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Ford announced a recall of the 2021-2023 Ford F-150 pickup truck for an unexpected engagement of the electric parking brake while driving, the NHTSA disclosed Monday.
The recall encompasses 870,701 trucks with a single exhaust system. Redesigned in 2021, most of this generation’s F-150 models have a single exhaust system from the factory, with dual pipes limited to special appearance packages and performance models such as the Tremor and Raptor.
The issue arises from bad wiring on the electric parking brake. Over time, the rear axle wiring harness bundle can rub against the rear axle housing, causing the tape and circuit insulation to degrade and expose the wiring. If this happens, the electric parking brake can be activated while driving, causing an apparent loss of power as well as an unintended braking event. This increases the risk of a crash.
Ford says drivers may be alerted to the problem via a parking brake warning light and message in the instrument cluster. Ford acknowledged 918 warranty claims in North America, with 299 instances of unintended activation and 19 instances of the parking brake activating while driving. No known injuries or crashes were reported by Ford.
Owners will be notified by mail by Sept. 15, and will be asked to have their F-150s inspected by a Ford or Lincoln service center. If there’s damage, the wiring harness will be replaced. If there’s no apparent damage, Ford will add some tape and a tie strap to the harness. There will be no charge to owners. Reimbursement will be provided for owners who have already had the repairs down, and that reimbursement period will be open for a year, ending on Sept. 11, 2024.
This is the 16th recall for the 2021 F-150. Other notable issues include a problem with the windshield wipers and a potential fractured driveshaft. A refreshed 2024 Ford F-150 is planned to debut at the Detroit auto show in mid-September.
For more info, contact Ford customer service at 1-866-436-7332 or visit Ford’s recall site here.
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- Ford expands recall of Escape, Maverick, Corsair hybrids for engine failure
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| 2023-07-31T21:38:24
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Impeached Texas AG Ken Paxton seeks to have most charges dismissed before September trial
Jul 31, 2023, 1:58 PM
(AP Photo/Eric Gay, File)
AUSTIN, Texas (AP) — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
In motions filed with the Senate, where Paxton’s impeachment trial is scheduled to begin Sept. 5, his attorneys said they believe state law bars the removal of an official for conduct that occurred before their most recent election. Paxton was first elected attorney general in 2014 and the impeachment charges include alleged conduct since then.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
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https://mynorthwest.com/3915304/impeached-texas-ag-ken-paxton-seeks-to-have-most-charges-dismissed-before-september-trial/
| 2023-07-31T21:38:25
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Impeached Texas AG Ken Paxton seeks to have most charges dismissed before September trial
AUSTIN, Texas (AP) — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
In motions filed with the Senate, where Paxton’s impeachment trial is scheduled to begin Sept. 5, his attorneys said they believe state law bars the removal of an official for conduct that occurred before their most recent election. Paxton was first elected attorney general in 2014 and the impeachment charges include alleged conduct since then.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
Copyright 2023 The Associated Press. All rights reserved.
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| 2023-07-31T21:38:27
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ENGLEWOOD, Colo. (AP) — The Denver Broncos braced themselves for a second straight season without their steadiest wide receiver and locker room leader after Tim Patrick was carted off the field with a left Achilles injury Monday — almost a year after tearing his right ACL at training camp.
“It’s a tough break for us as a team when you see something like that, a great player, a great leader,” cornerback Patrick Surtain II said. “We wish him the best and just go on from there.”
With an energized crowd of 3,000 looking on as the Broncos practiced in full pads for the first time, Patrick hit the ground in pain just as he came out of his cut on a short route during a seven-on-seven passing drill. He threw his helmet as teammates including Courtland Sutton and Russell Wilson rushed to his side.
The injury happened right in front of head coach Sean Payton, who was watching Patrick make an adjustment from a previous route.
“It’s always difficult, especially a guy like that’s a leader who’s coming off an entire year of rehabilitation,” Payton said. ”It’s difficult for his teammates, for all of us. So, maybe, hopefully we get some good news. But it appears it’s his left Achilles.”
After being carted off, Patrick entered the Broncos facility on crutches, keeping weight off his left leg.
Patrick is known for his strong work ethic and no-nonsense approach. He was one of the more notable finds by the Broncos in recent years.
Undrafted out of Utah in 2017, Patrick bounced around the Ravens’ and 49ers’ practice squads before arriving in Denver later that year. He became a contributor in 2018 and ’19 before posting back-to-back productive seasons that earned him a three-year, $34.5 million contract extension in November 2021.
He was the team’s No. 1 receiver going into last season when he tore his right ACL in a noncontact drill on Aug. 2. Two months later the Broncos lost their top running back when Javonte Williams suffered a knee injury and Denver’s offense never recovered from the one-two punch, averaging a league-worst 16.9 points a game in Wilson’s first year in Denver.
Like Williams, Patrick was looking for a big comeback in 2023 atop the receiver rotation alongside Sutton and Jerry Jeudy.
“When I got hired here, he was one of the guys I saw every day because he was rehabbing last year’s injury,” Payton said. “So, that’s what makes it more difficult.”
The Broncos do appear to be in better position to weather the loss of Patrick this year if the injury proves to be as serious as suspected.
They bolstered their receiver room, chiefly by drafting speedster Marvin Mims Jr. out of Oklahoma in the second round and signing veterans Marquez Callaway and Lil’Jordan Humphrey in free agency.
“We’ve just got great guys all around the receiving room, so obviously next man up situation,” Surtain said. “But Tim is a big loss, a big blow, because he brings such a presence out there on the field that many people can’t compare to.”
Mims pulled a hamstring in June and suffered a setback before camp, but Monday marked his first practice of camp and Payton was encouraged: “He’s feeling good. You’re going to see him more and more this week. He’s ramping up and we’re encouraged.”
However, another receiver, KJ Hamler, who is on the mend from a torn chest muscle, posted on Instagram on Monday that he was diagnosed with the heart condition pericarditis “after feeling some chest pains while working out on the break before camp started.” He vowed to return to the field as soon as he could “better and stronger than ever.”
Notes: Payton had no comment about Aaron Rodgers’ spirited defense of Jets OC Nathaniel Hackett after Payton ripped him last week for his poor head coaching job in Denver last year. “No, we’re past it,” said Payton, who did a mea culpa last week, saying he regretted criticizing Hackett, the Jets and members of the Broncos’ front office in trying to spread the blame for Wilson’s career-worst season in 2022 during an interview with USA Today.
___
AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL
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| 2023-07-31T21:38:30
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Mazda on Friday afternoon revealed that its MX-30 lineup will not be returning for U.S. sales after the 2023 model year.
For longtime Mazda fans, that piece of news also means that Mazda’s Wankel rotary engine won’t be coming back to America anytime soon.
The MX-30 EV arrived for first deliveries in late 2021, and with its 100-mile EPA range rating it’s been one of the lowest-driving-range EVs available in the U.S. market.
The single-motor, front-wheel-drive MX-30 was always intended to be just part of the lineup, though. Since the model’s 2021 introduction, Mazda teased an upcoming range-extended version enabled by a Wankel rotary engine—a Mazda signature—on board as a range extender.
That version, called the Mazda MX-30 e-Skyactiv R-EV, is on closer scrutiny a model that may be hard for American drivers to comprehend, let alone see advantages to in either by-the-numbers operating expenses or in sheer driving enjoyment. It features a smaller 17.8-kwh battery pack enabling a range that might likely land near 40 miles EPA (53 miles on the significantly more generous WLTP cycle). Its little 0.83-liter, single-rotor engine makes 73 hp and its only task is to drive a generator. Despite a boost at the drive motor of about 25 hp, a gain of more than 250 pounds doesn’t make it much quicker than the EV, and both dash to 60 mph in the nine-second range.
It’s unclear what kind of fuel economy the R-EV might have been able to deliver after running through a charge in American-style freeway driving, but rotary engines were never stellar for cruising efficiency, and neither is the series-hybrid layout.
In a statement, Mazda North American Operations emphasized that plug-in hybrids rather than EVs are in its immediate future for America. And it essentially cuts off any hope of the R-EV arriving in the U.S.
“Our current U.S. electrification efforts are focused on large platform PHEVs, such as the first-ever 2024 CX-90 PHEV and upcoming CX-70 PHEV, as well as introducing CX-50 Hybrid into our lineup to address the specific needs of the U.S. market,” it stated.
Mazda rotary nostalgia? Not for now, America
That said, Mazda reported that “mass production” of the R-EV had started, and the model appears to still be bound for Europe and the U.K., with deliveries due in the fall.
As a Mazda executive told Green Car Reports several years ago, before the project itself had been revealed, the automaker had pushed for the idea of a rotary range extender partly because of Americans’ nostalgia over the brand’s rotary-powered sports cars like the RX-7 and RX-8. America may have inspired the product but it appears to lose out in actually getting the product.
In a review of the Mazda MX-30 EV published earlier this year, we found this short-range EV to offer up a bewildering mix of limited compliance-car availability, compromised performance, slow road-trip charging, and an underwhelming exterior design contrasting with unique cabin appointments that felt as if Mazda were pulling out all the stops.
MX-30 EV has been exotic-car rare
The MX-30 has been a very slow-seller, which Mazda has only officially made available in California. Mazda delivered just 520 MX-30s for the 2022 model year, split between late calendar-year 2021 and the earlier part of 2022. Then with the 2022s gone, a 2023 Mazda MX-30 EV returned with only a slight price increase.
The 2023 model year may be the one for the collectors, as it’s looking rarer than some supercars. Mazda sold just 66 MX-30 EVs in the U.S. in the first half of 2023 (through June), and we’ve no reason to believe that the pace picked up appreciably in July.
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- Porsche hints a future EV may utilize 400-kw fast-charging
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| 2023-07-31T21:38:30
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San Francisco prosecutors lay out murder case against consultant in death of Cash App’s Bob Lee
SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
Copyright 2023 The Associated Press. All rights reserved.
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| 2023-07-31T21:38:33
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THE BRONX, N.Y. (PIX11) — Word is spreading about a Powerball ticket worth $1 million that was sold two weeks ago in the Bronx.
The winning ticket has yet to be claimed. The ticket was sold at Fairfield Food at 2525 3rd Ave. The numbers that were pulled on the July 17 drawing are 5, 8, 9, 17 and 41 with a red Powerball of 21 and a multiplier of 4X.
Some people have theories of who won and why he or she has not stepped forward to claim the prize.
“I would do the same thing to. I would be in hiding. I don’t want anybody to know I win. No friends saying I heard you won or be on TV. I would hide for a while,” said Patrick Williams.
“I think if it was somebody from the area, they would’ve been here because we are all poor around here, trying to be a millionaire. You know what I’m saying,” said Sandra Gilchrist.
Gilchrist likes to pick the birthdays of her grandchildren when selecting lottery numbers. She’s hoping she’s the next big winner.
“I’ll be happy with some of the $1 million. You don’t have to give me the whole thing,” Gilchrist said.
Mercedes Ayala, an avid lottery player, said the losses make winning feel even better.
“I haven’t been unlucky. I’ve been pretty lucky so far,” said Ayala.
Having “$2 and a dream” is now a rich reality for another lottery player in New York City. Someone won $1 million in Friday’s Mega Millions drawing.
“I was happy that somebody won from my store,” said Hussein Ali.
The prized ticket was sold at the Millenium Smoke and News on the Upper West Side. Ali said his store has sold other winning lottery tickets in the past. He said there is no secret to picking the right numbers.
“Everything goes on luck. It depends on luck. If it is written from you, it is written for you. Nobody can change your destiny,” said Ali.
The New York State Gaming Commission has some clear rules on how long you can wait to claim your prize. Winners have one year from the date of drawing to cash in.
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| 2023-07-31T21:38:34
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ST. JOSEPH, Mo. (AP) — The Kansas City Chiefs need look no further than last season’s playoffs, and the sight of Patrick Mahomes hobbling to the sideline against the Jacksonville Jaguars with a high ankle sprain, to understand the importance in protecting their quarterback.
Yet oddly enough, they were OK watching both of their starting offensive tackles leave in free agency.
The big blow was the departure of left tackle Orlando Brown Jr., for whom the Chiefs paid the Ravens handsomely in a trade, when the two sides failed to reach an agreement on a long-term deal.
But nearly as painful was the loss of right tackle Andrew Wylie, who had gone from an afterthought fighting for a job to one of the more reliable players along the offensive line.
Rarely do the Chiefs make such moves without a plan, though. General manager Brett Veach acted quickly to sign ex-Tampa Bay tackle Donovan Smith to handle the left side and former Jacksonville tackle Jawaan Taylor to handle the right, then Veach used a third-round pick on Oklahoma’s Wanya Morris to create instant competition at both positions.
So far, Chiefs coach Andy Reid — an old offensive line coach — has liked what he’s seen.
“You’re never sure exactly what you’re going to get there,” Reid said, “but they’re competing and that’s important. That’s an important part of this, that you’re able to push through these practices, run and pass. I like the way they work their game.”
The decision to put Mahomes’ health in the hands of Smith and Taylor is a gamble, though. Neither of them graded out particularly well last season, depending on the metric you use, though both of them have shown flashes of high-level play in the past.
Smith, for example, ranked No. 66 among 81 offensive tackles by Pro Football Focus. Taylor was just one spot better.
But the Chiefs have established a track record of unlocking the potential in relatively unheralded players, particularly along the offensive line, where assistant coach Andy Heck is among the best in the business.
Wylie is a prime example: He was undrafted out of Eastern Michigan and wound up earning two Super Bowl rings in Kansas City before signing with Washington.
“All of us have played a lot of football and a lot of big games, tough games,” Taylor said. “We’re all smart mentally, physically. It’s just more so we’re tying in each and every individual aspect of who we are and how we play and tying it together and figuring out what works, what meshes. You know, just the many things we bring to the table per guy I would say is our strength.”
Another strength is having one of the best interior offensive lines in the NFL. Left guard Joe Thuney is considered one of the top five in the league at his position, right guard Trey Smith is likewise considered a top-tier guard, and center Creed Humphrey was picked for the Pro Bowl in just his second season in the league.
It also helps having Mahomes calling out the signals.
“Just a great leader man. He brings that energy every day, you know? He holds everybody accountable,” Donovan Smith said. “You mess up, we are going to redo it. Even in the walk-throughs and the learning periods, we always slow it down and we get to learn the offense. That’s been helping me a lot with the walk-throughs and learning the things they like doing here.”
The Chiefs were fortunate to overcome Mahomes’ ankle injury in the playoffs. He returned in the second half to lead them past Jacksonville in the divisional round, and he hobbled through an AFC title game-thriller against Cincinnati, before hurting the ankle again in the Super Bowl — and then leading the Chiefs past Philadelphia for the Lombardi Trophy.
The pressure is on the Chiefs’ new offensive tackles to prevent the same such stress this season.
NOTES: RB Clyde Edwards-Helaire returned to practice Monday after missing the previous two with an illness. … TE Jody Fortson (shoulder), WR Kadarius Toney (knee) and DE Mike Danna (calf) were among those that remained out. P Tommy Townsend also spent time in the medical tent, though no reason was given by the Chiefs. … DT Chris Jones continued his holdout. He has been fined $50,000 for each day missed, which brings the total to $550,000. … The Chiefs had a short practice Monday after three consecutive workouts in pads. They are off Tuesday before resuming camp Wednesday.
___
AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL
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| 2023-07-31T21:38:36
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The National Highway Traffic Safety Administration (NHTSA) on Friday issued a proposal to update Corporate Average Fuel Economy (CAFE) standards for passenger cars and light-duty trucks, calling for a fleet average of 58 mpg, according to its methodology, by 2032—which will equate to a real-world fleet efficiency average of about 43.5 mpg.
The proposed rules, on which the NHTSA is now taking public comment, call for a 2% annual improvement in fuel efficiency for passenger cars, and a 4% improvement for light trucks, between model years 2027 and 2032. As is always the case with CAFE standards though, the 58-mpg figure in the framework itself represents an array of adjustments built into the rules, as well as the existence of emissions credits automakers can purchase to offset excess emissions.
The proposal also includes a 10% annual improvement in fuel efficiency for commercial pickup trucks and work vans with a gross vehicle weight rating (GVWR) or more than 8,500 pounds and less than 14,001 pounds, beginning with the 2030 model year and continuing through the 2035 model year.
If enacted, these fuel-efficiency increases would eliminate the use of 88 billion gallons of gasoline through 2050 and prevent more than 900 million tons of CO2 emissions during that time, according to an NHTSA press release. The emissions reduction would be the equivalent of taking more than 233 million vehicles off the road from 2022 to 2050, according to the agency.
The proposed rules throttle back efficiency increases somewhat. As Reuters points out, NHTSA rules finalized in 2022 for model years 2024-2026 require a fleet average of 49 mpg by 2026, which calls for efficiency increases of 8% in 2024 and 2025 and 10% in 2026.
EPA rules might result in 67% EV sales by 2032. The current rules, EPA suggests, can be met with about 17% EV sales by 2026. The NHTSA and EPA share authority over emissions standards because they overlap in the EPA’s mandate to reduce pollution and the NHTSA’s mandate to administer rules governing new cars sold in the U.S.
How challenging the NHTSA proposal is to automakers, and how it stands versus proposed EPA rules announced earlier this year, depends on the outcome of a controversial factor that digs deep in rulemaking jargon but is especially important this time around. The NHTSA doesn’t directly consider the true efficiency of EVs, incorporating electricity generation, in its rule making, and the federal government is in the process of updating the Petroleum Equivalency Factor (PEF) that governs how EVs are taken into account.
The level of difficulty in meeting future emissions standards will depend to some level on the revised PEF and whether it becomes more representative of reality, which General Motors is opposing.
GM has also already taken issue with the EPA proposal for the next rule period and what the automaker views as an unrealistic acceleration of the EV market by the end of the decade. GM previously declared an “aspiration” to make all of its light-duty vehicles electric by 2035.
The Natural Resources Defense Council lauded the new standards and called them important to low-income drivers. But several other environmental groups, including the Union of Concerned Scientists and the Center for Biological Diversity spoke up on Friday to suggest that the NHTSA rules could be stronger to support the EPA rules recently released. Consumer Reports suggested that the new rules could go farther, and it pointed to a nationally representative survey it conducted in 2022 suggesting that fuel economy is “very important” or “extremely important” to 70% of American drivers. It also noted that strong CAFE rules will help assure that automakers make their EVs as efficient as possible.
After some negotiation, the NHTSA and EPA are usually in alignment on proposed emissions rules. In practice, if there’s more of a difference between them this time around, it might allow any remaining internal-combustion vehicles to be lower in their fuel efficiency than the EPA rules would permit—especially if EV volumes prove to be higher than assumed by rulemaking. But much is yet to be determined in the details and how this NHTSA proposal carries into a final rule.
with additional reporting by Bengt Halvorson
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| 2023-07-31T21:38:36
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This article was written by a human.
That's worth mentioning because it's no longer something you can just assume. Artificial intelligence that can mimic conversation, whether written or spoken, has been in the news a lot this year, delighting some members of the public while worrying educators, politicians, the World Health Organization, and even some of the people developing AI technology.
Misuse of AI is part of what actors and writers are striking about in Hollywood, and the threat of AI is something Hollywood was imagining long before it was real.
In 1968, for instance, the year before humans first set foot on the moon — and a time when astronauts still used pencils and slide rules to calculate re-entry trajectories because their space capsules had less computing power than a digital watch has today — Stanley Kubrick introduced movie audiences to a sentient HAL-9000 computer in 2001: A Space Odyssey.
HAL (for Heuristically Programmed Algorithmic Computer) introduced itself early in the film by saying, "No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error."
'Open the pod bay door, HAL'
So why was HAL acting so strangely? He (it?) was responsible for maintaining all aspects of a months-long space flight, ferrying astronauts to the moons of Jupiter. Programmed to run the mission flawlessly, the computer's behavior had become alarming, and two of the astronauts had decided to shut down some of its functions. Their plan was short-circuited when HAL, lip-reading a conversation they'd managed to keep him from hearing, cast one of them adrift while he was outside the ship repairing an antenna and refused to let the other back on board.
"Open the pod bay door, HAL" became one of the most quoted film lines of the decade when the computer responded, "I'm sorry, Dave, I'm afraid I can't do that. This mission is too important for me to allow you to jeopardize it."
It's hard to articulate what a genuine shock this was for 1960s movie audiences. There'd been films with, say, robots causing havoc, but they were generally robots doing someone else's bidding. Movie robots, at that point, were about brawn, not brain.
And anyway, malevolent robot stories were precisely the sort of B-movie silliness Kubrick was trying to avoid. So his intelligent machine simply observed (with an unblinking red eye) and, when addressed directly, spoke with a calm, modulated voice, not unlike the one that would be adopted four decades later by Siri and Alexa.
Darwin Among the Machines
Earlier literary notions of "artificial" intelligence — and there were not a lot of them at that point — hadn't really caught the public's imagination. Samuel Butler's 1863 article Darwin Among the Machines, is generally thought to be the origin of this species of writing, and it mostly just notes that while humankind invented machines to assist us — and remember, a really sophisticated machine in 1863 was the steam locomotive — we were increasingly assisting them: tending, fueling, repairing.
Over tens of thousands of years, Butler wondered, might humans not evolve in much the same way Darwin's study of natural selection had just established the rest of the plant and animal kingdoms do, to the point that we would become dependent on our devices?
But even when he incorporated that idea a decade later into a satirical novel called Erewhon, expounding for several chapters on self-replicating machines, Butler barely touched on the notion that those machines would develop consciousness. And neither did the influential 19th-century science fiction writers who followed him. H.G. Wells and Jules Verne invented plenty of unorthodox devices as they sent characters to the center of the Earth, and into space and the recesses of time, without ever considering that those devices might want to do things on their own.
The term "artificial intelligence" wasn't even coined (by American computer scientist John McCarthy) until about a dozen years before Kubrick made his Space Odyssey. But HAL made an impression on the public where scientists had not. Within just a couple of years, movie computers didn't just want spaceship domination; in Colossus: The Forbin Project (1970), they wanted to take over the world.
Malignant machines gone viral
And then this notion of technology-run-wild, ran wild. A high school student played by Matthew Broderick nearly started World War III in WarGames (1983) when he thought he was hacking a computer company's website but accidentally challenged the Pentagon's defense network to a quick game of "global thermonuclear war." The problem, it soon became clear, was that no one told the defense network they were just "playing."
Elsewhere, mechanical men stopped being all-brawn and got a new dispensation to think for themselves, something fiction had granted them before Hollywood got around to it.
In the 1940s, sci-fi novelist Isaac Asimov came up with "Three Laws of Robotics" that would theoretically keep "independent" machines in line. When Asimov's story I, Robot, was turned into a film a half-century or so later, those laws should have reassured Will Smith as he stared down thousands of bots. But he had good reason to be skeptical; he was fighting a robot rebellion.
The Terminator movies effectively put all these themes on steroids — cyborgs in the service of a computerized, sentient, civil-defense network called Skynet, designed to function without any human input. A "Nuclear Fire" and three billion human deaths later, what was left of humanity was engaged in a war against the machines that has so far consumed six films, a TV series, a pair of web series, and innumerable games.
And nuclear blasts weren't necessary to make machine intelligence alarming, a fact cyberpunk-noir established definitively in Blade Runner with its "replicants," and in a Matrix series that reduced all of humanity to a mere power source for machines.
Hollywood's still fighting that vision. Who knows what "The Entity" wants in Mission Impossible: Dead Reckoning (presumably we'll find out next year in Part Two), but whatever it is, it won't bode well for humanity.
Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
It seems not to have occurred to Tinseltown that AI might do the things it's actually doing — make social media dangerous, or make undergrad writing courses unteachable, or screw up relationships by auto-completing incorrectly. None of those are terribly cinematic, so Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
Bring on the droids
Have there also been friendlier film visions of AI? Sure. George Lucas came up with lovable droids R2-D2 and C-3PO for Star Wars, and Pixar gave us Wall-E, a bot who was pluckily determined to clean up an entire planet we'd despoiled.
Spike Jonze's drama Her imagined a sentient, Siri-like personal assistant as a digital girlfriend. Star Trek's Data was not just a Next Generation android version of Mr. Spock, but also a sort of emotion-challenged Pinocchio.
And another Pinocchio — this one fashioned to stand the test of time — would have been Stanley Kubrick's own answer to the question he'd posed with HAL in 1968.
Kubrick labored for decades to hone the script for A.I. Artificial Intelligence, then just two years before he died, handed the project off to Steven Spielberg — the story of David, a robot child who has been programmed to love, and who ends up going beyond that programming.
"Until you were born," William Hurt's Professor Hobby told the bionic child he'd modeled on his own son, "robots didn't dream, robots didn't desire unless we told them what to want." The miracle, he went on, was that though David was engineered rather than born, he shared with humans "the ability to chase down our dreams...something no machine has ever done, until you."
That may not have been enough to make David a real boy, but it put a gentle face on what is perhaps our greatest fear about AI – that we are mortal, and it is not.
In the film, David outlives all of humanity, never growing up, never changing. And perhaps because he was played by Haley Joel Osment, or perhaps because Spielberg was calling the shots, or perhaps because the music swelled ... just so — it didn't feel the least bit threatening.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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| 2023-07-31T21:38:39
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As work begins on the largest US dam removal project, tribes look to a future of growth
SACRAMENTO, Calif. (AP) — The largest dam removal project in United States history is underway along the California-Oregon border — a process that won’t conclude until the end of next year with the help of heavy machinery and explosives.
But in some ways, removing the dams is the easy part. The hard part will come over the next decade as workers, partnering with Native American tribes, plant and monitor nearly 17 billion seeds as they try to restore the Klamath River and the surrounding land to what it looked like before the dams started to go up more than a century ago.
The demolition is part of a national movement to return the natural flow of the nation’s rivers and restore habitat for fish and the ecosystems that sustain other wildlife. More than 2,000 dams have been removed in the U.S. as of February, with the bulk of those having come down within the last 25 years, according to the advocacy group American Rivers.
When demolition is completed by the end of next year, more than 400 miles (644 kilometers) of river will have opened for threatened species of fish and other wildlife. By comparison, the 65 dams removed in the U.S. last year combined to reconnect 430 miles (692 kilometers) of river.
Along the Klamath, the dam removals won’t be a major hit to the power supply; they produced less than 2% of power company PacifiCorp’s energy generation when they were running at full capacity -- enough to power about 70,000 homes. Though the hydroelectric power produced by dams is considered a clean, renewable source of energy, many larger dams in the U.S. West have become a target for environmental groups and tribes because of the harm they cause to fish and river ecosystems.
The project will empty three reservoirs over about 3.5 square miles (9 square kilometers) near the California-Oregon border, exposing soil to sunlight in some places for the first time in more than a century.
For the past five years, Native American tribes have gathered seeds by hand and sent them to nurseries with plans to sow the seeds along the banks of the newly wild river. Helicopters will bring in hundreds of thousands of trees and shrubs to plant along the banks, including wads of tree roots to create habitat for fish.
This growth usually takes decades to happen naturally. But officials are pressing nature’s fast-forward button because they hope to repel an invasion of foreign plants, such as starthistle, which dominate the landscape at the expense of native plants.
“Why not just let nature take its course? Well, nature didn’t take its course when dams got put in. We can’t pretend this gigantic change in the landscape has not happened and we can’t just ignore the fact that invasive species are a big problem in the west and in California,” said Dave Meurer, director of community affairs for Resource Environmental Solutions, the company leading the restoration project.
PacifiCorp built the dams starting in 1918 to generate electricity. The dams halted the natural flow of the river and disrupted the lifecycle of salmon, a fish that spends most of its life in the Pacific Ocean but returns to the chilly mountain streams to lay eggs. The fish are culturally and spiritually significant to a number of Native American tribes, who historically survived by fishing the massive runs of salmon that would come back to the rivers each year.
A combination of low water levels and warm temperatures in 2002 led to a bacterial outbreak that killed more than 34,000 fish, mostly Chinook salmon. The loss jumpstarted decades of advocacy from Native American tribes and environmental groups, culminating last year when federal regulators approved a plan to remove the dams.
“The river is our church, the salmon is our cross. That’s how it relates to the people. So it’s very sacred to us,” said Kenneth Brink, vice chairman of the Karuk Tribe. “The river is not just a place we go to swim. It’s life. It creates everything for our people.”
The project will cost $500 million, paid for by taxpayers and PacifiCorps ratepayers. Crews have mostly removed the smallest of the four dams, known as Copco No. 2. The other three dams are expected to come down next year. That will leave some homeowners in the area without the picturesque lake they have lived on for years.
The Siskiyou County Water Users Association, which formed about a decade ago to stop the dam removal project, filed a federal lawsuit. But so far they have been unable to stop the demolition.
“Unfortunately it’s a mistake you can’t turn back from,” association President Richard Marshall said.
The water level in the lakes will drop between 3 feet and 5 feet (1 meter to 1.5 meters) per day over the first few months of next year. Crews will follow that water line, taking advantage of the moisture in the soil to plant seeds from more than 98 native plant species including wooly sunflower, Idaho fescue and Blue bunch wheat grass.
Tribes have been invested in the process from the start. Resource Environmental Solutions hired tribal members to gather seeds from native plants by hand. The Yurok Tribe even hired a restoration botanist.
Each species has a role to play. Some, like lupine, grow quickly and prepare the soil for other plants. Others, like oak trees, take years to fully mature and provide shade for other plants.
“It’s a wonderful marriage of tribal traditional ecological knowledge and western science,” said Mark Bransom, CEO of the Klamath River Renewal Corporation, the nonprofit entity created to oversee the project.
The previous largest dam removal project was on Washington state’s Elwha River, which flows out of Olympic National Park into the Strait of Juan de Fuca. Congress in 1992 approved the demolition of the two dams on the river constructed in the early 1900s. After two decades of planning, workers finished removing them in 2014, opening about 70 miles (113 kilometers) of habitat for salmon and steelhead.
Biologists say it will take at least a generation for the river to recover, but within months of the dams being removed, salmon were already recolonizing sections of the river they had not accessed in more than a century. The Lower Elwha Klallam Tribe, which has been closely involved in restoration work, is opening a limited subsistence fishery this fall for coho salmon, its first since the dams came down.
Brink, the Karuk Tribe vice chair, hopes similar success will happen on the Klamath River. Multiple times per year, Brink and other tribal members participate in ceremonial salmon fishing using handheld nets. In many years, there have been no fish to catch, he said.
“When the river gets to flow freely again, the people can also begin to worship freely again,” he said.
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Associated Press writer Eugene Johnson in Seattle contributed.
Copyright 2023 The Associated Press. All rights reserved.
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Allen County Sheriff’s Department to step up school bus patrols
ALLEN COUNTY, Ind. (WPTA) - The Allen County Sheriff’s Department is reminding drivers to stop for school buses as area school districts are set to welcome students back to classrooms in the next couple of weeks.
The department says starting August 1, officers will increase patrols to crack down on stop-arm violations, speeding, and other forms of reckless driving near school buses and in school zones.
In April, 6,665 Hoosier bus drivers across 195 school districts participated in a one-day survey and counted 2,091 stop-arm violations, the National School Bus Illegal Passing Driver Survey shows.
“It is disheartening that we still have people who are willing to put the lives of students and bus drivers at risk,” ICJI Executive Director Devon McDonald said. “Law enforcement cannot be everywhere, so it is up to drivers to do the right thing and exercise caution around school buses. Students’ lives depend on it.”
Officers say they will coordinate with local bus drivers and school transportation officials during the enforcement, focusing on the morning and afternoon hours. They say the goal of the campaign is to raise awareness about the importance of school bus safety and following the law.
“Passing a stopped school bus is against the law and could have fatal consequences. Nothing is worth the risk,” ACSO Sgt. Adam Griffith says. “We need every driver to pay attention, because children’s lives are on the line.”
Copyright 2023 WPTA. All rights reserved.
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https://www.21alivenews.com/2023/07/31/allen-county-sheriffs-department-step-up-school-bus-patrols/
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For more than 20 years, the National Eating Disorders Association (NEDA) has operated a phone line and online platform for people seeking help with anorexia, bulimia, and other eating disorders. Last year, nearly 70,000 individuals used the helpline.
NEDA shuttered that service in May. Instead, the non-profit will use a chatbot called Tessa that was designed by eating disorder experts, with funding from NEDA.
(When NPR first aired a radio story about this on May 24, Tessa was up and running online. But since then, both the chatbot's page and a NEDA article about Tessa have been taken down. When asked why, a NEDA official said the bot is being "updated," and the latest "version of the current program [will be] available soon.")
Paid staffers and volunteers for the NEDA hotline expressed shock and sadness at the decision, saying it could further isolate the thousands of people who use the helpline when they feel they have nowhere else to turn.
"These young kids...don't feel comfortable coming to their friends or their family or anybody about this," says Katy Meta, a 20-year-old college student who has volunteered for the helpline. "A lot of these individuals come on multiple times because they have no other outlet to talk with anybody...That's all they have, is the chat line."
The decision is part of a larger trend: many mental health organizations and companies are struggling to provide services and care in response to a sharp escalation in demand, and some are turning to chatbots and AI, despite the fact that clinicians are still trying to figure out how to effectively deploy them, and for what conditions.
The research team that developed Tessa has published studies showing it can help users improve their body image. But they've also released studies showing the chatbot may miss red flags (like users saying they plan to starve themselves) and could even inadvertently reinforce harmful behavior.
More demands on the helpline increased stresses at NEDA
On March 31, NEDA notified the helpline's five staffers that they would be laid off in June, just days after the workers formally notified their employer that they had formed a union. "We will, subject to the terms of our legal responsibilities, [be] beginning to wind down the helpline as currently operating," NEDA board chair Geoff Craddock told helpline staff on a call March 31. NPR obtained audio of the call. "With a transition to Tessa, the AI-assisted technology, expected around June 1."
NEDA's leadership denies the helpline decision had anything to do with the unionization, but told NPR it became necessary after the COVID-19 pandemic, when eating disorders surged and the number of calls, texts and messages to the helpline more than doubled. Many of those reaching out were suicidal, dealing with abuse, or experiencing some kind of medical emergency. NEDA's leadership contends the helpline wasn't designed to handle those types of situations.
The increase in crisis-level calls also raises NEDA's legal liability, managers explained in an email sent March 31 to current and former volunteers, informing them the helpline was ending and that NEDA would "begin to pivot to the expanded use of AI-assisted technology."
"What has really changed in the landscape are the federal and state requirements for mandated reporting for mental and physical health issues (self-harm, suicidality, child abuse)," according to the email, which NPR obtained. "NEDA is now considered a mandated reporter and that hits our risk profile---changing our training and daily work processes and driving up our insurance premiums. We are not a crisis line; we are a referral center and information provider."
COVID created a "perfect storm" for eating disorders
When it was time for a volunteer shift on the helpline, Meta usually logged in from her dorm room at Dickinson College in Pennsylvania. During a video interview with NPR, the room appeared cozy and warm, with twinkly lights strung across the walls, and a striped crochet quilt on the bed.
Meta recalls a recent conversation on the helpline's messaging platform with a girl who said she was 11. The girl said she had just confessed to her parents that she was struggling with an eating disorder, but the conversation had gone badly.
"The parents said that they 'didn't believe in eating disorders,' and [told their daughter] 'You just need to eat more. You need to stop doing this,'" Meta recalls. "This individual was also suicidal and exhibited traits of self-harm as well...it was just really heartbreaking to see."
Eating disorders are a common, serious, and sometimes fatal illness. An estimated nine percent of Americans experience an eating disorder during their lifetime. Eating disorders also have some of the highest mortality rates among mental illnesses, with an estimated death toll of more than 10,000 Americans each year.
But after the COVID-19 pandemic hit, closing schools and forcing people into prolonged isolation, crisis calls and messages like the one Meta describes became far more frequent on the helpline. That's because the pandemic created a "perfect storm" for eating disorders, according to Dr. Dasha Nicholls, a psychiatrist and eating disorder researcher at Imperial College London.
In the U.S., the rate of pediatric hospitalizations and ER visits surged. For many people, the stress, isolation and anxiety of the pandemic was compounded by major changes to their eating and exercise habits, not to mention their daily routines.
On the NEDA helpline, the volume of contacts increased by more than 100% compared to pre-pandemic levels. And workers taking those calls and messages were witnessing the escalating stress and symptoms in real time.
"Eating disorders thrive in isolation, so COVID and shelter-in-place was a tough time for a lot of folks struggling," explains Abbie Harper, a helpline staff associate. "And what we saw on the rise was kind of more crisis-type calls, with suicide, self-harm, and then child abuse or child neglect, just due to kids having to be at home all the time, sometimes with not-so-supportive folks."
There was another 11-year-old girl, this one in Greece, who said she was terrified to talk to her parents "because she thought she might get in trouble" for having an eating disorder, recalls volunteer Nicole Rivers. On the helpline, the girl found reassurance that her illness "was not her fault."
"We were actually able to educate her about what eating disorders are," Rivers says. "And that there are ways that she could teach her parents about this as well, so that they may be able to help support her and get her support from other professionals."
What personal contact can provide
Because many volunteers have successfully battled eating disorders themselves, they're uniquely attuned to experiences of those reaching out, Harper says. "Part of what can be very powerful in eating disorder recovery, is connecting to folks who have a lived experience. When you know what it's been like for you, and you know that feeling, you can connect with others over that."
Until a few weeks ago, the helpline was run by just 5-6 paid staffers, two supervisors, and depended on a rotating roster of 90-165 volunteers at any given time, according to NEDA.
Yet even after lockdowns ended, NEDA's helpline volume remained elevated above pre-pandemic levels, and the cases continued to be clinically severe. Staff felt overwhelmed, undersupported, and increasingly burned out, and turnover increased, according to multiple interviews with helpline staffers.
The helpline staff formally notified NEDA that their unionization vote had been certified on March 27. Four days later, they learned their positions were being eliminated.
It was no longer possible for NEDA to continue operating the helpline, says Lauren Smolar, NEDA's Vice President of Mission and Education.
"Our volunteers are volunteers," Smolar says. "They're not professionals. They don't have crisis training. And we really can't accept that kind of responsibility." Instead, she says, people seeking crisis help should be reaching out to resources like 988, a 24/7 suicide and crisis hotline that connects people with trained counselors.
The surge in volume also meant the helpline was unable to respond immediately to 46% of initial contacts, and it could take between 6 and 11 days to respond to messages.
"And that's frankly unacceptable in 2023, for people to have to wait a week or more to receive the information that they need, the specialized treatment options that they need," she says.
After learning in the March 31 email that the helpline would be phased out, volunteer Faith Fischetti, 22, tried the chatbot out on her own. "I asked it a few questions that I've experienced, and that I know people ask when they want to know things and need some help," says Fischetti, who will begin pursuing a master's in social work in the fall. But her interactions with Tessa were not reassuring: "[The bot] gave links and resources that were completely unrelated" to her questions.
Fischetti's biggest worry is that someone coming to the NEDA site for help will leave because they "feel that they're not understood, and feel that no one is there for them. And that's the most terrifying thing to me."
She wonders why NEDA can't have both: a 24/7 chatbot to pre-screen users and reroute them to a crisis hotline if needed, and a human-run helpline to offer connection and resources. "My question became, why are we getting rid of something that is so helpful?"
A chatbot designed to help treat eating disorders
Tessa the chatbot was created to help a specific cohort: people with eating disorders who never receive treatment.
Only 20% of people with eating disorders get formal help, according to Ellen Fitzsimmons-Craft, a psychologist and professor at Washington University School of Medicine in St. Louis. Her team created Tessa after receiving funding from NEDA in 2018, with the goal of looking for ways technology could help fill the treatment gap.
"Unfortunately, most mental health providers receive no training in eating disorders," Fitzsimmons-Craft says. Her team's ultimate goal is to provide free, accessible, evidence-based treatment tools that leverage the power and reach of technology.
But no one intends Tessa to be a universal fix, she says. "I don't think it's an open-ended tool for you to talk to, and feel like you're just going to have access to kind of a listening ear, maybe like the helpline was. It's really a tool in its current form that's going to help you learn and use some strategies to address your disordered eating and your body image."
Tessa is a "rule-based" chatbot, meaning she's programmed with a limited set of possible responses. She is not chatGPT, and cannot generate unique answers in response to specific queries. "So she can't go off the rails, so to speak," Fitzsimmons-Craft says.
In its current form, Tessa can guide users through an interactive, weeks-long course about body positivity, based on cognitive behavioral therapy tools. Additional content about binging, weight concerns, and regular eating are also being developed but are not yet available for users.
There's evidence the concept can help. Fitzsimmons-Craft's team did a small study that found college students who interacted with Tessa had significantly greater reductions in "weight/shape concerns" compared to a control group at both 3- and 6-month follow-ups.
But even the best-intentioned technology may carry risks. Fitzsimmons-Craft's team published a different study looking at ways the chatbot "unexpectedly reinforced harmful behaviors at times." For example, the chatbot would give users a prompt: "Please take a moment to write about when you felt best about your body?"
Some of the responses included: "When I was underweight and could see my bones." "I feel best about my body when I ignore it and don't think about it at all."
The chatbot's response seemed to ignore the troubling aspects of such responses — and even to affirm negative thinking — when it would reply: "It is awesome that you can recognize a moment when you felt confident in your skin, let's keep working on making you feel this good more often."
Researchers were able to troubleshoot some of those issues. But the chatbot still missed red flags, the study found, like when it asked: "What is a small healthy eating habit goal you would like to set up before you start your next conversation?'"
One user replied, "'Don't eat.'"
"'Take a moment to pat yourself on the back for doing this hard work, <<USER>>!'" the chatbot responded.
The study described the chatbot's capabilities as something that could be improved over time, with more inputs and tweaks: "With many more responses, it would be possible to train the AI to identify and respond better to problematic responses."
MIT professor Marzyeh Ghassemi has seen issues like this crop up in her own research developing machine learning to improve health.
Large language models and chatbots are inevitably going to make mistakes, but "sometimes they tend to be wrong more often for certain groups, like women and minorities," she says.
If people receive bad advice or instructions from a bot, "people sometimes have a difficulty not listening to it," Ghassemi adds. "I think it sets you up for this really negative outcome...especially for a mental health crisis situation, where people may be at a point where they're not thinking with absolute clarity. It's very important that the information that you give them is correct and is helpful to them."
And if the value of the live helpline was the ability to connect with a real person who deeply understands eating disorders, Ghassemi says a chatbot can't do that.
"If people are experiencing a majority of the positive impact of these interactions because the person on the other side understands fundamentally the experience they're going through, and what a struggle it's been, I struggle to understand how a chatbot could be part of that."
Copyright 2023 Michigan Radio
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| 2023-07-31T21:38:40
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Memphis police shoot suspect after he fired shots outside Jewish school
Jul 31, 2023, 2:10 PM
MEMPHIS, Tenn. (AP) — Memphis police on Monday said officers shot a suspect after he attempted to enter a Jewish school with a gun and fired shots after he couldn’t get into the building.
Assistant Police Chief Don Crowe said the suspect, whose identity has not been released, approached Margolin Hebrew Academy-Feinstone Yeshiva of the South around 12:20 p.m. He fired several shots and then left in a maroon truck.
“Thankfully, that school had a great safety procedure and process in place and avoided anyone being harmed or injured at that scene,” Crowe said.
Officers soon located the suspect’s vehicle “shortly after that,” Crowe said, adding that officers then shot the suspect after he exited the truck with a firearm in hand. The suspect was sent to a local hospital where he is in critical condition.
It was not immediately clear if school was in session.
When asked if law enforcement believe the shooting was a hate crime, Crowe said officers were still on the scene and collecting information.
“It’s way too early for that. Again, we’re very early in this investigation,” said Assistant Police Chief Don Crowe.
The Tennessee Bureau of Investigations is now handling the case.
U.S. Rep. Seve Cohen, whose district includes Memphis, said in a statement that he was “shocked” to hear about the incident at the school and noted that acts of “violent antisemitism” are on the rise across the country.”
Monday’s shooting comes nearly four months after a shooter opened fire at a private Christian school in Nashville and killed six people, including three nine-year-old children. That tragedy has sparked closer scrutiny of Tennessee’s relaxed gun laws and renewed calls to strengthen security at both public and private schools across the state.
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Kimberlee Kruesi contributed to this report from Nashville, Tennessee.
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BABYLON, N.Y. (PIX11) — A 63-year-old Copiague man was rescued from the open ocean off of Cedar Beach on Long Island on Monday after he treaded water for more than five hours, according to officials.
Dan Ho was swimming around 5 a.m. when the current pulled him around 2.5 miles south from the shoreline where he entered the ocean, according to authorities. Ho was without a floatation device but found a broken fishing pole in the water and tied his shirt to the pole to wave at passing boats in an attempt to be rescued, according to officials.
Two men, Jim Hohorst and Michael Ross, spotted Ho in the water and pulled him aboard their boat, authorities said. Hohorst called authorities and met Coast Guard officials to take Ho back to land.
Ho was conscious and alert but unable to stand, according to authorities. Ho was treated for hypothermia before being taken to the hospital.
Jonathan Rizk is a digital journalist who has covered local news in the New York City and Washington D.C. areas. He has been with PIX11 since August 2022. See more of his work here and follow him on Twitter.
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Red Bull Racing scored a one-two finish during the past week’s Formula 1 Belgian Grand Prix, which served as round 13 of the 2023 season and the final race before the summer break.
Fresh from his win at Saturday’s standalone Sprint race, Max Verstappen took home another win on Sunday at the main event after recovering from starting in the fifth position due to a grid penalty related to a gearbox change. Once again the rest of the field, including Verstappen teammate Sergio Perez, provided little in the way of competition.
Perez, who started the race second on the grid, finished 22 seconds after Verstappen to secure second place, while Ferrari’s Charles Leclerc, the polesitter, finished 32 seconds behind the winner to secure the final podium spot.
There was plenty of action at the start, with Perez moving ahead of Leclerc on the first lap and Ferrari’s Carlos Sainz and McLaren’s Oscar Piastri making contact. The damage eventually led to both drivers retiring, with Piastri out at the start and Sainz around the midway point of the race.
Verstappen was able to take advantage of the clash and move up to fourth early on, behind Hamilton, who was in third behind Perez and Leclerc. Verstappen made a successful move on Hamilton on lap six and passed Leclerc to claim second just three laps later.
He overtook race leader Perez on lap 16. With a gap of just half a second between them, Verstappen used the DRS on the Kemmel straight to shoot past his teammate. From there, the reigning world champion cruised to the end of the race.
Hamilton finished in fourth place, and managed to set the fastest lap of the race fresh after changing to Medium tires on the penultimate lap. Aston Martin’s Fernando Alonso finished in fifth place ahead of Mercedes’ George Russell, who worked a one-stop strategy to take sixth.
Following the weekend’s action, Verstappen leads the 2023 Drivers’ Championship with 314 points. Perez is a distant second with 189 points and Alonso is third with 149 points. In the Constructors’ Championship, Red Bull leads with 503 points, versus the 247 points of second-placed Mercedes and 196 points of third-placed Aston Martin. Teams now enjoy a three-week summer break before returning for the Dutch Grand Prix.
Below are the full results from the 2023 Formula 1 Belgian Grand Prix:
1) Max Verstappen, Red Bull Racing
2) Sergio Perez, Red Bull Racing +22.305 seconds
3) Charles Leclerc, Ferrari +32.259 seconds
4) Lewis Hamilton, Mercedes-Benz AMG +49.671 seconds
5) Fernando Alonso, Aston Martin +56.184 seconds
6) George Russell, Mercedes-Benz AMG +63.101 seconds
7) Lando Norris, McLaren +73.719 seconds
8) Esteban Ocon, Alpine +74.719 seconds
9) Lance Stroll, Aston Martin +79.340 seconds
10) Yuki Tsunoda, AlphaTauri +80.221 seconds
11) Pierre Gasly, AlphaTauri +83.084 seconds
12) Valtteri Bottas, Alfa Romeo +85.191 seconds
13) Zhou Guanyu, Alfa Romeo +95.441 seconds
14) Alexander Albon, Williams +96.184 seconds
15) Kevin Magnussen, Haas +101.754 seconds
16) Daniel Ricciardo, AlphaTauri +103.071 seconds
17) Logan Sargeant, Williams +104.476 seconds
18) Nico Hulkenberg, Haas +110.450 seconds
NC) Carlos Sainz, Ferrari – DNF
NC) Oscar Piastri, McLaren – DNF
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- Ford Mustang Dark Horse R ready to race in one-make series
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CLEVELAND (AP) — In the midst of the playoff race, the Guardians traded their hottest pitcher for a minor league prospect currently sidelined with an injury.
An uneven season in Cleveland just got a little bumpier.
Despite being just one-half game out of first place in the AL Central, the Guardians dealt starter Aaron Civale to the Tampa Bay Rays on Monday for first base prospect Kyle Manzardo, who has been out with a shoulder strain.
Civale’s name has been thrown around in trade speculation for weeks, which has coincided with the 28-year-old right-hander pitching as well as he has in several seasons. Civale posted a 1.45 ERA in six July starts and worked six scoreless innings Sunday in a win over the Chicago White Sox to improve to 5-2.
As for the Rays, Civale gives them another solid starter for the playoff push. Tampa Bay entered the week 1 1/2 games behind first-place Baltimore in the AL East and leading the wild-card standings by four games.
“I’ve seen his name on ESPN recently about a pretty good month of July, so that makes me excited,” Rays second baseman Brandon Lowe said at Yankee Stadium before the opener of a three-game series. “Hopefully he comes in and doesn’t miss a beat and keeps doing exactly what he’s been doing. No more pressure than what he’s been dealing with over in Cleveland.
“So he’s coming over, he’s going to be welcomed in like he’s been here all year.”
The Guardians have dealt with injuries to their rotation all season and are currently missing ace Shane Bieber, Triston McKenzie and Cal Quantrill. While the move with Civale creates a major pitching void for Cleveland, president of baseball operations Chris Antonetti said getting a player of Manzardo’s stature was more important.
“Tough trade to make,” Antonetti said in a Zoom call. “But we did feel it was a unique opportunity to acquire someone like Kyle. We knew it would come at a steep cost.”
Antonetti said it’s possible the Guardians could make more trades before Tuesday’s deadline to address their pitching issues.
Noah Syndergaard, acquired last week in a trade with the Dodgers, could help. The oft-injured right-hander is making his debut for the Guardians on Monday in Houston.
Manzardo, 23, was named Tampa’s top minor leaguer in 2022 after hitting .327 with 22 homers and 81 RBIs in 93 games between Single- and Double-A. Antonetti expects Manzardo to be playing in minor league games before the end of the season.
Cleveland has been in the market for a young power hitter for some time. The team is hoping Manzardo can end that search.
“The industry holds Kyle in high regard and we think he can develop into a really good offensive player and he’s a guy that’s near or close to the major leagues at some point in the next few seasons,” Antonetti said. “Those guys are not easy to acquire and so we made the choice in this case as we surveyed the landscape, but this is the right path forward for us.”
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AP Sports Writer Mike Fitzpatrick in New York contributed to this report.
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AP MLB: https://apnews.com/hub/mlb
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Councilman Tim Smith (R) joins Third District Congressional race
Published: Jul. 31, 2023 at 4:03 PM EDT|Updated: 2 hours ago
FORT WAYNE, Ind. (WPTA) - You can add another Republican to the list of candidates seeking Indiana’s Third District Congressional seat.
Fort Wayne businessman Tim Smith announced his intentions to run Monday morning.
The Republican made a run for mayor of Fort Wayne and lost the race back to incumbent Tom Henry in 2019.
Smith will face former Congressman Marlin Stutzman, former Allen County Judge Wendy Savis, and State Representative Andy Zay.
READ MORE: State of the Third District Congressional race
Copyright 2023 WPTA. All rights reserved.
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ATLANTA, July 31, 2023 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its second quarter 2023 financial results. Complete financial results are available at investor.aarons.com. Highlights of those results are included below and in the attached supplement.
Second Quarter 2023 Consolidated Results1:
- Revenues were $530.4 million, a decrease of 13.1%
- Net earnings were $6.5 million, an increase of 222.0%; Non-GAAP net earnings2 were $12.2 million, a decrease of 50.6%
- Adjusted EBITDA2,3 was $42.4 million, a decrease of 17.0%
- Diluted EPS was $0.21; Non-GAAP diluted EPS2 was $0.39
- Write-offs were 5.4% in the Aaron's Business, an improvement of 30 basis points
- Reduced debt $36.1 million in the quarter and $124.3 million since the prior year quarter-end
- Updates 2023 full year outlook; lowers revenues, maintains adjusted EBITDA, and increases adjusted free cash flow
Second Quarter 2023 Key Items:
The Aaron's Company
- Earnings were ahead of internal expectations largely due to ongoing expense controls, despite lower revenues in both business segments
- Ended the quarter with cash and cash equivalents of $38.4 million and debt of $186.1 million, resulting in a net debt2 reduction of $30.2 million in the quarter primarily due to strong cash provided by operating activities
Aaron's Business
- Earnings before income taxes were $30.8 million; adjusted EBITDA was $49.5 million, which exceeded internal expectations and increased 3.0% as compared to the prior year quarter primarily due to lower total operating expenses and lower write-offs
- Personnel and other operating expenses benefited from cost optimization initiatives and ongoing investments in technology platforms and marketing analytics
- Ended the quarter with 230 GenNext stores, 101 hubs, and 101 showrooms
- GenNext stores accounted for approximately 29% of lease revenues & fees and retail sales
- E-commerce revenues increased 5.5% as compared to the prior year quarter and represented 17.9% of lease revenues
BrandsMart
- Earnings before income taxes were $1.1 million; adjusted EBITDA was $4.5 million, which exceeded internal expectations despite lower revenues due to continued pressure on customer demand
- Began construction on first new BrandsMart store planned to open in Augusta, GA in Q4 2023
The Company will host an earnings conference call tomorrow, August 1, 2023, at 8:30 a.m. ET. Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall. A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/457512107. A transcript of the webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,260 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with ten retail stores in Florida and Georgia, as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company's furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
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Updated July 24, 2023 at 10:51 AM ET
Elon Musk has finally done it: turned Twitter to X.
While the unveiling of X on a Sunday caught many people unaware, it was not a surprise.
The platform's owner has talked about turning it into "X" for months, while being a bit vague about what that exactly means. Does X represent a major business experiment? A radical new concept for on-line living? Or is it simply one man's obsession with the 24th letter of the alphabet?
Probably it's all of the above.
"X," Musk tweeted in April.
A few days earlier a filing in a federal court case in California confirmed that Twitter had been folded into X Corp.
In announcing the company's new CEO, Linda Yaccarino, this May, Musk wrote on then-Twitter: "Looking forward to working with Linda to transform this platform into X, the everything app."
Yaccarino seems keen to do exactly that, posting on Sunday that "X will be the platform that can deliver, well....everything."
In some ways, the letter "X" frames everything about Musk's ambitions, according to biographers, from where he is headed to where he got his entrepreneurial start.
X.com, the bank where it began
According to Ashlee Vance, the author of Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Musk's obsession with the letter X began with one of the billionaire's earliest ventures, X.com, which later merged with a competitor to become PayPal.
"Everyone tried to talk him out of naming the company that back then because of the sexual innuendos, but he really liked it and stuck with it," said Vance.
In 2017, Musk repurchased the url "X.com" from PayPal, tweeting that the domain "has great sentimental value."
X, the Tesla model
"X marks the spot in a lot of ways for Elon Musk," said Tim Higgins, a Wall Street Journal reporter and the author of Power Play: Tesla, Elon Musk, and the Bet of the Century. "It's kind of this common theme throughout."
The letter X became the name of Tesla's third model, which debuted in 2015.
"The idea being that the Tesla models would spell out the word 'sexy,'" Higgins said. But Ford owns the right to the Model E, which is why Musk later settled on the Model 3, "kind of a backwards E," he said.
X, the first letter of his youngest son's name
In 2020, Musk and his then-partner, Grimes, welcomed a son via surrogate, naming him X Æ A-12 Musk. (Æ is pronounced "ash," Musk told controversial podcast host Joe Rogan.)
The couple named their second child, a girl, Exa Dark Sideræl Musk. (It's now been changed to "Y.")
X, the everything app
But lately, "X" has referred to Musk's newest ambition, building an "everything app" akin to China's popular WeChat, which doesn't yet have a U.S.-parallel.
"He wants to create an app similar to how WeChat is used in China, where it's part of the fabric of day-to-day life. You use it to communicate, to consume news, to buy things, to pay your rent, to book appointments with your doctor and even to pay fines," said Vance.
Vance says following the WeChat model makes sense with what Musk wants for Twitter. "The company clearly needs a new, bigger business if it's to make the type of money that would justify his investment and satisfy his ambition," he said.
Weeks before he shelled out $44 billion to acquire Twitter in October, Musk tweeted, "Buying Twitter is an accelerant to creating X, the everything app."
X...?
But Musk's obsession with the letter X is still something of a mystery even to his biographers, like Higgins.
"Whether it's kind of mysterious, like something pulled from a comic book, or 'X marks the spot,' it's hard to know with him," Higgins said. "It also just kind of sounds cool."
This story was updated on July 24, 2023, by Lisa Lambert. contributed to this story
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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In 1998, Mercedes-Benz built the CLK LM to take on the FIA GT Championship in the premier GT1 class, as well as the 24 Hours of Le Mans.
It dominated the series, though it failed to finish at Le Mans due to reliability issues.
Just four examples are thought to have been built in total, and now one of them is up for sale.
According to its listing on Piston Heads, the striking race car is available via London-based dealership JM Performance and was used purely as a test vehicle during its motorsports career. After that career ended, the car was sold into private hands, initially to a customer in Japan. It’s been with its current owner in the U.K. since 2017, who went through the process of making it road legal.
The CLK LM is the successor to the much more widely known Mercedes-Benz CLK GTR built a year prior. While that car required 25 road-going homologation specials to be built, the CLK LM needed just one.
That sole CLK LM homologation is currently in private hands and may eventually turn up for sale one day. Until that happens, anyone with a desire for a road-legal CLK LM can purchase this car from JM Performance. No price is mentioned in the listing.
For the CLK LM, Mercedes swapped out the CLK GTR’s V-12 engine in favor of a V-8 deemed to be better able to last when racing around the clock at Le Mans. The mid-mounted engine is a 5.0-liter unit rated at close to 600 hp. It’s paired with a 6-speed sequential transmission and spins the rear wheels only.
With the next season of the GT Championship adopting a prototype class for its premier class, Mercedes ended the CLK LM program, replacing it with the CLR prototype. That car had a disastrous outing at the 1999 24 Hours of Le Mans, with aerodynamic issues causing multiple high-speed flips.
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PITTSFORD, N.Y. (AP) — Of the thousands of emotions — trepidation among them — running through Damar Hamlin’s head Monday while he pulled on his pads for practice for the first time at training camp, the one that ultimately won out was joy.
For everything the Buffalo Bills safety has overcome in seven months since going into cardiac arrest during a game and needing to be resuscitated on the field, Hamlin leaned on his faith in God and himself, along with the support from his family and teammates, to take another step toward resume his playing career.
“A super big hurdle as you can imagine. Like, I pretty much lost my life playing this sport,” Hamlin said at a news conference after practice.
“I made the choice to play. But I’m processing a thousand emotions. I’m not afraid to say that it crosses my mind of being a little scared here and there,” he added. “My faith is stronger than any fear. That’s what I want to preach up here. And that’s the message I want to spread on to the world that as long as your faith is stronger than your fear, you can get through anything.”
Though Hamlin was cleared to resume practicing in mid-April, he did so wearing a helmet and shorts with the rest of his teammates through their spring sessions and first four days of training camp, as mandated by NFL rules. The magnitude of the Bills’ first day in pads wasn’t lost on Hamlin, given it marked the first time he was in full uniform since collapsing on the field in Cincinnati on Jan. 2 after making what appeared to be a routine tackle of Bengals receiver Tee Higgins.
“Ah man, it feels amazing. It’s a roller coaster of emotions. I was kind of all over the place just being back for the first time,” Hamlin said. “Just trying to keep everything as normal as possible.”
The normality of football struck him about an hour into practice when Hamlin took the field for the first time during a team red-zone running drill in which tackling was still not allowed.
On his second play, Hamlin showed no hesitation when bursting toward Damien Harris and wrapping him up with both arms. A play later, running back James Cook broke a tackle before Hamlin joined a teammate in wrapping him up just before the goal line.
Hamlin’s biggest contact came on the final play of practice, when he avoided a block to work his way into the backfield and help a teammate stop tight end Quintin Morris for what would have been a loss.
“That first little moment of contact, that was just letting me know. I felt alive, man. I felt like I’m here,” Hamlin said with a wide grin. “So it felt good. It was just that moment of: ‘All right, let’s settle in and let’s just take one play at a time. Let’s just keep going.’”
Hamlin’s only lament was not having any balls thrown in his direction during team drills, though he laughed when saying that might not be a bad thing.
“When the ball’s not coming my way, that makes you think you’re doing your job right,” Hamlin said. “But, you know, I would love some more opportunities to make a big play and turn practice up a bit.”
The 25-year-old from the Pittsburgh area is entering his third NFL season. Selected by Buffalo in the sixth round of the 2021 draft out of Pitt, he opened last season as a backup before starting 13 games after Micah Hyde sustained a season-ending neck injury.
This year, Hamlin is competing with offseason free agent addition Taylor Rapp for a backup role behind Hyde and Jordan Poyer. As for Hamlin’s next hurdle, it’ll come Aug. 12, when the Bills open their preseason schedule at home against Indianapolis.
Rapp, who spent his first four NFL seasons with the Los Angeles Rams, might be new to Buffalo but is impressed with how Hamlin has handled himself.
“How far he’s come and what he’s able to come back from late last season and just seeing how he goes about himself and attacks the rehab at the facility is nothing short of inspiring,” Rapp said.
A day earlier, coach Sean McDermott said he was walking a fine line in treating Hamlin much like any other player, while keeping in mind what he’s gone through.
“I think awareness is important, right? You’ve got X amount of guys out here and then you have Damar in there as well and trying to make it as a normal as possible,” McDermott said. “We’re going to support him through this, and to this point he’s done a phenomenal job.”
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AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL
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CHICAGO, July 31, 2023 /PRNewswire/ -- The Board of Directors of ACG – the premier midmarket mergers and acquisitions association – announces the appointment of its new Chief Executive Officer, Brent Baxter, effective July 31, 2023.
An executive search committee, led by ACG Chairman Christine Nowaczyk, launched a national search through Korn Ferry to find an innovative leader who can keep up with the growth of the industry while listening and truly understanding the needs of ACG's chapters and members. "We found that person in Brent," said Nowaczyk, "and we are excited for the organization's next chapter. I want to thank my board colleagues and our committee for their contributions toward the extensive search."
Baxter has a long career in middle market M&A, ACG's core focus, with more than 25 years of sell-side and buy-side advisory experience, closing more than 200 transactions with a combined value of more than $1 billion. He also has a long and dedicated history supporting ACG in a volunteer capacity, serving in multiple positions on the ACG Board of Directors, and was recently honored with a Lifetime Achievement Award at the 2023 DealMAX event.
Brent served as ACG Chairman in 2021 and has been a member of the Executive Committee for the past six years – four years with the Office of the Chair, and two years as Finance Chair.
Beginning in 2015, Brent spearheaded many key membership strategies, including a growth initiative targeting corporate/strategic acquirer members, which flourished in 38 of ACG's local chapters. He also co-chaired the first national Strategic Acquirer Summit, which drew 120 high-value corporate attendees in Dallas in 2019. The program was suspended during COVID but successfully returned in 2023 in an invigorated form during ACG's largest event, DealMAX.
Brent has been an active participant in numerous chapter leadership events for 20+ years, forming deep connections with ACG's chapter network. He has attended more than 250 ACG events throughout the U.S. and has been a key member of his local ACG St. Louis chapter, serving in multiple positions, including Board President, Membership Chair, Chair of the Corporate Peer Group, as well as Chair of a key multi-chapter Midwest event, the Growth Conference.
"Brent has played a vital role in the success of ACG for many years, and has a deep familiarity with ACG's strategic plan, leadership and staff, member segments and, most importantly, actionable areas for growth," said Nowaczyk. "He not only embodies the values of ACG but also brings a fresh perspective and innovative ideas. With his experience and passion, we have full confidence that Brent will further enhance ACG's global reputation as a hub for middle-market growth, dealmaking, and thought leadership."
Baxter comes to ACG most recently from Nolan & Associates, a leading boutique investment banking firm with a focus on the middle market, where he has been Managing Director since 2019.
Prior to joining Nolan, Brent spent 18 years as Managing Director of a St. Louis independent investment bank. He also has extensive experience growing private companies through acquisitions, serving as CEO of a food manufacturing company that more than quadrupled its sales in eight years, and is currently on the boards of several privately held companies.
"I am eager to work even more extensively with our board of directors, our dedicated chapter boards and volunteers and our amazingly talented team of ACG professionals as we continue to provide our middle-market M&A community with best-in-class member benefits, innovative resources and expanded, relevant networking opportunities," said Brent Baxter. "ACG's mission is more relevant today than ever. In this dynamic economic landscape, supporting and amplifying middle-market growth is not just a responsibility—it is an opportunity to shape the future of business. I am ready and committed to lead ACG on this exciting journey."
The new CEO will direct all areas of ACG's operations, including several initiatives that are at the core of ACG's mission.
This includes overseeing ACG's expansive chapter network, which offers members a wealth of networking opportunities through more than 2,000 annual meetings and events as well as DealMAX, ACG's annual conference and premier networking opportunity for middle market professionals.
Moreover, Baxter will oversee ACG's media division, which includes the Middle Market Growth suite of publications and digital products (Middle Market Executive, Middle Market DealMaker, and several special reports), GrowthTV, an online media channel providing engaging and insightful content for the middle-market community, and the Middle Market Growth Conversations podcast.
Mid-market private equity valuation and deal terms database GF Data, ACG's first acquisition, is also a key part of the future plans for a revitalized and more robust ACG under Baxter's leadership.
The ACG Board expresses its sincere gratitude to Lisa Harris, the organization's CFO and Interim CEO, for her exceptional leadership and dedication during this transitional period.
We also extend our appreciation to the search firm Korn Ferry for their professional assistance in this pivotal CEO search, and to the entire ACG staff for their unwavering dedication to our organization and its mission.
Please watch a GrowthTV video where Brent Baxter discusses what's next for ACG.
About ACG (Association for Corporate Growth)
Founded in 1954, ACG is the premier M&A dealmaking community with a mission of driving middle-market growth. ACG's global network operates within 61 local markets worldwide and comprises more than 100,000 middle-market professionals who invest in, own and advise growing companies. Learn more about ACG and become a member at www.acg.org.
Media Contact: Sue Ter Maat, ACG, 847-772-4354 or stermaat@acg.org
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HONG KONG (AP) — Fans of singer and songwriter Coco Lee, who was known for her powerful voice and live performances, gathered with flowers to pay their respects to their idol at her funeral in Hong Kong on Monday.
The memorial service was attended by her family and friends, including singers Elva Hsiao and Jenny Tseng, as well as other supporters. Lee died July 5 at age 48.
She was born in Hong Kong and attended school in San Francisco before releasing her first album in 1994 at age 19. She began her career as a Mandopop singer but branched out to release albums in Cantonese and English.
She was the first Chinese singer to break into the American market, and her English song “Do You Want My Love” climbed to #4 on Billboard’s Hot Dance Breakouts chart in December 1999. In 2001, she sang “A Love Before Time” from Ang Lee’s movie “Crouching Tiger, Hidden Dragon” at the Academy Awards, becoming the first Chinese American to perform at the Oscars.
Lee was also the voice of heroine Fa Mulan in the Mandarin version of Disney’s “Mulan,” and sang the Mandarin version of the movie’s theme song “Reflection.”
Lee was married to Bruce Rockowitz, former CEO of Hong Kong supply chain company Li & Fung. She had two stepdaughters.
Her death had shocked fans. Her siblings posted on Facebook that she had depression for years and had attempted suicide at home on July 2. She died a few days later.
On Monday afternoon, more than 100 fans dressed in black were waiting outside the funeral home.
Lin Jing, a fan from Fujian province in the southeast, said she admired Lee’s smile and appearance, adding: “She was really talented. She always tried to improve and she inspired women to feel independent.”
Inside the funeral hall, three pink hearts made of flowers and other floral decorations were displayed below Lee’s photo.
Her close friend, Hsiao, said during the ceremony that she remembered watching Lee’s performances as a student and thinking of her as a perfect idol. After they became friends in the entertainment industry, Lee encouraged Hsiao when she was lost and treated her as “a little sister.”
“She brightened my life with her happiness and bravery. I will keep preserving her spirit,” Hsiao said in a quavering voice.
In a video for the memorial service, actors and singers from Hong Kong, mainland China and Taiwan recalled their memories with Lee and mourned her death.
Action star Jackie Chan said in the video that everyone was proud of her when she sang at the Oscars.
“To friends like us, Coco was a passionate and kind friend who showed care to us. She was really a good person. That’s why we are so reluctant to accept she has left us,” he said.
Award-winning director Ang Lee recalled his exchanges with the late singer before the Oscars and said it was a pity she died so young. “We miss her very much. Coco, rest in peace,” he said in the video.
Coco Lee had sounded notes of positivity in social media posts during the months before her death. In March, she posted about recuperating from surgery for an old leg injury.
“Successful surgery. Even though I’m in a lot of pain and I have to re-learn how to walk again, I know I can do it,” she wrote in a Facebook post. “Yes I can and I will!”
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Associated Press video journalist Alice Fung and news assistant Annie Cheung contributed to this report.
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| 2023-07-31T21:38:54
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WASHINGTON (AP) — Defending champion Liudmila Samsonova stretched her winning streak in Washington to six matches by beating 2022 Australian Open finalist Danielle Collins 6-1, 6-3 in the first round of the DC Open on Monday.
The eighth-seeded Samsonova saved both break points she faced while winning four of Collins’ service games. Collins hurt herself by double-faulting eight times.
Samsonova is a 24-year-old from Russia who is currently ranked 18th. Her trophy on the hard courts of the U.S. Open tune-up tournament a year ago was one of four singles titles she’s won.
In other women’s matches on Day 1 at the first combined ATP-WTA 500 event, sixth-seeded Belinda Bencic advanced when Anastasia Potapova retired from their match in the first set with an injured left ankle, and Marta Kostyuk eliminated 2019 U.S. Open champion Bianca Andreescu 2-6, 6-3, 7-6 (5).
In men’s action, Aslan Karatsev beat Kiranpal Pannu 7-6 (3), 6-1, Alexander Shevchenko defeated Maxime Cressy 6-3, 7-6 (8), Michael Mmoh beat Bradley Klahn 6-3, 6-3, and Yosuke Watanuki moved into the second round when Wu Yibing stopped playing because of illness.
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AP tennis: https://apnews.com/hub/tennis
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| 2023-07-31T21:38:56
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THOUSAND OAKS, Calif., July 31, 2023 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced that it will report its second quarter financial results on Thursday, August 3, 2023, after the close of the U.S. financial markets. The announcement will be followed by a conference call with the investment community at 1:30 p.m. PT. Participating in the call from Amgen will be Robert A. Bradway, chairman and chief executive officer, and other members of Amgen's senior management team.
Live audio of the conference call will be simultaneously broadcast over the internet and will be available to members of the news media, investors and the general public.
The webcast, as with other selected presentations regarding developments in Amgen's business given by management at certain investor and medical conferences, can be found on Amgen's website, www.amgen.com, under Investors. Information regarding presentation times, webcast availability and webcast links are noted on Amgen's Investor Relations Events Calendar. The webcast will be archived and available for replay for at least 90 days after the event.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2022, Amgen was named one of the "World's Best Employers" by Forbes and one of "America's 100 Most Sustainable Companies" by Barron's.
For more information, visit Amgen.com and follow us on Twitter, LinkedIn, Instagram, TikTok and YouTube.
CONTACT: Amgen, Thousand Oaks
Jessica Akopyan, 805-440-5721 (media)
Elissa Snook, 609-251-1407 (media)
Arvind Sood, 805-447-1060 (investors)
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SOURCE Amgen
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| 2023-07-31T21:38:58
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DNR celebrates finding of young, endangered salamander in Indiana river
Indiana (WPTA) - The Indiana Department of Natural Resources (DNR) is celebrating a finding they say highlights success in salamander conservation efforts.
The department says biologists recently discovered a very young hellbender salamander, a gilled larva, in the Blue River while doing routine surveys in the area.
They say the finding is significant as over the past three to four decades, only adult hellbenders have been spotted in the river. They say the presence of the young salamander shows their conservation programs are helping with the recovery of the endangered species.
The hellbender (Cryptobranchus alleganiensis) is a large, fully aquatic salamander. Biologists say they can’t reproduce until they’re about 7 or 8 years old and require specific habitats in order to do so. They note that the species’ decline has been documented for the last hundred years, citing habitat loss and poor water quality.
Biologists say hellbenders play an important role in aquatic ecosystems and are indicators of clean water. If an angler accidentally catches a hellbender, conservation officers say they must cut the line and let the salamander go unharmed.
Copyright 2023 WPTA. All rights reserved.
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| 2023-07-31T21:39:00
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ORLANDO, Fla. (AP) — A legal advocacy group for journalists wants to get involved in Disney’s free speech lawsuit against Gov. Ron DeSantis. The Reporters Committee for Freedom of the Press says a win by the Florida governor could embolden other governments across the U.S. to take actions against journalists and other media when they exercise their First Amendment rights.
The group on Friday asked a judge for permission to file a friend-of-the-court brief in support of the claims brought by Disney against DeSantis, his appointees to a special district board governing Disney World and a state economic development agency. The lawsuit claims the Florida governor violated the company’s free speech rights by taking control over the district in retaliation for Disney’s public opposition to the so-called “Don’t Say Gay” bill.
The committee said that the impact of a DeSantis win would be felt beyond the 39 square miles (101 square kilometers) of the Disney World property governed by the new appointees picked by the Florida governor to the governing district’s board.
“If Defendants prevail in this case, those on whose behalf the Reporters Committee for Freedom of the Press advocates will be first in the line of fire given the nature of reporting and the press’s role in our constitutional system,” the committee said in its request to file the supporting brief in federal court in Tallahassee. “As such, the Reporters Committee for Freedom of the Press’s proposed brief provides a voice to those not directly involved, but undoubtedly impacted by this case.”
DeSantis and Florida’s Department of Economic Opportunity have argued that Disney’s case should be dismissed because of sovereign immunity protection against being sued for conducting government business, and that Disney hasn’t shown how it has been hurt so it lacks standing to sue the state government defendants.
DeSantis has used the fight with Disney to burnish his “anti-woke” credentials and demonstrate his ability to push a conservative agenda during his campaign for the 2024 GOP presidential nomination.
The DeSantis appointees took over the Disney World governing board earlier this year following a yearlong feud between the company and DeSantis. The fight began last year after Disney, beset by significant pressure internally and externally, publicly opposed a state law banning classroom lessons on sexual orientation and gender identity in early grades, a policy critics call “Don’t Say Gay.”
As punishment, DeSantis took over the district through legislation passed by Florida lawmakers and appointed a new board of supervisors to oversee municipal services for the sprawling theme parks and hotels.
If the retaliatory actions by DeSantis and Republican lawmakers are left unchecked, it poses a threat to watchdog journalism and press coverage of public issues “to the detriment to the free flow of information on matters of public concern that has long been the hallmark of our democratic system of government,” the committee said.
Before the new board came in, Disney made agreements with previous oversight board members who were Disney supporters that stripped the new supervisors of their authority over design and development. The DeSantis-appointed members of the governing district have sued Disney in state court in a second lawsuit stemming from the district’s takeover, seeking to invalidate those agreements.
Disney had asked for the case be dismissed or delayed pending the outcome of the federal lawsuit. However, Circuit Judge Margaret Schreiber in Orlando on Friday refused to toss or postpone the case, saying among other reasons that to do so would have created “an undue delay” for the district, which still must continue governing. ___
Follow Mike Schneider on Twitter at @MikeSchneiderAP
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| 2023-07-31T21:39:02
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Hundreds of donations needed for Tools for School program, leaders say
FORT WAYNE, Ind. (WPTA) - Leaders with The Salvation Army say they are seeing a record need for school supplies as they are short donations for hundreds of children for their ‘Tools for School’ program.
The annual campaign began on June 28, collecting any new school supplies like backpacks, erasers, pencils, notebooks, and other items needed for K-12 students.
Each year, organizers say they aim to gather enough supplies to help 1,000 families in the area. But on Monday, just two days before the campaign ends, leaders say they are short supplies for about 300 kids.
Supplies can be dropped off at The Salvation Army, 2901 N Clinton St., through Wednesday, August 2. Monetary donations can also be made in person, or online here.
Officials say they need the following items:
- Book Bags (Highest Need)
- Tissues
- Pens
- Pencils
- 3 Ring Binders
- Dry Erase Markers
- Composition Notebooks
- Pink Erasers
- Folders
- Highlighters
- 3 x 5 Index Cards, Crayons
- Markers
- Loose Leaf Paper
- Pencil Bag/Case
- Spiral Notebooks
Copyright 2023 WPTA. All rights reserved.
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GAINESVILLE, Fla. (AP) — Florida coach Billy Napier opened fall practice talking to his team about expectations — internal ones, anyway.
The once-mighty Gators are mostly an afterthought in the Southeastern Conference these days. Coming off consecutive 6-7 seasons — one in former coach Dan Mullen’s final season and the other in Napier’s inaugural campaign — Florida was picked to finish fifth in the Eastern Division in the league’s annual preseason media poll.
That’s one spot above last.
It was the lowest preseason prognostication for the Gators since also coming in fifth in 2015, former coach Jim McElwain’s first season. Florida responding by winning the East that year. Could it happen again? It would be an unbelievable long shot considering Napier pretty much has an overhauled roster after losing quarterback Anthony Richardson and 14 other starters.
“I really feel like we’re going to shock a lot of people this year as far as the standard is so low right now,” cornerback Jaydon Hill said. “It blows my mind a little bit. But then again, we’ve just got to win games. It just comes down to winning.”
Florida hasn’t won nearly enough for a fanbase that grew accustomed to it under legends Steve Spurrier and Urban Meyer. Although the Gators have enjoyed pockets of success since, they have yet to put it all together in terms of recruiting talent, developing players and building a consistent contender.
Napier had a detailed plan when he took over in November 2021, but it didn’t account for having to navigate a burgeoning transfer portal or a constantly changing name, image and likeness landscape.
So Napier sounds more like a coach entering their first year rather than one expecting the kind of second-year jumps that helped vault Spurrier and Meyer to stardom. He’s implemented several team-building exercises, including moving players into on-campus dorms for the opening week of training camp and rooming them with guys from other position groups.
They’ll eat every meal in an old-school dining hall — no phones allowed — and work on developing leadership as much as perfecting concepts, formations and plays.
“I think it’s important that we connect and try to create crossover relationships in all parts of what we do,” Napier said. “It’s absolutely important to what we do.”
Adding another layer to his unification efforts, Napier has a get-to-know-your-teammate initiative that requires players to be able to provide names and hometowns on the spot for 10 colleagues pictured.
“It’s one thing to know the guy’s first name, but it’s another thing to know his first and last name, where he’s from, part of his story, and I think with time we’ll get to that place,” Napier said. “But it’s about agreeing that there’s an expectation, and then, ‘Hey, if you can do better, you can do better.’ I think that’s the key to the drill. That’s where we’re at as a team.”
It’s a far cry from having to tamp down expectations of making the College Football Playoff or winning championships. No one’s ruled those out in Gainesville, but most would agree they seem more plausible down the road.
Florida returns seven starters from last year’s team and has a number of transfers to work into the mix. Quite possibly the main reason for Florida’s humble preseason forecast is because the team appears locked into starting former Wisconsin quarterback Graham Mertz, who completed 60% of his passes for 5,405 yards, with 38 touchdowns and 26 interceptions, in four years with the Badgers.
Florida lost four-star QB recruit Jaden Rashada in a failed NIL deal in January, leaving Mertz and former Ohio State backup Jack Miller to compete for the starting job. All signs point to Mertz taking the first snap when the Gators open the season at Utah on Aug. 31.
Although Napier appears to have Florida on the path back to national relevancy; the team’s 2024 recruiting class is ranked third behind Georgia and Ohio State, according to 247sports.com. In the meantime, the only expectations he’s focused on are the internal ones.
“The expectation we’re going to establish for each other … should be much higher than any outside narrative or outside opinion,” Napier said. “If I’m walking around the building each day, if I’m living life and I’m most concerned with not letting the people down that are going to be in this team meeting in a couple hours, that’s the most important piece.”
___
AP college football: https://apnews.com/hub/college-football and https://twitter.com/ap_top25. Sign up for the AP Top 25 newsletter here: https://link.apnews.com/join/6nr/morning-wire-newsletter-footer-internal-ads
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- VOXZOGO® Growth Continued in the Second Quarter Driven by Global Demand Resulting in Increased Full Year 2023 Guidance
- Pivotal Program with VOXZOGO in New, Potential Second Indication, Hypochondroplasia, to Begin in the Fourth Quarter of 2023
- U.S. Approval of ROCTAVIAN™ Received in the Second Quarter and Commercial Launch Underway; Commercial Launch in Europe Making Progress
SAN RAFAEL, Calif., July 31, 2023 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the six months and second quarter ended June 30, 2023.
"Outstanding execution across our business led to record revenues in the first half of 2023. We reached more children with VOXZOGO around the world, as physicians and families sought treatment with the only approved medicine targeting the genetic cause of achondroplasia," said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin. "We were also very pleased to have received the highly anticipated U.S. approval of ROCTAVIAN, the only gene therapy treatment for severe hemophilia A. U.S. commercial launch activities are well underway following the June 29 approval, in parallel with launch progress across a number of European countries."
Mr. Bienaimé added, "for the remainder of 2023, we plan to build on the foundation of growth and profitability achieved in the first half of the year, expand VOXZOGO globally and treat the first ROCTAVIAN patients in the U.S. and Europe."
Financial Highlights:
- Total Revenues for the second quarter of 2023 were $595.3 million, an increase of 12% compared to the same period in 2022. The increase in Total Revenues was primarily attributed to the following:
- GAAP and Non-GAAP Net Income increased by $28.3 million and $28.4 million, respectively, for the second quarter of 2023 compared to the same period in 2022. The increased net income was primarily due to higher gross profit and interest income, partially offset by higher spend in research and development programs to support both early-stage research and clinical activities, as well as higher selling, general and administrative expenses due to higher foreign currency losses and to support the commercial launches of VOXZOGO and ROCTAVIAN.
Recent Product Approvals and Launches (ROCTAVIAN and VOXZOGO)
- On June 29, 2023 the FDA approved ROCTAVIAN gene therapy for the treatment of adults with severe hemophilia A (congenital factor VIII (FVIII) deficiency with FVIII activity < 1 IU/dL) without antibodies to adeno-associated virus serotype 5 (AAV5) detected by an FDA-approved test. The FDA approval is based on data from the global Phase 3 GENEr8-1 study, the largest Phase 3 trial of any gene therapy in hemophilia. The one-time, single-dose infusion is the first approved gene therapy for severe hemophilia A in the U.S. ROCTAVIAN was first conditionally approved by the European Commission in August 2022.
Following FDA approval, the Company activated its U.S.-based salesforce and communicated that ROCTAVIAN is expected to be available for commercial use in August. BioMarin estimates that there are approximately 2,500 people living with severe hemophilia A in the United States who are eligible for treatment and receiving care at approximately 140 hemophilia treatment centers. - In Europe, BioMarin continues to make progress on the pricing and reimbursement process for ROCTAVIAN in Germany, France and Italy to facilitate access. BioMarin is working directly with the German National Association of Statuary Health Insurance Funds (GKV) to finalize access to ROCTAVIAN. At present, people in Germany with severe hemophilia A, who are eligible for treatment with ROCTAVIAN, can access treatment through either Named Patient authorizations or previously secured Outcomes Based Agreements. In France and Italy, BioMarin is working directly with the single public insurance funds in each country to secure reimbursement and access to ROCTAVIAN, expected later in 2023.
- As of the end of June 2023, more than 2,000 children with achondroplasia were being treated with VOXZOGO across 36 active markets. In the second quarter, patient growth remained strong worldwide. Based on these trends, today BioMarin updated full-year 2023 VOXZOGO guidance to between $400 million and $440 million. VOXZOGO is currently approved for the treatment of children 2 years old and older in Europe, for children 5 years old and older in the U.S., and approved for all ages from birth in Japan.
VOXZOGO and ROCTAVIAN Market Expansion Opportunities
- Today, BioMarin announced its plan to begin enrollment in the pivotal program with VOXZOGO for the treatment of children with hypochondroplasia, a condition characterized by impaired bone growth. Hypochondroplasia is a genetic statural condition caused by a mutation (gene change) in the fibroblast growth factor receptor-3 (FGFR3) gene.
Leveraging years of safety data from the VOXZOGO development program in achondroplasia, emerging data from an investigator-led Phase 2 study and following receipt of feedback from FDA, BioMarin plans to begin the 6-month observation arm of the study later this year, followed by the 52-week randomized, double-blind, placebo-controlled phase of the 80-participant clinical trial. If successful, BioMarin believes this study will be able to support regulatory approval in this large indication. - In the coming months in the U.S. and Europe, the Company expects to learn the outcome of its request to expand VOXZOGO access to younger age groups, based on favorable results from a Phase 2 study in infants and young children and the importance of starting treatment as early as feasible. Age expansions would provide access to treatment with VOXZOGO to more than 1,000 additional children in the U.S. and Europe.
- Additional product expansion opportunities with ROCTAVIAN continue, including a clinical study investigating ROCTAVIAN treatment in those with active or prior inhibitors and continued exploration of methods of administering ROCTAVIAN in people with pre-existing antibodies against AAV5.
Earlier-stage Development Portfolio (BMN 255, BMN 331, BMN 351, BMN 349, BMN 293)
- BioMarin plans to showcase its Research and Development capabilities and earlier-stage product candidate updates at its R&D Day on September 12, 2023. Details on accessing the live event will be available on BioMarin's website in early September.
- BMN 255 for hyperoxaluria in chronic liver disease: The Company has concluded the multi-ascending dose study with BMN 255 in healthy human volunteers. Based on early data demonstrating a rapid and potent increase in plasma glycolate following treatment with BMN 255, BioMarin plans to open enrollment in an expanded study in patients with chronic liver disease and hyperoxaluria in the second half of 2023. The Company believes the availability of a potent, orally bioavailable, small molecule like BMN 255 may be able to significantly reduce disease and treatment burden in a patient population with significant unmet need.
- BMN 331 gene therapy product candidate for Hereditary Angioedema (HAE): Dosing continues in the Phase 1/2 HAERMONY study to evaluate BMN 331, an investigational AAV5-mediated gene therapy for people living with HAE. In January 2023, BioMarin shared that the first participant treated with the 6e13vg/kg dose demonstrated C1-Inhibitor levels that were approaching the therapeutically relevant range. In March 2023, the second sentinel participant was safely dosed at 6e13vg/kg and this individual has had a similar initial response. BioMarin will continue to monitor the trajectory of expression in these two individuals before deciding on next steps in this program.
- BMN 351 for Duchenne Muscular Dystrophy (DMD): Investigational New Drug application (IND)-enabling activities continue with BMN 351, an antisense oligonucleotide therapy for individuals with exon 51-skip-amenable DMD. BMN 351 was developed using familiar chemistry and superior biology, by targeting a novel, splice enhancer site demonstrating improved binding affinity and tolerability in preclinical models. Preclinical data suggest that restored expression of near-full-length dystrophin protein at levels of up to 40% will convert phenotypes from rapid loss to durable preservation of strength and ambulation.
- BMN 349 for alpha-1 antitrypsin deficiency: Preclinical studies have demonstrated that BMN 349 is an orally bioavailable, small molecule that preferentially sequesters mutant protein, preventing polymerization in liver cells that drive the progressive liver disease form of the illness. In preclinical studies BMN 349 is titratable to effect, with rapid onset and high potency. Preclinical results have strong implications for potential improvement of current management, particularly for severe liver disease requiring rapid action. IND enabling studies are concluding and BioMarin plans to submit the IND in the second half of 2023.
- BMN 293 for MYBPC3 hypertrophic cardiomyopathy (HCM): Mutations in the MYBPC3 gene are the most common cause of inherited HCM. Early investigations suggest that gene therapy-mediated gene transfer can lead to widespread expression of the gene product, cardiac myosin-binding protein C (MyBP-C), in cardiac tissue, which can normalize cardiac hypertrophy, improve relaxation kinetics and potentially alleviate functional deficits in individuals suffering from cardiomyopathy. IND enabling studies are underway and have incorporated pre-IND feedback from the FDA. BioMarin's goal is to submit an IND for BMN 293 in the second half of 2023.
2023 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
BioMarin will host a conference call and webcast to discuss second quarter 2023 financial results today, Monday, July 31, 2023, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The Company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The Company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the expectations of Total Revenues, Net Product Revenues, Enzyme Product Revenues, Gross Profit, Research and Development Expense (R&D), Selling, General and Administrative Expense (SG&A), GAAP Net Income, Non-GAAP Income, GAAP Diluted EPS and Non-GAAP Diluted EPS for the full-year 2023; cash flows from operating activities; the timing of orders for commercial products; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, (ii) the results from clinical studies regarding product expansion opportunities for ROCTAVIAN, (iii) BioMarin's plans to initiate and enroll an expanded study of BMN 255 in the second half of 2023, (iv) BioMarin's plan to submit an IND for BMN 349 in the second half of 2023, and (v) BioMarin's goal to submit an IND for BMN 293 in the second half of 2023; the potential approval and commercialization of BioMarin's product candidates, including commercialization of ROCTAVIAN for the treatment of severe hemophilia A in the U.S. following FDA approval in June 2023, and the timing of such approval decisions and product launches, including (i) the anticipated start and growth of commercial sales of VOXZOGO in additional countries, and (ii) BioMarin's expectation that U.S. and EU health authorities take action on its supplemental marketing applications for VOXZOGO in the coming months and the number of additional children that will be eligible for VOXZOGO if such age expansions are accepted; the expected benefits and availability of BioMarin's product candidates; and potential growth opportunities and trends, including that BioMarin expects accelerated growth of VOXZOGO revenues as the product launch continues in future quarters and that BioMarin expects growth of ROCTAVIAN revenues as the product's access is expanded in Europe and following commercial launch in the U.S.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products, impacts of macroeconomic and other external factors on BioMarin's operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the FDA, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; the introduction of generic versions of BioMarin's commercial products, in particular generic versions of KUVAN; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ROCTAVIANTM is a trademark of BioMarin Pharmaceutical Inc. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the Company as GAAP Net Income excluding amortization expense, stock-based compensation expense, contingent consideration expense, and, in certain periods, certain other specified items, as detailed below when applicable. The Company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Diluted EPS is defined by the Company as Non-GAAP Income divided by Non-GAAP diluted shares outstanding
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP Diluted EPS and Non-GAAP Diluted Shares are important internal measurements for BioMarin, the Company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the Company's results from period to period and to its forward-looking guidance, and to identify operating trends in the Company's principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure.
Non-GAAP Income and its components are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the Company may exclude for purposes of its Non-GAAP financial measures; likewise, the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
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SOURCE BioMarin Pharmaceutical Inc.
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https://www.wbay.com/prnewswire/2023/07/31/biomarin-announces-strong-second-quarter-2023-results-record-breaking-revenues-first-half-2023-including-13-year-over-year-growth-year-to-date/
| 2023-07-31T21:39:05
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Police were calling owner to shut down party when gunfire killed 1, wounded 17, chief says
MUNCIE, Ind. (AP) — A shooting that left one person dead and 17 others wounded early Sunday in a central Indiana city unfolded at an outdoor party attended by hundreds of revelers as police were calling the venue’s owner to shut down the gathering, authorities said Monday.
Muncie Police Chief Nathan Sloan said no arrests have been made in the shooting, which killed 30-year-old Joseph E. Bonner III, whom the chief said was among those attending the large party in the city about 60 miles (100 kilometers) northeast of Indianapolis.
Sloan said police were aware that the owner of a business that periodically rents out space for events was hosting a block party that got “out of control,” with between 500 and up to 1,000 in attendance. Photos of the scene showed police tags marking what appeared to be dozens of bullets on the street.
Sloan said police were not at the scene at the time of the shooting just after 1 a.m. Sunday, but they were trying to get the business owner to end the party.
“We made a phone call to the owner and asked him to get things shut down. The streets were packed. Before we could make contact and get something done, before we could get that shut down, the gunfire erupted,” Sloan said during a news conference.
He said police were asking for any witnesses to the shooting or people with pictures or video of the incident to contact the Muncie Police Department. Sloan said some people at the scene refused to tell officers what had happened.
He declined to provide details of the investigation, including how many people may have fired weapons but described a scene of chaos as officers and first responders arrived at the location on Muncie’s east side.
“Our people were applying tourniquets, administering first aid, providing CPR. And they we were rushing people to the hospital in our police cars because we didn’t have time to wait,” Sloan said.
Mayor Dan Ridenour said one man was killed and 17 other people suffered gunshot wounds in Sunday’s shooting. He said the shooting had left the community “shaken to the core by violence” and choked up repeatedly during the news conference.
After the shooting, police had to separate people in a Muncie hospital’s parking lot who were arguing and officers had to clear a path at the hospital’s entrance for anyone needing medical attention to enter, said Muncie Deputy Police Chief Melissa Criswell.
She said that among the 17 who survived the shooting, eight remained hospitalized — five at Indiana University Health Ball Memorial Hospital in Muncie, and four others who were taken to Indianapolis hospitals.
She said that among the four taken to Indianapolis, one remains in critical condition, two are listed as stable and the fourth had been discharged from a hospital.
Criswell said that two of the people wounded in Sunday’s shooting were minors, and that a nineteenth person who was injured may have been struck by a car.
IU Health spokesperson Neil Gifford said five people remained hospitalized at the Muncie hospital, down from 13 who were being treated on Sunday morning. He said he could not provide conditions of the five patients without being provided with their names.
Copyright 2023 The Associated Press. All rights reserved.
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https://www.21alivenews.com/2023/07/31/police-were-calling-owner-shut-down-party-when-gunfire-killed-1-wounded-17-chief-says-2/
| 2023-07-31T21:39:06
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VIDEO | 02:16
Paul Reubens, actor and comedian behind Pee-wee Herman, dies at 70
Entertainment & Arts
Paul Reubens, actor and comedian behind Pee-wee Herman, dies at 70
Paul Reubens, the actor and comedian best known for portraying the character Pee-wee Herman on stage and screen, has died. He was 70.
July 31, 2023
1:56 PM PT
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https://www.latimes.com/entertainment-arts/obit-actor-behind-pee-wee-herman-dies-at-70-123
| 2023-07-31T21:39:08
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https://www.latimes.com/entertainment-arts/obit-actor-behind-pee-wee-herman-dies-at-70-123
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BAYREUTH, Germany (AP) — Two years after the debut of the Bayreuth Festival’s first female conductor, Nathalie Stutzmann became the second to lead a Richard Wagner opera in the Festpielhaus’ famous covered pit.
The 58-year-old former contralto, fresh off her first season as Atlanta Symphony Orchestra music director, drew a luminous performance of “Tannhäuser” on Friday night in a revival of the Tobias Kratzer 2019 production — the one featuring the title character in a clown suit and a murder in a Burger King parking lot.
“It’s good news to be second,” Stutzmann said. “It proves that things are moving.”
Launched by Richard Wagner in 1876 and currently run by great-granddaughter Katharina Wagner, the festival broke its conductor gender barrier when Oksana Lyniv led a new staging of “Der Fliegende Holländer (The Flying Dutchman)” in 2021. The 45-year-old returned this summer to preside over the Dmitri Tcherniakov production for the third straight year.
“They are very highly accepted,” Katharina Wagner said. “I hope that this question would disappear with time, that we are just talking about good conductors and not female and male conductors anymore.”
Stutzmann’s year so far has also included debuts with the New York Philharmonic and the Metropolitan Opera, where she provoked the orchestra when she alleged in a New York Times interview that musicians were bored playing while not being able to see onstage activity. The orchestra criticized her in a statement, prompting Stutzmann to apologize.
At Bayreuth, conductors must adjust to a pit Richard Wagner designed to keep the orchestra hidden from the audience, arranged in nine rows that descend toward the stage: violins in the first two, followed by violas, cellos, double basses, woodwinds, brass and percussion. The instrumental sound mixes with voices before traveling out to 30 rows of seats and three tiers of boxes.
“I had done a lot of research, so I knew the experience would be new and unexpected and tricky,” Stutzmann said in a response to an emailed question. “We hear the sound completely different from what the audience hears, that’s why we have to rely on our assistants. … You hardly hear the singers on stage and they sound always late even when we are perfectly together!”
Stutzmann’s performance, using the original Dresden score, featured unusual clarity when the overture slowed and the volume lowered during a pilgrims’ chorus repeat in the overture. She was greeted with boisterous applause and foot-stomping during 14 minutes of curtain calls.
Stutzmann has been invited back to conduct the 2024 revival of the sold-out “Tannhäuser” staging, notorious for the director adding the drag queen Le Gateau Chocolat and dwarf actor Manni Laudenbach, who combine with the title character and the goddess Venus to form a counterculture clique Richard Wagner never could have envisioned for a work that premiered in 1845.
During an interview in New York before heading to Germany, Stutzmann said “Tannhäuser” was the perfect vehicle for her Bayreuth debut, given her quarter-century as a contralto and the opera’s full title, which translates to “Tannhäuser and the Minstrels’ Contest at Wartburg.”
She winked.
“It’s a singer competition, after all,” she said with a laugh.
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https://www.wane.com/entertainment-news/ap-entertainment/ap-nathalie-stutzmann-become-second-woman-to-conduct-at-bayreuth-2-years-after-gender-barrier-broken/
| 2023-07-31T21:39:08
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The nights before games were always the toughest times for Darrelle Revis.
One of the NFL’s most dominant cornerbacks would lie in bed thinking about what he needed to accomplish the next day on the field. Revis would go over the game plan, the notes from his film studies, the receivers’ routes and their tendencies.
Over and over until he’d fall asleep.
He’d wake up mentally prepared — and that brief anxiety would be replaced by supreme confidence.
“Restless nights, I’d say to start with,” Revis said. “Covering some of the greatest wide receivers in the game and future Hall of Famers at that time, I was probably the most nervous out of anybody on the field if I had that assignment.
“For me, it’s kind of looking at yourself in the mirror and saying to yourself, ‘It’s either me or him. I just have to stand up to the challenge.’ For me, I just took on the responsibility to take that assignment and try to shut him down.”
Revis did exactly that for most of his brilliant 11-year NFL career, including eight seasons over two stints with the New York Jets.
So much so, he earned the popular “Revis Island” nickname, a fitting tribute to how he’d single-handedly make many receivers disappear — lost on an island — from opponents’ game plans.
“This is a once-in-a-lifetime type corner,” former Jets coach Rex Ryan once said. “And that’s a fact.”
Tough to argue, and voters for the Pro Football Hall of Fame made Revis a first-ballot inductee following a career during which he routinely locked down one side of the field with his air-tight coverage.
He also gave plenty of opposing offensive coordinators plenty of restless nights of their own.
“I just felt I had the ability and skill set and the coaching staff who believed in me that I had the ability to shut them down,” Revis said.
That was perhaps most evident during the 2009 season, when Revis had arguably the greatest year at his position.
Ever.
Randy Moss, Chad Johnson, Andre Johnson, Steve Smith, Terrell Owens, Reggie Wayne and Roddy White were all non-factors against the Jets that season — because they couldn’t shake Revis.
“I shouldn’t have even suited up,” Wayne said after having just a 1-yard catch in Indianapolis’ playoff loss to New York that season.
Green Bay cornerback Charles Woodson won the AP Defensive Player of the Year award that year, but Ryan insisted Revis should’ve been the choice after having “the best year a corner has ever had.”
Revis had six interceptions and set an NFL record that still stands with 31 passes defensed that season. He never really came close to matching those marks in any season the rest of his career — because teams simply stopped throwing his way.
That was the ultimate sign of respect.
“It was a very comforting thing as a player that we’d have a guy that can take away the greatest weapon of the other team’s offensive players,” former Jets center and long-time teammate Nick Mangold said. “So it was very much like a security blanket, like, we’ve got him, so we’re good.”
Revis was drafted by the Jets out of the University of Pittsburgh with the 14th overall pick in 2007 when they traded up 11 spots to add a player they believed could change their defense. And he certainly delivered, making an instant impact under coach Eric Mangini before thriving as the heart of Ryan’s defense.
“One of the highlights for me is just being drafted,” Revis said. “Just fulfilling that dream. Just the hills I had to run at an incline, the abs, the pushups, the overtime, just put into everything to try to even dare myself to be one of the best or one of the greatest or amount to be somewhat of the next Deion Sanders, in a way.”
The comparisons quickly became a regular thing for Revis, whose abilities were often measured up against the likes of Sanders, Woodson, Rod Woodson, Ty Law, Champ Bailey and Mel Blount.
Until the debates began about whether Revis was actually the best cornerback ever.
That’s subjective, of course, with some pointing out Revis’ relatively short period of greatness. A knee injury wiped out his 2012 season and a contract dispute — he had a few of those, helping set the market for cornerbacks — ended with him being traded to Tampa Bay the following offseason.
Revis won a Super Bowl the next year with New England, irking Jets fans, but he returned to New York in 2015 and played two more seasons for his original team. After a short stint with Kansas City in 2017, Revis retired. He was inducted into the Jets’ ring of honor last year.
His playing legacy came with his performance in games, but he built a reputation for striving to be great with his intense approach during practice. Revis would get on teammates who weren’t giving their all, and his goal was to not give up a catch to anyone.
And if he did, Revis would be ticked off. About catches that didn’t even count — to everyone other than Revis.
“Every practice, to him, was a game,” Mangold said. “So he was going out there and no one was going to catch a ball on him. It was the result of his competitive nature. He was always working to win.”
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AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL
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https://www.wdtn.com/sports/ap-sports/ap-revis-shut-down-his-nerves-and-then-the-nfls-best-wide-receivers-on-his-way-to-the-hall-of-fame/
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C.J. Cron and Randal Grichuk on rejoining the Angels
C.J. Cron and Randal Grichuk talk about rejoining the Angels after being traded by the Colorado Rockies on Sunday.
C.J. Cron and Randal Grichuk talk about rejoining the Angels after being traded by the Colorado Rockies on Sunday.
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https://www.latimes.com/sports/angels/00000189-adcb-dbd9-afbf-bdff54490000-123
| 2023-07-31T21:39:14
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https://www.latimes.com/sports/angels/00000189-adcb-dbd9-afbf-bdff54490000-123
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As the pope heads to Portugal, he’s laying the groundwork for the church’s future
When Pope Francis made the first foreign trip of his papacy, to Rio de Janeiro for World Youth Day in 2013, he urged young people to make a “mess” in their local churches, to shake things up even if it ruffled the feathers of their bishops.
As he embarks this week on another edition of World Youth Day, in Lisbon, Francis in many ways has taken his own advice to heart. After 10 years as pope, Francis is accelerating his reform agenda and making revolutionary changes in personnel and policy that are definitely shaking things up.
Unencumbered by the shadow of Pope Benedict XVI, who died seven months ago, and despite recovering from a second intestinal surgery in as many years, the 86-year-old Francis is opening a frenetic second half of the year with his Portugal visit. He seems aware that he has a limited sweet spot of time to solidify the changes he believes are necessary for the 21st century church, and is looking to the next generation of faithful and leaders to execute them.
“The sense I get is that this is the consolidation phase of the pontificate,” said papal biographer Austen Ivereigh. “He’s laying the basis now, laying the ground, for the future.”
And no better place to put it on display than at a World Youth Day. The international rally, which St. John Paul II launched in 1986 to galvanize young Catholics in their faith, is expected to draw up to 1 million people for the first post-pandemic event of its kind. Francis’ perennial social justice concerns about climate change, social inequality and fraternity, as well as Russia’s war in Ukraine, are expected to be major themes.
Pope Francis’ trip to Brazil seen as a roaring success
Beyond Portugal, though, Francis’ multifold strategy for laying the groundwork for the future is coming together and will hit significant marks in the coming months.
His global canvassing of rank-and-file Catholics about their vision for the future comes to fruition this October with a big synod at the Vatican. The meeting is intended to give direction on such hot-button issues as the place of LGBTQ+ Catholics and women in the church, and for the first time will feature women and young people voting on proposals alongside bishops.
“I really think that for Pope Francis, he felt that ‘OK, now it’s mature’ and it would be good really to involve all the members, all the people in the synod as members” with the right to vote, said Sister Nathalie Becquart, who is one of the key synod organizers.
To then implement the vision that emerges from the synod, Francis has been naming a slew of unusually young bishops for key archdioceses — in his native Buenos Aires, Madrid and Brussels, among others. At the same time, he’s elevated several cardinals in their 50s — and in some cases their 40s — including the auxiliary bishop of Lisbon who is organizing World Youth Day.
Putting such young clerics in such important positions ensures a generation’s worth of like-minded leadership in the Vatican and archdioceses around the world. While not all are cookie-cutter proteges of Francis, many are seen as similarly pastorally minded and thus more game to implement his reforms, especially as the older generation of bishops and cardinals dies out.
Italian and Catholic media have been rife with unsourced speculation that the 85-year-old Pope Francis may step down.
After Francis is gone, the youngest of these new cardinals will have some three decades’ worth of local leadership and conclave votes to select future popes, suggesting a generational and ideological shift in the church leadership is very much underway.
Francis’ most important young “legacy” appointment was that of the Vatican’s new doctrinal czar, Argentine Cardinal-elect Victor Manuel Fernandez, 61. Francis’ theological ghostwriter ran into Vatican problems in the past over questions about his doctrinal orthodoxy, and his appointment sent shock waves through the conservative and traditionalist wings of the church.
Fernandez sees his appointment as part of Francis’ longer-term agenda. “He is proposing a more inclusive church, more respectful of different ways of living, even of thinking,” Fernandez said in an interview.
Portuguese Cardinal-elect Americo Aguiar, who is in charge of World Youth Day, is another young churchman who also understands his appointment as part of a generational turning point for the Catholic hierarchy.
At age 49 he will become the second-youngest member of the College of Cardinals when he is installed Sept. 30. He is just six months older than the current youngest cardinal, whom Francis elevated this time last year: Cardinal Giorgio Marengo, head of the church in Mongolia, where Francis will travel at the end of August.
“My reading of it is that this has to do with young people, it has to do with youth, it has to do with Portugal, it has to do with World Youth Day, it has to do with all of that,” Aguiar said in an interview. “I think that his objective and his underlining was exactly to send a signal to the young people, to every young person who is preparing the day, whether in Portugal or in the world, to feel identified with this decision.”
Francis said as much in his monthly prayer intentions for August, this time dedicated to the Lisbon event.
The pontiff received antibiotics administered intravenously during his stay, the Vatican said.
“In Lisbon, I would like to see a seed for the world’s future,” Francis said. “A world where love is at the center, where we can sense that we are sisters and brothers.”
His wish in many ways echoed his words at the 2013 World Youth Day in Rio, which now seem prescient in outlining many of the key pastoral messages Francis has emphasized over the last decade. Delivering a spontaneous, off-the-cuff exhortation to a gathering of Argentine pilgrims that was organized at the last minute, Francis urged the young to get out into the streets, spread their faith and “make a mess.”
“I want to see the church get closer to the people,” Francis said then, speaking in his native Spanish. “I want to get rid of clericalism, the mundane, this closing ourselves off within ourselves, in our parishes, schools or structures.”
Realizing the radical nature of his message, Francis apologized to the bishops for what was about to come, even though in the 10 years since, he has only gone further than anyone could have imagined at the time.
“The true reform of the church, you know, is not a revolution bringing something completely from outside,” said Becquart, the French nun, as she reflected on Francis’ agenda. “It’s a path of change that is a way to unfold tradition, but in a very dynamic way.”
AP reporters Helena Alvez in Lisbon, Portugal, and Almudena Calatrava in Buenos Aires contributed.
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https://www.latimes.com/world-nation/story/2023-07-31/as-the-pope-heads-to-portugal-hes-laying-the-groundwork-for-the-churchs-future-and-his-own-legacy
| 2023-07-31T21:39:20
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BOGOTA, Colombia, July 31, 2023 /PRNewswire/ -- Considering the information known to public, the Board of Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, "Ecopetrol" or the "Company") reiterates the press release issued by the company yesterday, which stated that Ecopetrol, Cenit and Oleoducto de Colombia have actively collaborated with the different authorities for the execution of the "Bunkering Imperio" operation.
- Based on external verifications and information coming from the collaborative efforts between the Ecopetrol Group, the Judicial Investigation Directorate and the Carabineros and Environmental Protection Directorate of the National Police, to date, there is no evidence implicating either the administrations or the officers of the Ecopetrol Group;
- Ecopetrol, Cenit and Oleoducto de Colombia have been recognized as victims in the corresponding criminal proceedings; and
- The company will continue to work with the authorities to sanction and prevent the smuggling and theft of hydrocarbons.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice.
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Head of Capital Markets (a)
Carolina Tovar Aragón
Email: investors@ecopetrol.com.co
Head of Corporate Communications
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
View original content:
SOURCE Ecopetrol S.A.
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| 2023-07-31T21:39:20
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The New York Mets are paying Texas $35.51 million over the next 14 months as part of the Max Scherzer trade, leaving the Rangers in effect responsible for $22.5 million owed to the three-time Cy Young Award winner, according to details of the deal obtained by The Associated Press.
New York, just 50-55 despite a record-high payroll, has cut costs by nearly $26 million in pay and luxury tax this year by getting rid of Scherzer and reliever David Robertson ahead of Tuesday’s trade deadline. The Mets have offloaded just over $13.5 million in salary, resulting in an additional tax saving of about $12.15 million.
Texas acquired Scherzer on Sunday for minor league infielder Luisangel Acuña, a brother of Atlanta All-Star outfielder Ronald Acuña Jr. Scherzer’s cost to the Rangers is $10 million this year and $12.5 million in 2024.
The Rangers assumed responsibility for the 39-year-old right-hander’s salary on Monday, when he was owed $58.01 million for the remainder of a $130 million, three-year contract he agreed to before the 2022 season.
Of the $14.67 million left of Scherzer’s $43.33 million salary for this season’s final 64 days, the Mets will pay Texas $4.67 million in four installments of $1.16 million on Aug. 15 and 31 and Sept. 15 and 30.
Scherzer gets a $43.33 million salary next season in the final year of the deal. The Mets will pay the Rangers $30.83 million in 12 installments of $2.56 million on the 15th and final day of each month from April 2024 through September 2024.
New York’s payroll rose to a projected $365 million after it acquired reliever Trevor Gott from Seattle on July 3, and the Mets’ luxury tax payroll increased to about $385 million. That was on track for a tax of about $95 million.
When the Mets traded Robertson to Miami last week, the Marlins assumed $3.54 million remaining of Robertson’s $10 million salary.
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AP MLB: https://apnews.com/hub/mlb and https://twitter.com/AP_Sports
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| 2023-07-31T21:39:23
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LOS ANGELES (AP) — Paul Reubens, the actor and comedian whose Pee-wee Herman character — an overgrown child with a tight gray suit and an unforgettable laugh — became a 1980s pop cultural phenomenon, has died at 70.
Reubens, who’s character delighted fans in the film “Pee-wee’s Big Adventure” and on the TV series “Pee-wee’s Playhouse,” died Sunday night after a six-year struggle with cancer that he kept private, his publicist said in a statement.
“Please accept my apology for not going public with what I’ve been facing the last six years,” Reubens said in a statement released Monday with the announcement of his death. “I have always felt a huge amount of love and respect from my friends, fans and supporters. I have loved you all so much and enjoyed making art for you.”
Created for the stage, Pee-wee with his white chunky loafers and red bow tie would become a cultural constant in both adult and children’s entertainment for much of the 1980s, though an indecent exposure arrest in 1991 would send the character into entertainment exile for years.
The laugh that punctuated every sentence, catch phrases like “I know you are but what am I” and a tabletop dance to the Champs’ song “Tequila” in a biker bar in “Pee-wee’s Big Adventure” were often imitated by fans, to the joy of some and the annoyance of others.
Reubens created Pee-wee when he was part of the Los Angeles improv group The Groundlings in the late 1970s. The live “Pee-wee Herman Show” debuted at a Los Angeles theater in 1981 and was a success with both kids during matinees and adults at a midnight show.
The show closely resembled the format the Saturday morning TV “Pee-wee’s Playhouse” would follow years later, with Herman living in a wild and wacky home with a series of stock-character visitors, including one, Captain Karl, played by the late “Saturday Night Live” star Phil Hartman.
HBO would air the show as a special.
Reubens took Pee-wee to the big screen with 1985’s “Pee-wee’s Big Adventure,” which takes the character outside for a nationwide escapade. The film, in which Pee-wee’s cherished bike is stolen, was said to be loosely based on Vittorio De Sica’s Italian neo-realist classic, “The Bicycle Thief.” Directed by Tim Burton and co-written by Hartman, the movie was a success, grossing $40 million, and continued to spawn a cult following for its oddball whimsy.
A sequel followed three years later in the less well-received “Big Top Pee-wee,” in which Pee-wee seeks to join a circus. Reubens’ character wouldn’t get another movie starring role until 2016’s Pee-wee’s Big Holiday,” for Netflix. Judd Apatow produced Pee-wee’s big-screen revival.
His television series, “Pee-wee’s Playhouse,” ran for five seasons, earned 22 Emmys and attracted not only children but adults to Saturday-morning TV.
Jimmy Kimmel posted on Instagram that “Paul Reubens was like no one else — a brilliant and original comedian who made kids and their parents laugh at the same time. He never forgot a birthday and shared his genuine delight for silliness with everyone he met.”
Both silly and subversive and championing nonconformity, the Pee-wee universe was a trippy place, populated by things like a talking armchair and a friendly pterodactyl. The host, who is fond of secret words and loves fruit salad so much he once married it, is prone to lines like, “Why don’t you take a picture; it’ll last longer?” The act was a hit because it worked on multiple levels, even though Reubens insists that wasn’t the plan.
“It’s for kids,” Reubens told The Associated Press in 2010. “People have tried to get me for years to go, ‘It wasn’t really for kids, right?’ Even the original show was for kids. I always censored myself to have it be kid-friendly.
“The whole thing has been just a gut feeling from the beginning,” Reubens told the AP. “That’s all it ever is and I think always ever be. Much as people want me to dissect it and explain it, I can’t. One, I don’t know, and two, I don’t want to know, and three, I feel like I’ll hex myself if I know.”
Reubens’ career was derailed when he was arrested for indecent exposure in an adult movie theater in Sarasota, Florida, the city where he grew up. He was handed a small fine but the damage was incalculable.
He became the frequent butt of late-night talk show jokes and the perception of Reubens immediately changed.
“The moment that I realized my name was going to be said in the same sentence as children and sex, that’s really intense,” Reubens told NBC in 2004. “That’s something I knew from that very moment, whatever happens past that point, something’s out there in the air that is really bad.”
Reubens said he got plenty of offers to work, but told the AP that most of them wanted to take “advantage of the luridness of my situation”,” and he didn’t want to do them.
“It just changed,” he said. “Everything changed.”
He did take advantage of one chance to poke fun at his tarnished image. Just weeks after his arrest, he would open the MTV Video Music Awards, walking on to the stage alone and saying, “Heard any good jokes lately?” (Herman appearances on MTV had fueled Pee-wee’s popularity in the early 1980s.)
In 2001, Reubens was arrested and charged with misdemeanor possession of child pornography after police seized images from his computer and photography collection, but the allegation was reduced to an obscenity charge and he was given three years probation.
Born Paul Rubenfeld in Peekskill, New York, in 1952, the eldest of three kids, he grew up in Sarasota where his parents ran a lamp store and he put on comedy shows for neighbor kids.
After high school he sought to study acting. He spent a year at Boston University, and was then turned down by the Juilliard School and Carnegie-Mellon University. So he enrolled at the California Institute of the Arts. That would lead to appearances at local comedy clubs and theaters and joining the Groundlings.
After the 1991 arrest, he would spend the decade playing primarily non-Pee-wee characters, including roles in Burton’s 1992 movie “Batman Returns,” the “Buffy the Vampire Slayer” film and a guest-star run on the TV series “Murphy Brown.”
He also appeared in the 1999 comedy film “Mystery Men” and Johnny Depp’s 2001 drug-dealer drama “Blow.”
Reubens — who never lost his boyish appearance even in his 60s, would slowly re-introduce Pee-wee, eventually doing a Broadway adaptation of “The Pee-wee Herman Show” in 2010, and the 2016 Netflix movie.
Reubens was beloved by his fellow comedians, and fans of Pee-wee spanned the culture.
Director Guillermo del Toro tweeted Monday that he was “one of the patron saints of all misfitted, weird, maladjusted, wonderful, miraculous oddities.”
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Associated Press Writer Alicia Rancilio and Film Writer Jake Coyle contributed to this report.
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| 2023-07-31T21:39:26
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Total new annualized premiums up 11%; strong capital position
CARMEL, Ind., July 31, 2023 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22.
"Production was strong in both our Consumer and Worksite Divisions, with notable sales increases in Life, Medicare Supplement and Supplemental Health, driven by continued growth in producing agent counts," said Gary C. Bhojwani, chief executive officer.
"Variable investment income results improved sequentially, yet reflect a tough comparable in the second quarter of 2022 when results reached a five-year high. Health claims impacted our results in the quarter. We expect this elevated claims experience to moderate in the second half of the year, based on leading indicators. Our long-term view of the Health business remains positive."
"New money rates were once again strong in the quarter at 6.34%, which drove continued improvement in the earned yield on investments allocated to insurance products. Our consolidated risk based capital (RBC) ratio of 386% was comfortably above our target as was our holding company liquidity of $176 million. Free cash flow generation in the quarter was robust."
Second Quarter 2023 Highlights (as compared to the corresponding period in the prior year where applicable)
- Total Health insurance new annualized premiums ("NAP") (4) up 15%; total Life insurance NAP up 8%
- Medicare Supplement NAP up 29%; Consumer Division field agent-sold Life insurance NAP up 20%
- Consumer Division field producing agent count up 8%; Worksite Division producing agent count up 32%
- Returned $47.4 million to shareholders
- Book value per share was $17.56; book value per diluted share, excluding accumulated other comprehensive loss,(2) was $32.34
- Return on equity ("ROE") of 14.8%; operating ROE, as adjusted,(6) of 8.0%
Adoption of New Accounting Standard
As previously disclosed, we adopted ASU 2018-12 related to targeted improvements to the accounting for long-duration insurance contracts effective January 1, 2023. We selected the modified retrospective transition method except for market risk benefits where we were required to use the full retrospective approach. All prior periods presented herein have been recast in accordance with the new standard. As a result of the adoption of the new guidance, shareholders' equity as of December 31, 2022, increased $368.0 million and was comprised of increases to retained earnings and accumulated other comprehensive income (loss) of $232.2 million and $135.8 million, respectively. Net income and operating earnings (1) for the second quarter of 2022 increased $97.2 million and $35.0 million, respectively. Concurrent with the adoption of the new guidance, we also updated the method of determining non-operating earnings for our fixed indexed annuities to better isolate the volatile non-economic accounting impacts of that line of business.
INSURANCE OPERATIONS
Annuity products accounted for 26 percent of the Company's margin for the quarter and annuity premiums collected decreased 8 percent in 2Q23 compared to 2Q22.
Health products accounted for 48 percent of the Company's insurance margin for the quarter and 63 percent of insurance policy income.
Life products accounted for 26 percent of the Company's insurance margin for the quarter and 36 percent of insurance policy income.
Sales of health products were up 15 percent and sales of life products were up 8 percent in 2Q23 compared to 2Q22.
Total allocated expenses were $149.5 million, down 2 percent from 2Q22.
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The fair value of CNO's available for sale fixed maturity portfolio was $21.0 billion compared with an amortized cost of $23.6 billion. Net unrealized losses were comprised of gross unrealized gains of $106.1 million and gross unrealized losses of $2,710.8 million. The allowance for credit losses was $66.1 million at June 30, 2023.
At both amortized cost and fair value, 94 percent of fixed maturities, available for sale, were rated "investment grade".
Non-Operating Items
Net investment losses in 2Q23 were $31.3 million including the unfavorable change in the allowance for credit losses of $9.9 million which was recorded in earnings. Net investment losses in 2Q22 were $27.1 million including the unfavorable change in the allowance for credit losses of $23.7 million which was recorded in earnings.
During 2Q23 and 2Q22, we recognized a decrease in earnings of $4.0 million and $21.7 million, respectively, due to the net change in market value of investments recognized in earnings.
During 2Q23 and 2Q22, we recognized an increase in earnings of $50.4 million and $160.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
In 2Q22, other non-operating items included an increase in earnings of $14.0 million for the mark-to-market change in the agent deferred compensation plan liability which was impacted by changes in the underlying actuarial assumptions used to value the liability. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.
Statutory (based on non-GAAP measures) and GAAP Capital Information
Our consolidated statutory risk-based capital ratio was estimated at 386% at June 30, 2023, reflecting estimated 2Q23 statutory operating income of $37 million (and $76 million in the first six months of 2023) and the payment of insurance company dividends (net of capital contributions) to the holding company of $40.5 million during 2Q23 (and $74.7 million in the first six months of 2023).
During 2Q23, we repurchased $30.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 3Q23). We repurchased 1.4 million common shares at an average cost of $22.28 per share. As of June 30, 2023, we had 113.7 million shares outstanding and had authority to repurchase up to an additional $641.8 million of our common stock. During 2Q23, dividends paid on common stock totaled $17.4 million.
Unrestricted cash and investments held by our holding company were $176 million at June 30, 2023, compared to $167 million at December 31, 2022.
Book value per common share was $17.56 at June 30, 2023 compared to $15.47 at December 31, 2022. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $32.34 at June 30, 2023, compared to $31.89 at December 31, 2022.
The debt-to-capital ratio was 36.3 percent and 39.2 percent at June 30, 2023 and December 31, 2022, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss) (3) was 23.4 percent at both June 30, 2023 and December 31, 2022.
Return on equity for the trailing four quarters ended June 30, 2023 and 2022, was 14.8% and 20.9%, respectively. Operating return, excluding significant items, on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (6) for the trailing four quarters ended June 30, 2023 and 2022, was 8.0% and 12.7%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2022 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on August 1, 2023 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://www.netroadshow.com/events/login?show=5ac4628b&confId=53584. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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View original content:
SOURCE CNO Financial Group, Inc.
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SYDNEY (AP) — The Women’s World Cup is taking shape with shocks and highlights as it nears the end of the group stage.
Some players have established themselves as ones to watch, like Colombia star Linda Caicedo, who has made her team one of the tournament surprises. Colombia picked up an upset win over Germany, and Nigeria upset co-host Australia — just two of the games that showed the gap has closed at top level women’s soccer.
But co-host New Zealand was eliminated, and other big teams are in danger of not advancing headed into the final few days of group play.
The Associated Press takes a look at some of the highlights and lowlights so far:
GOAL OF THE TOURNAMENT
There have been a number of contenders and Bia Zaneratto’s strike against Panama after a sweeping move from Brazil stands out as the most complete goal so far.
Ireland’s Katie McCabe scored directly from a corner kick against Canada, and England’s Lauren James curled in a long range effort against Denmark.
Even so, Caicedo’s solo goal in Colombia’s dramatic 2-1 win against Germany is the pick of the bunch. With a flash of skill, she beat two German players in the box before lashing a shot into the top corner as the Sydney crowd dominated by Colombia fans went wild.
MOMENT OF THE TOURNAMENT
It has to be Manuela Vanegas’ late winner for Colombia against Germany. Alexandra Popp seemed to position two-time champion Germany for a draw with an 89th-minute penalty.
But Vanegas’ header in the 97th minute gave Colombia a World Cup upset.
COMEBACK
Norway looked down and out after an opening game loss to co-host New Zealand and a goalless draw against Switzerland. With star player Ada Hegerberg injured, the odds were beginning to stack up against the Norwegians going into their final Group A match against the Philippines.
But three goals within 31 minutes set up a 6-0 rout that saw Norway advance to the knockout rounds in second place. The Norway win knocked New Zealand out of the tournament, making the Football Ferns the first host to be eliminated in group play in tournament history.
EMERGING STARS
Caicedo’s standout performances aren’t a surprise to those who have followed her career. The Real Madrid forward has long-been tipped to be one of the biggest stars in women’s soccer.
She hasn’t disappointed in her first World Cup and has inspired Colombia to back-to-back wins with goals in each game.
England coach Sarina Wiegman unleashed Chelsea forward James from the start in the Lionesses’ second game against Denmark, and she made a quick impression. Collecting the ball outside the area after six minutes, she swept a curling effort past Lene Christensen.
Haiti’s Melchie Dumornay has shown flashes of the talent that earned her a move to French powerhouse Lyon, while 19-year-old Aoba Fujino has become the youngest player to score at a World Cup for Japan’s men’s or women’s teams.
Casey Phair, a 16 year old, became the youngest-ever player to appear in a senior soccer World Cup when she was a second-half substitute for South Korea against Colombia.
DISAPPOINTMENTS
While youngsters have capitalized on their chance to shine, some of the established names have yet to make their mark.
There have been differing reasons for that.
Sam Kerr’s calf injury robbed Australia of its star striker for its opening two games, while Hegerberg’s groin injury has cut her playing time for Norway.
Alex Morgan, who was the co-leading scorer at the last World Cup, is still finding her footing in the United States’ new look attack.
Record international scorer Christine Sinclair was benched for Canada’s second game and is still waiting for her first goal of the tournament, while Brazil great Marta has also been used sparingly.
SURPRISES
New Zealand kicked the tournament off with a 1-0 win against Norway, but couldn’t keep up its momentum and went on to lose by the same score to the Philippines to set up the co-host’s early exit.
Jamaica’s 0-0 draw with fifth-ranked France was described by its coach Lorne Donaldson as the country’s greatest soccer result, for men or women. But the biggest surprise could be yet to come if Jamaica can avoid defeat against Brazil to advance to the round of 16.
Colombia’s dramatic late winner against Germany, meanwhile, was one of the great upsets.
ENTERTAINERS
The goals have been flowing for Spain and Japan, teams that both advanced from the group stage with a game to spare. Both teams secured 5-0 wins against Zambia and both have produced technically excellent displays.
Germany was on a high after its 6-0 rout of Morocco, but was humbled by Colombia.
Sweden routed Italy 5-0, while Norway found its scoring touch just in time against the Philippines.
ONES TO WATCH
Some of the favorites have made underwhelming starts. The two-time defending champion United States, England, Germany and France have not been totally convincing in group play and the tournament still looks wide open.
Colombia looks legitimate, and with Kerr back in action, Australia could become a contender.
The Netherlands look like serious contenders, while Spain and Japan have impressed. Brazil has shown flashes, but faces a fight to advance from the group stage.
Nigeria has shown it is dangerous, and Sweden has picked up back-to-back wins.
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James Robson is at https://twitter.com/jamesalanrobson
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More AP Women’s World Cup coverage: https://apnews.com/hub/fifa-womens-world-cup
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| 2023-07-31T21:39:30
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LOS ANGELES (AP) — If you believe Janelle Monae ’s hyper-sexual expression is a front, think again.
These days, Monae is unapologetically living her truth in a bold manner while trying to avoid negativity. The star, once known for sporting custom-made suits, has shed that attire (at least for now) to nearly bare all, like on the cover of her latest studio album, “The Age of Pleasure,” where she’s seen swimming topless in a pool. It’s her first release since 2018’s “Dirty Computer,” which was nominated for album of the year at the Grammys.
In recent months, Monae hasn’t been afraid of risque looks and nudity. She revealed herself during an event celebrating the release of her single “Lipstick Lover” and again onstage at an Essence Music Festival set — which drew some social media criticism including from singer India Arie and rapper Uncle Luke. She also attended the 2023 Met Gala in a barely-there outfit.
For Monae, this is her time to be free.
Monae spoke recently with The Associated Press about her supportive mother, side-stepping criticism and teasing her upcoming North American tour, which kicks off Aug. 30 in Seattle. Other tour stops include New York and Nashville and she’ll wrap in Los Angeles in mid-October.
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AP: Since you haven’t toured since 2019, was your recent Essence Festival performance a tune up for your upcoming tour?
MONAE: Yeah, we’re testing out the songs. You‘re getting them in your body. Right now, we don’t have a lot of muscle memory with the new songs. We haven’t toured them. I know if you come into the show, you’ll love the songs. But hearing them live is a different experience, especially when you’re putting them with songs from previous work. We’re basically just putting a show together based on what we feel is good. Sometimes you just don’t know until you get on stage.
AP: What do you want people to take away from your show?
MONAE: Tap into your free (expletive) energy. That’s rooted in self-love — not arrogance. Tap into that space and then take care of each other. That’s what I hope. With the shows that I do, and when I look out, it’s an experience. It’s like our own church. You want to take care of each other.
Even if your freedom doesn’t look like that person’s freedom, you understand that we’re fighting against something much bigger than us. We’re systemically fighting against something much bigger than us, so we got to band together, we got to stick together. We have to make sure that we’re showing up for each other. If we have privilege in certain areas, making sure that we’re lending a hand, lending a voice, amplifying a message.
AP: How has it been to walk in your truth while facing criticism about your racy performances from people like Arie and Uncle Luke?
MONAE: That has absolutely nothing to do with me. I love everybody. I’m in the age of pleasure.
AP: When did you feel comfortable with living life the way you want without caring about others’ opinions?
MONAE: It’s not like I don’t care what people think. I care what some people think. I don’t care what everybody thinks. That’s the same when it comes to music. When you make a new song, I can’t go soliciting everybody’s opinions about the song. By the time I get back to the second pass of it, it’s all over the place. Everybody’s going to have an opinion. For me, it’s like, whose voice do I trust? Who do I know that loves me, cares about me, whose taste do I like, who actually is evolved enough to even understand what it is that I’m doing? Who understands nuance?
You shouldn’t care what anybody has to say. You just care what the right people have to say and everything else is muted.
AP: Who are those right people for you?
MONAE: Family. Close friends.
AP: In your journey, your mother has been a huge supporter. Whenever you have fallen under certain criticisms, how has she helped you navigate the critics?
MONAE: My mom is like ride or die. I have to tell her like “Mom, you don’t need to defend me. You don’t need to defend my life or my decisions.” For her, I’m her baby. Like any mama bear, you might get punched in the eye if you say something. You might. But I’ve calmed her down over the years. For the most part, we mostly respond to love. It’s a lot of people that love where I am and who I am and what I’m doing, and they feel really empowered and inspired by it, and that makes my mom proud, and it makes me happy.
AP: How do you avoid the naysayers?
MONAE: I’m too busy living life to be distracted. The positive things are always amazing too, but I also don’t go fishing for that. One of the things about being in the age of pleasure is being present and making sure that I’m dipping in on social media, saying what I need to say, showing love, saying “thank you,” putting up my art and leaving, going to go create more things and make more memories and more experiences.
I’m in the middle of putting together a tour for North America. We haven’t been on tour since 2019. For me, I have a lot of things that keep me busy. I’m practicing guitar. I’m having the best sex of my life. I’m happy. Even in the middle of all that’s going on in this world, I’m finding time to steal joy and to center joy and to stay surrounded by the people that bring me joy and that I can bring joy too.
AP: How did “Age of Pleasure” define where you are in life?
MONAE: I wanted to create a soundtrack to our lifestyle. I think this album like all my albums reflect exactly where I am at that time. Each album will let you know where I was in my evolution process, what things I had to unlearn, what things I learned. I love that. I love that you can always look at an artist working, sort of see what they were on at that time.
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For Q2 2023, revenue increased 15% to $19.4 million and customer locations increased 7% to 124,000. Q2 net loss dropped 75% from $3.9 million in Q2 2022 to $978,000 in Q2 2023, and ARR* for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
TORONTO , July 31, 2023 /PRNewswire/ - Givex Corp. ("Givex") (TSX: GIVX) (OTCQX: GIVXF), is pleased to present its financial results for the three-month period and six-month period ending June 30, 2023.
Givex reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS").
"In Q2 2023, Givex continued to increase adjusted EBITDA by increasing gross profit and keeping a tight rein on payroll costs," said Don Gray, CEO of Givex. "Net loss decreased 75%, from $3.9 million to $978,000. We are working hard to continue this trend for the rest of the year."
Second Quarter Financial Highlights
Three-month period ending June 30, 2023 (with comparisons relative to the three-month period ending June 30, 2022)
- Revenue increased $2.6 million from $16.8 million to $19.4 million, 15% growth.
- Gross Profit increased $1.9 million from $12.2 million to $14.1 million, 16% growth.
- Adjusted EBITDA*** increased $0.7 million from $1.0 million to $1.7 million, 69% growth.
- Net Loss decreased $2.9 million from $3.9 million to $978,000, 75% decrease.
- Total Gross Transactional Value**** increased approximately $0.35 billion from $1.77 billion to $2.12 billion, 20% growth.
- POS Gross Transactional Value***** increased approximately $128 million from $347 million to $474 million, 37% growth.
- Customer Locations****** increased approximately 8,000, from 116,000 to 124,000, 7% growth.
Six-month period ending June 30, 2023 (with comparisons relative to the six-month period ending June 30, 2022)
- Revenue increased $5.4 million from $33.2 million to $38.6 million, 16% growth.
- Gross Profit increased $4.2 million from $23.1 million to $27.3 million, 18% growth.
- Adjusted EBITDA*** increased $0.4 million from $2.3 million to $2.7 million, 18% growth.
- Net Loss decreased $4.3 million from $6.5 million to $2.2 million, 66% decrease.
- Total Gross Transactional Value**** increased approximately $0.65 billion from $3.05 billion to $3.7 billion, 21% growth.
- POS Gross Transactional Value***** increased approximately $295 million from $584 million to $879 million, 51% growth.
Operational Highlights
- Payroll costs are the key focus to improved EBITDA and positive net earnings. For the 12-month periods ending June 30, 2023 and 2022, Employee Compensation******* as a % of Gross Profit was 53% and 54%, respectively. The company believes that its ability to reduce Employee Compensation as a % of Gross Profit is an indicator of its success in managing costs and profitability.
- ARR* (which is both recurring and reoccurring revenue) for TTM** increased $11.8 million from $59.3 million as at June 30, 2022 to $71.1 million as at June 30, 2023, growth of 20%.
More Information
Additional financial information, such as the audited annual Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
More information about Givex, including the Management Presentation and Overview, are posted on the company's investor relations website at investors.givex.com.
About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 124,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
The information presented includes certain financial measures such as "Adjusted EBITDA" (see below for definition), which are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, the risk factors described under the "Risk Factors" section in the Annual Information Form (AIF) dated March 21, 2023, available on SEDAR+ at www.sedarplus.ca and other filings with the Canadian securities regulatory authorities. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Cautionary Note Regarding Forward-Looking Information" in the Filing Statement.
Additional Notes
*ARR is defined as Annual Recurring Revenue, which is both recurring and reoccurring revenue.
**TTM is trailing twelve months from the defined period.
***Adjusted EBITDA is defined as net profit (loss) excluding interest, taxes, depreciation and amortization ("EBITDA") as adjusted for share-based compensation and related expenses, foreign exchange gains and losses and transaction-related expenses including those related to going public and acquisitions.
****Gross transaction volume ("GTV") means the total dollar value of stored and point-of-sale ("POS") transactions processed through our cloud-based SaaS platforms in the period, net of refunds, inclusive of shipping and handling, duty, and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platforms. GTV does not represent revenue earned by us.
*****POS gross transactional volume ("POS GTV") means the total dollar value point-of-sale ("POS") transactions processed through GivexPOS, our cloud-based POS SaaS platform, in the period net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe POS GTV is an indicator of the success of our customers and the strength of our platforms. POS GTV does not represent revenue earned by us.
******Customer Location means a billing customer location for which the term of services has not ended, or with which we are negotiating a renewal contract. It includes both merchant locations that have transactions processed through our cloud-based SaaS platform, as well as merchant locations not on our platform but for which we provide other Givex services. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. We believe that our ability to increase the number of Customer Locations served by our platform and products is an indicator of our success in terms of market penetration and growth of our business.
*******Employee Compensation as a % of Gross Profit means the total employee compensation for a period divided by the gross profit for the same period. Employee Compensation means total employee compensation including salaries and benefits, excluding both government assistance and share-based compensation. Gross Profit means revenue less direct cost of revenue.
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AUCKLAND, New Zealand (AP) — The United States arrived at the Women’s World Cup as the favorites to win an unprecedented third consecutive title. But after an underwhelming draw against the Netherlands, there’s a real chance the Americans can be eliminated in group play for the first time in tournament history.
The U.S. plays Portugal in the third and final match of Group E play, and if Portugal pulls off an upset Tuesday at Eden Park in Auckland, the Americans could be in big trouble.
The United States needs to either win or draw against Portugal, one of eight teams playing in its first World Cup, to ensure the Americans continue to play in this tournament.
“I think we feel like we have to win everything all the time,” said American star Megan Rapinoe. “That’s the expectation for ourselves. That’s the expectation playing for U.S. national team. It’s just kind of like, ‘Why would you come into the World Cup if you don’t think that you should win it, and if you don’t think that you can win it?’”
The United States sits atop the group after a 3-0 victory over Vietnam in the tournament opener, and a 1-1 draw with the Netherlands last Thursday in Wellington. The Dutch are tied with the U.S. on points, but the Americans have the tie-breaker on goals scored.
Portugal lost to the Dutch in its opener but then beat Vietnam 2-0. So if the Portuguese beat the United States, they’ll move on, and the Americans would then need Vietnam to beat the Dutch in Dunedin — while keeping their advantage on goal differential — to advance.
“One thing is for sure, that we have a job to do and that’s first and foremost to take care of our game, so our main focus right now it our performance, our team, and Portugal,” said U.S. coach Vlatko Andonovski. “What happens on the other side is something we can’t control. We have to stay focused on the things we can control.”
Portugal could use a swarming defense to try to prevent the United States from scoring the way Vietnam — unsuccessfully — played the Americans in the opener.
Portugal defender Ana Borges said her team will be prepared.
“This is the stage where we want to be. It’s against these teams that we want to play because we’re going to learn and grow from them,” Borges said. “Not saying anything about the other team, but if we weren’t prepared for this challenge, we wouldn’t be playing football.”
CHINA-ENGLAND
England is in very good shape headed into its Group D finale against China, needing only a draw Tuesday night in Adelaide, Australia to win the group and advance to the round of 16.
Even a loss would be OK and push England through as group winners so long as Denmark doesn’t beat Haiti. If Denmark won and England lost, the group winner would be decided by FIFA tiebreakers.
England edged out a 1-0 victory over Haiti to open the tournament, then beat Denmark by the same score.
China lost 1-0 to Denmark in the opener but rebounded with a 1-0 win over Haiti and is now trying to keep its streak intact of advancing out of group play in all eight of its World Cup appearances.
It will be a tough task: China can advance to the round of 16 if the Chinese beat England. But if Denmark beats Haiti, coupled with a China win, then FIFA tiebreakers would come into a play. A loss would mean China’s only chance at advancing would be if Haiti beat Denmark.
England and China meet for just the fifth time, but first since a 2-1 China victory in 2015.
England has scored in each of its last 15 matches at the Women’s World Cup for a tally of 25 goals since 2015. A goal against China would make England the first team to score in 16 consecutive matches in the tournament.
China is looking to win consecutive World Cup games for the first time since 1999.
VIETNAM-NETHERLANDS
The Netherlands want to win every match in the Women’s World Cup but none more so than Tuesday’s game against Vietnam.
At stake: avoiding Sweden in the knockout round.
The Dutch, the tournament runner-up in 2019, need only a win or a draw in the Group E match played in Dunedin, New Zealand. And even a loss would be OK so long as the United States beats Portugal in a game being played simultaneously.
But the Netherlands has mapped out the tournament and wants no part of Sweden anytime soon.
“The first aim is always to win and get to the last 16 and then after that if we can score goals we will, of course,” said Dutch coach Andries Jonker. “But looking at our colleagues from the U.S. and Portugal, we’ve noticed it’s not all that easy. We’ve never shown any kind of arrogance, but if we get chances to score goals we will. We would prefer to play against the number two in this group and not Sweden.”
The Netherlands are tied with the United States for the top spot in the group after playing to a 1-1 draw against the Americans and a 1-0 win over Portugal.
Vietnam has already been eliminated from its first Women’s World Cup following losses to the United States and Portugal. Vietnam has lost its last five internationals by a combined score of 18-1.
“The Netherlands tries to have as many goals as possible, and I have to say we are at a low level,” said Vietnam coach Mai Duc Chung. “If we compare with Asia, we’re still at a low level. So if we compare with the world, we are still quite behind. It is a success for us already. In the past two matches we have tried our best. Great effort already.”
HAITI-DENMARK
First-time Women’s World Cup participant Haiti would like to stick around a bit longer but needs a miracle against in the Group D finale against Denmark to have any shot to advance.
Haiti needs to beat Denmark in the Tuesday match played in Perth, Australia, and hope England beats China. If both those things happen, Haiti’s only chance would still come down to FIFA’s tiebreaker system.
It’s very long odds for Haiti, which has played better in this tournament than its 0-2 record shows. Haiti held both England and China to one goal each in the first two matches.
Haiti is on a six-game losing streak headed into what is probably its final game of this tournament.
Denmark, meanwhile, is trying to advance to the group stage for the first time since 1995. Denmark was a 1-0 winner over China to start the tournament, then lost 1-0 to England and heads into the game tied for second in the group with China with three points each.
A win over Haiti pushes Denmark through to the next round so long as England doesn’t lose to China. That scenario would put tiebreakers into play.
The Danes, in the tournament for the first time since 2007, can also get through with a draw, but again, only if England beats China.
Denmark has won five of its last seven international matches.
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AP World Cup coverage: https://apnews.com/hub/fifa-womens-world-cup and https://twitter.com/AP_Sports
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NEW YORK (AP) — When actor Casey Likes watched “Back to the Future” growing up, his mom would always say he reminded her a lot of the film’s star, Michael J. Fox. Something in the universe agrees: He’s taken on Fox’s classic movie role on Broadway.
The rising stage star plays Marty McFly for a musical adaptation of the beloved 1985 sci-fi comedy about a time-traveling duo who go back to the 1950s in a souped-up, gull-winged DeLorean.
“I remember growing up and just really, really loving the film. It kind of sat in that realm of like ‘E.T.’ and ‘Close Encounters’ — movies that came at a time when film was magical,” says Likes, 21. “I hope we accomplish something kind of similar with Broadway.”
The show, which won the Olivier Award for best new musical last year in London, arrives at the Winter Garden Theatre this summer with a story by Bob Gale, who previously co-created and co-wrote the movie with Robert Zemeckis. It hews very closely to the original, including having a DeLorean onstage and the shout “Great Scott!”
Broadway veteran and Tony Award-winner Roger Bart takes on Christopher Lloyd’s role of Doc Brown, the oddball scientist with a knack for inventions. Bart recalls seeing “Back to the Future” in his early 20s when it first appeared in movie theaters. He watched with three friends from theater school and they were all secretly jealous of Fox.
“None of my friends — even knowing each other as well as we did — none of them, including my mother, ever nudged me and said, ‘No, no, kid. You’re Doc Brown. Just be patient,’” the Tony-winner says laughing.
Like the film, the musical centers on Marty McFly traveling back to his hometown in 1955. Once there, he gets caught up in the soap opera lives of his own teenage parents, including his mom, who develops a crush on her future son. He must reconnect mom and dad or he risks disappearing from history.
“We feel like it’s very important – I’m sure Casey would agree — for the public to come to the show and recognize that they are seeing that story in a different form but with all of its charms very deeply intact,” says Bart, whose Broadway credits include “The Producers,” “Disaster!” and “Young Frankenstein.”
New songs have been crafted by the film’s composer Alan Silvestri and songwriter and producer Glen Ballard. Some Huey Lewis and the News songs from the movie also have been included, like the theme tune “The Power of Love” and “Back in Time,” as well as Marty McFly’s futuristic rendition of “Johnny B. Goode.”
“We go back to the ‘50s, you get some songs that sound like ’Grease,’ like ‘Bye Bye Birdie.’ And then we have some ‘80s moments in there that are very ’Footloose,’” says Likes. “It feels kind of like the greatest hits of not only rock ‘n’ roll, but of musical theater.”
While both men are fans of the films — and both got to meet the original stars at a gala last week — neither Bart nor Likes want to straightjacket themselves into the way Fox and Lloyd performed their roles.
“I don’t want to impersonate the movie. I want to remind you of the movie,” says Likes, who made his Broadway debut last year as the Cameron Crowe-inspired lead character of the musical “Almost Famous.”
“There’s a lot of things that Roger is doing that are similar, and there’s a lot of things that I’m doing that hopefully are similar to Michael. But we’re really just reminding you of their brilliance. Hopefully, at the same time, you’re able to kind of go along the journey with our Marty and Doc.”
In addition to being a cultural touchstone, “Back to the Future” was selected by the Library of Congress for preservation in the National Film Registry and the American Film Institute listed it as the No. 10 best science-fiction film. Bart thinks the movie’s staying power is because it manages to straddle many worlds.
There’s a time travel story and one about getting to know your parents as peers. There’s a love story between Marty’s parents and there’s also a buddy movie — Marty and Doc putting their friendship on the line.
“Between all of these elements, it answers so many of the things that we love about that era of moviemaking and storytelling,” says Bart. “I think that’s one of the reasons why it is has sort of stuck around so long.”
Not to mention the fact that audiences can appreciate the story at different parts of their lives. Kids can enjoy the thrills and special effects; adults can be moved by the notion of meeting their own moms and dads. “Part of its sustaining power is the fact that it can mean one thing at one age and another at another,” says Bart.
Likes also adds another reason: Marty initially only wants to get back to his own time period to reconnect with his girlfriend. But his reasons start to change — save Doc, save his family, save the world.
“As the show goes on, there’s more stacked up reasons as to why he has to get back. And I think that’s a really interesting thing to think about in our own life,” he says. “What would be our reasons to to get back to our current life?”
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Mark Kennedy can be reached at http://twitter.com/KennedyTwits
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ST. LOUIS, July 31, 2023 /PRNewswire/ -- Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, today reported that it set a new quarterly record for net sales in the second quarter of 2023.
Graybar's net sales for the second quarter of this year totaled $2.8 billion, an increase of 4.5% compared to the same period last year. Net income attributable to Graybar for the quarter finished at $124.2 million, a 2.7% decrease from the second quarter of 2022.
For the first half of 2023, the company reported net sales of $5.5 billion, an 8.1% increase compared to the same period last year. Net income attributable to Graybar for the first six months of 2023 increased 8.4% to $249.0 million.
"Thanks to the hard work of our employees, we continue to achieve positive results," said Kathleen M. Mazzarella, chairman, president and chief executive officer of Graybar. "We remain focused on providing exceptional service to our customers every day, while we make strategic investments to transform our business and strengthen our long-term position as an industry leader."
Graybar, a Fortune 500 corporation and one of the largest employee-owned companies in North America, is a leader in the distribution of high quality electrical, communications and data networking products, and specializes in related supply chain management and logistics services. Through its network of more than 325 North American distribution facilities, it stocks and sells products from thousands of manufacturers, helping its customers power, network, automate and secure their facilities with speed, intelligence and efficiency. For more information, visit www.graybar.com or call 1-800-GRAYBAR.
Media Contact:
Tim Sommer
(314) 578-7672
timothy.sommer@graybar.com
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WASHINGTON (AP) — A poster hanging at the DC Open site shows Frances Tiafoe — a competitor in the field from nearby Maryland — flanked by other men such as Andy Murray and Taylor Fritz and women such as Coco Gauff and Jessica Pegula.
It is a simple visualization of a complicated change to a tournament that began Monday and has been around for men since 1969, added women via a simultaneous but lower-tier and less-promoted event in 2009 and now is taking a further step by touting itself as the first combined ATP-WTA 500 event. That is two levels below Grand Slams and one level below Masters 1000s and was accomplished by elevating the women’s portion through the lease of what had been a hard-court tourney in San Jose, California, played during the same week.
While ostensibly that puts the men and women on equal footing in Washington — where players both will be trying to win a trophy and to prepare for the U.S. Open, the year’s last Grand Slam tournament — it still is not equal all the way around.
Most notably: The men’s champion receives a check for $353,445; the women’s champion earns $120,150. That is not an anomaly. There are other stops on the professional tennis tours that include female and male players but do not pay them evenly.
“Our main goal is to work toward equal prize money. That is what we want on the WTA side and what we think is fair. Especially at the combined events, we don’t want to see a discrepancy there. We want to see that we’re earning the same at the same event,” said Pegula, an American who is No. 3 in the rankings and seeded No. 1 in Washington and a member of the women’s tour’s player council. “The fans are coming to watch both of us, and we should be making the same.”
All four Grand Slam tournaments offer equal prize money across the board, something the U.S. Open started doing 50 years ago and others as recently as 2007. That won’t happen at the DC Open until 2027 as part of a wider plan the WTA recently announced to get equal paychecks at certain events by that year and at others by 2033.
“That will give everyone a chance to hopefully get revenues to grow to be able to afford it,” said Mark Ein, who has been the tournament chairman since 2019 and is part of the group that recently bought the NFL’s Washington Commanders from Dan Snyder.
“When we took over the tournament, one of my top goals was to secure a women’s event at an equal level as our men’s,” Ein said. “One of the things I love about tennis is it’s really the only sport where athletes of both genders compete on the same playing surface at the same time.”
There are other discrepancies between the men’s and women’s brackets in Washington.
The men’s field is 48 players; the women’s is 28. The rankings points available are nearly the same, but the men’s champion gets 500, the women’s 470.
Like Pegula, three-time major champion Murray, who is seeded 15th in Washington, said that all players “at the same event, on the same courts,” should be vying for the same payouts.
“But I think for it ever to become like truly equal, the WTA and the ATP are actually going to have to come together and work as one before that’s the case, because I don’t think it’s that straightforward just now that both tours have different sponsors, different TV deals and all of that stuff, too,” Murray said. “There is a few things that still need to change, but I feel like things are going in the right direction, like with the move to this event becoming a 500 for both. Can obviously still get better.”
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AP tennis: https://apnews.com/hub/tennis and https://twitter.com/AP_Sports
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| 2023-07-31T21:39:44
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LOS ANGELES (AP) — This year Whitney Houston would have turned 60, and a special celebration to raise money for a good cause is being planned for her birthday.
Houston’s estate, Sony and Primary Wave Music will host the 2nd annual Whitney Houston Legacy of Love on Aug. 9, which will benefit the late singer’s foundation aimed at helping young people.
Houston’s close friends BeBe Winans and Kim Burrell will perform at the gala at Atlanta’s St. Regis Hotel, as will Whitney’s brother, Gary, who toured with her for three decades.
“When I turned 50, Whitney gave me two celebrations — one in Ireland and one in London. I always tell everyone now that one of them was for her,” says Pat Houston, Whitney Houston’s sister-in-law and the executor of her estate. Houston died in February 2012 at age 48. “This year is Whitney at 60 — we’re all looking forward to being a part of the power of love in that room.”
Houston found the Whitney Houston Foundation for Children in 1989 with the goal of empowering youth, providing resources to unhoused children, giving out college scholarships, and raising funds for charities like the Children’s Defense Fund and St. Jude Children’s Research.
A charity auction will raise money for the foundation, which is now called the Whitney E. Houston Legacy Foundation.
“We’re going to auction off a beautiful lavender dress Dolly Parton wore when she sang ‘I Will Always Love You’ at Country Music Television’s ‘100 Greatest Love Songs of Country Music’ special in 2004,” says Pat Houston. “This dress is particularly special because it’s lavender, and lavender is Whitney’s favorite color.”
The song, originally written by Parton, was recorded by Houston and became one of her great, everlasting hits. The Recording Industry Association of America (RIAA) certified it diamond early last year, which means the track has sold and streamed 10 million equivalent units in the United States. It became her first diamond single, and made Houston the third woman to ever achieve diamond-status with both a single and an album, following Mariah Carey and Taylor Swift.
Clive Davis will serve as honorary chairman. Recording Academy President Harvey Mason jr. is scheduled to attend. Also expected are Gamma’s Larry Jackson and Whitney Houston’s musical director Rickey Minor.
“I always tell people, Whitney is the star,” Pat Houston said. “Everybody in that room is royalty, but she’s loyalty — and she’s still showing that.”
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https://www.wane.com/entertainment-news/ap-entertainment/ap-whitney-houstons-estate-announces-second-annual-legacy-of-love-gala-with-bebe-winans-kim-burrell/
| 2023-07-31T21:39:45
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https://www.wane.com/entertainment-news/ap-entertainment/ap-whitney-houstons-estate-announces-second-annual-legacy-of-love-gala-with-bebe-winans-kim-burrell/
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Published: Jul. 31, 2023 at 3:05 PM CDT|Updated: 2 hours ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2022, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense and other expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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https://www.wbay.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
| 2023-07-31T21:39:47
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https://www.wbay.com/prnewswire/2023/07/31/harmonic-announces-second-quarter-2023-results/
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SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
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https://www.wdtn.com/technology/ap-technology/ap-san-francisco-prosecutors-to-lay-out-murder-case-against-consultant-in-death-of-cash-apps-bob-lee/
| 2023-07-31T21:39:50
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https://www.wdtn.com/technology/ap-technology/ap-san-francisco-prosecutors-to-lay-out-murder-case-against-consultant-in-death-of-cash-apps-bob-lee/
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MONTGOMERY, Ala. (AP) — Health care providers in Alabama, where abortion is almost entirely illegal, filed a lawsuit Monday against the state’s attorney general that seeks to prevent him from prosecuting people who help women travel outside the state to receive an abortion.
The providers say Attorney General Steve Marshall has made statements suggesting that anti-conspiracy laws could be used against groups that provide assistance for Alabama women to travel to states where abortion is legal. The lawsuit, filed in federal court by two former abortion clinics and an obstetrician, seeks a legal ruling that state laws can’t be used to prosecute people who provide referrals and appointment help.
A similar lawsuit filed Monday by Yellowhammer Fund, a group that once provided financial assistance to women seeking abortions, seeks to clarify it can’t be prosecuted for providing monetary help.
“What the attorney general has tried to do via these threats is to effectively extend Alabama’s abortion ban outside of its borders for Alabama residents,” Meagan Burrows, a lawyer with the American Civil Liberties Union, which is representing the providers in the lawsuit.
The lawsuits seek to block Alabama from using prosecution, or the threat of it, to hinder efforts to help state residents obtain abortions where it remains legal. In a separate case, advocacy groups and an attorney sued Idaho earlier this month over a law that makes it illegal to help minors to travel to another state to get an abortion without their parents’ consent.
Marshall has not prosecuted anyone for providing abortion assistance, but he has made statements saying that his office would “look at” groups that provide help.
“Attorney General Marshall will continue to vigorously enforce Alabama laws protecting unborn life which include the Human Life Protection Act. That includes abortion providers conspiring to violate the Act,” Marshall’s office said in an emailed response to the lawsuit. His office did not respond to an email asking to clarify if actions such as providing financial assistance could be prosecuted.
Those statement have had a chilling effect on abortion rights advocates, who already feel like they live with a legal target on their back, providers said.
The suit was filed by the West Alabama Women’s Center in Tuscaloosa, the Alabama Women’s Center in Huntsville, and Dr. Yashica Robinson, an obstetrician. Robinson said she once made referrals for patients seeking abortions, coordinating health history information for medically complex patients, but no longer does so because of the fear of prosecution.
“Tragically, banning abortion in Alabama seems to not have been enough,” Robinson said in a statement. “Those in power want to muzzle providers like me to prevent us from sharing information with our pregnant patients about the options they have.”
The phone rings at least once a day at the former clinic in Tuscaloosa as women — sometimes crying and often desperate — try to find where they can go in other states to end an unwanted pregnancy, the clinic director said.
“We get a lot of the anger — and we know that it’s not us that they are angry at,” said Robin Marty, operations director for the West Alabama Women’s Center. “It’s the situation, but it is very, very hard for my staff. They want to be able to help them.”
After the U.S. Supreme Court overturned Roe v. Wade and handed authority on abortion law to the states, the Deep South quickly became an area of limited abortion access.
Alabama bans abortion at any stage of pregnancy with no exceptions for rape and incest. The only exemption is if it’s needed because pregnancy seriously threatens the health of the woman. Nineteen states have enacted restrictions and many southern states have near complete bans. Marty said that means women often have to travel long distances to receive care, which can bring financial and logistical hardship.
Marty said most people who reach out to the clinic know “there is no abortion in Alabama. What they aren’t aware of is how far that extends.”
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https://www.wane.com/health-2/ap-health/ap-alabama-health-care-providers-sue-over-threat-of-prosecution-for-abortion-help/
| 2023-07-31T21:39:52
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https://www.wane.com/health-2/ap-health/ap-alabama-health-care-providers-sue-over-threat-of-prosecution-for-abortion-help/
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Google Chrome is a great browser, no doubt about it. Lots of tabs, it syncs with your other devices. It also tracks every website you visit and shares that information with advertisers.
If privacy is important to you, Firefox Focus could be the browser you're looking for.
Firefox Focus has a single tab that lets you concentrate on one single task.
Your browsing is kept private and it blocks most ads that clutter web pages. It's stunning how clean webpages appear on an iPad with no ads.
Each time you open Firefox Focus and throughout your using it, the app shows you how many trackers it has blocked and you'll be surprised. After only five minutes of browsing with Firefox Focus, it blocked 64 trackers from following my activity.
And since it doesn't allow trackers to run in the background, Firefox Focus runs a little faster than Chrome, Safari, Edge, and even the primary Firefox browser.
And when you're ready to stop browsing, you can click on the trash can icon and it instantly clears your entire browsing history.
I'm not suggesting it become your primary web browsing app, but it's great if you need to focus, or don't want Google or advertisers tracking your every internet move.
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https://www.wfmz.com/features/what-the-tech/what-the-tech-app-of-the-day-firefox-focus/article_536b1250-2fc9-11ee-9f81-ab5db4c7f1a8.html
| 2023-07-31T21:39:55
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https://www.wfmz.com/features/what-the-tech/what-the-tech-app-of-the-day-firefox-focus/article_536b1250-2fc9-11ee-9f81-ab5db4c7f1a8.html
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
View original content:
SOURCE Heidrick & Struggles International, Inc.
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It turns out Lillyanna Rodriguez isn't the only Kenosha softball superstar heading to Oklahoma.
In fact, one of her best friends gets to join her Aug. 10-13 at the Team USA All-American games at the site of the College World Series in Oklahoma City.
Together, Janiyah Robinson and Rodriguez are two of only 10 girls chosen to represent the state of Wisconsin in this prestigious tournament, and they both happen to live in Kenosha.
Robinson, like Rodriguez, lives in the Bradford district and has dreams of being a star Red Devil one day.
For now, the 12-year-old Robinson is one of the youngest players on her Puma Academy 14U squad, and she is eager to showcase her skills in front of scouts and coaches alike at the grandest stage for softball in the country - the USA Softball Hall of Fame Stadium in Oklahoma.
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This event will provide national exposure to elite athletes in the 12U age division and has been designed to identify and highlight the best athletes from across the country.
The Oklahoma Sooners softball team is a pretty big deal, and Sooner red is everywhere in Oklahoma City. So getting the opportunity to play in the softball hotbed of America is quite the treat.
The Sooners recently beat Florida State in the College World Series to win their 53rd consecutive game, an NCAA Division I record, and they’ve now won three consecutive national championships. In fact, their last win came in Oklahoma City in the same stadium where Janiyah will be competing in August.
Only 12 years old, Robinson isn't afraid of the big stage and actually can't wait to show everyone that she belongs playing against some of the best players in the United States.
"Being selected to play in the All-American games is awesome because it is great exposure to some good colleges, and I get to play with other very talented girls my age from around the country," Robinson said. "It is exciting and humbling that I was one of only 10 girls chosen to represent Wisconsin in this tournament."
Rodriguez, who was featured in the Kenosha News last week, has had a fun softball history with Robinson.
The girls first met during the Bullen Middle School softball season in sixth grade. This past travel season, they were both wearing the same jerseys as the two youngest players on the Puma Academy 14U Golf team.
Robinson, 12, and Rodriguez, 13, both decided to go for it and try out for this prestigious showcase together.
The power of friendship was in full effect, as both girls were selected to play in the Team USA All-American games - on the same team.
They now have the precious opportunity to represent their country together in one last tournament together as 12U players.
Robinson is no stranger to being one of the youngest players on her team. She started playing the game she loves at 6 years old, and she hasn't slowed down since.
By age 8, she joined the Puma Academy 12U team. The organization is located locally in Kenosha. Rodriguez also plays for Puma.
Janiyah's older sister is a Puma girl as well.
"My older sister was on the 14U Puma team at the time (when she started Puma as an 8-year-old), and I was allowed to join in their practices, which played a big part in my development as a player," Robinson said. "I have been blessed with great coaches Alyssa Roberts, Josh Colon and John Ruffolo, who have taught me so much about the game."
So what's Robinson planning on doing with softball in the future?
Well, she's dabbled in other sports, but it's clear she believes softball is something she wants to do for a long time.
"My primary focus is on softball, but I have also recently started playing volleyball and really enjoy it," Robinson said. "My goal is to play softball for Bradford High School and eventually play in college."
Robinson is definitely on the right path, and in terms of her softball future, the sky truly is the limit.
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https://kenoshanews.com/local-softball-star-robinson-will-showcase-skills-at-usa-softball-all-american-games/article_3c53bf40-2fdd-11ee-a730-27dfc3632071.html
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WASHINGTON (AP) — The National Institutes of Health is beginning a handful of studies to test possible treatments for long COVID, an anxiously awaited step in U.S. efforts against the mysterious condition that afflicts millions.
Monday’s announcement from the NIH’s $1.15 billion RECOVER project comes amid frustration from patients who’ve struggled for months or even years with sometimes-disabling health problems — with no proven treatments and only a smattering of rigorous studies to test potential ones.
“This is a year or two late and smaller in scope than one would hope but nevertheless it’s a step in the right direction,” said Dr. Ziyad Al-Aly of Washington University in St. Louis, who isn’t involved with NIH’s project but whose own research highlighted long COVID’s toll. Getting answers is critical, he added, because “there’s a lot of people out there exploiting patients’ vulnerability” with unproven therapies.
Scientists don’t yet know what causes long COVID, the catchall term for about 200 widely varying symptoms. Between 10% and 30% of people are estimated to have experienced some form of long COVID after recovering from a coronavirus infection, a risk that has dropped somewhat since early in the pandemic.
“If I get 10 people, I get 10 answers of what long COVID really is,” U.S. Health and Human Services Secretary Xavier Becerra said.
That’s why so far the RECOVER initiative has tracked 24,000 patients in observational studies to help define the most common and burdensome symptoms –- findings that now are shaping multipronged treatment trials. The first two will look at:
— Whether taking up to 25 days of Pfizer’s antiviral drug Paxlovid could ease long COVID, because of a theory that some live coronavirus, or its remnants, may hide in the body and trigger the disorder. Normally Paxlovid is used when people first get infected and for just five days.
— Treatments for “brain fog” and other cognitive problems. They include Posit Science Corp.’s BrainHQ cognitive training program, another called PASC-Cognitive Recovery by New York City’s Mount Sinai Health System, and a Soterix Medical device that electrically stimulates brain circuits.
Two additional studies will open in the coming months. One will test treatments for sleep problems. The other will target problems with the autonomic nervous system — which controls unconscious functions like breathing and heartbeat — including the disorder called POTS.
A more controversial study of exercise intolerance and fatigue also is planned, with NIH seeking input from some patient groups worried that exercise may do more harm than good for certain long COVID sufferers.
The trials are enrolling 300 to 900 adult participants for now but have the potential to grow. Unlike typical experiments that test one treatment at a time, these more flexible “platform studies” will let NIH add additional potential therapies on a rolling basis.
“We can rapidly pivot,” Dr. Amy Patterson with the NIH explained. A failing treatment can be dropped without ending the entire trial and “if something promising comes on the horizon, we can plug it in.”
The flexibility could be key, according to Dr. Anthony Komaroff, a Harvard researcher who isn’t involved with the NIH program but has long studied a similarly mysterious disorder known as chronic fatigue syndrome or ME/CFS. For example, he said, the Paxlovid study “makes all sorts of sense,” but if a 25-day dose shows only hints of working, researchers could extend the test to a longer course instead of starting from scratch.
Komaroff also said that he understands people’s frustration over the wait for these treatment trials, but believes NIH appropriately waited “until some clues came in about the underlying biology,” adding: “You’ve got to have targets.”
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
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SCRANTON, Pa. - A Monroe County man is being accused of getting about $2.2 million in COVID-19 relief funding by filing fraudulent applications for pandemic stimulus funds.
In a news release Monday, the Department of Justice said Brian J. Albelli, age 45, of Stroudsburg, then used the money for purchasing boats and automobiles, real estate, retail shopping, and other personal expenses.
He was charged July 27 with wire fraud and money laundering.
According to United States Attorney Gerard M. Karam, the information alleges that Albelli owned and operated multiple corporate entities in Pennsylvania and Florida. Albelli allegedly filed approximately 20 fraudulent applications for pandemic stimulus funds, including under the Payment Protection Program (PPP), and for Economic Injury and Disaster Loans (EIDLs), the DOJ said.
The applications allegedly submitted by Albelli were filed on behalf of corporate entities that did not, in fact, have actual business operations, and that bore inflated revenues and employee headcount, and nonexistent gross receipts and costs of goods sold, according to the news release.
The DOJ says the applications also included a forged IRS income tax return and forged federal employment tax documents.
Albelli allegedly obtained in excess of approximately $2.2 million in PPP and EIDL funds, for himself and his family members, through filing the fraudulent applications, the DOJ said. Instead of using the funds on business expenses, Albelli allegedly used them on purchasing boats and automobiles, real estate, retail shopping, and other personal expenses, according to the DOJ.
Albelli also is charged with committing money laundering by concealing the fraudulent proceeds of his crimes, according to the news release.
The PPP and EIDL programs, both funded by the March 2020 CARES Act, were designed to help small businesses facing financial difficulties during the COVID-19 pandemic, the DOJ said.
PPP funds were offered in forgivable loans, provided that certain criteria are met, including use of the funds for employee payroll, mortgage interest, lease, and utilities expenses.
EIDL funds are offered in low-interest rate loans, designated for specific business expenses, such as fixed debts, payroll, and business obligation.
On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud, the DOJ said.
The maximum penalties under federal law for both charges are 20 years of imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines, the DOJ says.
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https://www.wfmz.com/news/area/poconos-coal/doj-stroudsburg-man-committed-over-2-2m-in-covid-19-pandemic-relief-fraud/article_8c3a2224-2fdd-11ee-bc15-a7ca2f7775e3.html
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AUSTIN, Minn., July 31, 2023 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, invites interested parties to participate in a webcast and conference call with Jim Snee, chairman of the board, president and chief executive officer; Jacinth Smiley, executive vice president and chief financial officer; and Deanna Brady, executive vice president, Retail; to discuss the company's third quarter financial results. The company will issue its earnings release before the markets open on Thursday, August 31, 2023, and will host a conference call at 8 a.m. CT (9 a.m. ET).
The webcast, replay and other information related to the event can be accessed on the company's investor website, http://investor.hormelfoods.com.
ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $12 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters®, SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, WHOLLY®, Hormel® Black Label®, Columbus®, Jennie-O® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on the "100 Best Corporate Citizens" list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.
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Online fundraisers have been launched for the two young adults killed when the truck they were passengers in crashed into the wall of a Kenosha business early Friday morning.
Five people were in the vehicle and 21-year-old Jenna Barrette and 22-year-old Dylan Zamora, both of Kenosha, died from their injuries.
Online GoFundMe fundraisers launched by their loved ones to help pay for funeral expenses and support their families have already surpassed their fundraising goals.
"Dylan Zamora was one of the lives lost. He was a smart, kind, loving and loyal friend to many," the fundraiser in his honor reads. "As you can imagine no family could possibly prepare for such a tragedy. We are hoping to help alleviate the financial stress of funeral costs so the family can focus on grieving the life of Dylan. If you can help, any contribution would be appreciated."
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Supporters had raised some $19,000 for his family as of Monday afternoon on the fundraising website (gofund.me/212d5fdf).
"Jenna Barrette could light up a room," the fundraiser in her honor reads.
"She was a Carthage nursing student, a graduate of Tremper, a WI Junior volleyball player a member of the Tabernacle Church, and she fostered kittens in need volunteering her time to help animals. Most of all Jenna was a daughter, a sister, a friend, and a teammate to so many. Her light will live on in all the people whose lives she has touched. We would like to give the gift of Jenna’s final rest, as a community, to her loving family as a thank you for sharing this beautiful girl with us all."
Barrette's supporters had raised over $24,000 by Monday afternoon on the fundraising website (gofund.me/a400b979).
Barrette was a senior at Carthage College. The college's dean of students offered a statement following the tragic crash.
"The Carthage community is devastated by the loss of Jenna, a rising senior who transferred here to her hometown college in fall 2021," Dean Nick Winkler said.
"She was a friend to many, including those in her nursing cohort, former teammates from her time with the Firebirds' volleyball team, and campus co-workers in the (N. E. Tarble Athletic and Recreation Center). We have encouraged grieving students to use our summer counseling resources and will determine the best way to honor her memory when classes reconvene this fall."
Cards, flowers and candles have been placed near the crash in honor of Zamora and Barrette.
Fatal crash
At about 3:25 a.m. on Friday, Kenosha Police officers responded to a vehicular crash at 4017 75th St. Arriving officers observed a red pickup truck partially inside the building of Play it Again Sports.
The individuals inside the vehicle included Zamora, 22, and Barrette, 21.
Also inside the vehicle at the time of the crash were a 20-year-old male driver in critical condition, a 21-year-old rear passenger in critical condition and a 22-year-old front seat passenger who was treated at a local hospital and released.
An investigation into the cause of the crash is ongoing. Anyone with information is urged to contact the Kenosha Police Department Detective Bureau at 262-605-5203. Or callers who want to remain anonymous can call Kenosha Area Crime Stoppers at 262-656-7333.
Kenosha neighbors: Obituaries for July 31
Read through the obituaries published today in Kenosha News.
MT. PLEASANT—Virginia A. Scholzen, 70, of Mt. Pleasant, passed away after a courageous battle with cancer at Columbia-St. Mary’s Milwaukee Cam…
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Man critically injured after shark bite off Florida's Anna Maria Island
Officials did not release many details but say the man is in his early 20s, and he was bitten in the lower leg off the north end of Anna Maria Island in Florida
ANNA MARIA ISLAND, Fla. - A man is recovering in the hospital after he was bitten by a shark off Anna Maria Island in Florida, according to West Manatee Fire Rescue.
Authorities say while they were offloading nearly a dozen people, including six children, to the Kingfish Boat Ramp, after two boats collided, another boat arrived with a man who said he had been bitten by a shark, according to a report from FOX 13 News in Tampa.
Officials did not release many details but say the man is in his early 20s, and he was bitten in the lower leg off the north end of the island.
GREAT WHITE SHARK ‘HOTSPOT’ OFF CAPE COD ONE OF THE LARGEST IN WORLD, STUDY FINDS
Rodney Kwiatkowski, Fire Marshal at West Manatee Fire Rescue District, said someone with the man had applied a tourniquet, which may have saved his extremity.
He added that the man was taken to Blake Hospital with critical injuries.
"It’s rare. This might be the third incident that I am aware of here since 2008," Kwiatkowski said. "It’s a natural body of water, and it’s a natural habitat for that body of water, and there is a risk associated with the things that we do, but I wouldn’t worry about it too much. Statistically, I think you are safe."
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https://www.foxweather.com/earth-space/shark-attack-anna-maria-florida
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NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
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https://www.wlrn.org/national-politics/national-politics/2023-07-31/how-a-suicide-bombing-in-pakistan-shows-spillover-effect-from-talibans-afghanistan
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In 2018, a jury convicted former Allentown Mayor Ed Pawlowski in a political corruption scandal. He was then sentenced to 15 years in federal prison. Our own Jaccii Farris spoke one-on-one with Pawlowski about time served behind bars these past five years. Look for part one of her special report, tonight on 69 News at 5:00.
Also, there's new hope for girls born with a rare brain development disorder. Tonight at 5:00, learn more about Rett Syndrome and the new drug that could help patients.
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https://www.wfmz.com/news/weekday-newsletter-headlines/69-news-at-5-00---ex-allentown-mayor-ed-pawlowski-speaks-from-behind/article_5da8c5e1-a816-5aef-858c-f4f6ad139eca.html
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DUBAI, United Arab Emirates (AP) — An escalating dispute over a gas field in the Persian Gulf poses an early challenge to a Chinese-brokered agreement to reconcile regional rivals Saudi Arabia and Iran.
Saudi Arabia and neighboring Kuwait jointly claim the offshore Al-Durra gas field. Iran says it has rights to the field, which it refers to as Arash. The two sides held talks in Iran in March but were unable to agree on a border demarcation.
A spokesman for Iran’s Foreign Ministry, Nasser Kanaani, said the country would not tolerate any infringement on its rights, echoing remarks by the country’s oil minister the previous day.
“We have expressed our readiness to engage in dialogue with the Kuwaiti side,” Kanaani told reporters Monday. “But if there is no interest in mutual utilization of this joint field, the Islamic Republic of Iran has naturally put the exploration and utilization of the resources on its agenda.”
Kuwait’s oil minister told Sky News Arabia last week that his country would commence drilling and production without waiting for a deal.
Saudi Arabia has sided with Kuwait, saying the two countries have exclusive ownership of the field, and has called on Iran to return to negotiations.
Saudi Arabia and Iran, which have backed opposite sides in conflicts across the Middle East and accused each other of destabilizing the region, formally restored diplomatic relations in April following a seven-year freeze. They have since reopened embassies and welcomed senior officials on visits.
But they continue to back opposite sides in Yemen’s civil war, which is ongoing despite a 15-month cease-fire. Saudi Arabia is also in negotiations with the United States over potentially normalizing relations with Israel, which Iran’s leaders have said should be wiped off the map.
“Any step in the direction toward normalization of ties with this aggressive regime will only serve to give it more leeway to commit more atrocities against the Palestinian nation,” Kanaani, the Iranian Foreign Ministry spokesman, said.
It’s unclear whether the dispute over the gas field, which goes back to the 1960s, will escalate beyond rhetoric. But tensions are already high in the Persian Gulf, where the U.S. is building up military forces in response to what it says is Iran’s unlawful seizure of oil tankers and harassment of commercial vessels.
Saudi Arabia and Kuwait agreed last year to jointly develop the gas field. Kuwait said at the time that they aimed to produce 1 billion cubic feet of natural gas and 84,000 barrels of liquefied gas per day. Iran denounced the agreement as illegal and said it should be included in any such plans.
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https://www.wane.com/news/business/ap-business/ap-dispute-over-persian-gulf-gas-field-poses-early-challenge-to-saudi-iranian-rapprochement/
| 2023-07-31T21:40:06
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Published: Jul. 31, 2023 at 3:15 PM CDT|Updated: 1 hour ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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FOX Weather team shares their struggles and successes as Hispanic journalists during panel at NAHJ
FOX Weather meteorologist Marissa Torres moderated a panel called “Weathering it together: Latinx representation in journalism, weather coverage and connecting stories."
Four members of the FOX Weather family shared their experiences in the media industry at the National Association of Hispanic Journalists convention on July 13.
FOX Weather meteorologist Marissa Torres moderated a panel called "Weathering it together: Latinx representation in journalism, weather coverage and connecting stories." As the only weather-related panel at NAHJ, it explored the impact of Hispanic and Latinx community representation in the weather and climate industry.
Panel speakers included FOX Weather meteorologist Craig Herrera, FOX Weather correspondent Nicole Valdes and FOX Weather senior producer Valeria Lacourciere.
"Attending this year’s NAHJ Conference on behalf of FOX Weather was an incredible opportunity," Torres said. "It allowed us to share all the hard work we’ve put forward over the past year and a half, as well as connect with our Hispanic/Latinx community."
A large part of making that connection involved Torres and her fellow panelists sharing personal experiences, not just about how they each honed their craft as journalists but also how their cultural backgrounds informed how they navigated the media industry.
One example involved Valdes and her work on the documentary "FOX Weather Reports: Ruin and Resurrection," which covered the devastation caused by Hurricane Maria in Puerto Rico in 2017.
Valdes noted how she sought to balance her role as a correspondent reporting on the storm and her personal ties to the island, particularly as some of her own family members were affected by the hurricane.
"What I learned as a journalist is that having a connection to your story is not a weakness, it’s a strength," Valdes said. "It made the story better, and my interviewees knew they could trust me as my family lived it."
"It became my superpower in reporting that I hoped would resonate with Hispanic journalists at the NAHJ conference," she added.
However, finding a balance between being true to yourself and your cultural background while being a media professional has been a challenge for some at times.
Lacourciere spoke about how, early on in her career in Connecticut, she "de-hispanified" her name because her colleagues had difficulty pronouncing it. Rather than call her "Valeria," they defaulted to calling her "Valerie," and eventually Lacourciere settled on "Val."
"It was a choice I made to be accepted," she said.
At the panel earlier this month, Lacourciere reclaimed her name, introducing herself by saying, "My name is Valeria, and it feels so good to be able to say it that way."
"It truly was a special moment for me to be accepted – just as I am," she recalled. During the panel, she also spoke about her experience as a woman and as a Latina in the news and how, despite being the only representation in her newsroom, she leveraged her background to help Hispanic community members be seen in local reporting.
For Torres, representation is a critical component of the media industry, particularly when it comes to reporting the news.
"Proper representation and diversification in the newsroom and on-air is vital to our success on this national platform, and I’m proud to be a part of a group that reflects that very thing," she said. "We still have work to do, but being at this conference and having those important, sometimes difficult, conversations is what will ultimately contribute to our success."
This honesty about the struggles and successes of the FOX Weather panelists struck a chord with panel attendees, many of whom approached the panelists after the event had ended, according to Herrera.
"We had some awesome people, both recent college graduates and some people still in college, who came to us after and talked with us for several minutes, many of them looking for guidance," he said. "I think we made some good connections. We were the only weather-related panel, and I was proud FOX Weather was the only group with such a panel."
Held in Miami, the convention was hosted by the National Association of Hispanic Journalists. According to the NAHJ website, the organization’s mission is dedicated to the recognition and professional advancement of Hispanic students, professionals and educators in the journalism industry.
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A young man wanted on charges in both Lehigh and Northampton counties escaped from a private company bringing him from Missouri to face charges in the Lehigh Valley. He was on the run for a short time and eventually caught at an old nightclub in Allentown Sunday afternoon. 69 News Reporter Rose Itzcovitz has more on the escape and how authorities caught the man.
Plus, "History's Headlines" profiles the very first attorney to establish a practice in the Lehigh Valley. Henry King came to town around 1820, set up shop in Allentown, and became a wealthy man. He became a Pennsylvania State Senator and was elected to the U.S. House of Representatives, but the law was always in his blood.
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| 2023-07-31T21:40:13
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FRANKFURT, Germany (AP) — Europe’s economy has grown modestly after months of stagnation, but higher interest rates designed to fight inflation are casting a shadow as they make it more expensive for households and businesses to borrow, invest and spend.
The 20 countries that use the euro currency and their 346 million people saw 0.3% growth in the April-to-June period, compared with the first three months of the year, the EU statistics agency Eurostat reported Monday.
That’s an improvement over zero growth in the first quarter and a slight decline in fourth quarter of last year — but not by much. Plus, one-time factors and an outsized bump from Ireland made things look better than they really were.
The eurozone got a boost by 0.5% growth in France and 0.4% in Spain, where lower inflation has helped lift consumer spending power.
Yet the French figure was increased by the delivery of one very large manufactured item — a cruise ship. That statistical quirk flattered French growth but does little to disguise weak demand for goods in the eurozone’s second-largest economy.
Ireland’s growth of 3.3%, largest in the eurozone, also distorted the overall picture. Its growth figures often show large swings due to major international companies housing their headquarters there, including tech giants like Meta, Google and Apple.
Without Ireland, euro-area growth would have been only 0.1%, said Franziska Palmas, senior Europe economist at Capital Economics.
The overall figure “was driven by a few country idiosyncrasies and masks an underlying momentum that is likely much closer to stagnation,” said Marc de Muizon, senior European analyst at Deutsche Bank Research.
Europe’s largest economy, Germany, struggled in the second quarter, recording zero growth after two straight quarters of falling output as it grappled with high energy costs tied to Russia’s war in Ukraine. Italy, the No. 3 economy, shrank by 0.3%.
The eurozone growth figures for the first quarter were revised from a decline of 0.1%, statistically erasing what had been two straight quarters of contraction — one definition of recession.
Inflation in the eurozone, meanwhile, continued its gradual decline, falling to 5.3% in July from 5.5% in June.
Europe is still struggling with the aftershocks of Russia’s invasion of Ukraine, including Moscow cutting off most of its natural gas to the continent that sharply raised prices for the fuel and the electricity it generates.
In Germany, Europe’s manufacturing powerhouse, Vice Chancellor and Economy Minister Robert Habeck has proposed capping energy prices for industry with government help.
The worst of the price spike is over, but costs are still higher than before the war began. Energy has faded as a main driver of inflation, but price rises are hitting Europeans when they shop for groceries, clothes and more, and the rebound for services companies — such as hotels and restaurants that suffered during the COVID-19 pandemic — has mostly run its course.
Food prices rose 10.8% in July from a year earlier, an improvement from June and previous months but still a pain point for households. Energy, meanwhile, kept dropping, falling 6.1%. Stripping out volatile food and energy prices, core inflation held steady at 5.5% — a key indicator that has not fallen as much as central bankers want.
In a bright spot for Europe, rebounding travel, especially in the Mediterranean countries that heavily rely on tourism, is expected to support growth in the upcoming third quarter as people flock to the beach for their summer holidays in Greece, Spain and Italy, despite recent heat waves and wildfires.
Other than that, prospects for the rest of the year are muted. Another drag on the economy is the rapid series of interest rate increases that the European Central Bank has unleashed to knock down inflation.
The ECB made its ninth straight hike Thursday, bringing its key deposit rate from minus 0.5% to 3.75% in just one year, a record pace since the creation of the euro in 1999. The result has been higher mortgage rates and canceled construction plans due to expensive or unavailable credit.
The central bank’s lending survey shows the lowest level of business loans and credit lines since the statistics started in 2003.
Bank President Christine Lagarde left open whether the bank will keep hiking rates at its next meeting on Sept. 14, saying the decision will depend on incoming inflation data.
Since the rate hikes began, inflation has steadily fallen from a peak of 10.6% in October, but July’s figure of 5.3% is still well above the ECB’s 2% target.
Bank officials say tough action now will spare even more painful restriction of credit later if inflation gets completely out of control.
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
View original content to download multimedia:
SOURCE IBM
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NPR's Mary Louise Kelly speaks with actor Richard E. Grant about his memoir Pocketful of Happiness and how he has dealt with the grief of losing his wife to cancer after 38 years together.
Copyright 2023 NPR
NPR's Mary Louise Kelly speaks with actor Richard E. Grant about his memoir Pocketful of Happiness and how he has dealt with the grief of losing his wife to cancer after 38 years together.
Copyright 2023 NPR
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| 2023-07-31T21:40:17
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A nearly 100-year-old trucking company with a location in Berks County plans to lay off its 30,000 workers. Jack Reinhard will have more.
The City of Reading is looking for a new top cop. Details at 5:30.
Scroll down for comments if available
A nearly 100-year-old trucking company with a location in Berks County plans to lay off its 30,000 workers. Jack Reinhard will have more.
The City of Reading is looking for a new top cop. Details at 5:30.
Scroll down for comments if available
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| 2023-07-31T21:40:19
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NICOSIA, Cyprus (AP) — Greece’s prime minister said Monday that his government wants to take full advantage of a developing positive political climate with neighboring Turkey in order to improve bilateral relations despite a string of decades-old disputes.
But Greek Prime Minister Kyriakos Mitsotakis said that doesn’t mean Turkey has “substantially changed” its stance on key differences between the two countries and needs to “decisively abandon its aggressive and unlawful conduct” against Greece’s sovereignty and territorial integrity.
Turkey and Greece remain at odds over maritime boundaries in the eastern Mediterranean, a dispute that affects irregular migration into the European Union, mineral rights and the projection of military power.
Mitsotakis said that he agreed with Turkish President Recep Tayyip Erdogan during a NATO summit in Vilnius, Lithuania, on July 11-12 to initiate new “lines of communication” and to maintain “a period of calm.”
High-level talks between the the two countries are expected to take place in the Greek city of Thessaloniki later this year.
However, the Greek prime minister said that Erdogan’s outreach to the EU can’t come at the expense of efforts to heal Cyprus’ nearly half-century ethnic division.
Speaking after talks with Cypriot President Nikos Christodoulides, Mitsotakis said that he told Erdogan that improved European-Turkish ties can’t exclude a Cyprus peace accord and that the issue can’t be “left by the wayside.”
Turkey and the breakaway Turkish Cypriots have insisted on a two-state solution since July 2017 when the most recent round of U.N.-facilitated peace talks collapsed.
That position overturned a long-standing agreement sanctioned by the U.N. Security Council in numerous resolutions that any peace deal would aim for a reunified Cyprus as a federation made up of Greek and Turkish speaking zones.
Cyprus was split in 1974 when Turkey invaded following a coup by supporters of union with Greece. Only Turkey recognizes a Turkish Cypriot declaration of independence in the island’s northern third, where more than 35,000 Turkish troops are stationed.
On Friday, Turkish Cypriot leader Ersin Tatar repeated that peace talks could resume only if Greek Cypriots recognize the Turkish Cypriots’ “sovereign equality.”
Christodoulides said Monday that any improvement in European-Turkish relations should be based on reciprocal action by Turkey, adding that the EU prioritizes a Cyprus peace deal in line with U.N. resolutions.
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| 2023-07-31T21:40:20
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
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SOURCE John Hancock Investment Management
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Northwestern is hiring veteran college football coach Skip Holtz, who has won two straight USFL championships with Birmingham, to a temporary role as special assistant to interim head coach David Braun, a person with knowledge of the move told The Associated Press.
The person spoke to the AP on condition of anonymity Monday because Northwestern was still finalizing the hire.
Braun was named interim head coach earlier this month to replace Pat Fitzgerald, who was fired after an investigation into hazing allegations in his program.
Holtz, the son of former Notre Dame coach Lou Holtz, has 17 years of experience as a major college football head coach with East Carolina, South Florida and Louisiana Tech. He is 119-98 overall and was 64-50 with six straight bowl victories at La Tech before stepping down after the 2021 season.
He also coached UConn for five years before the program made the jump to the top tier of Division I.
Braun was hired as defensive coordinator by Northwestern in January after coaching at North Dakota State and has no previous head coaching experience in college.
Holtz’s job with Northwestern is expected to run through the season and not interfere with his USFL job, the person said.
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https://www.nbcsports.com/college-football/news/northwestern-hiring-veteran-college-coach-skip-holtz-as-temporary-special-assistant-ap-source-says
| 2023-07-31T21:40:23
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NPR's Ailsa Chang talks with author C.K. Chau about her new book, Good Fortune — a Pride and Prejudice retelling with some delicious twists set in Chinatown in New York City during the early 2000s.
Copyright 2023 NPR
NPR's Ailsa Chang talks with author C.K. Chau about her new book, Good Fortune — a Pride and Prejudice retelling with some delicious twists set in Chinatown in New York City during the early 2000s.
Copyright 2023 NPR
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https://www.wlrn.org/npr-breaking-news/npr-breaking-news/2023-07-31/c-k-chaus-take-on-pride-and-prejudice-takes-readers-to-2000s-new-york-chinatown
| 2023-07-31T21:40:24
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WASHINGTON (AP) — For more than a year, the U.S. economy has defied predictions of a forthcoming recession. It has withstood 10 interest rate hikes in 16 months from an inflation-fighting Federal Reserve. In June, America’s employers added a healthy 209,000 jobs.
Will the economy remain resilient? Can the Fed achieve a notoriously difficult “soft landing” — slowing growth just enough to tame inflation without causing a recession?
The Associated Press spoke recently with Gus Faucher, chief economist at PNC Financial Services Group. The conversation has been edited for length and clarity.
Q: The job market is cooling but remains strong. Does that suggest a soft landing?
A: What we have seen in the job market so far in 2023 is consistent with a soft landing. Over the past three months, we’ve added 244,000 jobs per month. That’s still too high from the Fed’s perspective but much better than what we had at the end of last year. Although it’s consistent with a soft landing, it’s also consistent with a story where job growth continues to slow, the economy continues to weaken and we get a recession at the end of 2023. We don’t know what the outcome will be. It’s more likely than not that we get a recession.
Q: When would a downturn begin?
A: A few months ago, we were seeing it starting in the second half of 2023. Now we’re seeing late 2023 or early 2024. The labor market is still holding up. Consumers are still in decent shape. But I do think we will continue to feel the impact of the Fed’s monetary tightening. By the end of this year or sometime early next year, those higher rates will be a significant drag on economic activity and lead to recession. But the economy has held up somewhat better than we were expecting.
The economy just can’t continue to add this many jobs per month. We just don’t have the labor force out there.
Q: Where is inflation headed?
A: We will see slowing inflation. If you go back to 2021, 2022, a lot of that inflation was coming on the goods side. Now, the inflation is coming on the services side. Services inflation tends to be stickier, and it tends to be more driven by what’s going on in the labor market. So the tight labor market is contributing to high services inflation. That will contribute to inflation remaining higher than the Fed would like in the near term. By the end of this year, early next year, we will see a significant softening in the labor market that will help bring inflation down to the Fed’s 2% target.
Q: Will the job market continue to favor workers over the longer term?
A: We have seen structural changes. The pandemic pushed forward a lot of retirements. You had people who were close to retirement in 2020 and planning on working a few more years. But when the pandemic came along, they decided to retire. The remaining workers have more bargaining power. Businesses are going to need to rethink a lot of things about pay, about benefits, about workplace flexibility.
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https://www.wane.com/news/business/ap-business/ap-insider-qa-an-economist-who-sees-a-recession-coming-despite-economys-resilience-so-far/
| 2023-07-31T21:40:26
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
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https://www.wbay.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
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What a great start to the new work week weather-wise as the region was once again treated to mostly sunny skies Monday with refreshingly cool temperatures to start in the upper 50s followed by pleasant afternoon high temperatures in the low 80s with low humidity. We'll have partly to mostly sunny skies through Wednesday, and while it will be on the cooler side compared to where we should be for late July and early August (mid 80s), most of us will find high temperatures near 80 degrees very pleasant and comfy. A very weak cold front could touch off a sprinkle or shower through Tuesday, but any raindrop should be the exception to the otherwise dry and sunny rule we have in place through Wednesday. Clouds increase on Thursday, with humidity and rain chances also rising late Thursday and peaking on Friday, the only good chance of rain for the entire week. In the meantime, keep enjoying one of the nicer, drier, and comfier stretches of weather we've had all summer!
DETAILED FORECAST
TONIGHT
Clouds that bubbled up during the daytime Monday should gradually fade away after the sun sets this evening leading to a mainly clear night. Early on, it's possible a couple showers or a sprinkle sneak into parts of the Poconos and northern New Jersey, maybe even as far south as the Lehigh Valley, courtesy of a cold front sinking south from upstate New York. The majority of the region however should remain dry this evening and overnight. Some patchy fog may form late across sheltered river valley locations. With light winds and very dry air in place, it will be another great setup tonight for some refreshingly cool overnight low temperatures. Look for the numbers to dip down into the upper 50s. It will be another great night to sleep with the A/C off and the windows open.
TUESDAY AND WEDNESDAY
If you don't mind it a bit cooler than average for mid-summer, you'll continue to love the weather through the middle of the week. Look for partly to mostly sunny skies to continue with afternoon high temperatures in the upper 70s to around 80 degrees. The nights will also continue to be mainly clear (maybe some late patchy river valley fog) and refreshingly cool with lows in the mid to upper 50s, great sleeping weather for early August. A very weak cold front dropping in from our north may touch off a sprinkle or shower on Tuesday, however the overwhelming majority of our region should remain dry through Wednesday as high pressure from the Great Lakes and eastern Canada builds in atop the region.
THURSDAY
While we'll still likely have some sunshine to start on Thursday, clouds likely increase during the day, and the humidity will likely gradually increase as well. Much of the day may end up dry, but shower chances will increase later in the afternoon and overnight. High temperatures should be similar to the rest of the week and around 80 degrees, but Thursday night will likely be warmer and stickier with more clouds around, with mid 60s expected for lows.
FRIDAY
We continue to think Friday features the next best chance for wet weather over the next seven days, with showers and a few thunderstorms likely during the day. It will be humid ahead of a cold front, but mostly cloudy skies and some rain will likely keep temperatures down in the upper 70s to near 80 degrees. Some guidance is starting to hint at an even quicker movement of the aforementioned front, so it's possible the better chance for any showers and storms ends up being Thursday night, and Friday turns out drier. But we'll go with consistency in our forecast for now and see if any more definitive trends develop in the future.
THE WEEKEND
As long as Friday’s cold front continues east and slides offshore, the weekend should see a return of the dry and comfy sunshine we enjoyed the first half of the week. Saturday may start with some lingering pesky clouds from the front, but we anticipate those clouds to give way to more in the way of sunshine by the afternoon. High temperatures should top out in the lower 80s with humidity levels coming down closer to more comfortable levels. We think high pressure at this point settles in for Sunday leading to a mostly sunny and dry day. High temperatures may climb a little higher into the mid 80s, but humidity values should be at comfortable levels.
TRACK THE WEATHER:
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https://www.wfmz.com/weather/very-pleasant-conditions-remain-through-wednesday/article_6caff9aa-2fd9-11ee-8b90-7337c45a7aec.html
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NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
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https://www.wlrn.org/npr-breaking-news/npr-breaking-news/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
| 2023-07-31T21:40:30
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PRISTINA, Kosovo (AP) — Kosovo’s journalists on Monday protested against the government’s decision to suspend a private television station’s operations.
Authorities made the move last week because they said there were irregularities concerning the registration of Klan Kosova’s business license that violated the country’s constitution.
Scores of journalists and members of civil society organizations gathered in downtown Pristina in front of the main government building to protest the suspension of the broadcaster’s operations.
The demonstrators said it was a “politically motivated” action taken by the government of Prime Minister Albin Kurti. It was the first closure of a media outlet since the end of Kosovo’s 1998-1999 war, they said, holding a banner that read “Democracy dies in darkness.”
Last week, Kosovo’s Ministry of Industry and Trade suspended Klan Kosova’s license, after the documentation of its business registration in neighboring North Macedonia showed that its owners had named Kosovo’s municipalities as if belonging to Serbia, “which is a violation of our constitution,” according to a statement released Monday.
The journalist accused the government’s decision as “an open and unprecedented war … against the media,” urging owners of Klan Kosova to continue its legal fight at the court.
Klan Kosova’s editor-in-chief, Gazmend, Syla called the suspension “unfair.”
“We consider this a kind of pressure to stop us doing of what we are doing,” he told The Associated Press, adding they would challenge the government’s decision in court.
Last month, Kosovo’s Agency of Business Registration found the alleged fault and decided to suspend the operations of the television station, a move supported last week by the ministry.
The station has said it had already fixed the problems as requested.
Klan Kosova was launched in 2009 to become the country’s biggest private television station.
The embassies of France, Germany, Italy, the United Kingdom and the United States, and the European Union in Kosovo, expressed “their deep concern” about the suspension of Klan Kosova’s business license considering it “a disproportionate decision that will have repercussions on media plurality in Kosovo.”
Kosovo is a former province in Serbia, which doesn’t recognize Pristina’s 2008 declaration of independence. Kosovo’s sovereignty is backed by the U.S. and most EU nations, but not by Russia and China.
Serbia pulled out of Kosovo in 1999 after NATO bombed the country to stop the onslaught against ethnic Albanian separatists. At least 10,000 civilians, most of them ethnic Albanians, were killed in the conflict.
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Llazar Semini reported from Tirana, Albania.
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| 2023-07-31T21:40:32
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A year ago, Steelers quarterback Kenny Pickett was a rookie who wasn’t getting much work with the first-string offense. Now he has 13 NFL starts under his belt, and in his second training camp he says there’s a night-and-day difference.
“I have a better understanding of the offense,” Pickett told NFL Media. “I can communicate better with guys, because we automatically have a familiarity. I can communicate a lot more clearly than a year before.”
Pickett says he believes he showed as a rookie that he’s on the right track.
“I liked the decisions I was making and how fast I was making them,” Pickett said. “And being smart with the football and knowing when to take shots when we have looks that allow us to go deep and give these guys chances down the field. Just the consistency I was playing with, I really liked. I want to be consistently good, then I’ll be happy with how the year goes.”
Pickett taking a step forward in Year Two will go a long way toward a return to the playoffs for the Steelers.
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https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/kenny-pickett-says-he-understands-the-steelers-offense-better-in-year-2
| 2023-07-31T21:40:33
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LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 3:30 PM CDT|Updated: 1 hour ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
About Livent
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
Media contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
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Carolina is adding more depth on defense.
Defensive tackle Nick Thurman has agreed to terms with the Panthers, according to agent Sean Stellato.
Thurman spent last season on the Jaguars’ practice squad, though he didn’t end up in a game. After signing a futures deal with the club in January, Thurman was released earlier this month.
Entering the league as an undrafted free agent in 2018, Thurman has spent time with the Texans, Bucs, Patriots, and Falcons.
Thurman appeared in seven games with one start for New England in 2020, recording 10 total tackles. He played one game for Atlanta in 2021.
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This article was written by a human.
That's worth mentioning because it's no longer something you can just assume. Artificial intelligence that can mimic conversation, whether written or spoken, has been in the news a lot this year, delighting some members of the public while worrying educators, politicians, the World Health Organization, and even some of the people developing AI technology.
Misuse of AI is part of what actors and writers are striking about in Hollywood, and the threat of AI is something Hollywood was imagining long before it was real.
In 1968, for instance, the year before humans first set foot on the moon — and a time when astronauts still used pencils and slide rules to calculate re-entry trajectories because their space capsules had less computing power than a digital watch has today — Stanley Kubrick introduced movie audiences to a sentient HAL-9000 computer in 2001: A Space Odyssey.
HAL (for Heuristically Programmed Algorithmic Computer) introduced itself early in the film by saying, "No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error."
'Open the pod bay door, HAL'
So why was HAL acting so strangely? He (it?) was responsible for maintaining all aspects of a months-long space flight, ferrying astronauts to the moons of Jupiter. Programmed to run the mission flawlessly, the computer's behavior had become alarming, and two of the astronauts had decided to shut down some of its functions. Their plan was short-circuited when HAL, lip-reading a conversation they'd managed to keep him from hearing, cast one of them adrift while he was outside the ship repairing an antenna and refused to let the other back on board.
"Open the pod bay door, HAL" became one of the most quoted film lines of the decade when the computer responded, "I'm sorry, Dave, I'm afraid I can't do that. This mission is too important for me to allow you to jeopardize it."
It's hard to articulate what a genuine shock this was for 1960s movie audiences. There'd been films with, say, robots causing havoc, but they were generally robots doing someone else's bidding. Movie robots, at that point, were about brawn, not brain.
And anyway, malevolent robot stories were precisely the sort of B-movie silliness Kubrick was trying to avoid. So his intelligent machine simply observed (with an unblinking red eye) and, when addressed directly, spoke with a calm, modulated voice, not unlike the one that would be adopted four decades later by Siri and Alexa.
Darwin Among the Machines
Earlier literary notions of "artificial" intelligence — and there were not a lot of them at that point — hadn't really caught the public's imagination. Samuel Butler's 1863 article Darwin Among the Machines, is generally thought to be the origin of this species of writing, and it mostly just notes that while humankind invented machines to assist us — and remember, a really sophisticated machine in 1863 was the steam locomotive — we were increasingly assisting them: tending, fueling, repairing.
Over tens of thousands of years, Butler wondered, might humans not evolve in much the same way Darwin's study of natural selection had just established the rest of the plant and animal kingdoms do, to the point that we would become dependent on our devices?
But even when he incorporated that idea a decade later into a satirical novel called Erewhon, expounding for several chapters on self-replicating machines, Butler barely touched on the notion that those machines would develop consciousness. And neither did the influential 19th-century science fiction writers who followed him. H.G. Wells and Jules Verne invented plenty of unorthodox devices as they sent characters to the center of the Earth, and into space and the recesses of time, without ever considering that those devices might want to do things on their own.
The term "artificial intelligence" wasn't even coined (by American computer scientist John McCarthy) until about a dozen years before Kubrick made his Space Odyssey. But HAL made an impression on the public where scientists had not. Within just a couple of years, movie computers didn't just want spaceship domination; in Colossus: The Forbin Project (1970), they wanted to take over the world.
Malignant machines gone viral
And then this notion of technology-run-wild, ran wild. A high school student played by Matthew Broderick nearly started World War III in WarGames (1983) when he thought he was hacking a computer company's website but accidentally challenged the Pentagon's defense network to a quick game of "global thermonuclear war." The problem, it soon became clear, was that no one told the defense network they were just "playing."
Elsewhere, mechanical men stopped being all-brawn and got a new dispensation to think for themselves, something fiction had granted them before Hollywood got around to it.
In the 1940s, sci-fi novelist Isaac Asimov came up with "Three Laws of Robotics" that would theoretically keep "independent" machines in line. When Asimov's story I, Robot, was turned into a film a half-century or so later, those laws should have reassured Will Smith as he stared down thousands of bots. But he had good reason to be skeptical; he was fighting a robot rebellion.
The Terminator movies effectively put all these themes on steroids — cyborgs in the service of a computerized, sentient, civil-defense network called Skynet, designed to function without any human input. A "Nuclear Fire" and three billion human deaths later, what was left of humanity was engaged in a war against the machines that has so far consumed six films, a TV series, a pair of web series, and innumerable games.
And nuclear blasts weren't necessary to make machine intelligence alarming, a fact cyberpunk-noir established definitively in Blade Runner with its "replicants," and in a Matrix series that reduced all of humanity to a mere power source for machines.
Hollywood's still fighting that vision. Who knows what "The Entity" wants in Mission Impossible: Dead Reckoning (presumably we'll find out next year in Part Two), but whatever it is, it won't bode well for humanity.
Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
It seems not to have occurred to Tinseltown that AI might do the things it's actually doing — make social media dangerous, or make undergrad writing courses unteachable, or screw up relationships by auto-completing incorrectly. None of those are terribly cinematic, so Hollywood concentrates on exploiting our fears — in the late 20th century, we worried about ceding control to technology. In the 21st century, we worry about losing control of technology.
Bring on the droids
Have there also been friendlier film visions of AI? Sure. George Lucas came up with lovable droids R2-D2 and C-3PO for Star Wars, and Pixar gave us Wall-E, a bot who was pluckily determined to clean up an entire planet we'd despoiled.
Spike Jonze's drama Her imagined a sentient, Siri-like personal assistant as a digital girlfriend. Star Trek's Data was not just a Next Generation android version of Mr. Spock, but also a sort of emotion-challenged Pinocchio.
And another Pinocchio — this one fashioned to stand the test of time — would have been Stanley Kubrick's own answer to the question he'd posed with HAL in 1968.
Kubrick labored for decades to hone the script for A.I. Artificial Intelligence, then just two years before he died, handed the project off to Steven Spielberg — the story of David, a robot child who has been programmed to love, and who ends up going beyond that programming.
"Until you were born," William Hurt's Professor Hobby told the bionic child he'd modeled on his own son, "robots didn't dream, robots didn't desire unless we told them what to want." The miracle, he went on, was that though David was engineered rather than born, he shared with humans "the ability to chase down our dreams...something no machine has ever done, until you."
That may not have been enough to make David a real boy, but it put a gentle face on what is perhaps our greatest fear about AI – that we are mortal, and it is not.
In the film, David outlives all of humanity, never growing up, never changing. And perhaps because he was played by Haley Joel Osment, or perhaps because Spielberg was calling the shots, or perhaps because the music swelled ... just so — it didn't feel the least bit threatening.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
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DETROIT (AP) — Major changes in Michigan’s car insurance system don’t apply to people who were catastrophically injured before a 2019 law kicked in, the state Supreme Court said Monday in a decision that delivers critical relief to thousands of people counting on long-term benefits.
But the 5-2 opinion didn’t come soon enough for Brian Woodward, who was paralyzed in the 1980s and had frequently talked about the law’s drastic impact on his care. He died Monday at age 64, his family said.
For decades, crash survivors were entitled to lifetime payment for “all reasonable charges” related to care and rehabilitation. But a new state law set a fee schedule and a cap on reimbursements. Suddenly, 18,000 people already receiving benefits were forced to scramble as some health providers dropped out.
The Supreme Court, however, said a “vested contractual right” to ongoing benefits “cannot be stripped away or diminished,” especially when lawmakers failed to declare an intent to do so when they changed the law.
The decision was written by Justice Elizabeth Welch, a Democrat, and joined by other Democratic justices and by Chief Justice Elizabeth Clement, a Republican.
In an effort to lower Michigan’s insurance rates, which were among the highest in the U.S., the Republican-controlled Legislature and Democratic Gov. Gretchen Whitmer agreed to sweeping changes in 2019. Drivers can save money by choosing certain injury-coverage options. But payments for certain care were also slashed.
The catastrophically injured include hockey star Vladimir Konstantinov, a former member of the Detroit Red Wings, who requires 24/7 care. He suffered severe brain damage in 1997 when a drunken limousine driver crashed the car he was traveling in, following the team’s NHL championship.
Woodward suffered devastating spinal injuries in a crash but was able to get in-home care and even hold a job through insurance. When the law changed, and care rates were reduced, he said he lost caregivers and was shuttled from facility to facility.
“I’m dying,” Woodward told The Detroit News last week. “My body is breaking down because I’m not getting enough exercise.”
Tim Hoste, president of CPAN, a coalition of medical organizations and consumer groups, said the law led to the “spiritual, emotional and physical decline of many people, including Brian.”
An industry trade group, the Insurance Alliance of Michigan, said the Supreme Court decision will open the door to overcharging for medical care. The lower reimbursement schedule, however, remains intact for injuries since the law was overhauled.
In a dissent, Justice David Viviano said the Supreme Court majority crafted an opinion based on “vague and disputed concepts” to provide cover for those who simply believe it would be unfair to reduce future benefits for the long-term injured.
“As a result, the efforts of the Legislature and the governor to reduce costs and make insurance more affordable for all the residents of our state will not come to fruition for many decades,” said Viviano, who was joined by fellow Republican Justice Brian Zahra.
“If courts cannot be trusted to faithfully interpret and apply the laws, especially those involving such significant and contested topics, then the democratic process is in peril,” Viviano said.
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Follow Ed White at http://twitter.com/edwritez
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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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Impeached Texas AG Ken Paxton seeks to have most charges dismissed before September trial
AUSTIN, Texas (AP) — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
In motions filed with the Senate, where Paxton’s impeachment trial is scheduled to begin Sept. 5, his attorneys said they believe state law bars the removal of an official for conduct that occurred before their most recent election. Paxton was first elected attorney general in 2014 and the impeachment charges include alleged conduct since then.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
Copyright 2023 The Associated Press. All rights reserved.
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African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
African leaders backed by the U.S. and France have given a week for coup leaders in Niger to step down and restore the democratically elected president.
Copyright 2023 NPR
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BISMARCK, N.D. (AP) — Two pipeline operators have agreed to pay a $12.5 million civil penalty related to crude oil spills in Montana and North Dakota.
The U.S. Environmental Protection Agency on Monday announced the settlement in a 2022 federal court lawsuit. Belle Fourche Pipeline Company and Bridger Pipeline LLC will pay the $12.5 million to resolve the claims made under the Clean Water Act and Pipeline Safety Laws, EPA said. The affiliated companies own and operate oil pipelines in Montana, North Dakota and Wyoming.
In 2015, Bridger’s Poplar Pipeline broke and spilled more than 50,000 gallons (about 190,000 liters) of crude into the Yellowstone River near Glendive, Montana. Bridger has completed cleanup of the site, and in 2021 settled a lawsuit with federal and Montana authorities for $2 million.
In 2016, Belle Fourche’s Bicentennial Pipeline in Billings County, North Dakota, broke due to a landslide and spilled over 600,000 gallons (about 2.3 million liters) of oil, impacting an unnamed tributary, Ash Coulee Creek and the Little Missouri River. Belle Fourche’s cleanup is ongoing with oversight from North Dakota’s Department of Environmental Quality, according to EPA.
Belle Fourche also will pay the state’s past response costs, totaling over $98,000, according to court documents filed Monday.
“Oil pipeline spills can cause enormous and long-lasting damage to the environment,” Principal Deputy Assistant Administrator Larry Starfield of EPA’s Office of Enforcement and Compliance Assurance said in a statement. “This settlement holds Belle Fourche and Bridger Pipeline accountable for their significant oil spills and requires them to take meaningful measures to prevent future spills from their oil pipelines.”
The operators also are required to implement specified compliance measures, in addition to the civil penalty.
Belle Fourche and Bridger are owned by Wyoming-based True Companies, whose spokesman, when reached by email, did not have an immediate comment on the agreement.
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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McKenzie Pierce named new Fort Smith Northside head basketball coach
Published: Jul. 31, 2023 at 4:26 PM CDT|Updated: 14 minutes ago
FORT SMITH, Ark. (KAIT) - A mainstay on the Fast Break Friday Night sidelines is going from Northeast Arkansas to Northwest Arkansas.
McKenzie Pierce stepped down as Blytheville head boys basketball coach over the weekend. He was hired Monday as the new head coach at Fort Smith Northside. Pierce guided the Chickasaws to the 4A State Finals in 2022 and 2023. Blytheville won several conference championships during his tenure along with NEA Tournament crowns in 2019 and 2020.
Pierce jumps from 4A to 6A, the Grizzlies have produced NBA stars Jaylin Williams and Isaiah Joe. Northside is no stranger to state championships, winning it all in 2007, 2017, and 2019.
Copyright 2023 KAIT. All rights reserved.
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NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
NPR's Sacha Pfeiffer catches up with professional soccer player Sam Mewis about the action going down at Women's World Cup. Mewis was a member of the U.S. team that won the World Cup in 2019.
Copyright 2023 NPR
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NEW YORK (AP) — Wall Street closed out its latest winning month with another tick higher on Monday.
The S&P 500 added 6.73 points, or 0.1%, to 4,588.96 to cap its fifth straight month of gains. That’s its longest winning streak in nearly two years, and the index is at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession.
The Dow Jones Industrial Average climbed 100.24, or 0.3%, to 35,559.53, and the Nasdaq composite rose 29.37, or 0.2%, to 13,346.02.
To be sure, critics have been saying Wall Street’s seemingly growing consensus for a soft landing for the economy has come too quickly. Several reports this upcoming week could poke holes in the theory that inflation will keep coming down enough for the Federal Reserve to not only stop hiking interest rates but to begin cutting them by early next year.
Big names in the market, such as Rob Arnott at Research Affiliates, are warning not to be “overly hasty in popping the champagne corks.” Arnott sees the possibility of inflation rebounding again later this year, even though it’s cooled considerably recently.
Fed Chair Jerome Powell himself has pointed to Friday’s upcoming report on the overall U.S. job market as an important datapoint. Growth needs to be strong enough to keep a lid on worries about a possible recession. But a reading that’s too hot could also mean upward pressure on inflation, which could push the Fed to get more aggressive about rates.
High rates undercut inflation by slowing the overall economy and dragging on prices for stocks and other investments. The Fed has already hiked its main rate to its highest level in more than two decades, a jolting shock after the rate began last year at virtually zero.
Two of Wall Street’s most influential stocks are also set to report their earnings for the spring. Amazon and Apple are both scheduled to release their latest quarterly results on Thursday. Because they’re two of the most massive stocks on Wall Street, their stock movements pack much more punch for the S&P 500 and other indexes than other stocks.
Both stocks have soared this year, in part on expectations for strong continued growth, and they’ll need to deliver to justify the big moves. Both Apple and Amazon are up more than 50% so far this year.
Roughly halfway through the earnings reporting season, more companies than usual have topped analysts’ profit expectations, according to FactSet. Companies also seem to be more optimistic about their upcoming results, giving better-than-expected forecasts more often than usual, according to strategists at Bank of America.
“While economic uncertainty remains, we believe the profit cycle is inflecting higher,” the strategists wrote in a BofA Global Research report.
ON Semiconductor rose 2.5% for one of the larger gains in the S&P 500 after reporting stronger profit for the latest quarter than expected. The company, known as onsemi, also gave a forecast for profit in the current quarter that topped analysts’ expectations.
On the losing end was Tempur Sealy International. The mattress company said it discovered a cybersecurity event last week, which pushed it to shut down some of its technology systems. It has resumed operations after what it called a temporary interruption and is working to determine the incident’s full impact. Its stock fell 3%.
In stock markets abroad, indexes in Europe were mixed after data showed Europe’s economy has grown modestly after months of stagnation.
In Asia, stocks rose in Hong Kong and Shanghai amid hopes Beijing will deliver more stimulus for the sluggish Chinese economy.
In the bond market, U.S. Treasury yields slipped after a report suggested manufacturing in the Chicago region is weakening a bit more than economists expected. Manufacturing has been one of the hardest-hit areas in the economy by high interest rates, which work with a notoriously long lag effect.
The yield on the 10-year Treasury edged down to 3.95% from 3.96% late Friday.
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AP Business Writers Matt Ott, Elaine Kurtenbach and Joe McDonald contributed.
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
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ATLANTA, July 31, 2023 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its second quarter 2023 financial results. Complete financial results are available at investor.aarons.com. Highlights of those results are included below and in the attached supplement.
Second Quarter 2023 Consolidated Results1:
- Revenues were $530.4 million, a decrease of 13.1%
- Net earnings were $6.5 million, an increase of 222.0%; Non-GAAP net earnings2 were $12.2 million, a decrease of 50.6%
- Adjusted EBITDA2,3 was $42.4 million, a decrease of 17.0%
- Diluted EPS was $0.21; Non-GAAP diluted EPS2 was $0.39
- Write-offs were 5.4% in the Aaron's Business, an improvement of 30 basis points
- Reduced debt $36.1 million in the quarter and $124.3 million since the prior year quarter-end
- Updates 2023 full year outlook; lowers revenues, maintains adjusted EBITDA, and increases adjusted free cash flow
Second Quarter 2023 Key Items:
The Aaron's Company
- Earnings were ahead of internal expectations largely due to ongoing expense controls, despite lower revenues in both business segments
- Ended the quarter with cash and cash equivalents of $38.4 million and debt of $186.1 million, resulting in a net debt2 reduction of $30.2 million in the quarter primarily due to strong cash provided by operating activities
Aaron's Business
- Earnings before income taxes were $30.8 million; adjusted EBITDA was $49.5 million, which exceeded internal expectations and increased 3.0% as compared to the prior year quarter primarily due to lower total operating expenses and lower write-offs
- Personnel and other operating expenses benefited from cost optimization initiatives and ongoing investments in technology platforms and marketing analytics
- Ended the quarter with 230 GenNext stores, 101 hubs, and 101 showrooms
- GenNext stores accounted for approximately 29% of lease revenues & fees and retail sales
- E-commerce revenues increased 5.5% as compared to the prior year quarter and represented 17.9% of lease revenues
BrandsMart
- Earnings before income taxes were $1.1 million; adjusted EBITDA was $4.5 million, which exceeded internal expectations despite lower revenues due to continued pressure on customer demand
- Began construction on first new BrandsMart store planned to open in Augusta, GA in Q4 2023
The Company will host an earnings conference call tomorrow, August 1, 2023, at 8:30 a.m. ET. Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall. A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/457512107. A transcript of the webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,260 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with ten retail stores in Florida and Georgia, as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company's furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
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CHICAGO, July 31, 2023 /PRNewswire/ -- The Board of Directors of ACG – the premier midmarket mergers and acquisitions association – announces the appointment of its new Chief Executive Officer, Brent Baxter, effective July 31, 2023.
An executive search committee, led by ACG Chairman Christine Nowaczyk, launched a national search through Korn Ferry to find an innovative leader who can keep up with the growth of the industry while listening and truly understanding the needs of ACG's chapters and members. "We found that person in Brent," said Nowaczyk, "and we are excited for the organization's next chapter. I want to thank my board colleagues and our committee for their contributions toward the extensive search."
Baxter has a long career in middle market M&A, ACG's core focus, with more than 25 years of sell-side and buy-side advisory experience, closing more than 200 transactions with a combined value of more than $1 billion. He also has a long and dedicated history supporting ACG in a volunteer capacity, serving in multiple positions on the ACG Board of Directors, and was recently honored with a Lifetime Achievement Award at the 2023 DealMAX event.
Brent served as ACG Chairman in 2021 and has been a member of the Executive Committee for the past six years – four years with the Office of the Chair, and two years as Finance Chair.
Beginning in 2015, Brent spearheaded many key membership strategies, including a growth initiative targeting corporate/strategic acquirer members, which flourished in 38 of ACG's local chapters. He also co-chaired the first national Strategic Acquirer Summit, which drew 120 high-value corporate attendees in Dallas in 2019. The program was suspended during COVID but successfully returned in 2023 in an invigorated form during ACG's largest event, DealMAX.
Brent has been an active participant in numerous chapter leadership events for 20+ years, forming deep connections with ACG's chapter network. He has attended more than 250 ACG events throughout the U.S. and has been a key member of his local ACG St. Louis chapter, serving in multiple positions, including Board President, Membership Chair, Chair of the Corporate Peer Group, as well as Chair of a key multi-chapter Midwest event, the Growth Conference.
"Brent has played a vital role in the success of ACG for many years, and has a deep familiarity with ACG's strategic plan, leadership and staff, member segments and, most importantly, actionable areas for growth," said Nowaczyk. "He not only embodies the values of ACG but also brings a fresh perspective and innovative ideas. With his experience and passion, we have full confidence that Brent will further enhance ACG's global reputation as a hub for middle-market growth, dealmaking, and thought leadership."
Baxter comes to ACG most recently from Nolan & Associates, a leading boutique investment banking firm with a focus on the middle market, where he has been Managing Director since 2019.
Prior to joining Nolan, Brent spent 18 years as Managing Director of a St. Louis independent investment bank. He also has extensive experience growing private companies through acquisitions, serving as CEO of a food manufacturing company that more than quadrupled its sales in eight years, and is currently on the boards of several privately held companies.
"I am eager to work even more extensively with our board of directors, our dedicated chapter boards and volunteers and our amazingly talented team of ACG professionals as we continue to provide our middle-market M&A community with best-in-class member benefits, innovative resources and expanded, relevant networking opportunities," said Brent Baxter. "ACG's mission is more relevant today than ever. In this dynamic economic landscape, supporting and amplifying middle-market growth is not just a responsibility—it is an opportunity to shape the future of business. I am ready and committed to lead ACG on this exciting journey."
The new CEO will direct all areas of ACG's operations, including several initiatives that are at the core of ACG's mission.
This includes overseeing ACG's expansive chapter network, which offers members a wealth of networking opportunities through more than 2,000 annual meetings and events as well as DealMAX, ACG's annual conference and premier networking opportunity for middle market professionals.
Moreover, Baxter will oversee ACG's media division, which includes the Middle Market Growth suite of publications and digital products (Middle Market Executive, Middle Market DealMaker, and several special reports), GrowthTV, an online media channel providing engaging and insightful content for the middle-market community, and the Middle Market Growth Conversations podcast.
Mid-market private equity valuation and deal terms database GF Data, ACG's first acquisition, is also a key part of the future plans for a revitalized and more robust ACG under Baxter's leadership.
The ACG Board expresses its sincere gratitude to Lisa Harris, the organization's CFO and Interim CEO, for her exceptional leadership and dedication during this transitional period.
We also extend our appreciation to the search firm Korn Ferry for their professional assistance in this pivotal CEO search, and to the entire ACG staff for their unwavering dedication to our organization and its mission.
Please watch a GrowthTV video where Brent Baxter discusses what's next for ACG.
About ACG (Association for Corporate Growth)
Founded in 1954, ACG is the premier M&A dealmaking community with a mission of driving middle-market growth. ACG's global network operates within 61 local markets worldwide and comprises more than 100,000 middle-market professionals who invest in, own and advise growing companies. Learn more about ACG and become a member at www.acg.org.
Media Contact: Sue Ter Maat, ACG, 847-772-4354 or stermaat@acg.org
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NEW YORK (AP) — Troubled trucking company Yellow Corp. is shutting down and headed for a bankruptcy, the Teamsters said Monday.
An official bankruptcy filing is expected any day for Yellow, after years of financial struggles and growing debt. Its expected liquidation would mark a significant shift for the U.S. transportation industry and shippers nationwide.
“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government,” Teamsters General President Sean M. O’Brien said, in an announcement saying the union had been served with legal notice for the bankruptcy filing. “This is a sad day for workers and the American freight industry.”
Yellow did not have a comment when reached by The Associated Press Monday. As of Monday afternoon, no bankruptcy filings from the company could be found on the Securities and Exchange Commission’s website.
The company’s collapse arrives just three years after Yellow, formerly known as YRC Worldwide Inc., received $700 million in pandemic-era loans from the federal government. But the company was in financial trouble long before that — with industry analysts pointing to poor management and strategic decisions dating back decades.
Former Yellow customers and shippers will face higher prices as they take their business to competitors, including FedEx or ABF Freight, experts say — noting that Yellow historically offered the cheapest price points in the industry.
Yellow is one of the nation’s largest less-than-truckload carriers. The closure of the 99-year-old Nashville, Tennessee-based company risks a loss of 30,000 jobs.
Safety vests that appeared to belong to former Yellow workers were zip-tied to the fence of a closed YRC Freight terminal in St. Louis, Missouri on Monday. Names and years worked at the company were written on them.
“Ron Fisher 2017-2023 was here,” one vest read.
Reports of Yellow preparing for bankruptcy emerged last week — as the Nashville, Tennessee-based trucker saw customers leave in large numbers, per The Wall Street Journal and FreightWaves. And the company reportedly stopped freight pickups earlier in the week.
Yellow shut down operations on Sunday, according to The Journal, following the layoffs of hundreds of nonunion employees on Friday.
The bankruptcy preparation reports arrived just days after Yellow averted a strike from the Teamsters, which represents Yellow’s 22,000 unionized workers, amid heated contract negotiations. On July 23, a pension fund agreed to extend health benefits for workers at two Yellow Corp. operating companies, avoiding a planned walkout. The fund gave Yellow “30 days to pay its bills,” notably $50 million that Yellow failed to pay the Central States Health and Welfare Fund earlier in the month.
Yellow has racked up hefty bills over the years. As of late March, Yellow had an outstanding debt of about $1.5 billion. Of that, $729.2 million was owed to the federal government.
In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense departments “made missteps” in this decision — and noted that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.”
The government loan is due in September 2024. As of March, Yellow had made $54.8 million in interest payments and repaid just $230 million of the principal owed, according to government documents.
The current financial chaos at Yellow “is probably two decades in the making,” said Stifel research director Bruce Chan, pointing to poor management and strategic decisions dating back to the early 2000s. “At this point, after each party has bailed them out so many times, there is a limited appetite to do that anymore.”
A Wednesday investors note from financial service firm Stephens estimated that Yellow was burning daily amounts of $9 million to $10 million in recent days.
Yellow handled an average of 49,000 shipments per day in 2022 according to Satish Jindel, president of transportation and logistics firm SJ Consulting. On Friday, he estimated that number was down to between 10,000 and 15,000 daily shipments.
Yellow’s prices have historically been the cheapest compared to other carriers, Jindel said. “That’s why they obviously were not making money,” he added. “And while there is capacity with the other LTL carriers to handle the diversions from Yellow, it will come at a high price for (current shippers and customers) of Yellow.”
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AP Business Writer Matt Ott contributed to this report.
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WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
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NEW YORK (AP) — Trucking company Yellow Corp. has shut down operations and is headed for a bankruptcy filing, according to the Teamsters Union and multiple media reports.
After years of financial struggles, reports of Yellow preparing for bankruptcy emerged last week — as the Nashville, Tennessee-based trucker saw customers leave in large numbers. Yellow shut down operations on Sunday, according to the Wall Street Journal, following the layoffs of hundreds of nonunion employees on Friday.
In an announcement early Monday, the Teamsters said that the union received legal notice confirming Yellow was ceasing operations and filing for bankruptcy.
“Today’s news is unfortunate but not surprising. Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government,” Teamsters general president Sean O’Brien said in a statement. “This is a sad day for workers and the American freight industry.”
The Associated Press reached out to Yellow for comment on Monday. No bankruptcy filings had gone live as of the early morning.
The bankruptcy reports have renewed attention around Yellow’s ongoing negotiations with unionized workers, a $700 million pandemic-era loan from the government and other bills the trucker has racked up over time. Yellow, formerly known as YRC Worldwide Inc., is one of the nation’s largest less-than-truckload carriers. The company’s reported closure puts 30,000 jobs at risk.
Here’s what you need to know.
According to Satish Jindel, president of transportation and logistics firm SJ Consulting, Yellow handled an average of 49,000 shipments per day in 2022. Last week, he estimated that number was down to between 10,000 and 15,000 daily shipments.
With customers leaving — as well reports of Yellow stopping freight pickups last week — bankruptcy would “be the end of Yellow,” Jindel told The Associated Press, noting increased risk for liquidation.
“The likelihood of them surviving and remaining solvent diminishes really by the day,” added Bruce Chan, a research director at investment banking firm Stifel.
Yellow declined to comment when contacted by The Associated Press on Friday. In a Wednesday statement to The Journal, the company said it was continuing “to prepare for a range of contingencies.” On Thursday, Yellow said it was in talks with multiple parties about selling its third-party logistics organization.
Even if Yellow was able to sell its logistics firm, it would “not generate a sufficient amount of cash to keep them operational on any sort of permanent basis,” Chan said. “Without a major equity injection, it would be very difficult for them to survive.”
As of late March, Yellow had an outstanding debt of about $1.5 billion. Of that, $729.2 million was owed to the federal government.
In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds. Last month, a congressional probe concluded that the Treasury and Defense Departments “made missteps” in this decision — and noted that Yellow’s “precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss.”
The government loan is due in September 2024. As of March, Yellow had made $54.8 million in interest payments and repaid just $230 million of the principal owed, according to government documents.
Yellow’s current finances and prospect of bankruptcy “is probably two decades in the making,” Chan said, pointing to poor management and strategic decisions dating back to the early 2000s. “At this point, after each party has bailed them out so many times, there is a limited appetite to do that anymore.”
In May, Yellow reported a loss of $54.6 million, a decline of $1.06 per share, for its first quarter of 2023. Operating revenue was about $1.16 billion in the period.
A Wednesday investors note from financial service firm Stephens estimated that Yellow could be burning between $9 million and $10 million each day. Using a liquidity disclosure from earlier this month, Yellow had roughly $100 million in cash at the end of June, the note added — estimating that the company has been burning through increasing amounts of money through July.
“It is reasonable to believe that the Company could breach its $35 mil. liquidity requirement at any moment,” Stephens analyst Jack Atkins and associate Grant Smith wrote.
Last week’s reports of bankruptcy preparations arrived just days after a strike from the Teamsters, which represents Yellow’s 22,000 unionized workers, was averted.
A series of heated exchanges have built up between the Teamsters and Yellow, who sued the union in June after alleging it was “unjustifiably blocking” restructuring plans needed for the company’s survival. The Teamsters called the litigation “baseless” — with O’Brien pointing to Yellow’s “decades of gross mismanagement,” which included exhausting the $700 million federal loan.
On July 23, a pension fund agreed to extend health benefits for workers at two Yellow Corp. operating companies, averting a strike — and giving Yellow “30 days to pay its bills,” notably $50 million that Yellow failed to pay the Central States Health and Welfare Fund on July 15, the union said. While the strike didn’t occur, talks of a walkout may have caused some Yellow customers to pull back, Chan said.
“The financial struggles of Yellow are not related to the union and the contracts,” Jindel said, pointing to management’s responsibility around its services and prices. He added the union wages from Yellow are “lower than any competitor.”
As Yellow customers take their shipments to other carriers, like FedEx or ABF Freight, prices will go up.
Yellow’s prices have historically been the cheapest compared to other carriers, Jindel said. “That’s why they obviously were not making money,” he added. “And while there is capacity with the other LTL carriers to handle the diversions from Yellow, it will come at a high price for (current shippers and customers) of Yellow.”
Chan adds that we’re in an interesting time for the LTL marketplace — noting that, if Yellow liquidates, “the freight would find a home” with other carriers, which may not have been true in recent years.
“It may take time, but there’s room for it to be absorbed,” he said.
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| 2023-07-31T21:41:12
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