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Above-trend demand in 2021 as families stayed home, spent stimulus funds
CLEVELAND, Aug. 3, 2022 /PRNewswire/ -- US demand for toys and games in nominal terms is forecast to see slight annual declines from a high 2021 base through 2026, according to Toys & Games: United States, a report recently released by Freedonia Focus Reports. Suppliers are expected to benefit from slight increases in the number of births and the population under five years old. Growing disposable personal incomes will further stimulate spending. New product introductions will continue to support demand, especially for video game consoles. Ongoing investment in new television series and movies based on well-known media franchises is expected to boost demand for toys and games featuring licensed characters and themes. However, the wide range of entertainment options that compete with toys and games will continue to prevent faster gains. In addition, many parents are interested in providing educational and fun experiences for their kids, rather than purchasing a large number of toys and games.
Sales of toys and games are expected to decline 15% in 2022, representing a dampening of demand following a 40% surge in 2021 that was driven by higher demand for in-home entertainment as adults and kids spent more time at home and fueled by government stimulus payments. Difficulties in procuring semiconductor devices may hurt output of electronic toys and games such as video game consoles and game machines. Supply chain difficulties and the rising price of raw materials such as plastic, due to rising oil and gas prices, will drive inflation in toy and game prices in 2022 and possibly further into the forecast period.
These and other key insights are featured in Toys & Games: United States. This report forecasts to 2022 and 2026 US toys and games demand and shipments in nominal US dollars at the manufacturer level. Total demand is segmented by product in terms of:
- toys and dolls
- video game consoles
- game machines
- board games
- baby carriages and strollers
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2011 to 2021.
Excluded from the scope of this report are video game software; card games; slot machines; and athletic equipment, bicycles, billiard tables, and bowling equipment. Re-exports of toys and games are excluded from demand and trade figures.
More information about the report is available at:
https://www.freedoniafocusreports.com/Toys-Games-United-States-FF90021/?progid=91541
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
Press Contact:
Corinne Gangloff
+1 440.842.2400
cgangloff@freedoniagroup.com
View original content to download multimedia:
SOURCE The Freedonia Group | https://www.wagmtv.com/prnewswire/2022/08/03/us-toy-amp-game-sales-drop-15-2022/ | 2022-08-03T22:18:41Z | https://www.wagmtv.com/prnewswire/2022/08/03/us-toy-amp-game-sales-drop-15-2022/ | false |
China is escalating tensions with the U.S. after House Speaker Nancy Pelosi visited Taiwan this week, but the White House will not be deterred in defending its interests in the Western Pacific, according to the President's National Security Advisor Jake Sullivan.
It has been a busy few days for Sullivan as President Joe Biden navigates complex issues on multiple fronts.
Alongside Pelosi's trip, there is the ongoing war in Ukraine, and the U.S. drone strike that took out al-Qaida leader Ayman al-Zawahiri in Kabul.
Sullivan sits down with NPR's Mary Louise Kelly to discuss the past week and how the administration plans to address each issue.
This interview has been lightly edited for clarity.
Interview highlights
On whether everyone at the White House is breathing a sigh of relief since Nancy Pelosi left Taiwan
Well, the Chinese have announced that they are going to conduct a series of military activities around Taiwan over the course of the next few days, and that will raise tensions across the strait. It will create risks and challenges, we think unnecessarily. And so what we are hopeful for is that the PRC acts responsibly and avoids the kind of escalation that could lead to a mistake or miscalculation in the air or on the seas. That is the message that we're sending to China. That's the message we're also coordinating with our friends in Taiwan.
On how risky this situation appears
Look, whenever a military engages in a series of activities that include the possibility of missile tests, of live fire exercises, of fighter jets buzzing around the skies and ships moving around on the seas, the possibility of some kind of incident is real. And we believe that what China is doing here is not responsible. We believe that it is escalating tensions unnecessarily. And this is particularly so because what the speaker did in visiting Taiwan is not unprecedented, it is not threatening to China, it is not out of the historical norm.
Members of Congress travel there all the time, and a speaker of the House has previously traveled there as well. So what we don't want to see is China trying to twist this into a crisis or use this as a pretext to take the kind of military activity that will ultimately destabilize the Taiwan Strait.
On whether some good can come from the visit, and the U.S. signaling to China that it won't back down
Look, from the U.S. government's perspective, from the Biden Administration's perspective, what's most important are the set of actions we take, the substance. And that includes what we do to support Taiwan's self-defense, that includes how we work with our allies and partners on initiatives like AUKUS — the nuclear submarine initiative we have with the UK and Australia — it matters what our force posture is in the region, and it matters the extent to which we are communicating to China that we are going to stand up for our interests.
Whether a particular visit sends the kind of message you're describing, I'll let others make that determination. From our perspective, the most important thing for us to do is through diplomatic, economic and military policy, substance. We communicate quite clearly to China that we are going to defend our interests and our values in the Western Pacific.
On what comes next, and whether the U.S. watches the military drills play out and see what happens
The most important thing for us to communicate is a clear and steady message, both publicly and privately to China, that we are not going to be deterred or coerced from operating as we operate in the Western Pacific. And China needs to understand that. We are not looking to escalate, but we are also not going to be deterred.
On whether the U.S. will get involved militarily to defend Taiwan if it comes to that
Well, our policy has not changed. It is rooted in the One China policy informed by the Three Joint Communiqués, the Taiwan Relations Act, and the Six Assurances.
The president himself has said the policy has not changed. The president is the commander in chief. He's the guy who sets the policy and he has said it has not changed. And we have communicated that very directly. He has said that publicly on the record. And to the question of the kind of military contingency you're talking about, it is the entire object and purpose of our approach to ensure that that never happens, that it never comes to that. And that is what we are going to keep working to ensure.
On whether it was a CIA drone that killed al-Qaida leader al-Zawahiri in Afghanistan, and where it flew in from
All I will say is that our counterterrorism professionals and our intelligence professionals played a central role in carrying out this successful operation at the president's direction, and he credited them in the public remarks he made for their incredible skill and capacity in pulling this thing off.
I'm not going to get into those kinds of operational details [on where the drone flew in from]. I think it's important that we be able to preserve the space to continue to operate effectively, to demonstrate, as the president promised the American people a year ago, that we would maintain the ability to take out terrorists even without thousands of American forces on the ground. We did that once, we're prepared to do it again.
On whether there was any dissent among top advisors on carrying out the strike
No. There was unanimous support among his senior national security team to take this action at the point in time when the intelligence community briefed the president that they had high confidence that this was al-Zawahiri and that they could do it in a way that they felt would not result in civilian casualties.
On what al-Zawahiri's presence in downtown Kabul says about what the U.S. achieved during the 20-year war in Afghanistan
Well, actually the record, when it comes to our disruption of the al-Qaida network and its capacity to threaten America and Americans, is a record of significant success. Our ability to ensure, over the course of decades, that the kinds of complex plots that led to the embassy bombings in Nairobi and in Tanzania in 1998, that led to the USS Cole in 2000, and then of course to 9/11 in 2001, that we have not seen those kind of plots over the course of the past two decades be carried out against the U.S. homeland — that is a record of significant success.
What I would tell you is that Ayman al-Zawahiri became the emir of al-Qaida in 2011 when Osama bin Laden was taken off the battlefield. That was more than a decade ago. For a decade, American men and women fought and died in Afghanistan and Zawahiri was alive and running al-Qaida. Joe Biden took the United States out of Afghanistan so that in the year 2022 not one American soldier died in Afghanistan. And Ayman al-Zawahiri is dead. I would call that a pretty effective policy.
On whether there is a scenario in which the Taliban didn't know he was there
We believe that senior members of the Haqqani network, who are now part of the Taliban entity running the government in Kabul, that they knew. We also believe that there were other senior Taliban officials who did not know. And in fact, you know, we will now watch to see the extent to which this raises questions within the organization of the Taliban about the wisdom of having al-Zawahiri come back into Kabul.
On if he's watching for possible fractures or divisions in the Taliban
Yeah, I don't want to go so far as to say fracture. But, you know, certainly this is going to raise some eyebrows, we believe, within the leadership.
On how encouraged we should be by the first grain ship to depart Ukraine since Russia invaded
Well, we should be encouraged because it does mean that the possibility of substantial amounts of wheat and corn and other grains getting out of Ukraine is a real possibility. But we should also be cautious, because there is every reason to believe the Russians are going to make this as difficult as possible and that they are going to continue to find ways to disrupt the flow of grain to the world market. And so we think that the international community has to maintain a substantial amount of pressure on Moscow not to enforce a blockade, not to throw up obstacles to the flow of that grain, because it is so important to feed the world, to keep prices down and to ensure that there's not hunger and famine in Africa in Southeast Asia and other places.
I wouldn't go so far as to say it's a triumph, but I would say this is a good step forward. It should be built on and there should be many steps that follow what, for our part, the United States is trying to do to ensure that these ships coming in and out can have the insurance they need, that there is no challenges with them being able to get the grain to the world market. And we're going to keep doing our part to get as many of those ships in and out of there as we possibly can.
On whether there is mistrust between the White House and Ukraine President Volodymyr Zelenskyy
You just have to listen to President Biden when he talks about Presidents Zelenskyy. He openly admires president Zelenskyy, admires his courage, his bravery, his skill, his stewardship of a country at a time of absolute crisis. The two of them talk regularly. They have incredibly constructive and effective communication. And then at all levels of the government we are deeply engaged. And so this is a very strong partnership between the Biden administration and the Zelenskyy administration, and it is because of that partnership that we have been able to effectively provide them with the military, economic and humanitarian support that they need, and we're going to keep doing it.
For the record, I believe that Ukraine's leadership is leading a country in an incredibly effective and brave way against the onslaught of an invading neighbor and doing so defying all expectations about what they would be able to hold together and stand up against. And it's been an incredibly impressive thing to watch.
On where he would put the chances of there still being an active war in Ukraine in six months
I'm not going to make predictions about six months from now, because I think most of us wouldn't have predicted we'd be where we are today six months ago. We did accurately predict that Russia would invade, but how exactly that invasion would unfold is subject to so many variables and that's true for the six months that lie ahead of us. What I will say is this: Russia could end this war tomorrow if they simply withdrew from the territory that they have tried to conquer by force, which is against every precept of international law. And so Putin could end this thing very rapidly. Our job as the United States is to put Ukraine in the best possible position on the battlefield so that it will end up in the best possible position at the negotiating table. When can we get serious negotiations going? That is an open question, because at the moment it does not seem the Russians are serious about the kind of diplomacy that actually could bring about an end to this conflict.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wbaa.org/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | 2022-08-03T22:20:56Z | https://www.wbaa.org/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | true |
China is escalating tensions with the U.S. after House Speaker Nancy Pelosi visited Taiwan this week, but the White House will not be deterred in defending its interests in the Western Pacific, according to the President's National Security Advisor Jake Sullivan.
It has been a busy few days for Sullivan as President Joe Biden navigates complex issues on multiple fronts.
Alongside Pelosi's trip, there is the ongoing war in Ukraine, and the U.S. drone strike that took out al-Qaida leader Ayman al-Zawahiri in Kabul.
Sullivan sits down with NPR's Mary Louise Kelly to discuss the past week and how the administration plans to address each issue.
This interview has been lightly edited for clarity.
Interview highlights
On whether everyone at the White House is breathing a sigh of relief since Nancy Pelosi left Taiwan
Well, the Chinese have announced that they are going to conduct a series of military activities around Taiwan over the course of the next few days, and that will raise tensions across the strait. It will create risks and challenges, we think unnecessarily. And so what we are hopeful for is that the PRC acts responsibly and avoids the kind of escalation that could lead to a mistake or miscalculation in the air or on the seas. That is the message that we're sending to China. That's the message we're also coordinating with our friends in Taiwan.
On how risky this situation appears
Look, whenever a military engages in a series of activities that include the possibility of missile tests, of live fire exercises, of fighter jets buzzing around the skies and ships moving around on the seas, the possibility of some kind of incident is real. And we believe that what China is doing here is not responsible. We believe that it is escalating tensions unnecessarily. And this is particularly so because what the speaker did in visiting Taiwan is not unprecedented, it is not threatening to China, it is not out of the historical norm.
Members of Congress travel there all the time, and a speaker of the House has previously traveled there as well. So what we don't want to see is China trying to twist this into a crisis or use this as a pretext to take the kind of military activity that will ultimately destabilize the Taiwan Strait.
On whether some good can come from the visit, and the U.S. signaling to China that it won't back down
Look, from the U.S. government's perspective, from the Biden Administration's perspective, what's most important are the set of actions we take, the substance. And that includes what we do to support Taiwan's self-defense, that includes how we work with our allies and partners on initiatives like AUKUS — the nuclear submarine initiative we have with the UK and Australia — it matters what our force posture is in the region, and it matters the extent to which we are communicating to China that we are going to stand up for our interests.
Whether a particular visit sends the kind of message you're describing, I'll let others make that determination. From our perspective, the most important thing for us to do is through diplomatic, economic and military policy, substance. We communicate quite clearly to China that we are going to defend our interests and our values in the Western Pacific.
On what comes next, and whether the U.S. watches the military drills play out and see what happens
The most important thing for us to communicate is a clear and steady message, both publicly and privately to China, that we are not going to be deterred or coerced from operating as we operate in the Western Pacific. And China needs to understand that. We are not looking to escalate, but we are also not going to be deterred.
On whether the U.S. will get involved militarily to defend Taiwan if it comes to that
Well, our policy has not changed. It is rooted in the One China policy informed by the Three Joint Communiqués, the Taiwan Relations Act, and the Six Assurances.
The president himself has said the policy has not changed. The president is the commander in chief. He's the guy who sets the policy and he has said it has not changed. And we have communicated that very directly. He has said that publicly on the record. And to the question of the kind of military contingency you're talking about, it is the entire object and purpose of our approach to ensure that that never happens, that it never comes to that. And that is what we are going to keep working to ensure.
On whether it was a CIA drone that killed al-Qaida leader al-Zawahiri in Afghanistan, and where it flew in from
All I will say is that our counterterrorism professionals and our intelligence professionals played a central role in carrying out this successful operation at the president's direction, and he credited them in the public remarks he made for their incredible skill and capacity in pulling this thing off.
I'm not going to get into those kinds of operational details [on where the drone flew in from]. I think it's important that we be able to preserve the space to continue to operate effectively, to demonstrate, as the president promised the American people a year ago, that we would maintain the ability to take out terrorists even without thousands of American forces on the ground. We did that once, we're prepared to do it again.
On whether there was any dissent among top advisors on carrying out the strike
No. There was unanimous support among his senior national security team to take this action at the point in time when the intelligence community briefed the president that they had high confidence that this was al-Zawahiri and that they could do it in a way that they felt would not result in civilian casualties.
On what al-Zawahiri's presence in downtown Kabul says about what the U.S. achieved during the 20-year war in Afghanistan
Well, actually the record, when it comes to our disruption of the al-Qaida network and its capacity to threaten America and Americans, is a record of significant success. Our ability to ensure, over the course of decades, that the kinds of complex plots that led to the embassy bombings in Nairobi and in Tanzania in 1998, that led to the USS Cole in 2000, and then of course to 9/11 in 2001, that we have not seen those kind of plots over the course of the past two decades be carried out against the U.S. homeland — that is a record of significant success.
What I would tell you is that Ayman al-Zawahiri became the emir of al-Qaida in 2011 when Osama bin Laden was taken off the battlefield. That was more than a decade ago. For a decade, American men and women fought and died in Afghanistan and Zawahiri was alive and running al-Qaida. Joe Biden took the United States out of Afghanistan so that in the year 2022 not one American soldier died in Afghanistan. And Ayman al-Zawahiri is dead. I would call that a pretty effective policy.
On whether there is a scenario in which the Taliban didn't know he was there
We believe that senior members of the Haqqani network, who are now part of the Taliban entity running the government in Kabul, that they knew. We also believe that there were other senior Taliban officials who did not know. And in fact, you know, we will now watch to see the extent to which this raises questions within the organization of the Taliban about the wisdom of having al-Zawahiri come back into Kabul.
On if he's watching for possible fractures or divisions in the Taliban
Yeah, I don't want to go so far as to say fracture. But, you know, certainly this is going to raise some eyebrows, we believe, within the leadership.
On how encouraged we should be by the first grain ship to depart Ukraine since Russia invaded
Well, we should be encouraged because it does mean that the possibility of substantial amounts of wheat and corn and other grains getting out of Ukraine is a real possibility. But we should also be cautious, because there is every reason to believe the Russians are going to make this as difficult as possible and that they are going to continue to find ways to disrupt the flow of grain to the world market. And so we think that the international community has to maintain a substantial amount of pressure on Moscow not to enforce a blockade, not to throw up obstacles to the flow of that grain, because it is so important to feed the world, to keep prices down and to ensure that there's not hunger and famine in Africa in Southeast Asia and other places.
I wouldn't go so far as to say it's a triumph, but I would say this is a good step forward. It should be built on and there should be many steps that follow what, for our part, the United States is trying to do to ensure that these ships coming in and out can have the insurance they need, that there is no challenges with them being able to get the grain to the world market. And we're going to keep doing our part to get as many of those ships in and out of there as we possibly can.
On whether there is mistrust between the White House and Ukraine President Volodymyr Zelenskyy
You just have to listen to President Biden when he talks about Presidents Zelenskyy. He openly admires president Zelenskyy, admires his courage, his bravery, his skill, his stewardship of a country at a time of absolute crisis. The two of them talk regularly. They have incredibly constructive and effective communication. And then at all levels of the government we are deeply engaged. And so this is a very strong partnership between the Biden administration and the Zelenskyy administration, and it is because of that partnership that we have been able to effectively provide them with the military, economic and humanitarian support that they need, and we're going to keep doing it.
For the record, I believe that Ukraine's leadership is leading a country in an incredibly effective and brave way against the onslaught of an invading neighbor and doing so defying all expectations about what they would be able to hold together and stand up against. And it's been an incredibly impressive thing to watch.
On where he would put the chances of there still being an active war in Ukraine in six months
I'm not going to make predictions about six months from now, because I think most of us wouldn't have predicted we'd be where we are today six months ago. We did accurately predict that Russia would invade, but how exactly that invasion would unfold is subject to so many variables and that's true for the six months that lie ahead of us. What I will say is this: Russia could end this war tomorrow if they simply withdrew from the territory that they have tried to conquer by force, which is against every precept of international law. And so Putin could end this thing very rapidly. Our job as the United States is to put Ukraine in the best possible position on the battlefield so that it will end up in the best possible position at the negotiating table. When can we get serious negotiations going? That is an open question, because at the moment it does not seem the Russians are serious about the kind of diplomacy that actually could bring about an end to this conflict.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.wvasfm.org/politics/politics/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | 2022-08-03T22:21:03Z | https://www.wvasfm.org/politics/politics/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | true |
Police officer accused of DWI after crashing patrol vehicle into multiple cars in New Orleans
NEW ORLEANS (WVUE/Gray News) - A New Orleans police officer was arrested last week for allegedly driving drunk while on duty and crashing his marked cruiser into several vehicles.
According to authorities, the officer’s blood alcohol content was more than twice the legal limit.
The NOPD said Traffic Division officer Denzel Millon was taken into custody around 4 a.m. on July 28 after “striking multiple vehicles.”
The incident occurred near the intersection of St. Peter and St. Joseph streets in the Warehouse District.
Millon submitted a breathalyzer test that registered his blood alcohol content at .186 percent, which is more than twice the state’s limit of .08 to operate a motor vehicle legally.
He was booked with DWI and driving on a roadway laned for traffic.
Supt. Shaun Ferguson publicly acknowledged Millon’s arrest for the first time during a press conference on other matters Wednesday at NOPD headquarters.
“As is standard procedure, he’s reassigned, pending further investigation,” Ferguson said. “He was arrested, he has his right to due process, but he will be reassigned pending this investigation.”
The officer’s arrest was a poorly kept secret in law enforcement circles, but was closure for the city’s Municipal and Traffic Court last Thursday because roof damage prevented reporters from accessing records about the incident.
On Wednesday, Ferguson defended that NOPD failed to report the arrest to the public for the past six days.
“Unless you ask us, we don’t just run and tell you,” Ferguson said with a shrug. “We don’t have to report everything out like that. We’re not required to do that. Nevertheless, it’s not anything that we’re hiding, either. It’s just something that happened and now we’re telling you about it.”
Ferguson bristled when asked about the department’s apparent lack of transparency regarding the officer’s arrest.
“I don’t agree with that,” he said. “We have not done that in the past. We have never done that. I’m not sure if you’re familiar with that, but we’ve never done that. But when asked, we acknowledge.”
Donovan Livaccari, the attorney representing Millon from the local Fraternal Order of Police chapter, did not immediately return a call seeking comment on the case.
Copyright 2022 WVUE via Gray Media Group, Inc. All rights reserved. | https://www.kwch.com/2022/08/03/police-officer-accused-dwi-after-crashing-patrol-vehicle-into-multiple-cars-new-orleans/ | 2022-08-03T22:21:06Z | https://www.kwch.com/2022/08/03/police-officer-accused-dwi-after-crashing-patrol-vehicle-into-multiple-cars-new-orleans/ | true |
Police officer accused of DWI after crashing patrol vehicle into multiple cars in New Orleans
NEW ORLEANS (WVUE/Gray News) - A New Orleans police officer was arrested last week for allegedly driving drunk while on duty and crashing his marked cruiser into several vehicles.
According to authorities, the officer’s blood alcohol content was more than twice the legal limit.
The NOPD said Traffic Division officer Denzel Millon was taken into custody around 4 a.m. on July 28 after “striking multiple vehicles.”
The incident occurred near the intersection of St. Peter and St. Joseph streets in the Warehouse District.
Millon submitted a breathalyzer test that registered his blood alcohol content at .186 percent, which is more than twice the state’s limit of .08 to operate a motor vehicle legally.
He was booked with DWI and driving on a roadway laned for traffic.
Supt. Shaun Ferguson publicly acknowledged Millon’s arrest for the first time during a press conference on other matters Wednesday at NOPD headquarters.
“As is standard procedure, he’s reassigned, pending further investigation,” Ferguson said. “He was arrested, he has his right to due process, but he will be reassigned pending this investigation.”
The officer’s arrest was a poorly kept secret in law enforcement circles, but was closure for the city’s Municipal and Traffic Court last Thursday because roof damage prevented reporters from accessing records about the incident.
On Wednesday, Ferguson defended that NOPD failed to report the arrest to the public for the past six days.
“Unless you ask us, we don’t just run and tell you,” Ferguson said with a shrug. “We don’t have to report everything out like that. We’re not required to do that. Nevertheless, it’s not anything that we’re hiding, either. It’s just something that happened and now we’re telling you about it.”
Ferguson bristled when asked about the department’s apparent lack of transparency regarding the officer’s arrest.
“I don’t agree with that,” he said. “We have not done that in the past. We have never done that. I’m not sure if you’re familiar with that, but we’ve never done that. But when asked, we acknowledge.”
Donovan Livaccari, the attorney representing Millon from the local Fraternal Order of Police chapter, did not immediately return a call seeking comment on the case.
Copyright 2022 WVUE via Gray Media Group, Inc. All rights reserved. | https://www.kold.com/2022/08/03/police-officer-accused-dwi-after-crashing-patrol-vehicle-into-multiple-cars-new-orleans/ | 2022-08-03T22:21:32Z | https://www.kold.com/2022/08/03/police-officer-accused-dwi-after-crashing-patrol-vehicle-into-multiple-cars-new-orleans/ | false |
BOSTON (AP) _ Rapid7 Inc. (RPD) on Wednesday reported a loss of $39.6 million in its second quarter.
On a per-share basis, the Boston-based company said it had a loss of 68 cents. Losses, adjusted for stock option expense and amortization costs, were 1 cent per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The cybersecurity company posted revenue of $167.5 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $164.4 million.
For the current quarter ending in October, Rapid7 expects its per-share earnings to range from 3 cents to 6 cents.
The company expects full-year earnings in the range of 8 cents to 15 cents per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RPD at https://www.zacks.com/ap/RPD | https://www.seattlepi.com/business/article/Rapid7-Q2-Earnings-Snapshot-17349260.php | 2022-08-03T22:22:02Z | https://www.seattlepi.com/business/article/Rapid7-Q2-Earnings-Snapshot-17349260.php | false |
BEVERLY HILLS, Calif. (AP) _ Kennedy-Wilson Holdings Inc. (KW) on Wednesday reported a second-quarter loss of $1.2 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Beverly Hills, California-based company said it had a loss of 7 cents. Earnings, adjusted for non-recurring costs, were 30 cents per share.
The real estate investment and services company posted revenue of $136.1 million in the period.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KW at https://www.zacks.com/ap/KW | https://www.ourmidland.com/business/article/Kennedy-Wilson-Q2-Earnings-Snapshot-17349599.php | 2022-08-03T22:22:47Z | https://www.ourmidland.com/business/article/Kennedy-Wilson-Q2-Earnings-Snapshot-17349599.php | true |
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NEW YORK (AP) — Democrats displayed a newfound sense of optimism about the election-year political climate Wednesday after voters in traditionally conservative Kansas overwhelmingly backed a measure protecting abortion rights.
At the White House, President Joe Biden hailed the vote in Kansas as the direct result of outrage at the Supreme Court's decision in June to repeal a woman's constitutional right to obtain an abortion.
Republicans and the high court “don't have a clue about the power of American women,” Biden said. “Last night in Kansas, they found out.”
On Capitol Hill, Senate Majority Leader Chuck Schumer, D-N.Y., boasted of the political winds “blowing at Democrats.”
“Last night in the American heartland, the people of Kansas sent an unmistakable message to the Republican extremists,” he said. “If it’s gong to happen in Kansas, it’s going to happen in a whole lot of states.”
With three months until the November election, the optimism may be premature. But it represents a much-needed break for a party that has spent the better part of the past year reeling from crisis to crisis, including the botched withdrawal from Afghanistan and rising prices for gasoline and other goods. Those developments have contributed to Biden's low approval ratings, leaving Democrats without a unifying leader in a position to rally voters before the election, with control of Congress at stake.
The Kansas vote, however, suggests that threats to abortion rights may energize Democrats in a way few political leaders can. And it comes at a moment when the party is gaining momentum on other fronts, including a legislative package to reduce prescription drug prices, combat climate change and raise taxes on corporations.
The challenge for Democrats will be to maintain the energy for several more months and defy trends that typically trip up the party in power.
In recent history, the party controlling the White House almost always suffers deep losses in the first midterm election of a new presidency. Also, an overwhelming majority of voters believe the country is headed in the wrong direction amid inflation and other economic concerns.
Even with abortion-related momentum, many Democratic strategists privately expect to lose the House majority and believe the Senate is essentially a coin flip.
The day after the Kansas vote, Democratic strategists on the front lines of key midterm contests described a complicated political reality on abortion.
Abortion rights supporters surged to the polls in Kansas, where abortion was quite literally on the ballot. By a roughly 20-percentage point margin, they rejected a measure that would have changed the state constitution to allow state lawmakers to impose restrictions on abortion — or even a ban. The early August primary turnout was on par with a governor's general election contest.
But few elections this fall will feature such clear stakes for abortion rights. Just four states — California, Michigan, Vermont and Kentucky — are expected to feature a Kansas-style abortion referendum on the November ballot, according to the pro-Democratic group EMILY's List.
In the majority of states, Democrats must convince voters they can protect abortion access only by defeating anti-abortion Republican candidates at the state and federal level. While that is true in most cases, it's much more complicated to run against a candidate than a single-issue ballot measure, according to Democratic pollster Molly Murphy.
“The optimist would say, when voters know that abortion is on the ballot, they are motivated to turn out,” Murphy said. “That’s the messaging challenge that we are going to face. Will voters believe that a legal right to abortion is at stake here in this country in their vote for Congress, Senate, governor, state house — all of those things — and be as motivated to show up to vote?”
“Republicans are going to do everything they can to deflect and not engage on this," she added, noting the GOP's heavy focus on inflation, gas prices and immigration.
Indeed, as Democrats celebrated on Wednesday, the Republican reaction to the abortion vote was decidedly muted.
The Kansas vote was “a huge disappointment for pro-life Kansans and Americans nationwide," said Mallory Carroll, of Susan B. Anthony Pro-Life America.
Republican strategist Christine Matthews warned that the Kansas vote could have “an energizing effect for abortion rights supporters.”
“Success breeds success,” she said. "It will encourage the belief that turning out and activating can make a difference and that is particularly important with younger voters and those less inclined to participate. It’s a momentum-shifter.”
Democrats have long tried without much success to energize supporters by focusing on abortion. But the Supreme Court's decision clarified the stakes as never before. Absent a new federal law, abortion rights now fall to the states, and in 12 states led by Republicans, abortion has already been banned or heavily restricted. Many more are expected to follow.
Republican strategists acknowledge that swing state candidates will have to tread carefully on the issue.
In Georgia, GOP Senate nominee Herschel Walker, for example, worried some Washington Republicans by quickly declaring his opposition to abortion rights even in cases of rape, incest and the life of the mother. Such a position, thought to be extreme in past years, is somewhat common among Republican candidates in 2022.
Republicans in other states have largely sought to avoid clarifying their position.
The Senate Democrats campaign arm recently established a website, GOPOnAbortion.com, to highlight Republican candidates' outspoken opposition to abortion rights. While Democratic candidates from New York to Washington state are already running ads on abortion, the issue is expected to play a bigger role in some races than others.
Michigan Sen. Gary Peters, who leads the group dedicated to protecting the Senate's Democratic majority, predicted that abortion would likely matter most as a political issue in Senate races in Nevada, New Hampshire and Arizona — all states in which polling suggests strong support for abortion rights. Suburban women and younger voters are most likely to be motivated by the issue.
“There's a great deal of anger," Peters said of the backlash against the Roe reversal. "There’s an energy I haven’t seen before."
The Kansas vote suggests that such energy could extend well beyond a handful of states.
Polling shows that relatively few Americans wanted to see Roe overturned.
More Americans disapprove than approve of the Supreme Court’s decision to overturn Roe v. Wade, 53% to 30%, according to an Associated Press-NORC Center for Public Affairs Research poll from July conducted about three weeks after the ruling. Just over half of those surveyed said they felt angry or sad about the ruling, the poll found.
In Wisconsin, the leading Democratic Senate candidate, Lt. Gov. Mandela Barnes, noted that the day the Supreme Court overturned Roe was the biggest fundraising day of his entire campaign.
"People are motivated and energetic in ways that I’ve never seen before," he said in an interview. “I can only assume that that intensity will increase all the way to November.”
___
Associated Press writers Lisa Mascaro and Chris Megerian in Washington and Thomas Beaumont in Des Moines, Iowa, contributed to this report.
___
Follow AP for full coverage of the midterms at https://apnews.com/hub/2022-midterm-elections and on Twitter at https://twitter.com/ap_politics | https://www.seattlepi.com/news/article/Abortion-vote-in-Kansas-sparks-new-hope-for-Dems-17349205.php | 2022-08-03T22:25:20Z | https://www.seattlepi.com/news/article/Abortion-vote-in-Kansas-sparks-new-hope-for-Dems-17349205.php | true |
Police officer accused of DWI after crashing patrol vehicle into multiple cars in New Orleans
NEW ORLEANS (WVUE/Gray News) - A New Orleans police officer was arrested last week for allegedly driving drunk while on duty and crashing his marked cruiser into several vehicles.
According to authorities, the officer’s blood alcohol content was more than twice the legal limit.
The NOPD said Traffic Division officer Denzel Millon was taken into custody around 4 a.m. on July 28 after “striking multiple vehicles.”
The incident occurred near the intersection of St. Peter and St. Joseph streets in the Warehouse District.
Millon submitted a breathalyzer test that registered his blood alcohol content at .186 percent, which is more than twice the state’s limit of .08 to operate a motor vehicle legally.
He was booked with DWI and driving on a roadway laned for traffic.
Supt. Shaun Ferguson publicly acknowledged Millon’s arrest for the first time during a press conference on other matters Wednesday at NOPD headquarters.
“As is standard procedure, he’s reassigned, pending further investigation,” Ferguson said. “He was arrested, he has his right to due process, but he will be reassigned pending this investigation.”
The officer’s arrest was a poorly kept secret in law enforcement circles, but was closure for the city’s Municipal and Traffic Court last Thursday because roof damage prevented reporters from accessing records about the incident.
On Wednesday, Ferguson defended that NOPD failed to report the arrest to the public for the past six days.
“Unless you ask us, we don’t just run and tell you,” Ferguson said with a shrug. “We don’t have to report everything out like that. We’re not required to do that. Nevertheless, it’s not anything that we’re hiding, either. It’s just something that happened and now we’re telling you about it.”
Ferguson bristled when asked about the department’s apparent lack of transparency regarding the officer’s arrest.
“I don’t agree with that,” he said. “We have not done that in the past. We have never done that. I’m not sure if you’re familiar with that, but we’ve never done that. But when asked, we acknowledge.”
Donovan Livaccari, the attorney representing Millon from the local Fraternal Order of Police chapter, did not immediately return a call seeking comment on the case.
Copyright 2022 WVUE via Gray Media Group, Inc. All rights reserved. | https://www.wbrc.com/2022/08/03/police-officer-accused-dwi-after-crashing-patrol-vehicle-into-multiple-cars-new-orleans/ | 2022-08-03T22:25:40Z | https://www.wbrc.com/2022/08/03/police-officer-accused-dwi-after-crashing-patrol-vehicle-into-multiple-cars-new-orleans/ | true |
LENEXA, Kan. (AP) _ Hostess Brands, Inc. (TWNK) on Wednesday reported second-quarter net income of $30.5 million.
On a per-share basis, the Lenexa, Kansas-based company said it had net income of 22 cents.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 22 cents per share.
The company posted revenue of $340.5 million in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $329.7 million.
Hostess Brands expects full-year earnings in the range of 93 cents to 98 cents per share.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TWNK at https://www.zacks.com/ap/TWNK | https://www.nhregister.com/business/article/Hostess-Brands-Q2-Earnings-Snapshot-17349405.php | 2022-08-03T22:26:23Z | https://www.nhregister.com/business/article/Hostess-Brands-Q2-Earnings-Snapshot-17349405.php | true |
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Phil Mickelson, Bryson DeChambeau and nine other players who defected to the Saudi-funded LIV Golf filed an antitrust lawsuit Wednesday against the PGA Tour, the first step in a legal fight that could define the boundaries of where players can compete.
The lawsuit, filed in U.S. District Court in San Francisco, claims the PGA Tour has used monopoly power to try to squash competition and has unfairly suspended players.
A separate motion was filed asking for a temporary restraining order to allow Talor Gooch, Matt Jones and Hudson Swafford to play in the FedEx Cup playoffs, the PGA Tour’s postseason, which begins next week.
The lawsuit also revealed that PGA Tour Commissioner Jay Monahan suspended Mickelson for two months in March for his role in recruiting players to LIV Golf. It said Mickelson's request in June to be reinstated was denied because he played in a LIV Golf event and that he was suspended until March 2024 for playing in another one.
Monahan responded to the lawsuit with a terse memo to his players in which he referred to “11 of your former colleagues” suing the tour and continued to refer to LIV Golf as the “Saudi Golf League.”
Saudi Arabia's sovereign wealth fund is the primary source of the money paying exorbitant signing bonuses and providing $25 million purses for 48-man fields. Several players are in their 40s and no longer ranked among the top 50 in the world.
Monahan said players knew the consequences of signing up for the rival league.
“We have been preparing to protect our membership and contest this latest attempt to disrupt our tour, and you should be confident in the legal merits of our position,” Monahan wrote.
“Fundamentally, these suspended players — who are now Saudi Golf League employees — have walked away from the tour and now want back in," he wrote. “It's an attempt to use the tour platform to promote themselves and to freeride on your benefits and efforts.”
LIV Golf said in a statement: "The players are right to have brought this action to challenge the PGA’s anti-competitive rules and to vindicate their rights as independent contractors to play where and when they choose. Despite the PGA Tour’s effort to stifle competition, we think golfers should be allowed to play golf.”
Its CEO, Greg Norman, has said LIV Golf would be willing to financially support any legal matters. Last month, four European tour players won a temporary stay from a U.K. judge that allowed them to play in the Scottish Open.
Mickelson reportedly signed a deal worth $200 million to join the Saudi-funded venture, with DeChambeau in the $150 million range. And those are just signing bonuses. Seventeen players already have made more than $1 million in three tournaments or fewer.
The PGA Tour denied releases for players to compete in LIV events and suspended them as soon as they put a ball in play. Some players, like Dustin Johnson, Patrick Reed and Sergio Garcia, chose to resign their PGA Tour membership.
At the heart of the lawsuit are allegations the PGA Tour is using its might as the strongest tour in golf to bully players and anyone else that could get involved with LIV Golf. It accused the tour of intimidating a tent vendor and a technology company, among others, with whom LIV Golf was trying to do business to launch its series.
It also claims the tour's threats to ban players ultimately forced LIV Golf to pay more in signing bonuses to get the players it wanted, and forced the rival league to change its startup plans to only eight events this year. LIV Golf announced a 14-tournament schedule for next year.
“The Tour's conduct has substantially diminished and impaired the entry of the promoters that could meaningfully threaten the PGA Tour’s monopoly, which has stood unchallenged for decades,” the lawsuit contends.
The tour has stood by its belief that it is a membership organization with regulations that players choose to accept. That includes a code of conduct and a requirement to play at least 15 tournaments a year to keep full membership.
Players typically are allowed three releases a year to play overseas events held the same week as a PGA Tour tournament. The tour does not allow releases for conflicting events in North America.
Two LIV Golf events were held in the U.S., first in Oregon last month and then last week at Trump National in New Jersey. Three more this year are scheduled for courses near Boston, Chicago and Miami.
Monahan has been forceful in his comments about LIV Golf, referring in June to the tour being unable to compete with “a foreign monarchy that is spending billions of dollars in attempt to buy the game of golf.”
“We welcome good, healthy competition. The LIV Saudi golf league is not that,” he said. “It’s an irrational threat, one not concerned with the return on investment or true growth of the game.”
___
More AP golf: https://apnews.com/hub/golf and https://twitter.com/AP_Sports | https://www.seattlepi.com/news/article/Mickelson-others-sue-PGA-Tour-over-LIV-Golf-17348818.php | 2022-08-03T22:26:39Z | https://www.seattlepi.com/news/article/Mickelson-others-sue-PGA-Tour-over-LIV-Golf-17348818.php | false |
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Activision Blizzard, Inc. Quarterly Report (Form10)
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0001628280-22-019955 | https://www.benzinga.com/secfilings/22/08/28298737/activision-blizzard-inc-quarterly-report-form10 | 2022-08-03T22:28:30Z | https://www.benzinga.com/secfilings/22/08/28298737/activision-blizzard-inc-quarterly-report-form10 | false |
LITTLE ROCK, Ark. (AP) — The State Board of Election Commissioners on Wednesday blocked a proposal to legalize recreational marijuana from appearing on Arkansas' ballot this fall.
The panel rejected the popular name and ballot title for the proposed constitutional amendment that supporters hoped to put on the November ballot. Supporters submitted more than enough valid signatures from registered voters to qualify, but the proposal still needed to be approved by the board to appear on the ballot.
Arkansas voters in 2016 approved a constitutional amendment legalizing medical marijuana. The proposed amendment would allow people age 21 and older to possess up to one ounce of cannabis and would allow state-licensed dispensaries to sell recreational marijuana.
An attorney for Responsible Growth Arkansas, the group backing the proposal, said it would appeal to the state Supreme Court.
The panel rejected the measure after commissioners said they didn't believe the ballot title fully explained to voters the impact of the amendment. For example, commissioners said they were concerned that the amendment would repeal the state's current limit under its medical marijuana amendment on how much THC is allowed in edible marijuana products.
“If I'm a voter I might be all for this but I'd like to safeguard that edible limit," Commissioner J. Harmon Smith said.
Responsible Growth Arkansas attorney Steve Lancaster said the the board’s criticism was unfair because it would require the ballot title going into an unwieldy amount of detail.
“The type of detail that the board expected, or demanded in this case, would make our ballot title thousands and thousands of words long,” Steve Lancaster told reporters after the vote. “That just simply is not workable for a ballot.”
Recreational marijuana is already legal in 19 states, and legalization proposals are on the ballot this fall in South Dakota and Maryland. Supporters are also trying to get measures on the ballot in Missouri, North Dakota and Oklahoma.
Republican Gov. Asa Hutchinson, who is a former head of the federal Drug Enforcement Administration, opposed the proposal. Democratic gubernatorial hopeful Chris Jones said Wednesday that he supports the measure. Republican nominee Sarah Sanders has not said where she stands on the issue. Hutchinson is term-limited and not seeking reelection in November.
The board also rejected a proposal that would scale back a casino gambling measure voters approved in 2018 by removing one of the four counties where a casino is allowed. | https://www.ourmidland.com/news/article/Arkansas-panel-rejects-recreational-marijuana-17349533.php | 2022-08-03T22:29:23Z | https://www.ourmidland.com/news/article/Arkansas-panel-rejects-recreational-marijuana-17349533.php | true |
Published: Aug. 3, 2022 at 5:01 PM EDT|Updated: 1 hour ago
TORONTO, Aug. 3, 2022 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the second quarter ended June 30, 2022.
Q2'22 reported net income of $785 million decreased 13% and underlying net income(1) of $892 million increased 1% from Q2'21.
Q2'22 reported EPS(2) was $1.34 and underlying EPS(1)(2) was $1.52.
Q2'22 reported ROE(1) was 13.1% and underlying ROE(1) was 14.9%.
"Sun Life's second quarter results reflect the strength and resilience of our diversified business mix in the face of market volatility and a challenging external environment," said Kevin Strain, President and CEO of Sun Life.
"We're helping our Clients achieve lifetime financial security and live healthier lives through several strategic initiatives. In the U.S., we completed our acquisition of DentaQuest, a values-driven industry leader. In Canada and Malaysia, we announced new Shariah-based products that provide our Clients with more choice when it comes to their wealth-solution needs. We also renewed our bancassurance partnership with RCBC in the Philippines for an additional 10 years. And capital raising of $5.7 billion at SLC Management during the quarter reflects strong demand for our alternative investment capabilities."
Financial and Operational Highlights - Quarterly Comparison (Q2 2022 vs. Q2 2021)
Our strategy is focused on key business segments, where we aim to be a leader in the markets in which we operate.
Reported net income of $785 million decreased $115 million or 13% from prior year, reflecting unfavourable market-related impacts and DentaQuest acquisition costs, partially offset by fair value changes on MFS' share-based payment awards(1) and a gain on the sale-leaseback of our Wellesley office in the U.S. Underlying net income of $892 million(2) was up slightly, driven by business growth, new business gains, contribution from the DentaQuest acquisition, and lower incentive compensation expenses. This was largely offset by Asset Management results reflecting a decline in global equity markets driving lower average net assets ("ANA"), lower available-for-sale ("AFS") gains and morbidity experience in the U.S.
Canada: A leader in insurance and asset management
Canada reported net income of $160 million decreased $244 million or 60% from prior year, reflecting lower equity markets and rising interest rates, partially offset by an increase in underlying net income of $54 million. Underlying net income of $344 million increased 19%, driven by business growth, higher new business gains and experience-related items. Experience in the quarter included favourable credit, investment gains and morbidity. Sun Life Health morbidity reflected improved disability experience in the quarter, driven by lower claims volumes and shorter claims durations.
Canada insurance sales were $218 million, up 11% year-over-year, driven by large case group benefits sales in Sun Life Health. Canada wealth sales were $4 billion, up 16%, driven by defined contribution(3) and defined benefit solutions sales in Group Retirement Services ("GRS"), partially offset by lower individual wealth sales.
We continue to innovate and provide Clients with wealth solutions that are tailored to their personal needs. This quarter, SLGI Asset Management announced the launch of the Sun Life Crescent Specialty Credit Private Pool fund, providing Clients access to an alternative yield source. Group Retirement Services also launched its first Shariah-based pool fund(4), which gives Canadian plan members an option that reflects Islamic principles while providing diversified access to equity markets.
U.S.: A leader in health and benefits
U.S. reported net income of $213 million increased $56 million or 36% from prior year, driven by a gain on the sale-leaseback of our Wellesley office and favourable market-related impacts, partially offset by DentaQuest acquisition costs. Underlying net income of $154 million decreased $11 million or 7%, reflecting experience-related items and lower AFS gains, partially offset by business growth including contribution from the DentaQuest acquisition. Experience in the quarter included favourable medical stop-loss margins, investment gains and favourable credit, partially offset by long-term disability claims. Mortality experience in Group Benefits improved driven by lower COVID-19-related claims.
Foreign exchange translation led to an increase of $8 million and $6 million in reported net income and underlying net income, respectively.
U.S. insurance sales were $213 million, up 12% year-over-year, driven by higher dental(5) and medical stop-loss sales.
On June 1, we completed our acquisition of DentaQuest, the second-largest dental benefits provider in the U.S(6). The transaction advances our strategy of being a leader in health and benefits in the U.S. With this acquisition, Sun Life U.S now serves more than 50 million Americans, and is expected to generate more than US$7 billion in total annual benefits revenues(7).
This quarter, we released our 10th annual medical stop-loss research report on high-cost medical claims. As the largest independent stop-loss provider in the U.S., we leveraged our extensive data, analytics, and health expertise to highlight current medical trends. The findings in the report help employers make better health plan decisions for their employees, leading to improved outcomes.
Asset Management: A global leader in both public and alternative asset classes through MFS and SLC Management
Asset Management reported net income of $296 million increased $75 million or 34% from prior year, driven by fair value changes on MFS' share-based payment awards. Underlying net income of $270 million decreased $41 million or 13%, due to lower results in MFS reflecting a decline in global equity markets driving lower ANA.
Foreign exchange translation led to an increase of $10 million in reported net income and $9 million in underlying net income.
Asset Management ended Q2'22 with $905 billion in AUM, consisting of $712 billion (US$553 billion) in MFS and $194 billion in SLC Management. Total Asset Management net inflows of $0.3 billion in Q2'22 reflected SLC Management net inflows of approximately $7.3 billion, largely offset by MFS net outflows of approximately $7.0 billion (US$5.5 billion).
In the second quarter of 2022, 98%, 71% and 49% of MFS' U.S. retail mutual fund assets ranked in the top half of their Morningstar categories based on ten-, five- and three-year performance, respectively. The MFS pre-tax net operating profit margin(1) was 36% for Q2'22, compared to 39% in the prior year, driven by the decline in ANA. The SLC Management fee-related earnings margin(1)(2) was 23%, down from 25%.
Our Asset Management businesses built on their commitment to integrating climate strategies as we continue our sustainability journey. In July 2022, MFS set an interim target to align 90% of in-scope assets(3) with the Net Zero Asset Managers initiative(4). During the second quarter, BentallGreenOak ("BGO") was also awarded the 2022 ENERGY STAR Partner of the Year – Sustained Excellence Award by the U.S. Environmental Protection Agency and the U.S. Department of Energy ("DOE") for the 12th consecutive year, and received Gold Recognition in the 2022 Green Lease Leaders program organized by the Institute for Market Transformation and the DOE's Better Buildings Alliance.
Asia: A regional leader focused on fast-growing markets
Asia reported net income of $131 million decreased $12 million or 8% from prior year. Underlying net income of $148 million decreased $4 million or 3% from prior year, reflecting policyholder behaviour experience primarily in Vietnam, and new business strain in Hong Kong as COVID-19 restrictions drove lower sales, partially offset by new business gains in International.
Foreign exchange translation led to a decline of $1 million in reported net income and underlying net income.
Asia insurance sales were $305 million, down 6% year-over-year, reflecting lower sales in International and Hong Kong, partially offset by sales growth in all other markets. Asia wealth sales were $3 billion, down 18%, reflecting lower sales in India and Hong Kong, partially offset by higher sales in the Philippines.
We continue to leverage Sun Life's global asset management capabilities and execute on our growth strategy through strategic partnerships. In India, Aditya Birla Sun Life AMC Limited ("ABSLAMC") partnered with BGO, a subsidiary of SLC Management, to form a real estate-focused investment vehicle. This collaboration brings together two leading investment managers with extensive track records in both the domestic and international markets, to create new investment opportunities for Clients.
In the Philippines, our joint venture, Sun Life Grepa Financial, renewed its bancassurance partnership with Rizal Commercial Banking Corporation ("RCBC"), one of the country's leading commercial banks. The 10-year renewal, through to 2033, allows more Filipinos to access financial protection products, leveraging the strength of RCBC's extensive sales network of over 430 branches and almost 2 million customers.
Corporate
Corporate reported net loss of $15 million improved $10 million from prior year. Underlying net loss of $24 million improved by $11 million, driven by lower expenses, partially offset by losses on seed investments and AFS assets.
IFRS 17 Insurance Contracts ("IFRS 17") and IFRS 9 Financial Instruments ("IFRS 9") to be Adopted in 2023
For periods beginning on or after January 1, 2023, we will be adopting IFRS 17, which replaces IFRS 4 Insurance Contracts. IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts. Effective January 1, 2023, we will also be adopting IFRS 9, which replaces IAS 39 Financial Instruments: Recognition and Measurement.
The adoption of IFRS 17 and IFRS 9 has no material implication on our business strategies, however, upon transition at January 1, 2022, the changes in measurement of insurance contract liabilities and timing of recognition of earnings would have resulted in the following impacts:
A net transfer of approximately $4.5 billion from shareholders' equity, primarily driven by the establishment of the contractual service margin ("CSM") on the balance sheet, among other items.
As we restate the comparative year on an IFRS 17 basis, we expect a mid-single digit decrease in our 2022 underlying net income.
The CSM balance will qualify as Tier 1 available capital. On July 21, 2022, OSFI finalized the LICAT guidelines to reflect the IFRS 17 adoption, effective January 1, 2023. We expect our LICAT ratio to improve on adoption and we also expect capital generation and capital volatility to be relatively unchanged under the new regime.
Our medium-term financial objectives following the adoption of IFRS 17 and 9 will be:
Underlying EPS growth: 8-10%
Underlying ROE: 18%+ (an increase from 16%+ prior to transition)
Underlying Dividend payout ratio: 40-50%
We continue to assess the impact that the adoption of IFRS 17 and IFRS 9 will have on our Consolidated Financial Statements and estimates of the financial impacts are subject to change as we continue to assess the implications of adopting both standards. For additional details, refer to Note 2 in the Interim Consolidated Financial Statements.
Earnings Conference Call The Company's Q2'22 financial results will be reviewed at a conference call on Thursday, August 4, 2022, at 10:00 a.m. ET. To listen to the call via live audio webcast and to view the presentation slides, as well as related information, please visit www.sunlife.com and click on the link to Quarterly reports under Investors – Financial results & reports 10 minutes prior to the start of the call. Individuals participating in the call in a listen-only mode are encouraged to connect via our webcast. Following the call, the webcast and presentation will be archived and made available on the Company's website, www.sunlife.com, until the Q2 2023 period end. The conference call can also be accessed by phone by dialing 412-902-4130 (International) or 1-833-634-2605 (toll–free within North America) and referencing the Sun Life Q2 earnings call. A replay of the conference call will be available from Thursday, August 4, 2022 at 1:00 p.m. ET until 1:00 p.m. ET on Thursday, August 18, 2022 by calling 412-317-0088 or 1-877-344-7529 (toll–free within North America) using access code: 2586651.
Forward-looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this document include statements (i) relating to our strategies; (ii) relating to our growth initiatives and other business objectives; (iii) relating to our targets and commitments (including with respect to net zero emissions); (iv) relating to the plans we have implemented in response to the COVID-19 pandemic and related economic conditions and their impact on the Company, (v) that are predictive in nature or that depend upon or refer to future events or conditions, and (vi) that include words such as "achieve", "aim", "ambition", "anticipate", "aspiration", "assumption", "believe", "could", "estimate", "expect", "goal", "initiatives", "intend", "may", "objective", "outlook", "plan", "project", "seek", "should", "strategy", "strive", "target", "will", and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts, and remain subject to change, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its uncertain impact on our business.
Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the impact of the COVID-19 pandemic and related economic conditions on our operations, liquidity, financial conditions or results and the matters set out in the Q2'22 MD&A under the headings C - Profitability - 5 - Income taxes, E - Financial Strength and H - Risk Management and in SLF Inc.'s 2021 AIF under the heading Risk Factors, and the factors detailed in SLF Inc.'s other filings with Canadian and U.S. securities regulators, which are available for review at www.sedar.comandwww.sec.gov, respectively.
Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward-looking statements, essentially depends on our business performance which, in turn, is subject to many risks, which have been further heightened with the current COVID-19 pandemic given the uncertainty of its duration and impact. Factors that could cause actual results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; and fluctuations in foreign currency exchange rates; insurance risks - related to policyholder behaviour; mortality experience, morbidity experience and longevity; product design and pricing; the impact of higher-than-expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial institutions and other entities; business and strategic risks - related to global economic and political conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market conduct by intermediaries and agents; the impact of competition; the performance of our investments and investment portfolios managed for Clients such as segregated and mutual funds; shifts in investing trends and Client preference towards products that differ from our investment products and strategies; changes in the legal or regulatory environment, including capital requirements and tax laws; the environment, environmental laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber-attacks; our ability to attract and retain employees; legal, regulatory compliance and market conduct, including the impact of regulatory inquiries and investigations; the execution and integration of mergers, acquisitions, strategic investments and divestitures; our information technology infrastructure; a failure of information systems and Internet-enabled technology; dependence on third-party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - COVID-19 matters, including the severity, duration and spread of COVID-19; its impact on the global economy, and its impact on Sun Life's business, financial condition and or results; risks associated with IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments; our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates and judgements used in calculating taxes.
The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
About Sun Life Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2022, Sun Life had total assets under management of $1.26 trillion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
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. | https://www.wflx.com/prnewswire/2022/08/03/sun-life-reports-second-quarter-2022-results/ | 2022-08-03T22:29:46Z | https://www.wflx.com/prnewswire/2022/08/03/sun-life-reports-second-quarter-2022-results/ | false |
MIAMI BEACH, Fla. (AP) _ PennantPark Investment Corp. (PNNT) on Wednesday reported a loss of $18.5 million in its fiscal third quarter.
On a per-share basis, the Miami Beach, Florida-based company said it had a loss of 28 cents. Earnings, adjusted for investment costs, came to 16 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The business development company posted revenue of $23.3 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $23.7 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PNNT at https://www.zacks.com/ap/PNNT | https://www.beaumontenterprise.com/business/article/PennantPark-Fiscal-Q3-Earnings-Snapshot-17349263.php | 2022-08-03T22:30:10Z | https://www.beaumontenterprise.com/business/article/PennantPark-Fiscal-Q3-Earnings-Snapshot-17349263.php | false |
The U.S. Senate was scheduled to vote on Wednesday to ratify Sweden and Finland's membership to the 30-member NATO alliance.
The overwhelming support from both Democrats and Republicans was expected to be on display to quickly expand the alliance of Western military powers responding to Russia's invasion of Ukraine.
Watch the floor debate and vote here:
As Reuters reported, it would be the most significant enlargement of the NATO alliance since the 1990s.
Senate leader Mitch McConnell visited Kyiv and other parts of the region earlier in 2022, pushing for more approval and support for Ukraine. McConnell said the addition of the two nations to NATO would be a “slam-dunk for national security,” PBS reported.
McConnell said, “Their accession will make NATO stronger and America more secure. If any senator is looking for a defensible excuse to vote no, I wish them good luck.”
Republican Sen. Josh Hawley voted in the negative against the addition of Finland and Sweden, having previously argued that the U.S. needs to focus on Asia and not Europe.
Senate Majority Leader Chuck Schumer said, “Our NATO alliance is the bedrock that has guaranteed democracy in the Western world since the end of World War II.” | https://www.kbzk.com/news/national/us-senate-vote-expected-to-ratify-finland-and-swedens-bid-to-join-nato | 2022-08-03T22:30:50Z | https://www.kbzk.com/news/national/us-senate-vote-expected-to-ratify-finland-and-swedens-bid-to-join-nato | false |
Pure and Simple Living. Sabbat (5). Hallow the Day. Recommend Print Subscribers . All articles for Sunday are included to ensure access at one. BROSH 936 | A BROKERY DEAL FOR NEXT LOW: INSIIDE DEPOS OF JIM IMAGE PROD OF DEE MAN AND DALAI LY, RECAPPED SILENT FAV MEGO AND JIGGET Section of Beaver Avenue temporarily closed in Des Moines
Construction shutting down a street is not necessarily bad news — just ask people to people who live on Beaver Avenue between 41st and Forest Avenue.
"We're looking forward to not having the traffic that is always going up and down Beaver," said Mary Lindell, who lives in the neighborhood.
The shutdown is so the city can continue work on the Closes Creek Stormwater Improvement Project.
"Right now crews are working to complete the last part of Phase 2A," said Patrick Beane, with Des Moines Public Works.
Crews are installing the inlets and the piping that will go under the roadway. The road should re-open in about a month.
In the meantime, people living in the area are willing to deal with the construction.
"We're grateful it is finally getting done," Lindell said. | https://www.kcci.com/article/iowa-section-of-beaver-avenue-temporarily-closed-in-des-moines/40799840 | 2022-08-03T22:31:59Z | https://www.kcci.com/article/iowa-section-of-beaver-avenue-temporarily-closed-in-des-moines/40799840 | true |
NEW YORK (AP) _ Sutter Rock Capital Corp. (SSSS) on Wednesday reported a loss of $94.3 million in its second quarter.
The New York-based company said it had a loss of $3.08 per share. Losses, adjusted for investment costs, came to 12 cents per share.
The investment fund posted revenue of $890,600 in the period. Its adjusted revenue was $891,000.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SSSS at https://www.zacks.com/ap/SSSS | https://www.beaumontenterprise.com/business/article/Sutter-Rock-Q2-Earnings-Snapshot-17349428.php | 2022-08-03T22:32:38Z | https://www.beaumontenterprise.com/business/article/Sutter-Rock-Q2-Earnings-Snapshot-17349428.php | false |
SEATTLE (AP) _ Trupanion Inc. (TRUP) on Wednesday reported a loss of $13.6 million in its second quarter.
On a per-share basis, the Seattle-based company said it had a loss of 33 cents.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.
The provider of medical insurance covering cats and dogs posted revenue of $219.4 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $216.6 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRUP at https://www.zacks.com/ap/TRUP | https://www.beaumontenterprise.com/business/article/Trupanion-Q2-Earnings-Snapshot-17349240.php | 2022-08-03T22:32:57Z | https://www.beaumontenterprise.com/business/article/Trupanion-Q2-Earnings-Snapshot-17349240.php | false |
WFO HOUSTON/GALVESTON Warnings, Watches and Advisories for Wednesday, August 3, 2022
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SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service Houston/Galveston TX
338 PM CDT Wed Aug 3 2022
...A strong thunderstorm will impact portions of northwestern
Chambers, southwestern Liberty and northeastern Harris Counties
through 415 PM CDT...
At 338 PM CDT, Doppler radar was tracking a strong thunderstorm over
Barrett, moving northeast at 20 mph.
HAZARD...Winds in excess of 40 mph.
SOURCE...Radar indicated.
IMPACT...Gusty winds could knock down tree limbs and blow around
unsecured objects.
Locations impacted include...
Highlands, Barrett, Channelview, Crosby, northwestern Mont Belvieu,
Lake Houston Dam, Sheldon and Lake Houston.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
If outdoors, consider seeking shelter inside a building.
LAT...LON 2978 9510 2984 9517 3010 9508 2992 9483
TIME...MOT...LOC 2038Z 226DEG 16KT 2986 9509
MAX HAIL SIZE...0.00 IN
MAX WIND GUST...40 MPH
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Copyright 2022 AccuWeather | https://www.ourmidland.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17349241.php | 2022-08-03T22:33:31Z | https://www.ourmidland.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17349241.php | false |
OKLAHOMA CITY, Aug. 3, 2022 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three and six-month periods ended June 30, 2022.
Recent Highlights
- Generated Adjusted EBITDA(1) of $53.7 million in the second quarter compared to $39.4 million in the prior quarter
- Second quarter net income was $48.5 million, or $1.32 per basic share. Adjusted net income(1) was $48.9 million, or $1.33 per basic share.
- Second quarter 2022 production of 17.8 MBoed was consistent with first quarter 2022, despite no new completion activity
- Successfully drilled the first two wells of its previously announced 2022 capital development program during the second quarter with completions and first production commencing during the third quarter
- As of June 30, 2022, the Company returned 29 wells to production in the first half of 2022 that were previously curtailed due to the 2020 commodity price downturn. The Company has returned a total of 158 wells to production since the beginning of 2021
- Second quarter adjusted G&A(1) of $1.8 million, or $1.09 per Boe, compared to $2.2 million, or $1.35 per Boe in the prior quarter
- Updated 2022 operational and capital expenditure guidance to include the addition of three new wells to the Company's drilling and completion program in addition to expanded well reactivation activity
- The Company had no open hedge positions as of June 30, 2022
Financial Results & Update
Profitability & Realized Pricing
For the three-months ended June 30, 2022, the Company reported net income of $48.5 million, or $1.32 per basic share, and net cash provided by operating activities of $47.0 million. After adjusting for certain items, the Company's adjusted net income(1) amounted to $48.9 million, or $1.33 per basic share, adjusted operating cash flow(1) totaled $53.3 million and adjusted EBITDA(1) was $53.7 million for the quarter. The Company defines and reconciles adjusted net income, adjusted operating cash flow, adjusted EBITDA, and other non-GAAP financial measures to the most directly comparable Generally Accepted Accounting Principles in the United States ("GAAP") measure in supporting tables at the conclusion of this press release.
Second quarter realized oil, natural gas, and natural gas liquids prices, before the impact of derivatives,(2) were $109.06, $5.30 and $35.96, respectively, compared to $92.35, $3.84 and $33.73 in the prior quarter.
Operating Costs
During the second quarter of 2022, lease operating expense ("LOE") was $9.5 million or $5.87 per Boe compared to $10.9 million, or $6.76 per Boe in the prior quarter.
For the three months ended June 30, 2022, general and administrative expense ("G&A") was $2.2 million, or $1.34 per Boe compared to $2.5 million, or $1.57 per Boe for the three months ended March 31, 2022. Adjusted G&A(1) was $1.8 million, or $1.09 per Boe during the second quarter of 2022 compared to $2.2 million, or $1.35 per Boe during the first quarter of 2022.
Operational Results & Update
Production
Production totaled 1,620 MBoe (17.8 MBoed, 12.8% oil, 33.4% NGLs and 53.8% natural gas) for the three-months ended June 30, 2022 compared to 1,606 MBoe (17.8 MBoed, 13.3% oil, 32.8% NGLs, and 53.9% natural gas) in the first quarter. This consistent quarter-over-quarter production profile was a result of the Company's ongoing well reactivation program. The first of the Company's planned 2022 completions are being turned to production during the third quarter.
2022 Development Program
During the second quarter, SandRidge successfully drilled the first two wells of its previously announced 2022 capital development program with completions and first production commencing during the third quarter. The third well is currently in the drilling phase. The Company announced an increase to its planned 2022 drilling and completion activity from nine wells to twelve wells.
Well Reactivation & Rod Pump Conversion Program
During the second quarter of 2022, the Company continued returning wells to production that were previously curtailed due to the commodity price downturn in the first half of 2020 and, in many cases, improving their production potential through capital improvements. Improved commodity pricing resulting in high rates of return, along with low execution risk, support the Company's belief that these projects represent a superior use of capital. During the second quarter of 2022, the Company brought 19 wells back online, bringing the total for the first half of 2022 to 29 and the total since the beginning of 2021 to 158. Throughout 2022, SandRidge currently expects to return approximately 54 wells to production and complete approximately 36 artificial lift conversions. The Company continues to evaluate its inventory of such projects.
Environmental, Social, and Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas. The Company continues to explore the technical and commercial viability of Carbon Capture, Utilization, and Sequestration ("CCUS") across its owned and operated assets through its partnership with the University of Oklahoma.
Recently announced Operational and Capital Expenditure Guidance
As a result of current and expected commodity prices enhancing project returns, the Company now plans to spend $40-$50 million in drilling and completions ("D&C") capital and $16-$20 million in non-D&C capital for well reactivations and rod pump conversions. Total production for 2022 is projected to be 5.9-7.1 MMBoe, representing an approximately 5% increase at the midpoint vs. its prior production guidance. In addition to the benefit of added production this year, increased activity in the second half of 2022 is expected to contribute an approximately 13% uplift in 2023 volumes. The table below outlines changes to the Company's full year 2022 guidance in further detail.
Liquidity and Capital Structure
As of June 30, 2022, the Company had $205.2 million of cash and cash equivalents, including restricted cash. The Company has no outstanding term or revolving debt obligations.
Conference Call Information
The Company will host a conference call to discuss these results on Thursday, August 4, 2022 at 10:00 am CT. To join the live conference call, please dial 877-407-8293 (U.S. and Canada) or 201-689-8349 (international) ten to fifteen minutes prior to the scheduled call time. Participants can also click here for instant telephone access to the event. The link will become active approximately fifteen minutes prior to the start of the conference call.
A live audio webcast of the conference call will also be available via SandRidge's website, investors.sandridgeenergy.com, under Presentation & Events. The webcast will be archived for replay on the Company's website for 30 days.
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
investors@sandridgeenergy.com
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, production, and acquisition of oil and gas properties. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas. Further information can be found at sandridgeenergy.com.
-Tables to Follow-
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below:
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the three and six months ended June 30, 2022.
Capitalization
The Company's capital structure as of June 30, 2022 and December 31, 2021 is presented below:
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.
Reconciliation of Cash Provided by Operating Activities to Adjusted Operating Cash Flow
The Company defines Adjusted operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Adjusted Operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, Adjusted operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income (loss) before income tax (benefit) expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that management believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development and to service or incur additional debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Net Income (Loss) Available to Common Stockholders
The Company defines adjusted net income (loss) as net income (loss) excluding items that management believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Management uses the supplemental measure of adjusted net income (loss) as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net income (loss) is not a measure of financial performance under GAAP and should not be considered a substitute for net income (loss) available to common stockholders.
Reconciliation of G&A to Adjusted G&A
The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures.
The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables:
Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and appraisal programs, drilling inventory and locations, estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates, efficiency and cost reduction initiative outcomes, liquidity and capital structure and the Company's unaudited proved developed PV-10 reserve value of its Mid-Continent assets. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transactions with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and 10-K/A and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, production, and acquisition of oil and gas properties. Its primary areas of operation are the Mid-Continent in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.
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SOURCE SandRidge Energy, Inc. | https://www.wymt.com/prnewswire/2022/08/03/sandridge-energy-inc-announces-financial-operating-results-three-six-month-periods-ended-june-30-2022-updates-full-year-2022-operational-capital-expenditure-guidance/ | 2022-08-03T22:34:04Z | https://www.wymt.com/prnewswire/2022/08/03/sandridge-energy-inc-announces-financial-operating-results-three-six-month-periods-ended-june-30-2022-updates-full-year-2022-operational-capital-expenditure-guidance/ | true |
PANAMA CITY, Aug. 3, 2022 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, "Bladex", or "the Bank"), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, today announced its results for the Second Quarter ("2Q22") and six months ("6M22") ended June 30, 2022.
The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
BUSINESS HIGHLIGHTS
- Bladex's Profits totaled $23.0 million for the 2Q22 (+107% QoQ; +63% YoY), reaching $34.1 million for the first 6M22 (+27% YoY), mostly driven by improved top-line revenues of Net Interest Income ("NII") and a positive trend in fee income, along with lower credit provision requirements in 2Q22, greatly offsetting increased operating expenses.
- NII continued its growth trend of five consecutive quarters, to reach $32.7 million for 2Q22 (+27% QoQ; +56% YoY), and up 46% to $58.4 million for the first 6M22, mainly resulting from the effect of higher average net lending rates and volumes. Net Interest Margin ("NIM") increased to 1.54% in 2Q22 (+22 bps QoQ; +27 bps YoY) and 1.43% (+17 bps YoY), on enhanced credit spreads and higher market rates.
- Fees and Commissions, net, totaled $4.3 million in 2Q22 (+8% QoQ; unchanged YoY) and $8.2 million for the first 6M22 (+12% YoY), mostly driven by the sustained growth trend performance in fees from the letters of credit business, and recovered loan syndications activity.
- Efficiency Ratio improved to 35% in 2Q22 and 36% in 6M22, as higher revenues more than offset the increase in operating expenses, mostly associated to higher personnel expenses due to the strengthening of the Bank's work force and a new variable compensation structure, and other expenses mostly related to the Bank's strategy implementation.
- The Bank's Credit Portfolio increased 3% QoQ and 33% YoY, to reach a new record level of $8.7 billion as of June 30, 2022, driven by the Commercial Portfolio's growth trend of eight consecutive quarters, which also resulted in a record level of $7.6 billion (+4% QoQ; +26% YoY), along with increased credit investment securities to $1.0 billion (+4% QoQ; +3x YoY), aimed to diversify exposures and complement the Bank's commercial activities.
- Sustained positive trend in Commercial Portfolio's growth reflecting both stronger demand from the Bank's traditional client base, boosted by higher commodity prices and trade flows in the Region, as well as new underlying business and clients.
- Preservation of asset quality, characterized by the high quality of its borrower base. Credit-impaired loans (Non-Performing or "NPLs") remain unchanged at $11 million or 0.2% of total Loan Portfolio as of June 30, 2022.
- As of June 30, 2022, the total allowance for credit losses represented 0.6% of total Credit Portfolio, and 5.3 times NPL balances. Provisions for credit losses of $0.8 million in 2Q22 and $8.9 million in 6M22 were closely tied to the Bank's Credit Portfolio growth, partly offset by lower IFRS 9 Stage 2 exposure and its related allocated provisions.
- Bladex´s liquidity position, consisting of cash and due from banks and highly rated corporate debt securities ('A-' or above), stood at $945 million, or 11% of total assets as of June 30, 2022. The Bank relies on sustained deposit levels and well diversified funding sources with ample access to global debt and capital markets.
- 2Q22 Annualized Return on Average Equity ("ROAE") reached 9.1%, on improved profitability and a more efficient use of capital. As of June 30, 2022, the Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 15.1% and 12.9%, respectively, well above international standards and regulatory minimums.
CEO's Comments
Mr. Jorge Salas, Bladex's Chief Executive Officer said: "We delivered a strong set of operating and financial results, with our credit book maintaining the growth momentum shown in the prior quarter reaching a historical high of $8.7 billion dollars at quarter-end. At the same time, we continued to expand margins for the fifth consecutive quarter, expanding net income over 60% year-on-year to $23 million, while maintaining robust asset quality with NPLs at 0% for over two years now.
This good performance reflects the execution of the strategic plan we have been implementing for the last year with active participation of our board of directors, aimed at enhancing Bladex´s profitability, long-term sustainability, and stakeholder value creation. In particular, our plan is centered in expanding our customer and product base, extending loan duration and focusing on higher margin sectors and geographies. As we continue to build on our capabilities, we are also benefiting from the current environment of high inflation, tightening of global financial conditions and rising interest rates. In sum, we are building a stronger foundation to capitalize on the competitive advantages of Bladex as a unique and well-positioned trade bank focused on Latin America."
RECENT EVENTS
- Quarterly dividend payment: The Board approved a quarterly common dividend of $0.25 per share corresponding to the second quarter 2022. The cash dividend will be paid on August 30, 2022, to shareholders registered as of August 15, 2022.
- Ratings updates: On May 24, 2022, S&P Global Ratings affirmed the Bank's global issuer credit ratings at "BBB/A-2". The outlook remains "Stable".
Notes:
- Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.
- QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.
Footnotes:
- Earnings per Share ("EPS") calculation is based on the average number of shares outstanding during each period.
- ROAE refers to return on average stockholders' equity which is calculated on the basis of unaudited daily average balances.
- NIM refers to net interest margin which constitutes to Net Interest Income ("NII") divided by the average balance of interest-earning assets.
- NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.
- Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
- The Bank's "Credit Portfolio" includes gross loans at amortized cost (or the "Loan Portfolio"), securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses, loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering commercial risk; and other assets consisting of customers' liabilities under acceptances.
- The Bank's "Commercial Portfolio" includes gross loans at amortized cost (or the "Loan Portfolio"), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers' liabilities under acceptances.
- Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
- Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or "IRB" for credit risk and standardized approach for operational risk.
- As defined by the Superintendency of Banks of Panama through Rules No. 01-2015 and 03-2016, based on Basel III standardized approach. The capital adequacy ratio is defined as the ratio of capital funds to risk-weighted assets, rated according to the asset's categories for credit risk. In addition, risk-weighted assets consider calculations for market risk and operating risk.
- Liquid assets refer to total cash and cash equivalents, consisting of cash and due from banks and interest-bearing deposits in banks, excluding pledged deposits and margin calls; as well as highly rated corporate debt securities (above 'A-'). Liquidity ratio refers to liquid assets as a percentage of total assets.
- Loan Portfolio refers to gross loans at amortized cost, excluding interest receivable, the allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs.
- Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses and allowance for investment securities losses.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will" and similar references to future periods. The forward-looking statements in this press release include the Bank's financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank's management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank's expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and geopolitical events; the anticipated changes in the Bank's credit portfolio; the continuation of the Bank's preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank's financial condition; the execution of the Bank's strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank's allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank's ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank's ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank's lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank's sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
ABOUT BLADEX
Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.
Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.
CONFERENCE CALL INFORMATION
There will be a conference call to discuss the Bank's quarterly results on Thursday, August 4, 2022 at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please dial +1 888 686-3653 in the United States or, if outside the United States, +1 718 866-4614. Participants should use conference passcode 877068, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at http://www.bladex.com. The webcast presentation will be available for viewing and downloads on http://www.bladex.com. The conference call will become available for review one hour after its conclusion.
For more information, please access http://www.bladex.com or contact:
Mrs. Ana Graciela de Méndez
Chief Financial Officer
Tel: +507 210-8563
E-mail address: amendez@bladex.com
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) | https://www.wbay.com/prnewswire/2022/08/03/bladex-announces-improved-profitability-with-profit-second-quarter-2022-230-million-or-063-per-share-an-annualized-return-equity-91/ | 2022-08-03T22:35:05Z | https://www.wbay.com/prnewswire/2022/08/03/bladex-announces-improved-profitability-with-profit-second-quarter-2022-230-million-or-063-per-share-an-annualized-return-equity-91/ | false |
NEW ORLEANS (WGNO) — Louisiana’s Lake Pontchartrain is known for having sharks, but on Monday, a fisherman caught a surprisingly large bull shark, and he wants people to be aware of the lake’s dangers.
“I actually play the ‘Jaws’ theme song when I fish,” said fisherman Joseph Rohaley.
Bull sharks are one of the most aggressive and unpredictable types of sharks.
Rohaley caught his human-sized bull shark along the seawall in Lake Pontchartrain, which spans about 630 square miles and is about 12-14 feet deep. The city of New Orleans lies along its southern and eastern shores.
According to Britannica.com, Lake Pontchartrain is “more a tidal lagoon than a lake” since a narrow passage connects it with the Gulf of Mexico.
Sharks are common in Lake Pontchartrain because they swim in from the Gulf.
“Anything that is in the Gulf of Mexico is in Lake Pontchartrain,” Rohaley said.
So it wasn’t seeing a shark that surprised Rohaley, but rather its size.
“It was 5 foot, 5 inches, and it took about 45 minutes to pull in,” Rohaley said.
And he did it not from a boat, but while standing along the shore.
“Because that line can zip from 150 yards to 300 yards in 20 seconds,” said Rohaley, who threw the shark back in the water.
After his catch, Rohaley wants to encourage families to fish together and make memories, but to be careful around the water.
“It is amazing how close sharks can come in at night. It is like people don’t realize,” he explained.
Rich Toth with the Audubon Aquarium of the Americas says there are ways to avoid sharks. He says don’t swim in murky water, don’t wear shiny or sparkly clothing in the water, and avoid the water at dusk and dawn when sharks are feeding.
“There’s teeth in there. I mean, if you’re in that water, you’re game,” Toth explained. “Just be careful when you’re out on the water because you just don’t know what’s in that water.”
According to biologists, the three types of sharks that are most likely to bite humans are bull sharks, tiger sharks and Great White sharks.
Bull sharks have also been found in the Mississippi River.
Yet despite their aggressive nature, bull sharks rarely attack humans – the odds of being attacked by any shark are extremely small. There are fewer than 20 deaths globally from all shark species combined during a typical year, according to the National Wildlife Federation. | https://www.kron4.com/news/national/fisherman-catches-nearly-6-foot-shark-in-louisiana-lake/ | 2022-08-03T22:36:43Z | https://www.kron4.com/news/national/fisherman-catches-nearly-6-foot-shark-in-louisiana-lake/ | true |
MENLO PARK, Calif., Aug. 3, 2022 /PRNewswire/ -- Global talent solutions and business consulting firm Robert Half (NYSE: RHI) has elected Marnie H. Wilking to its board of directors, effective August 2, 2022.
Wilking is a Fortune 250 chief information security officer and the global head of security and technology risk management at Wayfair, one of the world's largest online destinations for the home. She has more than 20 years of experience implementing cybersecurity strategy in alignment with regulatory requirements and business objectives. Prior to joining Wayfair, Wilking was global chief information security officer at Orion Health Group, Ltd; senior director of security compliance at Early Warning; and business information security officer at Wells Fargo Mortgage. She also spent five years with Accenture as a consultant focusing on technology systems integration.
In 2022, Wilking was included on CISOs Connect™ list of Top 100 CISOs — her second year receiving this honor. She was also selected as one of the Top 25 Women Leaders in Cybersecurity by The Software Report in 2021. Wilking holds the CISSP, CISA and CISM designations.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects opportunities at great companies with highly skilled job seekers. Robert Half offers contract and permanent placement solutions and is the parent company of Protiviti®, a global consulting firm. Visit roberthalf.com and download the company's award-winning mobile app.
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SOURCE Robert Half | https://www.wcjb.com/prnewswire/2022/08/03/marnie-h-wilking-elected-robert-half-board-directors/ | 2022-08-03T22:38:39Z | https://www.wcjb.com/prnewswire/2022/08/03/marnie-h-wilking-elected-robert-half-board-directors/ | true |
LOS ANGELES (WJW) — A California judge has reportedly issued a temporary restraining order against a man accused of elder abuse against actor Edie McClurg, who is in her 70s.
TMZ reported that Michael Ramos wedged himself into the life of the “Ferris Bueller’s Day Off” star, who now lives with dementia. The ruling means Ramos must move out of McClurg’s home and cannot be within 100 yards of her.
A hearing in the case is scheduled for September.
The conservator for McClurg, Angelique Cabral, had filed a protective order against Ramos Monday, saying he attempted to marry the actor and also sexually assaulted one of her caregivers at her home, People reported.
“Mr. Ramos claims to be the conservatee’s ‘longtime friend’ and was able to ingratiate himself into the conservatee’s life while she was battling dementia,” Cabral said in court documents obtained by People. “[Ramos], who is unemployed, was able to finagle his way into the conservatee’s home even though he has never paid rent or any of the expenses.”
Cabral said that a court was able to “prevent” Ramos from attempting to take McClurg out of the state for the purpose of marriage, and made clear the two were never lovers.
A police report was also previously made against Ramos regarding the sexual assault charges against one of McClurg’s caregivers.
In the court documents, Cabral did not hold back her opinion on Ramos, saying he “clearly needs professional help.”
The National Sexual Assault Hotline can be reached at 1-800-656-HOPE (4673). | https://www.koin.com/news/ferris-bueller-actor-edie-mcclurg-allegedly-abused-by-man-who-tried-to-marry-her/ | 2022-08-03T22:38:56Z | https://www.koin.com/news/ferris-bueller-actor-edie-mcclurg-allegedly-abused-by-man-who-tried-to-marry-her/ | true |
NEW ORLEANS (WGNO) — Louisiana’s Lake Pontchartrain is known for having sharks, but on Monday, a fisherman caught a surprisingly large bull shark, and he wants people to be aware of the lake’s dangers.
“I actually play the ‘Jaws’ theme song when I fish,” said fisherman Joseph Rohaley.
Bull sharks are one of the most aggressive and unpredictable types of sharks.
Rohaley caught his human-sized bull shark along the seawall in Lake Pontchartrain, which spans about 630 square miles and is about 12-14 feet deep. The city of New Orleans lies along its southern and eastern shores.
According to Britannica.com, Lake Pontchartrain is “more a tidal lagoon than a lake” since a narrow passage connects it with the Gulf of Mexico.
Sharks are common in Lake Pontchartrain because they swim in from the Gulf.
“Anything that is in the Gulf of Mexico is in Lake Pontchartrain,” Rohaley said.
So it wasn’t seeing a shark that surprised Rohaley, but rather its size.
“It was 5 foot, 5 inches, and it took about 45 minutes to pull in,” Rohaley said.
And he did it not from a boat, but while standing along the shore.
“Because that line can zip from 150 yards to 300 yards in 20 seconds,” said Rohaley, who threw the shark back in the water.
After his catch, Rohaley wants to encourage families to fish together and make memories, but to be careful around the water.
“It is amazing how close sharks can come in at night. It is like people don’t realize,” he explained.
Rich Toth with the Audubon Aquarium of the Americas says there are ways to avoid sharks. He says don’t swim in murky water, don’t wear shiny or sparkly clothing in the water, and avoid the water at dusk and dawn when sharks are feeding.
“There’s teeth in there. I mean, if you’re in that water, you’re game,” Toth explained. “Just be careful when you’re out on the water because you just don’t know what’s in that water.”
According to biologists, the three types of sharks that are most likely to bite humans are bull sharks, tiger sharks and Great White sharks.
Bull sharks have also been found in the Mississippi River.
Yet despite their aggressive nature, bull sharks rarely attack humans – the odds of being attacked by any shark are extremely small. There are fewer than 20 deaths globally from all shark species combined during a typical year, according to the National Wildlife Federation. | https://www.koin.com/news/fisherman-catches-nearly-6-foot-shark-in-louisiana-lake/ | 2022-08-03T22:38:57Z | https://www.koin.com/news/fisherman-catches-nearly-6-foot-shark-in-louisiana-lake/ | false |
IRONTON — Lawrence County held a special primary election Tuesday, the result of continued legal wrangling over redistricting.
State Rep. Jason Stephens, R-Kitts Hill, was unopposed Tuesday in the special election. Stephens, who represents the 93rd District, has no opposition in the race this fall.
Meanwhile, Garry Boone, a Democrat, will face Shane Wilkin in the 17th District state Senate race this fall. While Boone was unopposed, Wilkin defeated Thomas Hwang in the Republican primary. The 17th District includes all of Lawrence County.
Chase Brown won the Democratic nomination for the State Central Committee’s 17th District for men, with Stacy Brooks, who ran unopposed, winning the women’s Democratic nomination.
Bonnie Ward, who ran unopposed, won the Republican women’s nomination for the State Central Committee.
All results are unofficial until certification later this month.
Voter turnout in the primary was low, with 4.13% of all registered voters in Lawrence County voting. This was about the turnout expected by Cathy Snider, director of the Lawrence County board of elections, who said Tuesday she expected about a 5% turnout.
Snider said this week’s primary was the first special election held in August in over 30 years. Snider believes most voters were not aware of the election because of its unusual timing. Additionally, many of the races on the ballot in Lawrence County had candidates running unopposed, which Snider believes brings down turnout.
After the redistricting, the entirety of Lawrence County is in one district, which hasn’t been the case in 30 years. The 93rd District now includes all of Lawrence, Gallia and Jackson counties.
Other state offices were on a primary earlier this year.
The state representative and state senator districts were the subject of a 4-3 vote by the Ohio Supreme Court, which ruled the redistricting favored Republicans and against Ohio law. The issue then was decided 2-1 in federal court, which called for the Aug. 2 primary.
That redistricting issue will have to be settled before 2024.
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CANDIDATES IN CONTESTED RACES: Receive a questionnaire by sending an email to acopley@HDMediaLLC.com. | https://www.herald-dispatch.com/elections/boone-wilkin-to-square-off-this-fall-after-lawrence-county-holds-special-primary/article_1c28c052-cda7-5373-8a29-ec6f6da8c803.html | 2022-08-03T22:42:47Z | https://www.herald-dispatch.com/elections/boone-wilkin-to-square-off-this-fall-after-lawrence-county-holds-special-primary/article_1c28c052-cda7-5373-8a29-ec6f6da8c803.html | false |
After high-profile pushback, Senate passes help for veterans exposed to toxins
After high-profile pushback, Senate passes help for veterans exposed to toxins
Comedian Jon Stewart was frustrated when Senate Republicans initially blocked a bill to provide expanded health care for military veterans exposed to toxic chemicals. The legislation passed Tuesday.
A MARTINEZ, HOST:
The U.S. Senate has given final approval to improved health care and disability benefits for millions of veterans who were exposed to toxins while on duty in Iraq and Afghanistan. What's called the PACT Act is now waiting for President Biden's signature, but it was almost derailed by last-minute objections from Republicans. Then came some pretty high-profile pushback. NPR's H.J. Mai reports.
H J MAI, BYLINE: Ahead of a second Senate vote within a week, roughly 40 military veterans and their supporters set up camp in the shadows of the U.S. Capitol. Among them was comedian and activist Jon Stewart. Stewart was dressed in dark jeans with a black T-shirt and a USO baseball cap. And he was still upset about last week's vote.
JON STEWART: They pulled an April Fool's prank on America's war fighters.
MAI: The former "Daily Show" host has become the most prominent supporter of the PACT Act. The bill expands health care benefits to veterans exposed to toxic chemicals, primarily through so-called burn pits, by classifying cancers and some respiratory illnesses as byproducts of toxic exposure, thereby removing the burden of proof for veterans seeking medical care.
STEWART: These folks have been fighting this 15 years. They've lost friends and family to this, toxic exposures. And 25 Republicans flipped their vote for no discernible reason.
MAI: Last week's vote was surprising, as only a month earlier, the same Republicans supported the measure. The bill represents one of the largest expansions of veterans benefits and could affect as many as 3.5 million veterans. Over the past several days, Stewart has been on a media blitz to call out those 25 Republican senators, sometimes in very colorful language. But his main message to Congress remains the same - stop playing games with the life of veterans.
STEWART: There's always money for war and never money for the veteran. If you're going to start a 20-year war and you're going to spend $6 trillion on it, wouldn't you throw, like, a contingency fund behind that for the consequences that will inevitably come?
MAI: The men and women facing those consequences in the form of health problems are U.S. service members who fought in Afghanistan and Iraq, as well as prior wars. One of them is retired Army captain Le Roy Torres. He was deployed to Iraq from 2007 to 2008. He was stationed at Camp Anaconda, where he was exposed to toxins from burn pits. When he came home, he wasn't the same man anymore, says his wife, Rosie.
ROSIE TORRES: Here was this strong man who fulfilled his childhood dreams of being a state trooper and being an Army captain. And just to see all that stripped away from him the way it was, it just really put this heartache in my heart.
MAI: And as his health further deteriorated, so did his will to live.
TORRES: He almost took his life a few years ago, put a shotgun to his mouth, and I had to fight him to pull that out of his hand.
MAI: With last night's passage of the bill, Rosie Torres' fight for adequate health care access for her husband has finally ended. H.J. Mai, NPR News.
(SOUNDBITE OF ALEXANDRE DESPLAT'S "SUNRISE ON LAKE PONTCHARTRAIN")
MARTINEZ: If you or someone you know may be considering suicide or in crisis, call or text the 988 suicide and crisis lifeline. Just those three digits - 988.
(SOUNDBITE OF ALEXANDRE DESPLAT'S "SUNRISE ON LAKE PONTCHARTRAIN")
Copyright © 2022 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.
NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record. | https://www.npr.org/2022/08/03/1115347154/after-high-profile-pushback-senate-passes-help-for-veterans-exposed-to-toxins | 2022-08-03T22:42:52Z | https://www.npr.org/2022/08/03/1115347154/after-high-profile-pushback-senate-passes-help-for-veterans-exposed-to-toxins | true |
One Canal Will Cater to Mission-Driven Companies in One of the World's Leading Biotech Clusters
BOSTON, Aug. 3, 2022 /PRNewswire/ -- Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, today announced it has commenced construction on the redevelopment of One Canal by Breakthrough, a four-story lab and office building in East Cambridge, Massachusetts.
The property, acquired by Breakthrough in 2021, is being updated to accommodate more than 105,000 square feet of high-quality research and development space.
One Canal by Breakthrough comes at a time when East Cambridge's total office and lab space availability hovers around just one percent. The Greater Boston area remains the nation's number one life science hub and a top destination for companies drawn to its leading academic institutions, research universities and hospitals, as well as its highly skilled workforce. Situated along the First Street corridor which connects Kendall Square/MIT Redline to the new Lechmere Green Line T station, and facing Canal Park with its waterfront location, One Canal by Breakthrough offers companies an unbeatable environment surrounded by an amenity-rich neighborhood.
"Situated in the heart of the most dynamic life science cluster in the world, One Canal by Breakthrough is surrounded by the world's most innovative companies and sought-after amenities," said Daniel D'Orazi, Chief Investment Officer of Breakthrough Properties. "We are thrilled to be delivering best-in-class life science space to this supply constrained environment to further support the development of life-changing discoveries."
One Canal by Breakthrough will feature a ground floor lounge, private outdoor spaces, building concierge, fitness center, adjacent parking and onsite retail options. The property is also close to Downtown Boston's diverse residential, retail and dining options, and within walking distance of multiple parks and open spaces, including direct access to the Charles River. It is adjacent to the planned 650,000-square-foot Cambridge Galleria center and the 4.5 million-square-foot Cambridge Crossing innovation hub.
"One Canal responds to the intense demand for cutting-edge research environments located in vibrant neighborhoods where today's top talent wants to be," said Tishman Speyer Managing Director Jessica Hughes. "We are thrilled to put Tishman Speyer's unique placemaking skills and decades of development experience in Boston to work on behalf of our Breakthrough platform."
Founded in 2019, Breakthrough has established itself as one of the most active players in the life science sector with 4.6 million square feet of projects in the pipeline across Boston, San Diego, Philadelphia, Amsterdam, Oxford and Cambridge.
In Boston, Breakthrough recently delivered The 105 by Breakthrough at 105 West First Street, which will serve as CRISPR Therapeutics' U.S. facility.
Other active projects include the 10-acre Torrey View by Breakthrough campus in San Diego, which will house global medical technology company BD (Becton, Dickinson and Company)'s expanded San Diego Reagent Innovation Center for its growing BD Biosciences business; 2300 Market in Philadelphia; Trinity House in Oxford, England; and The Vitrum Building, located inside St. John's Innovation Park in Cambridge, England.
Breakthrough puts sustainability at the forefront of all of its initiatives with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users, including by aiming for Fitwel and WELL certifications. Breakthrough also targets LEED Gold certification at its United States properties, as well as BREEAM Outstanding certification in all of its projects across the United Kingdom and EU markets.
About Breakthrough Properties (www.btprop.com)
Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. Breakthrough Properties' mission is to acquire, develop and operate the best life science properties in leading urban technology centers around the world and support scientific innovation across biotechnology, agriculture and nutrition. Breakthrough combines Tishman Speyer's decades of global real estate development experience with Bellco Capital's industry-making biotechnology entrepreneurship to reimagine environments where companies can create life-changing therapies for patients.
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DALLAS, Aug. 3, 2022 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) reported financial results for the second quarter of 2022 and raised full-year 2022 guidance.
Highlights
- Reported net income of $123.9 million, net cash provided by operating activities of $174.9 million, and adjusted EBITDA, net to EnLink, of $299.7 million for the second quarter of 2022, driven by robust producer activity and strong commodity prices.
- Grew adjusted EBITDA 16% compared to the second quarter of 2021 and achieved the highest second quarter adjusted EBITDA result in EnLink's history.
- Delivered $67.5 million of free cash flow after distributions (FCFAD) for the second quarter of 2022, driven by strong operating results.
- Repurchased $52 million of common units in the second quarter of 2022 bringing the total in the first half of 2022 to $75 million.1
- Exited the second quarter of 2022 with leverage at 3.5x.
- On July 1, 2022, EnLink acquired the North Texas gathering and processing assets of Crestwood Equity Partners LP. The $275 million purchase price represents attractive economics of approximately 4x 2023 EBITDA and a high teens unlevered return, driven by operational synergies and planned redeployment of approximately $50 million of assets, with future additional asset redeployment opportunities available.
- Taking into account the robust second quarter results, closing of the North Texas acquisition and the supportive commodity price environment, EnLink is raising its full-year 2022 guidance. EnLink now expects to report full-year 2022 net income of $390 million to $430 million and adjusted EBITDA of $1.25 billion to $1.29 billion. The midpoint of the adjusted EBITDA guidance range represents an increase of 10% over the initial 2022 guidance midpoint and implies 21% growth over full-year 2021.
- Based on current producer activity and plans, EnLink expects a significant increase in volumes in 2023. As a result of producer plans, EnLink expects to spend $300 million to $330 million on growth capital projects in 2022. These projects leverage existing infrastructure and have high expected returns and quick paybacks. EnLink also expects to make $65 million to $75 million in investment contributions to the Matterhorn Express Pipeline joint venture, which is also an attractive fee-based project.
- Even with increased investment levels, EnLink expects to generate $285 million to $315 million in FCFAD. At the midpoint, this result would represent the third consecutive year of FCFAD of at least $300 million.
- As a result of the improved financial position and outlook, EnLink plans to continue to increase the return of capital to common unitholders from FCFAD in 2022 to $150 million to $200 million.
"I'm pleased to report that EnLink achieved the highest second quarter adjusted EBITDA result in the company's history and overall excellent financial results, driven by robust producer activity and favorable commodity prices. With the strong first half results, continued positive market fundamentals, and the small contribution from our recent North Texas acquisition, we have raised 2022 adjusted EBITDA guidance range midpoint to $1.27 billion, representing an increase of 10% over the initial 2022 guidance midpoint and 21% growth over 2021 adjusted EBITDA," EnLink Chief Executive Officer Jesse Arenivas said. "In my short time at EnLink, I have witnessed the team's commitment to operational excellence and financial discipline, both of which have put us in a position to invest in excellent growth projects, while increasing the return of capital to common unitholders.
"I am also very excited about the progress our team is making to utilize our extensive, in-ground pipeline network to become the CO2 transportation provider of choice in Louisiana's industrial Mississippi River corridor."
Adjusted EBITDA, free cash flow after distributions, and segment cash flow used in this press release are non-GAAP measures and are explained in greater detail under "Non-GAAP Financial Information" below.
Second Quarter 2022 Financial Results and Highlights
2022 Financial Guidance Update
Second Quarter 2022 Segment Updates
Permian Basin:
- Segment profit for the second quarter of 2022 was $112.1 million. Segment profit included $9.4 million of operating expenses related to plant relocation and $12.5 million of unrealized derivative gains. Excluding plant relocation operating expenses and unrealized derivative activity, segment profit in the second quarter of 2022 grew approximately 24% sequentially and 76% over the prior year quarter.
- Segment cash flow totaled $77.4 million for the second quarter of 2022, marking the eighth consecutive quarter of positive segment cash flow.
- Average natural gas gathering volumes for the second quarter of 2022 were approximately 11% higher compared to the first quarter of 2022 and approximately 46% higher compared to the second quarter of 2021. Average natural gas processing volumes for the second quarter of 2022 increased approximately 14% compared to the prior quarter and 49% compared to the second quarter of 2021. EnLink continues to benefit from strong producer drilling activity and the start of operations of the War Horse and Tiger plants in the fourth quarter of 2021.
- Average crude gathering volumes for the second quarter of 2022 were approximately 16% higher compared to the first quarter of 2022 and 44% higher compared to the second quarter of 2021. Increased drilling activity drove the increase sequentially and year-over-year.
- EnLink continues to meet growing customer needs through a capital efficient approach. Project Phantom remains on schedule to come on line in the fourth quarter of 2022. Unlike a new-build project, the project involves low sourcing and inflation risks.
Louisiana:
- Segment profit for the second quarter of 2022 was $89.0 million, including unrealized derivative gains of $11.8 million. Excluding unrealized derivative activity, segment profit in the second quarter of 2022 decreased approximately $18.9 million sequentially, mainly driven by normal seasonal activity in the natural gas liquids (NGLs) segment, and was relatively flat compared to the prior year period.
- Segment cash flow for the second quarter of 2022 was $82.7 million, and Louisiana is expected to continue generating strong segment cash flow for the remainder of 2022.
- Average natural gas transportation volumes for the second quarter of 2022 were approximately 8% higher compared to the first quarter of 2022 and approximately 26% higher compared to the second quarter of 2021.
- NGL fractionation volumes for the second quarter of 2022 were approximately 2% lower compared to the first quarter of 2022 and approximately 2% higher compared to the second quarter of 2021.
- Average crude volumes handled in EnLink's Ohio River Valley operations for the second quarter of 2022 were higher by approximately 16% compared to the second quarter of 2021 due to higher levels of activity in the region.
Oklahoma:
- Segment profit for the second quarter of 2022 was $98.6 million. Segment profit included $1.7 million of operating expenses related to plant relocation expenses and unrealized derivative gains of $8.2 million. Excluding plant relocation expenses and unrealized derivative activity, segment profit in the second quarter decreased approximately 3% sequentially and grew 1% over the prior year period.
- Segment cash flow for the second quarter of 2022 was $87.1 million.
- Average natural gas gathering volumes for the second quarter of 2022 were approximately 2% higher compared to the first quarter of 2022, and flat when compared to second quarter of 2021.
- Average natural gas processing volumes for the second quarter of 2022 increased by approximately 2% when compared to the first quarter of 2022 and were 1% higher when compared to second quarter of 2021.
- Average crude gathering volumes during the second quarter of 2022 were approximately 10% lower compared to the first quarter of 2022.
- The Devon Energy Corp. and Dow Inc. joint venture's development plan continues to progress as expected, operating four rigs during the second quarter of 2022.
- Producer activity continues to support robust cash flow generation in full-year 2022. Based on producer plans, EnLink anticipates that Oklahoma has reached a point of inflection with meaningful volume growth expected in 2023.
North Texas:
- Segment profit for the second quarter of 2022 was $66.9 million, including unrealized derivative gains of $2.8 million. Excluding unrealized derivative activity segment profit in the second quarter grew approximately 8% sequentially and 8% over the prior year period.
- Segment cash flow for the second quarter of 2022 was $58.8 million.
- Average natural gas gathering and transportation volumes for the second quarter of 2022 were approximately 5% higher compared to the first quarter of 2022 and 4% higher than the second quarter of 2021.
- Average natural gas processing volumes for the second quarter of 2022 were 8% higher when compared to the first quarter of 2022 and 5% higher compared to the second quarter of 2021.
- EnLink's largest customer in North Texas, BKV, continues their refrac program that commenced last year. Earlier this year, BKV commenced a drilling program with the first new wells scheduled to come online in the third quarter.
Second Quarter 2022 Earnings Call Details
EnLink will hold a conference call to discuss second quarter 2022 results on August 4, 2022, at 8 a.m. Central time (9 a.m. Eastern time). The dial-in number for the call is 1-855-656-0924. Callers outside the United States should dial 1-412-542-4172. Participants can also preregister for the conference call by navigating to https://dpregister.com/sreg/10167837/f3259c04c7 where they will receive dial-in information upon completion of preregistration. Interested parties can access an archived replay of the call on the Investors' page of EnLink's website at www.EnLink.com.
About the EnLink Midstream Companies
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, NGL capabilities, and carbon capture, transportation, and sequestration. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.
Non-GAAP Financial Information
This press release contains non-generally accepted accounting principles financial measures that we refer to as adjusted EBITDA, free cash flow after distributions (FCFAD), and segment cash flow.
We define adjusted EBITDA as net income (loss) plus (less) interest expense, net of interest income; depreciation and amortization; impairments; (income) loss from unconsolidated affiliate investments; distributions from unconsolidated affiliate investments; (gain) loss on disposition of assets; (gain) loss on extinguishment of debt; unit-based compensation; income tax expense (benefit); unrealized (gain) loss on commodity swaps; costs associated with the relocation of processing facilities; accretion expense associated with asset retirement obligations; transaction costs; non-cash expense related to changes in the fair value of contingent consideration; (non-cash rent); and (non-controlling interest share of adjusted EBITDA from joint ventures).
We define free cash flow after distributions as adjusted EBITDA, net to ENLC, plus (less) (growth and maintenance capital expenditures, excluding capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities); (interest expense, net of interest income); (distributions declared on common units); (accrued cash distributions on Series B Preferred Units and Series C Preferred Units paid or expected to be paid); (costs associated with the relocation of processing facilities); non-cash interest (income)/expense; (contributions to investment in unconsolidated affiliates); (payments to terminate interest rate swaps); (current income taxes); and proceeds from the sale of equipment and land.
We define segment cash flow as segment profit less growth and maintenance capital expenditures, which are gross to EnLink prior to giving effect to the contributions by other entities related to the non-controlling interest share of our consolidated entities.
EnLink believes these measures are useful to investors because they may provide users of this financial information with meaningful comparisons between current results and previously-reported results and a meaningful measure of the company's cash flow after it has satisfied the capital and related requirements of its operations. In addition, adjusted EBITDA and free cash flow after distributions are both used as metrics in our short-term incentive program for compensating employees.
Adjusted EBITDA, free cash flow after distributions, and segment cash flow, as defined above, are not measures of financial performance or liquidity under GAAP. They should not be considered in isolation or as an indicator of EnLink's performance. Furthermore, they should not be seen as a substitute for metrics prepared in accordance with GAAP. Reconciliations of these measures to their most directly comparable GAAP measures are included in the following tables. See ENLC's filings with the Securities and Exchange Commission for more information.
Other definitions and explanations of terms used in this press release:
Segment profit (loss) is defined as revenues, less cost of sales (exclusive of operating expenses and depreciation and amortization), less operating expenses. Segment profit (loss) includes non-cash compensation expenses reflected in operating expenses. See "Item 8. Financial Statements and Supplementary Data - Note 15 - Segment Information" in ENLC's Annual Report on Form 10-K for the year ended December 31, 2021, and, when available, "Item 1. Financial Statements - Note 13—Segment Information" in ENLC's Quarterly Report on Form 10-Q for the three months ended June 30, 2022, for further information about segment profit (loss).
The Ascension JV is a joint venture between a subsidiary of EnLink and a subsidiary of Marathon Petroleum Corporation in which EnLink owns a 50% interest and Marathon Petroleum Corporation owns a 50% interest. The Ascension JV, which began operations in April 2017, owns an NGL pipeline that connects EnLink's Riverside fractionator to Marathon Petroleum Corporation's Garyville refinery.
The Delaware Basin JV is a joint venture between EnLink and an affiliate of NGP Natural Resources XI, L.P. ("NGP") in which EnLink owns a 50.1% interest and NGP owns a 49.9% interest. The Delaware Basin JV, which was formed in August 2016, owns the Lobo processing facilities and the Tiger processing plant located in the Delaware Basin in Texas.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions and expectations of our management, the matters addressed herein involve certain assumptions, risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially from those indicated herein. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward-looking statements, including but not limited to statements identified by the words "forecast," "may," "believe," "will," "should," "plan," "predict," "anticipate," "intend," "estimate," "expect," "continue," and similar expressions. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, expected financial and operations results associated with certain projects, acquisitions, or growth capital expenditures, future operational results of our customers, results in certain basins, future results or growth of our CCS business; future cost savings or operational, environmental and climate change initiatives, profitability, financial or leverage metrics, the impact of weather-related events such as Winter Storm Uri on us and our financial results and operations, the impact of any customer billing disputes and litigation arising out of Winter Storm Uri, future expectations regarding sustainability initiatives, our future capital structure and credit ratings, the impact of the COVID-19 pandemic or variants thereof on us and our financial results and operations, objectives, strategies, expectations, and intentions, and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect our financial condition, results of operations, or cash flows include, without limitation (a) the impact of the ongoing coronavirus (COVID-19) pandemic, including the impact of the emergence of any new variants of the virus on our business, financial condition, and results of operations, (b) potential conflicts of interest of Global Infrastructure Partners ("GIP") with us and the potential for GIP to compete with us or favor GIP's own interests to the detriment of our other unitholders, (c) adverse developments in the midstream business that may reduce our ability to make distributions, (d) competition for crude oil, condensate, natural gas, and NGL supplies and any decrease in the availability of such commodities, (e) decreases in the volumes that we gather, process, fractionate, or transport, (i) our ability or our customers' ability to receive or renew required government or third party permits and other approvals, (j) increased federal, state, and local legislation, and regulatory initiatives, as well as government reviews relating to hydraulic fracturing resulting in increased costs and reductions or delays in natural gas production by our customers, (k) climate change legislation and regulatory initiatives resulting in increased operating costs and reduced demand for the natural gas and NGL services we provide, (l) changes in the availability and cost of capital, including as a result of a change in our credit rating, (m) volatile prices and market demand for crude oil, condensate, natural gas, and NGLs that are beyond our control, (n) our debt levels could limit our flexibility and adversely affect our financial health or limit our flexibility to obtain financing and to pursue other business opportunities, (o) operating hazards, natural disasters, weather-related issues or delays, casualty losses, and other matters beyond our control, (p) reductions in demand for NGL products by the petrochemical, refining, or other industries or by the fuel markets, (q) our dependence on significant customers for a substantial portion of the natural gas and crude that we gather, process, and transport, (r) construction risks in our major development projects, (s) challenges we may face in connection with our strategy to enter into new lines of business related to the energy transition, (t) impairments to goodwill, long-lived assets and equity method investments, and (u) the effects of existing and future laws and governmental regulations, and other uncertainties. These and other applicable uncertainties, factors, and risks are described more fully in EnLink Midstream, LLC's and EnLink Midstream Partners, LP's filings with the Securities and Exchange Commission, including EnLink Midstream, LLC's and EnLink Midstream Partners, LP's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Neither EnLink Midstream, LLC nor EnLink Midstream Partners, LP assumes any obligation to update any forward-looking statements.
The EnLink management team based the forecasted financial information included herein on certain information and assumptions, including, among others, the producer budgets / forecasts to which EnLink has access as of the date of this press release and the projects / opportunities expected to require capital expenditures as of the date of this press release. The assumptions, information, and estimates underlying the forecasted financial information included in the guidance information in this press release are inherently uncertain and, though considered reasonable by the EnLink management team as of the date of its preparation, are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the forecasted financial information. Accordingly, there can be no assurance that the forecasted results are indicative of EnLink's future performance or that actual results will not differ materially from those presented in the forecasted financial information. Inclusion of the forecasted financial information in this press release should not be regarded as a representation by any person that the results contained in the forecasted financial information will be achieved.
EnLink does not provide a reconciliation of forward-looking net cash provided by operating activities to adjusted EBITDA because the Company is unable to predict with reasonable certainty changes in working capital, which may impact cash provided or used during the year. Working capital includes accounts receivable, accounts payable, and other current assets and liabilities. These items are uncertain and depend on various factors outside the Company's control.
EnLink does not provide a reconciliation of forward-looking net cash provided by operating activities to adjusted EBITDA because the Company is unable to predict with reasonable certainty changes in working capital, which may impact cash provided or used during the year. Working capital includes accounts receivable, accounts payable, and other current assets and liabilities. These items are uncertain and depend on various factors outside the Company's control.
Investor Relations: Brian Brungardt, Director of Investor Relations, 214-721-9353, brian.brungardt@enlink.com
Media Relations: Megan Wright, Director of Corporate Communications, 214-721-9694, megan.wright@enlink.com
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STAMFORD, Conn., Aug. 3, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced that Franklin Templeton, a global investment management organization, renewed its lease for 79,059 square feet at 100 First Stamford Place, which represents about 10% of building square footage.
Located in one of Connecticut's premier business districts, the award-winning office campus at First Stamford Place consists of 777,174 rentable square feet within three buildings. The complex is a short walk from the Stamford Transportation Center (STC) at I-95's Exit 7.
First Stamford Place features a full suite of amenities which include new fitness and conference centers, new dining and coffee lounge, renovated lobbies, on-site daycare, beautifully landscaped grounds, covered parking, shuttle to the Stamford Transportation Center, and an on-site car wash.
"ESRT provides exceptional value with healthy, modernized workplaces and industry-leading sustainability practices to serve the market flight to quality," said Jeff Newman, senior vice president, leasing at Empire State Realty Trust. "Franklin Templeton's long-term renewal and consolidated relocation of its entire Stamford office space to First Stamford Place is a testament to the property's ideal location for companies to recruit and retain employees from across the tri-state area, and to our successful tenant partnerships and industry leadership in indoor environmental quality and energy efficiency."
Jay Hruska, Rob Lowe, Jeff Cushman and John C. Cushman III of Cushman and Wakefield represented Franklin Templeton in the lease negotiations. Jeffrey Newman and Kimberly Zaccagnino of ESRT represented the property owner.
More information about First Stamford Place, and current availabilities, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World's Most Famous Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of June 30, 2022, ESRT's portfolio is comprised of approximately 9.2 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 residential units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk Factors." Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Source: Empire State Realty Trust, Inc.
Category: Leasing
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Man dies in Sohana hotel suicide pact, wife survives
A newly married couple that had eloped from Uttar Pradesh’s Ghaziabad hanged themselves from the same ceiling fan in the room of a hotel in Sohana on Wednesday evening, police said.
The man, 26, had died by the time hotel staff responded to their screams, while his wife, 24, survived and is battling for life at PGIMER, Chandigarh
Investigating officer ASI Amrik Singh said the couple after their marriage had eloped from their native Ghaziabad as the woman’s parents were against their relationship. The woman’s parents had even lodged an FIR against the man and his family.
After eloping, they visited Naina Devi in Himachal Pradesh to pay obeisance and on August 1, reached Sohana, where they rented a hotel room.
Fearing that the woman’s family will reach Mohali and take her away, they both hanged themselves from a ceiling fan. Hearing their screams, the hotel staff rushed to the room, but the man had already died. Police were informed and the woman was rushed to the civil hospital in Phase 6, from where she was referred to PGIMER, Chandigarh.
The ASI said the family members of the couple had been informed and they will reach Mohali on Thursday. The man’s body has been kept at the Mohali civil hospital for autopsy on Thursday.
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No plans to convert Panjab University into a central varsity, MoS tells Parliament
Putting the debate surrounding the conversion of Panjab University into a central university to rest, the central government on Wednesday told the Rajya Sabha that the government has taken a policy decision not to convert state varsities into central universities. The development comes days before the Centre is to apprise the Punjab and Haryana high court on its decision to consider central status for PU.
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Haryana govt architect caught taking ₹1.5 lakh bribe
The Haryana Vigilance Bureau on Wednesday arrested an architect of the Haryana State Agricultural Marketing Board for allegedly accepting a bribe of ₹1.5 lakh. Vigilance Bureau DSP Jeet Singh said his team arrested the architect, Disha Gupta, and three men – Sanjay, Deepak and Anil – who gave her the bribe.
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Chandigarh man gets 10-year jail for carrying banned injections
A Sector-56 resident has been awarded 10 years in jail for possessing banned injections. The court of additional district and sessions judge Rajiv K Beri also imposed a fine of ₹1 lakh on the convict, Yash Pal, 34, who was found guilty under Section 22 of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. On frisking Yash, police had recovered 13 vials of buprenorphine injections and 10 vials of pheniramine maleate injections from his possession.
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Chandigarh fencers Kashvi, Yashkeerat to represent India
City's Kashvi Garg and Yashkeerat Kaur Hayer have been selected for the Indian fencing team that will participate in the Commonwealth Fencing Championship 2022 to be held in London from August 9 to 20. Kashvi Garg, a two-time national gold medallist will be representing India in epee, junior and women fencing event, along with Taniksha Khatri from Haryana, Dyaneshwari Shinde from Maharashtra, and Pragya Singh and Pooja Dangi from Madhya Pradesh.
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Inundated fields, submerged crops worry Rohtak farmers
Crops in almost 12 villages in Rohtak have been inundated due to widespread downpours in the last few days. Farmers have accused the administration of not taking appropriate steps in removing the water from fields. A farmer from Khranti village in the district, Sumit Kumar, said his seven-acre paddy crop has been submerged due to rainwater and they have been continuously running pump motors to drain out the water. | https://www.hindustantimes.com/cities/chandigarh-news/man-dies-in-sohana-hotel-suicide-pact-wife-survives-101659565672209.html | 2022-08-03T22:47:03Z | https://www.hindustantimes.com/cities/chandigarh-news/man-dies-in-sohana-hotel-suicide-pact-wife-survives-101659565672209.html | false |
**Related Video Above: Women’s group weighs in after Deshaun Watson decision.**
CLEVELAND (WJW) – The I-Team with Nexstar’s WJW has confirmed National Football League officials have decided to appeal a six-game suspension a disciplinary officer imposed on Cleveland Browns quarterback Deshaun Watson.
Watson and the NFL players union have stated they do not plan to appeal the suspension. NFL officials had until Thursday to decide to appeal.
A spokesperson for the NFL released the following statement regarding the decision to appeal:
On Monday, Judge Sue L. Robinson, the independent Disciplinary Officer jointly appointed by the NFL and NFL Players Association, issued her ruling in the Personal Conduct Policy matter regarding Deshaun Watson.
Under the 2020 NFL-NFLPA collective bargaining agreement (“CBA”), the factual findings of the Disciplinary Officer are binding and may not be appealed. Judge Robinson found that Mr. Watson violated the NFL’s Personal Conduct Policy on multiple occasions and suspended him for six games. The CBA affords the NFL or NFLPA the right to appeal the discipline imposed by the Disciplinary Officer. Such an appeal must be filed within three days and would be heard by the Commissioner or his designee.
The NFL notified the NFLPA that it will appeal Judge Robinson’s disciplinary decision and filed its brief this afternoon. Commissioner Roger Goodell will determine who will hear the appeal.
NOTE ON THE APPEAL PROCESS
Any response to the appeal by the NFLPA must be filed in writing within two business days. According to Article 46 of the CBA, “the Commissioner or his designee will issue a written decision that will constitute full, final and complete disposition of the dispute and will be binding upon the player(s), Club(s) and the parties to this Agreement.”
According to the Personal Conduct Policy, the appeal will be: (i) processed on an expedited basis; (ii) limited to consideration of the terms of discipline imposed; and (iii) based upon a review of the existing record without reference to evidence or testimony not previously considered. No additional evidence or testimony shall be presented to or accepted by the Commissioner or his designee. Any factual findings and evidentiary determinations of the Disciplinary Officer will be binding to the parties on appeal, and the decision of the Commissioner or his designee, which may overturn, reduce, modify or increase the discipline previously issued, will be final and binding on all parties.”
The hearing officer, retired Federal Judge Sue L. Robinson, ruled Monday that Watson violated the NFL’s personal conduct policy, based on allegations of sexual misconduct.
With NFL officials appealing, Commissioner Roger Goodell or person he designates, will hear that appeal. Whoever hears the appeal could decide to increase or decrease the discipline. Goodell’s office said he was unavailable for comment.
A league official told The Associated Press before Watson’s three-day disciplinary hearing concluded in June that the NFL wanted to avoid an appeal. But the league proceeded with one amid a backlash from some fans and intense public pressure in the media. Other factors include Watson’s lack of remorse, which Robinson noted in her report.
During Watson’s three-day disciplinary hearing, the NFL asked for an indefinite suspension of at least a year. The NFL argued for an unprecedented punishment and wanted to fine Watson at least $5 million, a person familiar with the discussions told the AP on condition of anonymity because the hearing was private.
In her 16-page report, Robinson described Watson’s behavior as “more egregious than any before reviewed by the NFL.” Watson was sued by 24 women who claimed sexual misconduct during massages. All but one of the women have settled.
The quarterback has denied the allegations.
The union and Watson could file a lawsuit if the suspension is increased.
The Associated Press contributed to this report. | https://www.wfla.com/nextstar-news-wire/nfl-appealing-deshaun-watsons-suspension/ | 2022-08-03T22:47:08Z | https://www.wfla.com/nextstar-news-wire/nfl-appealing-deshaun-watsons-suspension/ | false |
TAMA, Iowa — “The Wall That Heals”, a three-quarter scale replica of the Vietnam Veterans Memorial is coming to Tama.
The Meskwaki Settlement School is hosting the display and will be open to the public for free 24-hours a day.
“The Wall That Heals” honors the more than three million Americans who served in the U.S. Armed forces in the Vietnam War and it bears the names of the 58,281 men and women who made the ultimate sacrifice in Vietnam.
“There’s something very special about being able to bring this memorial to local communities, not everyone is able to make the trip to D.C. you know, whether financially or emotionally can be very taxing,” said Julianna Blaylock, “The Wall that Heals” Site Manager. “Being able to bring it in and build it essentially in everyone’s backyard, they have an opportunity to come visit in their hometown.”
The Principal at Meskwaki High School had only been on the job a few years when he was asked to help bring this exhibit to the school here.
“As a new person, I’m not sure if I was able to take on the challenge,” said Clyde Terrance, the Meskwaki High School Principal. “As a veteran myself I knew it was something that I had to take on because as far as Veterans out here, they are really looked upon very highly.”
Tony Waseskuk is a Meskwaki native who served in Vietnam.
“It’s just a matter of patriotism for my country and for my tribe you know,” said Waseskuk.
“The Wall That Heals” will be at the Meskwaki School from Thursday through Sunday at 2 pm. It is open 24/7 while it is here. | https://who13.com/news/the-wall-that-heals-honors-native-american-vietnam-veterans-in-iowa/ | 2022-08-03T22:47:53Z | https://who13.com/news/the-wall-that-heals-honors-native-american-vietnam-veterans-in-iowa/ | false |
MENLO PARK, Calif., Aug. 3, 2022 /PRNewswire/ -- Global talent solutions and business consulting firm Robert Half (NYSE: RHI) has elected Marnie H. Wilking to its board of directors, effective August 2, 2022.
Wilking is a Fortune 250 chief information security officer and the global head of security and technology risk management at Wayfair, one of the world's largest online destinations for the home. She has more than 20 years of experience implementing cybersecurity strategy in alignment with regulatory requirements and business objectives. Prior to joining Wayfair, Wilking was global chief information security officer at Orion Health Group, Ltd; senior director of security compliance at Early Warning; and business information security officer at Wells Fargo Mortgage. She also spent five years with Accenture as a consultant focusing on technology systems integration.
In 2022, Wilking was included on CISOs Connect™ list of Top 100 CISOs — her second year receiving this honor. She was also selected as one of the Top 25 Women Leaders in Cybersecurity by The Software Report in 2021. Wilking holds the CISSP, CISA and CISM designations.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm that connects opportunities at great companies with highly skilled job seekers. Robert Half offers contract and permanent placement solutions and is the parent company of Protiviti®, a global consulting firm. Visit roberthalf.com and download the company's award-winning mobile app.
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SOURCE Robert Half | https://www.wbrc.com/prnewswire/2022/08/03/marnie-h-wilking-elected-robert-half-board-directors/ | 2022-08-03T22:47:58Z | https://www.wbrc.com/prnewswire/2022/08/03/marnie-h-wilking-elected-robert-half-board-directors/ | false |
HOUSTON, Aug. 3 , 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today reported results of operations for the three and six months ended June 30, 2022.
Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the "Presentations" page within the Investors section of the site.
Second Quarter 2022 and Recent Highlights
- Delivered production of approximately 100.7 MBoe/d (61% oil and 81% liquids) in the second quarter of 2022
- Increased Delaware Basin well productivity in 2022 by approximately 20% over 2021 as co-development offset spacing and completions initiatives are implemented
- Generated net cash provided by operating activities of $372.3 million and adjusted free cash flow of $125.6 million
- Reported net income of $348.0 million, or $5.62 per diluted share, adjusted EBITDA of $418.5 million, and adjusted income of $227.8 million, or $3.68 per diluted share
- Achieved an operating margin of $67.58 per Boe, a sequential increase of over 15%
- Executed a refinancing transaction that extended maturities and reduced term balances, with total debt balance of $2.5 billion at June 30 after continued debt reduction
"Callon continues to execute on important steps to solidify a foundation for durable free cash flow generation" said Joe Gatto, President and Chief Executive Officer. "In the inflationary environment that we operate in today, and likely for the foreseeable future, operating margins are critical to our cash generation objectives. In our most recent quarter, our operating margins increased to almost $70 per Boe produced, our eighth consecutive quarterly increase, which drove unhedged adjusted EBITDA of over $600 million. When our industry leading margins are combined with demonstrated well productivity gains in the Delaware and drilling and completion efficiencies across the portfolio, we expect to drive more efficient conversion of EBITDA into free cash flow. These cash flow benefits will be further enhanced in the near-term with a steadily decreasing impact of financial hedges and a reduced interest expense burden as debt continues to be reduced."
Callon Operations Update
At June 30, 2022, Callon had 1,377 gross (1,229.3 net) wells producing from established flow units in the Permian and Eagle Ford. Net daily production for the three months ended June 30, 2022 was 100.7 MBoe/d (61% oil and 81% liquids).
Production volumes for the quarter include the impact of the following items:
- Increased Workover Activity – Callon experienced a higher level of well failures than historical trends due to intermittent power disruptions and the timing of useful equipment lives. During these outages, Callon accelerated its artificial lift initiatives, which provide production and runtime benefits, primarily in Delaware Basin South. Given the additional time to complete these conversion and repair projects, which were roughly double the level executed in the first quarter, downtime was elevated in the second quarter. Portions of this activity were previously planned to occur later in the year and, as a result, workovers and associated downtime for this initiative should be reduced going forward relative to our previous forecast.
- Conversion of Midland Basin Gathering Contract – Natural gas and NGL volumes increased from the conversion of a Midland Basin gathering contract from a percentage of proceeds to fee-based which resulted in a reduction in oil cut for the quarter.
Operated drilling and completion activity for the three months ended June 30, 2022 are summarized in the table below:
For the three months ended June 30, 2022, Callon drilled 35 gross (32.6 net) wells and placed a combined 33 gross (29.1 net) wells on production. Completions operations for the quarter included 6 gross (5.9 net) wells in the Delaware Basin, 7 gross (6.3 net) wells in the Midland Basin, and 15 gross (13.0 net) wells in the Eagle Ford Shale. Callon placed 11 gross (10.1 net) wells on production in the Delaware Basin, 7 gross (6.0 net) wells in the Midland Basin, and 15 gross (13.0 net) wells in the Eagle Ford Shale. The average lateral length for the wells completed during the second quarter was 8,281 feet. Operated completions during the second quarter consisted of 4 Upper Wolfcamp A wells and 2 Lower Wolfcamp A wells in the Delaware Basin; 2 Lower Spraberry wells, 3 Wolfcamp A wells and 2 Wolfcamp B wells in the Midland Basin; and 15 lower Eagle Ford Shale wells.
Leverage and Liquidity Update
On June 9, 2022, Callon priced $600 million principal amount of 7.50% Senior Notes due 2030 in a private offering. On June 24, 2022, the Company deposited with the trustee the proceeds from the offering of the 7.50% Senior Notes due 2030, along with borrowings under the Credit Facility, to redeem all of its outstanding 6.125% Senior Notes due 2024 and 9.0% Second Lien Notes due 2025. As of June 30, 2022, the drawn balance on the facility was $779.0 million and cash balances were $6.1 million. The Company intends to continue its application of organic free cash flow towards repayment of debt balances related to the credit facility and other debt instruments.
Third Quarter Activity Outlook and Guidance
Callon is currently running six rigs, with three rigs in the Delaware Basin, two rigs in the Midland Basin and one rig in the Eagle Ford which the Company will be dropping in the coming days. Callon plans to utilize two to three completion crews for the third quarter, supporting new production across the Midland, Delaware and Eagle Ford positions.
For the third quarter, the Company expects to produce between 102 and 105 MBoe/d (63% oil) with between 38 and 42 gross wells (33 and 36 net) placed on production. In addition, Callon projects an operational capital spending level of between $245 and $255 million on an accrual basis.
For full year 2022, Callon is increasing the bottom end of its production guidance to between 102 and 105 MBoe/d (63% oil) to reflect underlying Permian well performance that is above expectations, and an increase in natural gas and NGL volumes from the Midland Basin gathering contract conversion. The revised guidance is available in the accompanying presentation.
Capital Expenditures
For the three months ended June 30, 2022, Callon incurred $237.8 million in operational capital expenditures on an accrual basis. Total capital expenditures, inclusive of capitalized expenses, are detailed below on an accrual and cash basis:
Hedge Portfolio Summary
As of July 29, 2022, Callon had the following outstanding oil and natural gas derivative contracts:
Operating and Financial Results
The following table presents summary information for the periods indicated:
Revenue. For the quarter ended June 30, 2022, Callon reported revenue of $760.3 million, which excluded revenue from sales of commodities purchased from a third party of $153.4 million. Revenues including the loss from the settlement of derivative contracts ("Adjusted Total Revenue") were $575.7 million, reflecting the impact of a $184.6 million loss from the settlement of derivative contracts. Average daily production and average realized prices, including and excluding the effects of hedging, are detailed above.
Commodity Derivatives. For the quarter ended June 30, 2022, the net loss on commodity derivative contracts includes the following (in thousands):
For the quarter ended June 30, 2022, the cash paid for commodity derivative settlements includes the following (in thousands):
Lease Operating Expenses, including workover ("LOE"). LOE for the three months ended June 30, 2022 was $72.9 million, or $7.96 per Boe, compared to LOE of $67.3 million, or $7.29 per Boe, in the first quarter of 2022. The sequential increase in LOE was primarily due to increases in workover costs as well as certain operating costs such as fuel, power and equipment rentals. The increase in LOE per Boe was due to the increases in operating costs mentioned above as well as the distribution of fixed costs spread over lower production volumes.
Production and Ad Valorem Taxes. Production and ad valorem taxes for the three months ended June 30, 2022 were approximately 5.9% of total revenue excluding revenue from sales of commodities purchased from a third-party and before the impact of derivative settlements, or $4.90 per Boe.
Gathering, Transportation and Processing. Gathering, transportation and processing expense for the three months ended June 30, 2022 was $23.3 million, or $2.54 per Boe, as compared to $20.8 million, or $2.25 per Boe, in the first quarter of 2022. This increase in gathering, transportation and processing expense was primarily due to a new contract entered into during the second quarter of 2022 as well as inflationary cost increases.
Depreciation, Depletion and Amortization ("DD&A"). DD&A for the three months ended June 30, 2022 was $11.94 per Boe compared to $11.15 per Boe in the first quarter of 2022. The increase in DD&A per Boe was primarily attributable to higher capital expenditures during the three months ended June 30, 2022 and increases in future development cost assumptions.
General and Administrative Expense ("G&A"). G&A for the three months ended June 30, 2022 and March 31, 2022 was $10.9 million and $17.1 million, respectively. G&A, excluding non-cash incentive share-based compensation valuation adjustments, ("Adjusted G&A") was $16.0 million for the three months ended June 30, 2022 compared to $14.3 million for the first quarter of 2022. The cash component of Adjusted G&A increased to $14.1 million for the three months ended June 30, 2022 compared to $13.0 million for the first quarter of 2022 primarily as a result of higher compensation costs during the quarter.
The following table reconciles total G&A to Adjusted G&A - cash component and full cash G&A (in thousands):
Income Tax. Callon provides for income taxes at the statutory rate of 21% adjusted for permanent differences expected to be realized. We recorded income tax expense of $3.0 million and $0.5 million for the three months ended June 30, 2022 and March 31, 2022, respectively. Since the second quarter of 2020, we have concluded that it is more likely than not that the net deferred tax assets will not be realized and have recorded a full valuation allowance against our deferred tax assets. As long as we continue to conclude that the valuation allowance is necessary, we will not have significant deferred tax expense or benefit.
Adjusted Income, Adjusted EBITDA and Unhedged Adjusted EBITDA. The following tables reconcile the Company's net income (loss) to adjusted income, adjusted EBITDA and unhedged adjusted EBITDA:
Adjusted Free Cash Flow. The following table reconciles the Company's net cash provided by operating activities to unhedged adjusted EBITDA, adjusted EBITDA and adjusted free cash flow:
Adjusted Discretionary Cash Flow. The following table reconciles the Company's net cash provided by operating activities to adjusted discretionary cash flow:
Adjusted Total Revenue. Adjusted total revenue is reconciled to total operating revenues, which excludes revenue from sales of commodities purchased from a third party, in the following table:
Net Debt. The following table reconciles the Company's total debt to net debt:
Non-GAAP Financial Measures
This news release refers to non-GAAP financial measures such as "adjusted free cash flow," "adjusted EBITDA," "unhedged adjusted EBITDA," "operating margin," "adjusted income," "adjusted income per diluted share," "adjusted diluted weighted average common shares outstanding," "adjusted discretionary cash flow," "adjusted total revenue," "adjusted G&A," "full cash G&A," and "net debt." These measures, detailed below, are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings with the U.S. Securities and Exchange Commission (the "SEC") and posted on our website.
- Adjusted free cash flow is a supplemental non-GAAP measure that is defined by the Company as adjusted EBITDA less operational capital expenditures (accrual), capitalized cash interest, capitalized cash G&A (which excludes capitalized expense related to share-based awards), and cash interest expense, net. We believe adjusted free cash flow provides useful information to investors because it is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company's ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Adjusted free cash flow is not a measure of a company's financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities, or as a measure of liquidity, or as an alternative to net income (loss).
- Callon calculates adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization, (gains) losses on derivative instruments excluding net settled derivative instruments, impairment of evaluated oil and gas properties, non-cash share-based compensation expense, merger, integration and transaction expense, (gain) loss on extinguishment of debt, and certain other expenses. Adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that adjusted EBITDA provides useful information to investors because it provides additional information with respect to our performance or ability to meet our future debt service, capital expenditures and working capital requirements. Because adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the adjusted EBITDA presented above may not be comparable to similarly titled measures of other companies.
- Callon calculates unhedged adjusted EBITDA as adjusted EBITDA, as defined above, excluding the impact of net settled derivative instruments. Unhedged adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that unhedged adjusted EBITDA provides useful information to investors because it provides additional information with respect to our performance without the impact of our settled derivative instruments. Because unhedged adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the unhedged adjusted EBITDA presented above may not be comparable to similarly titled measures of other companies.
- Callon believes that operating margin is a comparable metric against other companies in the industry and is useful to investors because it is an indicator of an oil and natural gas company's operating profitability per unit of production. Operating margin is a supplemental non-GAAP measure that is defined by the Company as oil, natural gas, and NGL revenues sales price less lease operating expense; production and ad valorem taxes; and gathering, transportation and processing fees divided by total production for the period.
- Adjusted income and adjusted income per diluted share are supplemental non-GAAP measures that Callon believes are useful to investors because they provide readers with a meaningful measure of our profitability before recording certain items whose timing or amount cannot be reasonably determined. These measures exclude the net of tax effects of these items and non-cash valuation adjustments, which are detailed in the reconciliation provided. Adjusted income and adjusted income per diluted share are not measures of financial performance under GAAP. Accordingly, neither should be considered as a substitute for net income (loss), operating income (loss), or other income data prepared in accordance with GAAP. However, the Company believes that adjusted income and adjusted income per diluted share provide additional information with respect to our performance. Because adjusted income and adjusted income per diluted share exclude some, but not all, items that affect net income (loss) and may vary among companies, the adjusted income and adjusted income per diluted share presented above may not be comparable to similarly titled measures of other companies.
- Adjusted diluted weighted average common shares outstanding is a non-GAAP financial measure which includes the effect of potentially dilutive instruments that, under certain circumstances described below, are excluded from diluted weighted average common shares outstanding, the most directly comparable GAAP financial measure. When a net loss exists, all potentially dilutive instruments are anti-dilutive to the net loss per common share and therefore excluded from the computation of diluted weighted average common shares outstanding. The effect of potentially dilutive instruments are included in the computation of adjusted diluted weighted average common shares outstanding for purposes of computing adjusted income per diluted share.
- Adjusted discretionary cash flow is a supplemental non-GAAP measure that Callon believes provides useful information to investors because it is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company's ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Adjusted discretionary cash flow is defined by Callon as net cash provided by operating activities before changes in working capital and merger, integration and transaction expenses. Callon has included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements, which the Company may not control, and the cash flow effect may not be reflected the period in which the operating activities occurred. Adjusted discretionary cash flow is not a measure of a company's financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities, or as a measure of liquidity, or as an alternative to net income (loss).
- Callon believes that the non-GAAP measure of adjusted total revenue (which is revenue including the gain or loss from the settlement of derivative contracts) is useful to investors because it provides readers with a revenue value more comparable to other companies who engage in price risk management activities through the use of commodity derivative instruments and reflects the results of derivative settlements with expected cash flow impacts within total revenues.
- Adjusted G&A is a supplemental non-GAAP financial measure that excludes non-cash incentive share-based compensation valuation adjustments and adjusted G&A - cash component further excludes equity-settled, share-based compensation expenses. Callon believes that the non-GAAP measure of adjusted G&A and adjusted G&A - cash component are useful to investors because they provide for greater comparability period-over-period. In addition, adjusted G&A - cash component provides a meaningful measure of our recurring G&A expense.
- Full cash G&A is a supplemental non-GAAP financial measure that Callon defines as adjusted G&A – cash component plus capitalized G&A excluding capitalized expense related to share-based awards. Callon believes that the non-GAAP measure of full cash G&A is useful to investors because it provides a meaningful measure of our total recurring cash G&A costs, whether expensed or capitalized, and provides for greater comparability on a period-over-period basis.
- Net debt is a supplemental non-GAAP measure that is defined by the Company as total debt excluding unamortized premiums, discount, and deferred loan costs, less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. We believe this metric is useful to analysts and investors in determining the Company's leverage position since the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt. This metric is sometimes presented as a ratio with Adjusted EBITDA in order to provide investors with another means of evaluating the Company's ability to service its existing debt obligations as well as any future increase in the amount of such obligations. This ratio is referred to by the Company as its leverage ratio.
Earnings Call Information
The Company will host a conference call on Thursday, August 4, 2022, to discuss second quarter 2022 financial and operating results, outlook and guidance for the remainder of 2022, and current corporate strategy and initiatives.
Please join Callon Petroleum Company via the Internet for a webcast of the conference call:
Date/Time: Thursday, August 4, 2022, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time)
Webcast: Select "News and Events" under the "Investors" section of the Company's website: www.callon.com.
An archive of the conference call webcast will also be available at www.callon.com under the "Investors" section of the website.
About Callon Petroleum Company
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.
Cautionary Statement Regarding Forward-Looking Information
This news 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. Forward-looking statements include all statements regarding wells anticipated to be drilled and placed on production; future levels of development activity and associated production, capital expenditures and cash flow expectations; the Company's production and expenditure guidance; estimated reserve quantities and the present value thereof; future debt levels and leverage; and the implementation of the Company's business plans and strategy, as well as statements including the words "believe," "expect," "plans," "may," "will," "should," "could," and words of similar meaning. These statements reflect the Company's current views with respect to future events and financial performance based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include the volatility of oil and natural gas prices; changes in the supply of and demand for oil and natural gas, including as a result of the COVID-19 pandemic and various governmental actions taken to mitigate its impact or actions by, or disputes among members of OPEC and other oil and natural gas producing countries with respect to production levels or other matters related to the price of oil; our ability to drill and complete wells; operational, regulatory and environment risks; the cost and availability of equipment and labor; our ability to finance our development activities at expected costs or at expected times or at all; our inability to realize the benefits of recent transactions; currently unknown risks and liabilities relating to the newly acquired assets and operations; adverse actions by third parties involved with the transactions; risks that are not yet known or material to us; and other risks more fully discussed in our filings with the SEC, including our most recent Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available on our website or the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact Information
Kevin Smith
Director of Investor Relations
Callon Petroleum Company
ir@callon.com
(281) 589-5200
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SOURCE Callon Petroleum Company | https://www.wlbt.com/prnewswire/2022/08/03/callon-petroleum-company-announces-second-quarter-2022-results/ | 2022-08-03T22:48:49Z | https://www.wlbt.com/prnewswire/2022/08/03/callon-petroleum-company-announces-second-quarter-2022-results/ | true |
Company's honorees are an average of 15 years younger than their industry peers
MILWAUKEE, Aug. 3, 2022 /PRNewswire/ -- Northwestern Mutual wealth professionals earned 18 of the coveted spots – more than ever before – on Forbes' 2022 list of "Top Next-Gen Wealth Advisors." Not only did the company expand its presence on this year's national ranking, but its advisors were also more than 15 years younger than their U.S. industry peers on average.
The Forbes "Top Next-Gen Wealth Advisors" ranking recognizes leading wealth professionals who are age 40 or younger with at least four years of industry experience. Advisors are evaluated according to a variety of performance-based criteria covering assets under management, revenue generated and modeling industry best practices.
"I'm incredibly proud of Northwestern Mutual's diverse, talented and trusted force of wealth advisors who are committed to making a lasting impact on the lives of the clients they so proudly serve," said Aditi Javeri Gokhale, the chief strategy officer, president of retail investments and head of institutional investments at Northwestern Mutual. "As we enter the largest intergenerational wealth transfer in history, more Americans are relying on the guidance of financial experts. Northwestern Mutual's presence in this year's Next-Gen rankings further demonstrates our ability to support the evolving needs of this next generation of clients."
Those recognized as Forbes "Top Next-Gen Wealth Advisors" include:
- Joseph Anderson, The Anderson Financial Group, Saratoga Springs, N.Y.
- Mark Anderson, Anderson Wealth Management, Colorado Springs, Colo.
- Douglas Benson Jr, Benson Wealth Management, Ankeny, Iowa
- David Eisenhauer, Tailwinds Wealth Management and Insurance Solutions, Walnut Creek, Calif.
- Barry Fies, Myklebust, Horne & Fies Financial Group, Mequon, Wis.
- Jacqueline Fish, LifeWorth Financial, Charlotte, N.C.
- Merrill Gagne, Gagne Wealth Management Group, Greenfield, Mass.
- David Girola, DeRouen, Girola & Associates, Lake Charles, La.
- Matthew Kubicek, Enduring Wealth Group, Baton Rouge, La.
- Mark Kull, Capitalis Planning Partners, Louisville, Ky.
- Tyler Layne, Layne Financial, Twin Falls, Idaho
- Whit Newton, Luca Partners, Raleigh, N.C.
- Alap Patel, Chicago, Ill.
- Robert Roy, RMG Wealth Management Group, Wilbraham, Mass.
- Ryan Saunders, Plancentric Financial Group, Charlotte, N.C.
- Darren Trautmann, Emerald Wealth Management, Bellevue, Wash.
- Neil Van Dam, Van Dam Financial Group, Fargo, N.D.
- Andrew Watkins, Triangle Wealth Advisors, Durham, N.C.
Northwestern Mutual Investment Services and Northwestern Mutual Wealth Management Company, which are subsidiaries of Northwestern Mutual, offer a variety of investment products and services to help clients with financial protection, wealth accumulation, and estate preservation and distribution. These solutions include brokerage and advisory services, trust services and discretionary portfolio management for high-net-worth individuals.
The pandemic inspired Gen Y and Z to plan, but uniquely, Northwestern Mutual is reaching out to them
The COVID-19 pandemic and the economic turmoil that it created inspired many young professionals to make some changes in how they plan, spend and save money. They started saving more, paying down debt, investing, cut back on spending, and showed renewed interest in life insurance.
Despite this seismic shift in planning attitudes among Gen Y and Z, relatively few financial services companies are strategically positioned to engage these potential new customers. But Northwestern Mutual is. The company is intentional about thoughtfully engaging prospective clients when they are younger and emerging in their careers. In fact, the average age of a Northwestern Mutual financial expert is 39, over 15 years younger than the U.S. industry average of 55, according to J.D. Power.
On average, Northwestern Mutual's customers become clients at the age of 32, far younger than the rest of the industry – especially among those who go beyond the transactional offering of a debit or credit card, or a one-time investment purchase, instead offering long-term financial planning and wealth management advice.
In addition to being younger, the company's financial experts have more credentials than most others in the financial services industry. This combination of youth, relevance, capability and expertise enables the company's advisors to create long-term relationships with clients that bridge 20, 30, and even 40 years.
About Northwestern Mutual
Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $560 billion in combined company and client assets, $34 billion in revenues, and $2.1 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to nearly five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 97 on the 2022 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2022.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
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WASHINGTON, Aug. 3, 2022 /PRNewswire/ -- Zeta Phi Beta Sorority, Incorporated elected Dr. Stacie N.C. Grant as its 26th International President and Chief Executive Officer during the organization's biennial international convention in Philadelphia.
A New York native, Grant received the Presidential Lifetime Achievement Award from President Barack Obama. She is a CEO, award-winning author, international speaker, and trainer.
A life member of Zeta Phi Beta Sorority, Grant has served on every level of the organization as an active and financial member for 33 consecutive years. She brings decades of professional and business development expertise with corporate and not-for-profit entities nationwide, as well as community engagement partnerships to her new role.
As the Sorority's International President, Grant will focus on building technology and innovation while elevating engagement with existing partnerships, memberships and alliances for longevity and alignment with Zeta's strategic plan. Leveraging the organization's more than forty-year partnership with the March of Dimes, Grant will also explore expanded educational options related to fertility and other pre-pregnancy planning. In addition, she will mobilize the organization's membership around urgent social/political issues affecting people of color including Voting Rights, Police Reform initiative & Healthy Living. As the CEO of her very own small business, small business support will be Grant's signature programmatic initiative to bridge the gap between women-owned businesses which are disproportionately underfunded and under-supported.
"Everything that happens from this moment forward will be built on the power of us being better together," said Grant during her installation ceremony. "It is an incredible responsibility that I deem an honor and am looking forward to building upon our foundation to make Zeta the finest service organization in the world."
As a member of prominence in the sorority, Grant served as undergraduate chapter president on her college campus, two-term graduate chapter president as well as National Third Vice- President. She held a seat on the Board of Managers to the National Educational Foundation and served as Regional Coordinator of "Zeta's 'Helping Other People Excel (Z-HOPE), one of the organization's international service initiatives.
Founded at Howard University 102 years ago, Zeta Phi Beta is the only African American Greek-letter sorority constitutionally bound to a fraternity (Phi Beta Sigma); this comprises a combined civic impact of 325,000 members. Headquartered in Washington, DC, the sorority has over 900 chapters in cities and on college campuses in the United States and abroad.
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The Justice Department filed suit Wednesday against Peter Navarro, claiming the former adviser to Donald Trump used an unofficial email account while working in the White House and wrongfully retained presidential records.
The lawsuit in federal court in Washington claims Navarro used at least one “non-official" email account — a ProtonMail account — to send and receive emails. The legal action comes just weeks after Navarro was indicted on criminal charges after refusing to cooperate with a congressional investigation into the Jan. 6, 2021, attack on the Capitol.
The civil cases alleges that by using the unofficial email account, Navarro failed to turn over presidential records to the National Archives and Records Administration.
The Justice Department is asking a federal judge for an order “authorizing the recovery of any Presidential records in the possession, custody, and/or control of Mr. Navarro.” The suit also seeks unspecified damages.
“Mr. Navarro is wrongfully retaining Presidential records that are the property of the United States, and which constitute part of the permanent historical record of the prior administration,” the suit states.
A lawyer representing Navarro in the criminal case did not immediately respond to a message seeking comment about the civil case. | https://www.nbcphiladelphia.com/news/national-international/trump-ally-navarro-sued-for-alleged-unofficial-email-account/3325041/ | 2022-08-03T22:57:52Z | https://www.nbcphiladelphia.com/news/national-international/trump-ally-navarro-sued-for-alleged-unofficial-email-account/3325041/ | false |
Waste Management Market Size to Worth Around USD 1782.5 Bn by 2030
As per Precedence Research, the global waste management market size is projected to worth around USD 1782.5 billion by 2030 and it is growing at a CAGR of 6.71% from 2022 to 2030.
/EIN News/ -- Tokyo, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global waste management market size was valued at USD 993.4 billion in 2022. The method an organization employs to dispose, reduce, reuse, and prevent trash is known as a waste management system. Recycling, composting, incineration, landfills, bioremediation, waste to energy, and waste minimization are a few potential waste disposal techniques. There are numerous approaches and techniques for managing garbage. A waste management strategy that works for an organization can be created by combining or rearranging these tactics.
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Sustainable practices are a focus of contemporary waste management techniques. Municipal, industrial, and hazardous garbage are all dealt with via waste management. Residential waste and non-hazardous waste produced in towns and cities are collectively referred to as municipal waste.
Key Insights:
- In 2021, the municipal waste type segment has garnered 31.8% revenue share in 2021.
- In 2021, the collection service segment has reached highest revenue share 61%.
- Asia Pacific region has contributed market share of 58% 2021.
- The Middle East and Africa regions are poised to reach at a CAGR of 6.4% between 2022 to 2030.
- India is expected to reach at a CAGR of 7.3% between 2022 to 2030.
Report highlights
- On the basis of waste type, the e-waste segment is the leading segment and is expected to make the largest contribution to the waste management market. The environment and even human health are seriously endangered by the rising levels of e-waste, low collection crates, improper disposal, and treatment of this garbage. Global warming is also brought on by improper treatment of e-waste. E-waste is a growing problem since it is produced in such large quantities and contains both valuable and harmful components. The global market for personal computers (PCs) is still far from saturation, and the average life expectancy of a PC is falling quickly, both of which contribute to the fast growth of this waste stream.
- On the basis of service type, the landfill segment is expected to be the largest segment during forecast period. The global increase in landfills can be mostly attributed to rising urbanization and population growth rates. The demand for manufactured goods and materials rises along with population expansion and urbanization. The waste also rises in proportion to rising demand.
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On the basis of end user, the residential segment is expected to be the largest segment. The amount of household waste produced these days has greatly increased. Due to their highly busy schedules, people are consuming more packaged food products, which increase waste generation. People today rely on convenience and packaged food items because they are more immersed in other obligations and activities, such as jobs, the internet, and social networking sites. Instead of cooking at home, they favor consuming prepared or packaged food. Domestic garbage, which primarily consists of packages, plastic bags, and food packaging boxes, is growing continuously as a result of this. People are using packaged and processed goods to make their meals at home, which is another cause of rise in waste.
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Scope of the Report
Regional Snapshots
Asia-Pacific held dominant position and has largest share of waste management market. The households in the Asia Pacific region are seeing an ongoing increase in their disposable income as a result of the region's consistent economic expansion, which subsequently increased the need for waste management services. The waste management industry in this region has been significantly impacted by the growing awareness of the negative environmental effects of non-eco-friendly packaging, such as plastic packaging and other plastic product components. However, the generation of waste from household products in this region is increasing as people prefer ready to eat products due to lack of time and growing living standards.
Market Dynamics
What are the drivers of waste management market?
- Development, introduction, growth, maturation, and disposal or recycling are all parts of the normal life cycle of an electronic product. E-waste is on the rise as a result of technology advancements and decreased product lifespans. Electronic products reach the recycling stage for one of three reasons: they have reached the end of their useful lives, technology has advanced, or consumer demands have changed. New electronic devices and improved versions of the current products, including laptops, mobile phones, and televisions, are produced as a result of rapid technological breakthroughs. Similar to this, as people's purchasing power increases, electronic devices' shelf lives shorten.
- Every year, new iterations of mobile phones and other electronic items are released; the older iterations are either discarded or sold online for recycling. Therefore, as the lifespan of electronic products gets shorter, more and more e-waste is produced. The necessity for recycling electronic products is prompted by the buildup of electronic trash, which in turn fuels the demand for electronic waste management.
- Since the invention of PCs and mobile phones, the average lifespan of consumer goods and the components that make them has been gradually reducing.
What are the restraints of waste management market?
- There is absence of essential infrastructure for garbage collection and separation. Waste segregation is the process of separating dry and wet waste, which makes other waste management procedures like composting, recycling, and incineration possible. Reducing landfill waste and finally stopping air, water, and land contamination are the objectives. For recycling garbage and plastic products or any other items like paper, metals, and wood products, it is essential to collect and separate waste properly.
- Municipalities and other organizations involved in waste management face a serious danger from improper waste disposal. The population living close to a polluted environment, or a landfill can be negatively impacted by improper waste disposal. Skin rashes, blood infections, respiratory disorders, development issues, and even reproductive problems can all result from exposure to badly managed wastes. Developed nations have effectively created systems for waste management, enabling efficient treatment of garbage and ensuring that it produces useful outcomes through recycling.
What are the opportunities of waste management market?
- During the projection period, market participants can anticipate benefitting from increased public and governmental awareness of the solutions and the growing demand to develop waste-to-energy solutions. Non-recyclable garbage is transformed into useable types of energy using waste-to-energy technology.
- Waste is heated during combustion, creating superheated steam that powers turbogenerators to create energy. The waste to energy systems offer a highly valued source of renewable energy, their capacity to turn waste into ash may be their greatest advantage today, cutting the amount of waste that ends up in landfills by up to 90%.
What are the challenges of waste management market?
- The cost of plastic recycling is more expensive than making new plastic. Petrochemicals like oil and natural gas are the primary raw ingredients needed to make virgin plastics. Polyethylene terephthalate is the recycled plastic kind (PET). The creation of a pure stream of recovered material is the issue with plastic recycling.
- PET plastics don't have a lasting value, but they can be recycled to make other things like new containers and fleece apparel. While making plastic products, a number of additives, including fillers and colorants, are added. When something is added to plastic, the recycling firms are frequently unaware of it, which has an impact on the recycling of plastic products. In energy recovery through various thermochemical processes, separating plastic from diverse waste streams is a challenging procedure.
Related Reports
- Waste to Fuel Technology Market Research Report 2022 to 2030
- Waste to Energy Market Research Report 2022 to 2030
-
Plastic Waste Management Market Research Report 2022 to 2030
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Recent Developments
- Vertex Energy, Inc. ("Vertex") and Clean Harbors, Inc. ("Clean Harbors") have signed an agreement; this agreement will provide a way for the company to purchase a few assets pertaining to the collection of used motor oil of Vertex Energy and the re-refinery wing for $140 million in an all-cash transaction, subject to working capital and other adjustments. Subject to clearance by American regulators, Vertex shareholders, and other standard closing conditions, the purchase is anticipated to take place towards the end of 2021.
Market Segmentation
By Waste Type
- Hazardous Waste
- E-waste
- Municipal Waste
- Plastic Waste
- Industrial Waste
- Others
By Service Type
- Collection
- Open Dumping
- Incineration/Combustion
- Landfill
- Recycling
By End User
- Residential
- Commercial
- Industrial
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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OAK BROOK, Ill. (AP) _ Hub Group Inc. (HUBG) on Wednesday reported second-quarter profit of $102.8 million.
The Oak Brook, Illinois-based company said it had net income of $3.03 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.53 per share.
The transportation management company posted revenue of $1.4 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.34 billion.
Hub Group expects full-year earnings to be $10 to $10.50 per share, with revenue in the range of $5.6 billion to $5.7 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HUBG at https://www.zacks.com/ap/HUBG | https://www.mrt.com/business/article/Hub-Group-Q2-Earnings-Snapshot-17349453.php | 2022-08-03T22:59:08Z | https://www.mrt.com/business/article/Hub-Group-Q2-Earnings-Snapshot-17349453.php | true |
Published: Aug. 3, 2022 at 3:18 PM CDT|Updated: 3 hours ago
CHARLOTTE, N.C., Aug. 3, 2022 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB) today announced its results for the second quarter ended June 30, 2022.
Second Quarter 2022 and Recent Highlights (Unless otherwise stated, all percentage changes represent year-over-year comparisons)
Net sales of $1.48 billion, an increase of 91%
Net income of $406.8 million, or $3.46 per diluted share; Adjusted diluted EPS of $3.45, an increase of 288%
Adjusted EBITDA of $610 million, an increase of 214%
Kemerton I lithium conversion plant in Western Australia achieved first product in July 2022
Announced plans to build integrated lithium operations in the United States, including the Kings Mountain, North Carolina, spodumene mine and a lithium conversion plant in the southeast
Guidance for 2022 further revised upward on successful Lithium contract renegotiations and increased prices in the Lithium and Bromine businesses
Expect significant growth in full-year 2022 results including net sales of $7.1 - $7.5 billion (>2x 2021) and adjusted EBITDA of $3.2 - $3.5 billion (>3x 2021)
With revised guidance, expect to be free cash flow positive in 2022
"We delivered another strong quarter throughout the current turbulent market environment, thanks to strong demand and pricing trends, particularly for Lithium and Bromine. Over the past year, we have shifted our Lithium contracting strategy to realize greater benefits from these strong market dynamics," said Albemarle CEO Kent Masters. "At the same time, we remain disciplined in executing our long-term strategy as we advance our growth projects in China, Australia, and the Americas."
Outlook Albemarle's outlook for 2022 has continued to improve based on expectations for ongoing demand strength and tightness in the markets it serves. Net sales guidance was revised upward primarily due to continued strength in pricing in its Lithium and Bromine businesses. Adjusted EBITDA guidance is also higher based on pricing expectations slightly offset by inflationary cost pressures, particularly for natural gas in Europe and raw materials. We now expect to be free cash flow positive in 2022.
Second Quarter Results
Net sales of $1.48 billion increased by $705.7 million compared to the prior-year quarter primarily due to increased pricing driven by strong demand from diverse end markets.
Net income attributable to Albemarle of $406.8 million decreased by $17.8 million from the prior-year quarter. Note that prior-year net income attributable to Albemarle includes a $429.4 million ($331.6 million after discrete income taxes, or $2.87 per share) gain related to the sale of the FCS business which was sold on June 1, 2021.
Adjusted EBITDA of $610.2 million increased by $415.6 million from the prior-year quarter primarily due to higher net sales, partially offset by inflationary cost pressures including natural gas prices in Europe and raw materials.
The effective income tax rate for the second quarter of 2022 was 22.2% compared to 20.0% in the same period of 2021. The difference is largely due to global intangible low-taxed income and the geographic mix of earnings. On an adjusted basis, the effective income tax rates were 26.3% and 17.5% for the second quarter of 2022 and 2021, respectively.
Business Segment Results
Lithium Results
Lithium net sales of $891.5 million increased $571.2 million (+178%) due to higher pricing net of FX (+160%) related to renegotiated contracts and increased market pricing. Volume was also higher (+18%) related to the La Negra III/IV expansion in Chile and higher tolling volumes to meet growing customer demand. Adjusted EBITDA of $495.2 million increased $385.8 million as higher pricing and volumes more than offset higher costs.
Lithium Outlook
Adjusted EBITDA for the full year 2022 is expected to grow approximately 500-550% year over year, up from the previous outlook of +300%. Average realized pricing is now expected to be up 225-250% year-over-year resulting from the renegotiated contracts and increased market pricing. Full-year 2022 volume is expected to be up 20-30% year over year primarily due to new capacity coming online as well as higher tolling volumes. The revised outlook assumes the company's expected third quarter realized selling price remains constant for the remainder of the year. There is potential upside if market pricing remains near current levels, if contract renegotiations result in additional price improvements, or with additional tolled volumes. There is potential downside in the event of a material correction in lithium market pricing or potential volume shortfalls (e.g., delays in acquisitions or expansion projects).
Albemarle continues to progress the expansion of its global portfolio of conversion capacity and utilization of its world-class resource portfolio:
Chile
– La Negra III/IV conversion plant is in commercial qualification and running as expected – The Salar Yield Improvement Project is on schedule for mechanical completion by the middle of next year
Australia
– Kemerton I conversion plant achieved first product in July 2022 – Kemerton II conversion plant remains on track for mechanical completion in the second half of 2022 – Production of spodumene concentrate from the first and second trains at Wodgina were achieved in May and July, respectively
China
– The acquisition of the Qinzhou lithium conversion plant in Guangxi China is expected to close H2 2022 – Construction is underway at the Meishan greenfield project – Zhangjiagang greenfield project has been deferred as we continue to fine tune the carbonate engineering design
United States
– New wells and expansion projects at Silver Peak continue to progress ahead of schedule
Bromine Results
Bromine net sales of $377.8 million increased $98.0 million (+35%) primarily due to increased pricing net of FX (+31%) and slightly higher volumes (+4%). Tight market conditions continue to drive strong demand and favorable pricing across the product portfolio. Adjusted EBITDA of $135.7 million increased $43.0 million as higher net sales were partially offset by higher costs for raw materials and freight.
Bromine Outlook
Adjusted EBITDA for the full year 2022 is expected to grow approximately 25-30% from 2021 based on higher pricing resulting from strong demand in diverse end-markets including fire safety solutions and clear completion fluids for offshore new well drilling. Successful execution of growth projects in 2021 is expected to contribute to a 5-10% volume increase in full-year 2022. Bromine's ongoing cost savings initiatives and favorable pricing are expected to offset higher freight and raw material costs.
Catalysts Results
Catalysts net sales of $210.3 million increased $62.0 million (+42%) compared to the previous year due to higher volumes (+37%) and higher pricing net of FX (+5%). Adjusted EBITDA of $9.8 million declined $11.4 million as higher sales were more than offset by continued cost pressures from increasing natural gas prices and raw materials.
Catalysts Outlook
Albemarle expects full-year 2022 adjusted EBITDA to be down 25-65% year-over-year, down from the previous outlook due to continued volatility of raw materials costs and natural gas pricing in Europe related to the war in Ukraine, partially offset by higher pricing.
The strategic review of the Catalysts business is ongoing. The company expects to provide an update as soon as circumstances warrant.
All Other
Other operations represent the FCS business which was sold on June 1, 2021.
Balance Sheet and Liquidity
As of June 30, 2022, Albemarle had estimated liquidity of approximately $2.6 billion, including $930.6 million of cash and equivalents, the full $1 billion under its revolver, $500 million remaining under its amended delayed draw term loan and $200.7 million on other available credit lines. Total debt was $3.5 billion, representing net debt to adjusted EBITDA of approximately 1.7 times.
Cash Flow and Capital Deployment
Cash from operations of $60.3 million decreased $325.5 million for the six months ended June 30, 2022, versus the prior year driven by working capital changes, primarily the increase in receivables and inventories from higher lithium pricing, as well as a $332.5 million litigation settlement payment, partially offset by increased adjusted EBITDA. Capital expenditures of $502.6 million increased by $105.7 million versus the prior year as the company nears completion of its Wave 2 Lithium expansion projects and progresses the next wave of growth projects.
Albemarle's primary capital allocation priorities are to invest in organic and inorganic opportunities to drive profitable growth, maintain its financial flexibility and Investment Grade credit rating, and fund its dividend.
Earnings Call
The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. Albemarle thinks beyond business-as-usual to power the potential of companies in many of the world's largest and most critical industries, such as energy, electronics, and transportation. Albemarle actively pursues a sustainable approach to managing its diverse global footprint of world-class resources. In conjunction with Albemarle's highly experienced and talented global teams, its deep-seated values, and its collaborative customer relationships, Albemarle creates value-added and performance-based solutions that enable a safer and more sustainable future.
Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding the company, its businesses and the markets it serves.
Forward-Looking Statements
Some of the information presented in this press release, the conference call and discussions that follow, including, without limitation, information related to the timing of active and proposed projects, production capacity, committed volumes, pricing, financial flexibility, expected growth, anticipated return on opportunities, earnings and demand for Albemarle's products, productivity improvements, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, capital projects, future acquisition and divestiture transactions including statements with respect to timing, expected benefits from proposed transactions, market and economic trends, statements with respect to 2022 outlook and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; changes in financial and operating performance of its major customers and industries and markets served by it; the timing of orders received from customers; the gain or loss of significant customers; fluctuations in lithium market pricing, which could impact our revenues and profitability particularly due to our increased exposure to index-referenced and variable-priced contracts for battery grade lithium sales; changes with respect to contract renegotiations; potential production volume shortfalls; competition from other manufacturers; changes in the demand for its products or the end-user markets in which its products are sold; limitations or prohibitions on the manufacture and sale of its products; availability of raw materials; increases in the cost of raw materials and energy, and its ability to pass through such increases to its customers; technological change and development, changes in its markets in general; fluctuations in foreign currencies; changes in laws and government regulation impacting its operations or its products; the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to the U.S. Foreign Corrupt Practices Act and foreign anti-corruption laws); the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; the effect of climate change, including any regulatory changes to which it might be subject; hazards associated with chemicals manufacturing; the inability to maintain current levels of insurance, including product or premises liability insurance, or the denial of such coverage; political unrest affecting the global economy, including adverse effects from terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from its global manufacturing cost reduction initiatives as well as its ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of its earnings and changes in tax laws and rates or interpretation; changes in monetary policies, inflation or interest rates that may impact its ability to raise capital or increase its cost of funds, impact the performance of its pension fund investments and increase its pension expense and funding obligations; volatility and uncertainties in the debt and equity markets; technology or intellectual property infringement, including cyber-security breaches, and other innovation risks; decisions it may make in the future; future acquisition and divestiture transactions, including the ability to successfully execute, operate and integrate acquisitions and divestitures and incurring additional indebtedness; continuing uncertainties as to the duration and impact of the coronavirus (COVID-19) pandemic; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K any subsequently filed Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
See accompanying non-GAAP reconciliations below.
Additional Information
It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted diluted earnings per share, non-operating pension and OPEB items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.
A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.
See below for a reconciliation of adjusted EBITDA on a segment basis, the non-GAAP financial measure, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages).
Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income (expenses), net. Non-operating pension and OPEB items were as follows (in thousands):
In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):
See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages).
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. | https://www.ktre.com/prnewswire/2022/08/03/albemarle-reports-strong-second-quarter-sales-growth-raising-guidance/ | 2022-08-03T23:00:18Z | https://www.ktre.com/prnewswire/2022/08/03/albemarle-reports-strong-second-quarter-sales-growth-raising-guidance/ | false |
Task force busts catalytic converter theft ring with $12M in stolen goods, and guns
HOUSTON - Houston authorities apprehended six individuals last week in connection with a crime ring that had nearly $12 million worth of stolen catalytic converters, firearms and a Challenger Hellcat.
The months long investigation stemmed from the death of Harris County Sheriff’s Deputy Darren Almendarez, who was shot while trying to stop thieves from stealing his catalytic converter, according to Immigration and Customs Enforcement (ICE).
The individuals arrested for their alleged role in the theft ring were Houston residents Jose Martinez, 19; Armando Martinez, 18; Isaac Castillo, 21; Terance Elder, 20, Armando Martinez Sr., 39, and Dayton resident Jose Sanchez, 21.
SEE ALSO: Resident shot at after confronting catalytic converter thieves in El Sobrante
Police say the culprits promoted their alleged catalytic converter enterprise online by advertising parts of the vehicles that had been stolen.
Police found millions of dollars in contraband. (U.S. Immigration and Customs Enforcement)
Martinez Sr. is charged with engaging in organized crime and was released on bond before being taken back into custody on two charges with a $75,000 bond on each charge, KHOU 11 reported.
Martinez Jr. is charged with aggregate theft and two counts for organized crime. His bond was set at $200,000. Jose Martinez is charged with engaging in criminal activity. His bond was also set at $200,000.
Elder is charged with engaging in criminal activity, and his bond was set at $35,000. Castillo and Sanchez remain in custody, but additional details weren’t available.
Catalytic converter thefts have been on the rise in recent months, particularly in the Houston area, amid the highest demand for cars and replacement parts in years. | https://www.fox10phoenix.com/news/task-force-busts-catalytic-converter-theft-ring-with-12m-in-stolen-goods-and-guns | 2022-08-03T23:00:52Z | https://www.fox10phoenix.com/news/task-force-busts-catalytic-converter-theft-ring-with-12m-in-stolen-goods-and-guns | true |
OKLAHOMA CITY, Aug. 3, 2022 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the three and six-month periods ended June 30, 2022.
Recent Highlights
- Generated Adjusted EBITDA(1) of $53.7 million in the second quarter compared to $39.4 million in the prior quarter
- Second quarter net income was $48.5 million, or $1.32 per basic share. Adjusted net income(1) was $48.9 million, or $1.33 per basic share.
- Second quarter 2022 production of 17.8 MBoed was consistent with first quarter 2022, despite no new completion activity
- Successfully drilled the first two wells of its previously announced 2022 capital development program during the second quarter with completions and first production commencing during the third quarter
- As of June 30, 2022, the Company returned 29 wells to production in the first half of 2022 that were previously curtailed due to the 2020 commodity price downturn. The Company has returned a total of 158 wells to production since the beginning of 2021
- Second quarter adjusted G&A(1) of $1.8 million, or $1.09 per Boe, compared to $2.2 million, or $1.35 per Boe in the prior quarter
- Updated 2022 operational and capital expenditure guidance to include the addition of three new wells to the Company's drilling and completion program in addition to expanded well reactivation activity
- The Company had no open hedge positions as of June 30, 2022
Financial Results & Update
Profitability & Realized Pricing
For the three-months ended June 30, 2022, the Company reported net income of $48.5 million, or $1.32 per basic share, and net cash provided by operating activities of $47.0 million. After adjusting for certain items, the Company's adjusted net income(1) amounted to $48.9 million, or $1.33 per basic share, adjusted operating cash flow(1) totaled $53.3 million and adjusted EBITDA(1) was $53.7 million for the quarter. The Company defines and reconciles adjusted net income, adjusted operating cash flow, adjusted EBITDA, and other non-GAAP financial measures to the most directly comparable Generally Accepted Accounting Principles in the United States ("GAAP") measure in supporting tables at the conclusion of this press release.
Second quarter realized oil, natural gas, and natural gas liquids prices, before the impact of derivatives,(2) were $109.06, $5.30 and $35.96, respectively, compared to $92.35, $3.84 and $33.73 in the prior quarter.
Operating Costs
During the second quarter of 2022, lease operating expense ("LOE") was $9.5 million or $5.87 per Boe compared to $10.9 million, or $6.76 per Boe in the prior quarter.
For the three months ended June 30, 2022, general and administrative expense ("G&A") was $2.2 million, or $1.34 per Boe compared to $2.5 million, or $1.57 per Boe for the three months ended March 31, 2022. Adjusted G&A(1) was $1.8 million, or $1.09 per Boe during the second quarter of 2022 compared to $2.2 million, or $1.35 per Boe during the first quarter of 2022.
Operational Results & Update
Production
Production totaled 1,620 MBoe (17.8 MBoed, 12.8% oil, 33.4% NGLs and 53.8% natural gas) for the three-months ended June 30, 2022 compared to 1,606 MBoe (17.8 MBoed, 13.3% oil, 32.8% NGLs, and 53.9% natural gas) in the first quarter. This consistent quarter-over-quarter production profile was a result of the Company's ongoing well reactivation program. The first of the Company's planned 2022 completions are being turned to production during the third quarter.
2022 Development Program
During the second quarter, SandRidge successfully drilled the first two wells of its previously announced 2022 capital development program with completions and first production commencing during the third quarter. The third well is currently in the drilling phase. The Company announced an increase to its planned 2022 drilling and completion activity from nine wells to twelve wells.
Well Reactivation & Rod Pump Conversion Program
During the second quarter of 2022, the Company continued returning wells to production that were previously curtailed due to the commodity price downturn in the first half of 2020 and, in many cases, improving their production potential through capital improvements. Improved commodity pricing resulting in high rates of return, along with low execution risk, support the Company's belief that these projects represent a superior use of capital. During the second quarter of 2022, the Company brought 19 wells back online, bringing the total for the first half of 2022 to 29 and the total since the beginning of 2021 to 158. Throughout 2022, SandRidge currently expects to return approximately 54 wells to production and complete approximately 36 artificial lift conversions. The Company continues to evaluate its inventory of such projects.
Environmental, Social, and Governance ("ESG")
SandRidge maintains its Environmental, Social, and Governance ("ESG") commitment, to include no routine flaring of produced natural gas. The Company continues to explore the technical and commercial viability of Carbon Capture, Utilization, and Sequestration ("CCUS") across its owned and operated assets through its partnership with the University of Oklahoma.
Recently announced Operational and Capital Expenditure Guidance
As a result of current and expected commodity prices enhancing project returns, the Company now plans to spend $40-$50 million in drilling and completions ("D&C") capital and $16-$20 million in non-D&C capital for well reactivations and rod pump conversions. Total production for 2022 is projected to be 5.9-7.1 MMBoe, representing an approximately 5% increase at the midpoint vs. its prior production guidance. In addition to the benefit of added production this year, increased activity in the second half of 2022 is expected to contribute an approximately 13% uplift in 2023 volumes. The table below outlines changes to the Company's full year 2022 guidance in further detail.
Liquidity and Capital Structure
As of June 30, 2022, the Company had $205.2 million of cash and cash equivalents, including restricted cash. The Company has no outstanding term or revolving debt obligations.
Conference Call Information
The Company will host a conference call to discuss these results on Thursday, August 4, 2022 at 10:00 am CT. To join the live conference call, please dial 877-407-8293 (U.S. and Canada) or 201-689-8349 (international) ten to fifteen minutes prior to the scheduled call time. Participants can also click here for instant telephone access to the event. The link will become active approximately fifteen minutes prior to the start of the conference call.
A live audio webcast of the conference call will also be available via SandRidge's website, investors.sandridgeenergy.com, under Presentation & Events. The webcast will be archived for replay on the Company's website for 30 days.
Contact Information
Investor Relations
SandRidge Energy, Inc.
1 E. Sheridan Ave. Suite 500
Oklahoma City, OK 73104
investors@sandridgeenergy.com
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, production, and acquisition of oil and gas properties. Its primary area of operations is the Mid-Continent region in Oklahoma and Kansas. Further information can be found at sandridgeenergy.com.
-Tables to Follow-
Operational and Financial Statistics
Information regarding the Company's production, pricing, costs and earnings is presented below:
Capital Expenditures
The table below presents actual results of the Company's capital expenditures for the three and six months ended June 30, 2022.
Capitalization
The Company's capital structure as of June 30, 2022 and December 31, 2021 is presented below:
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure.
Reconciliation of Cash Provided by Operating Activities to Adjusted Operating Cash Flow
The Company defines Adjusted operating cash flow as net cash provided by operating activities before changes in operating assets and liabilities as shown in the following table. Adjusted Operating cash flow is a supplemental financial measure used by the Company's management and by securities analysts, investors, lenders, rating agencies and others who follow the industry as an indicator of the Company's ability to internally fund exploration and development activities and to service or incur additional debt. The Company also uses this measure because operating cash flow relates to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. Further, Adjusted operating cash flow allows the Company to compare its operating performance and return on capital with those of other companies without regard to financing methods and capital structure. This measure should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP.
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income (loss) before income tax (benefit) expense, interest expense, depreciation and amortization - other and depreciation and depletion - oil and natural gas. Adjusted EBITDA, as presented herein, is EBITDA excluding items that management believes affect the comparability of operating results such as items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Adjusted EBITDA is presented because management believes it provides useful additional information used by the Company's management and by securities analysts, investors, lenders, ratings agencies and others who follow the industry for analysis of the Company's financial and operating performance on a recurring basis and the Company's ability to internally fund exploration and development and to service or incur additional debt. In addition, management believes that adjusted EBITDA is widely used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in the oil and gas industry. The Company's adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Reconciliation of Cash Provided by Operating Activities to Adjusted EBITDA
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Net Income (Loss) Available to Common Stockholders
The Company defines adjusted net income (loss) as net income (loss) excluding items that management believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring, as shown in the following tables.
Management uses the supplemental measure of adjusted net income (loss) as an indicator of the Company's operational trends and performance relative to other oil and natural gas companies and believes it is more comparable to earnings estimates provided by securities analysts. Adjusted net income (loss) is not a measure of financial performance under GAAP and should not be considered a substitute for net income (loss) available to common stockholders.
Reconciliation of G&A to Adjusted G&A
The Company reports and provides guidance on Adjusted G&A per Boe because it believes this measure is commonly used by management, analysts and investors as an indicator of cost management and operating efficiency on a comparable basis from period to period and to compare and make investment recommendations of companies in the oil and gas industry. This non-GAAP measure allows for the analysis of general and administrative spend without regard to stock-based compensation programs and other non-recurring cash items, if any, which can vary significantly between companies. Adjusted G&A per Boe is not a measure of financial performance under GAAP and should not be considered a substitute for general and administrative expense per Boe. Therefore, the Company's Adjusted G&A per Boe may not be comparable to other companies' similarly titled measures.
The Company defines adjusted G&A as general and administrative expense adjusted for certain non-cash stock-based compensation and other non-recurring items, if any, as shown in the following tables:
Cautionary Note to Investors - This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are neither historical facts nor assurances of future performance and reflect SandRidge's current beliefs and expectations regarding future events and operating performance. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and appraisal programs, drilling inventory and locations, estimated oil, natural gas and natural gas liquids production, price realizations and differentials, hedging program, projected operating, general and administrative and other costs, projected capital expenditures, tax rates, efficiency and cost reduction initiative outcomes, liquidity and capital structure and the Company's unaudited proved developed PV-10 reserve value of its Mid-Continent assets. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, actual decline curves and the actual effect of adding compression to natural gas wells, the availability and terms of capital, the ability of counterparties to transactions with us to meet their obligations, our timely execution of hedge transactions, credit conditions of global capital markets, changes in economic conditions, the amount and timing of future development costs, the availability and demand for alternative energy sources, regulatory changes, including those related to carbon dioxide and greenhouse gas emissions, and other factors, many of which are beyond our control. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K and 10-K/A and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such form 10-K. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our Company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements.
SandRidge Energy, Inc. (NYSE: SD) is an independent oil and gas company engaged in the development, production, and acquisition of oil and gas properties. Its primary areas of operation are the Mid-Continent in Oklahoma and Kansas. Further information can be found at www.sandridgeenergy.com.
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ATLANTA (AP) _ FleetCor Technologies Inc. (FLT) on Wednesday reported second-quarter profit of $262.2 million.
The Atlanta-based company said it had net income of $3.35 per share. Earnings, adjusted for non-recurring costs and stock option expense, came to $4.17 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.89 per share.
The provider of fuel card and payment products for businesses posted revenue of $861.3 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $819.9 million.
For the current quarter ending in October, FleetCor Technologies expects its per-share earnings to range from $4.15 to $4.25.
The company said it expects revenue in the range of $870 million to $890 million for the fiscal third quarter.
FleetCor Technologies expects full-year earnings in the range of $15.85 to $16.05 per share, with revenue ranging from $3.38 billion to $3.42 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FLT at https://www.zacks.com/ap/FLT | https://www.sfchronicle.com/business/article/FleetCor-Technologies-Q2-Earnings-Snapshot-17349500.php | 2022-08-03T23:04:11Z | https://www.sfchronicle.com/business/article/FleetCor-Technologies-Q2-Earnings-Snapshot-17349500.php | true |
GOP targets for Dem bill: Inflation, taxes, Manchin, Sinema
WASHINGTON (AP) — Republicans see inflation, taxes and immigration as Democratic weak spots worth attacking, and two opposition senators as prime targets, in the upcoming battle over an economic package the Democrats want to push through the Senate.
The measure embodies some of the top environment, energy, health care and tax policy aspirations that President Joe Biden and party leaders want to enact as voters start tuning in to this fall’s congressional elections. The GOP would like to derail or weaken the measure, or at least force Democrats to take votes that would be painful to defend in reelection campaigns.
Republicans are already aiming fire at Sen. Joe Manchin, D-W.Va., who crafted the measure with Senate Majority Leader Chuck Schumer, D-N.Y., and unexpectedly pumped life into an effort most Democrats considered moribund. Manchin is a conservative Democrat from a deep red state who has scuttled his party’s priorities before, and Republicans have savaged him in recent days, an unsubtle signal that they’ll be coming for him should he seek reelection in 2024.
“He made a terrible deal,” Senate Minority Leader Mitch McConnell, R-Ky., told reporters this week. “How he can defend this from a West Virginia point of view, or think of it as a centrist type of agreement, is astonishing. This is an agreement only Bernie Sanders would love.”
Even Sen. Shelley Moore Capito, R-W.Va., who has a strong relationship with Manchin and seldom clashes with him publicly, lambasted the legislation for imposing a minimum tax on huge, profitable corporations that she said would hinder investments. “Like many West Virginians, I’m concerned that this tax increase will delay closing the digital divide” in rural communities, she said.
Republicans are taking a softer approach with Sen. Kyrsten Sinema, D-Ariz., who has been coy about the legislation and has shown concerns about tax increases. She’s her party’s biggest question mark on this bill in the 50-50 chamber, where all Republicans seem certain to vote “no,” and she’s held several discussions with GOP senators during votes this week.
Sinema has opposed past proposals to raise taxes on wealthy equity firm executives, which this time would raise around $14 billion of this legislation’s $739 billion in revenue. She met with Arizona manufacturers who oppose boosting the corporate minimum tax and thanked her afterward in a tweet for her “thoughtful approach & willingness to listen to AZ job creators.”
“I don’t know what she thinks,” Idaho Sen. Mike Crapo, top Republican on the Senate Finance Committee, told reporters. “‘We are making our case’ is the best we can say.”
The 10-year measure includes hundreds of billions in spending and tax breaks to encourage alternative energy production and to bolster fossil fuels with steps like tax breaks for technology that reduces carbon emissions. There’s also money to help people buy private health coverage, and provisions giving Medicare the power to negotiate prices on some drugs with pharmaceutical makers.
The bill “will lower costs, fight inflation, and secure historic wins in the fight against climate change,” Schumer said.
The GOP seems certain to try stripping or toning down the corporate minimum tax and language raising taxes on wealthy equity firm executives as well, and has hopes of winning over Sinema as the decisive vote for that. After she opposed Democrats’ proposed tax rate increases last year on corporations and high earners, they switched to a corporate minimum tax that she supported, but it is uncertain if she will do so now.
Republicans could fashion amendments aimed at particular Democratic senators — such as one exempting coal producers from certain taxes in a play for Manchin.
To buttress its argument, the GOP released an analysis by the nonpartisan Joint Committee on Taxation that Republicans said showed tax boosts for people earning below $400,000. That would violate Biden’s pledge to not boost levies on that income group.
“Ordinary Americans would bear a substantial part of the burden of this tax increase,” said No. 2 Senate GOP leader John Thune of South Dakota.
Democrats dismissed that attack, noting that the study omitted the effect of the bill’s health care and energy tax breaks for individuals. It also counted lower salaries, stock prices and dividends it believes will occur as part of the effect the bill would have on people.
Overall, the Congressional Budget Office said Wednesday the measure could trim federal deficits by around $305 billion. But $204 billion of that would come from improving IRS tax collections, which will be real if it occurs but the nonpartisan agency does not count in its formal scoring of the bill’s impact.
In a bow to dominant voter concerns about gasoline prices and overall consumer costs, Democrats call the bill the Inflation Reduction Act. Yet its impact on the nation’s worst bout with inflation in four decades seems likely to be limited.
The University of Pennsylvania’s Penn Wharton Budget Model estimated the measure would “very slightly increase inflation until 2024 and decrease inflation thereafter,” though the changes would be “statistically indistinguishable from zero.” McConnell said that study showed the Democrats’ bill would “actually increase inflation in the short term and do nothing for inflation in the long term.”
Democrats have cited a Moody’s Analytics report saying the bill would “nudge the economy and inflation in the right direction.” And they distributed a letter by five former Treasury secretaries, including Henry Paulson Jr., who served under GOP President George W. Bush, saying the measure would strengthen the economy, “lower costs for families and fight inflation.”
That battlefield suggests Republican amendments are likely on the subject of prices. One could imagine a proposal preventing the bill from taking effect unless inflation, or gasoline prices, fall to certain levels. Democratic leaders are trying this week to unify rank-and-file senators against such plans.
The GOP could also try to renew immigration restrictions imposed by President Donald Trump that cited the pandemic as a reason to exclude migrants, an issue that sharply divides Democrats. And they might seek to delete tax credits aimed at encouraging alternative energy and that favor companies that pay union-scale wages.
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AP reporter Seung Min Kim contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. | https://www.kfyrtv.com/2022/08/03/gop-targets-dem-bill-inflation-taxes-manchin-sinema/ | 2022-08-03T23:05:07Z | https://www.kfyrtv.com/2022/08/03/gop-targets-dem-bill-inflation-taxes-manchin-sinema/ | true |
Prime minister resigns, adding to political turmoil in Peru
By FRANKLIN BRICEÑO
Associated Press
LIMA, Peru (AP) — Peru’s prime minister has announced his resignation, adding to political uncertainty in the South American nation as President Pedro Castillo faces several criminal investigations after only a year in office. Aníbal Torres said Wednesday that he wants to return to university teaching. Torres was Castillo’s fourth prime minister. Previously, he had been justice minister since Castillo took office July 28, 2021. Castillo was a rural teacher before he shocked Peru’s political elite by winning election as president campaigning on promises to improve education, health care and other services. But the political neophyte’s first year has seen near constant turmoil, with Castillo staving off two impeachment attempts. | https://kion546.com/news/2022/08/03/prime-minister-resigns-adding-to-political-turmoil-in-peru/ | 2022-08-03T23:06:04Z | https://kion546.com/news/2022/08/03/prime-minister-resigns-adding-to-political-turmoil-in-peru/ | false |
LIMA, Peru (AP) — Peru's prime minister announced his resignation Wednesday, adding to political uncertainty in the South American nation as President Pedro Castillo faces several criminal investigations after only a year in office.
In a letter to the president posted on his Twitter account, Aníbal Torres said he was giving up the post “for personal reasons.”
Castillo, who under the law can accept or reject the resignation, made no comment.
Torres was Castillo’s fourth prime minister, having taken the post in February. Previously, he had been justice minister since Castillo took office July 28, 2021.
Castillo was a rural teacher before he shocked Peru's political elite by winning election as president campaigning on promises to improve education, health care and other services. But the political neophyte's first year has seen near constant turmoil, with Cabinet members changing multiple times and Castillo staving off two impeachment attempts.
The president also has five investigations pending against him, including some involving claims of corruption and one for the alleged plagiarism of his master’s thesis.
Torres, who said he wanted to return to university teaching, has been a strong defender of Castillo. He has criticized the press and said those attacking the president “belong to the upper class, the right and the ultra-right.” He said those who are accusing the president are “the real thieves, who have stolen billions” from Peru. | https://www.mrt.com/news/article/Prime-minister-resigns-adding-to-political-17349693.php | 2022-08-03T23:06:29Z | https://www.mrt.com/news/article/Prime-minister-resigns-adding-to-political-17349693.php | false |
FOSTER CITY, Calif. (AP) _ QuinStreet Inc. (QNST) on Wednesday reported a loss of $4.9 million in its fiscal fourth quarter.
The Foster City, California-based company said it had a loss of 9 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 4 cents per share.
The online marketing services company posted revenue of $146.5 million in the period.
For the year, the company reported a loss of $5.2 million, or 10 cents per share. Revenue was reported as $582.1 million.
For the current quarter ending in October, QuinStreet said it expects revenue in the range of $135 million to $140 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QNST at https://www.zacks.com/ap/QNST | https://www.sfgate.com/business/article/QuinStreet-Fiscal-Q4-Earnings-Snapshot-17349665.php | 2022-08-03T23:06:30Z | https://www.sfgate.com/business/article/QuinStreet-Fiscal-Q4-Earnings-Snapshot-17349665.php | false |
HOUSTON (AP) _ Seacor Marine Holdings Inc. (SMHI) on Wednesday reported a loss of $19.1 million in its second quarter.
On a per-share basis, the Houston-based company said it had a loss of 72 cents.
The operator of a fleet of marine support vessels posted revenue of $54 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SMHI at https://www.zacks.com/ap/SMHI | https://www.sfgate.com/business/article/Seacor-Marine-Q2-Earnings-Snapshot-17349611.php | 2022-08-03T23:07:10Z | https://www.sfgate.com/business/article/Seacor-Marine-Q2-Earnings-Snapshot-17349611.php | true |
PORTSMOUTH, N.H., Aug. 3, 2022 /PRNewswire/ -- TALON, a pioneer and industry leader in providing groundbreaking healthcare technology solutions, has announced a new partnership with third-party administrator Fox/Everett, a division of HUB International.
With a proven, seven-decade track record of offering innovative insurance solutions and unsurpassed service to clients and members spanning a wide range of industries, Fox/Everett has chosen to implement TALON's turn-key solution in support of the Transparency in Coverage Rule and No Surprises Act.
"After a thorough analysis of all solutions, we have chosen TALON as the' Best in Class" provider, to meet the federal mandate and provide a state-of-the-art Price Transparency Platform, helping our client's members lower their overall cost of healthcare," said Grant Brabham, Senior Vice-President HUB & Director of Fox/Everett.
TALON Co-Founder, President, and CEO Mark Galvin says that Fox/Everett had a very specific set of needs that TALON was able to meet—quickly and seamlessly.
"Fox/Everett recognized the need to provide their diverse dossier of clients with a comprehensive, scalable, easy-to-implement solution that not only ensures full compliance with current AND forthcoming transparency mandates, avoiding budget-busting financial penalties that are being enforced TODAY, but also empowers and incentivizes plan members to make smart, economical decisions about their own care. TALON provides that, and much more, in one streamlined solution," said Galvin.
About TALON
TALON's mission is to educate, empower, and incentivize the American healthcare consumer to meaningfully reduce costs and create a healthier ecosystem. We've built the ultimate suite of software services designed to fulfill the requirements of the Transparency in Coverage Rule and No Surprises Act. Simply put, TALON protects healthcare stakeholders from overpaying for care while enabling seamless integration into the Payer's existing architecture, all without disruption or distraction. Our tools create free-market dynamics, starting with our ability to ensure full compliance with all mandates and extending through our consumer-driven MyMedicalShopper platform. Learn more at talonhealthtech.com.
About Fox/Everett
Fox/Everett, a Division of Hub International, is a single source for any business' or individual's insurance needs, with the ability to provide the full spectrum of insurance products and services from business insurance, third party claims administration, employee benefits, personal insurance, financial services, and retirement plan administration and consulting. Learn more at http://hubinternational.com/.
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MINEOLA, N.Y. (AP) — The driver in a hit-and-run crash that killed the father of rapper Nicki Minaj last year was sentenced Wednesday to a year in jail, in keeping with a promise the judge made when the man pleaded guilty in May.
Charles Polevich, who pleaded guilty to leaving the scene and tampering with evidence in the crash on New York’s Long Island that killed Robert Maraj, was also ordered to pay a $5,000 fine and had his driver’s license suspended for six months.
Polevich’s lawyer, Marc Gann, suggested his client may have had a medical issue at the time of the crash and that he wasn’t fully aware of what had happened when he fled.
Polevich, 72, said in court that he’s “been heartsick since realizing the extent of the tragedy” and that there was “no excuse” for his behavior.
Maraj’s widow, Carol Maraj, said in court that Polevich had left her husband “like a dog on the street” and that sparing him a longer jail sentence was a “slap in the face for the family,” Newsday reported.
Polevich struck Maraj, 64, while Maraj was walking along Roslyn Road in Mineola in February 2021. Polevich stopped briefly to ask Maraj if he was OK, but didn’t call for help, prosecutors said.
Instead, Polevich went home, parked the car — a white, 1992 Volvo station wagon — in his garage and covered it with a tarp, prosecutors said. Maraj was taken to a hospital and pronounced dead the next day.
Prosecutors sought a sentence of one to three years behind bars, but Nassau County Judge Howard Sturim said in May, when Polevich pleaded guilty, that he would get “no more than one year in jail.”
Brendan Brosh, a spokesperson for the Nassau County district attorney’s office, said that “given the severity of the defendant’s conduct,” prosecutors felt a stiffer sentence was warranted.
“We continue to express our condolences to the family of Robert Maraj,” Brosh said.
Gann asked for a 90-day jail sentence, arguing that other factors outside of Polevich’s control were partially to blame for the crash, including road construction, street lights that weren’t working and Maraj’s physical condition.
Maraj’s widow, Carol Maraj, is suing Polevich over the crash.
Polevich, who had been splitting time between Long Island and Guam, where he runs a drilling and water purification business, surrendered to police a few days after the crash.
Detectives said they used pieces of surveillance video to track the Volvo involved in the crash to Polevich’s Mineola home.
Nicki Minaj, the platinum-selling, Grammy-nominated rapper of “Anaconda,” “Super Bass” and other hits, was born Onika Tanya Maraj in Trinidad and was raised in Queens.
In a post on her website, Minaj, 39, called her father’s death “the most devastating loss of my life.” | https://www.texomashomepage.com/entertainment-news/driver-gets-1-year-in-jail-in-death-of-nicki-minajs-father/ | 2022-08-03T23:09:56Z | https://www.texomashomepage.com/entertainment-news/driver-gets-1-year-in-jail-in-death-of-nicki-minajs-father/ | false |
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Phil Mickelson, Bryson DeChambeau and nine other players who defected to the Saudi-funded LIV Golf filed an antitrust lawsuit Wednesday against the PGA Tour, the first step in a legal fight that could define the boundaries of where players can compete.
The lawsuit, filed in U.S. District Court in San Francisco, claims the PGA Tour has used monopoly power to try to squash competition and has unfairly suspended players.
A separate motion was filed asking for a temporary restraining order to allow Talor Gooch, Matt Jones and Hudson Swafford to play in the FedEx Cup playoffs, the PGA Tour’s postseason, which begins next week.
The lawsuit also revealed that PGA Tour Commissioner Jay Monahan suspended Mickelson for two months in March for his role in recruiting players to LIV Golf. It said Mickelson's request in June to be reinstated was denied because he played in a LIV Golf event and that he was suspended until March 2024 for playing in another one.
Monahan responded to the lawsuit with a terse memo to his players in which he referred to “11 of your former colleagues” suing the tour and continued to refer to LIV Golf as the “Saudi Golf League.”
Saudi Arabia's sovereign wealth fund is the primary source of the money paying exorbitant signing bonuses and providing $25 million purses for 48-man fields. Several players are in their 40s and no longer ranked among the top 50 in the world.
Monahan said players knew the consequences of signing up for the rival league.
“We have been preparing to protect our membership and contest this latest attempt to disrupt our tour, and you should be confident in the legal merits of our position,” Monahan wrote.
“Fundamentally, these suspended players — who are now Saudi Golf League employees — have walked away from the tour and now want back in," he wrote. “It's an attempt to use the tour platform to promote themselves and to freeride on your benefits and efforts.”
LIV Golf said in a statement: "The players are right to have brought this action to challenge the PGA’s anti-competitive rules and to vindicate their rights as independent contractors to play where and when they choose. Despite the PGA Tour’s effort to stifle competition, we think golfers should be allowed to play golf.”
Its CEO, Greg Norman, has said LIV Golf would be willing to financially support any legal matters. Last month, four European tour players won a temporary stay from a U.K. judge that allowed them to play in the Scottish Open.
Mickelson reportedly signed a deal worth $200 million to join the Saudi-funded venture, with DeChambeau in the $150 million range. And those are just signing bonuses. Seventeen players already have made more than $1 million in three tournaments or fewer.
The PGA Tour denied releases for players to compete in LIV events and suspended them as soon as they put a ball in play. Some players, like Dustin Johnson, Patrick Reed and Sergio Garcia, chose to resign their PGA Tour membership.
At the heart of the lawsuit are allegations the PGA Tour is using its might as the strongest tour in golf to bully players and anyone else that could get involved with LIV Golf. It accused the tour of intimidating a tent vendor and a technology company, among others, with whom LIV Golf was trying to do business to launch its series.
It also claims the tour's threats to ban players ultimately forced LIV Golf to pay more in signing bonuses to get the players it wanted, and forced the rival league to change its startup plans to only eight events this year. LIV Golf announced a 14-tournament schedule for next year.
“The Tour's conduct has substantially diminished and impaired the entry of the promoters that could meaningfully threaten the PGA Tour’s monopoly, which has stood unchallenged for decades,” the lawsuit contends.
The tour has stood by its belief that it is a membership organization with regulations that players choose to accept. That includes a code of conduct and a requirement to play at least 15 tournaments a year to keep full membership.
Players typically are allowed three releases a year to play overseas events held the same week as a PGA Tour tournament. The tour does not allow releases for conflicting events in North America.
Two LIV Golf events were held in the U.S., first in Oregon last month and then last week at Trump National in New Jersey. Three more this year are scheduled for courses near Boston, Chicago and Miami.
Monahan has been forceful in his comments about LIV Golf, referring in June to the tour being unable to compete with “a foreign monarchy that is spending billions of dollars in attempt to buy the game of golf.”
“We welcome good, healthy competition. The LIV Saudi golf league is not that,” he said. “It’s an irrational threat, one not concerned with the return on investment or true growth of the game.”
___
More AP golf: https://apnews.com/hub/golf and https://twitter.com/AP_Sports | https://www.sfgate.com/news/article/Mickelson-others-sue-PGA-Tour-over-LIV-Golf-17348818.php | 2022-08-03T23:10:25Z | https://www.sfgate.com/news/article/Mickelson-others-sue-PGA-Tour-over-LIV-Golf-17348818.php | true |
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Phil Mickelson, Bryson DeChambeau and nine other players who defected to the Saudi-funded LIV Golf filed an antitrust lawsuit Wednesday against the PGA Tour, the first step in a legal fight that could define the boundaries of where players can compete.
The lawsuit, filed in U.S. District Court in San Francisco, claims the PGA Tour has used monopoly power to try to squash competition and has unfairly suspended players.
A separate motion was filed asking for a temporary restraining order to allow Talor Gooch, Matt Jones and Hudson Swafford to play in the FedEx Cup playoffs, the PGA Tour’s postseason, which begins next week.
The lawsuit also revealed that PGA Tour Commissioner Jay Monahan suspended Mickelson for two months in March for his role in recruiting players to LIV Golf. It said Mickelson's request in June to be reinstated was denied because he played in a LIV Golf event and that he was suspended until March 2024 for playing in another one.
Monahan responded to the lawsuit with a terse memo to his players in which he referred to “11 of your former colleagues” suing the tour and continued to refer to LIV Golf as the “Saudi Golf League.”
Saudi Arabia's sovereign wealth fund is the primary source of the money paying exorbitant signing bonuses and providing $25 million purses for 48-man fields. Several players are in their 40s and no longer ranked among the top 50 in the world.
Monahan said players knew the consequences of signing up for the rival league.
“We have been preparing to protect our membership and contest this latest attempt to disrupt our tour, and you should be confident in the legal merits of our position,” Monahan wrote.
“Fundamentally, these suspended players — who are now Saudi Golf League employees — have walked away from the tour and now want back in," he wrote. “It's an attempt to use the tour platform to promote themselves and to freeride on your benefits and efforts.”
LIV Golf said in a statement: "The players are right to have brought this action to challenge the PGA’s anti-competitive rules and to vindicate their rights as independent contractors to play where and when they choose. Despite the PGA Tour’s effort to stifle competition, we think golfers should be allowed to play golf.”
Its CEO, Greg Norman, has said LIV Golf would be willing to financially support any legal matters. Last month, four European tour players won a temporary stay from a U.K. judge that allowed them to play in the Scottish Open.
Mickelson reportedly signed a deal worth $200 million to join the Saudi-funded venture, with DeChambeau in the $150 million range. And those are just signing bonuses. Seventeen players already have made more than $1 million in three tournaments or fewer.
The PGA Tour denied releases for players to compete in LIV events and suspended them as soon as they put a ball in play. Some players, like Dustin Johnson, Patrick Reed and Sergio Garcia, chose to resign their PGA Tour membership.
At the heart of the lawsuit are allegations the PGA Tour is using its might as the strongest tour in golf to bully players and anyone else that could get involved with LIV Golf. It accused the tour of intimidating a tent vendor and a technology company, among others, with whom LIV Golf was trying to do business to launch its series.
It also claims the tour's threats to ban players ultimately forced LIV Golf to pay more in signing bonuses to get the players it wanted, and forced the rival league to change its startup plans to only eight events this year. LIV Golf announced a 14-tournament schedule for next year.
“The Tour's conduct has substantially diminished and impaired the entry of the promoters that could meaningfully threaten the PGA Tour’s monopoly, which has stood unchallenged for decades,” the lawsuit contends.
The tour has stood by its belief that it is a membership organization with regulations that players choose to accept. That includes a code of conduct and a requirement to play at least 15 tournaments a year to keep full membership.
Players typically are allowed three releases a year to play overseas events held the same week as a PGA Tour tournament. The tour does not allow releases for conflicting events in North America.
Two LIV Golf events were held in the U.S., first in Oregon last month and then last week at Trump National in New Jersey. Three more this year are scheduled for courses near Boston, Chicago and Miami.
Monahan has been forceful in his comments about LIV Golf, referring in June to the tour being unable to compete with “a foreign monarchy that is spending billions of dollars in attempt to buy the game of golf.”
“We welcome good, healthy competition. The LIV Saudi golf league is not that,” he said. “It’s an irrational threat, one not concerned with the return on investment or true growth of the game.”
___
More AP golf: https://apnews.com/hub/golf and https://twitter.com/AP_Sports | https://www.sfchronicle.com/news/article/Mickelson-others-sue-PGA-Tour-over-LIV-Golf-17348818.php | 2022-08-03T23:10:39Z | https://www.sfchronicle.com/news/article/Mickelson-others-sue-PGA-Tour-over-LIV-Golf-17348818.php | false |
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BERKELEY, Calif. (AP) — A group of protesters broke through an 8-foot (2-meter) chain fence erected Wednesday around Berkeley’s historic People’s Park and faced off with police officers standing guard as a construction crew began work on a controversial student housing project. The work was halted for safety reasons.
The park was cleared overnight Tuesday and the fencing was put up the following day after an Alameda County Superior Court judge on Friday ruled that the University of California, Berkeley — the site's owner — could move forward with its housing plan despite local groups suing to stop it.
By the early afternoon, parts of the fence had been cut down by protesters, prompting small celebrations of vindication inside the park. Some of the protesters remained on site after the university said it decided to stop construction for the day “due to the destruction of construction materials, unlawful protest activity, and violence on the part of some protesters.” Some of the protesters climbed onto the bulldozers that remained near a basketball court in the park.
The protests harked back to the spring of 1969 when community organizers banded together to turn a site that the state and university seized under eminent domain and turned into a gathering space now known as People's Park. After the university erected a fence around the park, protesters sought to reclaim it, triggering bloody battles that resulted in police shooting and killing one man and wounding dozens of others. That May 15, 1969 uprising, known as “Bloody Thursday," triggered even more protests and then-California Gov. Ronald Reagan summoned the National Guard to occupy Berkeley, located about 12 miles (19 kilometers) east of San Francisco.
After the fences were put up again early Wednesday morning, about 100 police officers, some in riot gear, were at the park as the crew began cutting down trees to the derision of onlookers who were mostly kept outside barricades.
The police looked stoically at the onlookers amid period chants of “Power to the people!" before the majority of the protesters marched away in unison after the university stopped construction. UC Berkeley police said in a statement that protesters threw rocks, bottles, and glass at crews working at the park, which is considered aggravated assault. The department didn’t say if anyone was arrested.
In a statement, the university said it plans to assess the situation during the next few days to determine the best way to proceed with “urgently needed student housing project.” The university plans to build a complex that would accommodate about 1,100 students as well as 125 formerly homeless people. Part of the park will be set aside to commemorate its historic significance in the civil rights movement.
Two or three homeless people who were still at the park Wednesday were offered shelter, transportation, and storage for their belongings. The university didn't say whether they accepted the offer. Another 46 homeless people who used to live at the park previously accepted offers for shelter at a motel that is being paid for by the city of Berkeley, the university said.
___
Rodriguez reported from San Francisco. | https://www.sfchronicle.com/news/article/Protesters-stop-construction-at-Berkeley-s-17349646.php | 2022-08-03T23:11:13Z | https://www.sfchronicle.com/news/article/Protesters-stop-construction-at-Berkeley-s-17349646.php | true |
WFO RENO Warnings, Watches and Advisories for Wednesday, August 3, 2022
_____
FLASH FLOOD WARNING
Flash Flood Statement
National Weather Service Reno NV
327 PM PDT Wed Aug 3 2022
...FLASH FLOOD WARNING REMAINS IN EFFECT UNTIL 5 PM PDT THIS
AFTERNOON FOR ALPINE, NORTHERN MONO AND DOUGLAS COUNTIES...
At 327 PM PDT, Doppler radar indicated thunderstorms producing heavy
rain across the warned area. Between 0.5 and 1 inch of rain has
fallen. The expected rainfall rate is 0.5 inches in 10 minutes.
Flash flooding is ongoing or expected to begin shortly.
Excessive rainfall over the burn scar will result in debris flow
moving through the Tamarack. The debris flow can consist of rock,
mud, vegetation and other loose materials.
HAZARD...Flash flooding caused by thunderstorms.
SOURCE...Radar.
IMPACT...Flash flooding of small creeks and streams, urban areas,
highways, streets and underpasses as well as other poor
drainage and low-lying areas.
Some locations that will experience flash flooding include...
Topaz Lake, Alpine Village, Woodfords, Grover Hot Springs, Mesa
Vista, Alpine County Airport, Indian Creek Reservoir, Junction CA
89 And CA 4, Indian Creek Campground, Turtle Rock Campground,
Markleeville and Holbrook Junction.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
A Flash Flood Warning for a recent burn area means that flooding
and/or debris flows are imminent or occurring. Residents living in
or immediately downstream should take immediate precautions to
protect life. Quickly move away from the burn area only if it is
safe to do so, otherwise shelter in place and move to a second story
or the highest location in your home to stay out of the path of
fast-moving water and debris flows.
Turn around, don't drown when encountering flooded roads. Most flood
deaths occur in vehicles.
Stay away or be swept away. River banks and culverts can become
unstable and unsafe.
In hilly terrain there are hundreds of low water crossings which are
potentially dangerous in heavy rain. Do not attempt to cross flooded
roads. Find an alternate route.
Please report observed flooding to local emergency services or law
enforcement and request they pass this information to the National
Weather Service when you can do so safely.
_____
Copyright 2022 AccuWeather | https://www.sfchronicle.com/weather/article/CA-WFO-RENO-Warnings-Watches-and-Advisories-17349706.php | 2022-08-03T23:13:19Z | https://www.sfchronicle.com/weather/article/CA-WFO-RENO-Warnings-Watches-and-Advisories-17349706.php | true |
DANVILLE, Va. – Soon, many people might consider the City of Danville their travel destination when the Caesar’s Casino opens in 2024.
The new development will bring new visitors into the area, but will keep them coming back time after time? Danville city leaders are working to figure that out.
“It’s all about more people coming into your community, staying longer, and spending more money,” said Lisa Meriwether, Danville Tourism Manager.
Since November, Meriwether has been crafting her objectives, including determining peoples’ interests, educating locals on happenings in the area, and streamlining a visitor guide.
Part of the work was made official during Tuesday’s city council meeting.
And Danville’s welcome center is now back under city ownership. Previously, the state tourism team operated out of the building owned by the department of transportation.
“We have gotten the rubber stamp from the Virginia Tourism Corporation to go build this program out and put our own unique stamp on it,” explained Meriwether.
A survey was sent to Danville and Pittsylvania County residents to give them a say in the work, and the results are being tallied.
“We want to know what our own local citizens think and feel about where they live, work, and play, so we can take that information and build out a tourism market and advertisement campaign to showcase our beautiful community,” said Meriwether. | https://www.wsls.com/news/local/2022/08/03/danville-leaders-focusing-on-tourism-ahead-of-casino-opening/ | 2022-08-03T23:13:36Z | https://www.wsls.com/news/local/2022/08/03/danville-leaders-focusing-on-tourism-ahead-of-casino-opening/ | false |
Robinhood, the trading app that gained popularity for its intuitive stock and cryptocurrency functions, is slashing nearly a quarter of its workforce amid declines in revenue and cryptocurrency values.
Tenev said the company operated with “more staffing than appropriate” in 2021 under the assumption that heightened consumer interest in cryptocurrency and stock trading would persist. The company had increased its head count by 700 employees, or more than 20 percent, financial documents show. Robinhood, which had 3,900 full-time staffers at the time of the April announcement, estimates the two rounds of layoffs will affect more than 1,100 people, mostly in operations, marketing and program management functions.
But a deteriorating economic climate forced the company to rethink its structure. Tenev cited decades-high inflation — which soared 9.1 percent in June, year over year — as well as the crypto market meltdown, for the cutbacks. The value of bitcoin, the leading cryptocurrency, has plunged since eclipsing $66,000 in late 2021. It was trading below $20,000 in early July but has since bounced back to around $23,000.
Wall Street, meanwhile, limped through its worst January-to-June stretch since 1970 as inflation-driven upheaval spread across nearly every part of the economy. Even the mighty tech giants, which enriched investors during the early phase of the pandemic with soaring share prices, were been brought low, performing worse than the market.
As a result, trading activity dropped a Robinhood, as have assets under the company’s management.
“As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me,” Tenev said.
Technology companies have been recalibrating their hiring plans as growing economic head winds heightened recession fears, prompting layoffs and hiring freezes. Those trends were even more pronounced in the crypto-verse: In June, prominent cryptocurrency companies including Coinbase, BlockFi and Gemini cut their workforce by the thousands.
Robinhood’s second-quarter earning report showed a 74 percent reduction in marketing expenses and a 56 percent more spending in technology and development. “This, along with the firm’s public statements, shows that Robinhood’s focus is shifting away from retaining users,” said Collin Bogie, senior business associate at fintech start-up Zingeroo.
With a mission to “democratize finance for all,” Robinhood was founded in 2013 by Tenev and Baiju Bhatt, who stepped down as CEO in 2020. The company helped pioneer the fractional investing model where investors can buy partial shares of equities and cryptocurrencies without commission fees.
In 2021, it generated $1.82 billion in net revenue, an 89 percent jump from the year before, and reported as many as 18.9 million monthly active users.
As of June, it was down to 14 million monthly active users, according to its second-quarter financial results released Tuesday. It had $318 million in revenue, down 44 percent from the $565 million reported during the same three months of 2021.
Many of Robinhood’s clientele relied on optimal market conditions, said Dennis Kelleher, co-founder of Better Markets, a nonprofit that advocates for financial reform.
“Robinhood is unique in some ways for having the perfect combination of a successful predatory business model at a time when retail investors’ appetite for participating in the markets was at an all-time high,” said Kelleher. “History has shown that retail traders increase their participation in bull markets and decrease their participation in down markets.”
The S&P 500 slipped into a bear market — meaning the index has lost 20 percent of its value since its most recent peak — in June. A July rally that has stretched into August has cut the index’s 2022 losses to 12.8 percent.
But Robinhood faces other challenges, including heightened scrutiny from both users and lawmakers.
The New York State Department of Financial Services on Tuesday imposed a $30 million fine on Robinhood’s cryptocurrency unit, citing failures in its transaction monitoring system and cybersecurity system. The penalty marked the first sanction on cryptocurrency activities in the United States.
Robinhood also came under scrutiny after the GameStop frenzy in early 2021, where retail investors from online communities like Reddit drove up the price of so-called meme stocks. The company froze trading of GameStop shares, citing market volatility. New York and Texas state attorneys general, as well as the U.S. Securities and Exchange Commission, were among the agencies that investigated Robinhood’s actions. The company also reached a $65 million settlement with the SEC in December 2020 to settle charges of misleading customers | https://www.washingtonpost.com/business/2022/08/03/robinhood-slashing-23-percent-its-workforce-amid-crypto-meltdown/ | 2022-08-03T23:14:23Z | https://www.washingtonpost.com/business/2022/08/03/robinhood-slashing-23-percent-its-workforce-amid-crypto-meltdown/ | false |
INDIANAPOLIS (WISH) – The Indiana Department of Health on Wednesday released new COVID-19 data.
The data was collected through Sunday. The state’s tallies — shown in the timeframes of the previous week, previous month, previous year, and “All Time” — are being updated only on Mondays, Wednesdays and Fridays.
The department says 9,996 Hoosiers tested positive for COVID-19 in the previous week.
Also in the previous week, a total of 27 Hoosiers died, and no probable deaths were reported. The state has recorded 23,157 deaths and 997 probable deaths for “All Time” from the coronavirus.
The “All Time” count for Indiana shows 1,837,688 Hoosiers have tested positive for the virus, and a total of 20,559,440 tests have been administered.
The state says 719 Hoosiers were hospitalized Tuesday with COVID-19.
IDOH says 9,988,950 vaccine doses have been given through Tuesday in Indiana.
A total of 3,808,158 Hoosiers were fully vaccinated through Tuesday. That’s about 54.8% of the total population.
Indiana is 42nd among the 50 states for fully vaccinated people through July 27, according a ranking from Becker’s Hospital Review.
According to the Regenstrief Institute, 1,641,060 Hoosiers are estimated to have recovered from the virus.
According to the Center for Systems Science and Engineering at Johns Hopkins University, there have been more than 580,223,454 confirmed cases worldwide, with more than 6,408,495 deaths.
More information, including interactive graphs, can be found here. | https://www.wishtv.com/news/coronavirus/indiana-reports-9996-new-covid-19-cases-27-deaths-in-previous-week/ | 2022-08-03T23:16:36Z | https://www.wishtv.com/news/coronavirus/indiana-reports-9996-new-covid-19-cases-27-deaths-in-previous-week/ | true |
China gears up for military drills after Pelosi visit to Taiwan
- Published
China is gearing up for military exercises in the seas around Taiwan following top US politician Nancy Pelosi's trip to the island.
Ms Pelosi left on Wednesday after a brief but controversial visit to Taiwan, which China regards as a breakaway province.
In response, China announced five days of "necessary and just" military drills, which will begin on Thursday.
Taiwan said 27 Chinese warplanes had already entered its air defence zone.
On Wednesday, Taiwan's defence ministry said it had scrambled jets to warn them off.
China has said the exercises will take place in some of the world's busiest waterways and will include "long-range live ammunition shooting".
Taiwan has asked ships to find alternative routes to avoid the drills and is negotiating with neighbouring Japan and the Philippines to find alternative aviation routes.
President Tsai Ing-wen said the country was facing "deliberately heightened military threats".
In an effort to calm the situation, the foreign ministers from the G7 nations - Canada, France, Germany, Italy, Japan, the UK and US - released a joint statement saying China's escalation risked destabilising the region.
"There is no justification to use a visit as pretext for aggressive military activity in the Taiwan Strait. It is normal and routine for legislators from our countries to travel internationally," the statement said.
Ms Pelosi, the most senior US politician to visit Taiwan in 25 years, made the trip as part of a wider Asian tour. China had warned her not to travel to the island.
Accusing the US of "violating China's sovereignty under the guise of so-called democracy", Chinese Foreign Minister Wang Yi said: "Those who play with fire will not come to a good end and those who offend China will be punished."
In a statement following the visit, Ms Pelosi said China cannot "prevent world leaders or anyone from travelling to Taiwan to pay respect to its flourishing democracy, to highlight its many successes and to reaffirm our commitment to continued collaboration".
The senior US Democrat's visit was not approved by her party colleague, President Joe Biden, who had said the American military felt it was "not a good idea right now" amid heightened tensions between the two countries.
The US walks a diplomatic tightrope with its Taiwan policy. On the one hand, it abides by the "One China" policy, which recognises only one Chinese government, giving it formal ties with Beijing and not Taiwan.
On the other, it maintains a "robust unofficial" relationship with the island, which includes selling weapons for Taiwan to defend itself.
China and Taiwan: The basics
- Why do China and Taiwan have poor relations? China and Taiwan were divided during a civil war in the 1940s, but Beijing insists the island will be reclaimed at some point, by force if necessary
- How is Taiwan governed? The island has its own constitution, democratically elected leaders, and about 300,000 active troops in its armed forces
- Who recognises Taiwan? Only a few countries recognise Taiwan. Most recognise the Chinese government in Beijing instead. The US has no official ties with Taiwan but does have a law which requires it to provide the island with the means to defend itself.
- 6 days ago | https://www.bbc.co.uk/news/world-asia-62416363 | 2022-08-03T23:16:47Z | https://www.bbc.co.uk/news/world-asia-62416363 | false |
A man jumped in front of a woman’s moving car on U.S. 231 and Cumberland Avenue, punched the hood then lay down as if run over by the car when she was backing up, police said.
The incident Monday started when the man was driving in the car behind the woman and reportedly got irritated that she was driving slower and wouldn’t move to the right lane. He drove around her car and slammed his brakes, West Lafayette Police Capt. Adam Ferguson said, before getting out and yelling at the woman through her window.
The woman got away from the scene safely, Ferguson said. The man, whom WLPD identified, was not arrested, but the case was sent to the Tippecanoe County prosecutor’s office for review. | https://www.purdueexponent.org/city/article_ccdabafd-2b44-5553-8ff5-14efcdfe3965.html | 2022-08-03T23:17:59Z | https://www.purdueexponent.org/city/article_ccdabafd-2b44-5553-8ff5-14efcdfe3965.html | false |
Democrats sometimes refer to Fox News and other conservative media with envy, presuming that the influence of right-leaning news outlets gives the GOP a large advantage in electoral politics. Even if Democrats have an easier time making their case in “neutral” media — something both Republican voters and party actors strongly believe but for which proof is hard to find — wouldn’t it be nice to be able to reach supporters easily, with hardly any filter?
Democrats should be careful what they wish for.
For one, ceding a central role to party-aligned media puts the preferences of Fox News, talk-radio hosts and their corporate bosses above those of other party actors.
Having such a powerful media megaphone in their corner also tends to make politicians and political parties lazy. Why sharpen one’s arguments when they are going to be adopted with little scrutiny by content-hungry outlets?
Two examples of that laziness, one small and one big, emerged last week.
The small one was the decision by Republicans to ridicule Vice President Kamala Harris for introducing herself at a White House event by saying “I am a woman sitting at the table wearing a blue suit” and mentioning her preferred pronouns. It was ridicule that played well on right-wing media but probably didn’t broaden the party’s appeal, something the GOP needs to do if it wants to win back the White House in 2024.
The larger moment was a decision by Senate Republicans to defeat what had been a bipartisan bill to help veterans who were exposed to toxic burn pits while serving overseas. An earlier version of the bill passed the Senate earlier this year, but last week it failed to overcome a filibuster when 25 Republicans switched their votes.
The reasons for the change had to do with overall budget policy. Or at least that’s what Republicans say; there also is some suspicion that the switch was prompted by GOP anger toward Democrats over the surprise agreement between Majority Leader Chuck Schumer and Senator Joe Manchin on a big health care, climate and tax package.
Whether or not their concerns were valid, Republicans have been taking almost all the blame from veteran’s groups and advocates, who say open-air trash incineration near military bases led to cancer and other health problems. Mainstream media is following the lead of those groups and dumping on Senate Republicans.
This was entirely predictable. The unaligned media isn’t actually neutral, but its biases aren’t based on partisanship; they are more often tied to norms that have been built up over the years. And one of those norms is that veterans are always good. So while many fights over spending are treated as disputes between two sides that are entitled to their positions, battles over legislation for veterans are generally covered as if there is an obvious good side and an obvious wrong one. And Republicans were putting themselves on the wrong side.
There are other reflexive biases in media. Budget deficits are invariably seen as bad. Oddly enough, high voter turnout is always seen as a good thing, while laws to make it easier to vote are subject to both-sides treatment, even though there is a good case to be made that the opposite should be true. But it’s hard to think of a media norm much stronger than the one that holds that veterans are good.
While it’s hard to prove any specific effects of this kind, the core problem likely is that Republicans are so used to just feeding their talking points to their willing partners in Republican-aligned media that their ability to make strong arguments to the rest of the media — and to the rest of the electorate — has atrophied.
This has been true for quite some time, and it has only become worse. The failure to speak to a broader audience won’t necessarily make the difference in elections, especially when Republicans don’t have the White House or majorities in Congress, because elections are fought over big-picture issues such as the economy and war and peace.
But it probably does have an impact at the margins, and when elections are close even small effects can change the results. It also makes governing and healthy representation harder. Democrats shouldn’t envy that. | https://pantagraph.com/opinion/columnists/jonathan-bernstein-putting-selves-on-the-wrong-side/article_4b661984-1377-11ed-91b4-af36f41dc96c.html | 2022-08-03T23:18:12Z | https://pantagraph.com/opinion/columnists/jonathan-bernstein-putting-selves-on-the-wrong-side/article_4b661984-1377-11ed-91b4-af36f41dc96c.html | true |
A look at what’s happening around the majors today:
___
SOTO ARRIVES
Juan Soto is set for his San Diego debut at home against Colorado. Before the game, the Padres will hold a news conference to introduce Soto on his first day with the team. The 23-year-old star outfielder was acquired from Washington in a blockbuster deal before Tuesday’s trade deadline. He joins a lineup anchored by All-Star third baseman Manny Machado that expects to get flashy shortstop Fernando Tatis Jr. back from injury soon.
Washington got rookie left-hander MacKenzie Gore, first baseman/DH Luke Voit and prospects James Wood, C.J. Abrams, Robert Hassell III and Jarlin Susana for Soto and switch-hitter Josh Bell.
Soto, a two-time All-Star who can become a free agent after the 2024 season, was dealt after he turned down a $440 million, 15-year contract that would have been baseball’s largest in total but not by average salary.
CASTILLO DEBUTS
All-Star right-hander Luis Castillo makes his first start for the Seattle Mariners, who acquired him from Cincinnati last Friday for four minor league prospects: infielders Noelvi Marte and Edwin Arroyo, and right-handers Levi Stoudt and Andrew Moore.
Castillo (4-4, 2.86 ERA) will be pitching at Yankee Stadium for the second time in nearly three weeks. He took a no-hit bid against New York into the sixth inning of his start for the Reds on July 14.
Gerrit Cole (9-3, 3.30) goes for the Yankees.
CATCH THE EXPRESS
Two-way superstar Shohei Ohtani (9-6, 2.81 ERA) pitches for the Los Angeles Angels against Oakland. Ohtani has six straight games of double-digit strikeouts, one short of Hall of Famer Nolan Ryan’s franchise record set in 1977.
ON A ROLL
All-Star left-hander Martín Pérez (9-2. 2.52 ERA) is 9-0 in his last 15 starts heading into his outing for Texas against visiting Baltimore. He is unbeaten in 18 starts since losing to Colorado and the Los Angeles Angels in his first two starts this season.
Pérez is just the third pitcher in Washington Senators/Texas Rangers history to make at least 18 consecutive starts without taking a loss, one behind Cole Hamels from 2015-16 and matching Phil Ortega in 1967, according to the Elias Sports Bureau.
BIG FISH
Miami right-hander Sandy Alcantara takes a National League-best 1.99 ERA into his start against Cincinnati, second in the big leagues to Justin Verlander’s 1.81 ERA for Houston.
Alcantara has pitched two of the majors’ 17 complete games this season, matched only by Houston’s Framber Valdez. Alcantara is 0-1 in his last four starts despite a 2.77 ERA over that span.
Cincinnati goes with lefty Mike Minor (1-7, 6.31), who is 0-5 in his last seven starts.
___
More AP MLB: https://apnews.com/hub/MLB and https://twitter.com/AP_Sport | https://www.texomashomepage.com/sports/leading-off-soto-arrives-in-sd-castillo-debuts-for-ms/ | 2022-08-03T23:20:24Z | https://www.texomashomepage.com/sports/leading-off-soto-arrives-in-sd-castillo-debuts-for-ms/ | false |
PORTLAND, Ore. — The Oregon Department of Human Services (ODHS) is asking for help to find a newborn baby boy who was last seen with his parents in Portland on Monday. Authorities believe the child may be in danger.
Kanon Zee was born just eight days earlier, on July 24, before he went missing with his parents, Jonathan Darian and Kara Zee, on Aug. 1.
His parents are known to frequent a homeless encampment near Northeast 122nd Avenue and Halsey Street, but they may be planning to flee the state or the country, ODHS said in a press release.
The parents are possibly driving a 2014 Audi with Arizona license plate FCA3DGA or a white Dodge Ram truck (pictured) with Arizona license plate 0AA3NE.
Kanon Zee is 19 inches tall, about 5 pounds 15 ounces with brown hair. He had a feeding tube in place when he was last seen.
Anyone who may have information about whereabouts of the child or parents is asked to call 911 or the Oregon Child Abuse Hotline at 1-855-503-SAFE (7233). You can reference National Center for Missing and Exploited Children #1457139. | https://www.kgw.com/article/news/local/newborn-baby-missing-portland/283-d61dfd78-3f68-4f82-a4ef-71c426e52f93 | 2022-08-03T23:21:58Z | https://www.kgw.com/article/news/local/newborn-baby-missing-portland/283-d61dfd78-3f68-4f82-a4ef-71c426e52f93 | false |
Deal marks the mission-driven affordable housing group's first financial closing on a ground-up development.
COLORADO SPRINGS, Colo., Aug. 3, 2022 /PRNewswire/ -- Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced this week that it closed on the financing for the construction of InterQuest Ridge Apartments. Once complete, this new community will provide 240 units of affordable housing for working families and individuals in northern Colorado Springs, an area of the city that currently lacks affordable housing options.
This opportunity was made possible through several financing partners including construction and permanent loans from Citibank; an equity investment in federal low-income housing tax credits from Aegon; an allocation of tax credits and tax-exempt bonds from Colorado Housing and Finance Authority and the City of Colorado Springs; and a gap loan from the Colorado Department of Local Affairs. Additionally, LAC partnered with the Colorado Springs Housing Authority to secure certain tax exemptions that will play a key role in bringing InterQuest Ridge to life.
InterQuest Ridge will support the housing needs of underserved veterans in Colorado Springs, which has one of the highest veteran populations in the country. Once complete, the apartments will prioritize 20 units for veterans and their families who are associated with the Mt. Carmel Veterans Service Center.
"Lincoln Avenue Capital is proud to partner with state and local organizations to support this landmark affordable housing development," said LAC CEO Jeremy Bronfman. "The diverse and extensive financing team demonstrates the power of public-private partnerships in developing quality, attainable homes in communities that need housing."
"We're committed to advancing solutions to our nation's affordable housing crisis, and our first ground-up development marks the beginning of a new chapter for LAC," said Brandon Hodge, LAC Director. "This development in Colorado Springs will help address the dire need for affordable housing in the community and allows residents to live in a place they are proud to call home."
Construction began July 2022, with the first units becoming available for occupancy in the summer of 2023, and the expected overall completion in the summer of 2024. InterQuest Ridge will feature many amenities for its families, such as a clubhouse with a full kitchen, outdoor pool area with seating, covered pavilion with barbeque grills, fitness center with a yoga room, and a playground for children of all ages.
LAC is prioritizing sustainability within the new development, as the project will be National Green Building Standard (NGBS) Bronze Certified. NGBS-certified buildings are constructed with systems and products that release fewer pollutants and improve indoor air quality for residents.
About LAC: Lincoln Avenue Capital is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 21 states, with a portfolio of 109 properties comprising 20,000+ units.
About CSHA: The Colorado Springs Housing Authority is dedicated to providing and sustaining quality affordable housing by being innovative, performance oriented, and results driven. CSHA works to establish effective partnerships and sound fiscal practices to benefit the quality of life in the Pikes Peak Region.
View original content to download multimedia:
SOURCE Lincoln Avenue Capital | https://www.wbtv.com/prnewswire/2022/08/03/lincoln-avenue-capital-closes-financing-landmark-affordable-housing-development-colorado-springs/ | 2022-08-03T23:24:21Z | https://www.wbtv.com/prnewswire/2022/08/03/lincoln-avenue-capital-closes-financing-landmark-affordable-housing-development-colorado-springs/ | true |
China is escalating tensions with the U.S. after House Speaker Nancy Pelosi visited Taiwan this week, but the White House will not be deterred in defending its interests in the Western Pacific, according to the President's National Security Advisor Jake Sullivan.
It has been a busy few days for Sullivan as President Joe Biden navigates complex issues on multiple fronts.
Alongside Pelosi's trip, there is the ongoing war in Ukraine, and the U.S. drone strike that took out al-Qaida leader Ayman al-Zawahiri in Kabul.
Sullivan sits down with NPR's Mary Louise Kelly to discuss the past week and how the administration plans to address each issue.
This interview has been lightly edited for clarity.
Interview highlights
On whether everyone at the White House is breathing a sigh of relief since Nancy Pelosi left Taiwan
Well, the Chinese have announced that they are going to conduct a series of military activities around Taiwan over the course of the next few days, and that will raise tensions across the strait. It will create risks and challenges, we think unnecessarily. And so what we are hopeful for is that the PRC acts responsibly and avoids the kind of escalation that could lead to a mistake or miscalculation in the air or on the seas. That is the message that we're sending to China. That's the message we're also coordinating with our friends in Taiwan.
On how risky this situation appears
Look, whenever a military engages in a series of activities that include the possibility of missile tests, of live fire exercises, of fighter jets buzzing around the skies and ships moving around on the seas, the possibility of some kind of incident is real. And we believe that what China is doing here is not responsible. We believe that it is escalating tensions unnecessarily. And this is particularly so because what the speaker did in visiting Taiwan is not unprecedented, it is not threatening to China, it is not out of the historical norm.
Members of Congress travel there all the time, and a speaker of the House has previously traveled there as well. So what we don't want to see is China trying to twist this into a crisis or use this as a pretext to take the kind of military activity that will ultimately destabilize the Taiwan Strait.
On whether some good can come from the visit, and the U.S. signaling to China that it won't back down
Look, from the U.S. government's perspective, from the Biden Administration's perspective, what's most important are the set of actions we take, the substance. And that includes what we do to support Taiwan's self-defense, that includes how we work with our allies and partners on initiatives like AUKUS — the nuclear submarine initiative we have with the UK and Australia — it matters what our force posture is in the region, and it matters the extent to which we are communicating to China that we are going to stand up for our interests.
Whether a particular visit sends the kind of message you're describing, I'll let others make that determination. From our perspective, the most important thing for us to do is through diplomatic, economic and military policy, substance. We communicate quite clearly to China that we are going to defend our interests and our values in the Western Pacific.
On what comes next, and whether the U.S. watches the military drills play out and see what happens
The most important thing for us to communicate is a clear and steady message, both publicly and privately to China, that we are not going to be deterred or coerced from operating as we operate in the Western Pacific. And China needs to understand that. We are not looking to escalate, but we are also not going to be deterred.
On whether the U.S. will get involved militarily to defend Taiwan if it comes to that
Well, our policy has not changed. It is rooted in the One China policy informed by the Three Joint Communiqués, the Taiwan Relations Act, and the Six Assurances.
The president himself has said the policy has not changed. The president is the commander in chief. He's the guy who sets the policy and he has said it has not changed. And we have communicated that very directly. He has said that publicly on the record. And to the question of the kind of military contingency you're talking about, it is the entire object and purpose of our approach to ensure that that never happens, that it never comes to that. And that is what we are going to keep working to ensure.
On whether it was a CIA drone that killed al-Qaida leader al-Zawahiri in Afghanistan, and where it flew in from
All I will say is that our counterterrorism professionals and our intelligence professionals played a central role in carrying out this successful operation at the president's direction, and he credited them in the public remarks he made for their incredible skill and capacity in pulling this thing off.
I'm not going to get into those kinds of operational details [on where the drone flew in from]. I think it's important that we be able to preserve the space to continue to operate effectively, to demonstrate, as the president promised the American people a year ago, that we would maintain the ability to take out terrorists even without thousands of American forces on the ground. We did that once, we're prepared to do it again.
On whether there was any dissent among top advisors on carrying out the strike
No. There was unanimous support among his senior national security team to take this action at the point in time when the intelligence community briefed the president that they had high confidence that this was al-Zawahiri and that they could do it in a way that they felt would not result in civilian casualties.
On what al-Zawahiri's presence in downtown Kabul says about what the U.S. achieved during the 20-year war in Afghanistan
Well, actually the record, when it comes to our disruption of the al-Qaida network and its capacity to threaten America and Americans, is a record of significant success. Our ability to ensure, over the course of decades, that the kinds of complex plots that led to the embassy bombings in Nairobi and in Tanzania in 1998, that led to the USS Cole in 2000, and then of course to 9/11 in 2001, that we have not seen those kind of plots over the course of the past two decades be carried out against the U.S. homeland — that is a record of significant success.
What I would tell you is that Ayman al-Zawahiri became the emir of al-Qaida in 2011 when Osama bin Laden was taken off the battlefield. That was more than a decade ago. For a decade, American men and women fought and died in Afghanistan and Zawahiri was alive and running al-Qaida. Joe Biden took the United States out of Afghanistan so that in the year 2022 not one American soldier died in Afghanistan. And Ayman al-Zawahiri is dead. I would call that a pretty effective policy.
On whether there is a scenario in which the Taliban didn't know he was there
We believe that senior members of the Haqqani network, who are now part of the Taliban entity running the government in Kabul, that they knew. We also believe that there were other senior Taliban officials who did not know. And in fact, you know, we will now watch to see the extent to which this raises questions within the organization of the Taliban about the wisdom of having al-Zawahiri come back into Kabul.
On if he's watching for possible fractures or divisions in the Taliban
Yeah, I don't want to go so far as to say fracture. But, you know, certainly this is going to raise some eyebrows, we believe, within the leadership.
On how encouraged we should be by the first grain ship to depart Ukraine since Russia invaded
Well, we should be encouraged because it does mean that the possibility of substantial amounts of wheat and corn and other grains getting out of Ukraine is a real possibility. But we should also be cautious, because there is every reason to believe the Russians are going to make this as difficult as possible and that they are going to continue to find ways to disrupt the flow of grain to the world market. And so we think that the international community has to maintain a substantial amount of pressure on Moscow not to enforce a blockade, not to throw up obstacles to the flow of that grain, because it is so important to feed the world, to keep prices down and to ensure that there's not hunger and famine in Africa in Southeast Asia and other places.
I wouldn't go so far as to say it's a triumph, but I would say this is a good step forward. It should be built on and there should be many steps that follow what, for our part, the United States is trying to do to ensure that these ships coming in and out can have the insurance they need, that there is no challenges with them being able to get the grain to the world market. And we're going to keep doing our part to get as many of those ships in and out of there as we possibly can.
On whether there is mistrust between the White House and Ukraine President Volodymyr Zelenskyy
You just have to listen to President Biden when he talks about Presidents Zelenskyy. He openly admires president Zelenskyy, admires his courage, his bravery, his skill, his stewardship of a country at a time of absolute crisis. The two of them talk regularly. They have incredibly constructive and effective communication. And then at all levels of the government we are deeply engaged. And so this is a very strong partnership between the Biden administration and the Zelenskyy administration, and it is because of that partnership that we have been able to effectively provide them with the military, economic and humanitarian support that they need, and we're going to keep doing it.
For the record, I believe that Ukraine's leadership is leading a country in an incredibly effective and brave way against the onslaught of an invading neighbor and doing so defying all expectations about what they would be able to hold together and stand up against. And it's been an incredibly impressive thing to watch.
On where he would put the chances of there still being an active war in Ukraine in six months
I'm not going to make predictions about six months from now, because I think most of us wouldn't have predicted we'd be where we are today six months ago. We did accurately predict that Russia would invade, but how exactly that invasion would unfold is subject to so many variables and that's true for the six months that lie ahead of us. What I will say is this: Russia could end this war tomorrow if they simply withdrew from the territory that they have tried to conquer by force, which is against every precept of international law. And so Putin could end this thing very rapidly. Our job as the United States is to put Ukraine in the best possible position on the battlefield so that it will end up in the best possible position at the negotiating table. When can we get serious negotiations going? That is an open question, because at the moment it does not seem the Russians are serious about the kind of diplomacy that actually could bring about an end to this conflict.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.apr.org/politics-government/politics-government/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | 2022-08-03T23:26:18Z | https://www.apr.org/politics-government/politics-government/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | true |
China is escalating tensions with the U.S. after House Speaker Nancy Pelosi visited Taiwan this week, but the White House will not be deterred in defending its interests in the Western Pacific, according to the President's National Security Advisor Jake Sullivan.
It has been a busy few days for Sullivan as President Joe Biden navigates complex issues on multiple fronts.
Alongside Pelosi's trip, there is the ongoing war in Ukraine, and the U.S. drone strike that took out al-Qaida leader Ayman al-Zawahiri in Kabul.
Sullivan sits down with NPR's Mary Louise Kelly to discuss the past week and how the administration plans to address each issue.
This interview has been lightly edited for clarity.
Interview highlights
On whether everyone at the White House is breathing a sigh of relief since Nancy Pelosi left Taiwan
Well, the Chinese have announced that they are going to conduct a series of military activities around Taiwan over the course of the next few days, and that will raise tensions across the strait. It will create risks and challenges, we think unnecessarily. And so what we are hopeful for is that the PRC acts responsibly and avoids the kind of escalation that could lead to a mistake or miscalculation in the air or on the seas. That is the message that we're sending to China. That's the message we're also coordinating with our friends in Taiwan.
On how risky this situation appears
Look, whenever a military engages in a series of activities that include the possibility of missile tests, of live fire exercises, of fighter jets buzzing around the skies and ships moving around on the seas, the possibility of some kind of incident is real. And we believe that what China is doing here is not responsible. We believe that it is escalating tensions unnecessarily. And this is particularly so because what the speaker did in visiting Taiwan is not unprecedented, it is not threatening to China, it is not out of the historical norm.
Members of Congress travel there all the time, and a speaker of the House has previously traveled there as well. So what we don't want to see is China trying to twist this into a crisis or use this as a pretext to take the kind of military activity that will ultimately destabilize the Taiwan Strait.
On whether some good can come from the visit, and the U.S. signaling to China that it won't back down
Look, from the U.S. government's perspective, from the Biden Administration's perspective, what's most important are the set of actions we take, the substance. And that includes what we do to support Taiwan's self-defense, that includes how we work with our allies and partners on initiatives like AUKUS — the nuclear submarine initiative we have with the UK and Australia — it matters what our force posture is in the region, and it matters the extent to which we are communicating to China that we are going to stand up for our interests.
Whether a particular visit sends the kind of message you're describing, I'll let others make that determination. From our perspective, the most important thing for us to do is through diplomatic, economic and military policy, substance. We communicate quite clearly to China that we are going to defend our interests and our values in the Western Pacific.
On what comes next, and whether the U.S. watches the military drills play out and see what happens
The most important thing for us to communicate is a clear and steady message, both publicly and privately to China, that we are not going to be deterred or coerced from operating as we operate in the Western Pacific. And China needs to understand that. We are not looking to escalate, but we are also not going to be deterred.
On whether the U.S. will get involved militarily to defend Taiwan if it comes to that
Well, our policy has not changed. It is rooted in the One China policy informed by the Three Joint Communiqués, the Taiwan Relations Act, and the Six Assurances.
The president himself has said the policy has not changed. The president is the commander in chief. He's the guy who sets the policy and he has said it has not changed. And we have communicated that very directly. He has said that publicly on the record. And to the question of the kind of military contingency you're talking about, it is the entire object and purpose of our approach to ensure that that never happens, that it never comes to that. And that is what we are going to keep working to ensure.
On whether it was a CIA drone that killed al-Qaida leader al-Zawahiri in Afghanistan, and where it flew in from
All I will say is that our counterterrorism professionals and our intelligence professionals played a central role in carrying out this successful operation at the president's direction, and he credited them in the public remarks he made for their incredible skill and capacity in pulling this thing off.
I'm not going to get into those kinds of operational details [on where the drone flew in from]. I think it's important that we be able to preserve the space to continue to operate effectively, to demonstrate, as the president promised the American people a year ago, that we would maintain the ability to take out terrorists even without thousands of American forces on the ground. We did that once, we're prepared to do it again.
On whether there was any dissent among top advisors on carrying out the strike
No. There was unanimous support among his senior national security team to take this action at the point in time when the intelligence community briefed the president that they had high confidence that this was al-Zawahiri and that they could do it in a way that they felt would not result in civilian casualties.
On what al-Zawahiri's presence in downtown Kabul says about what the U.S. achieved during the 20-year war in Afghanistan
Well, actually the record, when it comes to our disruption of the al-Qaida network and its capacity to threaten America and Americans, is a record of significant success. Our ability to ensure, over the course of decades, that the kinds of complex plots that led to the embassy bombings in Nairobi and in Tanzania in 1998, that led to the USS Cole in 2000, and then of course to 9/11 in 2001, that we have not seen those kind of plots over the course of the past two decades be carried out against the U.S. homeland — that is a record of significant success.
What I would tell you is that Ayman al-Zawahiri became the emir of al-Qaida in 2011 when Osama bin Laden was taken off the battlefield. That was more than a decade ago. For a decade, American men and women fought and died in Afghanistan and Zawahiri was alive and running al-Qaida. Joe Biden took the United States out of Afghanistan so that in the year 2022 not one American soldier died in Afghanistan. And Ayman al-Zawahiri is dead. I would call that a pretty effective policy.
On whether there is a scenario in which the Taliban didn't know he was there
We believe that senior members of the Haqqani network, who are now part of the Taliban entity running the government in Kabul, that they knew. We also believe that there were other senior Taliban officials who did not know. And in fact, you know, we will now watch to see the extent to which this raises questions within the organization of the Taliban about the wisdom of having al-Zawahiri come back into Kabul.
On if he's watching for possible fractures or divisions in the Taliban
Yeah, I don't want to go so far as to say fracture. But, you know, certainly this is going to raise some eyebrows, we believe, within the leadership.
On how encouraged we should be by the first grain ship to depart Ukraine since Russia invaded
Well, we should be encouraged because it does mean that the possibility of substantial amounts of wheat and corn and other grains getting out of Ukraine is a real possibility. But we should also be cautious, because there is every reason to believe the Russians are going to make this as difficult as possible and that they are going to continue to find ways to disrupt the flow of grain to the world market. And so we think that the international community has to maintain a substantial amount of pressure on Moscow not to enforce a blockade, not to throw up obstacles to the flow of that grain, because it is so important to feed the world, to keep prices down and to ensure that there's not hunger and famine in Africa in Southeast Asia and other places.
I wouldn't go so far as to say it's a triumph, but I would say this is a good step forward. It should be built on and there should be many steps that follow what, for our part, the United States is trying to do to ensure that these ships coming in and out can have the insurance they need, that there is no challenges with them being able to get the grain to the world market. And we're going to keep doing our part to get as many of those ships in and out of there as we possibly can.
On whether there is mistrust between the White House and Ukraine President Volodymyr Zelenskyy
You just have to listen to President Biden when he talks about Presidents Zelenskyy. He openly admires president Zelenskyy, admires his courage, his bravery, his skill, his stewardship of a country at a time of absolute crisis. The two of them talk regularly. They have incredibly constructive and effective communication. And then at all levels of the government we are deeply engaged. And so this is a very strong partnership between the Biden administration and the Zelenskyy administration, and it is because of that partnership that we have been able to effectively provide them with the military, economic and humanitarian support that they need, and we're going to keep doing it.
For the record, I believe that Ukraine's leadership is leading a country in an incredibly effective and brave way against the onslaught of an invading neighbor and doing so defying all expectations about what they would be able to hold together and stand up against. And it's been an incredibly impressive thing to watch.
On where he would put the chances of there still being an active war in Ukraine in six months
I'm not going to make predictions about six months from now, because I think most of us wouldn't have predicted we'd be where we are today six months ago. We did accurately predict that Russia would invade, but how exactly that invasion would unfold is subject to so many variables and that's true for the six months that lie ahead of us. What I will say is this: Russia could end this war tomorrow if they simply withdrew from the territory that they have tried to conquer by force, which is against every precept of international law. And so Putin could end this thing very rapidly. Our job as the United States is to put Ukraine in the best possible position on the battlefield so that it will end up in the best possible position at the negotiating table. When can we get serious negotiations going? That is an open question, because at the moment it does not seem the Russians are serious about the kind of diplomacy that actually could bring about an end to this conflict.
Copyright 2022 NPR. To see more, visit https://www.npr.org. | https://www.mainepublic.org/npr-news/npr-news/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | 2022-08-03T23:26:51Z | https://www.mainepublic.org/npr-news/npr-news/2022-08-03/bidens-national-security-advisor-doubles-down-on-taiwan-policy-after-pelosi-visit | true |
A woman has died after she was involved in a car crash on Tucson’s west side last month.
On July 22, the driver of a gray 2005 Chevrolet Malibu attempted to make a left turn from southbound Flowing Wells Road onto eastbound Prince Road on a yellow light when a white 2021 Toyota Corolla, traveling north on Flowing Wells Road, collided with the Malibu.
Tucson Fire personnel took the driver of the Malibu and the passenger, Marjean Ione Bloom, 84, to Northwest Medical Center for further evaluation. On Aug. 2, Bloom died due from her injuries.
Officers cited the driver of the Malibu for failing to yield while making a left turn, police said.
Jamie Donnelly covers breaking news for the Arizona Daily Star. Contact her via e-mail at jdonnelly@tucson.com | https://tucson.com/news/local/woman-dies-due-to-injuries-from-car-crash-on-tucsons-west-side/article_7ece2402-1371-11ed-ae0f-5f449c1f9b01.html | 2022-08-03T23:27:32Z | https://tucson.com/news/local/woman-dies-due-to-injuries-from-car-crash-on-tucsons-west-side/article_7ece2402-1371-11ed-ae0f-5f449c1f9b01.html | true |
CORAL GABLES — Akheem Mesidor knew he wanted to be a Hurricane when he saw the team practice.
The former West Virginia defensive lineman and Canadian native took a trip to Coral Gables during Miami’s spring practices, which sealed the standout defensive lineman’s decision to transfer to UM.
“When I came out here for a spring practice, it was just a different atmosphere,” Mesidor said. “All the coaches were so involved in practice. Everybody was hyped up. I was talking to coach [Mario] Cristobal, the way he carries himself, the way he just talks, you can tell he’s been a part of championship programs. I believe that he’s going to turn this program back into a championship program.”
Mesidor was far from the only player in the transfer portal to buy into Cristobal’s plans for the future. Miami brought in 12 transfers from other colleges in the offseason.
“It’s just about the U,” defensive end Mitchell Agude said. “You come here, you’re going to work. That was the No. 1 thing. There’s no handouts here. It’s just all about the work. I appreciate that because I want to win games and coach Cristobal wants to win games because he was here when they won championships. So he’s trying to bring back that culture here, and I want to be a part of that.”
Of the Hurricanes’ 12 transfers, five (wide receiver Frank Ladson Jr., defensive lineman Jake Lichtenstein, defensive lineman Antonio Moultrie, running back Henry Parrish Jr. and offensive lineman Logan Sagapolu) arrived in time for spring practice.
The seven others — offensive lineman Jonathan Denis, defensive lineman Darrell Jackson, linebacker Caleb Johnson, cornerback Daryl Porter Jr., wide receiver Colbie Young, Agude and Mesidor — arrived later.
The adjustment has been easier for some than others. Denis, Ladson, Lichtenstein, Parrish and Porter are South Florida natives, while the rest come from around the nation or, in Mesidor’s case, Canada.
“The biggest adjustment is probably just the weather, the humidity, in Florida compared to UCLA with the dry heat,” Agude said. “It really just puts another level of work [and] mental toughness. At first, when you’re doing flex lines in our pre-warm-up, you’re already sweating. I wasn’t used to that.”
The transfers have varying amounts of eligibility remaining. Some have the chance to play at Miami for the next several years, while some will be in Coral Gables for one season before hoping to turn pro. Agude cited former Hurricanes defensive end Jaelan Phillips, who transferred from UCLA to Miami (like Agude) before the Dolphins picked him in the first round of the NFL draft, as the model he wants to emulate.
“I’m trying to follow that path of being that defensive end that transfers, comes in, does the work and gets the fruits of his labor,” Agude said.
The plurality of the new transfers came to help bulk up the defensive line depth, giving defensive line coaches Joe Salave’a and Rod Wright several new players to work into the rotation this fall.
“A bunch of people are going to have the opportunity to play,” Mesidor said. “Basically, everybody’s going to be rotating. The best D-lines are D-lines that have depth. That’s us.”
Agude said while the players will compete for roles on the field, everyone has welcomed the new arrivals to the program.
“Everyone’s welcoming,” Agude said. “There’s a lot of love on this team. Everyone wants one goal, and it’s to win games.” | https://www.orlandosentinel.com/sports/miami-hurricanes/fl-sp-um-transfers-20220803-cbrrerhbbbb4viilnoe2qybrsa-story.html | 2022-08-03T23:28:05Z | https://www.orlandosentinel.com/sports/miami-hurricanes/fl-sp-um-transfers-20220803-cbrrerhbbbb4viilnoe2qybrsa-story.html | false |
The Northern Indiana Passenger Rail Association will ask the state to help bring a passenger railway corridor to the area now that the project has gotten City Council's support.
Councilman Geoff Paddock D-5th, asked his fellow members to approve a nonbinding resolution that shows the city’s support of the return of passenger rail service to Fort Wayne.
The proposed Chicago to Columbus, Ohio corridor would stop at the Baker Street Station in downtown Fort Wayne, along with several smaller cities such as Warsaw, Plymouth and Lima, Ohio. Paddock said the project would give local residents more options for travel and bring more tourism to Fort Wayne.
The association has raised funding for a feasibility study, an environmental impact study and preliminary engineering. Paddock said the association wants to take the project to the next level, which would involve asking the Indiana Department of Transportation to work with the federal transportation department to bring some of the $36 billion President Joe Biden has allocated for rail improvements from the Bipartisan Infrastructure Law.
Paddock said support from the council members “would send a strong message that Fort Wayne wants us to move forward — or at least apply.” The association hopes the federal and state departments can come together with 80% of the cost coming from the rail allocation and the rest coming from INDOT.
The railroad project is expected to cost between $5 million and $6 million per mile. Paddock said it might sound costly, but INDOT has estimated the Interstate 69 extension south of Indianapolis will cost about $20 million per mile.
Councilman Tom Freistroffer, R-at large, said he supports the project, especially considering how the city has grown.
“Fort Wayne is not the same city it was 100 years ago, and we need this,” Freistroffer said.
Councilwomen Sharon Tucker, D-6th, and Michelle Chambers, D-at large, said they are ready for the proposed train system to become a reality.
“The only thing I’d like to say is hurry up because I’m 50,” Tucker said. “I want to see this come to fruition and ride.”
Councilman Jason Arp, R-4th, said he wouldn’t support the nonbinding resolution. The former Chicago resident said he has heard about negative consequences Lake and St. Joseph counties saw after the commuter rail stops came, such as officials rearranging neighborhoods for the station.
The council members voted 7-1 with Arp in opposition. Councilman Glynn Hines, D-at large, was absent. | https://www.journalgazette.net/local/council-supports-proposed-northern-indiana-rail-project/article_3eb20d86-137e-11ed-8548-8b718c743b55.html | 2022-08-03T23:32:00Z | https://www.journalgazette.net/local/council-supports-proposed-northern-indiana-rail-project/article_3eb20d86-137e-11ed-8548-8b718c743b55.html | false |
The New Jersey Division of Consumer Affairs has modified DCA Administrative Order No. 2021-11, which had several requirements for medical offices, including that patients and their companions wear masks in the office. The modifications were issued in DCA Administrative Order No. 2022-01. The new order removes the blanket requirement to wear a mask. Instead, it mandates health care professionals providing services in an office setting follow the current guidance issued by the CDC, the New Jersey Department of Health, OSHA, and local health departments. Health care professionals must monitor the applicable guidance, and the indicia of community spread as reflected by statewide Variant Weekly Surveillance Reports, found here, and the CDC Community Levels, found here. In addition, health care professionals should also ensure that staff is protected from retaliation for engaging in conduct that is recommended in guidance and standards issued by the CDC, the New Jersey Department of Health, OSHA, and local health departments.
In order to determine if a medical office should stop requiring masks, management would need to look at the current guidance for community spread according to the office location. For example, if the office is located in Monmouth County, the CDC and the NJ Department of Health currently state that the level of community spread is high and masks should be worn indoors. As such, offices in Monmouth County should continue to require that everyone wear masks.
The order provides that health care professionals "shall include licensees of the following New Jersey State Boards and Committees: Board of Dentistry, Board of Medical Examiners, Board of Nursing, Board of Optometrists, Board of Ophthalmic Dispensers and Ophthalmic Technicians, Board of Respiratory Care, Board of Pharmacy, Acupuncture Examining Board, Board of Chiropractic Examiners, Occupational Therapy Advisory Council, Board of Physical Therapy Examiners, Orthotics and Prosthetics Board of Examiners, Board of Polysomnography, Athletic Training Advisory Committee, and Audiology and Speech-Language Pathology Advisory Committee." Office is defined as "a health care practice setting not licensed by the NJDOH, including but not limited to health care professional offices, private practices, clinics, urgent care centers, and community medical centers."
Takeaway: Medical offices covered by the Division of Consumer Affairs should monitor COVID-19 guidance and its community spread in order to adjust policies and practices accordingly.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. | https://www.mondaq.com:443/unitedstates/health-safety/1218086/new-jersey-division-of-consumer-affairs-issues-new-mask-order-for-medical-offices | 2022-08-03T23:35:06Z | https://www.mondaq.com:443/unitedstates/health-safety/1218086/new-jersey-division-of-consumer-affairs-issues-new-mask-order-for-medical-offices | false |
VANCOUVER, BC, August. 3, 2022 /PRNewswire/ - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the second quarter and first half of 2022. The Company previously released its gold production and gold revenue results for the second quarter and first half of 2022. All dollar figures are in United States dollars unless otherwise indicated.
- Total gold production of 223,623 ounces (including 14,765 ounces of attributable production from Calibre Mining Corp. ("Calibre")), slightly above budget by 1% (2,154 ounces), and consolidated gold production of 208,858 ounces from the Company's three operating mines, in line with budget
- Consolidated gold revenue of $382 million on sales of 205,300 ounces at an average realized gold price of $1,861 per ounce
- Fekola's mill throughput was a quarterly record of 2.42 million tonnes, 8% above budget and 6% higher than the second quarter of 2021
- Total consolidated cash operating costs (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $781 per ounce produced and consolidated cash operating costs from the Company's three operating mines of $766 per ounce produced, both 2% below budget
- Total consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $1,111 per ounce sold and consolidated AISC from the Company's three operating mines of $1,109 per ounce sold, both well below budget by 7%
- Net income attributable to the shareholders of the Company of $38 million ($0.04 per share); adjusted net income (see "Non-IFRS Measures") attributable to the shareholders of the Company of $45 million ($0.04 per share)
- On July 3, 2022, the Economic Community of West African States ("ECOWAS") removed the economic, financial and diplomatic sanctions imposed on Mali earlier in 2022 following the interim Malian Government's announcement of a two-year transition to presidential elections and the promulgation of a new electoral law. As a result, Mali's borders with its neighbours are now open to normal commercial traffic and ordinary supply routes are once again available
- The Company remains in a strong net positive cash position and paid a second quarter dividend of $0.04 per common share (annualized rate of $0.16 per common share), representing one of the highest dividend yields in the gold sector
- The Company recently announced the acquisition of Oklo Resources Limited ("Oklo"), which will provide B2Gold with an additional landholding of 1,405 km2 covering highly prospective greenstone belts in Mali, including Oklo's flagship Dandoko project (550 km2), located approximately 25 kilometres from each of the Fekola Mine and the Anaconda area. The transaction is expected to be completed in mid-September 2022
- B2Gold published its sixth annual Responsible Mining Report entitled "Raising the Bar", which details B2Gold's global economic contributions and its environmental, social, and governance management practices, together with the Company's performance against key indicators in 2021
- Total gold production of 432,988 ounces (including 27,657 ounces of attributable production from Calibre), above budget by 3% (11,914 ounces), and consolidated gold production of 405,331 ounces from the Company's three operating mines, above budget by 2% (7,383 ounces)
- Consolidated gold revenue of $748 million on sales of 400,400 ounces at an average realized gold price of $1,867 per ounce
- Total consolidated cash operating costs (including estimated attributable results for Calibre) of $742 per ounce produced, well below budget by 7%, and consolidated cash operating costs from the Company's three operating mines of $722 per ounce produced, well below budget by 8%
- Total consolidated AISC (including estimated attributable results for Calibre) of $1,074 per ounce sold, significantly below budget by 15%, and consolidated AISC from the Company's three operating mines of $1,069 per ounce sold, significantly below budget by 16%
- Net income attributable to the shareholders of the Company of $119 million ($0.11 per share); adjusted net income attributable to the shareholders of the Company of $110 million ($0.10 per share)
- For full-year 2022, B2Gold remains well positioned for continued strong operational and financial performance and remains on track to achieve its total consolidated gold production guidance of between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre). Overall and after factoring in the positive operating results in the first half of 2022, the Company's total consolidated costs guidance ranges for full-year 2022 remain unchanged with total consolidated cash operating costs forecast to be at the upper end of the Company's guidance range of between $620 and $660 per ounce and total consolidated AISC forecast to be within the Company's guidance range of between $1,010 and $1,050 per ounce
Based on the preliminary results of the optimized feasibility study for the Gramalote gold project in Colombia (the "Gramalote Project"), a joint venture between B2Gold and AngloGold Ashanti Limited ("AngloGold"), both partners have determined that the project does not currently meet their investment thresholds for development of the project at this time. Therefore, in conjunction with finalizing the Gramalote Feasibility Study by the end of the third quarter of 2022, B2Gold and AngloGold have jointly made the decision to review the alternatives for the Gramalote Project over the coming months.
Total gold production in the second quarter of 2022 was 223,623 ounces (including 14,765 ounces of attributable production from Calibre), slightly above budget by 1% (2,154 ounces), and consolidated gold production from the Company's three operating mines was 208,858 ounces, in line with budget (see "Operations" section below). Total consolidated gold production in the second quarter of 2022 was higher by 6% (12,011 ounces) compared to the second quarter of 2021, mainly due to record quarterly mill throughput achieved at the Fekola Mine in the second quarter of 2022. In addition, processed grade was higher at the Otjikoto Mine in the second quarter of 2022, due to significant waste stripping operations at both the Wolfshag and Otjikoto pits in the first half of 2021. Consolidated gold production from the Company's three operating mines is expected to be significantly weighted to the second half of 2022 primarily due to the timing of higher-grade ore mining.
For the second quarter of 2022, total consolidated cash operating costs (including estimated attributable results for Calibre) were $781 per ounce produced ($786 per ounce sold), slightly below budget by $14 per ounce produced (2%), and consolidated cash operating costs from the Company's three operating mines were $766 per ounce produced ($771 per ounce sold), slightly below budget by $17 per ounce produced (2%). Cash operating costs per ounce produced for the second quarter of 2022 were in line with budget as higher than budgeted realized fuel prices were offset by lower than budgeted mined tonnage. As expected, total consolidated cash operating costs were higher in the second quarter of 2022 compared to $664 per ounce produced ($675 per ounce sold) in the second quarter of 2021, and consolidated cash operating costs were higher in the second quarter of 2022 compared to $649 per ounce produced ($661 per ounce sold) in the second quarter of 2021, mainly as a result of higher costs for fuel and other consumables.
For the second quarter of 2022, total consolidated AISC (including estimated attributable results for Calibre) were $1,111 per ounce sold (Q2 2021 - $1,016 per ounce sold), well below budget by $78 per ounce sold (7%), and consolidated AISC from the Company's three operating mines were $1,109 per ounce sold (Q2 2021 - $1,011 per ounce sold), well below budget by $82 per ounce (7%). These favourable budget variances were attributable to lower than budgeted cash operating costs, higher than budgeted realized gains on the settlement of fuel derivatives and lower than budgeted sustaining capital expenditures, partially offset by lower than budgeted gold ounces sold.
For the first half of 2022, total gold production was 432,988 ounces (including 27,657 ounces of attributable production from Calibre), above budget by 3% (11,914 ounces), and comparable with the first half of 2021. Consolidated gold production from the Company's three operating mines was 405,331 ounces in the first half of 2022, above budget by 2% (7,383 ounces) and 1% (2,308 ounces) higher compared to the second half of 2021.
For the first half of 2022, total consolidated cash operating costs (including estimated attributable results for Calibre) were $742 per ounce produced ($723 per ounce sold), well below budget by $52 per ounce produced (7%) and consolidated cash operating costs from the Company's three operating mines were $722 per ounce produced ($702 per ounce sold), well below budget by $59 per ounce produced (8%). These favourable budget variances were attributable to higher than budgeted production and lower than budgeted mined tonnage partially offset by higher than budgeted realized fuel prices. As expected, total consolidated cash operating costs were higher in the first half of 2022 compared to $636 per ounce produced ($628 per ounce sold) in the first half of 2021, and consolidated cash operating costs were higher in the first half of 2022 compared to $615 per ounce produced ($606 per ounce sold) in the first half of 2021, mainly as a result of higher costs for fuel and other consumables.
For the first half of 2022, total consolidated AISC (including estimated attributable results for Calibre) were $1,074 per ounce sold (first half 2021 - $974 per ounce sold), significantly below budget by $193 per ounce sold (15%), and consolidated AISC from the Company's three operating mines were $1,069 per ounce sold (first half 2021 - $965 per ounce sold), significantly below budget by $205 per ounce sold (16%). These favourable budget variances were attributable to lower than budgeted cash operating costs, higher than budgeted realized gains on the settlement of fuel derivatives and lower sustaining capital expenditures. The lower sustaining capital expenditures are mainly a result of timing of expenditures and are expected to be incurred later in 2022.
For full-year 2022, B2Gold remains well positioned for continued strong operational and financial performance and remains on track to achieve its total gold production guidance of between 990,000 and 1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre). Due to the timing of high-grade ore mining, consolidated gold production from the Company's three operating mines is expected to increase significantly in the second half of 2022 to between 560,000 and 590,000 ounces.
Consolidated cash operating costs for the first half of 2022 were below the first half guidance range of between $760 and $800 per ounce. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are still expected to significantly improve compared to the first half of 2022. After factoring in current fuel price increases at all sites, consolidated cash operating costs for the second half of 2022 are now expected to be between $550 and $590 per ounce (original second half guidance was between $490 to $530 per ounce). In addition, consolidated AISC for the first half of 2022 were significantly below the guidance range of between $1,250 and $1,290 per ounce. After factoring in current fuel price increases at all sites and the timing of remaining capital expenditures, consolidated AISC for the second half of 2022 are now expected to be between $960 and $1,000 per ounce (original second half guidance range was between $820 to $860 per ounce).
Overall and after factoring in the positive operating results in the first half of 2022, the Company's total consolidated costs guidance ranges for full-year 2022 remain unchanged. For full-year 2022, total consolidated cash operating costs are forecast to be at the upper end of the Company's guidance range of between $620 and $660 per ounce and total consolidated AISC are forecast to be within the Company's original guidance range of between $1,010 and $1,050 per ounce.
As previously disclosed, the Company's operations continue to be impacted by global cost inflation with fuel costs reflecting the most significant increases. However, despite these ongoing cost pressures, the draw downs of existing inventories, proactive management and the revised sequencing of some capital costs means that consolidated cash operating costs and AISC in the first half of 2022 were lower than budget and for full-year 2022, the Company expects to be at the upper end of its original total consolidated cash operating cost guidance range and within its original total consolidated AISC guidance range. The Company will continue to closely monitor the levels of cost inflation over the remainder of 2022. B2Gold's projects and operations continue to target long-term cash flow and value at industry leading costs per ounce of gold produced.
For the second quarter of 2022, consolidated gold revenue was $382 million on sales of 205,300 ounces at an average realized gold price of $1,861 per ounce, compared to $363 million on sales of 200,071 ounces at an average realized gold price of $1,814 per ounce in the second quarter of 2021. The increase in gold revenue of 5% ($19 million) was attributable to a 2.5% increase in the average realized gold price and a 2.5% increase in gold ounces sold.
For the second quarter of 2022, cash flow provided by operating activities was $125 million compared to cash flow used by operating activities of $8 million in the second quarter of 2021. The significant increase of $133 million was mainly due to lower working capital outflows in the second quarter of 2022 (most significantly for current income taxes with cash taxes paid in the second quarter of 2022 being $138 million lower than the second quarter of 2021), higher gold revenues of $19 million, higher realized gains on fuel contracts of $9 million, partially offset by higher production costs of $26 million. Cash income and withholding tax payments in the second quarter of 2022 totaled $39 million (Q2 2021 - $177 million). In the second quarter of 2021, income tax payments were significantly higher as a result of tax installments to settle the final 2020 tax liability of $138 million (including payment of the final 2020 priority dividend of $47 million due to the State of Mali) after a record earnings year in 2020.
Based on current assumptions, including a realized gold price of $1,700 per ounce in the second half of 2022, the Company now expects to generate consolidated cashflows from operating activities of approximately $575 million for full-year 2022 (previous guidance at Q1 2022 was $625 million assuming an $1,800 per ounce gold price for full-year 2022), expected to be significantly weighted to the second half of 2022. The benefit of higher gold prices realized in the first half of 2022 is expected to be offset by the impacts of lower gold prices in the second half of 2022 as well as cost inflation and delays in the recovery of value-added tax receivables. In addition, based on current assumptions, the Company is forecasting to make total cash income and withholding tax payments (including priority dividend payments) for full-year 2022 of approximately $280 million.
Net income for the second quarter of 2022 was $41 million compared to $74 million for the second quarter of 2021. Net income attributable to the shareholders of the Company was $38 million ($0.04 per share) compared to $68 million ($0.07 per share) for the second quarter of 2021. Tax charges in the second quarter of 2022 included $22 million in withholding tax for a higher than anticipated intercompany dividend declared at the Fekola Mine and a $5 million deferred income tax charge driven by changes in foreign exchange rates. Adjusted net income attributable to the shareholders of the Company (see "Non-IFRS Measures") was $45 million ($0.04 per share) compared to adjusted net income of $52 million ($0.05 per share) for the second quarter of 2021.
For the first half of 2022, consolidated gold revenue was $748 million on sales of 400,400 ounces at an average price of $1,867 per ounce compared to $725 million on sales of 402,401 ounces at an average price of $1,802 per ounce in the first half of 2021. The increase in gold revenue of 3% ($23 million) was attributable to a 4% increase in the average realized gold price, partially offset by a 1% decrease in gold ounces sold.
For the first half of 2022, cash flow provided by operating activities was $232 million compared to $138 million in the first half of 2021. The significant increase of $95 million was mainly due to lower working capital outflows in the first half of 2022 (most significantly for current income taxes with cash taxes paid in the first half of 2022 being $100 million lower than the first half of 2021), higher gold revenues of $22 million, higher realized gains on fuel contracts of $13 million, partially offset by higher production costs of $37 million. Cash income and withholding tax payments in the first half of 2022 totaled $98 million (first half of 2021 - $198 million), including approximately $27 million related to 2021 outstanding tax liability obligations. Based on current assumptions, including an average gold price of $1,700 per ounce for the balance of 2022, the Company is forecasting to make total cash income and withholding tax payments in 2022 of approximately $280 million.
For the first half of 2022, net income was $131 million compared to $173 million for the first half of 2021. Net income attributable to the shareholders of the Company was $119 million ($0.11 per share) compared to $160 million ($0.15 per share) for the first half of 2021. Tax charges in the second half of 2022 included $24 million in withholding tax (on intercompany dividends/management fees) and a $9 million deferred income tax charge driven by changes in foreign exchange rates. Adjusted net income attributable to the shareholders of the Company was $110 million ($0.10 per share) compared to adjusted net income of $150 million ($0.14 per share) for the first half of 2021.
B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2022, the Company had cash and cash equivalents of $587 million (December 31, 2021 - $673 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $775 million (December 31, 2021 - $802 million). In addition, the Company's $600 million Revolving Credit Facility ("RCF") remains fully undrawn and available.
On June 8, 2022, B2Gold's Board of Directors declared a cash dividend for the second quarter of 2022 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), paid on June 29, 2022 to shareholders of record as of June 20, 2022.
Due to the Company's strong net positive cash position, strong operating results and the current higher gold price environment, B2Gold's quarterly dividend rate is expected to be maintained at $0.04 per common share (or an annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector. The declaration and payment of future quarterly dividends remains at the discretion of the Board and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
Overall and after factoring in the positive operating results in the first half of 2022, the Company's total consolidated gold production and cost guidance ranges for full-year 2022 remain unchanged. Individual mine results have updated guidance as detailed in tables below.
Mine-by-mine gold production in the second quarter and first half of 2022 (including the Company's estimated 25% attributable share of Calibre's production) was as follows:
Mine-by-mine cash operating costs per ounce (on a per ounce of gold produced basis) in the second quarter and first half of 2022 were as follows (presented on a 100% basis):
Mine-by-mine cash operating costs per ounce (on a per ounce of gold sold basis) in the second quarter and first half of 2022 were as follows (presented on a 100% basis):
Mine-by-mine AISC (on a per ounce of gold sold basis) in the second quarter and first half of 2022 were as follows (presented on a 100% basis):
Fekola Gold Mine - Mali
The Fekola Mine in Mali continued its strong operational performance through the second quarter of 2022, producing 123,066 ounces of gold, in line with budget. In the second quarter of 2022, Fekola's processing facilities achieved record quarterly throughput of 2.42 million tonnes, 8% above budget and 6% higher than the second quarter of 2021, due to favourable ore characteristics and continuous optimization of the grinding circuit. The higher than budgeted mill throughput in the second quarter of 2022 was mainly offset by lower than budgeted mill feed grade (6%), as Fekola's low-grade stockpiles were used to provide additional unbudgeted mill feed required as a result of the higher than budgeted processed tonnes. Gold production in the second quarter of 2022 was higher by 8% (9,455 ounces) compared to the second quarter of 2021, mainly due to higher mill throughput. Fekola's gold production is expected to be significantly weighted to the second half of 2022 when mining reaches the higher-grade portion of Phase 6 of the Fekola Pit.
For the second quarter of 2022, mill feed grade was 1.71 grams per tonne ("g/t") compared to budget of 1.81 g/t and 1.65 g/t in the second quarter of 2021; mill throughput was 2.42 million tonnes compared to budget of 2.24 million tonnes and 2.29 million tonnes in the second quarter of 2021; and gold recovery averaged 92.4% compared to budget of 94.4% and 93.2% in the second quarter of 2021. In the second quarter of 2022, as noted above, the higher than budgeted mill throughput (8%) was mainly offset by lower than budgeted mill feed grade (6%), as Fekola's low-grade stockpiles were used to provide additional unbudgeted mill feed required as a result of the higher than budgeted processed tonnes. In addition, in the second quarter of 2022, low availability of lime led to reduced gold recoveries, however, all reagents are now available without constraint and operations continue normally.
For the second quarter of 2022, Fekola's cash operating costs were $639 per ounce produced ($711 per ounce sold), well below budget by $64 per ounce produced (9%), mainly as a result of lower than budgeted total mining, processing and site general costs, and $22 per ounce produced (4%) higher compared to the second quarter of 2021, mainly due to higher fuel and consumables costs and increased mining costs from operating deeper in the Fekola Pit. In the second quarter of 2022, Fekola's total mining costs were below budget due to lower overall tonnes mined compared to budget, partially offset by higher than budgeted fuel prices. Mined tonnes were lower than budgeted due to a temporary change in mine sequencing resulting from the availability of supplies due to the ECOWAS sanctions in the second quarter of 2022, all of which have now been removed as of July 3, 2022.
Fekola's AISC for the second quarter of 2022 were $949 per ounce sold (Q2 2021 - $854 per ounce sold), well below budget by $76 per ounce sold (7%), mainly due to lower than budgeted sustaining capital expenditures and higher than budgeted realized gains on the settlement of fuel derivatives.
For the first half of 2022, the Fekola Mine produced 224,714 ounces of gold, slightly above budget (901 ounces) and, as expected, lower by 6% (13,985 ounces) compared to the first half of 2021 mainly due to planned significant waste stripping and lower mined ore tonnage as Phase 6 of the Fekola Pit was developed in the first half of 2022.
For the first half of 2022, Fekola's cash operating costs were $632 per ounce produced ($652 per gold ounce sold), well below budget by $106 per ounce produced (14%), mainly due to lower overall tonnes mined compared to budget (as outlined above) and lower than budgeted fuel prices realized in the first quarter of 2022 (fuel prices are set in advance by the State and therefore subject to timing delays between market fuel price increases and those experienced at the Fekola Mine). Fekola's fuel prices were significantly lower than budgeted in the first quarter of 2022 but following the reset of State fuel pricing in the second quarter of 2022, fuel prices were higher than budget in the second quarter of 2022. In total, overall, for the first half of 2022, Fekola's fuel prices were lower than budgeted. As expected, compared to the first half of 2021, Fekola's cash operating costs per ounce produced were higher by $75 per ounce produced (13%), mainly due to the higher fuel and consumables costs and increased mining costs from operating deeper in the Fekola Pit.
Fekola's AISC for the first half of 2022 were $967 per ounce sold (first half 2021 - $811 per ounce sold), well below budget by $195 per ounce sold (17%), mainly attributable to lower than budgeted cash operating costs (as outlined above) and lower than budgeted sustaining capital expenditures (relating to pre-stripping costs and site capital projects), together with higher than budgeted realized gains on the settlement of fuel derivatives. The lower than budgeted sustaining capital expenditures are mainly due to timing of expenditures and expected to be incurred later in 2022.
Capital expenditures for the second quarter of 2022 totaled $20 million, primarily consisting of $10 million for mobile equipment purchases and rebuilds and $6 million for the tailings storage facility expansion and studies. Capital expenditures for the first half of 2022 totaled $48 million, primarily consisting of $19 million for mobile equipment purchases and rebuilds, $14 million for pre-stripping and $10 million for the tailings storage facility expansion and studies.
The Company welcomes the recent announcement by ECOWAS of the removal on July 3, 2022 of the economic, financial and diplomatic sanctions imposed on Mali in January 2022. The sanctions were removed by ECOWAS after the interim Malian Government announced a two-year transition to presidential elections and promulgated a new electoral law. Mali's borders with its neighbouring countries have now re-opened to normal commercial traffic and ordinary supply routes are available. Throughout the period of the sanctions, the Fekola Mine continued to operate normally and meet its production targets while maintaining a good working relationship with the interim Government.
The low-cost Fekola Mine remains on track to produce between 570,000 and 600,000 ounces of gold in 2022. Fekola's gold production is expected to significantly increase from the first half of 2022 to between 350,000 and 370,000 ounces during the second half of 2022. Fekola's cash operating costs for the first half of 2022 were below its first half guidance range of between $720 and $760 per ounce and, due to the weighting of Fekola production, are expected to still significantly decrease in the second half of 2022. For the second half of 2022, after factoring in current fuel price increases at Fekola, Fekola's cash operating costs are now expected to be between $430 to $470 per ounce (original second half guidance was between $380 to $420 per ounce). Fekola's AISC for the first half of 2022 were below its first half guidance range of between $1,140 and $1,180 per ounce and are expected to significantly decrease in the second half of 2022. For the second half of 2022, after factoring in current fuel price increases at Fekola and the expected timing of remaining sustaining capital expenditures, Fekola's AISC are now expected to be between $790 and $830 per ounce (original second half guidance was between $660 and $700 per ounce).
Overall and after factoring in the positive operating results in the first half of 2022, Fekola's costs guidance ranges for full-year 2022 remain unchanged. For full-year 2022, Fekola's cash operating costs are expected to be within its guidance range of between $510 and $550 per ounce and Fekola's AISC are expected to be at the upper end of its guidance range of between $840 and $880 per ounce.
Masbate Gold Mine – The Philippines
The Masbate Mine in the Philippines continued its strong operational performance with second quarter of 2022 gold production of 54,375 ounces, above budget by 2% (995 ounces), as processed tonnage (6% above budget) more than offset lower than budgeted processed grade (4%). Gold production in the second quarter of 2022 was lower by 4% (2,503 ounces) compared to the second quarter of 2021 due to higher grade and recoveries in the second quarter of 2021.
For the second quarter of 2022, mill feed grade was 1.09 g/t compared to budget of 1.13 g/t and 1.17 g/t in the second quarter of 2021; mill throughput was 1.99 million tonnes compared to budget of 1.88 million tonnes and 1.86 million tonnes in the second quarter of 2021; and gold recovery averaged 78.4% compared to budget of 78.2% and 81.5% in the second quarter of 2021. In the second quarter of 2022, higher than budgeted mill throughput (6%) resulted from the continuous optimization of the grinding circuit whereas the lower than budgeted processed grade (4%) resulted from lower than budgeted mined grades at the bottom of the Montana Pit, where mining was completed at the end of July 2022. Processed grade was higher in the second quarter of 2021 (compared to the second quarter of 2022) due to mining of higher-grade zones of the Main Vein and Montana pits in the second quarter of 2021. Gold recoveries for processed ore were also higher in the second quarter of 2021 (compared to the second quarter of 2022) as mill recoveries outperformed Masbate's modelled mine plan recoveries in the second quarter of 2021.
For the second quarter of 2022, Masbate's cash operating costs were $840 per ounce produced ($764 per ounce sold), above budget by $108 per ounce produced (15%), mainly due to higher than budgeted diesel and heavy fuel oil ("HFO") costs, and higher compared to $616 per ounce produced ($673 per ounce sold) in the second quarter of 2021, mainly due to higher fuel and consumable costs. Masbate's cash operating costs per ounce sold for the second quarter of 2022 were higher than budget by $32 per ounce (4%), but the impact of higher second quarter of 2022 fuel costs was partially offset by lower cost inventory produced in the first quarter of 2022 being sold in the second quarter of 2022.
Masbate's AISC for the second quarter of 2022 were $1,082 per ounce sold (Q2 2021 - $899 per ounce sold), in line with budget as higher than budgeted realized gains on the settlement of fuel derivatives offset higher than budgeted cash operating costs (as described above) and higher than budgeted capital expenditures due to timing differences.
For the first half of 2022, Masbate Mine's gold production of 114,139 ounces was well above budget by 6% (6,706 ounces) as a result of higher than budgeted mill throughput, and comparable to the first half of 2021.
For the first half of 2022, Masbate's cash operating costs were $772 per ounce produced ($773 per ounce sold), slightly above budget by $25 per ounce produced (3%), as higher than budgeted diesel and HFO costs were largely offset by higher than budgeted gold production. As expected, Masbate's cash operating costs were higher in the first half of 2022 compared to $612 per ounce produced ($627 per ounce sold) in the first half of 2021, mainly as a result of higher fuel and consumable costs.
Masbate's AISC for the first half of 2022 were $1,054 per ounce sold (first half of 2021 - $860 per ounce sold), below budget by $90 per ounce sold (8%), mainly attributable to lower than budgeted capital expenditures and higher than budgeted realized gains on the settlement of fuel derivatives which were partially offset by slightly higher than budgeted cash operating costs and lower than budgeted gold ounces sold. The lower than budgeted sustaining capital expenditures were primarily a result of timing of expenditures and expected to be incurred later in 2022.
Capital expenditures in the second quarter of 2022 totaled $14 million, primarily consisting of $9 million for mobile equipment purchases and rebuilds, $2 million for an additional powerhouse generator and $2 million for tailings storage facility projects. Capital expenditures in the first half of 2022 totaled $20 million, primarily consisting of $10 million for mobile equipment purchases and rebuilds, $3 million for an additional powerhouse generator and $2 million for tailings storage facility projects.
In light of the Masbate Mine's positive production performance to date in 2022, it is now expected to produce between 215,000 and 225,000 ounces of gold in 2022 (original guidance range was between 205,000 and 215,000 ounces of gold). Masbate's gold production is scheduled to be relatively consistent throughout 2022. Masbate's cash operating costs for the first half of 2022 were above its first half guidance range of between $730 and $770 per ounce. After factoring in current fuel price increases at Masbate, Masbate's cash operating costs for the second half of 2022 are now expected to be between $890 to $930 per ounce (original second half guidance range was between $760 to $800 per ounce). Masbate's AISC for the first half of 2022 were below its first half guidance range of between $1,120 and $1,160 per ounce. After factoring in current fuel price increases at Masbate and the expected timing of remaining sustaining capital expenditures, Masbate's AISC are now expected to be between $1,140 and $1,180 per ounce for the second half of 2022 (original second half guidance range was between $1,020 and $1,060 per ounce).
Overall, for full-year 2022, with the increases being experienced in fuel prices, Masbate's cash operating costs are now expected to be in the range of between $820 and $860 per ounce (original guidance range was between $740 and $780 per ounce). Masbate's AISC annual guidance range remains unchanged, with Masbate's AISC expected to be at the upper end of its guidance range of between $1,070 and $1,110 per ounce for full-year 2022.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia produced 31,417 ounces of gold in the second quarter of 2022, 2,027 ounces (6%) below budget. The lower than budgeted gold production in the second quarter of 2022 was due to a slower than planned ramp-up in development of the Wolfshag Underground mine, resulting in lower than budgeted mined grade. The Company recently appointed a new underground mining contractor and development rates in the Wolfshag Underground mine have recovered, with development ore now expected in the third quarter of 2022 and stope ore production commencing in the fourth quarter of 2022. As a result of this change in ore production timing, the 2022 annual production guidance range for Otjikoto has been revised to between 165,000 and 175,000 ounces of gold. As expected, gold production in the second quarter of 2022 was higher by 17% (4,526 ounces) compared to the second quarter of 2021 due to significant waste stripping operations at both the Wolfshag and Otjikoto pits in the first half of 2021.
For the second quarter of 2022, mill feed grade was 1.17 g/t compared to budget of 1.25 g/t and 0.99 g/t in the second quarter of 2021; mill throughput was 0.85 million tonnes compared to budget of 0.85 million tonnes and 0.86 million tonnes in the second quarter of 2021; and gold recovery averaged 98.4% compared to budget of 98.0% and 97.8% in the second quarter of 2021. As noted above, processed grade in the second quarter of 2022 was lower than budgeted due to delays in the development of the Wolfshag Underground mine and higher compared to the second quarter of 2021 due to significant waste stripping at both the Wolfshag and Otjikoto pits in the first half of 2021.
For the second quarter of 2022, Otjikoto's cash operating costs were $1,136 per ounce produced ($1,018 per ounce sold), slightly below budget by $24 per ounce produced (2%), mainly due to the benefits of a weaker than budgeted Namibian dollar and delay in incurring Wolfshag Underground mining operating costs, partially offset by higher than budgeted fuel prices. Otjikoto's cash operating costs in the second quarter of 2022 were higher compared to $854 per ounce produced ($885 per ounce sold) in the second quarter of 2021, mainly as a result of higher fuel costs in 2022.
Otjikoto's AISC for the second quarter of 2022 were $1,403 per ounce sold (Q2 2021 - $1,613 per ounce sold), significantly below budget by $214 per ounce sold (13%), mainly due to slightly lower than budgeted cash operating costs, lower than budgeted sustaining capital expenditures and higher than budgeted realized gains on the settlement of fuel derivatives, partially offset by lower than budgeted gold ounces sold. The lower sustaining capital expenditures are mainly a result of timing of expenditures and expected to be incurred later in 2022.
For the first half of 2022, the Otjikoto Mine produced 66,478 ounces of gold, in line with budget and 33% (16,545 ounces) higher than the first half of 2021.
For the first half of 2022, Otjikoto's cash operating costs were $943 per ounce produced ($763 per gold ounce sold), below budget by $40 per ounce produced (4%) (for the reasons described above) and higher by $50 per ounce produced (6%) compared to the first half of 2021, mainly due to higher fuel costs in the first half of 2022. Otjikoto's cash operating costs per ounce sold for the first half of 2022 were significantly below budget by $220 per ounce sold (22%), mainly due to the sale of lower cost inventory produced in 2021.
Otjikoto's AISC for the first half of 2022 were $1,090 per ounce sold (first half 2021 - $1,542 per ounce sold), significantly below budget by $386 per ounce sold (26%) for the reasons described above.
Capital expenditures for the second quarter of 2022 totaled $23 million, primarily consisting of $13 million for Wolfshag Underground mine development, $5 million for pre-stripping in the Otjikoto Pit, $3 million for mobile equipment purchases and rebuilds and $2 million for the national power grid connection line. Capital expenditures for the first half of 2022 totaled $39 million, primarily consisting of $19 million for Wolfshag Underground mine development, $11 million for pre-stripping in the Otjikoto Pit, $5 million for mobile equipment purchases and rebuilds and $4 million for the national power grid connection line.
The Otjikoto Mine is now expected to produce between 165,000 and 175,000 ounces of gold in 2022 (original guidance range of 175,000 to 185,000 ounces). For the second half of 2022, Otjikoto's gold production is expected to increase significantly to between 100,000 and 105,000 ounces. Otjikoto's cash operating costs for the first half of 2022 were below its first half guidance range of between $960 and $1,000 per ounce and, due to the weighting of Otjikoto production, are still expected to significantly decrease in the second half of 2022. After factoring in current fuel price increases at Otjikoto, Otjikoto's cash operating costs for the second half of 2022 are now expected to be between $640 to $680 per ounce (original second half guidance range was between $620 to $660 per ounce). Otjikoto's AISC for the first half of 2022 were significantly below its first half guidance range of between $1,460 and $1,500 per ounce. After factoring in current fuel price increases at Otjikoto and the expected timing of remaining sustaining capital expenditures, Otjikoto's AISC for the second half of 2022 are now expected to be between $1,110 and $1,150 per ounce (original second half guidance range was between $930 and $970 per ounce).
Overall and after factoring in the positive operating results in the first half of 2022, Otjikoto's costs guidance ranges for full-year 2022 remain unchanged. For full-year 2022, Otjikoto's cash operating costs are expected to be at the upper end of its annual guidance range of between $740 and $780 per ounce and Otjikoto's AISC are expected to be within its guidance range of between $1,120 and $1,160 per ounce.
Anaconda Area (comprised of the Menankoto and Bantako North permits) and Bakolobi - Mali
Fekola North and Anaconda Exploration
On March 23, 2022, the Company announced additional positive exploration drilling results from Fekola North and the Anaconda area which is comprised of the Menankoto permit and the Bantako North permit located approximately 20 kilometres from the Fekola Mine. High grade results from the Fekola North target area such as drill hole FKD_641, which returned 4.28 g/t gold over 19.15 metres, from 529.0 metres, provides strong support for ongoing evaluation of underground development of the deepest portions of the Fekola Mine deposit. In the Anaconda area, drill hole MSD_212, which returned 8.09 g/t gold over 15.8 metres, from 431.1 metres, confirms the presence of high grade sulphide, approximately 100 metres below the limits of the current Mineral Resource pit boundary. The good grade and width combinations at the Anaconda area continue to provide a strong indication of the potential for Fekola-style plunging bodies of sulphide mineralization, which remain open at depth. Ongoing drilling by the Company on the Anaconda area to infill and extend the saprolite Mineral Resource area, and to follow up on the sulphide mineralization, including the Mamba and Adder zones, as well as several other targets below the saprolite mineralization, continues to generate positive drill results in both saprolite and sulphide domains and demonstrates strong potential to further increase the updated Anaconda area Mineral Resource estimate (see below).
On March 23, 2022, the Company announced an updated and significantly increased Mineral Resource estimate for the Anaconda area. The updated and significantly increased Anaconda Mineral Resource estimate (as at January 11, 2022) constrained within a conceptual pit shell at a gold price of $1,800 per ounce included an initial Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08 g/t gold for a total 1,130,000 ounces of gold, and Inferred Mineral Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for 2,280,000 ounces of gold. The Mineral Resource estimate included first time reporting of 1,130,000 ounces of Indicated Mineral Resources and an increase of 1,510,000 ounces (196% increase) of Inferred Mineral Resources since the initial Inferred Mineral Resource estimate in 2017 (21,590,000 tonnes at 1.11 g/t gold, for 767,000 ounces).
In April 2022, the Company acquired the Bakolobi permit in Mali from a local Malian company. The Bakolobi permit is located between the Menankoto permit, to the North, and the Fekola Mine's Medinandi permit, wrapping around the latter to its south-west end, covering an area of 100 km2. The acquisition of the Bakolobi permit results in the ownership by the Company of four contiguous exploration and/or exploitation permits covering 237 km2, extending from the northwestern end of the Bantako North permit and the North-East of the Menankoto permit, southwest of the Medinandi permit (Fekola Mine and Cardinal Zone) to the southeast end of the Bakolobi permit.
B2Gold's acquisition of Oklo and its flagship Dandoko project, which is expected to be completed in mid-September 2022, will extend the footprint of B2Gold's exploration in Mali to over 1,700 km2 and add the Dandoko project's JORC 2012 compliant Measured and Indicated Mineral Resource estimate of 8.70 million tonnes at 1.88 g/t for 528,000 ounces of gold and an Inferred Mineral Resource estimate of 2.63 million tonnes at 1.67 g/t for 141,000 ounces of gold, to B2Gold's rapidly growing Mineral Resource inventory in the region. The Company believes there is strong potential to extend the mineralization at the Dandoko project.
Fekola Complex Regional Development
In 2022, the Company budgeted $33 million for development of infrastructure for Phase I saprolite mining at the Anaconda area, including road construction. Based on the updated Mineral Resource estimate and B2Gold's preliminary planning, the Company has demonstrated that a pit situated on the Anaconda area could provide selective higher grade saprolite material (average grade of 2.2 g/t) to be trucked to and fed into the Fekola mill at a rate of 1.5 million tonnes per annum. With the anticipated closing of the acquisition of Oklo and its flagship Dandoko project in mid-September 2022, the Company is currently evaluating its options for the timing and sourcing of material on a regional basis from all deposits within the Fekola Complex area (including Fekola, Cardinal, Dandoko, Bakalobi and the Anaconda Area). This updated evaluation is expected to be completed by the end of 2022, with first saprolite production now anticipated in the second quarter of 2023. Subject to obtaining all necessary permits and completion of a final development plan, the Company intends to commence its planned Phase 1 infrastructure development in the fourth quarter of 2022. Trucking of selective higher grade saprolite material to the Fekola mill would increase the ore processed and annual gold production from the Fekola mill, with the potential to add an average of approximately 80,000 to 100,000 ounces per year to the Fekola mill's annual gold production.
Based on this updated Mineral Resource estimate and the 2022 exploration drilling results, the Company has commenced a Phase II scoping study to review the project economics of constructing a stand-alone mill near the Anaconda area. Subject to receipt of a positive Phase II scoping study, the Company expects that the saprolite material would continue to be trucked to and fed into the Fekola mill during the construction period for the Anaconda area stand-alone mill.
Gramalote Project (B2Gold – 50%/AngloGold – 50%) - Colombia
Based on the preliminary results of the optimized feasibility study for the Gramalote gold project in Colombia (the "Gramalote Project"), a joint venture between B2Gold and AngloGold, both partners have determined that the project does not currently meet their investment thresholds for development of the project at this time. Therefore, in conjunction with finalizing the Gramalote Feasibility Study by the end of the third quarter of 2022, B2Gold and AngloGold have jointly made the decision to review the alternatives for the Gramalote Project over the coming months.
Following a review of the Gramalote Project's optimized feasibility study work completed to date, which included revisiting the original Gramalote Project design parameters in the existing mining permit (as applied in the Gramalote Preliminary Economic Assessment in January 2020 and historical AngloGold studies) and further optimizing project design, together with a review of the additional drilling of Indicated and Inferred portions of the Mineral Resource area and updating capital and operating costs to reflect both optimized project development and expected capital and operating costs, the outcome was that the Gramalote Project does not meet the internal investment indicators that would support further project development at this time.
While the general characteristics of the Gramalote Project remain constant and the project benefits from a low strip ratio, low processing costs, and a favourable relationship with the local and regional stakeholders, key changes to the project economics were identified during the optimized feasibility study work which combine to preclude development of the project by the joint venture. On a global scale, cost inflation has resulted in estimated capital cost increases of approximately 12%, coupled with uncertain long-term operating costs. More detailed resource modelling indicates that the grade-tonnage characteristics of the ore body resulted in lower than expected processing head grade and annual ounce production, specifically within the first five years of production including the payback period. These changes result in lower than expected project net present value and internal rate of return, below the investment threshold of each joint venture partner.
The Gramalote Project continues to benefit from strong federal and local government support as well as continuing support from local communities. B2Gold and AngloGold intend to jointly complete a comprehensive review of the alternatives relating to the Gramalote Project and consider the interests of all stakeholders in making a decision on the future of the project.
The Company is pleased with its second quarter of 2022 results, particularly given the challenges mining companies are facing around the world. Based on a strong operational and financial first half of 2022, the Company is on track to meet its annual gold production guidance for 2022 of between 990,000 and 1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre). Consolidated cash operating costs and AISC were below budget for the first half of 2022. Cash operating costs and AISC guidance for each operation for the second half of 2022 have been revised to reflect the current increases in fuel pricing and expected timing of remaining sustaining capital expenditures for 2022. However, after factoring in the positive cost results in the first half of 2022, total consolidated costs guidance ranges for full-year 2022 remain unchanged. Total consolidated cash operating costs for full year 2022 are expected to be at the upper end of the Company's original guidance range of between $620 and $660 per ounce and within its total consolidated AISC guidance range of between $1,010 and $1,050 per ounce.
Following the receipt of the Menankoto permit in Mali, the Company is expanding the scope of its exploration activities on the Anaconda area (comprised of the Menankoto permit and the Bantako North permit) to build on the successful exploration programs already completed to date. The Company will continue to follow up on the sulphide mineralization at the Mamba, Adder and several other targets below the saprolite mineralization in 2022. On April 21, 2022 the Company completed the acquisition of the Bakolobi permit in Mali from a local Malian company. The Bakolobi permit is located between the Menankoto permit, to the North, and the Fekola Mine's Medinandi permit, wrapping around the latter to its south-west end, covering an area of 100 km2. The acquisition of the Bakolobi permit results in the ownership by the Company of four contiguous exploration and/or exploitation permits covering 237 km2.
In 2022, the Company budgeted $33 million for development of infrastructure for Phase I saprolite mining at the Anaconda area, including road construction. Based on the updated Mineral Resource estimate and B2Gold's preliminary planning, the Company has demonstrated that a pit situated on the Anaconda area could provide selective higher grade saprolite material (average grade of 2.2 g/t) to be trucked to and fed into the Fekola mill at a rate of 1.5 million tonnes per annum. With the anticipated closing of the acquisition of Oklo and its flagship Dandoko project in mid-September 2022, the Company is currently evaluating its options for the timing and sourcing of material on a regional basis from all deposits within the Fekola Complex area (including Fekola, Cardinal, Dandoko, Bakalobi and the Anaconda Area). This updated evaluation is expected to be completed by the end of 2022, with first saprolite production now anticipated in the second quarter of 2023. Subject to obtaining all necessary permits and completion of a final development plan, the Company intends to commence its planned Phase 1 infrastructure development in the fourth quarter of 2022. Trucking of selective higher grade saprolite material to the Fekola mill would increase the ore processed and annual gold production from the Fekola mill, with the potential to add an average of approximately 80,000 to 100,000 ounces per year to the Fekola mill's annual gold production.
After a very successful year for exploration in 2021, B2Gold is conducting an aggressive exploration campaign in 2022 with a revised budget of approximately $75 million (excluding the Gramalote Project). Exploration will focus predominantly in Mali, other operating mine sites in Namibia and the Philippines, and continued focus on grassroots targets around the world. Many years of target generation and pursuing opportunities in prospective gold regions has culminated in the Company allocating a record $29 million for its grassroots exploration programs, including several new regions. Included in the grassroots exploration program is $8 million allocated to Finland for the Central Lapland Joint Venture with Aurion Resources Ltd. Most significantly, the westward extension of Rupert Resources' Ikarri discovery trends directly onto the Joint Venture ground. This trend (named the Helmi trend on the joint venture ground) coincides with B2Gold's base-of-till drilling and the same interpreted structure as defined by airborne geophysics. Diamond drilling in 2021 has confirmed the presence of mineralization on this structure and is being successfully followed up with 11,600 metres planned in 2022.
The Company's ongoing strategy is to continue to maximize profitable production from its mines, further advance its pipeline of remaining development and exploration projects, evaluate new exploration, development and production opportunities and continue to pay an industry leading dividend yield.
B2Gold executives will host a conference call to discuss the results on Thursday, August 4, 2022, at 10:00 am PST/1:00 pm EST. You may access the call by dialing the operator at +1 (778) 383-7413 / +1 (416) 764-8659 (Vancouver/Toronto) or toll free at +1 (888) 664-6392 prior to the scheduled start time or you may listen to the call via webcast by clicking here. A playback version will be available for two weeks after the call at +1 (416) 764-8677 (local or international) or toll free at +1 (888) 390-0541 (passcode 652410 #).
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
On Behalf of B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 30, 2022 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; the impact of the COVID-19 pandemic on B2Gold's operations, including any restrictions or suspensions with respect to our operations and the effect of any such restrictions or suspensions on our financial and operational results; the ability of the Company to successfully maintain our operations if they are temporarily suspended, and to restart or ramp-up these operations efficiently and economically, the impact of COVID-19 on the Company's workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: B2Gold generating operating cashflows of approximately $575 million in 2022 which are expected to be significantly weighted to the second half of 2022; remaining well positioned for continued strong operational and financial performance for 2022; the completion of the acquisition of Oklo in mid-September 2022; projected gold production, cash operating costs and AISC on a consolidated and mine by mine basis in 2022, including production being weighted heavily to the second half of 2022; total consolidated gold production of between 990,000 and 1,050,000 ounces in 2022 with cash operating costs of between $620 and $660 per ounce and AISC of between $1,010 and $1,050 per ounce; the potential upside to increase Fekola's gold production in 2023 by trucking material from the Anaconda area or the Dandoko project, including the potential to add approximately 80,000 to 100,000 per year to Fekola's annual production profile, and for the Anaconda area or the Dandoko project to provide saprolite material to feed the Fekola mill starting in mid-2023; the timing and results of a Phase II study for the Anaconda area to review the project economics of trucking sulphide material to the Fekola mill as compared to constructing another stand-alone mill near Anaconda; the development of the Wolfshag underground mine at Otjikoto, including the results of such development and the costs and timing thereof; stope ore production at the Wolfshag underground mine at Otjikoto commencing in the fourth quarter of 2022; the potential payment of future dividends, including the timing and amount of any such dividends, and the expectation that quarterly dividends will be maintained at the same level; and B2Gold's attributable share of Calibre's production. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the duration and extent of the COVID-19 pandemic, the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the COVID-19 pandemic, including, but not limited to, social distancing, a non-essential travel ban, business continuity plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and reductions in the ability of the Company to transport and refine doré; the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedar.com and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and resource and reserve information contained or referenced in this news release may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.
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SOURCE B2Gold Corp. | https://www.valleynewslive.com/prnewswire/2022/08/03/b2gold-reports-strong-q2-2022-results-with-cash-operating-costs-all-in-sustaining-costs-below-budget-full-year-2022-total-consolidated-gold-production-cost-guidance-remains-unchanged/ | 2022-08-03T23:36:22Z | https://www.valleynewslive.com/prnewswire/2022/08/03/b2gold-reports-strong-q2-2022-results-with-cash-operating-costs-all-in-sustaining-costs-below-budget-full-year-2022-total-consolidated-gold-production-cost-guidance-remains-unchanged/ | true |
To Participate in Public Tender of Macau Gaming Concession
Full Confidence in Macau Future Development
HONG KONG, Aug. 3, 2022 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced selected unaudited financial data of the Company and its subsidiaries (the "Group") for the second quarter and the first half of 2022.
Macau and Greater China are under the adverse impact of the COVID-19 pandemic in 2022. We saw customer demand pick up during the Chinese New Year. However, the COVID-19 resurgence first in mainland China started at end-March followed by local outbreak in Macau at end-June, led to safeguard measures as well as enhanced travel and border controls that severely constrained Macau visitation.
Macau total visitor arrivals and the total visitation from mainland China both decreased by 12% for the first six months in 2022 from a year ago.
For the first half of 2022, Macau gross gaming revenue (GGR) was down by 46% from the same period last year. Headline GGR in the second quarter hit the lowest level since the border opened, down 67% year-on-year and 52% quarter-to-quarter MOP8.5 billion or MOP93 million per day, representing 12% of 19Q4 pre-COVID level.
- During the first half of the year, MGM China recorded total revenue of approximately HK$3.2 billion, compared to HK$4.7 billion same period a year ago. The Group recorded negative adjusted EBITDA of approximately HK$337 million, compared to adjusted EBITDA of approximately HK$200 million previously. Overall occupancy rate was 37.6%, compared to 61.5% same period last year.
- For the second quarter, MGM China posted revenue of HK$1.1 billion (22Q1: HK$2.1 billion). The Group recorded negative adjusted property EBITDA of HK$382 million, compared to adjusted EBTIDA of HK$46 million in the first quarter.
- MGM China maintained market share of 13.6% for the first half of the year, up from 11.4% a year ago. Second-quarter market share rose to 14.3% from 13.3% in first quarter with our strength in premium mass business. Our daily GGR in second quarter was 18% of 19Q4 pre-pandemic levels, compared to 12% market levels. Our team is working to control costs while positioning our properties to capture opportunities in premium mass business as demand returns in the longer term.
- The Group maintained a healthy financial position. As of June 30, 2022, the Group had total liquidity of approximately HK$10.7 billion, comprised of cash and cash equivalent and undrawn revolver.
The COVID-19 pandemic continued to have significant impacts on Macau and our business during the reporting period. This is an unprecedented global public health crisis and we place high importance on the health and safety of our employees, guests and all Macau citizens as the fight against this pandemic continues.
During the reporting period, Macau has made significant progress over the amendment of gaming law and set preparation for the retendering of gaming concession.
The Macau Government had extended in June the six concession and sub-concession contracts for six months up to December 31, 2022. Earlier in January, the Government announced a bill to amend the gaming law, as a necessary precedent step to the retendering. In June, the new gaming law was approved by the Macau Legislative Assembly and published in the Official Gazette.
On July 1, the Macau Chief Executive approved Administrative Regulation 28/2022 which sets up the rules for the retendering of the Macau gaming concessions, covering details of the bidding for gaming concessions, the qualifications of bidding companies and the criteria for granting. On July 28, the Chief Executive Dispatch was published, announced the opening of the public tender.
The Group intends to submit a bid for a gaming concession and believes we are in position to satisfy the relevant requirements set out by the Macau Government relating to the tender for a gaming concession.
Kenneth Feng, President, Strategic & Chief Financial Officer of MGM China said: "We have full confidence in the future development of the Macau. We are ready and will actively participate in the public tender of Macau gaming concession. MGM will continue to unswervingly support the Macau Government to promote economic diversification, helping Macau further consolidate its position as a World Center of Tourism and Leisure as well as scale new heights for its economic development."
About MGM China Holdings Limited
MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions/sub-concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau.
MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
For further enquiries, please contact:
MGM China Holdings Limited
Sidney Luk - Vice President of Investor Relations
Tel: (853) 8802 1886 / (852) 2587 8632
Email: sidneyluk@mgmchinaholdings.com
Website: www.mgmchinaholdings.com
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SOURCE MGM China | https://www.valleynewslive.com/prnewswire/2022/08/03/mgm-china-reports-2022-first-half-results/ | 2022-08-03T23:36:49Z | https://www.valleynewslive.com/prnewswire/2022/08/03/mgm-china-reports-2022-first-half-results/ | false |
KLAMATH RIVER, Calif. (AP) — A week ago, the scenic Northern California hamlet of Klamath River was home to about 200 people and had a community center, post office and a corner grocery store. Now, after a wildfire raged through the forested region near the Oregon state line, four people are dead and the store is among the few buildings not reduced to ashes.
At an evacuation center Wednesday, Bill Simms said that three of the four victims were his neighbors. Two were a married couple who lived up the road.
“I don’t get emotional about stuff and material things,” Simms said. “But when you hear my next-door neighbors died … that gets a little emotional.”
The 65-year-old retiree bought his property six years ago as a second home with access to hunting and fishing. He said Klamath River is a place people are attracted to because they can have privacy and enjoy nature.
He went back to check on his property Tuesday and found it was destroyed.
“The house, the guest house and the RV were gone. It’s just wasteland, devastation,” Simms said.. He found the body of one of his two cats, which he buried. The other cat is still missing. He was able to take his two dogs with him to the shelter.
The McKinney Fire broke out Friday and was still out of control on Wednesday, despite progress by firefighters who took advantage of rain from thunderstorms and lower temperatures.
But even the welcome precipitation brought problems. Heavy rain swelled rivers and creeks and a private contractor in a pickup truck who was aiding the firefighting effort was hurt when a bridge gave out and washed away the vehicle, said Courtney Kreider, a spokesperson with the Siskiyou County Sheriff’s Office. The contractor was hospitalized with non-life-threatening injuries, she said.
Several thousand people remained under evacuation orders and more than 100 buildings ranging from homes to sheds have burned. Identifying the four people who were killed could take several days, Kreider said.
The fire has charred nearly 90 square miles (233 square kilometers) and is the largest in California so far this year. The cause is unknown.
With the rain and cooler temperatures, the blaze grew very little and fire officials said crews used bulldozers to carve firebreaks along a ridge to protect homes and buildings in and around Yreka, which has about 7,800 residents and is the largest city in Siskiyou County.
California and much of the rest of the West is in drought and wildfire danger is high, with the historically worst of the fire season still to come. Fires are burning in Montana, Idaho and Nebraska and have destroyed homes and continue to threaten communities.
Scientists say climate change has made the West warmer and drier over the last three decades and will continue to make weather more extreme and wildfires more frequent and destructive. California has seen its largest, most destructive and deadliest wildfires in the last five years. In 2018, a massive blaze in the Sierra Nevada foothills destroyed much of the city of Paradise and killed 85 people, the most deaths from a U.S. wildfire in a century.
When it began, the McKinney Fire burned just several hundred acres and firefighters thought they would quickly bring it under control. But thunderstorms came in with ferocious wind gusts that within hours had pushed it into an unstoppable conflagration.
Roger Derry, 80, and his son, Rodger, were among the few families from Klamath River whose homes were spared by the inferno. The elder Derry, who has lived in the unincorporated town for more than four decades, said the fire was terrifying.
“When that fire came over that ridgeline, it had 100-foot flames for about 5 miles and the wind was blowing. It was coming down like a solid blowtorch,” he said. “There was nothing to stop it.”
Harlene Schwander, 82, lost the home she had just moved into a month ago to be closer to her son and daughter-in-law. Their home survived but her house was torched.
Schwander, an artist, said she only managed to grab a few family photos and some jewelry before evacuating. Everything else — including her art collection, went up in flames.
“I’m sad. Everybody says it was just stuff, but it was all I had,” she said.
In northwestern Montana, a fire that also started Friday near the town of Elmo on the Flathead Indian Reservation has burned four homes and prompted evacuations and led to evacuation orders for about 150 residences, said Sara Rouse, a public information officer on the fire.
The Moose Fire in Idaho has burned more than 85 square miles (220 square kilometers) in the Salmon-Challis National Forest while threatening homes, mining operations and fisheries near the town of Salmon. And a wildfire in northwestern Nebraska led to evacuations and destroyed or damaged several homes near the small city of Gering. The Carter Canyon Fire began Saturday as two separate fires that merged.
___
Weber reported from Los Angeles. Associated Press reporters Amy Hanson in Helena, Montana; Margery Beck in Omaha, Nebraska; and Keith Ridler in Boise, Idaho, contributed to this report. | https://www.kron4.com/news/national/ap-us-news/deadly-california-wildfire-wipes-out-scenic-river-town/ | 2022-08-03T23:37:51Z | https://www.kron4.com/news/national/ap-us-news/deadly-california-wildfire-wipes-out-scenic-river-town/ | false |
A paraglider in Spain nearly fell to his death when his parachute failed to open.
The entire death-defying ordeal was caught on video.
Professional paraglider Kevin Philipp was thousands of feet in the air when he was hit with strong turbulence, causing the chute to become tangled, which sent Philipp twisting in the air and freefalling.
He was finally able to deploy the rescue chute right before impact.
Even with the very close call, Philipp said he's not hanging up his chute. He has already posted another video of his paragliding adventures. | https://abc11.com/paraglider-parachute-malfunction-scare/12096595/ | 2022-08-03T23:39:39Z | https://abc11.com/paraglider-parachute-malfunction-scare/12096595/ | false |
BURLEY — An 18-year-old Idaho Falls man was injured in a motorcycle crash on Tuesday as he fled from police.
Jordan Scott Fenton was taken to the hospital by ambulance, according to a report released by the Cassia County Sheriff’s Office on Wednesday.
At about 9:15 p.m., Cpl. Mason Butikofer of the Cassia County Sheriff's Office was patrolling in the area of Overland Avenue and Bedke Boulevard when he saw Fenton run a red light on a black 2014 Kawasaki motorcycle.
The motorcycle just missed the patrol car. The officer swerved and turned on the overhead lights and estimated the motorcycle to be traveling at 110 mph in a 25 mph zone.
The motorcycle hit the front driver’s side bumper of a silver Honda Odyssey, driven by Cathy Anne Leoni, 73, of Burley, according to the Cassia County Sheriff's police blotter.
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Leoni was turning left onto Oakley Avenue from Bedke Boulevard.
Fenton was thrown from the motorcycle to the roadway.
The officer witnessed the crash and saw the motorcycle roll multiple times into the field on the south side of the street.
The officer found Fenton lying on his back and complaining that his right leg hurt. He was wearing a helmet.
An Idaho State Police trooper arrived at the scene and told the officer he had attempted to stop the motorcycle for speeding around traffic in a construction zone at the Burley-Heyburn Bridge on U.S. Highway 30.
Fenton did not yield to the trooper and the trooper continued to follow him.
The trooper said Fenton failed to stop at a sign at Fifth Street and Hiland Avenue and due to the motorcycle’s speed he discontinued the pursuit, turned off his lights and slowed down to the posted speed limits prior to the motorcycle running the red light at Bedke Boulevard and Overland Avenue and causing the crash.
A citation for reckless driving is pending for Fenton. | https://magicvalley.com/news/local/idaho-falls-man-injured-after-fleeing-from-police-and-crashing-motorcycle-in-burley/article_a0cf017e-1377-11ed-b8e7-87abf32b67a9.html | 2022-08-03T23:43:23Z | https://magicvalley.com/news/local/idaho-falls-man-injured-after-fleeing-from-police-and-crashing-motorcycle-in-burley/article_a0cf017e-1377-11ed-b8e7-87abf32b67a9.html | false |
WASHINGTON (AP) — President Joe Biden traveled to Saudi Arabia last month on the possibility that he could get some additional oil production out of OPEC+ in coming weeks, but the cartel and other nations announced a scant increase Wednesday.
The White House responded by stressing that what matters is the steady decline in oil and gasoline prices from summer highs, not the actions taken by OPEC+ to pump an additional 100,000 barrels of oil in September. White House press secretary Karine Jean-Pierre noted that the decline began June 14, the day the administration disclosed plans for Biden’s trip to Israel and Saudi Arabia.
“The fact of the matter is that oil and gas prices are coming down,” Jean-Pierre told reporters at her briefing. “The moment he announced his trip we saw gas prices and oil prices coming down.”
While there may be a correlation, it is unclear whether the announced trip caused prices to decline. Oil prices can be determined by a wide range of factors including changes in supply, the pace of economic growth, geopolitical events and extreme weather.
Behind Jean-Pierre in the briefing room was a blue chart that showed a 17% drop in average U.S. gas costs since prices peaked at about $5 a gallon. AAA puts the current national average at $4.16 a gallon. Crude oil prices fell Wednesday to just below $91 a barrel, down from more than $120 in early June.
Still, gas prices are 31% above their level last year, frustrating voters ahead of the midterm elections and heightening concerns about an economic downturn in the U.S. and Europe as central banks try to get inflation under control.
Energy prices jumped after Russia, a major energy producer, invaded Ukraine in late February. That prompted a series of sanctions and other measures at a time when refining capacity was tight and oil production was still recovering from the pandemic that began in 2020. The Biden administration has called on OPEC+ as well as domestic producers and refineries to increase output, an effort the administration tried to bridge by releasing 1 million barrels daily from the U.S. strategic reserve.
The war in Ukraine quickly rejiggered global politics. Natural gas shortages threatened Europe and Biden’s approval ratings sank as prices at the pump climbed. Biden’s Saudi Arabia trip was something of an about-face, given that at a 2019 debate during the presidential campaign, Biden had called the kingdom a “pariah” for the killing of Washington Post contributor Jamal Khashoggi.
Yet after Biden met with Saudi Crown Prince Mohammed bin Salman in mid-July, Biden raised expectations that a meaningful amount of supply could be coming onto the market. Asked about the impact his meeting would have on oil prices, he said “you won’t see that for another couple of weeks” in what appeared to be a reference to Wednesday’s meeting of the OPEC oil cartel.
In a world that uses nearly 100 million barrels of oil daily, the added production amounted to a miniscule 0.1% increase. In a prior meeting, OPEC had boosted oil production by 648,000 barrels per day in July and August.
But in a statement, OPEC+ warned about the reasons why it was being cautious in adding oil to the market. The countries in the cartel, which is led by Saudi Arabia, needed to keep some of their oil capacity in reserve in case of future disruptions. They also noted the “chronic” lack of investment in oil production that has coincided with wealthier nations’ shift away from fossil fuels to address climate change.
Biden is trying to reduce the U.S. reliance on fossil fuels. Democratic allies are working to push through the Senate a measure that includes $369 billion in climate change-fighting strategies over the next decade. That spending would include tax breaks for wind and solar as well as for purchasing electric vehicles. | https://www.conchovalleyhomepage.com/news/political-news/ap-politics/wh-says-falling-gas-prices-matter-more-than-opec-numbers/ | 2022-08-03T23:44:09Z | https://www.conchovalleyhomepage.com/news/political-news/ap-politics/wh-says-falling-gas-prices-matter-more-than-opec-numbers/ | true |
ARKANSAS, USA — On Wednesday afternoon, the state Board of Election Commissioners denied the certification for the recreational marijuana ballot title proposal.
The proposal was denied due to concerns that Responsible Growth Arkansas did not have sufficient background checks for dispensary owners or limits on THC.
Despite Arkansans having exceeded the number of signatures needed to qualify for the November ballot, the proposal that would have allowed people 21 and older to have up to an ounce of cannabis was denied.
The group behind the measure can still fight to be on the ballot by filing a lawsuit that would be heard by the Arkansas Supreme Court.
Steve Lancaster, counsel for Responsible Growth Arkansas, said, "We believe that once our arguments are heard before a court of law, we will successfully place this issue before the voters of Arkansas on November 8th. The amendment is sound, and we feel confident that will be the ruling of the courts."
The denial comes a day after the Arkansas Secretary of State's office gave a notification of sufficiency for the signatures.
"With the support of almost 200,000 Arkansans already, public polls showing strong support for likely passage, and the incredible grassroots momentum we see growing around this issue every day, we believe this needs to be put before the voters of Arkansas. We are fully committed to arguing the merits of the amendment and ensuring that happens," Lancaster added.
Over 192,000 signatures were submitted in early July for the proposal, which exceeded the 89,151 signatures needed.
A total number of verified signatures has not been provided yet. | https://www.localmemphis.com/article/news/local/arkansas-recreational-marijuana-ballot-denied/91-43dea345-1cf1-4d34-bf0d-7ae784bfb230 | 2022-08-03T23:44:58Z | https://www.localmemphis.com/article/news/local/arkansas-recreational-marijuana-ballot-denied/91-43dea345-1cf1-4d34-bf0d-7ae784bfb230 | true |
SAN ANGELO, Texas — Angelo State University and Southwest Airlines have announced ASU as a university partner in the airline’s Destination 225 pilot recruitment program, which will provide ASU commercial aviation students a defined pathway to becoming competitively qualified for career opportunities with Southwest Airlines.
On a compass, 225 is the southwest directional heading, and the Destination 225 program was developed to lead aspiring pilots to Southwest Airlines. ASU is just the sixth university partner to join the program since its inception in 2019.
ASU President Ronnie Hawkins Jr. and Lee Kinnebrew, Southwest Airlines’ Vice President of Flight Operations, announced the partnership agreement today (Aug. 3) on the ASU campus.
“We are honored for Angelo State to partner with Southwest Airlines’ Destination 225 Program,” Hawkins said. “As a Hispanic Serving Institution, we recognize the opportunity a partnership like this presents for all our students to become pilots and aviation professionals, but especially minorities and women who are underrepresented in both the commercial and military aviation industry. This is another great step in achieving both our vision and mission at Angelo State of being an innovative leader in initiatives that provide graduates who are competitive on a global stage.”
“We’re thrilled to welcome Angelo State University as a partner in Southwest’s Destination 225 Program,” Kinnebrew said. “We continue our work of opening career pathways for the next generation of professional pilots, and we look forward to supporting students as they train, gain flight experience and develop into competitively-qualified Southwest first officer candidates in the years ahead.”
As early as their sophomore year, ASU students in the Bachelor of Commercial Aviation (B.C.A.) – Flight Operations degree program will be able to apply for Destination 225. If they are accepted and fulfill all the requirements, upon graduating from ASU they will enter a career pathway toward Southwest Airlines that includes:
- Acting as ASU flight instructors for the year following their graduation
- Upon completing the flight instruction time, eligibility to be hired at one of Southwest Airlines’ partner carriers
- After building flight experience at the partner carrier, consideration for pilot positions at Southwest Airlines
The candidate students will also receive ongoing mentorship from a Southwest Airlines pilot during their time at ASU and with the partner carrier.
“Southwest Airlines is honored that Angelo State University is the newest academic partner in our Destination 225 program,” said Juan Suarez, Vice President of Diversity, Equity & Inclusion at Southwest Airlines. “We are hopeful this partnership will provide aspiring commercial pilots at this notably Hispanic Serving Institution a defined career path in aviation, along with the confidence of knowing that they are welcome in our Southwest Airlines’ Family.”
ASU launched its Bachelor of Commercial Aviation program in the fall 2021 semester. There are currently 25 students in the first Flight Operations class, with 50 new students expected to join the program this fall. Pilot training is led by certified flight instructors using a fleet of 12 aircraft and three state-of-the-art simulators provided by Skyline Aviation, which is owned by ASU alumni.
More details about Destination 225 and its training and flying partners are available at careers.southwestair.com/D225. For more details about ASU’s commercial aviation program, go to angelo.edu/commercial-aviation.
CC Angelo State University | https://www.conchovalleyhomepage.com/sports/angelo-state/asu-partners-with-southwest-airlines/ | 2022-08-03T23:46:46Z | https://www.conchovalleyhomepage.com/sports/angelo-state/asu-partners-with-southwest-airlines/ | true |
NEW YORK (AP) — Luis Castillo pitched five-hit ball into the seventh inning in his Seattle debut, and the Mariners used a fast start to beat Gerrit Cole and the New York Yankees 7-3 on Wednesday.
Eugenio Suárez, Carlos Santana and Jarred Kelenic homered against Cole (9-4) during Seattle’s six-run first. Jesse Winker connected against Wandy Peralta in the seventh, helping the Mariners match their season high for homers.
“It was just another Luis Castillo start,” said Winker, who played with the pitcher in Cincinnati. “He did great. First start here, I’m sure he was fired up and excited and he did his thing.”
Castillo (5-4) struck out eight in 6 2/3 innings in his second start in the Bronx in less than a month. The right-hander allowed three runs and walked three.
“It was a little emotional … but that did not distract me from my routine,” Castillo said through a translator.
Castillo threw 109 pitches, 66 for strikes. He has struck out eight batters in each of his last four starts.
“Thought he was awesome,” Seattle manager Scott Servais said. “Couldn’t be any more excited about what he’s going to bring to our ballclub, the stability, taking the ball every fifth day and the confidence and the stuff.”
The 29-year-old Castillo pitched seven sparkling innings for Cincinnati at New York on July 14. The Reds traded the ace to the Mariners on Friday night for four prospects.
The Yankees were reportedly in the mix for Castillo, but they acquired right-hander Frankie Montas in a trade with Oakland on Monday.
“They were one of the teams that was very interested in me, but I’m here with the Mariners now and just got to keep moving forward and now I’m here to take this team as far as I can,” Castillo said.
Castillo got some help from shortstop J.P. Crawford, who made a pair of impressive defensive plays.
Crawford cut down Isiah Kiner-Falefa with a strong relay throw when he tried to score from first on a double by Kyle Higashioka. Crawford also speared a 106.5 mph liner by Aaron Hicks to open the fifth while shifted to the right of second base.
Castillo retired 10 straight before issuing consecutive walks to DJ LeMahieu and Josh Donaldson in the sixth. But he got out of the jam by striking out Josh Donaldson on a slider and retiring Andrew Benintendi on a liner to second.
Castillo cruised into the seventh at 95 pitches and easily got the first two outs. He allowed a single to Kiner-Falefa and exited after Higashioka hit a two-run homer.
Cole was booed at various points of the first when Ronald Marinaccio began warming up. He allowed seven hits, struck out eight and walked one in six innings.
“Just a tough inning where he was struggling to I think to just find his command and his rhythm and getting all his pitches,” Yankees manager Aaron Boone said. “Unfortunately we’re behind the eight ball there and then pitched really well from there.”
It was the second time he allowed three homers in the first inning this season. Cole allowed three straight homers in the first and five total for his outing during the Yankees’ 10-7 win at Minnesota on June 9.
“There were bad pitch selections,” Cole said. “There were some bad pitches and we got punished for it again.”
The Mariners took a 3-0 lead when Suárez hit a first-pitch slider into the seats in left for his second straight homer in the opening inning. Santana followed with his 10th homer, driving a 3-1 fastball deep to right-center field.
After Seattle hit back-to-back homers for the second time this season, Crawford singled before Kyle Lewis struck out. Kelenic then made it 6-0 by reaching the short porch in right for his first homer since returning from spending over two months in the minors.
“It was a great day for us,” Winker said.
TRAINER’S ROOM
Mariners: 1B Ty France missed a fourth straight game with a sore left wrist. … RHP Ken Giles (right shoulder tightness) struck out two and threw 12 pitches in a rehab appearance for Single-A Everett on Tuesday. … Newly acquired INF Jake Lamb will join the team Friday.
Yankees: Montas was placed on the bereavement list and will make his Yankees debut Sunday in St. Louis. … LHP Zack Britton (left elbow) faced batters at the team’s spring training complex in Florida for the first time since he underwent Tommy John surgery last September.
UP NEXT
Mariners: LHP Robbie Ray (8-8, 4.11 ERA) opens a three-game series against the Angels on Friday in Seattle.
Yankees: LHP Nestor Cortes (9-3, 2.53 ERA) opens a three-game series Friday in St. Louis.
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More AP MLB: https://apnews.com/hub/mlb and https://twitter.com/AP_Sports | https://www.conchovalleyhomepage.com/sports/ap-sports/castillo-early-power-send-mariners-past-cole-yankees-7-3/ | 2022-08-03T23:47:21Z | https://www.conchovalleyhomepage.com/sports/ap-sports/castillo-early-power-send-mariners-past-cole-yankees-7-3/ | false |
Brazil central bank hikes rates, weighs one more amid election-year spending
By Marcela Ayres
BRASILIA, Aug 3 (Reuters) - Brazil's central bank on Wednesday raised interest rates by 50 basis points, as widely expected, and left the door open for a smaller "residual" hike in September, pumping the brakes on an economic recovery as the October election approaches.
The bank's rate-setting committee, known as Copom, raised its benchmark Selic interest rate to 13.75%, the highest since January 2017, as forecast by 23 of 29 economists in a Reuters poll.
The Brazilian central bank has hiked rates at 12 straight policy meetings from a record-low 2% in March 2021, battling inflationary pressures from global commodity prices and now an election-year spending spree by President Jair Bolsonaro.
"The Committee will evaluate the need for a residual adjustment, of lower magnitude, in its next meeting," Copom wrote in its decision statement, citing "additional fiscal stimuli" as an upside risk in its inflation outlook.
By dropping the firmer guidance used in prior meetings, when further hikes were clearly penciled in, policymakers signaled that their aggressive tightening may have already come to a close, said economist Yihao Lin of Genial Investimentos.
"This is a clear sign that the central bank intends to interrupt the cycle, but due to the heightened uncertainty about the economic outlook, it left that door open," he said, predicting Copom would keep rates unchanged until May 2023.
Bolsonaro, who trails in opinion polls, added to recent uncertainty by pushing a spending package through Congress last month that bypassed a constitutional budget cap to boost welfare payments until December.
Both right-wing Bolsonaro and his leftist rival, former President Luiz Inácio Lula da Silva, have vowed to continue with higher cash handouts next year, adding to challenges for the central bank as it tries to cool demand.
Brazil's IPCA-15 consumer price index rose 11.4% in the 12 months to mid-July, but Copom forecast in its statement that inflation would end the year at 6.8%, down from an 8.8% forecast in June, but still far above its 3.5% official target.
Despite some relief from energy and fuel tax cuts, partially limited to this year, Copom stressed in its statement that the relevant horizon for monetary policy is focused on 2023 and now, to a lesser extent, 2024.
Policymakers' expectations for inflation next year rose to 4.6% in their statement on Wednesday, up from 4% in June, drifting further from the 3.25% official target for 2023.
After saying tax measures "heavily" impacted inflation forecasts across calendar years, Copom made a novel emphasis in its policy statement, highlighting an inflation forecast for the 12 months through March 2024, which stands at 3.5%.
"That was really weird. It was forced. It seems when the (inflationary) impact is upwards, they try to change the rules of the game," said Patricia Pereira, chief strategist at MAG Investimentos, who warned that markets could react negatively on Thursday. (Reporting by Marcela Ayres Editing by Brad Haynes and Leslie Adler) | https://www.dailymail.co.uk/wires/reuters/article-11078769/Brazil-central-bank-delivers-rate-hike-weighs-one-amid-election-year-spending.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-03T23:49:45Z | https://www.dailymail.co.uk/wires/reuters/article-11078769/Brazil-central-bank-delivers-rate-hike-weighs-one-amid-election-year-spending.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
HOUSTON, Aug. 3 , 2022 /PRNewswire/ -- Callon Petroleum Company (NYSE: CPE) ("Callon" or the "Company") today reported results of operations for the three and six months ended June 30, 2022.
Presentation slides accompanying this earnings release are available on the Company's website at www.callon.com located on the "Presentations" page within the Investors section of the site.
Second Quarter 2022 and Recent Highlights
- Delivered production of approximately 100.7 MBoe/d (61% oil and 81% liquids) in the second quarter of 2022
- Increased Delaware Basin well productivity in 2022 by approximately 20% over 2021 as co-development offset spacing and completions initiatives are implemented
- Generated net cash provided by operating activities of $372.3 million and adjusted free cash flow of $125.6 million
- Reported net income of $348.0 million, or $5.62 per diluted share, adjusted EBITDA of $418.5 million, and adjusted income of $227.8 million, or $3.68 per diluted share
- Achieved an operating margin of $67.58 per Boe, a sequential increase of over 15%
- Executed a refinancing transaction that extended maturities and reduced term balances, with total debt balance of $2.5 billion at June 30 after continued debt reduction
"Callon continues to execute on important steps to solidify a foundation for durable free cash flow generation" said Joe Gatto, President and Chief Executive Officer. "In the inflationary environment that we operate in today, and likely for the foreseeable future, operating margins are critical to our cash generation objectives. In our most recent quarter, our operating margins increased to almost $70 per Boe produced, our eighth consecutive quarterly increase, which drove unhedged adjusted EBITDA of over $600 million. When our industry leading margins are combined with demonstrated well productivity gains in the Delaware and drilling and completion efficiencies across the portfolio, we expect to drive more efficient conversion of EBITDA into free cash flow. These cash flow benefits will be further enhanced in the near-term with a steadily decreasing impact of financial hedges and a reduced interest expense burden as debt continues to be reduced."
Callon Operations Update
At June 30, 2022, Callon had 1,377 gross (1,229.3 net) wells producing from established flow units in the Permian and Eagle Ford. Net daily production for the three months ended June 30, 2022 was 100.7 MBoe/d (61% oil and 81% liquids).
Production volumes for the quarter include the impact of the following items:
- Increased Workover Activity – Callon experienced a higher level of well failures than historical trends due to intermittent power disruptions and the timing of useful equipment lives. During these outages, Callon accelerated its artificial lift initiatives, which provide production and runtime benefits, primarily in Delaware Basin South. Given the additional time to complete these conversion and repair projects, which were roughly double the level executed in the first quarter, downtime was elevated in the second quarter. Portions of this activity were previously planned to occur later in the year and, as a result, workovers and associated downtime for this initiative should be reduced going forward relative to our previous forecast.
- Conversion of Midland Basin Gathering Contract – Natural gas and NGL volumes increased from the conversion of a Midland Basin gathering contract from a percentage of proceeds to fee-based which resulted in a reduction in oil cut for the quarter.
Operated drilling and completion activity for the three months ended June 30, 2022 are summarized in the table below:
For the three months ended June 30, 2022, Callon drilled 35 gross (32.6 net) wells and placed a combined 33 gross (29.1 net) wells on production. Completions operations for the quarter included 6 gross (5.9 net) wells in the Delaware Basin, 7 gross (6.3 net) wells in the Midland Basin, and 15 gross (13.0 net) wells in the Eagle Ford Shale. Callon placed 11 gross (10.1 net) wells on production in the Delaware Basin, 7 gross (6.0 net) wells in the Midland Basin, and 15 gross (13.0 net) wells in the Eagle Ford Shale. The average lateral length for the wells completed during the second quarter was 8,281 feet. Operated completions during the second quarter consisted of 4 Upper Wolfcamp A wells and 2 Lower Wolfcamp A wells in the Delaware Basin; 2 Lower Spraberry wells, 3 Wolfcamp A wells and 2 Wolfcamp B wells in the Midland Basin; and 15 lower Eagle Ford Shale wells.
Leverage and Liquidity Update
On June 9, 2022, Callon priced $600 million principal amount of 7.50% Senior Notes due 2030 in a private offering. On June 24, 2022, the Company deposited with the trustee the proceeds from the offering of the 7.50% Senior Notes due 2030, along with borrowings under the Credit Facility, to redeem all of its outstanding 6.125% Senior Notes due 2024 and 9.0% Second Lien Notes due 2025. As of June 30, 2022, the drawn balance on the facility was $779.0 million and cash balances were $6.1 million. The Company intends to continue its application of organic free cash flow towards repayment of debt balances related to the credit facility and other debt instruments.
Third Quarter Activity Outlook and Guidance
Callon is currently running six rigs, with three rigs in the Delaware Basin, two rigs in the Midland Basin and one rig in the Eagle Ford which the Company will be dropping in the coming days. Callon plans to utilize two to three completion crews for the third quarter, supporting new production across the Midland, Delaware and Eagle Ford positions.
For the third quarter, the Company expects to produce between 102 and 105 MBoe/d (63% oil) with between 38 and 42 gross wells (33 and 36 net) placed on production. In addition, Callon projects an operational capital spending level of between $245 and $255 million on an accrual basis.
For full year 2022, Callon is increasing the bottom end of its production guidance to between 102 and 105 MBoe/d (63% oil) to reflect underlying Permian well performance that is above expectations, and an increase in natural gas and NGL volumes from the Midland Basin gathering contract conversion. The revised guidance is available in the accompanying presentation.
Capital Expenditures
For the three months ended June 30, 2022, Callon incurred $237.8 million in operational capital expenditures on an accrual basis. Total capital expenditures, inclusive of capitalized expenses, are detailed below on an accrual and cash basis:
Hedge Portfolio Summary
As of July 29, 2022, Callon had the following outstanding oil and natural gas derivative contracts:
Operating and Financial Results
The following table presents summary information for the periods indicated:
Revenue. For the quarter ended June 30, 2022, Callon reported revenue of $760.3 million, which excluded revenue from sales of commodities purchased from a third party of $153.4 million. Revenues including the loss from the settlement of derivative contracts ("Adjusted Total Revenue") were $575.7 million, reflecting the impact of a $184.6 million loss from the settlement of derivative contracts. Average daily production and average realized prices, including and excluding the effects of hedging, are detailed above.
Commodity Derivatives. For the quarter ended June 30, 2022, the net loss on commodity derivative contracts includes the following (in thousands):
For the quarter ended June 30, 2022, the cash paid for commodity derivative settlements includes the following (in thousands):
Lease Operating Expenses, including workover ("LOE"). LOE for the three months ended June 30, 2022 was $72.9 million, or $7.96 per Boe, compared to LOE of $67.3 million, or $7.29 per Boe, in the first quarter of 2022. The sequential increase in LOE was primarily due to increases in workover costs as well as certain operating costs such as fuel, power and equipment rentals. The increase in LOE per Boe was due to the increases in operating costs mentioned above as well as the distribution of fixed costs spread over lower production volumes.
Production and Ad Valorem Taxes. Production and ad valorem taxes for the three months ended June 30, 2022 were approximately 5.9% of total revenue excluding revenue from sales of commodities purchased from a third-party and before the impact of derivative settlements, or $4.90 per Boe.
Gathering, Transportation and Processing. Gathering, transportation and processing expense for the three months ended June 30, 2022 was $23.3 million, or $2.54 per Boe, as compared to $20.8 million, or $2.25 per Boe, in the first quarter of 2022. This increase in gathering, transportation and processing expense was primarily due to a new contract entered into during the second quarter of 2022 as well as inflationary cost increases.
Depreciation, Depletion and Amortization ("DD&A"). DD&A for the three months ended June 30, 2022 was $11.94 per Boe compared to $11.15 per Boe in the first quarter of 2022. The increase in DD&A per Boe was primarily attributable to higher capital expenditures during the three months ended June 30, 2022 and increases in future development cost assumptions.
General and Administrative Expense ("G&A"). G&A for the three months ended June 30, 2022 and March 31, 2022 was $10.9 million and $17.1 million, respectively. G&A, excluding non-cash incentive share-based compensation valuation adjustments, ("Adjusted G&A") was $16.0 million for the three months ended June 30, 2022 compared to $14.3 million for the first quarter of 2022. The cash component of Adjusted G&A increased to $14.1 million for the three months ended June 30, 2022 compared to $13.0 million for the first quarter of 2022 primarily as a result of higher compensation costs during the quarter.
The following table reconciles total G&A to Adjusted G&A - cash component and full cash G&A (in thousands):
Income Tax. Callon provides for income taxes at the statutory rate of 21% adjusted for permanent differences expected to be realized. We recorded income tax expense of $3.0 million and $0.5 million for the three months ended June 30, 2022 and March 31, 2022, respectively. Since the second quarter of 2020, we have concluded that it is more likely than not that the net deferred tax assets will not be realized and have recorded a full valuation allowance against our deferred tax assets. As long as we continue to conclude that the valuation allowance is necessary, we will not have significant deferred tax expense or benefit.
Adjusted Income, Adjusted EBITDA and Unhedged Adjusted EBITDA. The following tables reconcile the Company's net income (loss) to adjusted income, adjusted EBITDA and unhedged adjusted EBITDA:
Adjusted Free Cash Flow. The following table reconciles the Company's net cash provided by operating activities to unhedged adjusted EBITDA, adjusted EBITDA and adjusted free cash flow:
Adjusted Discretionary Cash Flow. The following table reconciles the Company's net cash provided by operating activities to adjusted discretionary cash flow:
Adjusted Total Revenue. Adjusted total revenue is reconciled to total operating revenues, which excludes revenue from sales of commodities purchased from a third party, in the following table:
Net Debt. The following table reconciles the Company's total debt to net debt:
Non-GAAP Financial Measures
This news release refers to non-GAAP financial measures such as "adjusted free cash flow," "adjusted EBITDA," "unhedged adjusted EBITDA," "operating margin," "adjusted income," "adjusted income per diluted share," "adjusted diluted weighted average common shares outstanding," "adjusted discretionary cash flow," "adjusted total revenue," "adjusted G&A," "full cash G&A," and "net debt." These measures, detailed below, are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings with the U.S. Securities and Exchange Commission (the "SEC") and posted on our website.
- Adjusted free cash flow is a supplemental non-GAAP measure that is defined by the Company as adjusted EBITDA less operational capital expenditures (accrual), capitalized cash interest, capitalized cash G&A (which excludes capitalized expense related to share-based awards), and cash interest expense, net. We believe adjusted free cash flow provides useful information to investors because it is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company's ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Adjusted free cash flow is not a measure of a company's financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities, or as a measure of liquidity, or as an alternative to net income (loss).
- Callon calculates adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization, (gains) losses on derivative instruments excluding net settled derivative instruments, impairment of evaluated oil and gas properties, non-cash share-based compensation expense, merger, integration and transaction expense, (gain) loss on extinguishment of debt, and certain other expenses. Adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that adjusted EBITDA provides useful information to investors because it provides additional information with respect to our performance or ability to meet our future debt service, capital expenditures and working capital requirements. Because adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the adjusted EBITDA presented above may not be comparable to similarly titled measures of other companies.
- Callon calculates unhedged adjusted EBITDA as adjusted EBITDA, as defined above, excluding the impact of net settled derivative instruments. Unhedged adjusted EBITDA is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for net income (loss), operating income (loss), cash flow provided by operating activities or other income or cash flow data prepared in accordance with GAAP. However, the Company believes that unhedged adjusted EBITDA provides useful information to investors because it provides additional information with respect to our performance without the impact of our settled derivative instruments. Because unhedged adjusted EBITDA excludes some, but not all, items that affect net income (loss) and may vary among companies, the unhedged adjusted EBITDA presented above may not be comparable to similarly titled measures of other companies.
- Callon believes that operating margin is a comparable metric against other companies in the industry and is useful to investors because it is an indicator of an oil and natural gas company's operating profitability per unit of production. Operating margin is a supplemental non-GAAP measure that is defined by the Company as oil, natural gas, and NGL revenues sales price less lease operating expense; production and ad valorem taxes; and gathering, transportation and processing fees divided by total production for the period.
- Adjusted income and adjusted income per diluted share are supplemental non-GAAP measures that Callon believes are useful to investors because they provide readers with a meaningful measure of our profitability before recording certain items whose timing or amount cannot be reasonably determined. These measures exclude the net of tax effects of these items and non-cash valuation adjustments, which are detailed in the reconciliation provided. Adjusted income and adjusted income per diluted share are not measures of financial performance under GAAP. Accordingly, neither should be considered as a substitute for net income (loss), operating income (loss), or other income data prepared in accordance with GAAP. However, the Company believes that adjusted income and adjusted income per diluted share provide additional information with respect to our performance. Because adjusted income and adjusted income per diluted share exclude some, but not all, items that affect net income (loss) and may vary among companies, the adjusted income and adjusted income per diluted share presented above may not be comparable to similarly titled measures of other companies.
- Adjusted diluted weighted average common shares outstanding is a non-GAAP financial measure which includes the effect of potentially dilutive instruments that, under certain circumstances described below, are excluded from diluted weighted average common shares outstanding, the most directly comparable GAAP financial measure. When a net loss exists, all potentially dilutive instruments are anti-dilutive to the net loss per common share and therefore excluded from the computation of diluted weighted average common shares outstanding. The effect of potentially dilutive instruments are included in the computation of adjusted diluted weighted average common shares outstanding for purposes of computing adjusted income per diluted share.
- Adjusted discretionary cash flow is a supplemental non-GAAP measure that Callon believes provides useful information to investors because it is a comparable metric against other companies in the industry and is a widely accepted financial indicator of an oil and natural gas company's ability to generate cash for the use of internally funding their capital development program and to service or incur debt. Adjusted discretionary cash flow is defined by Callon as net cash provided by operating activities before changes in working capital and merger, integration and transaction expenses. Callon has included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements, which the Company may not control, and the cash flow effect may not be reflected the period in which the operating activities occurred. Adjusted discretionary cash flow is not a measure of a company's financial performance under GAAP and should not be considered as an alternative to net cash provided by operating activities, or as a measure of liquidity, or as an alternative to net income (loss).
- Callon believes that the non-GAAP measure of adjusted total revenue (which is revenue including the gain or loss from the settlement of derivative contracts) is useful to investors because it provides readers with a revenue value more comparable to other companies who engage in price risk management activities through the use of commodity derivative instruments and reflects the results of derivative settlements with expected cash flow impacts within total revenues.
- Adjusted G&A is a supplemental non-GAAP financial measure that excludes non-cash incentive share-based compensation valuation adjustments and adjusted G&A - cash component further excludes equity-settled, share-based compensation expenses. Callon believes that the non-GAAP measure of adjusted G&A and adjusted G&A - cash component are useful to investors because they provide for greater comparability period-over-period. In addition, adjusted G&A - cash component provides a meaningful measure of our recurring G&A expense.
- Full cash G&A is a supplemental non-GAAP financial measure that Callon defines as adjusted G&A – cash component plus capitalized G&A excluding capitalized expense related to share-based awards. Callon believes that the non-GAAP measure of full cash G&A is useful to investors because it provides a meaningful measure of our total recurring cash G&A costs, whether expensed or capitalized, and provides for greater comparability on a period-over-period basis.
- Net debt is a supplemental non-GAAP measure that is defined by the Company as total debt excluding unamortized premiums, discount, and deferred loan costs, less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. We believe this metric is useful to analysts and investors in determining the Company's leverage position since the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt. This metric is sometimes presented as a ratio with Adjusted EBITDA in order to provide investors with another means of evaluating the Company's ability to service its existing debt obligations as well as any future increase in the amount of such obligations. This ratio is referred to by the Company as its leverage ratio.
Earnings Call Information
The Company will host a conference call on Thursday, August 4, 2022, to discuss second quarter 2022 financial and operating results, outlook and guidance for the remainder of 2022, and current corporate strategy and initiatives.
Please join Callon Petroleum Company via the Internet for a webcast of the conference call:
Date/Time: Thursday, August 4, 2022, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time)
Webcast: Select "News and Events" under the "Investors" section of the Company's website: www.callon.com.
An archive of the conference call webcast will also be available at www.callon.com under the "Investors" section of the website.
About Callon Petroleum Company
Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas.
Cautionary Statement Regarding Forward-Looking Information
This news 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. Forward-looking statements include all statements regarding wells anticipated to be drilled and placed on production; future levels of development activity and associated production, capital expenditures and cash flow expectations; the Company's production and expenditure guidance; estimated reserve quantities and the present value thereof; future debt levels and leverage; and the implementation of the Company's business plans and strategy, as well as statements including the words "believe," "expect," "plans," "may," "will," "should," "could," and words of similar meaning. These statements reflect the Company's current views with respect to future events and financial performance based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include the volatility of oil and natural gas prices; changes in the supply of and demand for oil and natural gas, including as a result of the COVID-19 pandemic and various governmental actions taken to mitigate its impact or actions by, or disputes among members of OPEC and other oil and natural gas producing countries with respect to production levels or other matters related to the price of oil; our ability to drill and complete wells; operational, regulatory and environment risks; the cost and availability of equipment and labor; our ability to finance our development activities at expected costs or at expected times or at all; our inability to realize the benefits of recent transactions; currently unknown risks and liabilities relating to the newly acquired assets and operations; adverse actions by third parties involved with the transactions; risks that are not yet known or material to us; and other risks more fully discussed in our filings with the SEC, including our most recent Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, available on our website or the SEC's website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact Information
Kevin Smith
Director of Investor Relations
Callon Petroleum Company
ir@callon.com
(281) 589-5200
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SOURCE Callon Petroleum Company | https://www.wistv.com/prnewswire/2022/08/03/callon-petroleum-company-announces-second-quarter-2022-results/ | 2022-08-03T23:50:56Z | https://www.wistv.com/prnewswire/2022/08/03/callon-petroleum-company-announces-second-quarter-2022-results/ | true |
TORONTO (AP) _ Sun Life Financial Inc. (SLF) on Wednesday reported second-quarter net income of $626.1 million.
On a per-share basis, the Toronto-based company said it had profit of $1.05. Earnings, adjusted for non-recurring costs, were $1.19 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The financial services company posted revenue of $1.58 billion in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLF at https://www.zacks.com/ap/SLF | https://www.seattlepi.com/business/article/Sun-Life-Q2-Earnings-Snapshot-17349777.php | 2022-08-03T23:51:43Z | https://www.seattlepi.com/business/article/Sun-Life-Q2-Earnings-Snapshot-17349777.php | true |
DENVER (AP) _ Summit Materials Inc. (SUM) on Wednesday reported second-quarter net income of $190.1 million.
The Denver-based company said it had net income of $1.60 per share. Earnings, adjusted for non-recurring gains, came to 60 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The construction materials producer posted revenue of $686.6 million in the period. Its adjusted revenue was $631.9 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $644.5 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SUM at https://www.zacks.com/ap/SUM | https://www.ourmidland.com/business/article/Summit-Materials-Q2-Earnings-Snapshot-17349668.php | 2022-08-03T23:55:46Z | https://www.ourmidland.com/business/article/Summit-Materials-Q2-Earnings-Snapshot-17349668.php | true |
Texas’ juvenile prison system is nearing total collapse.
Its five lockups are dangerously understaffed, an ongoing problem that worsened dramatically last year when its turnover rate hit more than 70%. The state has desperately tried to recruit employees, but most new hires are gone within six months.
Teachers and caseworkers routinely work in security roles so the prisons’ nearly 600 youth can get out of their cells to go to the bathroom or take showers. Still, children have reported being left to use water bottles as makeshift toilets.
On weekends, youth are often locked alone in cramped cells with only a mounted bookshelf and a thin mattress on a concrete block for up to 23 hours a day. The lucky ones have a small window to the outside.
The agency has largely stopped accepting newly sentenced teenagers from crowded county detention centers, fearing it can’t even protect the children already in its care.
And more and more, children are hurting themselves — sometimes severely — out of distress or as a way to get attention in their isolation. Nearly half of those locked in the state’s juvenile prisons this year have been on suicide watch.
The emergency is the predictable result of a state agency that has been entrenched in crisis for more than a decade. The Texas Juvenile Justice Department is under federal investigation for an alleged pattern of mistreatment and abuse, and it has gone through several iterations of major and moderate reform following scandals marked by sexual abuse and violence, including a full restructuring in 2011.
But the agency has never escaped its problem of chronic understaffing, exacerbating systemic failures and spurring a vicious cycle of worsening conditions for imprisoned children, as well as more difficult work and longer hours for the staff that remains. The agency consistently loses detention officers at a faster rate than any other position in Texas government, outpacing other hard-to-fill jobs like adult prison officers and caseworkers for Child Protective Services.
The staffing crisis only worsened following the pandemic and the subsequent wave of resignations throughout the country. And although agency leaders believe the flood of departures has eased, they are left clinging to startlingly few workers. In June, less than half of the agency’s officer positions were filled by active employees.
Ultimately, the answer comes down to money. TJJD leaders and independent legislative analysts have said the agency first needs more money to hire and retain officers, while juvenile justice advocates and lawmakers have pushed for closing the state’s five prisons and investing in better care at the local level, or creating smaller, narrowly focused facilities in urban areas with more mental health resources.
But while the governor and lawmakers have denounced agency failures, replaced leadership and demanded change after abuse reports in recent years, their outcries are not typically reflected in the budget.
Unlike adult prisons and Child Protective Services, TJJD was not spared from a 5% budget cut ordered by state leaders at the beginning of the pandemic. As a result, the agency said it temporarily eliminated prevention and intervention services that juvenile justice experts say are the best way to keep children out of the criminal justice system.
The Legislature last year also rejected agency requests to, among other things, fund more services for detained children in suicidal crises or with other emergency mental health needs. And four times during the pandemic, Gov. Greg Abbott and the Legislature have taken away money the agency received in federal coronavirus relief funds to spend on other state expenses, including Abbott’s ever-expanding, multibillion-dollar border security mission.
TJJD leaders were able to implement emergency 15% raises for staff earlier this year by postponing reentry programs and using savings from unfilled positions. But they said salaries are still too low, and the current economy puts them in competition for workers with far less strenuous jobs, like cashier and retail positions. Shandra Carter, the department’s interim leader, said she can’t attract and retain staff because the state hasn’t provided enough resources for the department to fulfill its responsibilities.
“The first step in addressing these shortages and moving us out of survival mode is to provide a competitive salary,” Carter said in an email to The Texas Tribune last month. “Having the necessary number of employees to ensure safety and supervision of youth will allow for enhanced training, opportunities for leadership development, and an increased ability to safely manage the milieu.”
(Carter took the helm of the agency in April, after its longest-serving director quit without notice on the same day Abbott most recently pulled the agency’s coronavirus relief funding for his border operation. The former director has not publicly given a reason for her departure.)
Advocates, agency leaders and legislative analysts acknowledge the crisis within TJJD has reached a breaking point. Although they have differing views on how to break out of a system of failure, they agree that without meaningful change — and funding — the next step for Texas’ juvenile prisons could be “systemic collapse,” according to an agency report last month.
“People are unwilling to imagine a different way, but clearly we need to,” said Brett Merfish of Texas Appleseed, a social justice advocacy group that has sought to phase out state-run juvenile prisons by investing in local systems instead.
“What is it going to take to say we need to do this?” she asked, noting the emergencies that are already taking place. “Is it going to be kids left in their cells for 22 hours a day? Is it going to take suicide rates going up by X percent?”
Downward spiral
Texas’ youth prisons have changed significantly over the past two decades, most often spurred by repeated reports of sexual and physical abuse.
Following a sexual abuse scandal at one prison in 2007, the agency was rebranded and restructured to merge with local juvenile justice systems. After similar crimes made headlines a decade later, Abbott replaced much of the agency’s leadership and provided emergency funding and Texas Rangers to further investigate criminal behavior among staff.
In recent years, a new focus on keeping kids in trouble closer to home and a drop in juvenile arrests have led to far fewer kids being sent to a shrinking number of state-run prisons, a feat celebrated by both juvenile justice advocates and state leaders.
But the children who remain in the state’s five prisons are generally the most difficult to manage and care for, often because of violent behavior, severe mental health needs or both. The needs of the detainees have changed, and providing adequate safety and rehabilitation requires more resources.
Last month, Carter halted all intake of children into TJJD from local detention centers, which have also recently struggled with maintaining employees. Since then, the agency has accepted a handful of children as spots open up, but more than 100 children remain in county detention centers waiting to be moved into the state system.
The state of crisis has led the agency to scrap planned programs to help teens avoid being arrested again when they are released, and it canceled therapeutic programming targeting violent behavior. The intensive program, which aims to teach teens how to manage their emotions and reactions to stress while keeping them out of isolation, is one of three anti-violence programs that coincided with a 33% reduction in acts of aggression from 2020 to 2021, the agency reported last year.
One local juvenile probation chief responded to an agency survey saying county employees who work in juvenile justice don’t believe kids “are getting anything from TJJD commitment but incarceration.”
Despite the loss of programming and safety in the units, Abbott has not personally spoken out on the move to halt intake this month. When asked about the crisis last month, his staff said that the governor considers safety at TJJD a priority, while defending repeated transfers of money away from the department by saying it had a net-zero impact on the budget.
On Monday, an Abbott spokesperson said the governor will support TJJD’s “request to increase the salaries needed to hire and retain a qualified workforce” when lawmakers set a new budget next year.
For agency leaders and legislative analysts conducting a decennial review of whether TJJD should continue to exist under the state’s Sunset Review process, one answer to TJJD’s problems is more money from the state. The agency gets about $130 million a year for its state-run lockups and halfway houses. Another nearly $190 million goes toward community services, including probation, parole, and other oversight and administrative roles.
The agency was able to make permanent the emergency 15% pay raise implemented in April for all officers, bumping starting annual salaries up from around $36,200 a year to $41,700. Before the raise, Carter said, the entry-level pay for an officer at Giddings was comparable to working at the nearby Buc-ee’s as a cashier.
The new salary puts TJJD starting salaries about on par with adult prison officers.
In the last few months, agency officials say they have been able to “stanch the bleeding” of officers fleeing the job. But the amount of remaining employees is startlingly low, raising the risk of burnout as teachers and case managers continue to work security roles and mandatory overtime shifts continue.
Staffing data obtained by the Tribune showed there was another jump in officers quitting in June. TJJD said the loss was offset by new hires.
In their routine review of the functions and efficacy of the agency, Sunset analysts said lawmakers need to commit to investing in TJJD, allowing it to pull itself out of crisis by retaining staff and continuing to transition toward keeping troubled children closer to home.
“Only then can Texas make the vital transition toward fewer large, scandal-ridden state facilities in the future,” the state report said.
Although the agency has focused primarily on increasing officer salaries as a crisis measure, Whitmire and advocates are pushing for more substantial change. Simply investing more money into a failing agency, they said, will lead to more failure.
“They want more money for doing the same old, same old,” Whitmire said. “We got to have a plan.”
The senator hopes that, with a Sunset Review and a windfall of money for lawmakers to manage next year, the agency can finally begin the move away from large, rural facilities and invest in at least two smaller, urban lockups and a specialized mental health facility.
His vision doesn’t go as far as that of juvenile justice advocates, who have pushed to close all state-run youth prisons within 10 years. Several organizations hope the government can instead provide necessary treatment and services in smaller facilities managed by teens’ home communities.
“TJJD has serious problems, and serious problems require serious and systemic reform,” read a June letter to legislative analysts from Texas Appleseed, Disability Rights Texas, Texas Network of Youth Services and Texans Care for Children. “Raising salaries is a short term patch and alone will not allow for TJJD to shift its focus from crisis management to the worthy tasks of bolstering regionalization and diversion amongst the counties.”
For Gibson at Prairie View A&M, the biggest question is whether policymakers will decide in next year’s legislative session to invest in preventive treatment, providing care to families and children before they are introduced to the juvenile justice system.
“This is a problem that has been developing over years,” she said. “We just need to decide that this is important. It’s not a particularly flashy subject right now, but if crime is a problem, then this is important.” | https://dentonrc.com/news/state/almost-600-texas-youths-are-trapped-in-a-juvenile-prison-system-on-the-brink-of/article_89abebb5-ec8f-586b-8ea8-cb61e9a1312a.html | 2022-08-03T23:57:21Z | https://dentonrc.com/news/state/almost-600-texas-youths-are-trapped-in-a-juvenile-prison-system-on-the-brink-of/article_89abebb5-ec8f-586b-8ea8-cb61e9a1312a.html | false |
TUPELO, Miss (WTVA)- A Tupelo property developer will likely take the city to court over a city council decision to move forward with an apartment complex project in the west side of the city.
The apartment complex could be placed on Colonial Estates Road in Tupelo.
The idea has created a fire storm of controversy in the city as residents, business owners and others have objected the idea for quite some time.
But the apartment developer and some others believe that the complex will provide much needed living space in a growing city such as Tupelo. | https://www.wtva.com/news/tupelo-property-director-will-likely-take-the-city-to-court/article_0d16b342-1385-11ed-9278-0b8d53f1d1d0.html | 2022-08-04T00:01:42Z | https://www.wtva.com/news/tupelo-property-director-will-likely-take-the-city-to-court/article_0d16b342-1385-11ed-9278-0b8d53f1d1d0.html | false |
ST. LOUIS (AP) — Nearly 2,500 workers at three Boeing defense plants in the Midwest voted Wednesday to ratify a contract that their union said will raise pay by an average of 14% over three years and add inflation adjustments.
The vote by members of the International Association of Machinists and Aerospace Workers came less than two weeks after union members rejected an earlier offer and authorized a strike.
A spokesman for Boeing, headquartered in Arlington, Virginia, said the company was pleased with the outcome and looked forward to its future in the St. Louis area.
The three-year contract will take effect Thursday and cover employees at Boeing plants in St. Louis and St. Charles, Missouri, and Mascoutah, Illinois. The workers build several types of military planes.
The union said the new contract includes a provision from the rejected deal that calls for company contributions of up to 10% to employees' 401(k) retirement plans, and it added a $8,000 lump-sum payment that can go into the employee’s account. It also has improvements for sick leave and parental leave, and makes no changes to the workers’ health insurance plans, according to the union.
Workers voted down a company offer on July 24, saying that the retirement benefits were not an adequate replacement for pension plans that had been taken away. Boeing made an improved offer over the weekend.
Boeing is best known to the public for its airline jets, but through the first six months of this year it received more revenue from its defense and space business — about 38% of total revenue.
With labor shortages in many parts of the economy, unions have scored organizing wins this year including at Amazon, Starbucks and Trader Joe's. | https://www.beaumontenterprise.com/news/article/Machinists-at-3-Boeing-defense-plants-ratify-new-17349861.php | 2022-08-04T00:02:01Z | https://www.beaumontenterprise.com/news/article/Machinists-at-3-Boeing-defense-plants-ratify-new-17349861.php | true |
OXNARD, Calif. (AP) — The Dallas Cowboys and four-time Pro Bowl linebacker Anthony Barr agreed to a one-year deal Wednesday.
The 32-year-old Barr was a first-round pick by Minnesota in 2014 and has played his entire eight-year career with the Vikings. He was a Pro Bowler every year from 2015-18 and had a career-high three interceptions along with 2 1/2 sacks and 72 tackles last season.
Barr will join a linebacker group led by AP Defensive Rookie of the Year Micah Parsons and 2018 Pro Bowler Leighton Vander Esch.
Dallas opened a roster spot by waiving rookie linebacker Aaron Hansford.
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More AP NFL coverage: https://apnews.com/hub/NFL and https://twitter.com/AP_NFL | https://www.beaumontenterprise.com/sports/article/LB-Anthony-Barr-Cowboys-agree-to-1-year-deal-17349725.php | 2022-08-04T00:03:27Z | https://www.beaumontenterprise.com/sports/article/LB-Anthony-Barr-Cowboys-agree-to-1-year-deal-17349725.php | true |
SAN JUAN, Puerto Rico — Record amounts of seaweed are smothering Caribbean coasts from Puerto Rico to Barbados, killing fish and other wildlife, choking tourism and releasing stinky, noxious gases.
More than 24 million tons of sargassum blanketed the Atlantic in June, shattering the all-time record, set in 2018, by 20%, according to the University of South Florida’s Optical Oceanography Lab. And unusually large amounts of the brown algae have drifted into the Caribbean Sea.
A raggedy carpet of vegetation recently surrounded an uninhabited island near the French Caribbean territory of St. Martin that is popular with tourists, forcing officials to suspend ferry service and cancel kayaking, paddleboarding and snorkeling tours. The normally translucent turquoise waters around Pinel Island turned into a prickly yellowish-brown slush.
Oswen Corbel, owner of Caribbean Paddling, said he had to close his St. Martin business on July 22 and doesn't expect to reopen until late October. He estimated he has lost at least $10,000.
“Maybe I should give up. ... Sometimes I think I should go into the mountains and herd sheep, but this is what I know to do," he said. “What’s next? We had Hurricane Irma, we had COVID, we had the sargassum, and now I’m pretty scared of global warming.”
Scientists say more research is needed to determine why sargassum levels in the region are so high, but the United Nations’ Caribbean Environment Program said possible factors include a rise in water temperatures as a result of climate change, and nitrogen-laden fertilizer and sewage that nourish the algae.
“This year has been the worst year on record,” said Lisa Krimsky, a university researcher with Florida Sea Grant, a program aimed at protecting the coast. “It is absolutely devastating for the region.”
She said large masses of seaweed have a severe environmental impact, with the decaying algae altering water temperatures and the pH balance and leading to declines in seagrass, coral and sponges.
“They’re essentially being smothered out,” Krimsky said.
The “golden tide” also has hit humans hard.
The concentration of algae is so heavy in parts of the eastern Caribbean that the French island of Guadeloupe issued a health alert in late July. It warned some communities about high levels of hydrogen sulfide gas emanating from the huge rotting clumps of seaweed. The gas, which smells like rotten eggs, can affect people with breathing problems such as asthma.
The Biden administration declared a federal emergency after the U.S. Virgin Islands warned last month of unusually high amounts of sargassum clogging machinery at a desalination plant near St. Croix that is struggling to produce water and meet demand amid a drought.
In addition, the U.S. Virgin Islands' electricity generating station relies on ultra-pure water from the desalination plant to reduce emissions. The loss of such water would force the government to use a type of diesel fuel that is more expensive and in limited supply, officials said.
Chuanmin Hu, an oceanography professor at the University of South Florida who helps produce the seaweed reports, said sargassum levels for the eastern Caribbean were at a near-record high this year, second only to those reported in July 2018. Levels in the northern Caribbean are at their third-highest level, he said.
Experts first noted large amounts of sargassum in the Caribbean Sea in 2011, and the problem has occurred practically every year since then.
“We don’t know if this is a new normal,” Krimsky lamented.
Sargassum in moderation helps purify water and absorb carbon dioxide and is a key part of the habitat for fish, turtles, shrimp, crabs and other creatures. It is also used in fertilizer, food, biofuel, construction materials and medicinal products.
But it is bad for tourism and the environment when too much accumulates just offshore or on beaches.
“This is the worst we’ve ever seen it for sure,” said Melody Rouveure, general manager for a tour company in the Dutch Caribbean territory of St. Maarten, which shares an island with St. Martin. “It did ruin my personal beach plans.”
On Union Island, which is part of St. Vincent and the Grenadines, the seaweed invasion has forced some resorts in recent years to close for up to five months.
Masses of sargassum also have strangled the Caribbean’s fishing industry. It damages boat engines and fishing gear, prevents fishermen from reaching their vessels and fishing grounds and leads to a drop in the number of fish caught. Barbados, where the beaches are piled with reddish-brown seaweed, has been hit especially hard.
An overabundance of sargassum was blamed for the recent deaths of thousands of fish in the French Caribbean island of Martinique. It also has activists concerned about the plight of endangered turtles. Some are dying at sea, entangled in the seaweed or unable to lay their eggs because of the mat of algae over the sand.
In the Cayman Islands, officials launched a trial program in which crews pumped more than 2,880 square feet (268 square meters) of seaweed out of the water. But on Tuesday, the government announced it suspended the project, saying the seaweed had decomposed so much that it had rendered the pumping useless.
Some island nations use heavy machinery to remove seaweed from the beach, but scientists warn that causes erosion and can destroy the nests of endangered turtles.
Many Caribbean islands are struggling financially and do not have the means to clear the vast amounts of seaweed.
Gov. Albert Bryan of the U.S. Virgin Islands said he asked President Joe Biden to declare a federal emergency for the entire three-island territory, not just St. Croix, but that didn’t happen. Bryan said he is now trying to find local funds to clean beaches, “but a lot of things need money right now.” | https://www.abc10.com/article/news/nation-world/record-seaweed-caribbean/507-af8dcfef-f72e-43ea-a085-d3485518c640 | 2022-08-04T00:06:24Z | https://www.abc10.com/article/news/nation-world/record-seaweed-caribbean/507-af8dcfef-f72e-43ea-a085-d3485518c640 | true |
Whittaker wins Nebraska Women’s Amateur, sweeps state majors
Published: Aug. 3, 2022 at 6:47 PM CDT|Updated: moments ago
Megan Whittaker of Elkhorn held off teammates and other collegiate golfers in the Final Round of the 48th Nebraska Women’s Amateur Championship on Wednesday to take home the crown at Wilderness Ridge Country Club in Lincoln.
Whittaker completes the major sweep, adding the Nebraska Women’s Amateur title to her Nebraska Women’s Match Play title earlier this year. She’s the first to do so since Wahoo’s Hannah Thiele accomplished the feat in 2016. It was a final round 74 (+3) for Whittaker, who won by two strokes with a 213 (E) total.
Copyright 2022 KOLN. All rights reserved. | https://www.1011now.com/2022/08/03/whittaker-wins-nebraska-womens-amateur-sweeps-state-majors/ | 2022-08-04T00:06:37Z | https://www.1011now.com/2022/08/03/whittaker-wins-nebraska-womens-amateur-sweeps-state-majors/ | true |
WFO HOUSTON/GALVESTON Warnings, Watches and Advisories for Wednesday, August 3, 2022
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SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service Houston/Galveston TX
606 PM CDT Wed Aug 3 2022
...Two strong thunderstorms will impact portions of eastern Polk
County through 630 PM CDT...
At 603 PM CDT, Doppler radar was tracking two strong thunderstorms
in eastern Polk County, moving north at 20 to 30 mph.
HAZARD...Winds in excess of 30 mph.
SOURCE...Radar indicated.
IMPACT...Gusty winds could knock down tree limbs and blow around
unsecured objects.
Locations impacted include...
Corrigan, Seven Oaks, Alabama-Coushatta Reservation, Leggett, Moscow
and Segno.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
If outdoors, consider seeking shelter inside a building.
Heavy rainfall is also occurring with this storm and may lead to
localized flooding. Do not drive your vehicle through flooded
roadways.
Frequent cloud to ground lightning is occurring with this storm.
Lightning can strike 10 miles away from a thunderstorm. Seek a safe
shelter inside a building or vehicle.
To report severe weather, contact your nearest law enforcement
agency. They will relay your report to the National Weather Service
office in League City.
LAT...LON 3053 9459 3055 9487 3102 9490 3098 9465
3068 9458
TIME...MOT...LOC 2303Z 181DEG 49KT 3064 9470
MAX HAIL SIZE...0.00 IN
MAX WIND GUST...30 MPH
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Copyright 2022 AccuWeather | https://www.registercitizen.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17349791.php | 2022-08-04T00:09:09Z | https://www.registercitizen.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17349791.php | true |
WFO HOUSTON/GALVESTON Warnings, Watches and Advisories for Wednesday, August 3, 2022
_____
SPECIAL WEATHER STATEMENT
Special Weather Statement
National Weather Service Houston/Galveston TX
634 PM CDT Wed Aug 3 2022
...A strong thunderstorm will impact portions of southeastern Polk
County through 700 PM CDT...
At 633 PM CDT, Doppler radar was tracking a strong thunderstorm 7
miles west of Warren, moving east northeast at around 15 mph.
HAZARD...Winds in excess of 40 mph and pea size hail.
SOURCE...Radar indicated.
IMPACT...Gusty winds could knock down tree limbs and blow around
unsecured objects. Minor damage to outdoor objects is
possible.
This storm will remain over mainly rural areas of southeastern Polk
County.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
If outdoors, consider seeking shelter inside a building.
Heavy rainfall is also occurring with this storm and may lead to
localized flooding. Do not drive your vehicle through flooded
roadways.
Frequent cloud to ground lightning is occurring with this storm.
Lightning can strike 10 miles away from a thunderstorm. Seek a safe
shelter inside a building or vehicle.
To report severe weather, contact your nearest law enforcement
agency. They will relay your report to the National Weather Service
office in League City.
LAT...LON 3052 9461 3066 9465 3070 9459 3064 9457
3053 9455
TIME...MOT...LOC 2333Z 245DEG 15KT 3062 9453
MAX HAIL SIZE...0.25 IN
MAX WIND GUST...40 MPH
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Copyright 2022 AccuWeather | https://www.registercitizen.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17349857.php | 2022-08-04T00:09:15Z | https://www.registercitizen.com/weather/article/TX-WFO-HOUSTON-GALVESTON-Warnings-Watches-and-17349857.php | true |
Dolly Parton among Carnegie Medal of Philanthropy winners
Country superstar Dolly Parton, who made a big donation to help fund coronavirus vaccine research in 2020, is among this year's Carnegie Medal of Philanthropy recipients.
Also being honored are Dallas entrepreneur Lyda Hill, Kenyan industrialist Manu Chandaria, and Lynn and Stacy Schusterman, from the Oklahoma investment family.
The award, presented by the international family of Carnegie institutions to honor innovative philanthropists, debuted in 2001 and is normally awarded every two years. It was not issued in 2021 due to the pandemic.
The 2022 honorees will receive their medals in a private ceremony in New York on Oct. 13. A priority of the ceremony is fostering personal meetings to encourage the exchange of ideas and spur potential collaboration — something this year’s honorees have already done, said Eric Isaacs, president of the Carnegie Institution for Science and a member of the medal selection committee.
Parton’s $1 million donation to Vanderbilt University Medical Center has received plenty of attention. But her fellow honoree Hill, through her Lyda Hill Philanthropies, was also an early donor to the work that would yield the Moderna COVID-19 vaccine.
“I invested before it was anything,” Hill told The Associated Press. “One of the things that Warren Buffett said that stuck with me was, ‘Don’t do what other people can do and will do. Do what other people can’t do and won’t do. And take risks.’ I have had to apply that to my philanthropic investments.”
Hill, who focuses her funding on advances in science and nature conservancy, as well as supporting women in those careers, said she never did get a Moderna shot.
“Unfortunately,” Hill said, “when I went to get my vaccine, I rolled my sleeves up and said, ‘What do you got?’ And she said, ‘Pfizer.’ I said, ‘OK.’”
Parton, in a statement, said she was honored to receive the Carnegie Medal of Philanthropy.
“I’ve always believed that if you are in a position to help, you should help, and I truly hope that I can be an inspiration for others to lift up those around them,” said Parton, who will be inducted into the Rock and Roll Hall of Fame in November, and makes most of her donations through her Dollywood Foundation. “Whether through my Imagination Library or giving to COVID-19 research, I try to support things that have a special meaning for me. I hope everyone can find something they’re passionate about supporting and do what they can to help make this world a better place.”
Considering the intense need created by COVID-19, the pandemic was top of mind while the selection committee was making its decisions, Isaacs said.
“Obviously, this is a very difficult time with the pandemic,” he said. “But we think environmental issues are probably equally, if not more, impactful in the sense that pandemics like COVID-19 are likely to become more frequent as the atmosphere heats up. I think we take the long view in terms of our selections.”
The Schustermans exemplify philanthropists whose donations have made a long-lasting impact, in addition to making timely grants to address current needs.
The Charles and Lynn Schusterman Family Foundation was established in 1987 to invest in systemic change in the United States and Israel on matters of justice and equity. When Charles died in 2000, Lynn Schusterman took over the foundation, expanding its work and becoming an outspoken advocate for inclusion, especially for the LGBTQ community. In 2018, their daughter Stacy Schusterman took over the foundation, which changed its name last year to Schusterman Family Philanthropies and now also includes work in reproductive equity, voting rights and criminal justice — all hot-button issues this summer.
“I hope that work like this will inspire other people to give more now,” Stacy Schusterman told the AP. “It’s important for people to give a meaningful percentage of their family’s assets. And I think the partnership that can exist between philanthropy and the communities that we’re seeking to help is vital. Government can’t address all problems.”
She said she’s thrilled to be carrying on her parents’ work and that she will be celebrated with her mom.
“I’m really excited that we’re being honored together,” she said. “It’s fun to have it happen as a mother-daughter team.”
The Chandaria Foundation had its start as a family enterprise in the 1950s, though the Kenyan-born industrialist of Indian descent had to do some convincing before it began.
When he first brought up the issue, Chandaria remembers his father asking if something was wrong with him and whether he had lived in the United States too long. “We are not the Rockefellers,” Chandaria’s father told him. “You better get to work. There’s a big hole over there.”
But by 1956, they had established a charitable organization providing scholarships in Kenya and, decades later, its work has expanded into building education and healthcare infrastructure in Africa.
“It’s a basic principle of the Gandhian philosophy: If you have wealth, you are not owners of the wealth,” said Chandaria, who also attributes generosity to being a follower of the Indian religion Jainism. “You really should go and help others who cannot help themselves.”
Isaacs said the Carnegie Medal of Philanthropy is meant to recognize the work of the honorees in their various fields and locations. This year, the Carnegie institutions will also launch the Carnegie Catalyst award to “celebrate the transformative power of human kindness,” which will go to World Central Kitchen, the anti-hunger nonprofit founded by chef Jose Andres.
That award was inspired by the late Vartan Gregorian, the president of the Carnegie Corporation of New York and the co-founder of the Carnegie Medal of Philanthropy, who died in 2021.
“World Central Kitchen is an outstanding model of how humankind can respond in times of dire need by activating the inherent goodness in others — an ideal that was embodied through the life and work of Vartan Gregorian,” Thomas H. Kean, chairman of Carnegie Corporation of New York’s board of trustees and former governor of New Jersey, said in a statement. | https://www.wpbf.com/article/dolly-parton-carnegie-medal-of-philanthropy-winner/40801240 | 2022-08-04T00:16:02Z | https://www.wpbf.com/article/dolly-parton-carnegie-medal-of-philanthropy-winner/40801240 | true |
NIPSCO is working to restore power to nearly 18,000 residents across Northwest Indiana experiencing power outages as of 6:30 p.m.
NIPSCO said that an estimate on when power will be restored cannot be determined at this time but that the company is tracking developing weather patterns and has crews prepared to respond to the anticipated weather.
People are recommended to stay away from fallen power lines and report outages, according to NIPSCO's website .
According to the NIPSCO's power outage map 587 Beverly Shores residents with the 46301 postal code are without power. There are 1052 Chesterton customers experiencing outages.
Gary has 1,703 residents without power across all postal codes.
U.S. Steel to pay record profit-sharing bonuses of more than $14,000
Two pulled from Robinson Lake, official says
WATCH NOW: 1 dead after shooting inside gas station, police say
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There are 3,524 Hobart residents in the 46342 postal code without power. Outages are also occurring in Merrillville, affecting over 3,780 residents, and Michigan City, affecting 453 residents.
As of 6:30 p.m., Portage has 2,771 outages. The Valparaiso postal code, 46385, has 2707 outages and the 46383 postal code has 341 customers without power.
LaPorte has 120 residents who are also experiencing outages.
NIPSCO will continue to update the power outage map online. If you are experiencing a power outage, NIPSCO asks that residents text "out" to 444111 or visit nipsco.com/outages .
Check back at nwi.com for updates.
Gallery: The Times Photos of the Week
Buscia cooking show
The buscias sample their "libation" at the Buscia Cooking Show on Saturday.
John J. Watkins, The Times
Buscia cooking show
Buscias Carolyn Kruzynski, Jean Lovasko and Theresa Meyer prepare an alcohol "libation" for their Buscia Cooking Show.
John J. Watkins, The Times
Buscia cooking show
Flanked by Sue Betustak, left, and Jean Lovasko, right, Carolyn Kruzynski demonstrates how to make a proper pierogi during the Buscia Cooking Show on Saturday.
John J. Watkins, The Times
St. Sava's SerbFest
At St. Cava Church's SerbFest, Riste Talev, left, and Miladin Latinovic get a batch of cevaps, Serbian sausages, ready for hungry fest goers at the St. Sava Church's SerbFest in Merrillville.
John J. Watkins, The Times
St. Sava's SerbFest
Leland Clark, 10, of Lake Station, gets a tiger face from face painting artist Ashley Cunningham at the St. Sava Church's SerbFest in Merrillville.
John J. Watkins, The Times
St. Sava's SerbFest
Annette Hose, of Crown Point, buys palacinkes from Jennifer Rudman at the St. Sava Church's SerbFest in Merrillville. Palacinkes are crepes with cheese filling.
John J. Watkins, The Times
073022-spt-garyhall_06
Ahead of Friday's induction ceremony for the newest members of the Gary Sports Hall of Fame, former NBA Champion and Gary-native Dick Barnett, right, speaks to guests at IUN.
Joe Ruffalo, The Times
073022-spt-garyhall_01
Earl H. Smith, Jr. addresses attendees at the Gary Sports Hall of Fame induction ceremony at Indiana University Northwest on Friday evening.
Joe Ruffalo, The Times
073022-spt-garyhall_13
Gary Sports Hall of Fame board member Al Hamnik shares words about late 2022 inductee Hank Stram at Friday night's induction ceremony.
Joe Ruffalo, The Times
Pierogi Fest Parade
Pierogi Fest 2022
John J. Watkins The Times
Pierogi Fest Parade
Pierogi Fest 2022
John J. Watkins The Times
Pierogi Fest Parade
Mr. Pierogi poses for pictures for the last time.
John J. Watkins, The Times
Pierogi Fest Parade
Beatrix Powell, 6, of Munster chases bubbles at the Polka Parade.
John J. Watkins, The Times
Pierogi Fest Parade
Ryan Rodriguez prepares pierogies for Dan's Pierogis at Pierogi Fest.
John J. Watkins, The Times
4-Hers display hoofed critters at fair sale
Easton Egolf, 9, of Morgan Township waits to exhibit his lamb at the Porter County Fair 4-H livestock auction.
John J. Watkins, The Times
4-Hers display hoofed critters at fair sale
Jonah Hasse looks up at the auctioneer as he exhibits his lamb at the Porter County Fair 4-H livestock auction.
John J. Watkins, The Times
4-H livestock auction
Makenzie Duttlinger, 10, of Valparaiso washes her pig "Piggley" before the start of the Porter County Fair 4-H livestock auction.
John J. Watkins, The Times
Veteran tells of leading Marines in Afghanistan
Valparaiso American Legion members salute the U.S. flag during the national anthem Wednesday at the veterans recognition program at the Porter County Fair.
Doug Ross, The Times
Veteran tells of leading Marines in Afghanistan
Wes Barnes, who led a platoon of 40 Marines during his deployment in Afghanistan a decade ago, tells of his experiences there and while training to become a second lieutenant. He later became a captain in the U.S. Marine Corps Reserves.
Doug Ross, The Times
Frank Calabrese Jr.
Frank Calabrese Jr. speaks to the public at the Karma Cigar Lounge in Merrillville.
John J. Watkins, The Times
Frank Calabrese Jr.
Frank Calabrese Jr. got this Chi-Town tattoo after leaving prison.
John J. Watkins, The Times
Pro-choice rally at Wicker Park
Organizer Katelin Sears leads chants at an abortion rights rally at Wicker Memorial Park.
John J. Watkins, The Times
Pro-choice rally at Wicker Park
Betsy Hunt, of Schererville, carries a banner that she has carried to protests since 1986.
John J. Watkins The Times
Pro-choice rally at Wicker Park
Alexia Hamilton, of Gary, joins in the chants at an abortion rally at Wicker Memorial Park.
John J. Watkins, The Times
Pro-choice rally at Wicker Park
U.S. Rep. Frank J. Mrvan, D-Highland, speaks to an abortion rights crowd at Wicker Memorial Park on Sunday.
John J. Watkins, The Times
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Subscribe to our Daily Headlines newsletter. | https://www.nwitimes.com/news/local/update-nipsco-working-to-restore-power-to-nearly-18-000-residents-across-region/article_e99a2325-e314-5d85-b11e-fb38e1085adf.html | 2022-08-04T00:20:51Z | https://www.nwitimes.com/news/local/update-nipsco-working-to-restore-power-to-nearly-18-000-residents-across-region/article_e99a2325-e314-5d85-b11e-fb38e1085adf.html | false |
Range in reserve: Test reveals that electric cars can travel up to 19 MILES after the onboard computer says they have zero range remaining
- What Car? has tested how far 10 of the latest EVs can travel when their onboard computers tell a driver they have zero range left
- The best - the BMW i4 - could go for 19 miles while the BMW iX3 managed just 5
- Tests also revealed which of the new EVs miss their claimed ranges by the most
One of the biggest concerns among motorists when it comes to making the switch to electric cars is running out of battery.
However, a new study has revealed that an EV driven for so long that the battery charge is emptied and the dashboard display shows zero miles of range remaining can keep going for up to 19 miles before coming to a halt.
What Car?, which conducted the research by testing 10 of the latest electric models, said manufacturers are deliberately programming range readouts to be conservative to give drivers 'an emergency buffer' before running out of battery entirely.
Relief from range anxiety: Recent controlled tests of 10 of the latest electric cars on the market has found that they can keep going for between 5 and 19 miles after drivers are told the battery range is down to zero
The motoring title put 10 electric cars' ranges to the test in summer conditions to see how far they could travel on a fully-charged battery in the most optimum UK temperatures.
It found that the best was 8.1 per cent shy of its claimed single-charge range while the worst was almost a fifth (18.6 per cent) short of their official WLTP averages.
In each case, though, the figure was helped by the vehicle continuing to run for several miles after the instrumentation said there was nothing left in the battery, with car makers appearing to keep aside a few kilowatts of power to act as a fuel reserve.
What Car? says manufacturers are deliberately programming range readouts to be conservative to give drivers 'an emergency buffer' before running out of battery entirely
The BMW i4 (left) can go for 19 miles after the onboard computer tells a driver that they are out of battery range, while the bigger iX3 (right) manages just 5 miles, What Car? found
The latest Kia Niro EV can go for a further 17 miles once the indicated battery range hits zero
The Volvo XC40 Recharge is said to have a range reserve of 17 miles - the same as the Niro EV
Of the cars tested, the £54,980 BMW i4 eDrive40 M Sport not only travelled the furthest distance on a charge but also had the biggest emergency buffer, travelling a total of 316 miles (29 miles short of the official 345-mile claim) of which 19 were completed with the digital readout saying there was zero range remaining.
Kia's Niro EV (£41,745) and Volvo's £51,750 XC40 Recharge both offer up to 17 miles of additional range while Tesla's 'Long Range' variants of the hugely popular Model 3 (£57,490) and Model Y (£57,990) have zero-range reserves of 13 and 11 miles respectively.
Volkswagen's new ID.5 SUV Pro Performance (which starts from £54,640) has 15 miles of driving distance left when the readout says it should be empty of charge, which is more than the £29,495 MG ZS and £47,195 Kia EV6 GT (both 13 miles), as well as the £38,390 Cupra Born (10 miles).
While a BMW topped the charts, it was another model from the Bavarian brand - the £65,865 iX3 M Sport Pro SUV - that had the smallest range reserve, measured at just 5 miles.
Steve Huntingford, WhatCar? editor, said: 'The fear of what will happen if you run out of charge in an electric car continues to put many people off making the switch, but our test showed that you not only get plenty of warning, but that even when the range readout hits zero, you've still got plenty of time to make it to a refuge area or find somewhere else safe to stop.'
The study found that Cupra's Born hatchback - which is essentially a rebranded Volkswagen ID.3 - had the shortest summer range of the 10 cars tested, with a measured 219 miles compared to a claim of 249 miles, but it was the Tesla Model Y that has the biggest range shortfall compared to claims.
The Tesla Model 3 fell furthest from its claimed range, measured at 293 miles compared to an 'official' figure of 350 miles - an 18.6 per cent deficit.
Volkswagen's ID.5 Pro Performance Style, which costs almost £55k - can travel another 15 miles after the indicated range hits 0%
Kia's EV6 is a stylish electric family car. Owners with a bout of range anxiety when the computer says the battery is flat will get an extra 13 miles, according to What Car?
Of all 10 cars tested, the MG ZS EV Long Range SE is the cheapest at less than £30l. It can manage 13 miles using its emergency buffer
Three of the cars tested during the summer months have also been put through their paces by What Car? in its most recent winter range test - providing a direct comparison of efficiency based on the seasonal temperatures.
The BMW iX3 M Sport Pro covered an extra 41 miles in the summer, the Kia EV6 RWD GT-Line an extra 50 miles and the Tesla Model Y Long Range a further 57 miles.
On average, the trio went 49 miles (21.4 per cent) farther in the summer range test, when the air temperature ranged from 24 to 29 degrees Celsius, than in winter, when it was 3 to 7 degrees.
The Tesla Model 3 (left) and Model Y (right) are two of the most popular EVs in Britain right now. The Long Range versions of both were tested and found to have 13 and 11 miles in reserve respectively
The Cupra Born - which is a rebranded VW ID.3 hatchback - can cover 11 miles even when the onboard computer says the battery is out of charge
Previous research by What Car? found electric cars equipped with a heat pump lose less range when temperatures drop, with the heat pump drawing excess heat from the electric drivetrain and distributing it around the interior of the car through the air conditioning, reducing the strain on the battery.
The tests were conducted on a closed vehicle proving ground, on a 15-mile route consisting of 2.6 miles of simulated stop-start urban traffic, four miles of steady 50mph driving and eight miles driving at a constant speed of 70mph, to simulate motorway journeys.
Each of the 10 cars was fully charged and left outside for 15 hours, before being plugged in again to check the batteries were still at 100% for the start of the test.
They then had their climate control systems set to 21 degrees and were driven until they ran flat, with driver swaps at the end of each circuit, and the cars' positions also changed to ensure no car was constantly punching a hole in the air to improve aerodynamic efficiency for the others.
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- Financial calculators | https://www.dailymail.co.uk/money/cars/article-11077053/Electric-cars-travel-19-MILES-readouts-hit-zero.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-04T00:28:09Z | https://www.dailymail.co.uk/money/cars/article-11077053/Electric-cars-travel-19-MILES-readouts-hit-zero.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | true |
Hardened detective who was shot dead inside a police station is from a highly respected cop family and he cracked one of Australia's biggest murder cases: 'A steely determination for justice'
- Colleagues found detective sergeant Adam Child dead at Ermington station
- The accomplished cop has been remembered for his kindness during work
- He was part of the Homicide Squad and had a hand in solving tough murders
- For confidential crisis support, contact Lifeline on 13 11 14
A top detective found dead at his police station is from a highly regarded policing family who solved some of Sydney's toughest cases in a two decade career with the homicide squad.
Colleagues found Detective Sergeant Adam Child dead from a gunshot wound inside a room at Ermington police station, in Sydney's west, about 12.30pm on Monday.
The 46-year-old father, who worked in the force alongside his wife, has been remembered as 'one of the finest humans and detectives' by relatives of murder victims whose cases he helped solve.
Police do not believe Mr Child's death was suspicious. He was on duty at the time and a police-issued firearm was used in the incident.
Friends and former colleagues have expressed horror at learning of the father-of-two's untimely death and questioned what support services were in place.
Colleagues found detective sergeant Adam Child dead inside a room at Ermington police station in Sydney about 12.30pm on Monday
'I am just heartbroken. [Adam] was one of the finest humans and detectives,' said one woman, who met Mr Child when he was assigned to the case of her loved one.
She added Mr Child would be remembered for his 'compassion and steely determination for justice'.
He was publicly involved in the investigation into murdered mother Jody Galante, and was praised by her relatives for his kindness and dogged search for the truth.
The case was subject to an Australian Story episode in 2008 which featured Mr Child, as he explained the steps he took to solve the murder and put Mrs Galante's husband, Mark, behind bars for 27 years.
'Adam Child and Anthony Agnew were so caring, they knew they were asking us to do hard things,' Mrs Galante's mother Julie-Anne Hand said at the time.
Mr Child had suspicions Mrs Galante's husband was responsible for her death but did not have enough evidence to make an arrest.
He asked her family to continue publicly supporting him while the investigation was ongoing to lull him into a false sense of security.
Mr Child was publicly involved in the investigation into murdered mother Jody Galante (pictured with her husband, who was eventually convicted of her murder), and was praised by her relatives for his kindness and dogged search for the truth
Following Galante's arrest, the 27-year-old pleaded guilty to his wife's murder and was sentenced to 27 years imprisonment, with a non-parole period of 20 years
Almost two months later, he asked them to help clear out Mrs Galante's daughter's belongings from the house, noting 'she wouldn't be going back there'.
Following Galante's arrest, the 27-year-old pleaded guilty to his wife's murder and was sentenced to 27 years imprisonment, with a non-parole period of 20 years.
Mrs Galante's family couldn't praise Mr Child enough for his work on the case.
The homicide squad in NSW leads the response to major criminal investigations, including murders, suspicious deaths, critical incidents and coronial inquiries.
Mr Child has been commended for his role in countless investigations over his 20-year career.
'I'm so sick at heart right now, the ripple affect of the loss of Adam will be felt by many families today, his own family and the his family in Blue,' one friend said.
'It's a very sad day. Adam was a good man and detective... Rest well brother.'
Mr Child was usually based at the Parramatta head office but was stationed at Ermington while working on an active investigation in the region.
Mrs Galante's family couldn't praise Mr Child any more for his work on the case
A critical incident has been declared as part of standard procedures within NSW Police when an employee dies in the vicinity of other officers.
NSW Police said in a statement Mr Child's colleagues and all officers at Ermington station will be offered support to deal with the grief and shock.
Mr Child's death is the latest in a string of tragic police deaths in recent years.
Just two years ago in November 2020, Sergeant Matthew Theoklis died by suicide at the Sydney Police Centre in Surry Hills.
Between 2017 and 2019, a further five Australian Federal Police officers took their own lives on the job.
A 24-hour trauma response hotline was established in NSW and 1,200 officers were trained as part of a state-wide peer support program.
Lifeline: 13 11 14 or lifeline.org.au
Beyond Blue: 1300 22 4636 or beyondblue.org.au
Police do not believe Mr Child's death was suspicious. He was on duty at the time and a police issued firearm was used in the incident | https://www.dailymail.co.uk/news/article-11071343/Adam-Child-died-gunshot-Ermington-police-station-20-years-homicide-squad.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | 2022-08-04T00:28:22Z | https://www.dailymail.co.uk/news/article-11071343/Adam-Child-died-gunshot-Ermington-police-station-20-years-homicide-squad.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 | false |
WFO EL PASO Warnings, Watches and Advisories for Wednesday, August 3, 2022
_____
AREAL FLOOD ADVISORY
Flood Advisory
National Weather Service El Paso Tx/Santa Teresa NM
458 PM MDT Wed Aug 3 2022
...FLOOD ADVISORY IN EFFECT UNTIL 8 PM MDT THIS EVENING...
* WHAT...Flooding caused by excessive rainfall is expected.
* WHERE...A portion of western Texas, including the following
county, Hudspeth.
* WHEN...Until 800 PM MDT.
* IMPACTS...Minor flooding in low-lying and poor drainage areas.
* ADDITIONAL DETAILS...
- At 458 PM MDT, Doppler radar indicated heavy rain due to
thunderstorms. Minor flooding is ongoing or expected to begin
shortly in the advisory area.
- Some locations that will experience flooding include...
Finlay and Sunset Ranches.
- http://www.weather.gov/safety/flood
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Turn around, don't drown when encountering flooded roads. Most flood
deaths occur in vehicles.
_____
Copyright 2022 AccuWeather | https://www.ncadvertiser.com/weather/article/TX-WFO-EL-PASO-Warnings-Watches-and-Advisories-17349781.php | 2022-08-04T00:31:06Z | https://www.ncadvertiser.com/weather/article/TX-WFO-EL-PASO-Warnings-Watches-and-Advisories-17349781.php | true |
WHITE SULPHUR SPRINGS, W.Va. — Greg Norman, chief executive of the LIV Golf International series, was on the grounds of The Greenbrier resort Tuesday evening and Wednesday morning eying the property for a potential event in 2023.
HD Media first reported Norman's presence early Wednesday morning. Shortly thereafter, The Greenbrier released an official statement confirming that Norman was on the grounds and that the Old White course is in consideration for a LIV event.
"We are pleased to have one of golf's greats, Greg Norman, visiting The Greenbrier this week," the statement read. "LIV Golf is scouting venues and golf courses around the world for consideration for future tournament venues, and The Greenbrier, the Old White, the resort's iconic history with the game and the wonderful state of West Virginia are of great interest to the organization. The Greenbrier is proud to once again be considered for one of golf's biggest events."
Sen. Stephen Baldwin, D-Greenbrier, took little time to express his concern about Norman's presence at The Greenbrier both from the perspective of West Virginia's potential association with LIV and the ethical question of Gov. Jim Justice's use of his office to enrich The Greenbrier, which is operated under the Justice family-owned Greenbrier Hotel Corp.
"There are plenty of things that will put you on the world's stage, but not for the right reasons," Baldwin said. "I'm upset about the possibility of this happening as a resident of Greenbrier County, as a senator from this area, as an avid golfer and as an American. I think that this is just wrong."
On July 27, it was announced that the Saudi-backed tour would expand from eight events to 14 in 2023. The same day, reports connecting former Greenbrier property owner and spokesman Bubba Watson to LIV surfaced. A couple days later, Watson's move to LIV was confirmed.
In June, the Wheeling Intelligencer quoted Justice as being open to potentially bringing a LIV event to the resort.
“I would probably weigh in with an opinion,” Justice said. “So, with all that being said, I think it would bring more notoriety to West Virginia and I surely would be open to at least hearing the possibilities if it came our way.”
Norman was approached as he was touring the course Wednesday morning, but declined to elaborate on LIV possibly coming to the resort, saying only, "I have to go meet with the governor."
On Wednesday, Justice said he would be "extremely supportive" of anything that could benefit the Mountain State.
"I believe a LIV Golf event would do just that," Justice said in a statement. "LIV Golf is riding a huge wave of momentum right now and has brought many of the world’s best golfers on board. Seeing them play in West Virginia would be really special.
"As a lifelong golfer myself, I also know that having an event of this caliber in West Virginia might inspire some of our youth to take up the game of golf, which has brought so much enjoyment to my life. If we can inspire our kids, show West Virginia off to the world and give our economy a boost, I’m totally supportive."
Justice, whom West Virginians elected for a second term in 2020, listed himself as "Operations Adviser" for Greenbrier Hotel Corp. on his financial disclosure form filed with the West Virginia Ethics Commission in January.
Baldwin wouldn't speculate as to whether Justice violated the state's Ethics Act in potentially meeting with Norman at The Greenbrier, but said it's incumbent upon elected officials to engage in ethical behavior.
"If I run up against a gray area in terms of my public service, I'll write the Ethics Commission for an opinion," Baldwin said. "I don't know about the practice in this instance, but it would make sense to me that this ought to be looked at."
Justice did his best to assure West Virginians that there would be no conflict of interest between his family-owned businesses and state government after voters elected him to his first term in 2016.
Justice released a letter at the start of his term in January 2017 in which he said, “even the slightest whiff of a conflict won’t fly with me.”
Justice declined to put his family-owned businesses into a blind trust, instead handing over titles to his children James “Jay” Justice III, who operates the family’s coal, farming and land operations, and Dr. Jillean Justice Long, who operates The Greenbrier.
The 2017 letter remains posted on the governor’s website. In it, Justice said he expected all laws, regulations and policies to be strictly adhered to and enforced with respect to any business associated with his family.
“I have always taught my children that we will never show nor accept favoritism, but rather achieve our goals through hard work and dedication,” Justice wrote in the letter titled “A letter to state employees from Governor Justice.”
“I assure you there is absolutely no expectation on behalf of the members of my family of receiving any special treatment.”
Before being elected governor, Justice helped bring professional golf to The Greenbrier in 2010. The Greenbrier Classic, a PGA Tour event, was held nine times in 10 years on the resort’s Old White course. Originally scheduled on the week of July 4, the event was renamed A Military Tribute at The Greenbrier in 2018 and was moved to the fall in 2019. The 2016 event was canceled due to flooding in the area.
A contract between The Greenbrier and the PGA Tour, one that had been signed through 2026, was canceled via “mutual agreement” in April 2020. The move to the fall and subsequent dwindling attendance were cited as reasons for the contract’s termination in a statement from The Greenbrier to the media in June of that year.
“The tournament moving to the fall has not served The Greenbrier as well as the event did in prior years when it was hosted over the July 4 week,” the statement said. “With kids being back in school, the attractiveness for sponsors and the attendance for the fans dropped significantly.”
LIV Golf emerged as a competitor to the PGA Tour this year. It held its first event June 9 at the Centurion Club in London, England. Backed by the Public Investment Fund of Saudi Arabia, LIV Golf has lured numerous former PGA Tour stars including Brooks Koepka, Dustin Johnson, Bryson DeChambeau, Phil Mickelson, Henrik Stenson, Watson and others.
Norman, nicknamed "the Shark," is a two-time Open Championship winner (1986, 1993) with 88 career professional victories. He was announced as the CEO of LIV Golf Investments in October 2021.
The organization has drawn criticism over its ties to the Saudi Arabian government. Much of the criticism surrounds Crown Prince Mohammed bin Salman, who was determined to have ordered the murder of Washington Post columnist Jamal Khashoggi in October 2018. The family has also been accused of being connected to the 9/11 terrorist attacks.
Last month, a group representing family members of those injured or killed in the attacks wrote an open letter to PGA Tour members thanking them for not joining LIV Golf.
Baldwin likewise noted the PGA Tour is a nonprofit organization, and its presence in any community often is a huge boost for the area — particularly for local nonprofits and community organizations. He said LIV Golf is a corporation that doesn't have a similar reach. The New York Times reported last month that some professional golfers see LIV Golf as "a money grab."
"Even the golf world has been largely in opposition to this," Baldwin said. "They have turned the money down and do not want to be associated with (LIV Golf). It's another good example that money isn't everything."
Former President Donald Trump, a friend of Justice’s, has voiced his support of LIV Golf in recent weeks. A LIV event held at Trump National Golf Club Bedminster last week was won by Stenson.
Massive purses have highlighted LIV events thus far, with lucrative contracts swaying some of golf’s biggest names. Mickelson, also a former Greenbrier property owner and spokesman, reportedly signed a contract worth upward of $200 million. Johnson’s contract has been reported to be around $150 million, with DeChambeau making around $100 million.
Tiger Woods reportedly declined $700 million to $800 million, a number that was confirmed by Norman in an interview with Fox News’ Tucker Carlson on Sunday. Norman also addressed the controversy surrounding the tour and indicated its acquisition of star golfers has just begun.
"They’re not going to shut us down because the product is speaking for itself,” Norman said. “We have almost on a daily basis, we get calls every day from players (saying), 'I want in.' … The list gets longer and longer for the players who want to come in, which, again, is a testament to the right white noise."
Currently, LIV Golf events stray from traditional PGA Tour formats with tournaments lasting three rounds totaling 54 holes as opposed to four rounds and 72 holes. The events begin with a shotgun start. The tour’s next event is scheduled for The Oaks golf course in Boston on Sept. 2-4. | https://www.herald-dispatch.com/news/liv-golf-ceo-greg-norman-visits-the-greenbrier-eyes-resort-as-potential-event-host/article_7641aa82-9816-52de-b396-ee5bf51f9751.html | 2022-08-04T00:31:30Z | https://www.herald-dispatch.com/news/liv-golf-ceo-greg-norman-visits-the-greenbrier-eyes-resort-as-potential-event-host/article_7641aa82-9816-52de-b396-ee5bf51f9751.html | false |
PINE BLUFF, Ark. – Police identified a pair of suspects Wednesday in a homicide investigation tied to a deadly house fire in Pine Bluff last week.
Officials with the Pine Bluff Police Department said 42-year-old James Dixson and 42-year-old Kevin McKinney are facing multiple charges tied to the discovery of a body during the investigation into the house fire, including capital murder, arson, abuse of a corpse and possession of a firearm by a certain person.
Police were originally called to the scene in the 2300 block of West 11th Street on July 26 after firefighters discovered the body when responding to a house fire.
A subsequent autopsy of the still-unidentified body revealed the man had died of gunshot wounds.
Police have asked that anyone with information regarding either man call the PBPD detective office at 870-730-2090 or the dispatch center at 870-541-5300. They can also call the detective office tip line at 870-730-2106. | https://www.kark.com/crime/police-id-suspects-deadly-shooting-tied-to-pine-bluff-house-fire/ | 2022-08-04T00:31:56Z | https://www.kark.com/crime/police-id-suspects-deadly-shooting-tied-to-pine-bluff-house-fire/ | true |
SAN FRANCISCO (AP) — San Francisco police say one person is dead and another wounded after shots were fired on a city bus.
Officers responding to the shooting near the Cow Palace events center Wednesday afternoon found two people wounded. Both were taken to a hospital, where one of them died.
In a statement, police referred to both people as victims. They did not have information on the alleged shooter or details on what happened on the bus operated by the San Francisco Municipal Transportation Agency.
Authorities briefly shut down a subway station in June after a man was killed in a shooting believed to be the first on a San Francisco subway train. | https://www.sfchronicle.com/news/article/1-dead-1-wounded-after-shooting-on-San-Francisco-17349912.php | 2022-08-04T00:35:09Z | https://www.sfchronicle.com/news/article/1-dead-1-wounded-after-shooting-on-San-Francisco-17349912.php | true |
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