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For a tech-driven Pakistan Pakistan remains mired in what can only be described as a ‘Baby Boomer Syndrome’ As the modern world accelerates towards a future purely dominated by technology, digitisation, and innovation, Pakistan finds itself at a major crossroads. The US recently elected JD Vance as its vice-president, marking the arrival of millennial leadership in the White House. D D Eisenhower took the same step in 1952, bringing young and energetic Richard Nixon to the White House as VP – which ultimately brought John F Kennedy into the limelight in 1960. The progressive, innovative era of the US started with the ‘We will go to the moon’’ speech by JFK at Rice University. The current transition in the White House symbolises a shift away from Baby Boomer-dominated leadership, with even the Democratic Party expected to follow suit with younger candidates soon for the 2028 run. Pakistan, however, remains mired in what can only be described as a ‘Baby Boomer Syndrome’, with leadership from the same generation persisting since 1985. For nearly four decades, Pakistan has been governed by individuals disconnected from the demands of a rapidly changing world. The time has come for a fresh, energetic, dynamic and versatile approach that embraces younger leaders with modern education and a forward-looking mindset – someone like Bilawal Bhutto Zardari, who represents the millennial generation. Pakistan’s economic struggles are well documented. The solutions lie not in traditional remedies but in bold, innovative action. Globally, the tech sector has emerged as the most transformative force of the 21st century. India boasts over 100 unicorns, startups valued at over $1 billion, making it a hub of innovation. The UAE, with Dubai at the forefront, has established itself as a regional leader in blockchain, fintech, and artificial intelligence. Pakistan, on the other hand, has significant IT talent but has so far lagged in capitalising on its potential. Despite producing world-class engineers and programmers, Pakistan’s IT exports remain a modest $2.6 billion annually, far below what its talent pool could achieve. A balanced approach focusing on digital tax reforms, technology, and export diversification could provide sustainable solutions. Tax reform remains a critical priority. With an informal economy comprising over 35 per cent of GDP, Pakistan’s tax base is narrow and inefficient. Digitising tax collection, broadening the tax base, and addressing chronic evasion and corruption could significantly boost state revenues. This, in turn, could fund investments in critical sectors like technology and infrastructure. Similarly, Pakistan’s energy sector is a significant drag on the economy, costing billions annually due to inefficiencies and theft. Investing in renewable energy and privatising loss-making state-owned enterprises would create fiscal space for more productive ventures. Pakistan’s most significant opportunities lie in the digital economy. The global IT sector is booming, and Pakistan has the potential to emerge as a major player. The country already ranks among the top five in the world for freelance services, with young entrepreneurs leveraging platforms like Upwork and Fiverr. However, these efforts are fragmented and lack the government support needed to scale up. Establishing tech hubs modelled on Dubai’s success could transform Pakistan into a regional leader in technology and innovation. Tech innovation is not just a choice but a necessity. A genius like Warren Buffet, known for his financial acumen, initially overlooked technology. However, he later recognised its importance and invested in Apple, now one of the world’s most valuable companies. Giants like Nvidia, Microsoft, and Amazon – members of the ‘Magnificent Seven’ – were once small startups but have grown into trillion-dollar entities, shaping the global economy. Pakistan must foster an environment that allows its tech startups to grow similarly, moving beyond survival to becoming global leaders. Dubai’s rise as a tech hub offers a blueprint for Pakistan. Over the last two decades, Dubai has invested heavily in creating a startup-friendly ecosystem, attracting global talent, and fostering public-private partnerships. Pakistan could replicate this model by developing Special Economic Zones (SEZs) focused on technology. These zones could offer tax incentives, simplified regulations, and access to venture capital, creating an environment where startups can thrive. Collaboration with the UAE could further accelerate this process, establishing a regional tech corridor. Leadership will be key to this transformation. Bilawal Bhutto Zardari, with his broader political acumen at a young age, and being Western-educated, is uniquely positioned to lead Pakistan into the technological future. Unlike Baby Boomer leaders who rely on outdated methods, Bilawal’s understanding of technology and global trends could drive investments in the tech sector and encourage innovation. He could champion initiatives like a national startup fund, tech education programmes, and policies that attract international investors. Pakistan’s reliance on traditional industries like agriculture and textiles has limited its growth potential. While these sectors remain important, they cannot drive the kind of economic expansion needed to compete globally. Moving beyond textiles, which account for over 60 per cent of exports, Pakistan must focus on sectors like IT services, engineering, and pharmaceuticals. Startups like Airlift and Bykea have already demonstrated the potential of the local market. However, they face significant challenges, including limited access to venture capital and inadequate infrastructure. Addressing these issues could pave the way for a thriving startup ecosystem, turning Pakistan into a hub for innovation and entrepreneurship. India’s success provides valuable lessons. The country’s robust tech ecosystem was built on policies that encouraged entrepreneurship, offered tax breaks for startups, and simplified regulations. By replicating these strategies and tailoring them to local needs, Pakistan could foster a similar environment. Pakistan’s young, digitally savvy population – over 60 per cent of the population is under 30 – represents a demographic dividend waiting to be tapped. However, this requires investment in digital literacy, infrastructure, and skills training. Tourism and cultural exports also offer significant revenue potential. Pakistan’s rich heritage and natural beauty remain underutilised assets. Simplifying visa processes and promoting eco-tourism could attract millions of international visitors. Similarly, exporting Pakistani films, dramas, and music could generate revenue while enhancing the country’s global image. Our trade policy also requires a strategic overhaul. Pakistan must actively negotiate trade agreements with ASEAN, the EU, and African markets to diversify its export destinations. Import substitution policies, focusing on local production of high-demand items like electronics and pharmaceuticals, could reduce reliance on imports and strengthen the domestic economy. Green bonds to fund renewable energy projects and the promotion of cultural exports can also generate revenue while positioning Pakistan as a forward-thinking nation. Pakistan’s economic recovery demands more than incremental changes; it requires bold, innovative action. Younger leaders with modern perspectives, like Bilawal Bhutto Zardari, have the vision needed to embrace technology, foster entrepreneurship, and create a dynamic, future-ready economy. The world is rapidly moving toward a new era defined by quantum computing, artificial intelligence, and blockchain. Pakistan cannot afford to be left behind. The time has come to pass the torch to a new generation of leaders who can guide the country into this new era, ensuring prosperity and growth for decades to come. The writer serves as a senior analyst at e& money, a leading global technology and telecommunications company headquartered in Dubai, UAE. He can be reached at: Sufghan@hotmail.comJames Forrest is perhaps the most understated footballer in Scotland . Particularly when taking into context his achievements in the game and the medals he has won at Celtic . But even he is getting a little caught up in the hype around Nicolas Kuhn after his stunning start to the season. The German winger may be responsible for keeping Forrest on the bench for the most part so far this term, but the unassuming club legend is happy enough to play a supporting role to his teammate, in more ways than one. Kuhn scored his 11th goal of the season in the win over Hearts at Tynecastle on Saturday night, and his thumping strike that flashed past Craig Gordon and into the roof of his net was also his 22nd goal involvement all told already this term. That form has led to the winger being touted for a call-up for Germany, with ‘Die Mannschaft’ head coach Julian Nagelsmann even name-checking Kuhn as a player he is keeping a close eye on, and Forrest believes that he can achieve what would be the crowning glory of his remarkable turnaround in fortunes by forcing his way into the reckoning. “If you ask anybody in the changing room, they'd be delighted if that happens,” Forrest said. “I think everyone would be if he got that call up. He'll probably say he just needs to keep doing what he's doing until March. He won’t be far away. “Fair play to him. Obviously it was difficult when he came in in January. I know what it's like as a forward player at this club. You're expected to get goals and assists, you're expected to play well, every week. “It's a real credit to him, the way he's come back since pre-season. He's been at it from pre-season every game. His numbers are unbelievable. All the boys are buzzing for him, and you can see the confidence in him as well.” (Image: Craig Williamson - SNS Group) There has been plenty to celebrate then at Celtic of late, and another piece of good news for the fans recently, and particularly for Forrest, was the agreement of a contract extension to keep the stalwart at the club until at least the summer of 2026. The 33-year-old is obviously pleased to have his immediate future resolved, but he is also determined to show that the decision by Brendan Rodgers to keep him around was not based on sentiment, but on his ongoing ability to make a contribution to Celtic. “I’m delighted,” he said. “As you get a wee bit older, you don't take it for granted. I'm absolutely delighted and just want to keep contributing. “Even though I’m one of the oldest in the team, I'm enjoying it more than ever. Every day I’m happy to be here working hard and being part of this team. Read more: Coin-throwing Hearts fans paying for my Christmas presents, jokes Celtic striker Hearts 1 Celtic 4: Second half blitz sees Celts open up gap at the top “I think it's a good fit. I said it in pre-season or towards the end of last season, I think it's been good for the club and for myself. I think both [parties] have benefited and it's just been a good fit over the years. “I've extended it for another season, I'm just delighted, and I’ll keep working hard until that's up. “One thing I've done is never really read praise or negative stuff either. I've just concentrated on what my family and the coaches and players here are saying. I think that's maybe been part of the reason why I’ve managed to stay here. “They’re always bringing in an attacking player at every window. It's been good to have competition all the time and keep fighting at different points. I've loved it up to now and just want to keep enjoying it. “If you ask the gaffer, I think anyone will say throughout his career, since he's been a manager, even the first time here, he doesn't give players a game or a chance just for the sake of it. That’s good as well, it keeps you working hard. “Even though you're older and there are younger players there as well, he's still backing you to help contribute. I think you need to just keep working hard and he says that as well.” As referenced, Forrest is now firmly in the discussion when it comes to listing legends of the club. His medal haul of 24 major honours has him right up there with the most celebrated names in Celtic history, and he is heavily fancied to draw level with Bobby Lennox, no less, at the top of that distinguished table after next month’s League Cup Final against Rangers. In typically bashful fashion though, Forrest squirms a little when it is suggested to him that he could justifiably be viewed as a Celtic legend. “It's obviously unbelievable to hear, but then you hear it and you're just focusing on the next game,” he said. “That wee spell in January and February that I had, I wasn't sure what was happening, but I feel as though every day, every game, training that I've played, I've really appreciated it even more. Hopefully there’s more success. “The longer I've played here, when you hear wee stats and stuff, it makes you feel really good. I think I'll probably sit down once I've retired and properly take it in. “I appreciate when everyone says stuff like that, but I’ll stick with the boring answer. I just hope to be a part of it and win, and hopefully that means the club is successful as well. “Your family and that keep you modest. At Celtic, I don't think any player has really got carried away. If you get carried away one game, three days later the fans will bring you back down. “The coaches and other players wouldn't have it either. But that's not just myself, I think there's loads of players in the changing room that have had success in that, and they don't gloat about it, they just keep going. “Once you retire, you can take it all in and really appreciate it.” That day, though, is still some way off for Forrest.

By MICHAEL R. SISAK and JENNIFER PELTZ NEW YORK (AP) — President-elect Donald Trump’s lawyers urged a judge again Friday to throw out his hush money conviction, balking at the prosecution’s suggestion of preserving the verdict by treating the case the way some courts do when a defendant dies. They called the idea “absurd.” Related Articles National Politics | Trump wants to turn the clock on daylight saving time National Politics | Ruling by a conservative Supreme Court could help blue states resist Trump policies National Politics | A nonprofit leader, a social worker: Here are the stories of the people on Biden’s clemency list National Politics | Nancy Pelosi hospitalized after she ‘sustained an injury’ on official trip to Luxembourg National Politics | Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump’s suite at football game The Manhattan district attorney’s office is asking Judge Juan M. Merchan to “pretend as if one of the assassination attempts against President Trump had been successful,” Trump’s lawyers wrote in a blistering 23-page response. In court papers made public Tuesday, District Attorney Alvin Bragg’s office proposed an array of options for keeping the historic conviction on the books after Trump’s lawyers filed paperwork earlier this month asking for the case to be dismissed. They include freezing the case until Trump leaves office in 2029, agreeing that any future sentence won’t include jail time, or closing the case by noting he was convicted but that he wasn’t sentenced and his appeal wasn’t resolved because of presidential immunity. Trump lawyers Todd Blanche and Emil Bove reiterated Friday their position that the only acceptable option is overturning his conviction and dismissing his indictment, writing that anything less will interfere with the transition process and his ability to lead the country. The Manhattan district attorney’s office declined comment. It’s unclear how soon Merchan will decide. He could grant Trump’s request for dismissal, go with one of the prosecution’s suggestions, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court, or choose some other option. In their response Friday, Blanche and Bove ripped each of the prosecution’s suggestions. Halting the case until Trump leaves office would force the incoming president to govern while facing the “ongoing threat” that he’ll be sentenced to imprisonment, fines or other punishment as soon as his term ends, Blanche and Bove wrote. Trump, a Republican, takes office Jan. 20. “To be clear, President Trump will never deviate from the public interest in response to these thuggish tactics,” the defense lawyers wrote. “However, the threat itself is unconstitutional.” The prosecution’s suggestion that Merchan could mitigate those concerns by promising not to sentence Trump to jail time on presidential immunity grounds is also a non-starter, Blanche and Bove wrote. The immunity statute requires dropping the case, not merely limiting sentencing options, they argued. Blanche and Bove, both of whom Trump has tabbed for high-ranking Justice Department positions, expressed outrage at the prosecution’s novel suggestion that Merchan borrow from Alabama and other states and treat the case as if Trump had died. Blanche and Bove accused prosecutors of ignoring New York precedent and attempting to “fabricate” a solution “based on an extremely troubling and irresponsible analogy between President Trump” who survived assassination attempts in Pennsylvania in July and Florida in September “and a hypothetical dead defendant.” Such an option normally comes into play when a defendant dies after being convicted but before appeals are exhausted. It is unclear whether it is viable under New York law, but prosecutors suggested that Merchan could innovate in what’s already a unique case. “This remedy would prevent defendant from being burdened during his presidency by an ongoing criminal proceeding,” prosecutors wrote in their filing this week. But at the same time, it wouldn’t “precipitously discard” the “meaningful fact that defendant was indicted and found guilty by a jury of his peers.” Prosecutors acknowledged that “presidential immunity requires accommodation” during Trump’s impending return to the White House but argued that his election to a second term should not upend the jury’s verdict, which came when he was out of office. Longstanding Justice Department policy says sitting presidents cannot face criminal prosecution . Other world leaders don’t enjoy the same protection. For example, Israeli Prime Minister Benjamin Netanyahu is on trial on corruption charges even as he leads that nation’s wars in Lebanon and Gaza . Trump has been fighting for months to reverse his May 30 conviction on 34 counts of falsifying business records . Prosecutors said he fudged the documents to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier, which Trump denies. In their filing Friday, Trump’s lawyers citing a social media post in which Sen. John Fetterman used profane language to criticize Trump’s hush money prosecution. The Pennsylvania Democrat suggested that Trump deserved a pardon, comparing his case to that of President Joe Biden’s pardoned son Hunter Biden, who had been convicted of tax and gun charges . “Weaponizing the judiciary for blatant, partisan gain diminishes the collective faith in our institutions and sows further division,” Fetterman wrote Wednesday on Truth Social. Trump’s hush money conviction was in state court, meaning a presidential pardon — issued by Biden or himself when he takes office — would not apply to the case. Presidential pardons only apply to federal crimes. Since the election, special counsel Jack Smith has ended his two federal cases , which pertained to Trump’s efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in all. Trump had been scheduled for sentencing in the hush money case in late November. But following Trump’s Nov. 5 election victory, Merchan halted proceedings and indefinitely postponed the former and future president’s sentencing so the defense and prosecution could weigh in on the future of the case. Merchan also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. A dismissal would erase Trump’s conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office.Ange Postecoglou fights on as Tottenham return to scene of Antonio Conte rant

Rimini Street Announces New Management Console for Rimini ConnectTM Suite of Interoperability SolutionsCabinet okays changes to colonial-era CrPC Amendments stipulates that trial court would deliver its verdict within one year ISLAMABAD: The federal cabinet on Tuesday approved the Criminal Procedure (Code of Criminal Procedure) Amendment Bill 2024 on the recommendation of the Ministry of Law and Justice. The prime minister chaired a meeting of the federal cabinet at the PM House during which several important decisions were made, PM Office Media Wing said in a press release. The bill will be sent to Parliament for its assent. Under the amendments in the Criminal Procedure Amendment Bill, the system of registering FIRs has been simplified. Use of modern technology in investigations, forensic technique and to enable the audio-video recording of witness statements would be allowed. Furthermore, the amendment bill included provisions to strengthen the role of the prosecutor during investigations. The prosecutor will be able to point out any deficiencies or flaws in the police report. Under these amendments, women, individuals under 12 years old, men over 70 years old, and persons with physical or mental disabilities will be able to record their statements at a place of their convenience. The amendments also stipulated that the trial court would deliver its verdict within one year, and in case of delay, the relevant High Court would be held accountable. Additionally, the appellate court will be required to make a decision on any appeal within six months to one year. Furthermore, in cases where the police investigation finds the accused innocent and prepares a discharge report, the accused would be entitled to bail. The meeting was informed that e-office has been fully implemented in 18 federal government divisions. It was further stated that this was the first time that such a large-scale implementation of e-office had been carried out in the federal government, marking a significant step towards a paperless economy. The meeting was also informed that if e-office was fully implemented, there was a potential saving of up to Rs230 million in stationery and fuel costs. The prime minister praised Minister of State for Information Technology and Telecommunication Shaza Fatima and the officials of the Ministry of Information Technology and Telecommunication for their efforts. He also commended the performance of the ministers and secretaries of those divisions where e-office has been fully implemented. The federal cabinet also made several important decisions which included the approval to the National Registration and Biometrics Policy Framework 2024 on the recommendation of the Ministry of Interior. On the recommendation of the Ministry of Law and Justice, the forum approved the establishment of the Intellectual Property Tribunal in Quetta. It also approved signing the United Nations Convention on International Settlement Agreements resulting from arbitration, based on the recommendation of the Ministry of Law and Justice, regarding December 20, 2018. It rejected the appeal of Arbab Ans manager HR of Karachi Port Trust against his dismissal. On the recommendation of the Ministry of Petroleum, the cabinet approved amendments to Form EL-01 under the Explosives Rules 2010, regarding licenses for the preparation of high-density explosive materials. It approved the transfer of the Upper Kohistan, Lower Kohistan, and Kolai Pallas Kohistan districts from Peshawar Electric Supply Company (Pesco) to Hazara Electric Power Company (Hepco) on the recommendation of the Ministry of Energy, Power Division. On the recommendation of the Ministry of Religious Affairs and Interfaith Harmony, the cabinet approved the inclusion of section related to oath of Finality of Prophethood in marriage certificates within the Islamabad Capital Territory. The cabinet was presented with reports on the implementation of Principles of Policy for federal affairs for the years 2021-22 and 2022-23 by the Cabinet Secretariat. It also received reports from the Cabinet Division regarding the National Electric Power Regulatory Authority (Nepra) for the past three years. These reports will now be sent to the Council of Common Interests. The federal cabinet confirmed the decisions made during the meeting of the Cabinet Committee on State Owned Enterprises held on December 4, 2024, and the meetings of the Cabinet Committee on Inter-Government Transactions held on November 20 and 21, 2024. Separately, Prime Minister Shehbaz has formed a 13-member committee under Federal Minister for Planning and Development Ahsan Iqbal to ensure timely decisions regarding sugar exports. The committee’s mandate includes evaluating the accurate stock position of sugar and strengthening the monitoring system. The committee members are Minister for Industries and Production Rana Tanveer Hussain, the minister of state for finance, Ministry of Food secretary, a representative from the Intelligence Bureau, a Pakistan Sugar Mills Association representative, Land Information and Management System director-general, Federal Board of Revenue chairman, Sultan Ahmad Zafar, Dr. Abid Qayyum Suleri (Executive Director of SDPI), Dr Obaidullah Anjum (Pakistan Institute of Development Economics), Dr Bahriawar Jan (Director-General of the Trade Statistics Authority), and Ikram Ul Haq. The committee’s terms of reference have been issued. It would review all data services related to sugar production, consumption, and stocks. The committee would also investigate discrepancies in various data sources, including the underlying assumptions. It will identify those responsible for presenting incorrect data regarding sugar consumption, stocks and surpluses, which could delay decisions on potential exports.Last 2 defendants in Atlanta's Young Thug trial are acquitted of murder and gang charges

AdrianHancu Schlumberger - Overview and Analysis Schlumberger (NYSE: SLB ) is an energy giant that operates in the oilfield services industry. It provides solutions for customers worldwide to balance secure, affordable energy while advancing decarbonization efforts for a sustainable future. Their Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SLB over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.MIAMI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. PFLT (the "Company") announced today financial results for the fourth quarter and fiscal year ended September 30, 2024. HIGHLIGHTS Year ended September 30, 2024 ($ in millions, except per share amounts) Assets and Liabilities: Investment portfolio (1) $ 1,983.5 Net assets $ 877.3 GAAP net asset value per share $ 11.31 Quarterly decrease in GAAP net asset value per share (0.3 )% Adjusted net asset value per share (2) $ 11.31 Quarterly decrease in adjusted net asset value per share (2) (0.3 )% Credit Facility $ 443.9 2036 Asset-Backed Debt $ 284.1 2036-R Asset Backed Debt $ 265.2 2026 Notes $ 183.8 Regulatory Debt to Equity 1.35x Weighted average yield on debt investments at quarter-end 11.5 % Quarter Ended Year Ended September 30, 2024 September 30, 2024 Operating Results: Net investment income $ 18.0 $ 77.7 Net investment income per share (GAAP) $ 0.24 $ 1.18 Core net investment income per share (3) $ 0.32 $ 1.27 Distributions declared per share $ 0.31 $ 1.23 Portfolio Activity: Purchases of investments $ 445.8 $ 1,407.5 Sales and repayments of investments $ 127.9 $ 514.1 PSSL Portfolio data: PSSL investment portfolio $ 913.3 $ 913.3 Purchases of investments $ 45.8 $ 286.2 Sales and repayments of investments $ 35.9 $ 160.1 Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $294.2 million, at fair value. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company's financial performance including the impact of the unrealized amounts on the Credit Facility. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Core net investment income ("Core NII") is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended September 30, 2024, Core NII excluded: i) $8.6m of debt amendment and issuance costs, and included ii) $2.8m of incentive fee expense. CONFERENCE CALL AT 9:00 A.M. ET ON NOVEMBER 26, 2024 The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Tuesday, November 26, 2024 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #3226260 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark's website. PORTFOLIO AND INVESTMENT ACTIVITY "We are pleased to have another quarter of solid performance" said Art Penn, Chairman and CEO. "We believe we are continuing to invest in a strong vintage of new loans in the core middle market with low leverage, meaningful covenants, and attractive spreads ." As of September 30, 2024, our portfolio totaled $1,983.5 million and consisted of $1,746.7 million of first lien secured debt (including $237.7 million in PSSL), $2.7 million of second lien secured debt and subordinated debt and $234.1 million of preferred and common equity (including $56.5 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had a net unrealized depreciation of $11.4 million. Our overall portfolio consisted of 158 companies with an average investment size of $12.6 million, and a weighted average yield on debt investments of 11.5%, and was invested 88% in first lien secured debt (including 12% in PSSL), less than 1% in second lien secured debt and subordinated debt and 12% in preferred and common equity (including 3% in PSSL). As of September 30, 2024, over 99% of the investments held by PSSL were first lien secured debt. As of September 30, 2023, our portfolio totaled $1,067.2 million and consisted of $906.2 million of first lien secured debt (including $210.1 million in PSSL), $0.1 million of second lien secured debt and $160.9 million of preferred and common equity (including $50.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2023, we had three portfolio companies on non-accrual, representing 0.9% and 0.2% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $25.7 million. Our overall portfolio consisted of 131 companies with an average investment size of $8.1 million, had a weighted average yield on debt investments of 12.6%, and was invested 85% in first lien secured debt (including 20% in PSSL), less than 1% in second lien secured debt and 15% in preferred and common equity (including 5% in PSSL). As of September 30, 2023, 99% of the investments held by PSSL were first lien secured debt. For the three months ended September 30, 2024, we invested $445.8 million in ten new and 50 existing portfolio companies with a weighted average yield on debt investments of 11.0%. Sale and repayments of investments for the same period totaled $127.9 million. This compares to the three months ended September 30, 2023, in which we invested $93.5 million in three new and 31 existing portfolio companies with a weighted average yield on debt investment of 12.1%. Sales and repayments of investments for the same period totaled $141.0 million. For the year ended September 30, 2024, we invested $1,407.5 million in 43 new and 91 existing portfolio companies with a weighted average yield on debt investments of 11.4%. Sales and repayments of investments for the same period totaled $514.1 million. For the year ended September 30, 2023, we invested $324.5 million in 16 new and 71 existing portfolio companies with a weighted average yield on debt investments of 12.1%. Sales and repayments of investments for the same period totaled $399.1 million. PennantPark Senior Secured Loan Fund I LLC As of September 30, 2024, PSSL's portfolio totaled $913.3 million, consisted of 109 companies with an average investment size of $8.4 million and had a weighted average yield on debt investments of 11.4%. As of September 30, 2023, PSSL's portfolio totaled $785.9 million, consisted of 105 companies with an average investment size of $7.5 million and had a weighted average yield on debt investments of 12.1%. For the three months ended September 30, 2024, PSSL invested $45.8 million in five new and 26 existing portfolio companies with a weighted average yield on debt investments of 11.3%. PSSL's sales and repayments for the same period totaled $35.9 million. For the three months ended September 30, 2023, PSSL invested $52.5 million in five new and eight existing portfolio companies with a weighted average yield on debt investments of 12.0% PSSL's sales and repayments for the same period totaled $76.4 million. For the year ended September 30, 2024, PSSL invested $286.2 million (of which $253.6 million was purchased from the Company) in 24 new and 36 existing portfolio companies with a weighted average yield on debt investments of 11.7%. PSSL's sales and repayments of investments for the same period totaled $160.1 million. For the year ended September 30, 2023, PSSL invested $190.9 million (of which $158.2 million was purchased from the Company) in 22 new and 27 existing portfolio companies with a weighted average yield on debt investments of 11.8%. PSSL's sales and repayments of investments for the same period totaled $155.2 million. RESULTS OF OPERATIONS Set forth below are the results of operations for the three months and year ended September 30, 2024 and 2023. Investment Income Investment income for the three months and year ended September 30, 2024, was $55.5 million and $186.4 million and was attributable to $49.2 million and $164.3 million from first lien secured debt and $6.3 million and $22.1 million from other investments. The increase in investment income compared to the same periods in the prior year was primarily due to an increase in the size of the debt portfolio. Investment income for the three months and year ended September 30, 2023 was $35.7 million and $139.3 million respectively, and was attributable to $31.4 million and $120.0 million from first lien secured debt, zero and $4.3 million and $19.3 million from other investments. Expenses Expenses for the three months and year ended September 30, 2024, totaled $37.5 million and $108.6 million. Base management fee for the same period totaled $4.6 million and $14.9 million, incentive fee totaled $3.2 million and $18.1 million, debt related interest and expenses totaled $27.8 million and $67.9 million, general and administrative expenses totaled $1.7 million and $6.7 million and provision for taxes totaled $0.2 million and $1.1 million, respectively. The increase in expenses compared to the prior year was primarily due to an increase in debt related interest and expenses and incentive fees. Expenses for the three months and year ended September 30, 2023 totaled $17.2 million and $71.8 million. Base management fee for the same period totaled $2.8 million and $11.4 million, incentive fee totaled $4.6 million and $16.9 million, debt related interest and expenses totaled $8.6 million and $38.2 million, general and administrative expenses totaled $1.1 million and $4.4 million and provision for taxes totaled $0.2 million and $1.0 million, respectively. Net Investment Income Net investment income for the three months and year ended September 30, 2024 totaled $18.0 million and $77.7 million, or $0.24 and $1.18 per share. Net investment income for the three months and year ended September 30, 2023, totaled $18.5 million and $67.5 million, or $0.32 and $1.33 per share, respectively. The increase in net investment income compared to the prior year was primarily due to an increase in the size of our debt portfolio. Net Realized Gains or Losses Net realized gain (losses) for the three months and year ended September 30, 2024 totaled $(0.3) million and $0.2 million. Net realized gain (losses) for the three months and year ended September 30, 2023 totaled $(2.3) million and ($15.9) million, respectively. The change in realized gains (losses) was primarily due to changes in market conditions of our investments and the values at which they were realized, caused by fluctuations in the market and in the economy. Unrealized Appreciation or Depreciation on Investments, the Credit Facility and the 2023 Notes For the three months and year ended September 30, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $4.3 million and $14.3 million, respectively. For the three months and year ended September 30, 2023, net change in unrealized appreciation (depreciation) on investments was $9.5 million and $(12.6) million, respectively. As of September 30, 2024 and 2023, our net unrealized appreciation (depreciation) on investments totaled $(11.4) million and $(25.7) million, respectively. The net change in unrealized appreciation/depreciation on our investments for the year ended September 30, 2024 compared to the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized, caused by the fluctuations in the market and in the economy. For the three months and year ended September 30, 2024, our Credit Facility and 2023 Notes had a net change in unrealized (appreciation) depreciation totaled zero, respectively. For the three months and year ended September 30, 2023, the Credit Facility or our Prior Credit Facility, as applicable, and 2023 Notes had a net change in unrealized (appreciation) depreciation of $2.6 million and $(2.3) million, respectively. The net change in unrealized appreciation or depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets. Net Change in Net Assets Resulting from Operations For the three months and year ended September 30, 2024, net change in net assets resulting from operations totaled $21.3 million and $91.8 million, or $0.29 and $1.40 per share, respectively. For the three months and year ended September 30, 2023, net change in net assets resulting from operations totaled $28.0 million and $39.3 million, or $0.48 and $0.77 per share, respectively. The increase in net assets from operations for the year ended September 30, 2024 compared to the prior year was primarily due to less depreciation of the portfolio primarily driven by changes in market conditions of our investments along with the change in size and cost yield of our debt portfolio and costs of financing. LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives. The annualized weighted average cost of debt for the years ended September 30, 2024 and 2023, inclusive of the fee on the undrawn commitment on the Credit Facility or Prior Credit Facility, as applicable, amendment costs and debt issuance costs, was 8.5% and 6.2%, respectively. As of September 30, 2024 and 2023, we had $192.1 million and $376.6 million of unused borrowing capacity under the Credit Facility, subject to leverage and borrowing base restrictions. Funding I's multi-currency Credit Facility with the Lenders upsized during the year increasing the facility to $636.0 million as of September 30, 2024, subject to satisfaction of certain conditions and regulatory restrictions that the 1940 Act imposes on us as a BDC, has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 225 basis points, a maturity date of August 2029 and a revolving period that ends in August 2027. As of September 30, 2024 and 2023, Funding I had $443.9 million and $9.4 million of outstanding borrowings under the Credit Facility or the Prior Credit Facility, as applicable, respectively. The Credit Facility had a weighted average interest rate of 7.5% and 7.7%, exclusive of the fee on undrawn commitments, as of September 30, 2024 and 2023, respectively. As of September 30, 2024 and 2023, we had cash equivalents of $112.1 million and $100.6 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to take advantage of market opportunities. Our operating activities used cash of $801.4 million for the year ended September 30, 2024, and our financing activities provided cash of $812.9 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from proceeds from the ATM program, borrowing under the Credit Facility and issuances of asset-backed debt. Our operating activities provided cash of $140.6 million for the year ended September 30, 2023, and our financing activities used cash of $91.5 million for the same period. Our operating activities provided cash primarily from our investment activities and our financing activities used cash primarily from paying down the Credit Facility and paying distributions to stockholders offset by offering proceeds. DISTRIBUTIONS During the three months and year ended September 30, 2024, we declared distributions of $0.31 and $1.23 per share for total distributions of $22.7 million and $80.6 million , respectively. During the three months and year ended September 30, 2023, we declared distributions of $0.31 and $1.19 per share for total distributions of $18.1 million and $60.5 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC. RECENT DEVELOPMENTS Subsequent to the quarter end, we remained active and invested over $330 million in new and existing investments. AVAILABLE INFORMATION The Company makes available on its website its Annual Report on Form 10-K filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com . PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share data) September 30, 2024 September 30, 2023 Assets Investments at fair value Non-controlled, non-affiliated investments (cost—$1,622,669 and $768,240, respectively) $ 1,632,269 $ 772,178 Controlled, affiliated investments (cost— $372,271 and $324,639, respectively) 351,235 294,996 Total of investments (cost—$1,994,940 and $1,092,878, respectively) 1,983,504 1,067,174 Cash and cash equivalents (cost—$112,046 and $100,555, respectively) 112,050 100,555 Interest receivable 12,167 10,423 Distributions receivable 635 565 Due from affiliate 291 — Prepaid expenses and other assets 198 894 Total assets 2,108,845 1,179,611 Liabilities Credit Facility payable, at fair value (cost—$443,885 and $9,400 respectively) 443,880 9,400 2023 Notes payable, at fair value (par—$0 and $76,219, respectively) — 76,219 2026 Notes payable, net (par—$185,000) 183,832 183,054 2031 Asset-Backed Debt, net (par—$0 and $228,000, respectively) — 226,759 2036 Asset-Backed Debt, net (par—$287,000 and $0, respectively) 284,086 — 2036-R Asset-Backed Debt, net (par-$266,000 and $0 respectively) 265,235 — Payable for investments purchased 20,363 4,905 Interest payable on debt 14,645 8,615 Distributions payable 7,834 6,020 Base management fee payable 4,588 2,759 Incentive fee payable 3,189 4,628 Accounts payable and accrued expenses 2,187 1,287 Deferred tax liability 1,712 1,794 Due to Affiliates — 566 Total liabilities 1,231,551 526,006 Net assets Common stock, 77,579,896 and 58,734,702 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized 78 59 Paid-in capital in excess of par value 976,744 765,187 Accumulated deficit (99,528 ) (111,641 ) Total net assets $ 877,294 $ 653,605 Total liabilities and net assets $ 2,108,845 $ 1,179,611 Net asset value per share $ 11.31 $ 11.13 PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Investment income: From non-controlled, non-affiliated investments: Interest $ 39,704 $ 23,209 $ 128,397 $ 88,649 Dividend 501 677 2,354 6,279 Other income 1,884 439 5,506 1,899 From controlled, affiliated investments: Interest 9,498 8,346 35,093 31,047 Dividend 3,937 3,063 14,875 11,463 Other Income — — 130 — Total investment income 55,524 35,734 186,355 139,337 Expenses: Base management fee 4,588 2,759 14,871 11,402 Incentive Fee 3,189 4,628 18,125 16,873 Interest and expenses on debt 19,299 8,571 59,221 38,166 Administrative services expenses 500 235 2,161 999 Other general and administrative expenses 1,200 877 4,493 3,422 Expenses before amendment costs, debt issuance costs and provision for taxes 28,776 17,070 98,871 70,862 Credit Facility amendment costs and debt issuance costs 8,549 — 8,643 — Provision for taxes 225 150 1,120 984 Total Net expenses 37,550 17,220 108,634 71,846 Net investment income 17,974 18,514 77,721 67,491 Realized and unrealized gain (loss) on investments and debt: Net realized gain (loss) on investments and debt: Non-controlled, non-affiliated investments (346 ) (2,372 ) 222 (15,892 ) Non-controlled and controlled, affiliated investments — — — — Debt extinguishment (383 ) — (383 ) — Provision for taxes on realized gain on investments (45 ) 37 (45 ) (263 ) Net realized gain (loss) on investments and debt (774 ) (2,335 ) (206 ) (16,155 ) Net change in unrealized appreciation (depreciation) on: Non-controlled, non-affiliated investments (1,781 ) 5,497 5,662 (6,707 ) Controlled and non-controlled, affiliated investments 6,087 3,967 8,606 (5,858 ) Provision for taxes on unrealized appreciation (depreciation) on investments (148 ) (155 ) 82 2,774 Debt depreciation (appreciation) (19 ) 2,558 (26 ) (2,284 ) Net change in unrealized appreciation (depreciation) on investments and debt 4,139 11,867 14,324 (12,075 ) Net realized and unrealized gain (loss) from investments and debt 3,365 9,532 14,118 (28,230 ) Net increase (decrease) in net assets resulting from operations 21,340 28,046 $ 91,839 $ 39,261 Net increase (decrease) in net assets resulting from operations per common share $ 0.29 $ 0.48 $ 1.40 $ 0.77 Net investment income per common share $ 0.24 $ 0.32 $ 1.18 $ 1.33 ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD. PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC. ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $8.3 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam. FORWARD-LOOKING STATEMENTS AND OTHER This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made. We may use words such as "anticipates," "believes," "expects," "intends," "seeks," "plans," "estimates" and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice. CONTACT: Richard T. Allorto, Jr. PennantPark Floating Rate Capital Ltd. (212) 905-1000 www.pennantpark.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

By MICHAEL R. SISAK and JENNIFER PELTZ NEW YORK (AP) — President-elect Donald Trump’s lawyers urged a judge again Friday to throw out his hush money conviction, balking at the prosecution’s suggestion of preserving the verdict by treating the case the way some courts do when a defendant dies. They called the idea “absurd.” Related Articles National Politics | Trump wants to turn the clock on daylight saving time National Politics | Ruling by a conservative Supreme Court could help blue states resist Trump policies National Politics | A nonprofit leader, a social worker: Here are the stories of the people on Biden’s clemency list National Politics | Nancy Pelosi hospitalized after she ‘sustained an injury’ on official trip to Luxembourg National Politics | Veteran Daniel Penny, acquitted in NYC subway chokehold, will join Trump’s suite at football game The Manhattan district attorney’s office is asking Judge Juan M. Merchan to “pretend as if one of the assassination attempts against President Trump had been successful,” Trump’s lawyers wrote in a blistering 23-page response. In court papers made public Tuesday, District Attorney Alvin Bragg’s office proposed an array of options for keeping the historic conviction on the books after Trump’s lawyers filed paperwork earlier this month asking for the case to be dismissed. They include freezing the case until Trump leaves office in 2029, agreeing that any future sentence won’t include jail time, or closing the case by noting he was convicted but that he wasn’t sentenced and his appeal wasn’t resolved because of presidential immunity. Trump lawyers Todd Blanche and Emil Bove reiterated Friday their position that the only acceptable option is overturning his conviction and dismissing his indictment, writing that anything less will interfere with the transition process and his ability to lead the country. The Manhattan district attorney’s office declined comment. It’s unclear how soon Merchan will decide. He could grant Trump’s request for dismissal, go with one of the prosecution’s suggestions, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court, or choose some other option. In their response Friday, Blanche and Bove ripped each of the prosecution’s suggestions. Halting the case until Trump leaves office would force the incoming president to govern while facing the “ongoing threat” that he’ll be sentenced to imprisonment, fines or other punishment as soon as his term ends, Blanche and Bove wrote. Trump, a Republican, takes office Jan. 20. “To be clear, President Trump will never deviate from the public interest in response to these thuggish tactics,” the defense lawyers wrote. “However, the threat itself is unconstitutional.” The prosecution’s suggestion that Merchan could mitigate those concerns by promising not to sentence Trump to jail time on presidential immunity grounds is also a non-starter, Blanche and Bove wrote. The immunity statute requires dropping the case, not merely limiting sentencing options, they argued. Blanche and Bove, both of whom Trump has tabbed for high-ranking Justice Department positions, expressed outrage at the prosecution’s novel suggestion that Merchan borrow from Alabama and other states and treat the case as if Trump had died. Blanche and Bove accused prosecutors of ignoring New York precedent and attempting to “fabricate” a solution “based on an extremely troubling and irresponsible analogy between President Trump” who survived assassination attempts in Pennsylvania in July and Florida in September “and a hypothetical dead defendant.” Such an option normally comes into play when a defendant dies after being convicted but before appeals are exhausted. It is unclear whether it is viable under New York law, but prosecutors suggested that Merchan could innovate in what’s already a unique case. “This remedy would prevent defendant from being burdened during his presidency by an ongoing criminal proceeding,” prosecutors wrote in their filing this week. But at the same time, it wouldn’t “precipitously discard” the “meaningful fact that defendant was indicted and found guilty by a jury of his peers.” Prosecutors acknowledged that “presidential immunity requires accommodation” during Trump’s impending return to the White House but argued that his election to a second term should not upend the jury’s verdict, which came when he was out of office. Longstanding Justice Department policy says sitting presidents cannot face criminal prosecution . Other world leaders don’t enjoy the same protection. For example, Israeli Prime Minister Benjamin Netanyahu is on trial on corruption charges even as he leads that nation’s wars in Lebanon and Gaza . Trump has been fighting for months to reverse his May 30 conviction on 34 counts of falsifying business records . Prosecutors said he fudged the documents to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier, which Trump denies. In their filing Friday, Trump’s lawyers citing a social media post in which Sen. John Fetterman used profane language to criticize Trump’s hush money prosecution. The Pennsylvania Democrat suggested that Trump deserved a pardon, comparing his case to that of President Joe Biden’s pardoned son Hunter Biden, who had been convicted of tax and gun charges . “Weaponizing the judiciary for blatant, partisan gain diminishes the collective faith in our institutions and sows further division,” Fetterman wrote Wednesday on Truth Social. Trump’s hush money conviction was in state court, meaning a presidential pardon — issued by Biden or himself when he takes office — would not apply to the case. Presidential pardons only apply to federal crimes. Since the election, special counsel Jack Smith has ended his two federal cases , which pertained to Trump’s efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in all. Trump had been scheduled for sentencing in the hush money case in late November. But following Trump’s Nov. 5 election victory, Merchan halted proceedings and indefinitely postponed the former and future president’s sentencing so the defense and prosecution could weigh in on the future of the case. Merchan also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. A dismissal would erase Trump’s conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office.Judge hears closing arguments on whether Google's advertising tech constitutes a monopoly