Stock Markets
Flag Ship Acquisition Corp enters material agreement
Flag Ship Acquisition Corporation (NASDAQ:FSHP), a company classified under the “blank checks” industry, has entered into a material definitive agreement by issuing an unsecured promissory note to Whale Management Corporation. The note, with a principal amount of up to $1 million, was drawn on Monday for working capital purposes, totaling $294,688.
The note, which carries no interest, has a repayment deadline set for the earlier of December 31, 2025, or the date the company completes its initial business combination. The principal balance can be repaid at any time without prepayment penalties.
However, once funds are drawn, they cannot be re-accessed, even if repaid. The agreement includes standard default provisions that, upon certain events, allow Whale to demand immediate full payment.
Flag Ship Acquisition Corp is an emerging growth company and has elected not to use the extended transition period for complying with new or revised financial accounting standards under Section 13(a) of the Exchange Act.
In other recent news, Flag Ship Acquisition Corp has successfully completed its initial public offering (IPO), raising $69 million. The IPO consisted of 6,900,000 units at $10.00 per unit, including the full exercise of the underwriter’s over-allotment option.
In addition to the IPO, Flag Ship Acquisition Corp conducted a private placement to its sponsor, Whale Management Corporation, which raised an additional $2.38 million and cancelled $500,640 in debt.
The funds raised from these ventures, totaling $69 million, have been placed into a trust account at Wilmington Trust, N.A. These funds will be held until Flag Ship Acquisition Corp completes its initial business combination, under certain conditions. The company’s audited balance sheet reflects the receipt of these proceeds.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Trump’s Pentagon nominee Pete Hegseth slammed over remarks on women
By Phil Stewart, Idrees Ali and Patricia Zengerle
WASHINGTON (Reuters) – President-elect Donald Trump’s pick to lead the Pentagon, Pete Hegseth, came under fire during his confirmation hearing on Tuesday as Democrats railed against him and voiced deep concern about his inexperience, alleged drunkenness and past opposition to women in combat.
Hegseth, a former Fox News host, is one of the most controversial figures ever nominated to be Secretary of Defense. The 44-year-old slammed diversity, equity and inclusion initiatives in the military, and, in his latest book, questioned whether the top U.S. general has the job because he’s Black.
Prior to his nomination, Hegseth strongly opposed women in combat roles but walked back that stance during the most contentious confirmation hearing in memory for a U.S. defense secretary.
“Mr. Hegseth, I do not believe that you are qualified to meet the overwhelming demands of this job,” said Senator Jack Reed, the ranking member of the Senate Armed Services Committee.
Reed criticized an FBI investigation into Hegseth’s past, saying it failed to sufficiently investigate extensive allegations against him.
A number of episodes have sparked concern among lawmakers, including a 2017 sexual assault allegation against Hegseth that did not result in charges and which he denies. He has also been accused of excessive drinking and financial mismanagement at veterans’ organizations. Hegseth has vowed to abstain from alcohol if confirmed and said he made some financial errors but denies any wrongdoing.
Democratic Senator Kirsten Gillibrand slammed Hegseth’s past remarks about women in the U.S. military, saying he would have to fundamentally change how he sees women who constitute 18% of the U.S. military.
“We have hundreds — HUNDREDS — of women who serve in the infantry, lethal members of our military … But you degrade them,” Gillibrand said, raising her voice in a heated exchange.
“Please explain these types of statements because they’re brutal, and they’re mean.”
Despite strong support from Trump’s Republicans, Hegseth’s confirmation may depend on his performance before the committee. As Hegseth walked into the packed hearing room, he was greeted with cheers and a standing ovation from supporters, with chants of “USA, USA, USA” and a shout of “Get ’em, Petey.”
Senator Roger Wicker, the Republican who leads the committee, endorsed Hegseth, saying: “Admittedly, this nomination is unconventional. The nominee is unconventional.”
“Regarding his personal conduct, Mr. Hegseth has admitted to falling short, as we all do from time to time,” Wicker said.
‘ACCOUNTABILITY IS COMING’
Hegseth’s opening remarks to the committee, praising Trump, were repeatedly interrupted by protesters. He vowed to bring back a warrior culture to the U.S. military and said “accountability is coming” for those who fall short.
Reuters was first to report that Trump’s incoming administration is drawing up a list of generals to fire.
“(Trump) believes, and I humbly agree, that it’s time to give someone with dust on his boots the helm. A change agent,” Hegseth said.
When asked about his remarks opposing women in combat, Hegseth cited the need to eliminate quotas for frontline roles. Gillibrand fired back that no such quotas exist.
He later told Republican Senator Joni Ernst, herself a veteran, that he would support women in combat roles “given the standards remain high, and we will have a review to ensure the standards have not been eroded.”
Democratic Senator Elizabeth Warren said she doubted Hegseth had tempered his opposition to women in combat, saying: “The song you sang is not the song you come in here today to sing.”
In a 2021 incident first reported by Reuters, Hegseth was branded an “insider threat” by a fellow member of the Army National Guard over his tattoos. Hegseth noted the incident during the hearing, which led him to be pulled from Guard duty in Washington during President Joe Biden’s inauguration.
In recent weeks, Trump’s party has coalesced around his pick.
Still, the slim Republican Senate majority means that Hegseth can lose support from no more than three senators to be confirmed, if Democrats and independents unite against him.
Cabinet nominees almost never lose Senate votes, because they typically are withdrawn if they seem to be in trouble.
The last nominee who was defeated was former Senator John Tower, a nominee to be Secretary of Defense, in 1989. Tower was investigated over claims of drunkenness and inappropriate behavior with women.
If confirmed, Hegseth could make good on Trump’s promises to rid the military of generals he accuses of pursuing progressive diversity policies.
Hegseth, who has little management experience, would be in charge of an organization with a nearly $1 trillion budget, 1.3 million active-duty service members and nearly 1 million civilian workers.
The next secretary of defense will face a number of major overseas issues, including active conflicts in Ukraine and Gaza and the expansion of China’s military, issues that received only glancing attention during a hearing focused far more on culture war issues.
Stock Markets
Blinken lays out post-war Gaza plan to be handed to Trump team
By Simon Lewis (JO:), Daphne Psaledakis and Humeyra Pamuk
WASHINGTON (Reuters) -U.S. Secretary of State Antony Blinken on Tuesday laid out plans for the post-war management of Gaza, saying the outgoing Biden administration would hand over the roadmap to President-elect Donald Trump’s team to pick up if a ceasefire deal is reached.
Speaking at the Atlantic Council in Washington in his final days as the U.S. top diplomat, Blinken said Washington envisioned a reformed Palestinian Authority leading Gaza and inviting international partners to help establish and run an interim administration for the enclave.
A security force would be formed from forces from partner nations and vetted Palestinian personnel, Blinken said during his speech, which was repeatedly interrupted by protesters who accused him of supporting genocide by Israel against Palestinians in Gaza, which Israel denies.
He was speaking as negotiators met in Qatar hoping to finalize a plan to end the war in Gaza after 15 months of conflict that has upended the Middle East.
“For many months, we’ve been working intensely with our partners to develop a detailed post-conflict plan that would allow Israel to fully withdraw from Gaza, prevent Hamas from filling back in, and provide for Gaza’s governance, security and reconstruction,” Blinken said.
Trump and his incoming team have not said whether they would implement the plan.
Blinken said a post-conflict plan and a “credible political horizon for Palestinians” was needed to ensure that Hamas does not re-emerge.
The United States had repeatedly warned Israel that Hamas could not be defeated by a military campaign alone, he said. “We assess that Hamas has recruited almost as many new militants as it has lost. That is a recipe for an enduring insurgency and perpetual war.”
PROTESTERS
Blinken’s remarks were interrupted three times by protesters, who echoed accusations that the Biden administration was complicit in crimes committed by Israel in the war.
Blinken has denied Israel’s actions amount to genocide and says he has pushed Israel to do more to protect civilians and to facilitate humanitarian aid into Gaza.
Israel launched its assault after Hamas-led fighters stormed across its borders on Oct. 7, 2023, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.
Israel’s aerial and ground campaign has killed more than 46,000 Palestinians, according to the local health ministry, drawing accusations of genocide in a World Court case brought by South Africa and of war crimes and crimes against humanity at the International Criminal Court. Israel denies the allegations.
The assault has displaced nearly all of Gaza’s 2.3 million population and drawn the concern of the world’s main hunger monitor.
“You will forever be known as bloody Blinken, secretary of genocide,” one protester shouted before being led out of the event.
Blinken remained calm, telling one heckler: “I respect your views. Please allow me to share mine,” before resuming his remarks.
Blinken said U.S. officials had debated “vigorously” the Biden administration’s response to the war, a reference to a slew of resignations by officials in his State Department who have criticized the policy to continue providing arms and diplomatic cover to Israel.
Others felt Washington had held Israel back from inflicting greater damage on Iran and its proxies, he said.
“It is crucial to ask questions like these, which will be studied for years to come,” he said. “I wish I could stand here today and tell you with certainty that we got every decision right. I cannot.”
Stock Markets
Pfizer to cut stake in Sensodyne-maker Haleon to 7.3%, says bookrunner
(Reuters) -Pfizer is looking to sell about 700 million ordinary shares in Haleon, its bookrunner J.P. Morgan said on Tuesday, lowering its stake in the British consumer healthcare company to about 7.3% from 15%.
The sale represents nearly 7.7% of issued share capital of Haleon, which was created by the merger of GSK and Pfizer (NYSE:)’s consumer healthcare businesses in 2019. It was spun off from the British drugmaker in 2022.
Pfizer, which will remain the largest shareholder in Haleon after the sale, had in 2023 said it would cut its ownership in a ‘slow and methodical’ manner within months.
The U.S. drugmaker is under pressure from hedge fund Starboard Value to hold its management accountable for underperformance. Last October, it sold a $3.3 billion stake in the maker of Sensodyne, while GSK sold its entire stake in May.
J.P. Morgan and Morgan Stanley (NYSE:) are joint global coordinators and joint bookrunners for the share sale.
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