Latest news with #MatthewNicholls
Fox News
26-05-2025
- Health
- Fox News
Military veterans of US' 'toxic soup' Uzbekistan base fighting for proper care 20 years after its shutter
Print Close By Morgan Phillips Published May 26, 2025 At the former Soviet base-turned-CIA black site and U.S. military base in Uzbekistan, researchers knew early on danger lingered not just from the enemy but from the ground itself. Karshi-Khanabad Air Base, known as K2, was a launchpad for U.S. operations into Afghanistan after 9/11. But for thousands of American troops who served there, it may have been a death sentence. Matthew "Nick" Nicholls, an Army environmental technician and preventive medicine specialist, was part of an early team that assessed the environmental hazards at K2. "It is probably the most toxic soup of chemicals that any service member has ever been exposed to," Nicholls told Fox News Digital. Yellowcake uranium oozed from the ground. Jet fuel and volatile chemicals from decaying Soviet rocket bunkers polluted the soil and air. Dangerous fumes hung over the base like the fog of forgotten war. Nicholls and his team warned commanders, providing recommendations like laying down gravel to suppress toxic dust and restrictions on how long personnel could work in high-risk zones. Some precautions were taken, others weren't. "People that I am friends with are actively dying from cancer right now," Nicholls said. "These are weird ontologies that are striking down people who are very young, people in their 20s, 30s, 40s, in the prime of their life." K2 veterans have reported a disturbing trend of rare and aggressive cancers, reproductive organ diseases, osteoarthritis and sudden, unexplained deaths. VICTIM SPEAKS OUT AFTER NAVY DENIES FUEL-CONTAMINATED WATER CAUSED INJURIES: 'AFFECTED IN NEARLY EVERY WAY' "These are not the cancers that young people normally get," Nicholls said. "Their stories are not really able to be told. That's the tragedy of it." "These people went there right after 9/11 to avenge the deaths of those who were murdered," Nicholls said. "Yet we had this launching pad in Uzbekistan that was left in such derelict condition by the Soviets." Between 2001 and 2005, more than 15,000 U.S. service members passed through K2. Thousands more served as contractors. Many now find themselves struggling to get adequate medical care or recognition from the Department of Veterans Affairs (VA). The VA recognizes such veterans "may have encountered several hazardous exposures," and the Department of Defense conducted an initial study to look at cancer outcomes. But that study was based only on a few cases of each type of cancer and should not be viewed as "definitive evidence of an association with service at K-2," the VA says. But a spokesperson for Rep. Mark Green said he does not believe these studies were enough, that they did not take the full extent of contamination into account and did not appropriately inform occupants of the base of their exposure risk or account for the full range of diseases that can result from toxic exposures. "That is why Rep. Green's NDAA (National Defense Authorization Act) amendment calls for a new, fully rigorous epidemiological study to cover these blind spots," the spokesperson said. "There are too many unknowns to call it a case closed." Fox News Digital has reached out to the VA for comment. Green, R-Tenn., and Rep. Stephen Lynch, D-Mass., introduced a provision in the 2021 National Defense Authorization Act requiring the Pentagon to complete a study on K2 exposure within 180 days. Four years later, that study remains unfinished. "This is unjust," Green told Fox News Digital. "There were repeated warnings that service members were being exposed to toxins, and yet their health and safety were ignored by Pentagon leadership of that day." In a letter first obtained by Fox News Digital that went out late Friday, Green is pressing the Pentagon to complete the long-overdue study, a step he argues is essential to ensure K2 veterans receive the care they deserve. "Because this study has yet to be completed (as far as Congress is aware), many K2 veterans are still waiting to receive much needed care," he wrote. "This is unjust. There were repeated warnings at Camp Stronghold Freedom that servicemembers (sic) were being exposed to toxins, and yet their health and safety were ignored by the Pentagon leadership of that day." The Pentagon told Fox News Digital it would respond to Green privately. 'LIKE A CAR CRASH': NAVY FIGHTER PILOT DESCRIBES BRAIN INJURY PHENOMENON NOW AT CENTER OF CONGRESSIONAL PROBE In 2024, the VA moved to expand access to disability for K2 veterans and lower the burden of proof for the veterans to link their illnesses to their service. But advocates say it wasn't enough. "The VA is dragging its feet," Green said. "I think it really purely comes down to cost. I get that the VA wants to be judicious, but my God, the numbers here are so convincing. This is long past due." Green has also introduced new legislation requiring the VA to formally recognize links between K2 toxic exposure and diseases like cancer, ensuring affected veterans qualify for care and benefits. Toxins at K2 included petrochemicals, volatile organic compounds, depleted uranium, burn pits and tetrachlorethylene, all chemicals associated with long-term health risks. But K2 veterans are not specifically named in the PACT Act, which expanded coverage for other toxic exposures like Agent Orange and burn pits. Green, a physician and Army veteran, sees disturbing echoes of past delays. CLICK TO GET THE FOX NEWS APP "Bureaucrats come and go, and bureaucrats have their own agendas," he said. "I want to make sure that it's written in stone and that these guys are not forgotten." Print Close URL
Yahoo
03-05-2025
- Business
- Yahoo
Franklin Resources Inc (BEN) Q2 2025 Earnings Call Highlights: Navigating Market Challenges ...
Assets Under Management (AUM): Ended the quarter at $1.54 trillion, a decrease from the prior quarter. Institutional One-but-Unfunded Pipeline: Increased by $2.3 billion to $20.4 billion. Long-term Net Outflows: $26.2 billion, including $3.3 billion of reinvested distributions. Equity Long-term Inflows: $38.9 billion. Fixed Income Net Outflows: $30.5 billion; excluding Western, net inflows were $2.8 billion. Fundraising in Alternatives: Generated $6.8 billion for the quarter, with private market assets totaling $6.1 billion. ETF Net Flows: Attracted $4.1 billion during Q2, reaching a record-high AUM of $37 billion. Retail SMA AUM: $144.2 billion, with net inflows of $1.5 billion; excluding Western, record net inflows of $3.2 billion. Adjusted Operating Income: $377.2 million, a decrease of 8.6% from the prior quarter. Warning! GuruFocus has detected 6 Warning Signs with BEN. Release Date: May 02, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Franklin Resources Inc (NYSE:BEN) reported a significant increase in its institutional one-but-unfunded pipeline, reaching $20.4 billion, the highest level since 2022. The company has a diversified asset management platform with $1.54 trillion in assets under management, spread across various asset classes, vehicles, and geographies. Franklin Resources Inc (NYSE:BEN) saw positive net flows in multi-asset and alternatives, generating a combined $9.7 billion in positive net flows. The ETF business experienced its 14th consecutive quarter of positive net flows, attracting $4.1 billion during Q2, with a record-high AUM of $37 billion. The company launched its first perpetual secondaries private equity fund, raising an initial combined $2 billion, demonstrating strong growth in the wealth management channel. Franklin Resources Inc (NYSE:BEN) faced long-term net outflows of $26.2 billion, primarily due to the impact of long-term net outflows at Western Asset and negative markets. Fixed income net outflows were significant at $30.5 billion, although excluding Western, fixed income net inflows were $2.8 billion. The company experienced a decrease in adjusted operating income by 8.6% from the prior quarter, primarily due to compensation expenses and the impact of Western. Western Asset Management, a subsidiary, faced $10 billion in outflows in April, indicating ongoing redemption pressures. The company is navigating market volatility and geopolitical tensions, which have created uncertainties and challenges in maintaining stable growth. Q: Can you provide guidance on fiscal-year expenses given recent market movements and pressures on AUM? A: Matthew Nicholls, CFO and COO, stated that the effective fee rate for the third quarter is expected to remain around 38 basis points, potentially increasing slightly in the fourth quarter. Compensation and benefits are projected to decrease to approximately $810 million, assuming $50 million in performance fees. Expenses for IS&T are expected to be $155 million, with occupancy costs remaining flat at around $70 million. General and administrative expenses are anticipated to be similar to the current quarter at $185 million. For the full year 2025, expenses are expected to be roughly flat compared to 2024, with strategic investments in growth areas funded by cost savings elsewhere. Q: What is the base fee organic growth rate, including Western, and how does it affect the blended fee rate? A: Jennifer Johnson, CEO, explained that while it's difficult to specify the exact organic growth percentage, excluding Western, long-term debt flows were about $7.4 billion. Fixed income flows were positive at $2.9 billion, with Franklin Fixed Income seeing $5.4 billion in positive flows. The institutional pipeline is strong, particularly in Franklin Fixed Income. The effective fee rate for Western assets is in the high 15-basis-point area. Despite volatility, ex-Western flows were about flat for April. Q: How are retail products performing amid market volatility, and what are the growth aspirations for private markets management fees? A: Jennifer Johnson noted that Franklin Templeton has raised $10.4 billion in private markets so far, approaching the lower end of their $13 billion to $20 billion guidance range. Lexington's flagship secondaries fund is expected to close later in 2025 or early 2026. The wealth channel presents a significant opportunity, with advisors aiming to increase their allocation to alternatives. Franklin Templeton's broad product capabilities and distribution network position them well to capture this growth. Q: Can you expand on the fixed income strategies seeing success and provide an update on Western Asset Management's status? A: Jennifer Johnson highlighted that Western Asset Management's performance has been strong despite challenges, with $10 billion in outflows in April but $5 billion in gross sales. They remain part of the institutional pipeline. Adam Spector, Head of Global Distribution, added that munis, stable value, high yield, and short-duration products are seeing strong flows. The insurance sector and CLOs have also been successful areas. Q: How is Franklin Templeton's international business contributing to revenues and flows, and what initiatives are in place to accelerate growth overseas? A: Adam Spector explained that Franklin Templeton is positive in gross sales across all regions, with a presence in over 30 countries. Regional trends include a focus on alternatives in Australia and income-oriented products in Asia. The firm is well-positioned with international and global equity products, benefiting from shifts towards non-dollar assets and value stocks. The international business accounts for $470 billion in AUM, with positive net flows in EMEA and the Americas. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
