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Straits Times
an hour ago
- Entertainment
- Straits Times
Altruism or algorithm: The rise of online philanthropy
Canadian content creator Zachery Dereniowski is one of the biggest 'kindness content' creators in the world, raising money through online donations from the public. PHOTO: MDMOTIVATOR/INSTAGRAM SINGAPORE – Wearing a body cam, a man approaches a street artist painting on a pavement. 'Excuse me sir, I'm really hungry. Do you have any food, by chance, or a dollar?' Without hesitation, the painter reaches into his pocket and passes the man a dollar – his last one, as it turns out. Moments later, the man surprises him: 'Jerry, since you were kind to me, I've got $1,000 cash for you.' Overwhelmed, the painter gratefully accepts the money and lets on that he is homeless. The 1 min 35 sec video ends with the caption: 'CrowdFund link in bio.' It is typical of the feel-good content that has made Canadian content creator Zachery Dereniowski – better known by his handle mdmotivator – a viral sensation on social media. In his videos, he often approaches strangers with a simple request, such as a meal or a small sum of money. When they accede to his plea, he flips the script and reveals that he is not actually in need. Instead, he rewards their kindness with a substantial cash gift, typically ranging from US$1,000 (S$1,274) to US$20,000. More often than not, the strangers are usually going through a difficult time. Some are facing eviction, others are battling serious illnesses like cancer. Since 2020, Mr Dereniowski has given out hundreds of thousands of dollars to – among others – small business owners, single mothers and an orphan who lost his entire family in an explosion. With over 19 million followers on TikTok and several million more on other platforms, the 31-year-old is one of the world's biggest 'kindness content' creators, raising money through online donations from the public. Kind and wholesome content Although the internet is often associated with trolls, toxicity and hateful comments, people are turning to social media for something entirely different. Enter 'kindness content' – featuring creators performing spontaneous acts of generosity in public. On TikTok alone, the hashtag #Kindness has racked up over 2.2 million posts, while #SpreadKindness has more than 391,100. According to Google Trends, the word 'wholesome' hit peak popularity in September 2020, right in the thick of pandemic lockdowns when the world was desperately craving feel-good moments. Today, the word has taken on a life of its own in Gen Z lingo, referring to content that is pure, kind and good. Around the same time, a wave of 'core' trends began popping up online, such as cottage core, goblin core and hope core. The idea came from 'hardcore,' but 'core' now refers to the heart of a certain aesthetic or vibe. One of the more touching ones is hope core, which started gaining traction in 2022. It is about restoring faith in humanity through small, meaningful acts. Think handing a stranger a bouquet with a note that says, 'Dear person reading this, the world is a better place with you in it', or complimenting strangers and catching their surprised reaction on camera. One of the genre's most popular creators, MrBeast, with 404 million subscribers, currently has the most-subscribed YouTube channel in the world. The 27-year-old American, whose real name is James Donaldson, is known for videos that test people's limits in exchange for a large cash prize and donating large amounts of money to various needy communities around the world. One video posted in January 2025, titled I Helped 2,000 People Walk Again, shows him giving amputees prosthetic legs that cost between US$5,000 and US$50,000. He sent one amputee home with an additional US$10,000, and another with enough money to cover his daughter's wedding expenses. In another video, Mr Donaldson bankrolls the building of 100 homes in Jamaica. In 2020, he launched Beast Philanthropy, a charity that donates 100 per cent of its revenue generated from content, merchandise sale and brand deals. Its YouTube channel now has more than 28 million subscribers. The MrBeast Effect Singaporean creators have also been jumping on this hope core bandwagon. One of them is Mr Kevin Wee, 30, who posts under the name Radical Kindness and has 66,700 followers on TikTok and more than 9,000 on Instagram. Mr Kevin Wee posts under the name Radical Kindness and has 66,700 followers on TikTok and more than 9,000 on Instagram. ST PHOTO: AZMI ATHNI 'Singaporeans are kind, and I feel like we just require someone to inspire them to take the first step,' says Mr Wee, who posts a video every day. He experienced depression and mania in his 20s, and once almost took his own life. In November 2023, after resolving to be a positive force in the world, he decided to start his channel, inspired by MrBeast. From giving compliments to strangers on the street to surprising families in need with home makeovers, his content is about uplifting others. In June 2024, he reached into his own pocket and handed $1,000 to migrant workers cleaning up the East Coast Park oil spill. He has also started two fund-raisers to help two families, raising thousands of dollars for an elderly woman's cancer treatment, and a family with young children after the father – the sole breadwinner – was diagnosed with stage 4 cancer. 'Some of my videos are spontaneous. I give out money to my followers. I don't really have criteria. For those that I raise funds for, I'll pick and be a bit more selective to ensure that their stories are authentic,' says the entrepreneur, who also runs several businesses including a direct sales company and two training and speaking engagement companies . He adds that he gets a lot of requests from followers to be featured, but will select only those he feels are really struggling. Clinical psychologist Alexandrea Tay notes that those who have faced struggles growing up may have a stronger sense of empathy for those in need, fuelling their desire to give back. 'Individuals may seek to promote the visibility of their charitable acts as a means to reinforce their sense of belonging within a community,' she says. Z, the creator behind SomethingForSomeone (@something4rsomeone), did not have a stable environment growing up. His parents are separated, and he lived with other relatives in overcrowded conditions. The 25-year-old, who is self-employed in the food and beverage industry and did not want to be named, started volunteering as a teenager, but felt like he could do more. He started his kindness content channel in June 2024. It now has more than 2,000 followers on Instagram and 18,400 followers on TikTok. 'I have always believed in helping others, even strangers. Small gestures can go a long way and even things that are non-monetary can help, like words of encouragement and acts of service,' he says. 'I don't care if I'm famous or not, as long as my message goes far.' Z, the creator behind SomethingForSomeone (@something4rsomeone), started his kindness content channel in June 2024. PHOTO: COURTESY OF Z Can watching kindness inspire kindness? A 2020 study published in peer-reviewed journal Psychological Bulletin suggested that kindness can be contagious. After analysing 88 experiments involving over 25,000 participants, researchers found that witnessing an act of kindness – whether in a news story, a social media clip or live on the street – can inspire a person to be altruistic by, for example, comforting someone who is crying, donating to charity, or acting cooperatively in a competitive game. Calling it 'moral elevation', the study's lead researcher, Assistant Professor Haesung Jung from Texas Tech University said: 'People resonate when they watch someone do something good.' That ripple effect was on display after local content creator Z posted videos of himself handing out cold drinks to workers cleaning up the oil spill under the hot sun. Viewers were so moved, they flooded the comments with offers to help. One wrote: 'Bro, create a Telegram group so we can volunteer to help deliver the food and drinks.' Z did just that. Today, the group has grown to 384 members. In it, he shares daily words of encouragement and mobilises support for various causes, from crowdfunding efforts to volunteer drives. Local handyman company Howdyman, for instance, launched an initiative to provide free repair work for low-income families and used Z's group to rally volunteer support. For interior designer Aaron Teo, 29, a chance encounter took his social media content in a new direction. 'I used to run a bar in the west, and I would always come across this man chilling or having a nap outside a minimart. One day, I decided to strike up a conversation with him,' he says. He found out that Mr Rajah, who is in his 60s, was homeless and had trouble securing a job. He decided to help the man and, with his consent, documented their journey on video. 'My purpose in life is to inspire others to lead a meaningful life through exciting experiences and quality relationships. Hence, I did not think too much about why I wanted to make a video,' he says. In the first video dated in September 2023, Mr Teo spoke to Mr Rajah about the latter's difficulty in finding a job, before taking him to a family service centre and treating him to a meal. Besides introducing him to a career coach who has helped set up a job interview, the designer also took his new friend to get his hair washed and bought him new clothes in a follow-up video. The video ends with an uplifting revelation: Mr Rajah has secured a job and will be starting work the next day. The two clips hit more than 390,000 views each, garnering thousands of likes and hundreds of comments, mostly positive. Viewers also asked how they could help Mr Rajah. The episode taught Mr Teo that many Singaporeans are willing to help those in need. Soon after, an online media publication contacted him asking to feature his story, but he declined. 'I did not want others saying that I was doing this to seek attention for myself.' Mr Teo, whose social media posts previously revolved around his hobbies and work as an interior designer, has about 3,000 followers on TikTok and over 1,400 followers on Instagram. During a recent call, he found out that Mr Rajah is still working and now lives in a rented flat. The two plan to catch up soon. Genuine altruism or performative? Still, not everyone views kindness content through rose-tinted glasses. Kindness influencers have their fair share of detractors, with sceptics accusing them of turning goodwill into self-promotion or worse, outright scams. On the subreddit thread r/unpopularopinions, one user wrote of his disdain for kindness content. 'It feels like the main objective is to create something that can go viral, and the fact that someone received support is just the by-product.' In October 2024, a prawn noodle business in Singapore posted a video which featured a man asking a migrant worker for a dollar to take a bus. After the migrant worker hands over the money, he reveals that he does not need it and hands $100 to the worker and a bowl of prawn noodles. Netizens questioned the motive behind the video. On the online forum Reddit, a user wrote: 'Just because the worker is poor, doesn't mean he would be OK to be put up online, for someone's clout. He didn't ask for the money, though he may have appreciated the gesture.' 'If the guy really had an intention to help, he could have just given the money. Why was there a need to record it. Makes me question the so-called intention,' another user wrote. In September 2024, Radical Kindness' Mr Wee made headlines for challenging American streamer and YouTuber IShowSpeed, popularly known as Speed, to a foot race. In a live stream posted on IShowSpeed's channel, he said he would give $10,000 to a charity of Speed's choice if he lost. He did, and was filmed handing the streamer a thick wad of $50 notes. Criticism came in swiftly. In October 2024, a discussion thread criticising Mr Wee was posted on popular Singapore-centric subreddit group, r/SingaporeRaw with the subject heading, 'Controversy over Radical Kindness'. The author of the thread wrote: 'Personally, I don't think it's genuine kindness. I don't see why he has to announce or flex his kind deeds.' Mr Wee is aware of the criticism surrounding his content online. He concedes that he is not a big fan of Speed, but did the challenge to help market his own platform. However, he maintains he has done nothing wrong and is not a hypocrite. He reckons people fall into three camps when it comes to his channel: those who love what he is doing, those who are neutral but a little sceptical, and finally, those who call him an attention seeker. '(Kindness content) might sometimes appear very self-serving. There's a lot of ego involved, and there are questions if these creators are benefiting from their audience. I want to change the narrative,' he says. Mr Wee claims he does not directly profit from his channel. While he's received about $25,000 to date from sponsors, he says the amount was reinvested into creating content and doing giveaways. The influencer readily admits that the version of himself seen on camera is louder and dialled up. And yes, he gives away large sums of money because it grabs attention. But there's a method behind the madness. 'I enjoy telling stories, and media is an amplifier. If I can reach one million people through one video, why would I not do it? I want to inspire more creators to give back,' he says. Ultimately, Mr Wee believes that the positive impact of filming acts of kindness far outweighs the drawbacks. He is confident in his ability to craft content that remains true to his values. 'I think the issue comes in when you lie to your audience about your intentions. I have always been very open about my intentions. I want the influence, I want the attention, because it allows me to expand my media presence and give back more,' he says. Mr Wee has started three more platforms under the 'Radical' brand: Radical Riches, a business media channel; Radical Homes, a furniture retailer that does home makeovers; and Radical Edge, a content training and consulting business. Some of the gifts that Mr Kevin Wee received from his beneficiaries. ST PHOTO: AZMI ATHNI Z agrees the lack of accountability and transparency surrounding influencers who run crowdfunding efforts can be a thorny issue. In September 2024, he sprang to action after coming across a news article about a Bukit Merah flat fire that left a family with two young children in crisis. The comments were flooded with people asking how to help. 'I just decided to step in, because I don't know who else can be more accountable, since I somewhat have a platform and maybe a following, I believe some people trust me,' he says. A TikTok viewer, who had some information regarding the family, entrusted Z with the address of the family's temporary housing, and Z went over to visit them. He then launched a fund-raising campaign via his platform, sharing his personal PayNow QR code for donations. Within just two days, the campaign raised over $4,000, a testament to the power of stepping in when it matters most, he says. After his crowdfunding effort was reported by media outlet Mothership, he read comments asking 'how can we know you are legitimate?' and netizens warning that Z might be running a scam account. 'It is not surprising, every part of this digital philanthropy will always have some negativity involved, but I know clearly what I am doing, and I just wanted to take the initiative to help out a family, and that is all that matters,' he says. A week later, more than $30,000 had been raised. To maintain transparency, Z compiled a detailed spreadsheet of the donations that were transferred to his personal bank account, and even shared a screen recording of the document and filmed himself handing the money directly to the family's patriarch. 'I did my best to be as transparent as I could,' he says. But what Z did not anticipate was the wave of online backlash the family would face after going public with their situation. They expressed their thanks, but conveyed this issue to him via social service officers, asking that he end the campaign. Z obliged, but the experience gave him pause. 'These are some ripple effects of digital philanthropy,' he muses. 'We may have the best intentions, but there are blind spots we don't always see. Helping isn't always sunshine and rainbows, especially for those on the receiving end.' One beneficiary's take Rina (not her full name) was scrolling through social media when she stumbled upon a post by Mr Wee on Dec 30, 2023: He was giving away $10,000 to 10 people, chosen at random from those who left a comment. The single mother, now 34, did not think twice. With five children between the ages of five and 13 – two of whom have special needs – every little bit helps. 'I just tried my luck. I said: 'I'm a single mother, have five kids and hope I have a chance to win,'' says the account assistant. Before landing her current full-time job in 2022, she had been unemployed for four years. To provide for her family, she occasionally relies on food rations from local charities. 'My salary alone, to be honest, is not enough to cover all the expenses. So that's why I have to continue searching, to see if there are any resources. I cannot always rely on social services because there are limits to how much they can help. If I see giveaways, I would be willing to try,' she says. She did not expect much from Mr Wee, but to her surprise, she was chosen as one of the recipients. He told her he would ask her a few questions on camera and asked her to prepare her answers. When she told him that some of the questions made her uncomfortable, Mr Wee replaced them with others. On the day of the shoot, Rina brought along one of her children. Mr Wee filmed a short video of him giving her the $1,000 and asking her about her life. 'There was nothing I felt pressured to answer, which I really appreciated,' Rina says. Still, she admits she was nervous in the days leading up to the video's release on Jan 19, 2024. It was her first time sharing such personal parts of her life on camera and with the public. 'I was very worried that people would talk negatively about me and judge me as a single mother raising five children when the video was released,' she says. However, her fears were unfounded. 'Some people commented that they also have special needs kids and that it was good for Kevin to help us out,' she says. Opening up about your struggles and asking for help publicly can feel like a blow to one's pride, Rina says. But she also believes that when there are no other options, one should not reject help just to save face. She has also seen the critical comments floating online about Mr Wee. But having experienced his kindness first hand, she stands by him. 'I could tell he was genuinely trying to understand what I was going through,' she says. 'From the very first time we met, he asked thoughtful questions – not just for content, but to really see what kind of help I needed.' Help came when she was at rock bottom In September 2024 , Sarah (not her real name), 38, hit rock bottom. After years of not paying the utility bills for her family's two-room rental flat, there was an outstanding amount of more than $3,000. She was told that if the sum was not settled, the power supply to her flat would be cut off within a week. Her ex-husband had walked out on the family more than five years ago, leaving her to raise five children aged nine to 16. As she suffers from depression, she has been medically unfit to work for the past eight years. To support her family, she relies on family, friends and government subsidies. 'Whatever help that I get is just enough to get by the month,' says Sarah. 'Most of it goes to feeding my kids.' After coming across Z's fund-raiser for the family whose flat was destroyed in a fire, she decided to ask him for help. Z replied within a day. After learning about her financial situation on the phone, he shared her story on his Instagram page. 'I am quite private so I don't really share a lot of things. He actually took all the details needed to make the post. Although I did not want to share my photo, he said he needed it to run the fund-raising campaign. I asked him to blur our faces in the photo, which he did,' says Sarah, adding that she saw his post and was happy with how Z did not exaggerate her family's situation. His post was captioned: 'She is really stressed and overwhelmed with the current situation. Hope we are able to do what we can to help her start anew by clearing the debt... She has agreed for me to collect on her behalf. Please reference 'Sarah'.' He promised that all proceeds would go to the family, and that he would post updates, including the financial accounts. Within a few days, he raised more than $9,000 for her family. Throughout the process, he showed her receipts and screenshots of the donations that had come in during the campaign. With the funds, Sarah paid the outstanding utility bills, cleared a debt owed to a family member, stocked up on essentials to last through the year, and took her children to a rare meal out. 'He's very young, I can see that, but I can tell he is very honest. He's got a lot of experience, through the way he talks, and he understands my situation and he is very sincere about it,' she says, adding that she is grateful for all that he has done for her. They are still in touch, chatting occasionally via TikTok direct messages. Charity is not just a handout Even after running two successful crowdfunding drives, Mr Wee doubts the model's long-term viability. He's seen TikTokers overseas skim 4 to 8 per cent off donations to pay themselves. 'So technically, I can go with that model, but I don't think Singaporeans will be as receptive about that,' he says. 'When you see someone who is helpless, you can't help but feel like you want to empower them. I believe charity is not just a handout, it's a responsibility to empower,' says Mr Wee. Besides providing the people he helps with resources, he connects them with others who can help them, like social workers. 'It's about helping them, in a personal capacity, to stand on their own feet.' In a space where trust is everything, both Mr Wee and Z tread carefully, balancing heart with accountability. They know that in Singapore, good intentions alone are not enough. Transparency matters. So does impact. But at the core of it all is a simple truth: When help is given with sincerity, and received with dignity, even a digital platform can become a lifeline. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
an hour ago
- Business
- Business Times
Wealthy Silicon Valley investors in line for US$17 billion windfall in US senate Republican tax Bill
[NEW YORK] Silicon Valley's favourite tax break may be getting an upgrade. Venture capitalists, along with successful tech founders and early startup employees, already pay no taxes on billions of US dollars of gains annually, thanks to a lucrative and complicated provision called Qualified Small Business Stock, or QSBS. Now the carve-out could get even more generous in changes included in Senate Republicans' proposed tax and spending Bill moving through Congress. The once-obscure provision is the subject of 'every dinner conversation in Silicon Valley,' said Christopher Karachale, a partner at law firm Hanson Bridgett in San Francisco. 'It's already an exceptional benefit for people who take risks on startups.' Taxpayers claimed US$51 billion of QSBS gains in 2021, a record year for venture capital deal activity, according to a Treasury paper earlier this year, with the benefits skewed to a select group. While about 33,000 people reported QSBS to the Internal Revenue Service annually over the decade studied by Treasury, 90 per cent of the total income went to individuals reporting more than US$1 million of gains on eligible stocks. Shares qualify as QSBS if they're acquired early enough in a startup's life cycle and held for more than five years. Once sold, capital gains aren't taxed up to certain limits, which advisers to the wealthy have figured out how to stretch and multiply several-fold. With the right planning, a venture capital investor or founder can end up with hundreds of millions of US dollars of tax-free income. Now the QSBS break could get even better. Though it was not addressed in previous versions of US President Donald Trump's 'One Big Beautiful Bill,' Senate Republicans slipped into their version tweaks relaxing its complex rules. Taxpayers would be able to invest at later stages in startups and still get QSBS, cash out earlier and still get a partial benefit, and skip taxes entirely on up to 50 per cent more of their windfalls. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'I'm surprised' Critics say the QSBS provision is unnecessary and overly expensive. House Democrats proposed restricting the tax break in 2021. 'I'm surprised they're not killing this thing, but I guess the lobbyists did their work,' said Manoj Viswanathan, a professor at the University of California Law San Francisco who has studied QSBS. 'I just don't think it's worth it.' The Treasury projects the current QSBS break will cost the US$44.6 billion over the decade beginning in 2025. The Senate bill's proposed changes would boost that by another US$17.2 billion over that period, the Joint Committee on Taxation estimates. Defenders of the provision have spent several years pushing Congress to expand it, arguing it encourages innovation and risk-taking. 'It brings more capital off the bench and into the game that might otherwise go to different asset classes,' said Patrick Gouhin, chief executive officer of the Angel Capital Association. 'QSBS encourages long-term investment in high-growth startups across the country by lowering the cost of capital,' Bobby Franklin, president and CEO of the National Venture Capital Association, said in a statement. 'It tells investors and founders alike: building something new in America is still worth it.' Despite the name Qualified Small Business Stock, the vast majority of small businesses are not eligible. Only C-corporations issue stock that qualifies as QSBS. Service industries are generally excluded, and the break is most valuable for technology or biotech that can grow quickly and generate large capital gains. The Senate proposal would be a potential boon to investors in artificial intelligence and other hot areas. 'Stacking' strategy To qualify under current law, taxpayers must have obtained their shares in a C-corporation at an early stage, when it had less than US$50 million of gross assets, an accounting definition often significantly less than its valuation. People who hold QSBS for at least five years can avoid taxes on up to US$10 million of capital gains or 10 times their initial investment, whichever is more. An early investor who puts US$30 million into a startup, therefore, can theoretically receive US$300 million tax-free. Founders can maximise their initial basis, and thus their potential QSBS-eligible gains, by transferring intellectual property into a startup from a predecessor company. Through a process called 'stacking,' QSBS holders can multiply the benefits of the US$10 million exclusion as well. 'It's the biggest game in town,' Brian Gray, a partner at accounting firm Gursey Schneider in Los Angeles, said of the strategy. His clients typically set up six or seven trusts, each benefiting a different family member, to get up to US$60 million or US$70 million in tax-free gains rather than just US$10 million. Senate Republican lawmakers would turbo-charge those benefits. They would set a US$75 million limit on an eligible startup's gross assets, up from US$50 million, on QSBS issued after the bill is enacted. Maximum tax-free gains would jump to US$15 million, from US$10 million. Both limits would be adjusted for inflation starting in 2027. The bill would also make it easier for QSBS holders to exit their investments sooner than five years without forfeiting tax benefits, allowing them to exclude half their gain after three years and 75 per cent after four years. That will be valuable to serial entrepreneurs, according to Gouhin of the Angel Capital Association. 'This gives you an added incentive to turn that company as quickly as possible.' BLOOMBERG
Business Times
an hour ago
- Business
- Business Times
Oil steadies after report of planned Opec+ August output hike
[HOUSTON] Oil prices edged up slightly on Friday (Jun 27), recovering from a midday drop into negative territory following a report that Opec+ was planning to hike production in August, but tumbled about 12 per cent in the week in their biggest drop since March 2023. Brent crude futures settled at US$67.77 a barrel, up four cents or 0.1 per cent. US West Texas Intermediate crude finished up 28 cents or 0.4 per cent at US$65.52 a barrel. Four delegates from Opec+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a similar-size output increase already planned for July. 'The report about an Opec increase came out and prices cratered,' said Phil Flynn, senior market analyst with Price Futures Group, about the midday slide. Crude prices were already headed for a 12 per cent decline for the week following the ceasefire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on Jun 13, Brent prices rose briefly to above US$80 a barrel before slumping to US$67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market,' said Rystad analyst Janiv Shah. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. 'We're getting a demand premium on oil,' Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. US government data on Wednesday showed crude oil and fuel inventories fell last week, with refining activity and demand rising. Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from Jun 1 to 20, according to ship-tracker Vortexa, a record high based on the firm's data. The US oil and natural gas rig count, an early indicator of future output, fell for a fourth straight month to its lowest since October 2021, Baker Hughes said. The number of oil rigs fell by six to 432 this week, also the lowest level since October 2021. REUTERS
Cision Canada
an hour ago
- Business
- Cision Canada
TELUS ANNOUNCES PRICING OF CASH TENDER OFFERS FOR TWO SERIES OF DEBT SECURITIES
VANCOUVER, BC, June 27, 2025 /CNW/ - TELUS Corporation (the "Company") announced today the pricing terms of its previously announced separate offers (the "Offers") to purchase for cash up to the Maximum Purchase Amount (as defined below) of its outstanding notes of the series listed in the table below (collectively, the "Notes"). The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated June 20, 2025 relating to the Notes (the "Offer to Purchase") and the notice of guaranteed delivery attached as Appendix A thereto (the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Tender Offer Documents"). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase. Set forth in the table below is the applicable Total Consideration (as defined below) for each series of Notes, as calculated as of 2:00 p.m. (Eastern time) today, June 27, 2025, in accordance with the Offer to Purchase. _____________________________ (1) Subject to the satisfaction or waiver by the Company of the conditions of the Offers described in the Offer to Purchase, if the Maximum Purchase Condition (as defined below) is not satisfied with respect to all series of Notes, the Company will accept Notes for purchase in the order of their respective Acceptance Priority Level specified in the table above (each, an "Acceptance Priority Level," with 1 being the highest Acceptance Priority Level and 2 being the lowest Acceptance Priority Level). It is possible that a series of Notes with a particular Acceptance Priority Level will not be accepted for purchase even if a series with a higher or lower Acceptance Priority Level is accepted for purchase. (2) No representation is made by the Company as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this news release or printed on the Notes. They are provided solely for convenience. (3) The total consideration for each series of Notes (such consideration, the "Total Consideration") payable per each US$1,000 principal amount of such series of Notes validly tendered for purchase has been based on the applicable Fixed Spread specified in the table above for such series of Notes, plus the applicable yield based on the bid-side price of the applicable U.S. Treasury reference security as specified in the table above, as quoted on the applicable Bloomberg Reference Page as of 2:00 p.m. (Eastern time) today, June 27, 2025. The Total Consideration does not include the applicable Accrued Coupon Payment (as defined below), which will be payable in cash in addition to the applicable Total Consideration. The Offers will expire at 5:00 p.m. (Eastern time) on June 27, 2025, unless extended or earlier terminated (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Expiration Date"). Notes may be validly withdrawn at any time at or prior to 5:00 p.m. (Eastern time) today, June 27, 2025, unless extended with respect to any Offer. For Holders who deliver a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the deadline to validly tender Notes using the Guaranteed Delivery Procedures (as defined in the Offer to Purchase) will be the second business day after the Expiration Date and is expected to be 5:00 p.m. (Eastern time) on July 1, 2025, unless extended with respect to any Offer (the "Guaranteed Delivery Date"). Provided that the Financing Condition has been satisfied or waived by the Settlement Date (as defined below) and all other conditions to the Offers have been satisfied or waived by the Company by the Expiration Date, settlement for all Notes validly tendered and not validly withdrawn prior to the Expiration Date or pursuant to a Notice of Guaranteed Delivery will be four business days after the Expiration Date and two business days after the Guaranteed Delivery Date, respectively, which is expected to be July 3, 2025, unless extended with respect to any Offer (the "Settlement Date"). Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes are accepted for purchase in the Offers will receive the applicable Total Consideration for each US$1,000 principal amount of such Notes in cash on the Settlement Date. In addition to the applicable Total Consideration, Holders whose Notes are accepted for purchase will receive a cash payment equal to the accrued and unpaid interest on such Notes from and including the immediately preceding interest payment date for such Notes to, but excluding, the Settlement Date (the "Accrued Coupon Payment"). Interest will cease to accrue on the Settlement Date for all Notes accepted in the Offers. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by The Depository Trust Company ("DTC") or its participants. The Offers are subject to the satisfaction of certain conditions as described in the Offer to Purchase, including that the aggregate principal amount purchased in the Offers not exceed US$750,000,000 (the "Maximum Purchase Amount"), on the Maximum Purchase Amount being sufficient to include the aggregate principal amount of all validly tendered and not validly withdrawn Notes of such series (after accounting for all validly tendered Notes that have a higher Acceptance Priority Level) (the "Maximum Purchase Condition") and on the Company having raised by the Settlement Date net proceeds through one or more issuances of debt in the public or private capital markets, on terms reasonably satisfactory to the Company, sufficient to purchase all Notes validly tendered (and not validly withdrawn) up to the Maximum Purchase Amount and accepted for purchase by the Company in the Offers and to pay Accrued Interest and all fees and expenses in connection with the Offers (the "Financing Condition"). The Company reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers. The Offers are not conditioned on the tender of any aggregate minimum principal amount of Notes of any series (subject to minimum denomination requirements as set forth in the Offer to Purchase). The Company has retained J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC to act as lead dealer managers and BMO Capital Markets Corp., CIBC World Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Desjardins Securities Inc., National Bank of Canada Financial Inc. and SMBC Nikko Securities America, Inc. to act as co-dealer managers (collectively, the "Dealer Managers") for the Offers. Questions regarding the terms and conditions for the Offers should be directed to J.P. Morgan Securities LLC at +1 (866) 834-4666 (toll-free) or +1 (212) 834-3046 (collect), RBC Capital Markets, LLC at +1 (877) 381-2099 (toll-free) or +1 (212) 618-7843 (collect) or Wells Fargo Securities, LLC at +1 (866) 309-6316 (toll-free) or +1 (704) 410-4235 (collect). Global Bondholder Services Corporation is acting as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation in New York by telephone at +1 (212) 430-3774 (for banks and brokers only) or +1 (855) 654-2015 (for all others toll-free), or by email at [email protected]. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Tender Offer Documents can be accessed at the following link: If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Information and Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in DTC will be released. Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or withdraw their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer to Purchase. This news release is for informational purposes only. This news release is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities, and is not an offer to sell or the solicitation of an offer to buy any securities, of the Company or any of its subsidiaries. The Offers are being made solely pursuant to the Offer to Purchase. The Offers are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, "blue sky" or other laws of such jurisdiction. In any jurisdiction in which the securities or "blue sky" laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. No action has been or will be taken in any jurisdiction that would permit the possession, circulation or distribution of either this news release, the Offer to Purchase or any material relating to us or the Notes in any jurisdiction where action for that purpose is required. Accordingly, neither this news release, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from any such country or jurisdiction, except in compliance with any applicable rules or regulations of any such country or jurisdiction. Forward-looking Statements This news release contains statements about future events, including statements regarding the terms and timing for completion of the Offers, including the acceptance for purchase of any Notes validly tendered and the expected Expiration Date and Settlement Date thereof; and the satisfaction or waiver of certain conditions of the Offers. By their nature, forward-looking statements require us to make assumptions and predictions and are subject to inherent risks and uncertainties including risks associated with capital and debt markets. There is significant risk that the forward-looking statements will not prove to be accurate. Forward-looking statements are provided herein for the purpose of giving information about the proposed Offers. Readers are cautioned that such information may not be appropriate for other purposes. The Company's obligation to complete an Offer with respect to a particular series of Notes validly tendered is conditioned on the satisfaction of conditions described in the Offer to Purchase, including the Maximum Purchase Condition and the Financing Condition. Accordingly, there can be no assurance that repurchases of Notes under the Offers will occur at all or at the expected time indicated in this news release. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those described in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and the qualifications and risk factors as set out in our 2024 annual management's discussion and analysis and in our first quarter 2025 management's discussion and analysis and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at and in the United States (on EDGAR at The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as required by law or the Tender Offer Documents, TELUS disclaims any intention or obligation to update or revise forward-looking statements. About TELUS TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over C$20 billion in annual revenue with more than 20 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. Our TELUS Health business is enhancing more than 150 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. Our TELUS Agriculture & Consumer Goods business utilizes digital technologies and data insights to optimize the connection between producers and consumers. Guided by our enduring 'give where we live' philosophy, TELUS, our team members and retirees have contributed C$1.8 billion in cash, in-kind contributions, time and programs including 2.4 million days of service since 2000, earning us the distinction of the world's most giving company. For more information, visit or follow @TELUSNews on X and @Darren_Entwistle on Instagram. Investor Relations Robert Mitchell [email protected] Media Relations Steve Beisswanger [email protected]
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Why Congo and Rwanda Agreed to End Three Decades of War
Democratic Republic of Congo and Rwanda have agreed to bring an end to conflict in eastern Congo, where millions of people have died and multitudes have been displaced over the past three decades. A US-brokered accord signed in Washington on June 27 commits the two central African nations to stop fighting, halt their use of armed proxies and work together to develop the natural resources that lie along their shared border. There is well-founded skepticism over whether the truce will last. Distrust between the two long-standing foes runs deep and it's unclear whether their forces and a multitude of militias will heed instructions to lay down their weapons. More than 100 groups are engaged in ethnic disputes or fights over land, minerals and political representation in eastern Congo.
