As the boutique fitness sector starts to buckle, Barry’s Bootcamp on Monday announced new investment from Princeton Equity Group.
“The reason why this [boutique fitness] works for Barry’s is that our positioning in the marketplace is premium,” said Joey Gonzalez, Barry’s co-CEO, in an interview with CNBC. “We always want to minimize risks to any sort of brand dilution, and we only ever want to elevate the Barry’s experience.”
Gonzalez said this funding round will be focused on investing in client experience and brand positioning in a highly saturated industry. Barry’s offers high-intensity running, lifting and training classes in its trademark red-lit rooms.
Barry’s has 89 studios globally that saw more than 7 million visits in 2024.
Princeton is a franchisor and consumer services-focused private equity firm with $1.2 billion in assets under management. It has invested in other wellness brands such as spa chain Massage Envy and athletic training facility D1 Training.
The size of the investment was not disclosed.
The fresh capital for Barry’s adds to a list of private equity investments dating back nearly two decades from firms including LightBay Capital and North Castle Partners.
Gonzalez said Barry’s will use the investment in part to fund expansion in 12 U.S. cities this year, including Charleston, South Carolina; Hoboken, New Jersey; and Salt Lake City, as well as locations in Madrid, Athens and Dublin.
″[This partnership] is enabling us to consolidate our operations in the UK and Canada,” Gonzalez said. “We will now be overseeing operations in these countries where we can foster a closely knit community and create efficiencies.”
The broader global boutique fitness studio market was valued at nearly $48 billion in 2023 and is expected to grow to $86 billion in 2030, according to estimates from Research and Markets. Still, several high-profile brands have struggled to grow their customer base.
Xponential Fitness, a franchisor of health and wellness brands, divested from two struggling boutique chains — Stride Fitness and Row House — last year.
Jefferies analyst Randal Konik cited industry headwinds including macroeconomic concerns that could cause a pullback in consumer spending, and said fitness has proven to be more need-based with more people prioritizing health and wellness.
“Tailwinds will be the focus on health and wellness coming out of Covid,” Konik said, “as well as a move towards strength training, [which] has lifted demand for all types of fitness classes and gym membership.”
Piper Sandler analyst Korinne Wolfmeyer cited “uncertainty around unit growth” at Xponential as one of the main reasons to stay on the sidelines of the stock.
Gonzalez said his company is bucking the trend.
“I think of Barry’s as one of the originals, and a very back-to-basics approach to fitness with efficacy at the heart,” said Gonzalez. “What Barry’s has really done is stick to our core competency: fitness experience, immersive experience, member experience.”
China is reportedly building a series of ‘D-Day style’ barges that could be used to aid an invasion of Taiwan, according to media reports.
At least three of the new craft have been observed at Guangzhou Shipyard in southern China, according to Naval News.
The barges are inspired by the World War II ‘Mulberry harbours,’ which were portable harbors built for the Allied campaign in Normandy, France, in 1944, The Telegraph reported.
Tensions between China and Taiwan, a key U.S. partner in the Indo-Pacific region, have remained heightened over Beijing’s refusal to recognize the independence of the island nation.
In its report last week, Naval News said at least three but likely five or more barges were seen in China’s Guangzhou Shipyard. The barges, at over 390 feet, can be used to reach a coastal road or hard surface beyond a beach, the report said.
In his New Year’s message, Chinese leader Xi Jinping said ‘reunification’ with Taiwan is inevitable.
‘The people on both sides of the Taiwan Strait are one family. No one can sever our family bonds, and no one can stop the historical trend of national reunification,’ he said on CCTV, China’s state broadcaster.
Using barges, Chinese forces could land in areas previously considered unsuitable, including rocky or soft terrain, and beaches where tanks and other heavy equipment can be delivered to firmer ground or a coastal road, the report said.
‘Any invasion of Taiwan from the mainland would require a large number of ships to transport personnel and equipment across the strait quickly, particularly land assets like armored vehicles,’ Emma Salisbury, a sea power research fellow at the Council on Geostrategy, told Naval News. ‘As preparation for an invasion, or at least to give China the option as leverage, I would expect to see a build-up of construction of ships that could accomplish this transportation.’
Fox News Digital has reached out to the Department of Defense, the Chinese Embassy in Washington, D.C., and the Taipei Economic and Cultural Representative Office, also in Washington.
In a major reversal, some U.S. intelligence agencies are now saying a foreign adversary could be behind the mysterious ‘Havana Syndrome’ brain injuries reported by U.S. diplomats and government workers overseas. While the overall assessment from the intelligence community remains, it is ‘very unlikely’ Havana Syndrome could be caused by a foreign actor, two out of seven U.S. intelligence agencies now say it is possible a foreign adversary could have developed a weapon that could cause such brain injuries.
Adam, a former government employee whose identity Fox News agreed to protect, considered to be ‘Patient Zero,’ was first attacked in December 2016 while living in Havana on assignment. Adam experienced multiple attacks and described pressure to the brain that led to vertigo, tinnitus and cognitive impairment.
Adam and other victims have been pressing the U.S. government to find a culprit. He said he is starting to feel hopeful now that two of the seven U.S. intelligence agencies acknowledge a foreign adversary, he says likely Russia, has developed a weapon that could be responsible for the kind of neurological injuries reported by those suffering from Havana Syndrome.
‘This has been an eight-year fight. I don’t know if I would say I feel vindicated yet. We will get there. The truth will come out. And when that’s fully exposed, I think that’s when I will say that I’m vindicated… I’m hoping the new administration can pay that debt and we can hold those responsible that have covered this up and partaken in some egregious behavior, frankly, because we all deserve better. The American people deserve better than to be lied to like this,’ Adam told Fox News.
Adam was one of six Havana Syndrome victims to attend a meeting in the White House situation room on November 18th, 2024. The meeting was designed to provide the incoming administration with a roadmap on Havana Syndrome, also called Anomalous Health Incidents (AHI’s). The three-hour meeting was chaired by NSC Coordinator for Intelligence and Defense Policy Mahar Bitar. The victims say they received a moving apology from the NSC staff on how they were treated by the U.S. Government.
The NSC released a statement following the updated assessment from the intelligence community:
‘Today’s updated Intelligence Community Assessment, which is the product of ongoing analytic efforts and includes a shift in key judgements by some intelligence components, only reinforces why it is vital that the U.S. Government continue critical research, investigate credible incidents, and strengthen efforts to provide timely care and long-term clinical follow-up,’ the statement read.
The NSC will brief the incoming Trump administration on the ‘full scope of ongoing work that should continue,’ the statement continued to say.
Adam said it has long been obvious to the victims that a foreign adversary could be behind the suspected directed energy attacks.
‘Here’s the piece that, you know, astounds me. Can the CIA not Google? Because if anyone could sit and Google China, neuro-strike weapons, Russia, super weapons, they have been very public in the press that they have directed energy weapons programs that do exactly what they did to us and that they plan on deploying them in conventional warfare,’ Adam said.
The Office of the Director of National Intelligence (ODNI) released the report and held a background call with reporters on Friday.
The new assessment from the intelligence community said, ‘New reporting led two components to shift their assessments about whether a foreign actor has a capability that could cause biological effects consistent with some of the symptoms reported as possible AHIs. This shift consequently led two IC components to subtly change their overall judgment about whether a foreign actor might have played a role in a small number of events.’
The ODNI official explained the change in assessment of the two intelligence agencies.
‘They judge there is a roughly even chance a foreign actor has developed a novel weapon or prototype device that could have harmed a small, undetermined subset of the U.S. personnel or dependents who reported medical symptoms or sensory phenomena as AHIs,’ the official said.
For both of these components. They have a low confidence in their judgments,’ the official continued to say.
The Republican-led CIA Subcommittee Chairman Rick Crawford (R-Ark.) released an interim report on the committee’s separate investigation into Havana Syndrome. The report concluded that it is ‘increasingly likely’ that a foreign adversary is responsible for ‘some portion’ of the incidents.
The subcommittee accused the intelligence community of withholding valuable information from them in the interim report.
‘The IC’s inconsistent approach has had detrimental effects on IC personnel, trust in the IC by policymakers, the understanding of the American public, and perceptions of the IC by both foreign allies and adversaries,’ the report said.
Crawford vowed to work with the incoming Trump administration to get answers for affected federal employees and the public.
Attorney Mark Zaid who represents some of the victims said the new assessment indicates, ‘evidence has only moved closer to the Intelligence Community acknowledging the involvement of a foreign adversary, not away.’
Adam hopes the Trump administration will keep pressing for answers on Havana Syndrome and what caused hundreds of workers brain injuries.
‘Now there is also new information that’s in play, and it’s so irrefutable that even they can’t stand by and watch this cover-up continue… we’re hoping that we’re going to have a more amenable administration that cares about its workforce and cares about the truth,’ Adam said.
Today’s pharmaceutical market is facing the challenges of inflation, government-imposed drug price caps and waning demand for COVID-19 vaccines. However, the industry’s major underlying drivers — higher rates of cancer and chronic diseases — are still at play.
The US reigns supreme in the pharma market, both in terms of drug demand and development. In 2024, 50 novel medicines were approved by the US Food and Drug Administration (FDA), compared to 55 such approvals in 2023. Last year’s FDA approvals for pharmaceuticals included Eli Lilly and Company’s (NYSE:LLY) Alzheimer’s disease treatment Kisunla (donanemab-azbt).
Big pharma largely stole the show throughout the course of the past year, but a number of small- and mid-cap NASDAQ pharma stocks have also made gains.
Chimerix is a clinical-stage company developing medicines to improve the quality of life for patients facing deadly diseases. Its most advanced drug development program is ONC201 (dordaviprone), which is in development for recurrent H3 K27M-mutant glioma, a lethal form of brain cancer.
After trading mostly sideways for much of the past year, shares of Chimerix received a big boost late in the fourth quarter of 2024 as the company reached important milestones in its drug development program. The stock jumped more than 217 percent on December 10 to US$2.76, one day after Chimerix announced it would submit a New Drug Application for accelerated approval of dordaviprone to the FDA before the end of the year.
The company’s stock price continued to gain momentum in the following weeks to push past the US$3 mark by December 23. The day following Chimerix’ December 30 press release confirming it had completed the submission process, the stock reached US$3.48 per share.
“With this submission, we now turn our attention to preparing for potential commercial launch in the U.S. next year,” stated Chimerix CEO Mike Andriole.
Chimerix shares hit a yearly high of US$3.66 on January 7, 2025.
Eton Pharmaceuticals is developing and commercializing treatments for ultra-rare diseases. Its commercial portfolio of rare disease products includes Alkindi Sprinkle, Increlex, PKU Golike and multiple FDA-approved generic bioequivalents. The company also has several product candidates in late-stage development: hydrocortisone oral solution ET-400, ET-600 for diabetes insipidus and the ZENEO hydrocortisone autoinjector.
Eton’s share price performed exceptionally well in the second half of 2024 and into the first few weeks of 2025 on robust quarterly financials, acquisitions and key milestones.
The stock made steady gains following the release of the company’s Q2 2024 financial report in early August. The quarter brought royalty revenue of US$9.1 million and a 40 percent increase in product sales over Q2 2023, representing “the 14th straight quarter of sequential product sales growth.” Shares in Eton climbed by more than 65 percent to US$6.00 by the end of Q3.
In early October, the company announced the acquisition of Increlex, a medication used in the treatment of pediatric patients with severe IGF-1 deficiency, from French biopharma company Ispen. By the end of the month, Eton’s stock reached a value of US$8.62 per share.
November was a busy month for positive news flow out of Eton. The company was awarded a second patent for its liquid formulation of hydrocortisone on November 7. A few days later, its Q3 2024 report highlighted another consecutive quarter of growth in product sales, up 40 percent year-over-year. Eton closed out the month with the acquisition of the US rights to Amglidia for the treatment of neonatal diabetes mellitus from French biotech firm AMMTeK.
By the end of November, Eton’s stock price had surged to US$13.53 per share. The stock reached its highest yearly value of US$14.31 on January 2, 2025. The next day, Eton announced the acquisition of Galzin, an FDA-approved treatment for patients with Wilson disease, which it plans to begin commercializing in the US early this year.
Corvus Pharmaceuticals is a clinical-stage biopharma company developing an immunotherapy platform based on ITK inhibition for the treatment of various cancer and immune diseases. The company’s lead product candidate is soquelitinib, an investigational small molecule drug that selectively inhibits ITK and is delivered orally.
Corvus is another NASDAQ pharma stock that saw significant gains in the last half of 2024.
The growth in its share price got its first major boost in early August when the FDA granted fast track designation to soquelitinib ‘for the treatment of adult patients with relapsed or refractory peripheral T cell lymphoma after at least two lines of systemic therapy.’ By the end of the month, shares in Corvus had grown by nearly 50 percent to US$4.48.
Corvus’ stock value received another bump to the upside following the September 10 announcement it had initiated registration in its Phase 3 clinical trial of soquelitinib for the aforementioned indication. Shares in the company reached what was then their highest point of US$5.91 on September 20, and continued to gain value throughout the following weeks to hit a current yearly high of US$9.56 on November 11.
ATyr Pharma is using its proprietary tRNA synthetase platform, which includes a library of domains derived from all 20 tRNA synthetases, to develop new therapies for fibrosis and inflammation. The company’s lead therapeutic candidate is efzofitimod, a first-in-class biologic immunomodulator targeting interstitial lung disease.
The fourth quarter of 2024 was very good to aTyr’s stock value, and it has continued to perform well into January 2025.
In early October, aTyr Pharma announced the publication of an analysis of the Phase 1b/2a clinical trial of efzofitimod in patients with pulmonary sarcoidosis, a major form of interstitial lung disease, in the European Respiratory Journal.
Shares in aTyr Pharma climbed by more than 92 percent through the month to a then yearly high of US$3.35 on October 22.
On December 10, the company shared its third positive safety review of its ongoing Phase 3 EFZO-FIT study of efzofitimod in patients with pulmonary sarcoidosis. Shares of the company hit their highest yearly value of US$3.98 on January 3.
Inhibikase Therapeutics is developing protein kinase inhibitor therapeutics for modifying the course of cardiopulmonary and neurodegenerative disease through Abl kinase inhibition. Its two leading drug candidates are IkT-001Pro, a prodrug of imatinib mesylate, for pulmonary arterial hypertension with fewer on-dosing side-effects; and risvodetinib, a selective c-Abl inhibitor to treat Parkinson’s and Parkinson’s-related disease.
In late October, Inhibikase closed on an approximately US$110 million private placement, which with the full cash exercise of accompanying warrants could lead to a potential aggregate financing of up to approximately US$275 million before deducting fees and expenses. The company intends to use the funds in part for its Phase 2b 702 trial for IkT-001Pro in pulmonary arterial hypertension.
Shares of Inhibikase reached a yearly high of US$3.97 on December 17.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Harris Blitzer Sports & Entertainment announced on Monday a joint venture with Comcast Spectacor to build a new arena in South Philadelphia for the NBA’s 76ers and the NHL’s Flyers.
The deal represents a reversal from previous plans to build an arena in the Center City district of Philadelphia.
Harris Blitzer and Comcast Spectacor have entered into a binding agreement for a 50-50 stake in the project at South Philadelphia’s Sports Complex, which is slated to open in 2031. It will include the revitalization of Market East in Center City, the original proposed location for an arena. In December, the Philadelphia 76ers received approval to build a $1.3 billion arena downtown after more than two years of contentious negotiations.
The deal announced Monday will give Comcast a minority stake in the 76ers and naming rights to the arena. The Philadelphia-based company will also join HBSE’s bid to bring a WNBA team to the Liberty City.
Comcast Spectacor is already majority owner of the Philadelphia Flyers.
“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve,” said HBSE’s Josh Harris, David Blitzer and David Adelman in a statement. “By coming together with [Comcast CEO Brian Roberts] and Comcast, this partnership ensures Philadelphia will have two developments instead of one, creating more jobs and real, sustainable economic opportunity.”
In committing to both investments, the companies say they will create thousands of jobs and generate billions of dollars in economic activity for the region.
“This has the potential to benefit our city for generations to come,” said Philadelphia Mayor Cherelle Parker during a news conference Monday.
Disclosure: Comcast is the parent company of CNBC.
Special Counsel David Weiss’ final report on his years-long investigation into Hunter Biden determined the first son’s drug abuse could not explain away not paying taxes on millions of dollars of income earned off of his ‘last name and connections.’
‘As a well-educated lawyer and businessman, Mr. Biden consciously and willfully chose not to pay at least $1.4 million in taxes over a four-year period. From 2016 to 2020, Mr. Biden received more than $7 million in total gross income, including approximately $1.5 million in 2016, $2.3 million in 2017, $2.1 million in 2018, $1 million in 2019 and $188,000 from January through October 15, 2020,’ Weiss wrote in his final report, which was released Monday.
‘Mr. Biden made this money by using his last name and connections to secure lucrative business opportunities, such as a board seat at a Ukrainian industrial conglomerate, Burisma Holdings Limited, and a joint venture with individuals associated with a Chinese energy conglomerate. He negotiated and executed contracts and agreements that paid him millions of dollars for limited work,’ Weiss continued.
Hunter Biden, 54, had a busy year in court last year, when he was convicted of two separate federal cases prosecuted by Weiss. He kicked off his first trial in Delaware in June, when he faced three felony firearm offenses involving his drug use, before pleading guilty in a separate felony tax case in September.
Hunter Biden’s September trial revolved around charges of three felony tax offenses and six misdemeanor tax offenses regarding the failure to pay at least $1.4 million in taxes. As jury selection was about to kick off in Los Angeles federal court for the case, however, Hunter Biden entered a surprise guilty plea.
Weiss continued in his report that Hunter Biden ‘spent millions of dollars on an extravagant lifestyle rather than paying his tax bills,’ and that he ‘willfully failed to pay his 2016, 2017, 2018, and 2019 taxes on time, despite having access to funds to pay some or all of these taxes.’
Weiss added that the first son’s previous drug abuse could not explain his failure to pay the taxes.
‘These are not ‘inconsequential’ or ‘technical’ tax code violations,’ Weiss wrote. ‘Nor can Mr. Biden’s conduct be explained away by his drug use-most glaringly, Mr. Biden filed his false 2018 return, in which he deliberately underreported his income to lower his tax liability, in February 2020, approximately eight months after he had regained his sobriety. Therefore, the prosecution of Mr. Biden was warranted given the nature and seriousness of his tax crimes.’
Hunter has a well-documented history of drug abuse, which was most notably documented in his 2021 memoir, ‘Beautiful Things.’ The book walked readers through his previous addiction to crack cocaine, before getting sober in 2019. The memoir featured extensively in his separate firearms case in June, when a jury found him guilty of three felony charges related to his purchase of a gun while addicted to substances.
‘The evidence demonstrated that as Mr. Biden held high-paying positions earning him millions of dollars, he chose to keep funding his extravagant lifestyle instead of paying his taxes. He then chose to lie to his accountants in claiming false business deductions when, in fact, he knew they were personal expenses. He did this on his own, and his tax return preparers relied on him, because, among other reasons, only he understood the true nature of his deductions and he failed to give them records that might have revealed that the deductions were bogus,’ Weiss continued.
The tax case charges carried up to 17 years behind bars, but the first son would likely have faced a much shorter sentence under federal sentencing guidelines. His sentencing was scheduled for Dec. 16, but he was pardoned by his father, President Biden, earlier that month.
Hunter Biden’s blanket pardon encompassed a decade-period applying to any offenses he ‘has committed or may have committed’ on a federal level.
Weiss’ report also took issue with the president’s pardoning of Hunter Biden, specifically with how President Biden characterized prosecutions of Hunter Biden as ‘selective’ and ‘unfair.’
‘This statement is gratuitous and wrong,’ Weiss wrote in his report. ‘Other presidents have pardoned family members, but in doing so, none have taken the occasion as an opportunity to malign the public servants at the Department of Justice based solely on false accusations.’
‘Politicians who attack the decisions of career prosecutors as politically motivated when they disagree with the outcome of a case undermine the public’s confidence in our criminal justice system,’ Weiss wrote in another section of the report. ‘The President’s statements unfairly impugn the integrity not only of Department of Justice personnel, but all of the public servants making these difficult decisions in good faith.’
The DOJ sent Weiss’ report to Congress Monday evening, officially bringing the years-long investigation into the first son to a close.
Fox News Digital’s Brooke Singman contributed to this report.
Surrounded by forest-covered mountains cloaked in mist, a patchwork quilt of green farmland and steel-blue waves breaking on mangrove-strewn mudflats, Lai Chi Wo does not look like it belongs in Hong Kong.
The remote 300-year-old village is one of the city’s oldest settlements — and one of its most biodiverse.
Its location is no accident: it draws onthe traditional philosophies of the Hakka people, one of Hong Kong’s pre-colonial indigenous groups, who built the settlement.
“We maintain what is called a feng-shui forest, to preserve the village,” says Susan Wong. The 73-year-old grandmother is the village chief, and was born in Lai Chi Wo, when the town was home to around 1,000 residents. “From our ancestors to now, it has been passed down, not to let anyone cut down the trees. If you cut all the trees out, the mountain will become bare, and nothing can cover the village.”
Feng shui — which literally means “wind” and “water” — is a design philosophy about how homes, villages and cities should be arranged for good fortune.
In Lai Chi Wo, the position of the forest is intended to shelter the village from typhoons, prevent landslides, and manage extreme heat and cold.
However, in the 1960s, residents began to leave their ancestral home: Hong Kong was industrializing rapidly, and it was becoming hard to make a living from farming.
“We didn’t even have shoes or clothes to wear,” Wong recalls. Lai Chi Wo is so remote that, even today, it can only be reached by a three-hour hike through the jungle, or a long boat trip around the coast.
In the 1960s, ‘70s and ‘80s, manyfamilies emigrated overseas — like Wong’s, who moved to the UK when she was 15 — for better opportunities, and elderly residents passed away.
Lai Chi Wo became a ghost town.
This photo was taken in 1976, when Lai Chi Wo was already in decline.
HKSAR Government
A child stands barefoot at the village gate in 1976.
HKSAR Government
Restoring a community
Over the decades that Lai Chi Wo lay empty, buildings crumbled, and farmland grew wild with weeds. The roots of banyan trees twined around open doorways, and wild boar or lost hikers were the only foot traffic through the decaying village.
But Lai Chi Wo was not entirely forgotten.
“Elsewhere in Hong Kong, many abandoned villages had houses collapsed beyond recognition and vegetation invadedthe whole village,” says Chiu Ying Lam, head of the Hong Kong Countryside Foundation. However, when he first visited Lai Chi Wo in 2009, he was surprised to find several homes were well maintained.
Lam speculated that these absentee homeowners were still connected to their ancestral home, and were planning to return one day, perhaps to retire. This sparked an idea that would eventually become the Sustainable Lai Chi Wo program: a decade-long collaboration between NGOs, universities and government agencies to restore the village to its former glory.
In re-establishing the community, the unique biodiversity around the village could be protected too, says Lam.
How an abandoned village in Hong Kong is being revived
Over the years, Lam estimates around HK$100 million ($12.8 million) in funding from businesses, non-profits and the Hong Kong government has been invested into the village’s redevelopment, including the restoration of five hectares of farmland and the reconstruction of 15 dilapidated homes.
While the project aimedto bring back former residents, it also wanted to bring in new people. In 2015, Ah Him Tsang and his wife, who are not Hakka, were one of the first families to move to the village, looking for a life “closer to nature” to raise their then-infant son.
Like many residents in Lai Chi Wo, Tsang works a variety of jobs: he grows vegetables and cash crops on a small farm, and on weekends, runs “Hakka Experience” homestays and a store that serves locally grown tea, coffee, and homemade vegan ice cream to tourists who pass through.
“I also grow these vegetables for my staycation program, (for a) farm-to-table dining experience,” says Tsang, adding that the Hakka Experience is designed to give visitors a more authentic experience of village life. “You can really feel the quietness, the serenity of the nature here. I hope more people can stay longer and enjoy the slow pace.”
Homecoming
The influx of new residents to Lai Chi Wo encouraged more of the original residentsto move back, too.
Upon retiring, Wong returned to Hong Kong from the UK to care for her elderly parents, and heard about the revitalization project.
In 2019, she decided to return to the village with her now-103-year-old father, into the home they were both born in. “I’m very happy because I like this village. I have so many friends (who have) come back,” she says.
With her father, Wong runs a small farm, growing mandarin oranges, lemons, chilis, flowers, and vegetables, and uses organic agriculture techniques, such as grinding up discarded oyster shells to make plant food.
The project also introduced new crops like coffee, which grows in the shade. This agroforestry technique protects the forest by growing high-value plants around the perimeter of the native woodland, while boosting profits for farmers.
Lai Chi Wo now has around 700 coffee plants across several farms, making it the “biggest coffee-producing region in Hong Kong,” says Ryan Siu Him Leung, senior project officer at the Centre for Civil Society and Governance at the University of Hong Kong, which oversaw parts of Lai Chi Wo’s revitalization program.
The University of Hong Kong is leasing some of the land for experimental farming, and helping villagers turn their crops into higher-value products in a licensed food processing plant in nearby Sha Tau Kok, on Hong Kong’s border with mainland China. Products include pickles and unusual fruit jams, or seasonal foods like popular radish cake for Chinese New Year, says Leung.
“We’re also looking at traditional Hakka recipes, and trying to explore the possibility of turning those recipes into commercial products,” he says, adding that they are currently selling via local supermarket suppliers and pop-up farmers markets, and plan to launch an online shop soon, to reach more customers.
A model for redevelopment
While the project has garnered positive attention — including recognition from UNESCO in 2020 for cultural heritage conservation and sustainable development — it’s not all been smooth sailing.
There’s been resistance from some of the original villagers, who claim they were not properly consulted about the redevelopment.
Additionally, more than a decade into the project, the village is still not financially sustainable, and is supported by external funding, including government subsidies for the farmers.
Farming at such a small scale is largely unprofitable; so like Tsang, most residents have multiple income streams. Leung says that most of the new residents work remote jobs online, or in creative industries, with farming as a hobby where any income is a bonus.
Leung says that, aside from preserving the town’s traditional lifestyle, there’s an ecological advantage to maintaining the farmland: sustainable agriculture helps to better manage water drainage and improve soil health.
Even if the village isn’t economically independent, he feels it’s worthwhile, and that cultivating a sustainable community is more important. “As long as there are people willing to stay in the village, and they are making their living — to me, it’s financially viable for those individual households.”
The project has become a model for sustainable revitalization, and the Forest Village Project, launched in 2024, is applying the lessons from Lai Chi Wo to two nearby hamlets, Mui Tsz Lam and Kop Tong. These settlements are around one-tenth the size of Lai Chi Wo, says Leung, but they both have a feng shui woodland, diverse flora and fauna, and offer the potential to develop a wider eco-tourism destination.
“Hopefully, we could have a more comprehensive region of revitalized villages, which (could be) a bigger attraction to the wider (Hong Kong) community,” Leung adds.
As data breaches and cyberattacks rise, cybersecurity exchange-traded funds (ETFs) are gaining traction.
The term cybersecurity originated in 1989, and today is defined as the measures taken to protect a computer or computer system against unauthorized access or cyberattack threats. These measures can include people, policies and processes.
The number of security incidents is increasing every year, as are the costs companies must pay. In fact, according to a 2024 research report from IBM (NYSE:IBM), the average cost of a single data breach event globally was US$4.48 million — up 10 percent over the previous year and the highest cost in the 19 years since the first report was issued.
These threats are unlikely to fade anytime soon. The forecast for the cybersecurity market is strong through 2030, with trends in the space including the threats posed by AI and quantum computing.
There are multiple ways to invest in the cybersecurity market, including cybersecurity ETFs, which offer a low-cost way to enter the space. ETF fees and expenses are typically lower than those associated with mutual funds or other types of actively managed financial instruments. What’s more, ETFs provide exposure to a basket of stocks, meaning investors can spread their risk around.
According to ETF.com, there are nine cybersecurity ETFs listed in the US. Here’s a closer look at the top four cybersecurity ETFs by assets under management (AUM). ETFs with assets under management above US$500 million are included in this list. All numbers and figures were current as of January 9, 2025.
1. First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR)
Company Profile
AUM: US$7.08 billion Expense ratio: 0.6 percent
Launched in July 2015, this ETF tracks the NASDAQ CTA Cybersecurity Index (INDEXNASDAQ:NQCYBR) and has 33 holdings. The index, which includes companies categorized by the Consumer Technology Association as cybersecurity, is largely composed of tech firms but also offers some exposure to the defense and aerospace sectors.
The First Trust NASDAQ Cybersecurity ETF’s top holdings include Broadcom (NASDAQ:AVGO) at a weight of 10.95 percent, Infosys (NYSE:INFY) at an 8.14 percent weight, CrowdStrike Holdings (NASDAQ:CRWD) at 7.98 percent and Cisco Systems (NASDAQ:CSCO) at 7.85 percent.
2. ETFMG Prime Cyber Security ETF (ARCA:HACK)
Company Profile
AUM: US$1.81 billion Expense ratio: 0.6 percent
The oldest cybersecurity ETF on this list is the ETFMG Prime Cyber Security ETF, which began trading in November 2014 and tracks the ISE Cyber Security Index (INDEXNASDAQ:HXR). HACK is run by ETFMG, a lesser-known company among the goliath ETF managers, and it has had a 12.19 percent annualized return over the past five years.
The cybersecurity ETF has 27 holdings, and its top holdings by weight include Broadcom at 13.87 percent, Cisco Systems at 7.18 percent, CrowdStrike Holdings at 5.62 percent and Palo Alto Networks (NYSE:PANW) at 5.45 percent.
3. iShares Cybersecurity and Tech ETF (ARCA:IHAK)
Company Profile
AUM: US$921.99 million Expense ratio: 0.47 percent
Last on this cybersecurity ETFs list is the iShares Cybersecurity and Tech ETF. Founded in June 2019, it tracks the NYSE FactSet Global Cyber Security Index (INDEXNYSEGIS:NYFSSEC), and has a focus on developed and emerging markets in the cybersecurity industry.
The iShares Cybersecurity and Tech ETF has 37 holdings, including CyberArk Software (NASDAQ:CYBR) at a weight of 4.45 percent, Accton Technology (TPE:2345) at a 4.44 percent weight, Juniper Networks (NYSE:JNPR) at 4.39 percent and Okta (NASDAQ:OKTA) at 4.17 percent.
4. GlobalX Cybersecurity ETF (NASDAQ:BUG)
Company Profile
AUM: US$786.78 million Expense ratio: 0.51 percent
The newest ETF on this list is the GlobalX Cybersecurity ETF, which was founded in October 2019. The ETF tracks a market-cap-weighted global index of companies selected based on revenue related to cybersecurity activities, as companies must generate at least 50 percent of their revenue from cybersecurity to be included.
The ETF has 22 holdings, with the top by weight being Fortinet (NASDAQ:FTNT) at a weight of 6.92 percent, CrowdStrike at 6.87 percent, Check Point Software Technologies (NASDAQ:CHKP) at 5.95 percent and Zscaler (NASDAQ:ZS) at 5.77 percent.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
The Malian government has begun seizing gold stockpiles at Barrick Gold’s (TSX:ABX,NYSE:GOLD) Loulo-Gounkoto mining site amidst a dispute over changes to the nation’s mining rules, enforcing a provisional order issued last week.
The seizure was confirmed by Barrick in a memo to staff, as the military-led government continues to claim a greater share of mining revenues from foreign operators, a Reuters report read.
The enforcement began on January 11, according to Barrick’s memo, which noted that the company may be compelled to suspend operations if the issue remains unresolved.
The Loulo-Gounkoto site contributes significantly to Barrick’s global production, accounting for about 14 percent of its estimated gold output for 2025. Barrick has an 80 percent interest in the operations, with the Malian government owning the remaining 20 percent.
While Barrick has not disclosed the exact volume of gold affected, internal estimates suggest that around 4 metric tons of gold, valued at approximately US$380 million based on current spot prices, are at stake. Multiple sources told Reuters Monday (January 13) that around 3 metric tons had already been seized from the site by helicopter on January 11, one of whom valued the seized gold at US$245 billion.
This comes amid ongoing tensions over the Malian government’s claims of unpaid taxes and dividends, which Barrick has disputed.
In a prior statement issued January 6, the company warned that it would be forced to halt operations if the government continued to restrict gold shipments. Barrick is seeking arbitration through the International Center for the Settlement of Investment Disputes.
Mali claims the company owes US$512 million in unpaid taxes and dividends, a claim Barrick has rejected.
The conflict has led to multiple detentions of Barrick executives, with the most recent occurring in November, after negotiations between the parties broke down. In early December, Reuters reported that the country had issued an arrest warrant for Barrick CEO Mark Bristow.
Mali’s mining code changes and financial overhaul
Gold is Mali’s primary export, contributing over 80 percent of the country’s total export revenues in 2023. The West African country’s government has been led by the military since a 2021 coup.
In 2023, Mali introduced a new mining code that aims to raise the country’s stake in mining operations from 20 to 35 percent.
The new code also allows the government to collect 7.5 percent of sales revenue when gold prices exceed US$1,500 per ounce.
Last year, following an audit into the mining sector, Mali began pursuing alleged back taxes and dividends owed by international mining companies.
Finance Minister Alousseni Sanou announced that the country expects to collect 750 billion CFA francs, about US$1.2 billion, from miners in the first quarter of 2025, following a similar collection of 500 billion CFA francs in late 2024.
Some companies have already come to agreements with the Malian government. For example, B2Gold (TSX:BTO,NYSEAMERICAN:BTG) reached a new agreement with the government last September for its Fekola operations that included financial settlements and Mali committing to expedite permitting for B2Gold’s Fekola underground mine.
Australia’s Resolute Mining (ASX:RSG,LSE:RSG) resolved a tax dispute with the government in November 2024 by agreeing to pay US$160 million after its CEO and two other executives were detained in Mali.
Barrick’s dispute, however, remains unresolved at this time.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Basin Energy (BSN:AU) has announced Scandinavian Exploration and Uranium Policy Update
