step closer to initiating a merger to give birth to a top 10 global mega carrier. The country’s flagship airline acquired 63.9 percent of Asiana Airlines on Dec. 12 after obtaining approvals from regulators in all 14 mandatory reporting bodies, including the European Union and the United States. To fulfill merger conditions regarding monopoly concerns, Korean Air divested four European routes — to Paris; Rome; Barcelona, Spain; and Frankfurt — to budget carrier T’way Air and sold off Asiana’s cargo business to Air Incheon. Korean Air will maintain Asiana as a subsidiary airline for two years and finalize the merger process by 2026. The merger could place Korean Air among the 10 biggest airlines in the world, ahead of Japan Airlines. The new integrated airline will own a total of 238 aircraft, of which 203 are passenger planes, with some 27,500 employees including 9,000 flight attendants. The amalgamated carrier will have 186 operational routes with Korean Air’s 114 and Asiana’s 72. The merger will also lead to a merger of three budget carriers: Korean Air-owned Jin Air, and Asiana’s Air Seoul and Air Busan. 6. Korean consortium wins bid for $17 billion Czech nuclear reactor project A view of the new Dukovany nuclear power plant site in the Czech Republic [KHNP] A Korean consortium was selected in July as the preferred bidder for a $17 billion nuclear reactor project in Czech Republic, paving the way for winning the country’s largest nuclear power export deal in history. The selection was critical for Korea as a litmus test to gauge the European nation’s perception of the country as a supplier of nuclear reactors, since the sensitive nature of the facility could convince buyers to favor EU providers. A consortium led by the state-run Korea Hydro & Nuclear Power (KHNP) competed with EDF, France’s state-run electricity corporation, and previously with Westinghouse Electric of the United States. The Korean and Czech governments aim to finalize the deal by March 2025, but some media outlets have speculated that ongoing domestic political turmoil following President Yoon Suk Yeol’s short-lived martial law declaration could hamper the procedure. Both the Seoul and Prague have stated that the process is going as planned. 7. Korean food exports projected to hit $10 billion in 2024 with ramyeon, gimbap surging The global hype for Korean food has yet to fizzle out. Food exports are set to record a yearly high in 2024 on the back of continued strong demand for ramyeon, rice products and snacks. Clockwise from left: ramyeon, chocolate biscuit snacks and frozen gimbap (seaweed rice rolls) [NEWS1, YONHAP] Korea’s food exports hit a fresh high of $9.05 billion through November, up 8.1 percent from the same period last year, according to the Ministry of Agriculture, Food and Rural Affairs. The amount is nearing the government’s annual year target of $10 billion. Processed goods led the way. Sales of the top export, instant noodles, rose 30 percent on year to $1.13 billion in the January to November period. Major ramyeon manufacturers laid the groundwork for new production lines and overseas offices over the year in anticipation of even more demand in 2025. Samyang Foods had a smashing year with its Buldak Ramen products and is gunning to even further expand its global reach through its first overseas factory in China as well as new plants in Korea. Shin Ramyun maker Nongshim invested in an export-only plant in Busan and is set to establish a sales unit in Europe next year. Rice products like frozen gimbap (seaweed rice rolls), instant steamed rice and tteokkbokki (spicy rice cakes) also continued to rise thanks to demand in major markets like the United States and China. Snacks and beverage exports also rose by more than 10 percent on year through November. The United States imported $1.4 billion worth of Korean food, up 20 percent on year, during the 11-month period. Sales growth is expected to increase through the end of the year as Korean products hit the shelves of major retailers. China-bound exports increased 7 percent to $1.38 billion. The increase in exports, however, had some downsides for domestic customers. Gim (dried seaweed) prices jumped as demand grew overseas, due to its popularity as both a snack and a gimbap ingredient. 8. AliExpress grows in Korea as TMON, WeMakePrice melt down Chinese e-commerce platforms AliExpress and Temu cemented their strong presence in the Korean market through cheap prices backed by aggressive investments — despite never-ending concerns about their products’ quality and safety. AliExpress became the second most-used shopping app in Korea in the January-October period with 8.48 million average monthly active users according to data from market tracker WiseApp, Retail, Goods. While the number is overshadowed by that of Coupang, which has 31.17 million average monthly users, AliExpress experienced on-year growth of 68 percent while Temu, currently sitting in fourth, grew 179 percent on year and reported 7.21 million average monthly active users. AliExpress announced March that it planned to invest $1.1 billion in Korea in the next three years, including the construction of a $200 million distribution center in the country. Actors Tang Wei, left, and Don Lee serve as ambassadors of AliExpress Korea. [SCREEN CAPTURE] But not all has been smooth sailing. The Korean government banned the import of 1,900 or so products from China in May after claiming to have found toxic materials in certain items such as toys and camping equipment. E-commerce platforms TMON, WeMakePrice and their parent company Qoo10, along with merchants that were operating on the platforms, suffered greatly. The platforms had fallen behind on payments owed to merchants operating on their sites, which were allegedly used in embezzlement, including funding for Qoo10's acquisition of the U.S. shopping platform Wish earlier this year. The three platforms currently owe an estimated 1.85 trillion won ($1.27 billion) and their executives were indicted without detention on Dec. 11. 9. SK Group chairman faces historic divorce settlement SK Group Chairman Chey Tae-won, left, and his estranged wife Roh Soh-yeong attend an appeals trial at the Seoul High Court on April 16. [YONHAP] SK Group Chairman Chey Tae-won’s high-profile divorce case with estranged wife Roh Soh-yeong took an unexpected turn this year when the Seoul High Court significantly increased the property division settlement in Roh’s favor. In May, the court ordered Chey to pay 1.38 trillion won ($960 million) to Roh, marking the most expensive divorce settlement in Korean history and a staggering 20-fold increase from the initial 66.5 billion won determined in the first trial. The higher court sided with Roh’s argument that her late father, President Roh Tae-woo, had played a substantial role in SK Group’s growth, rendering Chey’s SK shares subject to property division. The court assessed the couple’s combined assets at 4 trillion won, awarding Roh 35 percent. Chey promptly appealed , citing "critical errors" in the court’s assessment of Roh’s contributions to the conglomerate’s success. He argued that the court overstated her influence, claiming that much of the company's success is owed to his father and late SK Chairman Chey Jong-hyun. Although the Seoul High Court acknowledged minor calculation errors , it upheld the settlement amount. In November, the Supreme Court accepted Chey’s appeal in another surprise move, deciding to re-examine the case. Should the Supreme Court fully support Chey’s claims, the amount of wealth subject to division could drop to 2 trillion won. 10. Naver-Line leak sparks clash between Korea and Japan Cybersecurity concerns surrounding Line Yahoo (LY), the Tokyo-based operator of the popular messenger Line, spawned a national dispute between Japan and Korea, as the Japanese government pressured Korea’s leading portal, Naver, to cut ties with LY. The issue stemmed from an incident in October 2023 where 510,000 items of private information belonging to Line users were leaked through Naver Cloud, the operator’s subcontractor. In turn, Japan’s Ministry of Internal Affairs and Communications in April ordered LY to develop measures to prevent such occurrences. What aroused concern in Korea was that the ministry also requested LY to review its capital relationship with Naver. LY is 64.5 percent owned by A Holdings, a 50:50 joint venture between Naver and SoftBank. Although Naver retains management rights, relinquishing even a single share would transfer those rights to Japan’s SoftBank, deterring the Korean company’s plans for overseas expansion. As SoftBank and Naver floated the possibility of the latter’s equity divestment in LY, seemingly giving in to Tokyo’s duress, the Korean government belatedly chimed in to oppose the matter. Naver’s entire stake valuation was estimated to be 10 trillion won ($6.8 billion). Following three months of intense negotiations among the involved parties, the tension eased when Naver CEO Choi Soo-yeon stated during the parliamentary audit on July 2 that the company would not be divesting its equity “in the short term.” BY JIN EUN-SOO, LEE JAE-LIM, SARAH CHEA, SHIN HA-NEE, CHO YONG-JUN, KIM JU-YEON, PARK EUN-JEE [ [email protected] ] var admarutag = admarutag || {} admarutag.cmd = admarutag.cmd || [] admarutag.cmd.push(function () { admarutag.pageview('3bf9fc17-6e70-4776-9d65-ca3bb0c17cb7'); });

Quarterly net revenues were RMB539.4 million (US$76.9 million) 1 Quarterly lidar shipments were 134,208 units SHANGHAI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Hesai Group (“Hesai” or the “Company”), (NASDAQ: HSAI), the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended September 30, 2024. Operational Highlights Q3 2024 ADAS lidar shipments were 129,913 units, representing an increase of 220.0% from 40,593 units in the corresponding period of 2023. Q3 2024 Total lidar shipments were 134,208 units, representing an increase of 182.9% from 47,440 units in the corresponding period of 2023. ADAS lidar shipments in the first nine months of 2024 were 263,148 units, representing an increase of 129.9% from 114,482 units in the corresponding period of 2023. Total lidar shipments in the first nine months of 2024 were 279,835 units, representing an increase of 108.2% from 134,380 units in the corresponding period of 2023. Management Remarks “We are thrilled to share that our business continues to thrive and advance on a strong growth path,” said Yifan “David” Li, Hesai’s Co-Founder and CEO. “This quarter, we have made significant strides in the ADAS market, securing new design wins, partnerships, and development programs with key players, including a Top 3 OEM in Japan, SAIC Volkswagen, Leapmotor, and a premium EV brand backed by a leading Chinese automotive group. We also have reached a key milestone in our global expansion by successfully delivering B-sample units for our worldwide shipping programs with a leading global automotive OEM. OEMs at home and abroad have widely recognized lidar's essential safety features as a critical component in their holistic safety systems, similar to an ‘active’ seat belt or airbag. Furthermore, lidar’s versatility, with applications in emerging areas such as industrial robotics, smart factories and logistics, continues to garner attention. Our latest flagship product, OT128, a 360° mechanical, automotive-grade long-range lidar, is designed for scalable deployment in robotaxi and industrial applications. We are actively exploring new use cases and engaging with customers across both ADAS and AM sectors, leveraging our full lineup of versatile lidars. “I am also delighted to announce that Andrew Fan has joined us as our Chief Financial Officer. Andrew brings a wealth of experience in financial strategy and corporate finance, as well as an impressive track record of driving growth and operational efficiency in dynamic industries. His insights and leadership will be invaluable as we navigate the evolving landscape and continue to strengthen our position in the global lidar industry,” Dr. Li continued. “Andrew's strategic vision aligns seamlessly with our goals, and I believe his commitment to innovation and financial rigor will help us unlock new levels of success. I am confident that with his expertise and dedication, we are well-positioned for another exciting chapter of growth and accomplishment.” Mr. Andrew Fan, Hesai’s CFO, added, “Our strong third quarter financial performance was highlighted by robust operational execution across all key metrics. Quarterly shipment volume reached 134,208 units, marking our second consecutive quarter of nearly 50% sequential growth and propelling net revenues to RMB539.4 million (US$76.9 million), surpassing the upper range of our guidance. We maintained a robust blended gross margin of 47.7%, driven by effective cost management and our flywheel approach to cost and scale optimization. The margin was further bolstered by NRE revenues from our L4 lidar, which is being prepared for potential large-scale deployment by a leading global robotaxi player in the coming years. Our strong commitment to operational efficiency and financial discipline has also enabled us to consistently reduce our GAAP net loss for four consecutive quarters. Looking ahead, we’re expecting a record-breaking fourth quarter, with lidar shipments projected to reach 200,000 units—an astounding volume nearly matching our total shipments in 2023. Based on our current estimates, fourth quarter net revenues are expected to soar to nearly US$100 million, delivering an estimated net profit of US$20 million and a positive operating cash flow. Additionally, we anticipate achieving full-year profitability on a non-GAAP basis for 2024, positioning us to become the first automotive lidar company worldwide to achieve this remarkable milestone. This anticipated explosive growth underscores our robust momentum as we drive toward a landmark fiscal year finish!” Product Updates : Launched the OT128, the Company’s latest flagship 360° mechanical automotive-grade long-range lidar product, at the 2024 IAA Transportation Fair in Germany. Inheriting 95% of the key components from Hesai's best-selling AT128P ADAS lidar, the OT128 boasts a point rate of 3.45 million per second and a 200-meter detection range at 10% reflectivity. This high-performance, 360-degree perception lidar with a market-proven, vertically integrated architecture makes OT128 an ideal solution for scalable applications, including robotaxis, industrial robotics, smart factories, and logistics. Since its launch, the OT128 has secured contracts with 90+ global and domestic clients, including WeRide, Westwell, Embotech and EasyMile. Production and delivery of the OT128 have already begun. Business Updates : Global: Hesai’s worldwide shipping programs with a leading global automotive OEM have progressed to the successful delivery of B-sample units, a key step in validating the performance of the Company’s technology and ensuring alignment with the partner’s rigorous standards. Secured two new development projects, specifically Proof of Concept (POC) programs, in the Asia market with a Top 3 OEM in Japan, covering both L2+ passenger vehicles and L4 robotaxi applications. Hesai currently has four POC programs underway with three global OEMs, each holding strong potential as these partnerships move toward the next phase. Domestic: Secured another new platform with Leapmotor, a leading EV automaker in China, as well as facelifts for two flagship models with a premium EV brand backed by a leading Chinese automotive group. A leading EV manufacturer in China has signed agreements to exclusively adopt Hesai’s L3 ultra-high-performance lidar and cost-efficient ATX lidar for their 2025 models. The ATX is advancing toward the SOP phase, generating strong interest as a standard feature in 2025 OEM lineups. Signed a cooperative framework with SAIC Volkswagen for an automotive lidar program, elevating the Company’s position to a strategic supplier for this top-selling automotive joint venture in China by sales volume. Hesai has secured ADAS design wins with 20 OEMs globally across 75 vehicle models. Management Change The Board of Directors of the Company (the "Board") has approved the appointment of Mr. Andrew Fan as the Company’s Chief Financial Officer, effective November 25, 2024. Mr. Fan has over 18 years of experience in accounting and corporate financing. From May 2021 to September 2024, Mr. Fan held the position of chief financial officer at a leading automotive technology company. Prior to that, Mr. Fan held senior finance-related roles at listed companies including Hailiang Education Group Inc., Aesthetic Medical International Holdings Group Limited, and Dali Foods Group Company Limited, and various roles at financial institutions including Deutsche Bank, HSBC, and Macquarie. Additionally, Mr. Fan has served as an independent non-executive director of Jiangsu Innovative Ecological New Materials Limited (HKEX: 2116) since 2018. Mr. Fan graduated from Tsinghua University, with bachelor’s and master’s degrees in accounting in 2004 and 2006, respectively. Financial Highlights for the Third Quarter of 2024 (in RMB millions, except for per ordinary share data and percentage) Net revenues were RMB539.4 million (US$76.9 million) for the third quarter of 2024, representing an increase of 21.1% from RMB445.6 million for the same period of 2023. Product revenues were RMB503.1 million (US$71.7 million) for the third quarter of 2024, representing an increase of 18.1% from RMB425.8 million for the same period of 2023. The year-over-year increase was mainly attributable to increased revenues from sales of ADAS lidar products due to robust demand in China, partially offset by decreased revenues from the autonomous driving business. Service revenues were RMB36.3 million (US$5.2 million) for the third quarter of 2024, representing an increase of 84.1% from RMB19.7 million for the same period of 2023. The year-over-year increase was driven by increased revenues from non-recurring engineering services. Cost of revenues was RMB281.9 million (US$40.2 million) for the third quarter of 2024, representing a decrease of 8.9% from RMB309.4 million for the same period of 2023. Gross margin was 47.7% for the third quarter of 2024, compared with 30.6% for the same period of 2023. The year-over-year increase was due to effective cost and scale optimization on both Autonomous Mobility lidars and ADAS lidars, as well as the higher margin contributed by non-recurring engineering services performed. Sales and marketing expenses were RMB46.2 million (US$6.6 million) for the third quarter of 2024, representing an increase of 25.5% from RMB36.8 million for the same period of 2023. The year-over-year increase was primarily due to increased payroll expenses and share-based expenses of RMB8.5 million (US$1.2 million) attributable to an expanded sales and marketing team. General and administrative expenses were RMB76.5 million (US$10.9 million) for the third quarter of 2024, representing a decrease of 5.0% from RMB80.5 million for the same period of 2023. Research and development expenses were RMB220.2 million (US$31.4 million) for the third quarter of 2024, representing an increase of 14.3% from RMB192.6 million for the same period of 2023. The year-over-year increase was mainly due to increased payroll expenses of RMB18.8 million (US$2.7 million) attributable to increased headcount for research and development, and increased depreciation expenses amounting to RMB9.7 million (US$1.4 million). Loss from operations was RMB77.2 million (US$11.0 million) for the third quarter of 2024, representing a decrease of 53.8% from RMB167.2 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP loss from operations was RMB50.9 million (US$7.3 million) for the third quarter of 2024, compared with RMB127.4 million for the same period of 2023. Net loss was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss was RMB44.0 million (US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same period of 2023. Net loss attributable to ordinary shareholders of the Company was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of the Company was RMB44.0 million (US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same period of 2023. Basic and diluted net loss per ordinary share were both RMB0.54 (US$0.08) for the third quarter of 2024. Excluding share-based compensation expenses, non-GAAP basic and diluted net loss per ordinary share were both RMB0.34 (US$0.05) for the third quarter of 2024. Cash and cash equivalents, restricted cash and short-term investments were RMB2,530.7 million (US$360.6 million) as of September 30, 2024, compared with RMB2,752.9 million as of June 30, 2024. Business Outlook For the fourth quarter of 2024, the Company expects net revenues to approach US$100 million (RMB702 million). The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Conference Call The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on November 25, 2024 (9:00 AM Beijing/Hong Kong Time on November 26, 2024). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://investor.hesaitech.com . A replay of the conference call will be accessible approximately an hour after the conclusion of the call until December 3, 2024, by dialing the following telephone numbers: About Hesai Hesai is the global leader in three-dimensional light detection and ranging (lidar) solutions. The Company’s lidar products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. The Company’s commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai integrates lidar designs with an in-house manufacturing process, facilitating rapid product development while ensuring high performance, consistent quality and affordability. Hesai has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 40 countries as of December 31, 2023. Use of Non-GAAP Financial Measures To supplement Hesai's consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: loss from operation excluding share-based compensation expenses, net loss excluding share-based compensation expenses, net loss attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net loss attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release. Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Hesai's historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS, autonomous mobility and robotics industries; the market for and adoption of lidar and related technology; the Company’s ability to produce high-quality products with wide market acceptance; the success of the Company’s customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company’s ability to introduce new products that meet its customers’ requirement; the Company’s expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company’s industry; the Company’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company’s industry; the Company’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: Hesai Group Yuanting “YT” Shi, Investor Relations Director Email: ir@hesaitech.com Piacente Financial Communications Jenny Cai Tel: +86 (10) 6508-0677 Email: hesai@tpg-ir.com In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 Email: hesai@tpg-ir.com Source: Hesai Group _______________________________________ 1 All translations from RMB to USD for the third quarter of 2024 were made at the exchange rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. 2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.

Donald Hand Jr. scores 29 with 10 rebounds, Boston College beats Fairleigh Dickinson 78-70Published 5:33 pm Sunday, November 24, 2024 By Data Skrive As they get ready to square off against the Orlando Magic (11-7) on Monday, November 25 at Spectrum Center, with tip-off at 7:00 PM ET, the Charlotte Hornets (6-10) have six players currently listed on the injury report. The Magic’s injury report has two players on it. Watch the NBA, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up for a free trial. Their last time out, the Hornets lost 125-119 to the Bucks on Saturday. LaMelo Ball scored a team-best 50 points for the Hornets in the loss. The Magic are coming off of a 111-100 win against the Pistons in their last game on Saturday. Franz Wagner recorded 30 points, nine rebounds and eight assists for the Magic. Sign up for NBA League Pass to get live and on-demand access to NBA games. Get tickets for any NBA game this season at StubHub. Catch NBA action all season long on Fubo. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .

Kobe Sanders, Nevada beat Oklahoma St. for fifth place in Charleston

Rarely does a college basketball game provide such stark contrast between the sport's haves and have-nots as when Jackson State faces No. 9 Kentucky on Friday in Lexington, Ky. While Kentucky claims eight NCAA Tournament crowns and the most wins in college basketball history, Jackson State has never won an NCAA Tournament game and enters the matchup looking for its first win of the season. Impressive tradition and current record aside, Kentucky (4-0) returned no scholarship players from last season's team that was knocked off by Oakland in the NCAA Tournament. New coach Mark Pope and his essentially all-new Wildcats are off to a promising start. Through four games, Kentucky is averaging 94.3 points per game, and with 11.5 3-pointers made per game, the team is on pace to set a school record from long distance. The Wildcats boast six double-figure scorers with transfer guards Otega Oweh (from Oklahoma, 15.0 ppg) and Koby Brea (from Dayton, 14.5 ppg) leading the team. The Wildcats defeated Duke 77-72 on Nov. 12 but showed few signs of an emotional letdown in Tuesday's 97-68 win over a Lipscomb team picked to win the Atlantic Sun Conference in the preseason. Kentucky drained a dozen 3-pointers while outrebounding their visitors 43-28. Guard Jaxson Robinson, held to a single point by Duke, dropped 20 points to lead the Kentucky attack. Afterward, Pope praised his team's focus, saying, "The last game was over and it was kind of on to, ‘How do we get better?' That's the only thing we talk about." Lipscomb coach Lennie Acuff also delivered a ringing endorsement, calling Kentucky "the best offensive Power Four team we've played in my six years at Lipscomb." Jackson State (0-5) and third-year coach Mo Williams are looking for something positive to build upon. Not only are the Tigers winless, but they have lost each game by nine or more points. Sophomore guard Jayme Mitchell Jr. (13.8 ppg) is the leading scorer, but the team shoots just 35.8 percent while allowing opponents to shoot 52.3 percent. The Tigers played on Wednesday at Western Kentucky, where they lost 79-62. Reserve Tamarion Hoover had a breakout game with 18 points to lead Jackson State, but the host Hilltoppers canned 14 3-point shots and outrebounded the Tigers 42-35 to grab the win. Earlier, Williams, who played against Kentucky while a student at Alabama, admitted the difficulties of a challenging nonconference schedule for his team. "Our goal is not to win 13 nonconference games," Williams said. "We're already at a disadvantage in that regard. We use these games to get us ready for conference play and for March Madness." Jackson State has not made the NCAA Tournament since 2007. The Tigers had a perfect regular-season record (11-0) in the Southwestern Athletic Conference in 2020-21 but lost in the league tournament. Kentucky has never played Jackson State before, but the game is being billed as part of a Unity Series of matchups in which Kentucky hosts members of the SWAC to raise awareness of Historical Black Colleges and Universities and provide funds for those schools. Past Unity Series opponents have been Southern in December 2021 and Florida A&M in December 2022. --Field Level MediaNoneJudge grants dismissal of election subversion case against Trump