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The National Savings Bank (NSB) showcased robust financial performance in the third quarter of 2024, propelled by the short-term advantages of liability reprising and a surge in fee-based income. The nation’s premier savings bank reported a remarkable net interest income of Rs. 53.4 billion for the nine months ending 30 September 2024, reflecting a remarkable growth of 191% compared to Rs. 18.3 billion recorded during the same period last year. This outstanding achievement was realised despite a decline in both gross income and interest income of 8.7% and 9.1%, respectively, over the period under review. The decline in interest income was primarily attributed to the sustained reduction in interest rates on Government securities as well as loans and advances when compared to the corresponding period of the previous year. “The past nine months have presented significant challenges, as we have strived to maintain margins while growing our portfolios in an interest rate reducing scenario. Although we are witnessing signs of recovery, the lingering effects of the worst economic crisis continue to impact both our borrowers and depositors. Despite these obstacles, our resilience and strategic focus have allowed us to navigate these turbulent times, ensuring that the bank remains on a path to sustained growth and stability,” NSB Chairman Dr. Harsha Cabral, PC commented. Fee and commission income surged by 44%, primarily driven by higher revenue from card operations, mobile app transactions, and internet banking activities compared to that of 3Q2023. Meanwhile, the net gain on derecognition of financial assets measured at fair value through other comprehensive income soared by an impressive growth, bolstered by realised gains from Treasury bonds and Treasury bills totalling Rs. 442 million. Operating expenses rose by 28%, largely attributed to increased personal and other operating expenses. NSB achieved a remarkable profit before tax (PBT) of Rs. 25.5 billion, reflecting strong growth compared to the corresponding period of the previous year. This impressive performance was realised despite a 28% rise in operating expenses and a significant surge in taxes compared to the same period last year. During the nine-month period of the year, the bank contributed Rs. 18.4 billion in taxes to the Government, encompassing Value Added Tax (VAT) on financial services, the Social Security Contribution Levy (SSCL) on financial services, and Income Tax. NSB reported a remarkable profit after tax (PAT) of Rs. 15.3 billion, a significant increase compared to Rs. 4.9 billion in the same period last year. NSB General Manager/CEO Shashi Kandambi commented: “As we look ahead, the growth in private sector credit during the September quarter in the banking industry underscores a renewed sense of optimism and opportunity within the economy. This acceleration reflects a mutual confidence between the bank and our borrowers, driven by improving economic conditions and easing interest rates. With this positive momentum, we are committed to further supporting the private sector by responsibly expanding our lending activities. This strategic approach not only strengthens our role as a catalyst for economic growth but also reaffirms our confidence in the resilience and repayment capacity of our valued borrowers. Together, we are well-positioned to harness these opportunities and drive sustainable growth for the future.” Profitability metrics showed marked improvement in the nine months ending 30 September 2024, surpassing the figures recorded at the close of 2023. The Net Interest Margin (NIM) rose by an impressive 242 basis points, reaching 4.21%, while Return on Assets (ROA) and Return on Equity (ROE) stood at 2.01% and 22.89%, reflecting increases of 175 basis points and 1,353 basis points, respectively. This remarkable growth is a direct result of well-timed, strategic decisions. The bank’s liquidity metrics were well above regulatory requirements. The Regulatory Liquidity Coverage Ratio (Rupee), Liquidity Coverage Ratio (All Currency), and Net Stable Funding Ratio stood at 348.45%, 343.78%, and 184.89%, respectively, all comfortably exceeding the 100% minimum threshold. By the end of 3Q2024, the Tier I and Total Capital Adequacy Ratios were 18.00% and 20.54%, respectively, both significantly surpassing the regulatory minimums of 8.5% and 12.5%. Regarding asset quality, the bank’s ratio of impaired loans (Stage 3) stood at 4.05% at the end of September 2024, compared to 2.41% at the end of September 2023. However, the Impairment (Stage 3) to Stage 3 Loans Ratio (%) decreased to 42.06%, from 53.28% reported at the end of 2023.Fianna Fail and Fine Gael eye independent TDs as option to secure Dail majority
CHICAGO — Joel Embiid missed his first seven shots Sunday afternoon. And then he turned into vintage Embiid. Embiid amassed 31 points, 12 rebounds and four assists in his return from an ongoing knee condition, propelling the Philadelphia 76ers to a 108-100 victory over the Chicago Bulls at the United Center. All-Star point guard Tyrese Maxey compiled his first career triple-double for the Sixers with 25 points, 11 rebounds and a career-high 14 assists. But Embiid’s production – and the ability to move over the course of 33 minutes despite wearing a bulky knee brace – was the story of the Sixers’ fourth win in their past five games, continuing some momentum following a disastrous start to the season. Embiid, who had missed the previous seven games and 17 of his team’s first 21 games overall, scored 19 of his points during a dominant second quarter, anchoring the game’s flip from a 10-point Sixers deficit into a 12-point advantage. He made eight of his 12 shot attempts during the period. He got on the board with a turnaround jumper from the block, then finished a putback through contact for the and-one. He took multiple feeds from Maxey for open looks, reviving that two-man game that was so dominant last season. He hollered when he banked in a shot. Embiid continued to roll out of the break, converting a wild and-one finish over Nikola Vucevic and stepping into two textbook jumpers. That helped push the Sixers’ lead out to 19 points in the frame, before the Bulls rallied to get as close as 96-92 on a Zach LaVine 3-pointer with about five minutes remaining. The bulk of Embiid’s scoring opportunities came while sharing the floor with Maxey and Paul George (12 points on 6-of-13 shooting, seven rebounds), the new All-Star trio that the Sixers (7-15) believed would vault them into championship contention but had played only six minutes together entering Sunday. Rookie guard Jared McCain, who initially came off the bench but started the second half in place of Guerschon Yabusele, added 11 points and four assists. The Sixers next hit a light stretch of their schedule while the league plays the knockout round of the NBA Cup. They host the Indiana Pacers on Friday before a road date against the Charlotte Hornets on Dec. 16, then have a home-road back-to-back against the Hornets and Cleveland Cavaliers on Dec. 20 and 21.
Authored by Eva Fu via The Epoch Times (emphasis ours), The White House has identified a ninth U.S. telecom network that Chinese state hackers have compromised in a sweeping intrusion, a senior official said on Dec. 27, as authorities take steps to prevent similar cases of cyberespionage and hold the cyberattackers liable for their actions. Anne Neuberger, deputy national security adviser for cyber and emerging technology, revealed the new information in a press briefing as officials continue to assess the scope of the cybersecurity breach from China’s state-backed Salt Typhoon hacking group, which has carried out a wide-ranging espionage campaign since 2022. The hacking operation has affected major telecommunications companies and dozens of nations, with Verizon, AT&T, and CenturyLink among the targets. Officials said in early December that these hackers are still embedded in U.S. infrastructure. Neuberger said in an earlier conference that the hackers had focused on “very senior” American political figures and stolen vast troves of American data. She said on Friday that they still don’t have a good sense of the total scope of the breach. “ Our understanding is that a large number of individuals were geolocated in the Washington DC, Virginia area ,” she said. Only a fraction of them had their communications affected, Neuberger said, as the hackers are more interested in eavesdropping on U.S. government officials. “ The scale we’re talking about is far larger on the geolocation, probably less than 100 on the actual individuals, ” she said. As officials scramble to understand the impact of the Chinese cyber intrusion, they also began a multi-agency effort to fortify U.S. infrastructure against such operations. Shortly after the briefing, the Justice Department issued a final rule naming China, Cuba, Iran, North Korea, Russia, and Venezuela as countries of concern over their ambitions to exploit sensitive U.S. personal and government-related data by bulk. Under the rule, certain individuals and groups whom authorities deemed as threat actors are barred from transactions involving six types of U.S. data, including certain personal identifiers such as social security numbers or government identification numbers, precise geolocation data, biometric identifiers, human genetic or molecular data, personal health data, and personal financial data. Those transactions “pose an unacceptable risk to the national security,” a Justice Department statement said, noting that those adversarial nations could use the data to conduct cyber espionage, malign foreign influence, bolster military capabilities, and “track and build profiles on U.S. persons,” including military and intelligence officers for blackmail, coercion, and espionage. These data could also become tools for these states to spy on its targets, such as dissidents, political opponents, or marginalized communities, to intimidate them and curtail freedoms, the department said. The regulation applies to entities over which China has an ownership of 50 percent or more, those that principally conduct business in China or are organized under Chinese law, their contractors and employees, and foreign individuals who primarily reside in China. Violators could face a civil fine of up to $368,136 or twice the amount of the transaction involved, whichever is greater. Criminal penalties include up to $1,000,000 in fines and up to 20 years in prison. The Department of Health and Human Services on Dec. 27 also proposed a rule to protect the U.S. health care system from cyberattacks. The proposed measure would modify the Health Insurance Portability and Accountability Act of 1996, making the first change to the act’s security rule in 11 years, according to a statement. It would mandate stepped-up protection for personal health information by health plans and health care clearinghouses, as well as most health care providers and their business associates. The department’s Office for Civil Rights said the number of individuals impacted by large health care breaches soared more than tenfold between 2018 and 2023, and is likely to grow. In the wake of the Salt Typhoon hacking campaign, the Cybersecurity and Infrastructure Security Agency has urged “individuals who are in senior government or senior political positions” to “immediately” stop using regular phone calls and text messages. They should only use end-to-end encrypted communications and “assume that all communications between mobile devices—including government and personal devices—and internet services are at risk of interception or manipulation,” the agency warned. The hacking group has targeted now-Vice President-elect JD Vance and now-president-elect Donald Trump, as well as Vice President Kamala Harris. To deter Chinese hacking attempts, Neuberger said, the first step is to build a “defensible infrastructure.” “We wouldn’t leave our homes, our offices unlocked, and yet our critical infrastructure, the private companies owning and operating our critical infrastructure often do not have the basic cybersecurity practices in place,” she said in the press call. Authorities are also scrutinizing government contracts to enforce stricter cybersecurity practices, Neuberger said. In doing so, she said, the United States is following in the footsteps of Australia and the UK. “ The nation’s secrets, the nation’s economy, lies on our telecommunications sector ,” she said. “When I talked with our UK colleagues and I asked, ‘Do you believe your regulations would have prevented the Salt Typhoon attack?’ their comment to me was, we would have found it faster, we would have contained it faster.” Neuberger said it was a “powerful message.” In early December , the FBI, the Cybersecurity and Infrastructure Security Agency, and the National Security Agency collectively published a guide instructing telecom companies to mitigate cyber intrusions. “ Those networks are not as defensible as they need to be to defend against a well resourced, capable offensive cyber actor like China ,” Neuberger said. In assessing the Salt Typhoon breach, she said, authorities have found one administrator account that had access to more than 100,000 routers. “So when the Chinese compromised that account, they gained that kind of broad access across the network,” she said. Neuberger said officials are looking to segment the telecom networks so that in the event of a cyber attack, the potential damage could be contained. The Federal Communications Commission on Dec. 5 proposed cybersecurity rules requiring communications service providers to certify annually that they have a plan to protect against cyberattacks. The rule is waiting for a vote by Jan. 15, Neuberger said, noting that they are eager to see bipartisan support across the commission to see it through. The Chinese were “very careful about their techniques. They erased logs,” she said. And as “we will never know regarding the scope and scale of this,” she said, the United States is “looking forward.” An appeals court on Tuesday upheld the Federal Communications Commission’s decision to bar China Unicom Americas, the U.S. operation of a top Chinese state wireless carrier, from accessing the U.S. telecom market. Neuberger said more actions will be coming out in the next few months. “Let’s lock down this infrastructure. And frankly, let’s hold the Chinese accountable for this,” she said.ATLANTIC CITY, N.J. (AP) — New Jersey gambling regulators have handed out $40,000 in fines to two sportsbooks and a tech company for violations that included taking bets on unauthorized events, and on games that had already ended. In information made public Monday, the New Jersey Division of Gaming Enforcement fined DraftKings $20,000. It also levied $10,000 fines on Rush Street Interactive NJ and the sports betting technology company Kambi. According to documents released by the state, Rush Street accepted 16 bets worth $1,523 in Nov. 2021 on a college basketball game between the University of North Carolina-Asheville and Tennessee Tech University after the game had already concluded with a UNC victory. Kambi told the enforcement division that a trader had failed to manually remove that game from its betting markets, saying it had stopped receiving messages from its own sports data provider due to a network connectivity error. Kambi said it has updated its guidelines and retrained its traders to prevent a recurrence. Kambi, which is based in Malta, did not immediately respond to a message seeking comment Monday. Rush Street declined comment, and DraftKings had no immediate comment Monday. DraftKings stopped using Kambi in 2021. In March 2022 Rush Street took seven bets totaling just under $2,900 on three Magic City Jai Alai games after the results were already known. Kambi told the division it experienced a connectivity issue that allowed the bets to be accepted after the games were over. An explanation of what Kambi did to address the situation was blacked out in documents released by the division. A month earlier Rush Street took 13 wagers worth $8,150 with pre-match odds on a Professional Golf Association match after the event had already begun. In this case, Kambi told the division a newly hired trader failed to enter the correct closing time time for bets on the event. The trader and a supervisor underwent retraining. DraftKings was fined for taking bets on unapproved events including Russian basketball for nine months in 2020 and 2021. It eventually voided over $61,000 in bets and returned the money to customers after being directed to do so by the state. In this case, Kambi told the division it misidentified this particular Russian basketball league as one that was approved for wagering in New Jersey. DraftKings told the state it did not catch the error, either. In 2020, DraftKings accepted 484 wagers on unapproved table tennis matches. Kambi incorrectly enabled the events for wagering without conditions required by the state, the division said. In Feb. 2022, the division said DraftKings took pre-season NFL bets involving specific players but did not give the state specific information on what information was to be included in the bets, drawing 182 wagers worth nearly $7,000 that were later voided and refunded to customers. Follow Wayne Parry on X at www.twitter.com/WayneParryACIn a surprising twist, the financial realm intersects intriguingly with the evolution of gaming technology. Taiwan Semiconductor Manufacturing Company (TSMC), known for its pivotal role in the tech circuit, is catching the eye of enthusiastic gamers and tech investors alike, making its share price a hot topic in Taiwan. Gaming enthusiasts and tech innovators often find themselves skimming financial bulletins nowadays, especially when headlines focus on component producers like TSMC. The reason is simple: TSMC is the backbone of many gaming consoles and cutting-edge graphics cards. As the company diversifies into producing chips that power augmented reality (AR) and virtual reality (VR) platforms, its relevance and influence in the gaming sector intensify. Why Should Gamers Care? The innovative strides by TSMC in advancing chip technology directly impact gaming performance and experience. Their commitment to developing smaller, faster, and more efficient semiconductors means more powerful gaming consoles on the horizon. As competition in gaming technology heats up, TSMC’s share price becomes a barometer of gaming evolution, offering potential insights and investment opportunities. The Future Look : With global efforts steering towards sustainable tech solutions, TSMC’s dedication to environmentally friendly chip production is a noteworthy development. Their initiatives might not only enhance their market share price but also carve a greener path forward, aligning with the ethos of the new-age tech consumer. Therefore, while traditional news focuses on basic share price movements, the underlying technological advancements by companies like TSMC open up exciting avenues for gamers, investors, and tech aficionados alike. Why TSMC’s Tech Innovations Are More Than Just Buzz for Gamers and Investors The convergence of finance and gaming technology has taken an unexpected turn, with Taiwan Semiconductor Manufacturing Company (TSMC) at the heart of this exciting intersection. As a pivotal player in the tech industry, TSMC is capturing the interest of both gamers and investors, as the company’s stock performance reveals trends about the future of gaming technology. Innovating the Gaming Experience TSMC’s continuous push towards advancing chip technology is redefining gaming performance. With cutting-edge semiconductors, gaming consoles and graphics cards are poised to offer unprecedented speeds and capabilities. This evolution is a priority for gamers seeking the most immersive experiences possible. TSMC’s strides in chip miniaturization and efficiency mean that the next generation of gaming platforms could drastically outperform expectations. Trending Toward AR and VR Platforms By expanding its venture into augmented reality (AR) and virtual reality (VR), TSMC is setting new benchmarks in these emerging sectors. These technologies require high-performing, efficient chips, which TSMC is equipped to deliver. As these platforms grow, they open up novel gaming experiences that blend digital and physical worlds, fundamentally altering how games are played and experienced. A Sustainability-Driven Future TSMC is also on a pathway to integrate sustainability into its production processes. As global industries are pressured to adopt environmentally friendly practices, TSMC’s commitment to sustainable chip manufacturing is not just a corporate responsibility but a strategic advantage. This positions TSMC to meet the increasing demand from environmentally conscientious consumers and tech firms looking to align with sustainable partners. Investment Insights and Opportunities For investors, TSMC’s technological advancements signify more than just product updates; they are crucial indicators of market movement. The company’s ability to innovate and sustain its leadership in semiconductor technology could imply potential growth in its share value. As gamers look toward the future hardware upgrades, investors identify TSMC’s stock as a potential opportunity amidst tech and gaming market trends. The Bottom Line Understanding how companies like TSMC are reshaping gaming technology is essential for gamers, tech enthusiasts, and investors. With its dual focus on innovation and sustainability, TSMC is not just influencing current gaming landscapes but is also paving the way for future advancements. For more on TSMC and its impact on technology and gaming, consider visiting the official TSMC website at TSMC .
ENERGY SERVICES OF AMERICA COMPLETES ACQUISITION
The team that President-elect Donald Trump has selected to lead federal health agencies in his second administration includes a retired congressman, a surgeon and a former talk-show host. All could play pivotal roles in fulfilling a political agenda that could change how the government goes about safeguarding Americans' health — from health care and medicines to food safety and science research. In line to lead the Department of Health and Human Services secretary is environmental lawyer and anti-vaccine organizer Robert F. Kennedy Jr. Trump's choices don't have experience running large bureaucratic agencies, but they know how to talk about health on TV . Centers for Medicare and Medicaid pick Dr. Mehmet Oz hosted a talk show for 13 years and is a well-known wellness and lifestyle influencer. The pick for the Food and Drug Administration, Dr. Marty Makary, and for surgeon general, Dr. Janette Nesheiwat, are frequent Fox News contributors. Many on the list were critical of COVID-19 measures like masking and booster vaccinations for young people. Some of them have ties to Florida like many of Trump's other Cabinet nominees: Dave Weldon , the pick for the Centers for Disease Control and Prevention, represented the state in Congress for 14 years and is affiliated with a medical group on the state's Atlantic coast. Nesheiwat's brother-in-law is Rep. Mike Waltz , R-Fla., tapped by Trump as national security adviser. Here's a look at the nominees' potential role in carrying out what Kennedy says is the task to “reorganize” agencies, which have an overall $1.7 trillion budget, employ 80,000 scientists, researchers, doctors and other officials, and effect Americans' daily lives: Centers for Disease Control and Prevention The Atlanta-based CDC, with a $9.2 billion core budget, is charged with protecting Americans from disease outbreaks and other public health threats. Kennedy has long attacked vaccines and criticized the CDC, repeatedly alleging corruption at the agency. He said on a 2023 podcast that there is "no vaccine that is safe and effective,” and urged people to resist the CDC's guidelines about if and when kids should get vaccinated . The World Health Organization estimates that vaccines have saved more than 150 million lives over the past 50 years, and that 100 million of them were infants. Decades ago, Kennedy found common ground with Weldon , 71, who served in the Army and worked as an internal medicine doctor before he represented a central Florida congressional district from 1995 to 2009. Starting in the early 2000s, Weldon had a prominent part in a debate about whether there was a relationship between a vaccine preservative called thimerosal and autism. He was a founding member of the Congressional Autism Caucus and tried to ban thimerosal from all vaccines. Kennedy, then a senior attorney for the Natural Resources Defense Council, believed there was a tie between thimerosal and autism and also charged that the government hid documents showing the danger. Since 2001, all vaccines manufactured for the U.S. market and routinely recommended for children 6 years or younger have contained no thimerosal or only trace amounts, with the exception of inactivated influenza vaccine. Meanwhile, study after study after study found no evidence that thimerosal caused autism. Weldon's congressional voting record suggests he may go along with Republican efforts to downsize the CDC, including to eliminate the National Center for Injury Prevention and Control, which works on topics like drownings, drug overdoses and shooting deaths. Weldon also voted to ban federal funding for needle-exchange programs as an approach to reduce overdoses, and the National Rifle Association gave him an “A” rating for his pro-gun rights voting record. Food and Drug Administration Kennedy is extremely critical of the FDA, which has 18,000 employees and is responsible for the safety and effectiveness of prescription drugs, vaccines and other medical products, as well as overseeing cosmetics, electronic cigarettes and most foods. Makary, Trump’s pick to run the FDA, is closely aligned with Kennedy on several topics . The professor at Johns Hopkins University who is a trained surgeon and cancer specialist has decried the overprescribing of drugs, the use of pesticides on foods and the undue influence of pharmaceutical and insurance companies over doctors and government regulators. Kennedy has suggested he'll clear out “entire” FDA departments and also recently threatened to fire FDA employees for “aggressive suppression” of a host of unsubstantiated products and therapies, including stem cells, raw milk , psychedelics and discredited COVID-era treatments like ivermectin and hydroxychloroquine. Makary's contrarian views during the COVID-19 pandemic included questioning the need for masking and giving young kids COVID-19 vaccine boosters. But anything Makary and Kennedy might want to do when it comes to unwinding FDA regulations or revoking long-standing vaccine and drug approvals would be challenging. The agency has lengthy requirements for removing medicines from the market, which are based on federal laws passed by Congress. Centers for Medicaid and Medicare Services The agency provides health care coverage for more than 160 million people through Medicaid, Medicare and the Affordable Care Act, and also sets Medicare payment rates for hospitals, doctors and other providers. With a $1.1 trillion budget and more than 6,000 employees, Oz has a massive agency to run if confirmed — and an agency that Kennedy hasn't talked about much when it comes to his plans. While Trump tried to scrap the Affordable Care Act in his first term, Kennedy has not taken aim at it yet. But he has been critical of Medicaid and Medicare for covering expensive weight-loss drugs — though they're not widely covered by either . Trump said during his campaign that he would protect Medicare, which provides insurance for older Americans. Oz has endorsed expanding Medicare Advantage — a privately run version of Medicare that is popular but also a source of widespread fraud — in an AARP questionnaire during his failed 2022 bid for a U.S. Senate seat in Pennsylvania and in a 2020 Forbes op-ed with a former Kaiser Permanente CEO. Oz also said in a Washington Examiner op-ed with three co-writers that aging healthier and living longer could help fix the U.S. budget deficit because people would work longer and add more to the gross domestic product. Neither Trump nor Kennedy have said much about Medicaid, the insurance program for low-income Americans. Trump's first administration reshaped the program by allowing states to introduce work requirements for recipients. Surgeon general Kennedy doesn't appear to have said much publicly about what he'd like to see from surgeon general position, which is the nation's top doctor and oversees 6,000 U.S. Public Health Service Corps members. The surgeon general has little administrative power, but can be an influential government spokesperson on what counts as a public health danger and what to do about it — suggesting things like warning labels for products and issuing advisories. The current surgeon general, Vivek Murthy, declared gun violence as a public health crisis in June. Trump's pick, Nesheiwat, is employed as a New York City medical director with CityMD, a group of urgent care facilities in the New York and New Jersey area, and has been at City MD for 12 years. She also has appeared on Fox News and other TV shows, authored a book on the “transformative power of prayer” in her medical career and endorses a brand of vitamin supplements. She encouraged COVID-19 vaccines during the pandemic, calling them “a gift from God” in a February 2021 Fox News op-ed, as well as anti-viral pills like Paxlovid. In a 2019 Q&A with the Women in Medicine Legacy Foundation , Nesheiwat said she is a “firm believer in preventive medicine” and “can give a dissertation on hand-washing alone.” National Institutes of Health As of Saturday, Trump had not yet named his choice to lead the National Institutes of Health, which funds medical research through grants to researchers across the nation and conducts its own research. It has a $48 billion budget. Kennedy has said he'd pause drug development and infectious disease research to shift the focus to chronic diseases. He'd like to keep NIH funding from researchers with conflicts of interest, and criticized the agency in 2017 for what he said was not doing enough research into the role of vaccines in autism — an idea that has long been debunked . Associated Press writers Amanda Seitz and Matt Perrone and AP editor Erica Hunzinger contributed to this report. The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content. This story has been corrected to reflect that the health agencies have an overall budget of about $1.7 trillion, not $1.7 billion.Forexlive Americas FX news wrap: US dollar starts strong but gives it back
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A look at how some of Trump's picks to lead health agencies could help carry out Kennedy's overhaul