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SANTA CLARA, Calif. (AP) _ Advanced Micro Devices Inc. (AMD) on Tuesday reported second-quarter profit of $447 million.
The Santa Clara, California-based company said it had profit of 27 cents per share. Earnings, adjusted for one-time gains and costs, were $1.05 per share.
The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The chipmaker posted revenue of $6.55 billion in the period, also surpassing Street forecasts. Twelve analysts surveyed by Zacks expected $6.52 billion.
For the current quarter ending in October, Advanced Micro said it expects revenue in the range of $6.5 billion to $6.9 billion. Analysts surveyed by Zacks had expected revenue of $6.84 billion.
The company expects full-year revenue in the range of $26 billion to $26.6 billion.
Advanced Micro shares have decreased 31% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $99.29, a decrease of almost 9% in the last 12 months.
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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 AMD at https://www.zacks.com/ap/AMD | https://www.theheraldreview.com/business/article/Advanced-Micro-Q2-Earnings-Snapshot-17346349.php | 2022-08-02T22:11:20 | en | 0.944054 |
BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $74.5 million, or 98 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 96 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $34.1 million, or 45 cents per share.
The real estate investment trust posted revenue of $104.9 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $103 million.
The company's shares have risen 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $77.88, an increase of 4% in the last 12 months.
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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 ADC at https://www.zacks.com/ap/ADC | https://www.theheraldreview.com/business/article/Agree-Realty-Q2-Earnings-Snapshot-17346428.php | 2022-08-02T22:11:26 | en | 0.952488 |
MAUMEE, Ohio (AP) _ The Andersons Inc. (ANDE) on Tuesday reported second-quarter profit of $79.8 million.
The Maumee, Ohio-based company said it had profit of $2.32 per share. Earnings, adjusted for one-time gains and costs, came to $2.39 per share.
The agriculture company posted revenue of $4.45 billion in the period.
Andersons shares have decreased 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.74, an increase of 39% in the last 12 months.
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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 ANDE at https://www.zacks.com/ap/ANDE | https://www.theheraldreview.com/business/article/Andersons-Q2-Earnings-Snapshot-17346325.php | 2022-08-02T22:11:32 | en | 0.932046 |
BURLINGTON, Mass. (AP) _ Avid Technology Inc. (AVID) on Tuesday reported second-quarter net income of $7.4 million.
The Burlington, Massachusetts-based company said it had profit of 16 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 26 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The audio and video technology company posted revenue of $97.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $95.9 million.
For the current quarter ending in October, Avid expects its per-share earnings to range from 27 cents to 39 cents.
The company said it expects revenue in the range of $100 million to $112 million for the fiscal third quarter.
Avid expects full-year earnings in the range of $1.37 to $1.53 per share, with revenue ranging from $425 million to $455 million.
Avid shares have fallen 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.09, a decline of 26% in the last 12 months.
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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 AVID at https://www.zacks.com/ap/AVID | https://www.theheraldreview.com/business/article/Avid-Q2-Earnings-Snapshot-17346343.php | 2022-08-02T22:11:38 | en | 0.942617 |
MARIETTA, Ga. (AP) _ BlueLinx Holdings Inc. (BXC) on Tuesday reported second-quarter net income of $71.3 million.
The Marietta, Georgia-based company said it had profit of $7.48 per share.
The building products distributor posted revenue of $1.24 billion in the period.
BlueLinx shares have dropped 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $82.05, a climb of 96% in the last 12 months.
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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 BXC at https://www.zacks.com/ap/BXC | https://www.theheraldreview.com/business/article/BlueLinx-Q2-Earnings-Snapshot-17346396.php | 2022-08-02T22:11:45 | en | 0.927598 |
Baby ejected from SUV was not in car seat, Florida state troopers say
HIGH SPRINGS, Fla. (WCJB/Gray News) – A 7-month-old baby who was not in a car seat was one of five people seriously injured in a Florida car crash.
Florida Highway Patrol said one adult and four children, including the 7-month-old, were rushed to the hospital with serious injuries after their SUV crashed on Interstate 75, near High Springs on Monday afternoon.
Troopers said the SUV was heading south on I-75 when one of its rear tires blew out. The driver, a 29-year-old woman, lost control. The vehicle went off the road and flipped multiple times.
Officials said the children in the vehicle ranged in age from 7 months old to 11 years old.
Troopers said the baby was not in a car seat and was ejected from the SUV. The driver could face charges for not securing the baby properly.
Officials did not release additional information.
Copyright 2022 WCJB via Gray Media Group, Inc. All rights reserved. | https://www.wlbt.com/2022/08/02/baby-ejected-suv-was-not-car-seat-florida-state-troopers-say/ | 2022-08-02T22:11:45 | en | 0.982923 |
BOSTON (AP) _ Brightcove Inc. (BCOV) on Tuesday reported a second-quarter loss of $301,000, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 1 cent per share. Earnings, adjusted for stock option expense and amortization costs, came to 10 cents per share.
The internet video streaming service company posted revenue of $54.4 million in the period.
For the current quarter ending in October, Brightcove expects its per-share earnings to range from 2 cents to 4 cents.
The company said it expects revenue in the range of $52 million to $53 million for the fiscal third quarter.
Brightcove expects full-year earnings in the range of 23 cents to 30 cents per share, with revenue ranging from $211 million to $215 million.
Brightcove shares have decreased 39% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.23, a decline of 46% in the last 12 months.
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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 BCOV at https://www.zacks.com/ap/BCOV | https://www.theheraldreview.com/business/article/Brightcove-Q2-Earnings-Snapshot-17346413.php | 2022-08-02T22:11:51 | en | 0.944258 |
Pest control workers find body inside fumigated home, police say
GAINESVILLE, Fla. (WCJB/Gray News) - A man has died in a Florida home while the property was being fumigated for bugs.
WCJB reports Gainesville police officers responded to a house after receiving a call from pest control workers who said they found a body inside the home.
A spokesperson for the police department said pest control was treating the house for bugs.
According to authorities, workers filled the home with poisonous gas on July 28, and when they returned to vent it on Monday, the team found a man dead on the second floor.
When officers got to the scene, they said they couldn’t go into the home because of the chemicals in the air.
Gainesville police haven’t immediately identified the man due to their inability to enter the house, but the incident remains under investigation.
Copyright 2022 WCJB via Gray Media Group, Inc. All rights reserved. | https://www.wlbt.com/2022/08/02/pest-control-workers-find-body-inside-fumigated-home-police-say/ | 2022-08-02T22:11:52 | en | 0.969514 |
HOUSTON (AP) _ Coterra Energy Inc. (CTRA) on Tuesday reported second-quarter earnings of $1.23 billion.
The Houston-based company said it had profit of $1.53 per share. Earnings, adjusted for one-time gains and costs, came to $1.35 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The independent oil and gas company posted revenue of $2.57 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $2.25 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 CTRA at https://www.zacks.com/ap/CTRA | https://www.theheraldreview.com/business/article/Cabot-Q2-Earnings-Snapshot-17346329.php | 2022-08-02T22:11:57 | en | 0.952195 |
Senate tees up vote on bill to aid vets exposed to burn pits
WASHINGTON (AP) — A bill enhancing health care and disability benefits for millions of veterans exposed to toxic burn pits is expected to win final approval in the Senate on Tuesday, ending a brief stalemate over the measure that had infuriated advocates and inspired some to camp outside the Capitol.
President Joe Biden has pushed for the legislation, saying the measure “makes good on our sacred obligation” to care for veterans and their families.
The Senate overwhelmingly approved the legislation once before, but it required a do-over for a technical fix. But the process derailed when Republicans made a late attempt to change another aspect of the bill last week and blocked it from advancing. The abrupt delay outraged veterans groups and advocates, including comedian Jon Stewart. It also placed GOP senators in the uncomfortable position of delaying the top legislative priority of service organizations this session of Congress.
A group of veterans and their families have been camping out at the Capitol since that vote. Senate Majority Leader Chuck Schumer, D-N.Y., said he had good news for them, announcing a final vote for Tuesday evening.
“Veterans who were exposed to the toxic fumes of burn pits will be treated by the VA like they should have been from the beginning,” Schumer said.
Some Democrats have questioned whether Republicans blocked the bill for spite, after an announcement just hours earlier that key Democrats had agreed on a way forward on a health, energy and tax bill that Republicans oppose and may be unable to stop.
“Wait a minute. You’re not going to help our veterans because we want to lower the cost of prescription drugs, because we want to lower the cost of health care, because we want to protect the planet? Of course you don’t agree with any of those things, but would you use that to vote against our veterans?” House Speaker Nancy Pelosi, D-Calif., said at a press conference last week. “It’s really immoral, almost criminal.”
Republican senators rejected that charge and said the changes they seek would not affect spending for veterans in the bill.
The bill contains two major components for veterans who served in Iraq and Afghanistan. Veterans who served near burn pits will get 10 years — rather than five — of enhanced health care coverage through the Department of Veterans Affairs upon their separation from the military.
Second, the legislation directs the VA to presume that certain respiratory illnesses and cancers were related to burn pit exposure, allowing veterans to obtain disability payments to compensate for their injury without having to prove the illness was a result of their service.
Roughly 70% of disability claims related to burn pit exposure are denied by the VA due to lack of evidence, scientific data and information from the Defense Department.
The military used burn pits to dispose of such things as chemicals, cans, tires, plastics and medical and human waste.
Hundreds of thousands of Vietnam War era veterans and survivors also stand to benefit from the legislation. The bill adds hypertension, or high blood pressure, as a presumptive disease associated with Agent Orange exposure. The Congressional Budget Office projected that about 600,000 of 1.6 million living Vietnam vets would be eligible for increased compensation, though only about half would have a severe enough diagnoses to warrant more compensation.
Also, veterans who served in Thailand, Cambodia, Laos, Guam, American Samoa and Johnston Atoll will be presumed to have been exposed to Agent Orange. That’s another 50,000 veterans and survivors of deceased veterans who would get compensation for illnesses presumed to have been caused by their exposure to the herbicide, the CBO projected.
The bill is projected to increase federal deficits by about $277 billion over 10 years and does not include offsetting spending cuts or tax increases to help pay for it.
When the CBO scored the bill, it projected that nearly $400 billion spent on VA services would take place as mandatory spending rather than discretionary spending. The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog, said a reclassification to mandatory would “both reduce the pressure to keep those costs under control and make it easier for appropriators to spend more elsewhere in the budget without offsets.”
Sen. Pat Toomey, R-Pa., is seeking a vote for an amendment that he said would not change the spending slated for veterans programs, but how the government accounts for that spending.
However, the dynamics Toomey has spoken about also applied to the bill when the Senate voted on it in June. Senators then voted for the measure by a resounding vote of 84-14, raising questions about why Republicans voted against advancing the do-over effort last week.
Advocacy groups for veterans, a key voting bloc in the upcoming midterm elections, were furious and ramped up the political pressure on lawmakers to act.
At a Capitol Hill news conference the day after last week’s procedural vote, speakers used terms such as “villains” and “reprehensible” to describe the Republican senators who voted against advancing the measure last week but voted for almost the exact same bill in June.
“Veterans are angry and confused at the sudden change from those they thought had their backs,” said Cory Titus of the group Military Officers Association of America.
Sen. Kirsten Gillibrand, D-N.Y., said the veterans camped out at the Capitol are exhausted and want to go home.
“But they will not. They will not go home until the job is done,” Gillibrand said.
Copyright 2022 The Associated Press. All rights reserved. | https://www.wlbt.com/2022/08/02/senate-tees-up-vote-bill-aid-vets-exposed-burn-pits/ | 2022-08-02T22:11:59 | en | 0.963258 |
LINCOLNSHIRE, Ill. (AP) _ Camping World Holdings Inc. (CWH) on Tuesday reported second-quarter profit of $84.3 million.
The Lincolnshire, Illinois-based company said it had net income of $2.01 per share. Earnings, adjusted for one-time gains and costs, were $2.16 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.87 per share.
The recreational vehicle retailer and services provider posted revenue of $2.17 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.03 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 CWH at https://www.zacks.com/ap/CWH | https://www.theheraldreview.com/business/article/Camping-World-Q2-Earnings-Snapshot-17346497.php | 2022-08-02T22:12:03 | en | 0.952561 |
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Cowen Inc. (NASDAQ: COWN) and its board of directors concerning the proposed acquisition of the company by TD Bank Group (NYSE: TD). Stockholders will receive $39.00 for each share of Cowen stock that they hold. The transaction is valued at approximately $1.3 billion and is expected to close in the first quarter of 2023.
If you are a stockholder of Cowen Inc. and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/cown/. You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at info@rowleylawpllc.com, or by telephone at 914-400-1920 or 844-400-4643 (toll-free).
Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com.
Attorney Advertising. Prior results do not guarantee a similar outcome.
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SOURCE Rowley Law PLLC | https://www.wlbt.com/prnewswire/2022/08/02/alert-rowley-law-pllc-is-investigating-proposed-acquisition-cowen-inc/ | 2022-08-02T22:12:06 | en | 0.930726 |
OKLAHOMA CITY (AP) _ Chesapeake Energy Corp. (CHK) on Tuesday reported second-quarter net income of $1.24 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Oklahoma City-based company said it had net income of $8.27. Earnings, adjusted for non-recurring gains, were $4.87 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.74 per share.
The oil and gas company posted revenue of $3.52 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 CHK at https://www.zacks.com/ap/CHK | https://www.theheraldreview.com/business/article/Chesapeake-Energy-Q2-Earnings-Snapshot-17346378.php | 2022-08-02T22:12:09 | en | 0.937062 |
DUBLIN, Aug. 2, 2022 /PRNewswire/ -- Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener, and more connected, will present at the J.P. Morgan 2022 Auto Conference, August 9 at 3:05 p.m. Eastern Time.
A simultaneous webcast will be available on the Aptiv Investor Relations website at ir.aptiv.com.
About Aptiv
Aptiv is a global technology company that develops safer, greener and more connected solutions enabling a more sustainable future of mobility. Visit aptiv.com.
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SOURCE Aptiv PLC | https://www.wlbt.com/prnewswire/2022/08/02/aptiv-present-jp-morgan-auto-conference/ | 2022-08-02T22:12:13 | en | 0.825064 |
SPOKANE, Wash. (AP) _ Clearwater Paper Corp. (CLW) on Tuesday reported second-quarter net income of $14.7 million, after reporting a loss in the same period a year earlier.
The Spokane, Washington-based company said it had net income of 86 cents per share. Earnings, adjusted for non-recurring costs, came to $1.11 per share.
The maker of pulp-based products posted revenue of $526.4 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 CLW at https://www.zacks.com/ap/CLW | https://www.theheraldreview.com/business/article/Clearwater-Paper-Q2-Earnings-Snapshot-17346456.php | 2022-08-02T22:12:15 | en | 0.93447 |
BOSTON, Aug. 2, 2022 /PRNewswire/ -- Ariadne Labs, in collaboration with CaroNova, a health innovation incubator for the Carolinas, recently concluded the first phase of the Home Hospital Early Adopters Accelerator to support health care systems to further develop their own home hospital programs. Through this 40-week program, a total of 91 representatives from 18 health systems in the U.S. and South Africa joined in an agile fused network to rapidly design 20 tools to support successful home hospital programs.
In November 2020, the Centers for Medicaid and Medicare Services expanded their Hospital Without Walls initiative to include the Acute Hospital Care at Home Waiver. Since then, many hospitals and health systems across the United States have been working to expand their services to treat acutely ill patients in the home. Home hospital programs have been shown to have numerous benefits, including lower costs and readmission rates, yet successfully developing and launching these programs can be challenging.
With pro bono support from Scrum Inc., Accelerator participants used the Scrum agile project management framework to collaborate, design, and develop the tools needed to address the common needs and challenges early adopters face as they implement new home hospital programs. Tools developed include criteria for identifying which patients are eligible for home hospital services, workflows for admissions, IV medications, and escalation, and solutions for software, food services, and oxygen use, among others. The health systems involved in the accelerator will now apply these tools to their own efforts to create or expand their home hospital program.
The Accelerator was led by David Levine, MD, MPH, a practicing general internist and investigator at Brigham and Women's Hospital and Harvard Medical School, associate faculty at Ariadne Labs, and an internationally recognized leader in home hospital. He is the head of Ariadne's Home Hospital initiative, which seeks to generate and disseminate the evidence to deliver advanced care at home so that patients can stay at home no matter their health concerns.
"Studies have shown that home hospital care translates to less readmission, better experience, and improved physical activity for patients, not to mention capacity creation for strained hospitals," said Levine. "With the tools that the Accelerator has developed over the last 40 weeks, I am excited to see these agile institutions deliver acute care at home with precision."
"Through participation in the Accelerator, hospitals and health systems across the Carolinas are now better equipped to launch their home hospital programs," said Jai Kumar, MPH, Senior Director of Program Design at CaroNova. "I look forward to seeing the incredible progress made in these 40 weeks translated into improved care for patients across our region."
The hospitals and health systems participating in the Accelerator include:
- CaroMont Health
- Cape Fear Valley
- Carteret Health Care
- Discovery Health
- H. Lee Moffitt Cancer Center & Research Institute
- Healing Hands Healthcare
- McLeod Health
- Medical University of South Carolina Health Charleston
- Novant Health
- Roper Saint Francis Healthcare
- Scotland Healthcare
- Sentara Healthcare
- The MetroHealth System
- UNC Health
- Vanderbilt University Medical Center
- Tidelands Waccamaw Community Hospital
- WakeMed Health and Hospitals
- Wentworth-Douglass Hospital
Ariadne Labs is a joint center for health systems innovation at Brigham and Women's Hospital and the Harvard T.H. Chan School of Public Health. With a mission to save lives and reduce suffering, our vision is that health systems equitably deliver the best possible care for every patient, everywhere, every time. We use human centered design, health systems implementation science, public health expertise, and frontline clinical care experience to design, test and spread scalable systems-level solutions to some of health care's biggest problems. From developing checklists and conversation guides to fostering international collaborations and establishing global standards of measurement, our work has been accessed in more than 165 countries, touching hundreds of millions of lives.
Media Contact:
Brigid Tsai
Email: btsai@ariadnelabs.org
CaroNova is a bi-state team established through a partnership among The Duke Endowment, the North Carolina Healthcare Association, and the South Carolina Hospital Association. CaroNova engages with critical stakeholders to effect positive change in health across North and South Carolina. Acting as a connector of people and ideas for the two states, CaroNova addresses common areas of need by supporting promising new practices and developing business models to scale and sustain what works for systemic change. The name CaroNova translates to creating a new vision (Nova) of health for the Carolinas (Caro). Please visit CaroNova.org to learn more.
Media Contact:
Jill Armbruster
Email: jill@CaroNova.org
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SOURCE Ariadne Labs | https://www.wlbt.com/prnewswire/2022/08/02/ariadne-labs-caronova-bring-together-18-health-systems-develop-tools-accelerate-home-hospital/ | 2022-08-02T22:12:19 | en | 0.933913 |
CHARLOTTE, N.C. (AP) _ Coca-Cola Bottling Co. (COKE) on Tuesday reported second-quarter earnings of $99.6 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of $10.59. Earnings, adjusted for non-recurring costs, came to $11.94 per share.
The Coca-Cola bottler posted revenue of $1.6 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 COKE at https://www.zacks.com/ap/COKE | https://www.theheraldreview.com/business/article/Coca-Cola-Bottling-Q2-Earnings-Snapshot-17346389.php | 2022-08-02T22:12:21 | en | 0.906955 |
Increased consideration would include $2.80 per share in cash and $0.28 in equity consideration of Aviat stock, providing a premium of 47% to closing price of Ceragon shares on June 27, 2022
Combination of cash and equity consideration provides balance of immediate and long-term value, allowing shareholders of both Aviat and Ceragon to benefit from the considerable value creation potential of the combined company
New website ValueForCeragon.com provides information about what's at stake and the slate of highly qualified independent directors who will ensure Ceragon pursues opportunities to create value
AUSTIN, Texas, Aug. 2, 2022 /PRNewswire/ -- Aviat Networks, Inc. (NASDAQ: AVNW) ("Aviat"), the leading expert in wireless transport solutions, today announced it has submitted a revised nonbinding proposal ("Revised Proposal") to acquire all the outstanding shares of Ceragon Networks Ltd. (NASDAQ: CRNT) ("Ceragon") to the Ceragon Board. The Revised Proposal provides even greater value than Aviat's June 27, 2022 proposal and is structured to maximize value and certainty for Ceragon and its shareholders, and to address the requests Ceragon shareholders have made for an opportunity to benefit from the value the combined company will provide. Aviat also announced the launch of a new website, ValueforCeragon.com, which provides information about what is at stake for Ceragon shareholders.
Under the terms of the Revised Proposal, which was delivered to Ceragon's Chief Executive Officer today, Ceragon shareholders would receive $2.80 per share in cash and $0.28 in equity consideration of Aviat stock. The combination of cash and equity consideration provides a balance of immediate and long-term value, allowing shareholders of both Aviat and Ceragon to benefit from the significant upside of the combined company. This proposal represents a substantial premium of 47% to the closing price of Ceragon shares on June 27, 2022 of $2.09 (the last close price prior to Aviat's first public offer) and a 64% premium to Ceragon's 60-day volume-weighted average share price of $1.88.
"Since we publicly announced our proposal to acquire Ceragon on June 27, 2022, we have spoken with Wall Street analysts and many Ceragon shareholders, who have recognized the compelling strategic logic of such a combination," said Aviat President and CEO Peter Smith. "In addition to offering immediate and certain value to Ceragon shareholders, our transaction will create significant synergy opportunities, and provide the combined company with the scale and reach to innovate more, expand revenue opportunities, and enhance addressable market capture. Ceragon shareholders have told us clearly that they would also like to benefit from the combination over time. We have addressed this in our revised proposal through the addition of an equity component, which provides Ceragon shareholders with a compelling opportunity for both near and long-term value creation.
"We remain committed to consummating a transaction with Ceragon and taking all the necessary steps to make that happen. Despite the disappointing quarterly results recently announced by Ceragon, which marked the company's sixth consecutive quarter of negative free cash flow, we continue to see value in a combination, and remain committed to doing everything possible to make that happen. We have revised our proposal to provide greater value to Ceragon shareholders and believe they – and Ceragon's Board – will be receptive to our revised proposal."
Ceragon shareholders can visit ValueforCeragon.com for greater detail on the benefits of the proposed transaction, the deficiencies of Ceragon's existing stand-alone strategy, the tremendous value destruction overseen by Ceragon's current Board, and the qualifications of Aviat's five highly qualified Board nominees.
The full text of the letter delivered to Ceragon on August 2, 2022 is included below:
Mr. Zohar Zisapel, Chairman of the Board
Mr. Doron Arazi, Chief Executive Officer
Ceragon Networks Ltd.
24 Raoul Wallenberg Street
Tel-Aviv 69719, Israel
Dear Messrs. Zisapel and Arazi:
As a follow-up to our conversation earlier today and based on feedback we received from Ceragon shareholders, Aviat is hereby increasing its offer for all of the outstanding shares of Ceragon to $3.08 per share, consisting of $2.80 in cash and $0.28 in equity consideration of Aviat stock (the "Revised Proposal"). We believe the Revised Proposal represents a compelling and full value proposition to Ceragon shareholders as it represents a 64% premium to Ceragon's 60-day volume-weighted average share price of $1.88 and a 47% premium to Ceragon shareholders based on the closing price on June 27, 2022 of $2.09 (the last closing price prior to our public offer). Moreover, the stock component of our proposal will permit your shareholders to share in the synergies of the combination of our two companies.
We intend to finance the transaction with cash on hand and bank debt. We have re-confirmed with our potential financing sources that each is highly confident in our ability to obtain debt financing at this level. Upon completion of due diligence and drafting the mutually acceptable definitive agreement, which we believe can be accomplished prior to the date of the Ceragon extraordinary general meeting, we would procure binding commitment letters for the full debt financing.
As with our original proposal, the consummation of the transaction is subject to the approval of Ceragon's shareholders, customary regulatory approvals and other standard conditions. The consummation of the transaction would not be subject to any financing condition. No binding obligation or commitment for either of us will arise with respect to this Revised Proposal or any transaction until we have executed a mutually agreeable definitive agreement.
We remain very enthusiastic about a combination of Aviat and Ceragon and will immediately commit the resources to expeditiously move forward. Please do not hesitate to call me if you have any questions.
Sincerely,
Peter Smith
Aviat Networks
President and Chief Executive Officer
Aviat Networks, Inc. is the leading expert in wireless transport solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high-performance products, simplified operations, and the best overall customer experience. Aviat Networks is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Twitter, Facebook and LinkedIn.
The information contained in this document includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include, without limitations, statements regarding the proposed transaction between Aviat and Ceragon, the results of the requested extraordinary general meeting of shareholders of Ceragon, Ceragon's actions in connection therewith, and any potential related litigation. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including, without limitation, "anticipate," "believe," "plan," "estimate," "expect," "goal," "will," "see," "continue," "delivering," "view," and "intend," or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following:
- the impact of COVID-19 on our business, operations and cash flows;
- continued price and margin erosion as a result of increased competition in the microwave transmission industry;
- our ability to realize the anticipated benefits of any proposed or recent acquisitions, including our proposed transaction with Ceragon, within the anticipated timeframe or at all, including the risk that proposed or recent acquisitions will not be integrated successfully;
- the results of the extraordinary general meeting of Ceragon's shareholders;
- the impact of the volume, timing, and customer, product, and geographic mix of our product orders;
- the timing of our receipt of payment for products or services from our customers;
- our ability to meet projected new product development dates or anticipated cost reductions of new products;
- our suppliers' inability to perform and deliver on time as a result of their financial condition, component shortages, the effects of COVID-19 or other supply chain constraints;
- the effects of inflation and the timing and extent of changes in the prices and overall demand for and availability of our inputs;
- customer acceptance of new products;
- the ability of our subcontractors to timely perform;
- weakness in the global economy affecting customer spending;
- retention of our key personnel;
- our ability to manage and maintain key customer relationships;
- uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation;
- our failure to protect our Intellectual property rights or defend against Intellectual property infringement claims by others;
- the results of our restructuring efforts;
- the ability to preserve and use our net operating loss carryforwards;
- the effects of currency and interest rate risks;
- the effects of current and future government regulations, including the effects of current restrictions on various commercial and economic activities in response to the COVID-19 pandemic;
- general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business;
- the conduct of unethical business practices in developing countries;
- the impact of political turmoil in countries where we have significant business;
- the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; and
- Aviat's ability to implement our stock repurchase program or the extent to which it enhances long-term stockholder value.
For more information regarding the risks and uncertainties for Aviat's business, see "Risk Factors" in Aviat's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on August 25, 2021 as well as other reports filed by Aviat with the SEC from time to time. Aviat does not undertake any obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.
This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer or sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933 or an exemption therefrom.
In connection with any transaction between Aviat and Ceragon that involves the issuance of Aviat shares to the Ceragon shareholders, Aviat will file a registration statement with the SEC. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT, ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Investors will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC's web site at www.sec.gov.
Investor Contacts
Aviat Networks
Andrew Fredrickson
+1-408-501-6214
andrew.fredrickson@aviatnet.com
Okapi Partners LLC
Bruce Goldfarb / Chuck Garske / Teresa Huang
+1-212-297-0720
info@okapipartners.com
Media Contact
Abernathy MacGregor
Sydney Isaacs / Jeremy Jacobs
+1-212-371-5999
sri@abmac.com / jrj@abmac.com
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SOURCE Aviat Networks, Inc. | https://www.wlbt.com/prnewswire/2022/08/02/aviat-networks-revises-proposal-acquire-ceragon-networks-308-per-share/ | 2022-08-02T22:12:26 | en | 0.937221 |
DALLAS (AP) _ CompX International Inc. (CIX) on Tuesday reported second-quarter profit of $6.2 million.
On a per-share basis, the Dallas-based company said it had profit of 50 cents.
The security products maker posted revenue of $41.6 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 CIX at https://www.zacks.com/ap/CIX | https://www.theheraldreview.com/business/article/CompX-Q2-Earnings-Snapshot-17346395.php | 2022-08-02T22:12:28 | en | 0.911188 |
The boutique coffee chain designates August 5th – August 11th as FUEL Week at all Black Rock Coffee Bar stores in the U.S.
PORTLAND, Ore., Aug. 2, 2022 /PRNewswire/ -- To highlight Black Rock Coffee Bar's popular energy drink brand, FUEL, the growing coffee chain has designated the week of August 5 – August 11th as FUEL Week at its more than 100 stores in the U.S.
During FUEL Week, Black Rock Coffee Bar customers can keep fueled, energized, and refreshed each day by treating themselves to the featured large FUEL drink of the day for just $2.00. Following outlines the daily menu for FUEL Week:
- Friday, August 5: Organic Peach Mango FUEL
- Saturday, August 6: Green Apple Pomegranate FUEL
- Sunday, August 7: Orange Almond Raspberry FUEL
- Monday, August 8: Organic Strawberry Coconut FUEL
- Tuesday, August 9: Blackberry Mango FUEL
- Wednesday, August 10: Organic Lavender Vanilla FUEL
- Thursday, August 11: Passion Fruit Pomegranate Peach FUEL
"We are excited to showcase our popular FUEL drinks as a way to put an exclamation point on the summer season," said Josh Pike, CEO of Black Rock Coffee Bar. "We developed our energy drink, FUEL from the ground up with the help of baristas and customers and know that if you are looking for a fun and refreshing beverage this summer our flavored energy drink will 'FUEL Your Story!' "
Black Rock Coffee Bar offers organic sugar-free and regular FUEL, and over 20 fruit flavors that can be combined to create your own favorite combination. In addition to endless fruit flavors, customers can make their FUEL drink sour and have it over ice or blended.
Black Rock Coffee Bar is known for its premium roasted coffees, teas, smoothies and flavorful blended energy drinks. Founded in 2008 in Portland, Oregon, an area of the Pacific Northwest known for its coffee excellence, Black Rock Coffee Bar has expanded through the west and into the sunbelt, including Arizona, California, Colorado, Idaho, Oregon, Texas and Washington. The boutique coffee chain recently was named the Fastest Growing Private Company in Oregon and SW Washington in 2021 by the Portland Business Journal.
Black Rock Coffee Bar is a national boutique coffee shop that is known for its premium roasted coffees, teas, smoothies and flavorful blended energy drinks. Founded as a family owned and operated business in Oregon in 2008, Black Rock Coffee Bar has grown to more than 100 retail locations in seven states. The Black Rock culture emphasizes personal and professional growth for each Black Rock employee and ensuring that they provide compassionate customer service towards each person who experiences the store.
For more information, visit https://br.coffee/
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SOURCE Black Rock Coffee Bar | https://www.wlbt.com/prnewswire/2022/08/02/black-rock-coffee-bar-amps-up-energy-august-with-its-fuel-drink-specials/ | 2022-08-02T22:12:33 | en | 0.935675 |
A version of this story appears in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here.
As they pledge to protect democracy from former President Donald Trump, Democrats are simultaneously working hard to redefine the concept of political hypocrisy this primary season, propping up election deniers in GOP primaries.
Their effort, repeated in multiple primaries so far this year, meets their ultimate test Tuesday night in Michigan.
The facts of the hypocrisy are these:
- What they’re preaching. They have rightly warned against the virulent danger of Trump’s election lie and are working with a few Republicans to expose that danger in the January 6 hearings.
- What they’re practicing. They are simultaneously engaged in a strategy to pump up Trump-backing, election-denying candidates in key primary races with the aim of winning moderate voters in November.
Tuesday’s test case involves Michigan Rep. Peter Meijer, who voted with Democrats and against most of his party to impeach Trump. Meijer also voted to support the creation of a bipartisan independent commission to investigate the January 6, 2021, Capitol attack, which his party blocked. Read CNN’s report on Meijer.
Full primary coverage:
Helping Meijer’s opponent
Meijer’s profile in courage earned him the enmity of Trump supporters and a primary challenge from John Gibbs, a former Trump administration official and 2020 election denier.
Note: Three of the 10 House Republicans who voted to impeach Trump are facing tough primaries Tuesday. Learn more in CNN’s report about impeachment Republicans in Washington state.
It is Gibbs who is getting the tacit help of the Democratic Congressional Campaign Committee. The DCCC is the organization tasked with the uphill job of keeping control of the House of Representatives for Democrats.
Rather than buying ads for Democrats around the country, the group poured more than $300,000 into ads focused on Gibbs and his ties to Trump. The ads seem designed to do more to help Gibbs with Trump voters than hurt him.
Gambling on November
The gamble, of course, is that in this election year where Democrats are less energized and Republicans are expecting to make gains in the House, these right-wing candidates might get elected.
If we’ve learned anything from the destabilizing political career of Trump, who shocked even himself with his 2016 Electoral College victory, it’s that if two people are on the ballot in November, either one can win.
Where else are Democrats helping far-right Republicans?
It’s a recipe being repeated not just in Meijer’s race, but in a number of races across the country.
The transparency organization Open Secrets documented expenditures in other Republican races – nearly $44 million by Democratic Party-aligned political groups and nonprofits, although much of that was spent in the very expensive Illinois governor’s race.
The help has occurred, with varying degrees of success, in a House race in California; governors races in Illinois, Pennsylvania, Colorado and Maryland; and the Colorado race for US Senate.
What does the help look like?
It looks like TV ads – the Washington Post has pulled them together – that might say a far-right candidate is too conservative, but which pair that message with upbeat music, bright colors and images of the candidate with Trump. The ads essentially advertise the candidate’s Trump support, which could engage Trump supporters to show up in the GOP primary.
Riffs on the method came in Illinois and Colorado, where Democratic money was used to attack the moderate in the GOP primary instead of pumping up the far-right candidate.
The Republican candidates backed by Democrats lost races in Colorado, but won in Illinois and Maryland.
Has this been done before?
Yes. Former Senate Majority Leader Harry Reid, who died last year, blazed the trail back in 2010 – when he was deeply unpopular in his home state of Nevada. His supporters helped engineer Sharron Angle’s primary victory. She was viewed as the Republican whom Reid could beat. He did, but barely.
Democrats did it again in 2012, when they helped push Todd Akin in Missouri. Then-Sen. Claire McCaskill was able to hold on to her seat that term after Akin made the widely criticized claim that “legitimate rape” rarely resulted in pregnancy. That’s a gaffe that’s worth revisiting as states like Missouri move to ban abortion after the US Supreme Court nixed the long-standing Roe v. Wade precedent.
McCaskill wrote candidly in a memoir about spending $1.7 million to help Akin win the primary, and how she would have felt “terrible” if he had become a senator.
“On the other hand, if you went down the list of issues, there was not a dime’s worth of difference among the three primary candidates on how they would have voted if they had become senators,” McCaskill argued. “Getting Todd Akin as the opponent in the long run made it more likely that Missourians would not be represented by someone who held those extreme views.”
Republicans have also tried to meddle in primaries. Remember “Operation Chaos” where Republicans were encouraged to vote for Sen. Bernie Sanders in the 2020 South Carolina Democratic primary? That effort failed, and instead South Carolina Democrats put Joe Biden on the path to the White House.
What all those previous examples lack is the underlying theme of election denialism, which Democrats say they’re fighting and that has shaken the very concept of democracy in the US.
All’s fair
Democrats argue they must keep their power to protect democracy. Politics is winner-take-all and Meijer, for his opposition to Trump, clearly wouldn’t vote with Democrats the vast majority of the time. Meijer has sided with House Minority Leader Kevin McCarthy in 90% of votes during his time in Congress, according to ProPublica.
It’s also true that if Republicans win the House majority in November’s midterm elections with Meijer’s help, any further January 6 inquiry in the House will end.
Control of the House is the goal
When Meijer has complained that Democrats on the House January 6 committee should keep out of the primary, he’s singled out Rep. Elaine Luria of Virginia, the committee member who is locked in her own close reelection race. Luria has worked with Meijer on foreign policy issues, but she said it’s not her business what the DCCC does in the primaries.
“Their goal is to win a majority in the House, and there’s a calculus in each district of what they think is going to be the most effective way to do that,” Luria told Jewish Insider.
The DCCC is “laser focused on holding the House majority” and will do “what it takes to keep the speaker’s gavel out” of McCarthy’s hands, according to Helen Kalla, a DCCC spokeswoman quoted by CNN’s Dan Merica.
‘Spare me …’
Merica also talked to numerous Democrats openly critical of the strategy.
And Meijer, the Republican, is quoted alleging the obvious hypocrisy and saying Democrats claiming to protect democracy are “shameless” for also helping election-denying candidates.
“Spare me that bullshit,” Meijer said, according to Merica. “It just shows that nothing is above petty partisan politics, that at the end of the day, all that matters is the letter next to your name.”
If Democrats can somehow keep control of the House by a vote or two, these realpolitik efforts will be hailed as smart politics. If not, Democrats will bear some responsibility for putting more election deniers in office.
Election skepticism goes hyperlocal
CNN’s Fredreka Schouten writes about how election denialism is trickling down to elections of all kinds. She looks at the effort to contest New Mexico’s June 7 primary, and how election skeptics are seeking key posts in counties and states.
Key lines: And as adherents of election skepticism have pushed their theories into more obscure corners of American democracy, state election officials are now scrambling to address the new challenges. They warn that these isolated pockets of resistance to carrying out normally ceremonial election functions, such as certifying results, could lead to chaos in future elections if they spread.
“It’s in the weeds that we are seeing this destabilization,” said Colorado Secretary of State Jena Griswold, a Democrat. “It’s one of the many indications that the democracy is at code red.” | https://www.cnn.com/2022/08/02/politics/democrats-right-wing-midterm-gamble-what-matters/index.html | 2022-08-02T22:12:34 | en | 0.970394 |
MOBILE, Ala. (AP) _ Computer Programs and Systems Inc. (CPSI) on Tuesday reported second-quarter earnings of $3.1 million.
The Mobile, Alabama-based company said it had net income of 21 cents per share. Earnings, adjusted for one-time gains and costs, came to 59 cents per share.
The healthcare information technology company posted revenue of $82.7 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $78.2 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 CPSI at https://www.zacks.com/ap/CPSI | https://www.theheraldreview.com/business/article/Computer-Programs-and-Systems-Q2-Earnings-17346387.php | 2022-08-02T22:12:34 | en | 0.933367 |
(CNN)The suspect accused of stabbing a 17-year-old boy to death and injuring four others while they were tubing in a Wisconsin river Saturday appeared in criminal court Monday, charged with intentional homicide.
Nicolae Miu, 52, has been charged with one count of first-degree intentional homicide and four counts of first-degree intentional attempted homicide, according to court records.
Jeremiah Harrelson, a state public defender at the hearing, said Miu was tubing on the river with his wife and friends when they were separated as he was searching for a lost cellphone.
The attack stemmed from an "unanticipated random encounter" between Miu and the victims, Harrelson said. Miu said he acted in "self-defense," the complaint said.
The complaint states Miu had brandished a knife when two females confronted him before a physical altercation broke out.
One victim told investigators she was punched by Miu in the face, which gave way to a physical struggle as the group proceeded to push Miu, who fell into the water after he was punched by a male.
Miu, who repeatedly called the attack "self-defense," told Brandie Hart, a lieutenant with St. Croix County court, he approached the group while searching for the cellphone with his snorkeling gear to ask if they had seen the device. He said they started insulting him, took his snorkel gear, threw it into the river and attempted to pull his pants down, according to the complaint.
Miu said he doesn't remember anything after people hit him and got on top of him until he ran back to his wife and friends, according to the complaint.
Miu was arrested about an hour and half after the attack as he was exiting the river downstream.
The 17-year-old who died in the stabbing was identified in a statement by his family to CNN affiliate KARE as Isaac Shuman.
"Isaac entered every room with a big smile, infectiously positive aura and lifted everyone around him up," the statement reads. "He had an incredibly bright future ahead of him, and we are all heartbroken and devastated beyond words that his future has been tragically and senselessly cut short."
Miu's next court appearance is scheduled for August 5, according to court records. | https://www.cnn.com/2022/08/02/us/wisconsin-tubing-stabbing-suspect-charged-with-homicide/index.html | 2022-08-02T22:12:40 | en | 0.99401 |
SAN FRANCISCO, Aug. 2, 2022 /PRNewswire/ -- Bosch and Broadly are excited to share the continuation of a two-year partnership providing strategic go-to-market collaboration, uniting the Bosch Module Network, one of the world's largest independent chain of workshops backed by the resources, capabilities and first-class expertise of the Bosch team, with Broadly's unrivaled reputation management and customer engagement tools.
Broadly has helped thousands of local shop owners across the United States grow successful businesses through a variety of high-impact features — including Web Chat, Text Messaging, Automated Review Requests, Appointment and Service Reminders, and Contactless Payments — all aimed at increasing revenue and operational efficiency while delivering meaningful customer experiences.
Through this ongoing collaboration, over 100 Bosch shops have been able to collect high-volume, consistent reviews and capture more leads all while simultaneously improving the experience for their customers. And there is no end in sight for this valuable partnership.
"Bosch is committed to helping our shops pair personal customer service with a high-tech customer experience. Broadly is one of our preferred vendors because of their commitment to a customer-first mindset. The Broadly app helps our shops attract leads, engage with customers, and build stronger online reputations so they can win more business. Our partnership with Broadly allows us to further enrich the auto repair experience for our end-customers." - Jack Ogden, Program Manager, Bosch Automotive Aftermarket
For more information on how you can benefit from Broadly as a Bosch Module Network shop, please visit our website: https://broadly.com/bosch-demo/
The Bosch Group is a leading global supplier of technology and services. It employs over 400,000 associates worldwide with operations divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. The Bosch Group's strategic objective is to facilitate connected living with products and solutions that either contain artificial intelligence (AI) or have been developed or manufactured with its help. Bosch improves the quality of life worldwide with products and services that are innovative and spark enthusiasm.
Additional information is available online at www.bosch.com.
Build a strong, lasting online presence and a reputation that helps you stand out in your area. Broadly helps thousands of local businesses attract leads, connect with and serve customers, and automatically request reviews - all from one easy-to-use app. Consistently provide a 5-star customer experience with a custom-built responsive website, automated web chat, streamlined text and email communication, and flexible mobile payment options. Our app connects with the tools you already use and comes with dedicated, ongoing customer support. Broadly makes it easy for customers to find you, work with you, and rave about you.
Learn more at https://broadly.com/bosch-demo/.
Media Contact:
Chris Deianni
cdeianni@broadly.com
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SOURCE Broadly | https://www.wlbt.com/prnewswire/2022/08/02/bosch-broadly-providing-local-auto-shops-with-premium-customer-experience-reputation-management/ | 2022-08-02T22:12:40 | en | 0.931722 |
FLORHAM PARK, N.J. (AP) _ Conduent Incorporated (CNDT) on Tuesday reported break-even earnings in its second quarter.
The Florham Park, New Jersey-based company said it had net income that was 1 cent per share. Earnings, adjusted for non-recurring costs, were 3 cents per share.
The company posted revenue of $928 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 CNDT at https://www.zacks.com/ap/CNDT | https://www.theheraldreview.com/business/article/Conduent-Q2-Earnings-Snapshot-17346374.php | 2022-08-02T22:12:40 | en | 0.952204 |
You need to enable JavaScript to run this app. | https://sportspyder.com/nba/denver-nuggets/articles/40262229 | 2022-08-02T22:12:46 | en | 0.738227 |
COPPELL, Texas (AP) _ The Container Store Group Inc. (TCS) on Tuesday reported earnings of $10.5 million in its fiscal first quarter.
The Coppell, Texas-based company said it had profit of 21 cents per share.
The storage products retailer posted revenue of $262.6 million in the period.
Container Store expects full-year earnings in the range of $1.10 to $1.20 per share, with revenue expected to be $1.13 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 TCS at https://www.zacks.com/ap/TCS | https://www.theheraldreview.com/business/article/Container-Store-Fiscal-Q1-Earnings-Snapshot-17346468.php | 2022-08-02T22:12:46 | en | 0.927229 |
Record Quarterly Sales of $176.2 million, up 12% year over year
10th Consecutive Quarter of Year over Year Sales Growth
Net Income of $4.1 million and Adjusted EBITDA of $8.3 million
TORRANCE, Calif., Aug. 2, 2022 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, is reporting results for the second quarter ended July 2, 2022.
Second Quarter 2022 Summary vs. Year-Ago Quarter
- Net sales increased 12% year over year to $176.2 million and increased 44% on a two-year stack.
- Gross profit increased 16% to $61.9 million, with gross margin increasing 120 basis points to 35.1%.
- Net income was $4.1 million or $0.07 per diluted share, compared to net income of $2.1 million or $0.04 per diluted share.
- Adjusted EBITDA of $8.3 million vs. $8.3 million.
- Entered into an amended and restated $75 million credit facility with the ability to increase to $150 million, subject to certain terms and conditions. The facility is undrawn as of July 2, 2022.
- For net revenues in the back half of 2022, the company projects double-digit year-over-year growth.
Management Commentary
"Q2 was another record for our company," said David Meniane, CEO of CarParts.com. "We are excited to build a trusted and disruptive platform where we can help our customers solve their auto repair and maintenance needs. Our goal is to become the number one destination for customers that need help fixing their vehicles."
"One of our core strategic pillars is innovation and I'm excited to announce our Do-It-For-Me experience is currently live on our website in certain test markets."
Second Quarter 2022 Financial Results
Net sales in the second quarter of 2022 were $176.2 million compared to $157.5 million in the year-ago quarter. The increase was primarily driven by continued strong demand and the expanded capacity from our Grand Prairie distribution center.
Gross profit in the second quarter increased 16% to $61.9 million compared to $53.3 million in the second quarter last year, with gross margin increasing 120 basis points to 35.1%.
Total operating expenses in the second quarter were $57.6 million compared to $51.0 million in the second quarter last year due to an increase in sales and investments in the business.
Net income in the second quarter was $4.1 million compared to a net income of $2.1 million in the second quarter last year.
Adjusted EBITDA in the second quarter was $8.3 million compared to $8.3 million in the year-ago quarter.
On July 2, 2022, the Company had a cash balance of $15.2 million, no revolver debt and no outstanding trade letters of credit ("LCs"), compared to no revolver debt, no outstanding trade LCs and a $18.1 million cash balance at prior fiscal year-end January 1, 2022.
Conference Call
CarParts.com CEO David Meniane and CFO Ryan Lockwood will host a conference call today to discuss the results, followed by a question and answer period.
Date: Tuesday, August 2, 2022
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Webcast: www.carparts.com/investor/news-events
To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company's website at www.carparts.com/investor.
About CarParts.com, Inc.
With over 25 years of experience, and more than 50 million parts delivered, we've streamlined our website and sourcing network to better serve the way drivers get the parts they need. Utilizing the latest technologies and design principles, we've created an easy-to-use, mobile-friendly shopping experience that, alongside our own nationwide distribution network, cuts out the brick-and-mortar supply chain costs and provides quality parts at a budget-friendly price.
CarParts.com is headquartered in Torrance, California.
Non-GAAP Financial Measures
Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide "Adjusted EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA consists of net income (loss) before (a) interest expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; and (e) share-based compensation expense. A reconciliation of Adjusted EBITDA to net income (loss) is provided below.
The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measure reflects an additional way of viewing aspects of the Company's operations that, when viewed with the GAAP results and the accompanying reconciliation to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company's business and results of operations.
Management uses Adjusted EBITDA as one measure of the Company's operating performance because it assists in comparing the Company's operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, this non-GAAP measure is also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations of companies in our industry.
This non-GAAP financial measure is used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company's non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.
Safe Harbor Statement
This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company's products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company's product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10‑K and Quarterly Reports on Form 10‑Q, which are available at www.carparts.com/investor and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
Investor Relations:
Ryan Lockwood, CFA
IR@carparts.com
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SPARTANBURG, S.C. (AP) _ Denny's Corp. (DENN) on Tuesday reported second-quarter net income of $23 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Spartanburg, South Carolina-based company said it had profit of 37 cents. Earnings, adjusted for non-recurring gains, came to 11 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The restaurant operator posted revenue of $115 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $110.7 million.
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Special Meeting of Shareholders to be Held on August 5, 2022
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ) ("CNTQ" or the "Company") announced today that the Company has amended its Definitive Proxy Statement, filed July 22, 2022, to increase the amount from $100,000 to $200,000 that the Company's insiders, their affiliates or designees will deposit into the Trust Account upon five days' advance notice prior to August 13, 2022, in order to extend the date by which the Company must complete an initial business combination (which can be extended up to three times for an additional one month each time).
As previously announced on May 16, 2022, CNTQ has entered into a merger agreement, as amended on July 12, 2022, for a business combination transaction with Dragonfly Energy Corp. ("Dragonfly"). Dragonfly is a leader in energy storage and producer of deep cycle lithium-ion storage batteries. The transaction is currently expected to close in the second half of 2022.
Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ) is a blank check company led by its Chairman of the Board of Directors, Kerry Propper, its Chief Executive Officer and Director, Jonas Grossman, and its Chief Financial Officer and Director, Alex Weil. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. The Company has focused its search for a target business operating in disruptive technologies. To learn more, visit https://www.cnaq.com/.
Dragonfly Energy Corp., headquartered in Reno, Nevada, is a leading manufacturer of deep cycle lithium-ion batteries, which are sold direct-to-consumers under the Battle Born Batteries™ brand and to original equipment manufacturers, such as Keystone RV. Dragonfly's battery products are designed and assembled in the USA, and the Company's research and development initiatives are revolutionizing the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly's non-toxic deep cycle lithium-ion batteries are displacing lead-acid batteries across a wide range of end-markets, including RVs, marine vessels, off-grid installations, and other storage applications. Dragonfly is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of the Company's proprietary and patented solid-state cell technology. To learn more, visit www.dragonflyenergy.com/investors.
Dragonfly previously announced an agreement for a business combination with Chardan NexTech Acquisition 2 Corp. ("CNTQ") (Nasdaq: CNTQ), which is expected to result in Dragonfly becoming a public company listed on the Nasdaq Stock Exchange under the new ticker symbol "DFLI" in the second half of 2022, subject to customary closing conditions.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Dragonfly, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "targets," "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Dragonfly or CNTQ) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by CNTQ and its management, and Dragonfly and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Dragonfly, CNTQ, the combined company or others following the announcement of the business combination and the transactions contemplated thereby; 3) the inability to complete the business combination due to the failure to obtain approval of the stockholders of CNTQ, or to satisfy other conditions to closing the business combination; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet Nasdaq's listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Dragonfly as a result of the announcement and consummation of the business combination; 7) the inability to recognize the anticipated benefits of the business combination; 8) ability of Dragonfly to successfully increase market penetration into its target markets; 9) the addressable markets that Dragonfly intends to target do not grow as expected; 10) the loss of any key executives; 11) the loss of any relationships with key suppliers including suppliers in China; 12) the loss of any relationships with key customers; 13) the inability to protect Dragonfly's patents and other intellectual property; 14) the failure to successfully optimize solid state cells or to produce commercially viable solid state cells in a timely manner or at all, or to scale to mass production; 15) costs related to the business combination; 16) changes in applicable laws or regulations; 17) the possibility that Dragonfly or the combined company may be adversely affected by other economic, business and/or competitive factors; 18) Dragonfly's estimates of its growth and projected financial results for 2022 and 2023 and meeting or satisfying the underlying assumptions with respect thereto; 19) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of CNTQ's securities; 20) the risk that the transaction may not be completed by CNTQ's business combination deadline (as may be extended pursuant to CNTQ's governing documents); 21) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof and the Russian/Ukrainian conflict, and any resulting effect on business and financial conditions; 22) inability to complete the PIPE investment, the term loan and equity line (ChEF) in connection with the business combination; 23) the potential for events or circumstances that result in Dragonfly's failure to timely achieve the anticipated benefits of Dragonfly's customer arrangements with Thor; and 24) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in CNTQ's Form S-1 (File Nos. 333-252449 and 333-253016), Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Report on Form 10-Q for the three months ended March 31, 2022 and registration statement on Form S-4 (File No. 333-266273) filed with the SEC on July 22, 2022, which is subject to change and will include a document that serves as a prospectus and proxy statement of CNTQ, referred to as a proxy statement/prospectus and other documents filed by CNTQ from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither CNTQ nor Dragonfly gives any assurance that either CNTQ or Dragonfly or the combined company will achieve its expected results. Neither CNTQ nor Dragonfly undertakes any duty to update these forward-looking statements, except as otherwise required by law. For additional information, see "Risk Considerations" in the investor presentation, filed on a Current Report on Form 8-K by CNTQ with the SEC and available at www.sec.gov.
Additional Information and Where to Find It
This press release relates to the definitive proxy statement filed by CNTQ with the Securities and Exchange Commission (the "SEC") on July 22, 2022 (the "Definitive Proxy Statement"). The Definitive Proxy Statement was mailed to all CNTQ stockholders on or around July 22, 2022. Before making any voting decision, investors and security holders of CNTQ are urged to read the Definitive Proxy Statement and all other relevant documents filed or that will be filed with the SEC because they contain important information. a proposed transaction between CNTQ and Dragonfly. CNTQ filed a registration statement on Form S-4 (File No. 333-266273) with the SEC on July 22, 2022, which is subject to change and includes a document that serves as a prospectus and proxy statement of CNTQ, referred to as a proxy statement/prospectus. The definitive proxy statement/prospectus will be sent to all CNTQ stockholders. CNTQ has also filed other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of CNTQ are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction because they contain important information about the proposed transaction.
Investors and security holders are able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by CNTQ through the website maintained by the SEC at www.sec.gov.
The documents filed by CNTQ with the SEC also may be obtained by contacting Chardan NexTech Acquisition 2 Corp. at 17 State Street, 21st Floor, New York, New York 10004, or by calling (646) 465-9001.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Dragonfly, CNTQ and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from CNTQ's stockholders in connection with the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination are contained in the definitive proxy statement/prospectus. You may obtain free copies of these documents free of charge by directing a written request to CNTQ or Dragonfly. The definitive proxy statement will be mailed to CNTQ's stockholders as of a record date to be established for voting on the proposed business combination when it becomes available.
No Offer or Solicitation
This press release is and the information contained therein are not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.
Contacts:
Investor Relations– Dragonfly
Sioban Hickie, ICR, Inc.
DragonflyIR@icrinc.com
Public Relations, Media – Dragonfly
Zach Gorin, ICR, Inc.
DragonflyPR@icrinc.com
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MADISON, Wis. (AP) _ Exact Sciences Corp. (EXAS) on Tuesday reported a loss of $166.1 million in its second quarter.
The Madison, Wisconsin-based company said it had a loss of 94 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.07 per share.
The molecular diagnostics company posted revenue of $521.6 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $496.8 million.
Exact Sciences expects full-year revenue in the range of $1.98 billion to $2.02 billion.
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NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, expanded to lease the entire 51st floor of One Grand Central Place for a total of 12,422 square feet. CLA is tripling in size at the building after moving in less than two years ago.
"We are excited about our growth with Empire State Realty Trust at One Grand Central Place and the additional opportunities we'll be able to create in this space," said Jen Leary, CEO, CLA. "Our expansion was a turnkey, enjoyable process thanks to ESRT, and is a testament to the dedication and forward-looking vision of our professionals."
One Grand Central Place offers premier tenant office spaces and amenities which include a tenant-only conference center, multiple dining options, and in-building access to Grand Central Terminal's five subway lines, commuter trains, and retailers.
"We are pleased to accommodate CLA's growth at One Grand Central Place," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "We continue to serve the market's flight to quality with our extensive in-building amenities and fully modernized spaces that deliver a premier environment with unparalleled convenience."
Andrew Blaustein and Ben Shapiro of Newmark represented CLA in the lease negotiations. Scott Klau, Neil Rubin, Erik Harris, and William Cohen of Newmark represented the property owner.
More information about One Grand Central Place 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.
About CLA
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. With more than 7,500 people, 121 U.S. locations, and a global vision, we promise to know you and help you. For more information, visit CLAconnect.com. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.
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.
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SALT LAKE CITY (AP) _ Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Salt Lake City, said it had funds from operations of $305.1 million, or $2.13 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.04 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $232.1 million, or $1.73 per share.
The self-storage facility real estate investment trust posted revenue of $475 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $463.5 million.
Extra Space Storage expects full-year funds from operations in the range of $8.30 to $8.50 per share.
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The hospitality veteran holds over 30 years of experience in hospitality operations, strategy, and management
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Today Common, the global residential manager making city living easier for renters, announced that Karlene Holloman has been appointed CEO. Holloman will replace Brad Hargreaves, the founder of Common, who will remain as Common's Chief Creative Officer and chairman of the board.
Karlene Holloman previously held executive roles as CEO of Point Hospitality Group and SVP of Operations at Commune Hotels and Resorts. She brings over 30 years of experience in the hospitality industry to the role, spanning all aspects of operations, including acquisitions, financial management, revenue and marketing, human resources, employee relations, training and development, diversity, equity, and inclusion (DEI) initiatives, and administration.
Brad Hargreaves founded Common in 2015 in response to the global housing crisis across major cities, and led the company's expansion from a small startup to a nationwide leader in the coliving space. As Common's Chief Creative Officer and Chairman, Brad will continue his work on building out the future of city living, working closely with Common's Studio, Real Estate, and Marketing teams to drive new business and innovations in rental housing.
"Since its founding seven years ago, Common has grown to 7,000+ units under management and 18K+ under development across over two dozen cities in the US and Canada," Brad Hargreaves said, "We've become the established leader in the coliving sector, providing affordability and community for many tens of thousands of members. In addition, we've built a great management business generating superior returns for many dozens of real estate owners and developers nationwide."
Common is a global residential manager making city living easier for renters through the thoughtful use of technology and design. Common delivers exceptional experiences for thousands of residents across coliving, microunits, and traditional apartments. They are the preferred choice for residents looking for stress-free city living from a trusted brand, and for real estate owners seeking reliable, above-market returns. To work with us, visit our partners page or follow us on Instagram at @common.living.
Media Contact:
press@common.com
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PHILADELPHIA (AP) _ FMC Corp. (FMC) on Tuesday reported second-quarter earnings of $134.2 million.
The Philadelphia-based company said it had net income of $1.06 per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to $1.93 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.
The chemical producer posted revenue of $1.45 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $1.35 billion.
For the current quarter ending in October, FMC expects its per-share earnings to range from $1 to $1.20. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.55.
The company said it expects revenue in the range of $1.31 billion to $1.39 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.26 billion.
FMC expects full-year earnings in the range of $7 to $7.70 per share, with revenue ranging from $5.5 billion to $5.7 billion.
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Community Healthcare Trust Announces Results for the Three Months Ended June 30, 2022
Published: Aug. 2, 2022 at 5:00 PM CDT|Updated: 13 minutes ago
FRANKLIN, Tenn., Aug. 2, 2022 /PRNewswire/ -- Community Healthcare Trust Incorporated (NYSE: CHCT) (the "Company") today announced results for the three months ended June 30, 2022. The Company reported net income for the three months ended June 30, 2022 of approximately $5.6 million, or $0.21 per diluted common share. Funds from operations ("FFO") and adjusted funds from operations ("AFFO") for the three months ended June 30, 2022 totaled $0.57 and $0.62, respectively, per diluted common share.
Highlights include:
- During the three months ended June 30, 2022, the Company acquired a 37,720 square foot inpatient rehabilitation facility for a purchase price of approximately $23.5 million. Upon acquisition, the property was 100% leased with a lease expiration in 2037.
- The Company has three properties under definitive purchase agreements for an aggregate expected purchase price of approximately $23.4 million. The Company's expected returns on these investments range from 9.0% to 9.72%. The Company expects to close on these properties in the second half of 2022; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
- The Company also has five properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $117.5 million. The Company's expected return on these investments will approximate 10.25%. The Company anticipates closing on these properties from the fourth quarter of 2022 through the fourth quarter of 2023; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close.
- On July 28, 2022, the Company's Board of Directors declared a quarterly common stock dividend in the amount of $0.4425 per share. The dividend is payable on August 26, 2022 to stockholders of record on August 12, 2022.
About Community Healthcare Trust Incorporated
Community Healthcare Trust Incorporated is a real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States. As of June 30, 2022, the Company had investments of approximately $869.5 million in 159 real estate properties (including a portion of one property accounted for as a financing lease). The properties are located in 34 states, totaling approximately 3.4 million square feet in the aggregate.
Additional information regarding the Company, including this quarter's operations, can be found at www.chct.reit. Please contact the Company at 615-771-3052 to request a printed copy of this information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are "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, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "believes", "expects", "may", "should", "seeks", "approximately", "intends", "plans", "estimates", "anticipates" or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Thus, the Company's actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company's common stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, the degree and nature of the Company's competition, the ability to consummate acquisitions under contract, effects on global and national markets as well as businesses resulting from the COVID-19 pandemic, and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this release and the Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
CONTACT: David H. Dupuy, 615-771-3052
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GREENWICH, Conn. (AP) _ GXO Logistics Inc. (GXO) on Tuesday reported second-quarter earnings of $51 million.
On a per-share basis, the Greenwich, Connecticut-based company said it had net income of 44 cents. Earnings, adjusted for one-time gains and costs, were 68 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The contract logistics provider posted revenue of $2.16 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.11 billion.
GXO Logistics expects full-year earnings in the range of $2.70 to $2.90 per share.
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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 GXO at https://www.zacks.com/ap/GXO | https://www.theheraldreview.com/business/article/GXO-Logistics-Q2-Earnings-Snapshot-17346469.php | 2022-08-02T22:13:17 | en | 0.948511 |
- Fresenius Medical Care and CytoSorbents have expanded their partnership via a multi-stage collaboration designed to seize new sales opportunities and jointly develop future innovations
- CytoSorb will be featured on Fresenius Medical Care's critical care platforms for the removal of cytokines, bilirubin, and myoglobin
- Fresenius Medical Care will be responsible for the specific worldwide marketing and combined promotion of CytoSorb with its critical care products utilizing multiple highly visible and prominent marketing channels and campaigns
- CytoSorbents' proprietary hemoadsorption CytoSorb therapy expands the dimensions of blood purification of the Fresenius Medical Care critical care product portfolio
BAD HOMBURG V.D. HÖHE, GERMANY and PRINCETON, N.J., Aug. 2, 2022 /PRNewswire/ -- Fresenius Medical Care (NYSE: FMS; Frankfurt Stock Exchange: FME) and CytoSorbents Corporation (NASDAQ: CTSO) have expanded their partnership by establishing a multi-stage global collaboration to combat life-threatening diseases in critical care for an initial term of three years. The new agreement provides for the combined marketing and promotion of CytoSorb® with Fresenius Medical Care's critical care products by Fresenius Medical Care's marketing organization worldwide, excluding the United States. Compared to the prior co-marketing agreement, this agreement increases the commitments from both parties and ensures an ongoing and consistent level of marketing and promotional activity specifically focused around CytoSorb, where Fresenius Medical Care will actively market and promote CytoSorb as the featured blood purification therapy for removal of cytokines, bilirubin, and myoglobin on its critical care platforms. Over the next three years, various Fresenius Medical Care-led in-person, virtual, social media, and web-based marketing programs and events will feature CytoSorb therapy and highlight the cooperation between the two companies in the field of critical care.
"As part of Fresenius Medical Care's commitment to providing our customers with leading solutions for their critical care patients, we are pleased to announce this new global collaboration with CytoSorbents," said Dr. Olaf Schermeier, CEO of Critical Care at Fresenius Medical Care. "With the ability to seamlessly integrate CytoSorb with our multiFiltratePRO acute dialysis platform that is routinely used throughout the world today, we have the opportunity to positively impact patient care for various life-threatening conditions such as sepsis, liver failure, trauma, lung injury, and many others."
Dr. Christian Steiner, Executive Vice President of Sales and Marketing of CytoSorbents commented, "CytoSorb adds a powerful new dimension of blood purification to Fresenius Medical Care's critical care portfolio. It is specifically designed to reduce toxic levels of cytokines, bilirubin, and myoglobin that can lead to organ failure. The process is similar to hemodialysis, mastered by Fresenius Medical Care to treat kidney failure, which removes accumulated small to medium-sized, water-soluble molecules and toxins from the bloodstream. However, CytoSorb adds the ability to remove large molecules and toxins that are poorly removed by hemodialysis. Combined, the two therapies work together in a complementary manner to provide treatment for a broad range of conditions in the intensive care unit."
Dr. Steiner went on to highlight the importance of this collaboration stating, "Together with Fresenius Medical Care, we now have the ability to broadly and consistently communicate the benefits of CytoSorb therapy to customers throughout the world. In addition, it enables us to execute targeted marketing campaigns in collaboration with Fresenius Medical Care which will help to accelerate the introduction and adoption of CytoSorb. Overall, I believe this will be the starting point for further exciting developments on both the medical and business fronts."
Mr. Chris Cramer, Vice President of Business Development at CytoSorbents commented, "We are excited to expand our relationship with our long-standing partner, Fresenius Medical Care. This agreement promotes a stronger collaboration with Fresenius Medical Care's global commercial organization to more effectively bring our CytoSorb therapy to more customers around the world as a featured blood purification solution on Fresenius Medical Care's critical care platforms. We believe the synergy has the potential to create sustained and broader growth for both companies over time and is just the first of multiple opportunities to offer our combined critical care solutions."
In addition to strengthening and expanding the global marketing of CytoSorb, CytoSorbents and Fresenius Medical Care also plan to work together to bring new innovative solutions to the market. The agreement also includes the certification of compatibility between CytoSorb and Fresenius Medical Care's current critical care platforms. To help support the increased marketing and promotional efforts of the expanded collaboration, CytoSorbents has agreed to subsidize a portion of the marketing costs through a royalty payment to Fresenius Medical Care based on CytoSorb sales in the intensive care unit on Fresenius Medical Care platforms, excluding the United States.
About Fresenius Medical Care (NYSE: FMS; Frankfurt Stock Exchange: FME)
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 3.8 million patients worldwide regularly undergo dialysis treatment. Through its network of 4,163 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approximately 346,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Along with its core business, the Renal Care Continuum, the Company focuses on expanding in complementary areas and in the field of critical care. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and in cardiac surgery through blood purification. Its lead product, CytoSorb®, is approved in the European Union and distributed in more than 70 countries worldwide. It is an extracorporeal cytokine adsorber that reduces "cytokine storm" or "cytokine release syndrome" in common critical illnesses that can lead to massive inflammation, organ failure and patient death. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments. CytoSorb is also used during and after cardiothoracic surgery to remove inflammatory mediators that can lead to postoperative complications, including multiple organ failure. As of June 30, 2022, more than 179,000 CytoSorb devices have been used cumulatively. CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber. Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure. The DrugSorb™-ATR antithrombotic removal system, based on the same polymer technology as CytoSorb, also received two FDA Breakthrough Device Designations, one for the removal of ticagrelor and another for the removal of the direct oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures. The company has initiated two FDA-approved pivotal studies to support FDA marketing approval of DrugSorb-ATR in the United States. The first is the randomized, controlled STAR-T (Safe and Timely Antithrombotic Removal-Ticagrelor) study of 120 patients at 30 centers to evaluate whether intraoperative use of DrugSorb-ATR can reduce the perioperative risk of bleeding in patients receiving ticagrelor and undergoing cardiothoracic surgery. The second study is the STAR‑D (Safe and Timely Antithrombotic Removal-Direct Oral Anticoagulants) randomized, controlled trial of 120 patients at 30 centers evaluating the intraoperative use of DrugSorb-ATR to reduce perioperative bleeding risk in patients undergoing cardiothoracic surgery and taking direct oral anticoagulants, including apixaban and rivaroxaban.
CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other body fluids through pore entrapment and surface adsorption. The company's technologies have received more than $39.5 million in non-dilutive grants, contracts and other non-dilutive funding from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), the National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC) and others. The company has numerous marketed and in-development products based on this unique blood purification technology protected by numerous issued U.S. and international patents and registered trademarks, as well as several pending patent applications, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ontrol™, DrugSorb™, DrugSorb™-ATR, ContrastSorb and others. For more information, please visit the company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
Forward-looking statements
This press release contains forward-looking statements that fall within the safe harbor of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our plans, objectives, future goals and prospects for our business, expectations regarding the future impact of COVID-19 or the ongoing conflict between Russia and Ukraine, representations and assertions, and are not historical facts and are generally identified by the use of words such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar terms, although some forward-looking statements are worded differently. You should be aware that the forward-looking statements in this press release reflect management's current beliefs and expectations, but that our actual results, events and performance may differ materially from those in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks disclosed in our Annual Report on Form 10-K filed with the SEC on March 10, 2022, our Quarterly Reports on Form 10-Q and the press releases and other communications to stockholders that we issue from time to time seeking to inform interested parties of the risks and factors that may affect our business. We caution you not to place undue reliance on such forward-looking statements. We are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws.
Contacts Fresenius Medical Care AG & Co. KGaA
Investor Relations:
Else-Kröner-Straße 1
61346 Bad Homburg
Germany
+49 (0) 6172 609-0
ir@fmc-ag.com
Contacts CytoSorbents Corp.
Company Contact:
Amy Vogel
305 College Road East
Princeton, NJ 08540
+1 (732) 329-8885
avogel@cytosorbents.com
Public Relations Europe:
Marcus Schult
kommponisten
+49 69 13823 ext. 960
+49 172 4238938
marcus.schult@die-kommponisten.com
CytoSorbents Europe GmbH:
Josephine Kraus
PA by Dr. Christian Steiner
+49 30 765 84 66 23
josephine.kraus@cytosorbents.com
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PORT WASHINGTON, N.Y. (AP) _ Global Industrial Company (GIC) on Tuesday reported second-quarter earnings of $22.8 million.
The Port Washington, New York-based company said it had net income of 60 cents per share. Earnings, adjusted to account for discontinued operations, came to 59 cents per share.
The technology products marketer posted revenue of $318.5 million in the period.
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PRINCETON, N.J., Aug. 2, 2022 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, today reported unaudited financial and operating results for the quarter ended June 30, 2022.
Second Quarter 2022 Financial Results
- Total Q2 2022 revenue, including product sales and grant income, was $8.5 million versus $12.0 million in Q2 2021, a decrease of 29%
- Q2 2022 product sales were $7.3 million (negligible COVID-related sales) versus $11.4 million (includes $1.7 million in COVID-related sales) in Q2 2021. The decrease in the average Euro to U.S. dollar exchange rate lowered Q2 2022 product sales by approximately $840,000. On a constant currency basis, Q2 2022 core non-COVID sales would have been approximately $8.2 million, which represents a 15% decrease from approximately $9.7 million in core non-COVID sales a year ago, but comparable to the average currency adjusted core non-COVID sales over the prior three quarters
- As expected, COVID-19 related sales during the quarter were negligible reflecting the low severity of current COVID-19 illness resulting from high rates of vaccination and natural immunity
- Product gross margins were approximately 67% in Q2 2022, versus 82% in Q2 2021. The decrease in the gross margin percentage was due primarily to manufacturing inefficiencies from a scheduled 4-week production hiatus as we relocated to our new production facility during the quarter
- The Company maintains a healthy balance sheet with cash and cash equivalents of $31.9 million (which includes $1.7 million in restricted cash) as of June 30, 2022, and no debt
Recent Operating Highlights:
- More than 179,000 cumulative CytoSorb devices have been utilized worldwide as of June 30, 2022, compared to more than 143,000 devices utilized cumulatively a year ago
- Announced today the signing of an expanded global marketing agreement with Fresenius Medical Care where CytoSorb® will become a featured blood purification therapy on Fresenius Medical Care Critical Care platforms
- Entered into a 3-year preferred supplier agreement with Asklepios Group, one of the largest private hospital operators in Germany
- Partnered with Nikkiso to distribute the PureAdjust® hemoperfusion blood pump and supplies in a total of 14 countries, a key part of CytoSorbents' standalone device and machine strategy to expand the market for its products
- Hosted the 2022 CytoSorb World Users' Meeting that highlighted the broad market potential of CytoSorb as an interdisciplinary therapeutic approach for a wide range of life-threatening illnesses
- Multiple scientific papers were published on the positive use of CytoSorb in the areas of antithrombotic drug removal during acute aortic dissection and in vitro whole blood removal, Ex vivo lung perfusion for lung transplantation, Normothermic regional perfusion of Donation after Circulatory Death (DCD) human liver and kidney donors for organ transplant, Severe acute pancreatitis (PACIFIC study), Treatment of hyperbilirubinemia in acute liver dysfunction patients, A reduction in sepsis-associated mortality in left-sided acute infective endocarditis, and many others.
- Relocated and established our Company headquarters and state of the art manufacturing facility in our new Princeton, New Jersey mixed-use facility
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "Our second quarter core non-COVID product sales on a constant currency basis were $8.2 million and stable to the average currency adjusted core product sales for the prior three quarters. Although not the growth we are seeking, we achieved this despite continued softness in the German market, as the weakened healthcare system worked to recover from the massive COVID surge in the prior quarter and grappled with a myriad of problems. These include, for example, staffing shortages, budget issues, elective procedures restrictions, and a major 11-week hospital strike in western Germany that spanned a fifth of the population, postponing more than 10,000 operations and closing hospital wards. Year-over-year results were further impacted by a lack of COVID-19 related revenue due to a lessening in disease severity globally, and a drop of 12% in the Euro, to near parity with the U.S. dollar.
"Like most international companies, including those in the medical device and blood purification industries, we are dealing with not only fallout from the COVID pandemic, but also a storm of global macroeconomic and geopolitical uncertainty. That said, although our numbers do not yet reflect it, we are seeing some early but encouraging signs of improvement in key markets:
- Continued strong and positive feedback from customers in both our direct and international territories, highlighted by the success of our recent in-person CytoSorb World User's meeting, with nearly 300 of the world's leading critical care physicians and research scientists from 40 countries participating
- Marked improvement in sales representative access to hospitals in Germany, with 40% more sales visits during the quarter as compared to the prior quarter, though still down from pre-pandemic levels
- Increasing levels of activity, interest, and in-person attendance of healthcare professionals at medical congresses in Europe and Latin America, and specific countries such as India, Spain, and Portugal
- Strong pipeline of positive data being submitted and published by the international user community on CytoSorb use in a wide variety of areas
- Though early, the Nikkiso expansion has triggered broad interest by customers in our stand-alone hemoperfusion pump offering, with initial placements, pump evaluations underway, and scheduled demonstrations at a number of hospitals
- Growing synergy with our sales and medical affairs teams, and internal therapy area vertical leadership in critical care, cardiac surgery, and liver and kidney applications with a prioritization on sales support and clinical data
- Recent preferred supplier agreement with Asklepios Group, one of the largest private hospital networks in Germany, making CytoSorb available without restrictions to all hospitals in the network
- The potential for future sales acceleration, particularly in Germany, based upon the expansion of the Fresenius Medical Care global marketing partnership announced today, as further discussed below
Dr. Chan continued, "As we work to restore sales growth, we continue to advance our other key initiatives.
- U.S. STAR-T and STAR-D clinical trials – These trials remain our top clinical priority with each trial now having a critical mass of more than 20 centers active and screening for enrollment. As we expand to 30 sites for each trial, recently approved by the FDA, the majority of our operational plans, resources, and focus have shifted from study start-up activities (Phase I) to activities driving enrollment (Phase II). For our lead study STAR-T, enrollment continues and we are targeting the first Data Safety Monitoring Board (DSMB) review at 40 patients enrolled, expected to be achieved with a slight delay in the next few months. STAR-D is underway also, with the rapid activation of trial sites
- U.S. Manufacturing - Buildout of our new Princeton, NJ manufacturing facility is now complete with production of commercial devices split between our older production facility and our new facility, and final certification expected before the end of this year. Product gross margins dropped from 82% to 67%, driven mainly by production inefficiencies incurred by a scheduled 4- week production hiatus as we transitioned from our old to new manufacturing facilities, and lower sales volumes. We expect gross margins to return to previous levels as we complete the relocation to the new facility, eliminate the costs of the Monmouth Junction, NJ facility later this year, and begin to capture manufacturing efficiencies driven by an expected improvement in market conditions and increased product demand
- Partnerships - Today we are pleased to announce an expanded global marketing agreement with long-time partner, Fresenius Medical Care ("Fresenius"), the world's leading provider of products and services for patients with renal diseases with headquarters and a strong sales and marketing footprint in Germany. Under the terms of the agreement, CytoSorb will become a featured blood purification therapy on Fresenius Medical Care's critical care blood purification platforms for the removal of cytokines, bilirubin, and myoglobin in critically ill patients, helping to expand the dimensions of blood purification beyond hemodialysis. Fresenius will be responsible for the specific worldwide marketing and combined promotion of CytoSorb with its critical care products across Fresenius-led in-person, virtual, social media, and web-based marketing programs and events during the term of the collaboration. In addition to strengthening and expanding the global marketing of CytoSorb, we plan to work together to bring new innovative solutions to the market. To help support the increased marketing and promotional efforts of the expanded collaboration, CytoSorbents has agreed to subsidize a portion of the marketing costs through a royalty payment to Fresenius Medical Care, with the royalty rate being based on certain assumptions regarding CytoSorb sales in the intensive care unit on Fresenius Medical Care platforms, excluding the United States, and subject to further adjustment should these assumptions change. Additional information can be found in the Form 8-K filed today.
Dr. Chan concluded, "We are excited about the many opportunities that we have to drive our business forward, but are proceeding conservatively, recognizing there is a seasonality to European business in general in the third quarter, driven by a lull in business activity as much of Europe takes vacation in July and August. Because of this, we are focused on executing our game plan, while controlling costs and conserving cash. We believe the high cash burn in Q2 2022 was an anomaly with a number of non-recurrent expenditures. These include, for example, the final $4.8 million payment related to the construction, capital equipment, and other costs of our new manufacturing facility (with the exception of approximately $300K in costs for the remainder of 2022), an approximate $1 million reduction in gross margin driven mainly by inefficiencies caused by scheduled production shutdowns associated with the relocation to our new manufacturing facilities, and lower sales volumes, and a $0.6 million increase in grant and accounts receivables during the quarter. Excluding these factors, our cash burn for Q2 2022 would have been approximately $6.5 million."
'In addition, we have $5 million (based on cost of goods) in working capital tied up in CytoSorb inventory that we have strategically built over several quarters to buffer against any potential disruption in production with the transition to the new facility. With fairly good visibility that the new manufacturing facility will come on-line as expected, we plan to release and monetize a portion of this inventory, which we expect could contribute an additional $1 million to our second half 2022 cash flow. Finally, we retain financial flexibility to add debt from our $15 million term loan with Bridge Bank if desired."
Results of Operations
Comparison for the three months ended June 30, 2022 and 2021:
Revenues:
Total revenue, including product revenue and grant income, for the second quarter of 2022 was $8.5 million, down 39% from $12.0 million in the second quarter of 2021. Revenue from product sales was approximately $7.3 million in the three months ended June 30, 2022, as compared to approximately $11.4 in the three months ended June 30, 2021, a decrease of approximately $4.0 million, or 36%. The decrease in the average exchange rate of the Euro to the U.S. dollar negatively impacted 2022 product sales by approximately $0.8 million. For the three months ended June 30, 2022, the average exchange rate of the Euro to the U.S. dollar was $1.06 as compared to an average exchange rate of $1.21 for the three months ended June 30, 2021. We estimate that demand for CytoSorb to treat COVID-19 patients was de minimis in the second quarter of 2022 as compared to approximately $1.7 million in the second quarter of 2021. Overall direct sales declined by approximately $3.4 million resulting primarily from lower sales in Germany due to COVID-19 pandemic-driven market conditions. COVID-19 restrictions remain in place at many hospitals throughout Germany and these restrictions continue to limit our access to hospital personnel, particularly the physicians.
Cost of Revenues:
For the three months ended June 30, 2022 and 2021, cost of revenue was approximately $3.6 million and $2.7 million, respectively. Product gross margins were approximately 67% for the three months ended June 30, 2022 as compared to approximately 82% for the three months ended June 30, 2021. The decrease in the gross margin percentage in 2022 was due primarily to inefficiencies associated with relocation of our production activities to our new manufacturing facility during the second quarter of 2022.
Operating Expenses:
For the three months ended June 30, 2022, operating expenses were approximately $13.3 million, as compared to approximately $14.2 million for the three months ended June 30, 2021, a decrease of approximately $0.9 million or 6%. Selling, general and administrative (SG&A) expenses decreased approximately 14% to $8.4 million in the quarter from $9.8 million in the prior year. This decrease was due to a decrease in royalty expenses of approximately $0.4 million due to the decrease in product sales, a decrease in non-cash restricted stock expense of approximately $1.5 million related to restricted stock units granted to the Company's executive officers and a decrease in non-cash stock compensation expense of approximately $0.8 million. This was offset by increases in salaries, commissions, and related costs of approximately $0.2 million, an increase in sales and marketing costs, which include advertising and conference attendance of approximately $0.4 million, an increase in travel and entertainment costs of approximately $0.3 million and an increase in occupancy costs of approximately $0.4 million related to the rent expense on our new manufacturing facility. Research and development expenses increased by approximately $0.5 million primarily due to costs related to our STAR-T and STAR-D trials in the United States.
Gain (Loss) on Foreign Currency Transactions:
For the three months ended June 30, 2022, the loss on foreign currency transactions was approximately $2.5 million as compared to a gain of approximately $0.2 million for the three months ended June 30, 2021. The 2022 loss was directly related to the decrease in the spot exchange rate of the Euro to the U.S. dollar at June 30, 2022 as compared to March 31, 2022. The spot exchange rate of the Euro to the U.S. dollar was $1.05 per Euro at June 30, 2022, as compared to $1.11 per Euro at March 31, 2022.
Comparison for the six months ended June 30, 2022 and 2021:
Revenues:
Total revenues were approximately $17.2 million for the six months ended June 30, 2022, as compared to total revenues of approximately $22.6 million for the six months ended June 30, 2021, a decrease of approximately $5.4 million, or 24%. Revenue from product sales was approximately $15.3 million in the six months ended June 30, 2022, as compared to approximately $21.5 million in the six months ended June 30, 2021, a decrease of approximately $6.2 million or 29%. The decrease in the average exchange rate of the Euro to the U.S. dollar negatively impacted 2022 product sales by approximately $1.4 million. For the six months ended June 30, 2022, the average exchange rate of the Euro to the U.S. dollar was $1.09 as compared to an average exchange rate of $1.21 for the six months ended June 30, 2021. Though difficult to quantify, we estimate that approximately $0.3 million of total product sales in the six months ended June 30, 2022 was due to the demand for CytoSorb to treat COVID-19 patients as compared to $3.5 million in the six months ended June 30, 2021. Overall direct sales declined by of approximately $5.4 million resulting primarily from lower sales in Germany due to COVID-19 pandemic-driven market conditions. COVID-19 restrictions remain in place at many hospitals throughout Germany and these restrictions continue to limit our access to hospital personnel, particularly the physicians.
Cost of Revenues:
For the six months ended June 30, 2022 and 2021, cost of revenue was approximately $5.8 million and $5.5 million, respectively, an increase of approximately $0.3 million. Product gross margins were approximately 74% for the six months ended June 30, 2022 and approximately 79% for the six months ended June 30, 2021. The reduction in product gross margin is due primarily to inefficiencies associated with the relocation of our production activities to our new manufacturing facility during the second quarter of 2022.
Operating Expenses:
For the six months ended June 30, 2022, operating expenses were approximately $27.5 million as compared to approximately $24.9 million for the six months ended June 30, 2021, an increase of approximately $2.6 million, or 10%, for the six months ended June 30, 2022. Research and development expenses were approximately $8.4 million as compared to approximately $6.0 million for the six months ended June 30, 2021, an increase of approximately $2.4 million or 40%. This increase was due to an increase in costs associated with our STAR-T and STAR-D trials in the United States. Selling, general and administrative expenses were approximately $17.6 million for the six months ended June 30, 2022, as compared to $17.5 million for the six months ended June 30, 2021, an increase of $0.1 million. This increase is related to an increase in salaries, commissions and related costs of approximately $1.2 million, an increase in sales and marketing costs, which include advertising and conference attendance of approximately $0.7 million, an increase in travel and entertainment costs of approximately $0.5 million and an increase in occupancy costs of approximately $0.7 million related to the rent expense on our new manufacturing facility. These increases were offset by a decrease in royalty expenses of approximately $0.5 million, a decrease in non-cash restricted stock expense of approximately $1.7 million related to restricted stock units granted to the Company's executive officers, a decrease in non-cash stock compensation expense of approximately $0.7 million.
Gain (Loss) on Foreign Currency Transactions:
For the six months ended June 30, 2022, the loss on foreign currency transactions was approximately $3.7 million as compared to a loss of approximately $1.1 million for the six months ended June 30, 2021. The 2022 loss was directly related to the decrease in the spot exchange rate of the Euro to the U.S. dollar as of June 30, 2022 as compared to December 31, 2021. The spot exchange rate of the Euro to the U.S. dollar was $1.05 per Euro as of June 30, 2022, as compared to $1.14 per Euro at December 31, 2021.
Liquidity and Capital Resources
Since inception, our operations have been primarily financed through the issuance of debt and equity securities. As of June 30, 2022, we had current assets of approximately $41.6 million including unrestricted cash on hand of approximately $30.2 million and current liabilities of approximately $10.6 million. As of June 30, 2022, $25 million of our total shelf amount was allocated to our ATM facility, all of which is still available. In addition, we have $15 million of debt availability, providing financial flexibility, if needed. In April 2022, we received approximately $0.7 million in cash from the approved sale of our net operating losses and research and development credits from the State of New Jersey.
We are also managing our resources proactively, continuing to invest in key areas such as our U.S. pivotal STAR-T and STAR-D trials. In April 2022, we began instituting tighter cost controls which are expected to reduce our planned cash burn by an additional $2 million per quarter. We are currently actively engaged in making further reductions to our operating costs to reduce our future cash burn.
We believe that we have sufficient cash to fund the Company's operations beyond twelve months from the issuance of these financial statements.
2022 Outlook Guidance
The macro environment in which we operate remains difficult to predict given the complex drivers of our business, the global nature of our operations, and external factors such as the COVID-19 pandemic, the Russia-Ukraine war, inflation, foreign currency exchange rate volatility, and other factors that are not under our direct control. Because of this, we expect that our business, and in particular product sales, may continue to see challenges for the remainder of 2022. However, we expect a gradual recovery of normalized hospital activity and sales access in Germany and other key countries in the coming quarters. With improved access and other growth initiatives, we expect a resumption of growth in our core non-COVID-19 product sales.
For additional information, please see the Company's Form 10-Q for the period ended June 30, 2022 filed on August 2, 2022 on http://www.sec.gov.
Conference Call
The Company will conduct its second quarter 2022 results call today at 4:30 p.m. Eastern time.
Conference Call Details:
Date: Tuesday, August 2, 2022
Time: 4:30 PM Eastern Time
Toll free: 1-877-451-6152
International: 1-201-389-0879
Conference ID: 13731826
Live Presentation Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1561029&tp_key=ddc6a4af76
It is recommended that participants dial in approximately 10 minutes prior to the start of the call. There will also be a simultaneous live webcast of the conference call that can be accessed through the following audio feed link: https://viavid.webcasts.com/starthere.jsp?ei=1561029&tp_key=ddc6a4af76
An archived recording of the conference call will be available under the Investor Relations section of the Company's website at http://cytosorbents.com/investor-relations/financial-results/.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in intensive care and cardiac surgery using blood purification. Its flagship product, CytoSorb®, is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure and patient death. These are conditions where the risk of death can be extremely high, yet few to no effective treatments exist. CytoSorb is also being used during and after cardiothoracic surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. More than 179,000 cumulative CytoSorb devices have been utilized as of June 30, 2022. CytoSorb was originally introduced into the European Union under CE-Mark as a first-in-kind cytokine adsorber. Additional CE-Mark label expansions were received for the removal of bilirubin and myoglobin in clinical conditions such as liver disease and trauma, respectively, and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with imminent or confirmed respiratory failure. The DrugSorb™-ATR Antithrombotic Removal System, which is based on the same polymer technology as CytoSorb, has also been granted FDA Breakthrough Designation for the removal of ticagrelor, as well as FDA Breakthrough Designation for the removal of the direct oral anticoagulant (DOAC) drugs, apixaban and rivaroxaban, in a cardiopulmonary bypass circuit during urgent cardiothoracic surgery. The Company has initiated two FDA approved pivotal trials designed to support U.S. marketing approval of DrugSorb-ATR. The first is the 120-patient, 30 center STAR-T (Safe and Timely Antithrombotic Removal-Ticagrelor) randomized, controlled trial evaluating the ability of intraoperative DrugSorb-ATR use to reduce perioperative bleeding risk in patients on ticagrelor undergoing cardiothoracic surgery. The second is the 120-patient, 30 center STAR-D (Safe and Timely Antithrombotic Removal-Direct Oral Anticoagulants) randomized, controlled trial, evaluating the intraoperative use of DrugSorb-ATR to reduce perioperative bleeding risk in patients undergoing cardiothoracic surgery on direct oral anticoagulants, including apixaban and rivaroxaban.
CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding of more than $39.5 million from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC), and others. The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ ontrol™, DrugSorb™, DrugSorb™-ATR, ContrastSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks for our business, expectations regarding the future impacts of COVID-19 or the ongoing conflict between Russia and the Ukraine or other macroeconomic factors, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 10, 2022, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.
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U.S. Company Contact:
Amy Vogel
305 College Road East
Princeton, NJ 08540
+1 (732) 329-8885
avogel@cytosorbents.com
European Company Contact:
Josephine Kraus
+49 30 765 84 66 23
josephine.kraus@cytosorbents.com
Public Relations Europe:
Marcus Schult
commponists
+49 69 13823 ext. 960
+49 172 4238938
marcus.schult@die-kommponisten.com
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GRAND CAYMAN, Cayman Islands (AP) _ Greenlight Capital Re Ltd. (GLRE) on Tuesday reported second-quarter earnings of $14.8 million.
On a per-share basis, the Grand Cayman, Cayman Islands-based company said it had net income of 37 cents.
The property and casualty reinsurance service provider posted revenue of $121.4 million in the period. Its adjusted revenue was $109.5 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 GLRE at https://www.zacks.com/ap/GLRE | https://www.theheraldreview.com/business/article/Greenlight-Capital-Re-Q2-Earnings-Snapshot-17346471.php | 2022-08-02T22:13:29 | en | 0.909559 |
TOLEDO, Ohio , Aug. 2, 2022 /PRNewswire/ -- Inugo Customer Relationship Management platform, powered by Digital 55, has announced an update to their popular CRM system, integrating Payment Processing and invoicing capabilities into the platform. Inugo, the simple and easy CRM, now provides a fully integrated, all-in-one customer data tracking, invoicing, and payment processing solution at a fraction of similar CRM systems.
Inugo is designed to be a fully customizable CRM system that functions perfectly for small and medium-sized businesses. By tying together customer data with sales and transaction information, businesses can see the entire sales cycle and identify opportunities for revenue generation and growth. The platform also allows for cash discounting of credit card sales, helping businesses save money on every transaction.
"Customer relationship software is essential for modern sales teams. It is critical for small and medium-sized businesses to capture their lads in a centralized hub. By combining the CRM software with invoicing and payment processing tools, we can create a seamless experience for the sales team, internal management, and the end user" shared Digital 55 CEO, Greg Whitlow. "Data-driven sales efforts are the only way to be successful in this market, and we think our platform provides the best resources for small businesses to leverage their data."
Inugo's new update will open a wealth of business intelligence information to companies using the platform. The system makes tracking sales, generating invoices, and taking payments easier than ever before. Most valuable of all, the updated software will provide the data and sales resources utilized by much larger companies to small and medium-sized businesses at a fraction of the cost.
The Inugo pay platform also allows users to participate in cash discount programs, helping offset the cost of credit card payment processing and saving small businesses even more money on credit card transactions.
As part of their pilot program, Inugo is offering both the CRM and Billing components free of charge to the first 200 users who sign up to help test the beta program.
In order to schedule a demo or for more information about the software partnership, please visit https://inugocrm.com.
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ATLANTA (AP) _ Haverty Furniture Cos. (HVT) on Tuesday reported second-quarter net income of $21.7 million.
On a per-share basis, the Atlanta-based company said it had profit of $1.27.
The residential furniture and accessories retailer posted revenue of $253.2 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 HVT at https://www.zacks.com/ap/HVT | https://www.theheraldreview.com/business/article/Haverty-Furniture-Q2-Earnings-Snapshot-17346470.php | 2022-08-02T22:13:36 | en | 0.915193 |
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HIGHLANDS RANCH, Colo., Aug. 2, 2022 /PRNewswire/ -- Destination Pet, one of the largest connected care pet companies in the U.S., announced today that Dr. Jennifer Strickland Fowler has joined the company as its Chief Executive Officer to lead its next phase of growth. Dr. Fowler, a veteran of the human health industry, most recently served as the Chief Operating Officer for Tenet Physician Resources, a division of Tenet Healthcare (NYSE: THC). She started in her new role on Aug. 1, 2022.
"We are pleased to welcome Dr. Fowler to the Destination Pet team," said Stefan Linn, Chairman of the Board and Managing Partner of L1 Health. "Dr. Fowler has a track record of building operational capabilities and growing companies through acquisitions. With her experience, she is well positioned to accelerate our growth and scale up our service infrastructure to extend our leadership position in the industry."
Before Dr. Fowler joined Tenet, she served as Chief Executive Officer of Millennium Health, turning around operations and accelerating growth. She has also held executive leadership roles within Millennium Health in Medication Monitoring and Genetics, and roles in Plus Delta Technologies and Lakeland Regional Medical Center.
As a registered Pharmacist, Dr. Fowler began her career as a Pain Management and Palliative Care Specialist at H. Lee Moffitt Cancer Center and later as Clinical Pharmacist at Helios Pain and Psychiatry Center. She earned her Prepharmacy degree and Doctor of Pharmacy degree at the University of Florida.
"I am thrilled to join the Destination Pet team," said Dr. Fowler. "Destination Pet has an incredibly unique position in the pet industry, bringing connected care together seamlessly for pet parents. As we continue our growth trajectory, I am excited to foster a culture of innovation and expand Destination Pet across the United States. I can't wait to help elevate the loves and lives of pet families with the Destination Pet team."
Destination Pet is a leading pet services company combining pet and medical care and operating in 23 states across the United States. Focused on the complete well-being of the pet, the company's connected care approach delivers high quality pet care and a streamlined customer experience for pet parents. With convenient access points, Destination Pet's extensive services include veterinary medicine, overnight and day care, grooming, and training. Destination Pet is led by a world-class management team with more than a century of combined pet care experience and a legacy of innovation in the industry. For more information, please visit www.destinationpet.com
Contact: Susannah Thompson, susannah.thompson@destpet.com
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DENVER (AP) _ Healthpeak Properties, Inc. (PEAK) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $238.8 million, or 44 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $68.1 million, or 13 cents per share.
The health care real estate investment trust, based in Denver, posted revenue of $517.9 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $505.8 million.
Healthpeak expects full-year funds from operations in the range of $1.68 to $1.74 per share.
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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 PEAK at https://www.zacks.com/ap/PEAK | https://www.theheraldreview.com/business/article/Healthpeak-Q2-Earnings-Snapshot-17346313.php | 2022-08-02T22:13:42 | en | 0.960888 |
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FARMINGTON, Conn. (AP) _ Horizon Technology Finance Corp. (HRZN) on Tuesday reported second-quarter net income of $7.6 million.
On a per-share basis, the Farmington, Connecticut-based company said it had profit of 31 cents. Earnings, adjusted for investment costs, were 35 cents per share.
The investment company posted revenue of $18.6 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HRZN at https://www.zacks.com/ap/HRZN | https://www.theheraldreview.com/business/article/Horizon-Technology-Finance-Q2-Earnings-Snapshot-17346467.php | 2022-08-02T22:13:48 | en | 0.930963 |
TAMPA, Fla., Aug. 2, 2022 /PRNewswire/ -- The Early Learning Coalition of Hillsborough County (ELCHC) Chief Executive Officer Gordon L. Gillette announced his retirement to the ELCHC Board of Directors on Monday, August 1, 2022. After four years of dedicated service as the CEO of the ELCHC and more than three decades at TECO, Gillette plans to enjoy his retirement.
Gillette said, "I came to the Coalition after retiring with 36 years of service from TECO, where much of my non-profit volunteer work had been in education. It has been my distinct pleasure to work with a strong leadership team to serve the families and children of Hillsborough County. With 90% of brain development occurring before age 5, this work is of paramount importance for every child. We have made great progress in early learning in our County, and I am proud to have led the Coalition during this time."
Under Gillette's leadership, the Coalition reduced the waitlist from several thousand to zero, decreasing the time families wait for services, created new local programming aimed at preparing children for kindergarten. He led the Coalition during the COVID-19 pandemic, helping child care business owners stay in business, including raising rates four times to increase the amount per child received by child care programs participating in the School Readiness program. Gillette is also credited with bringing INCENTIVE$ to the Coalition, resulting in more than $1MM in wage supplements to early education teachers in the County.
Established by the State Legislature, the Early Learning Coalition of Hillsborough County (ELCHC) is a 501(c)(3) organization focused on promoting school and life success for young children and their families through quality school readiness services and supports. The ELCHC administers School Readiness and VPK (Voluntary Prekindergarten) programs in Hillsborough County, offers teacher trainings and coaching, and provides Child Care Resource and Referral (CCR&R) along with other services that daily serve more than 20,000 children and their families.
Contact: Alison Fraga
Phone: 813-205-6205
Email: afraga@elchc.org
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SOURCE Early Learning Coalition of Hillsborough County | https://www.wlbt.com/prnewswire/2022/08/02/early-learning-coalition-hillsborough-county-ceo-announces-retirement/ | 2022-08-02T22:13:48 | en | 0.964303 |
WFO PENDLETON Warnings, Watches and Advisories for Sunday, July 31, 2022
_____
EXCESSIVE HEAT WARNING
URGENT - WEATHER MESSAGE
National Weather Service Pendleton OR
243 PM PDT Sun Jul 31 2022
...EXCESSIVE HEAT WARNING REMAINS IN EFFECT UNTIL 11 PM PDT THIS
EVENING...
* WHAT...Dangerously hot conditions with afternoon temperatures
of 100 to 110 degrees. Very warm overnight lows in the mid 60s
to mid 70s.
* WHERE...Portions of central, south central and southeast
Washington and central, north central and northeast Oregon.
* WHEN...Until 11 PM PDT Sunday.
* IMPACTS...Extreme heat will significantly increase the potential
for heat related illnesses, particularly for those working or
participating in outdoor activities.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Drink plenty of fluids, stay in an air-conditioned room, stay out
of the sun, and check up on relatives and neighbors. Young
children and pets should never be left unattended in vehicles
under any circumstances.
Take extra precautions if you work or spend time outside. When
possible reschedule strenuous activities to early morning or
evening. Know the signs and symptoms of heat exhaustion and heat
stroke. Wear lightweight and loose fitting clothing when
possible. To reduce risk during outdoor work, the Occupational
Safety and Health Administration recommends scheduling frequent
rest breaks in shaded or air conditioned environments. Anyone
overcome by heat should be moved to a cool and shaded location.
Heat stroke is an emergency! Call 9 1 1.
...EXCESSIVE HEAT WARNING REMAINS IN EFFECT UNTIL 11 PM PDT
MONDAY...
Washington and north central and northeast Oregon.
* WHEN...Until 11 PM PDT Monday.
for heat-related illnesses, particularly for those working or
...EXCESSIVE HEAT WARNING NOW IN EFFECT UNTIL 11 PM PDT MONDAY...
* WHAT...Dangerously hot conditions with afternoon temperatures of
up to 105 degrees and very warm overnight lows in the mid 60s
* WHERE...Portions of central Washington.
...HEAT ADVISORY REMAINS IN EFFECT UNTIL 11 PM PDT THIS EVENING...
* WHAT...Afternoon high temperatures of 95 to 105 degrees. Warm
overnight lows as high as the upper 50s to mid 60s.
* WHERE...In Washington, East Slopes of the Washington Cascades,
Northwest Blue Mountains. In Oregon, Ochoco-John Day
Highlands, Northern Blue Mountains of Oregon, Southern Blue
Mountains of Oregon, Grande Ronde Valley, East Slopes of the
Oregon Cascades and Wallowa County.
* IMPACTS...Hot temperatures may cause heat illnesses to occur.
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Copyright 2022 AccuWeather | https://www.expressnews.com/weather/article/WA-WFO-PENDLETON-Warnings-Watches-and-Advisories-17341735.php | 2022-08-02T22:13:53 | en | 0.87978 |
U.S. stocks are closing lower as Wall Street’s modest August retreat continued another day.
Stocks wavered over the day as investors are unsure whether the market’s strong run in July is the start of a turnaround or a temporary blip. The S&P 500, the Nasdaq and the Dow Jones Industrial Average fell. Analysts cited comments from Federal Reserve officials that suggested continued hikes to interest rates are coming in order to knock down inflation.
Caterpillar took a hit after reporting weak sales. Uber shares took off following its own strong quarterly report. Treasury yields climbed.
On Tuesday:
The S&P 500 fell 27.44 points, or 0.7%, to 4,091.19.
The Dow Jones Industrial Average fell 402.23 points, or 1.2%, to 32,396.17.
The Nasdaq fell 20.22 points, or 0.2%, to 12,348.76.
The Russell 2000 index of smaller companies fell 0.86 points, or less than 0.1%, to 1,882.45.
For the week:
The S&P 500 is down 39.10 points, or 0.9%.
The Dow Jones Industrial Average is down 448.96 points, or 1.4%.
The Nasdaq is down 41.93 points, or 0.3%.
The Russell 2000 index of smaller companies is down 2.78 points, or 0.1%.
For the year:
The S&P 500 is down 674.99 points, or 14.2%.
The Dow is down 3,942.13 points, or 10.8%.
The Nasdaq is down 3,296.21 points, or 21.1%.
The Russell 2000 is down 362.86 points, or 16.2%. | https://www.theheraldreview.com/business/article/How-major-US-stock-indexes-fared-Tuesday-8-02-2022-17346334.php | 2022-08-02T22:13:54 | en | 0.939183 |
MINNETONKA, Minn., Aug. 2, 2022 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the second quarter ended June 30, 2022.
- Record quarterly revenue of $2,564,000
- Gross margin of 54.9%
- Cash and investments of approximately $9.5 million
Net sales in the second quarter increased 4.1% to $2,564,000 from $2,462,000 in the prior-year quarter. For the first six months of 2022, net sales increased 7.7% to $4,669,000 from $4,363,000 for the first six months of the prior year. Furthermore, gross margin for the 2022 six-month period was 54.8%, up from 54.2% in the corresponding six months in 2021, primarily due to improved factory utilization.
"During the second quarter, we achieved record quarterly revenue, driven by broad-based strength in agricultural applications, including commodity refining and biofuels," said David L. Klenk, Electro-Sensors' president. "Furthermore, we are excited to have announced during the quarter that we have entered into a definitive agreement to merge with Mobile X Global, Inc."
A full analysis of results for the period ended June 30, 2022 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.
About Electro-Sensors
Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Most standard products ship within one to two days and have an industry-leading 5-year warranty. Electro-Sensors is proud to be an ISO9001:2015 quality certified company and is committed to providing excellent customer service and technical support. Founded in 1968 and located in Minnetonka, Minnesota, Electro-Sensors provides its loyal customers with reliable products that improve safety and help plants operate with greater efficiency, productivity and control.
Cautionary Statement Regarding Forward Looking Statements
This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities. These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, the Company claims the protection of the safe harbor for forward−looking statements contained in federal securities laws. Forward-looking statements reflect the company's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. These forward-looking statements are subject to a number of factors, risks and uncertainties, including those disclosed in our periodic filings with the SEC that could cause actual performance, activities, plans, or opportunities after the date the statements are made to differ significantly from those indicated in the forward-looking statements.
For more information please visit our website at: www.electro-sensors.com. Also look us up on:
LinkedIn: linkedin.com/company/electro-sensors-inc-
Twitter: twitter.com/ESIsensors
Facebook: facebook.com/ElectroSensors
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SOURCE Electro-Sensors, Inc. | https://www.wlbt.com/prnewswire/2022/08/02/electro-sensors-inc-announces-second-quarter-2022-financial-results/ | 2022-08-02T22:13:54 | en | 0.932482 |
ENGLEWOOD, Colo. (AP) _ Innospec Inc. (IOSP) on Tuesday reported second-quarter earnings of $32.3 million.
On a per-share basis, the Englewood, Colorado-based company said it had net income of $1.29. Earnings, adjusted for non-recurring costs, were $1.58 per share.
The specialty chemicals company posted revenue of $467.6 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 IOSP at https://www.zacks.com/ap/IOSP | https://www.theheraldreview.com/business/article/Innospec-Q2-Earnings-Snapshot-17346504.php | 2022-08-02T22:14:01 | en | 0.942533 |
NASHVILLE, Tenn., Aug. 2, 2022 /PRNewswire/ -- ELITE SPORTS MEDICINE + ORTHOPEDICS, Middle Tennessee's premier orthopedic group, has opened a new location at 1001 Health Park Drive Suite 220, Brentwood, TN. The new Elite location can be found in TriStar's Health Park medical office building located off Old Hickory Blvd.
"We have long awaited a location in this area to better serve our patients and make quality orthopedic care convenient for all." Said Dr. David Moore, co-founder of Elite Sports Medicine + Orthopedics and MPOWER Physical Therapy.
The new location includes on-site physical therapy with MPOWER Physical Therapy, MRI, 12 patient exam rooms, and shared space with Southern Joint Replacement Institute, a close partner of Elite Sports Medicine + Orthopedics.
The Brentwood location advances Elite's patient-centered approach to orthopedics, which combines relationship-driven care, clinical excellence, and superior facilities. Many of Elite's twelve (12) orthopedists will practice at the new facility along with numerous physician's assistants, nurse practitioners, and physical and occupational therapists.
Established in 2006 by Dr. Burton F. Elrod, Dr. David R. Moore, and Dr. Jeffrey D. Willers, Elite Sports Medicine + Orthopedics provides patient-driven, integrative care for people experiencing musculoskeletal pain and impairments. Elite's team of twelve (12) board-certified subspecialized orthopedic surgeons are uniquely experienced in diagnosing and treating a wide variety of injuries and conditions affecting joints, muscles, bones, ligaments, and tendons. The practice serves many professional and amateur athletes but emphasizes exceptional care for patients from all walks of life across its six (6) Nashville and Franklin locations.
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PENNSAUKEN, N.J. (AP) _ J&J Snack Foods Corp. (JJSF) on Tuesday reported fiscal third-quarter earnings of $15.6 million.
The Pennsauken, New Jersey-based company said it had net income of 81 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 93 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.
The drink and snack maker posted revenue of $380.2 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $351.4 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 JJSF at https://www.zacks.com/ap/JJSF | https://www.theheraldreview.com/business/article/J-J-Snack-Foods-Fiscal-Q3-Earnings-Snapshot-17346433.php | 2022-08-02T22:14:07 | en | 0.946446 |
CALGARY, AB, Aug. 2, 2022 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series L (Series L Shares) (TSX: ENB.PF.U) on September 1, 2022. As a result, subject to certain conditions, the holders of the Series L Shares have the right to convert all or part of their Series L Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series M of Enbridge (Series M Shares) on September 1, 2022. Holders who do not exercise their right to convert their Series L Shares into Series M Shares will retain their Series L Shares.
The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series L Shares outstanding after September 1, 2022, then all remaining Series L Shares will automatically be converted into Series M Shares on a one-for-one basis on September 1, 2022; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series M Shares outstanding after September 1, 2022, no Series L Shares will be converted into Series M Shares. There are currently 16,000,000 Series L Shares outstanding.
With respect to any Series L Shares that remain outstanding after September 1, 2022, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series L Shares for the five-year period commencing on September 1, 2022 to, but excluding, September 1, 2027 will be 5.85790 percent, being equal to the five-year United States Government treasury bond yield of 2.70790 percent determined as of today plus 3.15 percent in accordance with the terms of the Series L Shares.
With respect to any Series M Shares that may be issued on September 1, 2022, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series M Shares for the three-month floating rate period commencing on September 1, 2022 to, but excluding, December 1, 2022 will be 1.41611 percent, based on the annual rate on three month United States Government treasury bills for the most recent treasury bills auction of 2.53 percent plus 3.15 percent in accordance with the terms of the Series M Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.
Beneficial holders of Series L Shares who wish to exercise their right of conversion during the conversion period, which runs from August 2, 2022 until 5:00 p.m. (EST) on August 17, 2022, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge, including statements with respect to the conversion of all or part of the Series L Shares into Series M Shares on September 1, 2022, the annual dividend rate that will apply to any outstanding Series L Shares on September 1, 2022, the quarterly dividend rate that will apply to any outstanding Series M Shares on September 1, 2022, and the declaration of dividends by the Board of Directors of Enbridge. This information may not be appropriate for other purposes. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and on processes used to prepare the information, such statements are not guarantees of future events and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual events to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about whether holders of Series L Shares will exercise their right to convert their Series L Shares into Series M Shares.
Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.
Headquartered in Calgary, Alta., Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com
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SOURCE Enbridge Inc. | https://www.wlbt.com/prnewswire/2022/08/02/enbridge-provides-notice-series-l-preferred-shares-conversion-right-announces-reset-dividend-rates/ | 2022-08-02T22:14:07 | en | 0.931442 |
INDIANAPOLIS (AP) _ Kite Realty Group Trust (KRG) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $108.4 million, or 49 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $13.1 million, or 6 cents per share.
The real estate investment trust posted revenue of $202.6 million in the period.
Kite Realty Group expects full-year funds from operations in the range of $1.80 to $1.86 per share.
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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 KRG at https://www.zacks.com/ap/KRG | https://www.theheraldreview.com/business/article/Kite-Realty-Group-Q2-Earnings-Snapshot-17346452.php | 2022-08-02T22:14:13 | en | 0.957277 |
Lunch Keynote Presentations Feature BPX Energy, Vivek Ramaswamy with Strive Wealth Management and Petrie Partners
Panels include discussions on Capital Allocation, Responsibly Sourced Gas, Private Capital, Carbon Capture, Renewable Natural Gas, ESG, Private Companies and Commodity Market Outlook
DENVER, Aug. 2, 2022 /PRNewswire/ -- EnerCom, Inc. announced today that the EnerCom Denver investment conference will feature management team presentations, breakout Q&A and One-on-One meetings with oil and gas companies from the US, Canada, South America and Africa.
Lunch keynote presentations will feature BPX Energy, Vivek Ramaswamy with Strive Wealth Management and Petrie Partners. Conference panels will feature participants from Xcel Energy, Tallgrass Energy, Summit Carbon, NGVAmerica, Civitas, Denbury, Carbonvert, Chevron, Milestone Carbon and more.
"Oil and gas companies have posted record profits over the past few weeks which marks an impressive turnaround from the spring of 2020. The EnerCom Denver conference is an invaluable opportunity for investors to meet with leading E&P, oilfield service and midstream companies to hear their plans for drilling and production and discuss financial and ESG guidance for the balance of 2022 and into 2023," said Blanca Andrus, Chairwoman and CFO of EnerCom, Inc.
Institutional investors, private equity, hedge funds, family offices, portfolio managers, financial analysts, CIOs, high net worth investors and other investment industry professionals can still register to attend the EnerCom Denver conference and request One-on-One meetings with the senior management teams of participating companies on the conference website.
Panel topics will include discussions on key industry topics of Capital Allocation, Responsibly Sourced Gas, Private Capital, Carbon Capture, Renewable Natural Gas, ESG, Private Companies and Commodity Market Outlook.
Preliminary presentation times for presenting companies and a complete list of events can be found on the conference website at www.enercomdenver.com.
2022 is EnerCom's 27th annual Denver investment conference and will be an in-person event hosted at the Westin Denver Downtown. EnerCom Denver is the largest independent energy-focused investor conferences and will take place August 7-10, 2022. The conference provides extensive networking opportunities for all attendees at several sponsored events the week of the conference.
EnerCom encourages attendees to check the website for the most current information. A sample of the companies that are scheduled to participate at EnerCom Denver on August 7-10, 2022 include:
- AEGIS Hedging Solutions - aegis-hedging.com
- APA Corporation (Nasdaq: APA) - apacorp.com
- Aureus Energy Services - aureusenergy.com
- B3 Insight - b3insight.com
- Battalion Oil (NYSE American: BATL) - battalionoil.com
- Bayswater Exploration & Production - bayswater.us
- Baytex Energy Corporation (TSX: BTE) - baytexenergy.com
- BDO - bdo.com
- BPX Energy (NYSE: BP) (LON: BP) - bp.com
- CAC Specialty - cacspecialty.com
- Caerus Oil & Gas - caerusoilandgas.com
- Camino Natural Resources - caminoresources.com
- Canacol Energy - canacolenergy.com
- Carbonvert - carbonvert.com
- Civitas Resources (NYSE: CIVI) - civitasresources.com
- Comstock Resources (NYSE: CRK) – comstockresources.com
- Cowboy Clean Fuels - cowboycleanfuels.com
- Cureton Midstream - curetonmidstream.com
- Denbury (NYSE: DEN) - denbury.com
- Donovan Ventures - dv-llc.com
- Earthstone Energy (NYSE: ESTE) - earthstoneenergy.com
- Eckard Enterprises - eckardenterprises.com
- Empire Petroleum Corporation (NYSE American: EP) - empirepetroleumcorp.com
- EnerCom, Inc.- enercominc.com
- Engage - engagemobilize.com
- ESG Dynamics- esg-dynamics.com
- Evolution Petroleum (NYSE American: EPM) - evolutionpetroleum.com
- FactSet (NYSE: FDS,NASDAQ: FDS) - factset.com
- Fitch Ratings - fitchratings.com
- Five States Energy - fivestates.com
- Fundare Resources - fundareresources.co
- FutEra Power - futerapower.com
- Greenfield Environmental Solutions Group - greenfieldesg.com
- Haynes Boone - haynesboone.com
- Independence Contract Drilling (NYSE: ICD) - icdrilling.com
- Kolibri Global Energy (TSX: KEI,OTCQB: KGEIF) - kolibrienergy.com
- Landgate- landgate.com
- Liberty Energy (NYSE: LBRT) - libertyfrac.com
- Milestone Carbon, LLC - milestonecarbon.com
- Mobius Risk Group - mobiusriskgroup.com
- Netherland, Sewell & Associates, Inc. - netherlandsewell.com
- NCS Multistage (NASDAQ: NCSM) - ncsmultistage.com
- Newpark Resources (NYSE: NR) - newpark.com
- NGV America - ngvamerica.org
- Northern Oil and Gas (NYSE: NOG) - northernoil.com
- Now, Inc. (NYSE: DNOW) - distributionnow.com
- NuVista Energy (TSX: NVA) - nuvistaenergy.com
- Parex Resources (TSE: PXT)- parexresources.com
- PDC Energy (Nasdaq: PDCE) - pdce.com
- Petrie Partners - petrie.com
- PetroTal Corp. (TSX-V: TAL, AIM: PTAL andOTCQX: PTALF) - petrotal-corp.com
- Prairie Provident Resources (TSX: PPR) - ppr.ca
- Project Canary - projectcanary.com
- PureWest Energy - purewest.com
- ReconAfrica (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) - reconafrica.com
- ResFrac - resfrac.com
- Ring Energy - (NYSE American: REI) - ringenergy.com
- ROK Resources – (TSX-V: ROK) - rokresources.ca
- SandRidge Energy (NYSE: SD) - sandridgeenergy.com
- Select Energy Services (NYSE: WTTR) - selectenergy.com
- SilverBow Resources (NYSE: SBOW) - sbow.com
- SM Energy (NYSE: SM) - sm-energy.com
- Steel Reef Infrastructure - steelreef.ca
- Strive Asset Management - striveassetmanagement.com
- Summit Carbon Solutions - summitcarbonsolutions.com
- Surge Energy (TSX: SGY) - surgeenergy.ca
- Tallgrass Energy (NYSE: TGE) – tallgrass.com
- Talos Energy (NYSE: TALO) - talosenergy.com
- Tamarack Valley Energy (TSX: TVE) - tamarackvalley.ca
- Three Crown Petroleum - threecrownpetroleum.com
- Total Helium (TSXV: TOH) - totalhelium.com
- Trido Solutions - tridosolutions.com
- W&T Offshore (NYSE: WTI) - wtoffshore.com
- Wasatch Energy Management - wemenergy.com
- Xcel Energy (NASDAQ: XEL) – xcelenergy.com
Investor presentations begin daily at 8:00 a.m. and run through 5:00 p.m. Mountain Time. The complete schedule of presenters can be found on the website (presenters, days, times are subject to change).
How to Register: Investment professionals and oil and gas companies may register for the event through the conference website.
Conference Details: EnerCom Denver - The Energy Investment Conference in Denver offers investment professionals a unique opportunity to listen to company senior management teams across the energy value chain update investors on their operational and financial strategies and learn how the leading energy companies are building value in 2022. The event features public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada.
Conference Dates: August 7 - 10, 2022. EnerCom will host its annual charity golf outing on August 7 and host formal presentations and meetings on August 8 – 10.
Venue: The Westin Denver Downtown. Click here to book your hotel room under the discounted conference rate.
Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, family offices, research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather in Denver for the conference.
One-on-One Meetings: EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue.
Founded in 1994, EnerCom, Inc. is an internationally recognized management consultancy advising companies on Environmental, Social & Governance (ESG), investor relations, corporate strategy/board advisory, marketing, analysis and valuation, media, branding and visual communications design. Headquartered in Denver, EnerCom and its team of experts are passionate about the energy industry and its work to provide clients with a wide range of services to build brand recognition that drives valuation and returns.
For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit https://netherlandsewell.com/.
Moss Adams is a fully integrated professional services firm dedicated to assisting clients with growing, managing, and protecting prosperity.
With more than 3,400 professionals and staff across more than 25 locations in the West and beyond, we work with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition. For more information, please visit www.MossAdams.com
Haynes Boone, LLP is an energy focused corporate law firm, providing a full spectrum of legal services and solutions to clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. Lawyers from our Denver office and 15 other offices work as a team to meet the legal needs of our domestic and international clients involved in oil and gas. We represent private and public oil and gas companies, financial institutions, investment funds and other investors. Our team of more than 100 energy lawyers and landmen understands the physical and financial energy markets, and the firm has been helping both operators and lenders complete some of the largest financings and M&A transactions in recent years. The BTI Industry Power Rankings, published by BTI Consulting Group, Inc., named Haynes and Boone a "Leading Recommended" firm for the energy industry in 2017, ranking our firm among the top three percent of all law firms. For more information, please visit www.haynesboone.com/.
BDO delivers assurance, tax, and financial advisory services to clients throughout the country and around the globe. We offer numerous industry-specific practices, world-class resources, and an unparalleled commitment to meeting our clients' needs. We currently serve more than 400 publicly traded domestic and international clients. For more information, please visit: www.bdo.com.
Mobius Risk Group is an independent commodity and physical energy risk advisory firm. Founded in 2002, Mobius provides strategic advisory services including financial, physical, and commodity risk management and valuation, carbon strategy development, and regulated energy oversight for producers, consumers, distributors and capital providers backed by its proprietary C/ETRM, RiskNet. For more information, please visit: www.mobiusriskgroup.com.
Project Canary is a climate tech company that provides trusted, independent, and verified environmental data to track, measure, and score the "E" in ESG across an enterprise's operational value chain. They are the leaders in providing dynamic environmental ratings using real-time monitoring data at the facility level to assess and improve operating practices and provide a science-based and technology-enabled measurement of emission profiles, including methane. Formed as a Public Benefit Corporation, Project Canary's team of scientists, engineers, and seasoned industry operators have earned recognition for their uncompromising standards, including being named "Best for the World" B Corp. For more information, please visit: www.projectcanary.com.
Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.
Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst. For additional information, please visit www.fitchratings.com.
CAC Specialty is an employee-owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by industry data and decades of honed instinct, CAC brings an innovative vision to insurance broking and merchant banking by providing solutions to solve your risk challenges – from the simple to the previously unsolvable. Backed by a $40B AUM asset manager and not constrained by traditional risk transfer thinking, CAC can expand the range of risk transfer through access to private debt and alternative pools of risk capital. For additional information, please visit www.cacspecialty.com.
Preng & Associates is the world's leading executive search firm totally dedicated to the energy industry. Over our 40 years, we have assisted more than 750 management teams and boards in 75 countries and conducted over 3,700 engagements. Our mission continues to be helping companies and boards identify and attract talent around the world that will impact shareholder value. For additional information, please visit www.preng.com.
We have been a leading provider of banking services to the oil and gas industry in the Americas for more than 30 years, consistently ranking in the Top 10 Lead Arrangers and Top 10 Bond Arrangers in the Thomson Reuters Oil and Gas League Tables. We support clients across the industry—from regional exploration and production to global diversified services companies—that benefit from our focused approach, strong execution, and customized services. Whether you are looking to expand existing reserves, make an acquisition, or streamline operations, we can support your growth2 with services, including: underwriting and syndications; U.S./Canadian cross-border funding; securities underwriting and placements; leasing and tax equity financing; and commodities, interest rate, and foreign exchange risk management.
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune's 2020 rankings of America's largest corporations.
FactSet (NYSE:FDS,NASDAQ:FDS) delivers superior content, analytics, and flexible technology to help more than 170,000 users see and seize opportunity sooner. We give investment professionals the edge to outperform with informed insights, workflow solutions across the portfolio lifecycle, and industry-leading support from dedicated specialists. We're proud to have been recognized with multiple awards for our analytical and data-driven solutions, with the distinction of having been recently added to the S&P 500, and repeatedly scored 100 by the Human Rights Campaign® Corporate Equality Index for our LGBTQ+ inclusive policies and practices. Subscribe to our thought leadership blog to get fresh insight delivered daily at insight.factset.com. Learn more at www.factset.com and on Twitter: www.twitter.com/factset.
AEGIS Hedging Solutions enables companies to manage their commodity price and interest rate risk through leading software and advisory capabilities. AEGIS develops and executes cash flow protection strategies and manages all hedge program activities through an award-winning SaaS platform. AEGIS was recently named the Hedge Advisor of the Year for an unprecedented fourth consecutive year.
Petrie Partners, LLC is a boutique investment banking firm offering financial advisory services to the oil and gas industry. We provide specialized advice on mergers, divestitures and acquisitions and private placements.
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SOURCE EnerCom, Inc. | https://www.wlbt.com/prnewswire/2022/08/02/enercom-denver-energy-investment-conference-august-7-10-2022-puts-spotlight-oil-gas-companies-us-canada-south-america-africa/ | 2022-08-02T22:14:13 | en | 0.898945 |
ITASCA, Ill. (AP) _ Knowles Corp. (KN) on Tuesday reported a second-quarter loss of $242.9 million, after reporting a profit in the same period a year earlier.
The Itasca, Illinois-based company said it had a loss of $2.64 per share. Earnings, adjusted for asset impairment costs and pretax expenses, were 33 cents per share.
The maker acoustic components such as microphones posted revenue of $188 million in the period.
For the current quarter ending in October, Knowles expects its per-share earnings to range from 17 cents to 21 cents.
The company said it expects revenue in the range of $170 million to $185 million for the fiscal third quarter.
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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 KN at https://www.zacks.com/ap/KN | https://www.theheraldreview.com/business/article/Knowles-Q2-Earnings-Snapshot-17346443.php | 2022-08-02T22:14:19 | en | 0.950537 |
NEW YORK, Aug. 2, 2022 /PRNewswire/ -- Figue and Tuluminati announced today a limited-edition capsule collection of iconic hats. The collection features a series of unique hats embodying the adventurous spirit of Figue with the unique styling and craftsmanship of Tuluminati.
CEO and Creative Director Liz Lange said "when I had the chance to collaborate with Tuluminati, I immediately jumped on it. Tuluminati's style, quality, and brand are a perfect complement to Figue, and I couldn't be more excited by our collection."
The collection features three hats, the Katuk Palm Hat -- handcrafted from 100% fine palm leaf, the Katuk is adorned with a braided cotton band interlaced with jute fabric and a handstitched logo of the Figue Serpents. The Puka Suede Hat blends shells and suede for a fiercely independent style. Hand-selected Cowrie shells stitched across a jute fabric band accentuate a subtle, 100% suede construction. Embossed with the Figue Serpents on the crown, the Puka Suede Hat comes together to create the perfect accessory for poolside parties or Pacific panoramas. The Soga Suede Hat makes an unforgettable statement. Crafted from 100% white suede, and embossed with the Figue Serpents, the Soga is a hat dedicated to detail. Embellished in an array of avian accessories, the Soga Suede Hat tucks white peacock, ostrich, goose, and silver pheasant feathers behind a cotton rope band adorned with a golden safety pin. With a luxurious look and legendary style, the Soga Suede Hat is a symbol of timeless taste.
The collaboration embodies the shared love and respect for local artisans and craftsmanship that have been at the core of Figue and a continuous source of inspiration for the past decade.
Founded in New York City in 2012 and acquired by current CEO and Creative Director, Liz Lange, in December 2020, Figue is a dreamy combination of luxe and laid back. Figue's free spirit-meets-sophisticate line of ready-to-wear, handbags, footwear, accessories and home design is proudly infused with bohemian gorgeousness. Our soulful spirit and global sensibility are expressed through our mix of unique prints, layered textures, pom poms, hand-cut tassels and artisanal beadwork. Welcome to the multi-colored magic of Figue.
@figuelove #figuelove #summeroffigue
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SOURCE Figue Acquisition LLC | https://www.wlbt.com/prnewswire/2022/08/02/figue-tuluminati-release-limited-edition-hat-collection/ | 2022-08-02T22:14:20 | en | 0.890417 |
It turns out that the New York Mets (65-37) saw the end of an era for the Washington Nationals (35-69) during their 7-3 win last night. The game was the final one in a Washington uniform for Juan Soto, who was traded alongside Josh Bell to the San Diego Padres this afternoon. The expected trade significantly weakens the Nationals for the rest of the season as the Mets will look to pick up their eighth straight win tonight. First pitch for the middle game of this series is scheduled for 7:05 p.m. at Nationals Park.
Right-hander Jacob deGrom (7-2, 1.08 ERA in 2021) is set to make his season debut for the Mets tonight. deGrom missed the first four months of this season with a shoulder injury after an elbow issue ended his 2021 season early. The Nationals will counter with righty Cory Abbott (0-0, 2.25 ERA). Abbott is making his first start of the season after working primarily out of the bullpen, including his last appearance when he tossed a scoreless inning of relief against the St. Louis Cardinals on Sunday.
Local Coverage:
Television: SNY
Radio: WCBS
🐐 on the mound. #LGM
🆚: Washington
💪: Jacob deGrom
📍: Nationals Park
🕕: 7:05 p.m.
📺: @SNYtv, @MLBNetwork (out-of-market only)
📻: @wcbs880
🔗: https://t.co/wMkTymZzLe pic.twitter.com/ral8Cf1lzM— New York Mets (@Mets) August 2, 2022
Pre-Game Notes:
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deGrom is 9-4 with a 2.44 ERA in 21 career starts against the Nationals.
Abbott allowed one run in two innings of relief against the Mets last season as a member of the Chicago Cubs.
Daniel Vogelbach will return to the starting lineup tonight with a righty on the mound. He will start as the designated hitter and bat fifth.
Tyler Naquin will start in left field and give Mark Canha the night off. He will hit seventh.
Eduardo Escobar will get the night off. Luis Guillorme will start at third base and bat eighth.
The Mets have acquired first baseman Darin Ruf from the San Francisco Giants in exchange for J.D. Davis, Thomas Szapucki and two prospects. | https://thesportsdaily.com/news/8-2-22-game-preview-new-york-mets-at-washington-nationals-m1d1/ | 2022-08-02T22:14:24 | en | 0.948716 |
UN says Yemen's warring sides agree to renew existing truce
Only 29 vessels were allowed into Hodeida as of Tuesday, said Essam al-Motwakel, spokesman for the Houthi-run oil corporation.Both Sanaa and Hodeida are controlled by the Houthi rebels, but blockaded by the Saudi-led coalition.The truce has also called for opening the roads around Taiz, Yemens third largest city, which the Houthis have besieged for years.
- Country:
- Yemen Rep
The United Nations said Yemen's warring parties have agreed to renew an existing truce for another two months after concerted international efforts.
The already 4-month-old cease-fire has been the longest nationwide ease in fighting since the war began in the Arab world's poorest country nearly eight years ago. The UN envoy to Yemen Hans Grundberg said in a statement that the country's internationally recognised government and the Houthi rebels had also agreed to try to arrive at ''an expanded truce agreement as soon as possible'' on Tuesday.
Yemen's civil war erupted in 2014, when the Houthis descended from their northern enclave and took over the capital, forcing the government to flee to the south before its exile in Saudi Arabia. A Saudi-led coalition — then backed by the United Sates — entered the war in early 2015 to try to restore the government to power. Since then, the conflict has turned into a proxy war between regional foes Saudi Arabia and Iran, which backs the Houthis. The truce renewal announcement came hours after an Omani delegation concluded three days of talks with the Houthi leadership, including with the rebels' chief Abdel-Malek al-Houthi in the capital of Sanaa.
After the announcement, Mohammed Abdel-Salam, the Houthi chief negotiator and spokesman, thanked Oman for its efforts and called for the UN to work to open the airport in Sanaa, and the key port of Hodeida in a tweet.
''We stress the need to fully implement the #?????? clauses, stop all Houthi violations, initiate the immediate opening of the main roads in Taiz and the rest of the governorates, and ensure that the revenues of Hodeidah ports are used to pay the salaries of employees.'' The cease-fire initially took effect on April 2 and was extended June 2. However, there have been offensive actions during recent months.
Both sides have publicly announced that they've bolstered their front-line positions, particularly around the oil-rich city of Marib, which the Houthis have been trying to seize for over a year. There were also shows of power through military parades featuring thousands of soldiers. The government and the Houthis both claimed to have documented dozens of truce violations on a weekly basis.
But the cease-fire has brought relief for Yemenis who have suffered from a decade of political turmoil and conflict. Around a third of Yemen's 30 million population has been facing starvation due to the war and a lack of funding for humanitarian aid, according to the UN food agency.
Aside from the lull in violence, the truce established two commercial flights per week from Sanaa to Jordan and Egypt, after the country's airport was closed to passenger flights for years. The truce also called for the Saudi-led coalition to allow a total of 36 vessels carrying fuel into the port of Hodeida over the course of four months. Only 29 vessels were allowed into Hodeida as of Tuesday, said Essam al-Motwakel, spokesman for the Houthi-run oil corporation.
Both Sanaa and Hodeida are controlled by the Houthi rebels, but blockaded by the Saudi-led coalition.
The truce has also called for opening the roads around Taiz, Yemen's third largest city, which the Houthis have besieged for years. But the rebels rejected two UN proposals to lift the blockade, according to the envoy office. Another item on the agenda is finding a way to pay the country's public servants, many of whom have gone with little or no salaries for years due to the civil strife. The source of the funding for government employees salaries remains a serious point of contention.
Ahmed Bin Mubarak, the foreign minister of the internationally recognised government, called for the Houthis to reopen Taiz roads and to ''ensure that revenues of the Hodeida ports are used to pay public servants salaries.'' The ports revenues are collected by the Houthis.
UN Secretary-General Antonio Guterres hailed the truce extension as a positive development, his spokesman said. ''We very much welcome this positive development. The people of Yemen of deserve a country at peace,'' UN spokesman Stephane Dujarric said.
Aid groups also welcomed the decision to renew the truce and called on Yemeni leaders to see it as an opportunity for more serious work towards peace to be done.
''We hope this two-month extension will allow for the reopening of roads linking cities and regions, enable more displaced people to return to their homes safely, and ensure humanitarian aid can reach people who have been out of reach for far too long because of hostilities,'' said Erin Hutchinson, Yemen director for the Norwegian Refugee Council in a statement.
Tuesday's extension fell short of a proposed six-month renewal of the cease-fire, according to a government official. The Houthis had wanted more flights from Sanaa airport and more fuel vessels allowed to arrive in Hodeida to agree on that longer period. The internationally recognised government would not discuss the Houthi demands before the opening of Taiz roads, the official said. He spoke on condition anonymity to discuss internal deliberations.
On Sunday, US Secretary of State Antony Blinken spoke with Rashad al-Alimi, head of the presidential government, to press for the truce renewal. He said the cease-fire ''provides the best opportunity for peace in years — we must not let it slip away.''
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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Sharma seeks revival of her withdrawn petition, protection from arrest, and clubbing of FIRs lodged in several states over her remarks. | https://www.devdiscourse.com/article/business/2131651-un-says-yemens-warring-sides-agree-to-renew-existing-truce | 2022-08-02T22:14:25 | en | 0.969344 |
RESTON, Va. (AP) _ Mandiant, Inc. (MNDT) on Tuesday reported a loss of $90.5 million in its second quarter.
The Reston, Virginia-based company said it had a loss of 41 cents per share. Losses, adjusted for stock option expense and non-recurring costs, were 13 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The computer security software company posted revenue of $137.9 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $132.2 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 MNDT at https://www.zacks.com/ap/MNDT | https://www.theheraldreview.com/business/article/Mandiant-Q2-Earnings-Snapshot-17346381.php | 2022-08-02T22:14:25 | en | 0.955546 |
Published: Aug. 2, 2022 at 3:34 PM CDT|Updated: 2 hours ago
First half performance driven by strong pricing actions and robust market demand
Second Quarter 2022 Highlights
Revenue of $1.45 billion, an increase of 17 percent versus Q2 2021 and up 21 percent organically1
Consolidated GAAP net income of $131 million, down 35 percent versus Q2 2021
Adjusted EBITDA of $360 million, up 3 percent versus Q2 2021
Consolidated GAAP earnings of $1.06 per diluted share, down 32 percent versus Q2 2021
Adjusted earnings per diluted share of $1.93, up 7 percent versus Q2 2021
Full-Year Outlook2
Raises revenue outlook to a range of $5.5 to $5.7 billion, reflecting 11 percent growth at the midpoint versus 2021
Narrows adjusted EBITDA outlook to a range of $1.36 to $1.44 billion, reflecting 6 percent growth at the midpoint versus 2021
Narrows adjusted earnings per diluted share outlook to a range of $7.00 to $7.70, reflecting 6 percent growth at the midpoint versus 2021, excluding any impact from potential 2022 share repurchases
Narrows free cash flow outlook to a range of $565 to $685 million
PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today reported second quarter 2022 revenue of $1.45 billion, an increase of 17 percent versus second quarter 2021, driven by strong market demand and pricing. Excluding the impact of foreign currencies, organic revenue grew 21 percent year-over-year. On a GAAP basis, the company reported earnings of $1.06 per diluted share in the second quarter. This compares to GAAP earnings of $1.56 per diluted share in the second quarter of 2021. The impact of FMC's exit from Russia was $0.60 per diluted share in the quarter. Second quarter adjusted earnings were $1.93 per diluted share, an increase of 7 percent versus second quarter 2021.
"FMC's first half performance reflects our ability to price for the value we offer as well as robust demand for our innovative products worldwide. The company's performance was further supported by our operational agility and focus on execution in a dynamic global environment," said Mark Douglas, FMC president and chief executive officer.
FMC revenue growth in the second quarter was driven by a 14 percent contribution from volume and a 7 percent contribution from price, offset partially by a 4 percent currency headwind.
Sales in North America grew 26 percent versus the second quarter of 2021. Demand for both herbicides and insecticides grew double-digits. In Canada, high insect pressure supported the successful launch of Coragen® MaX, an insecticide powered by Rynaxypyr® active. Latin America sales grew 42 percent organically, and 44 percent including FX, year-over-year in the quarter, driven by volume gains and significant price increases across soy, corn, cotton and sugarcane. Brazil led growth in the region with strong sales of diamides and biologicals. In Asia, revenue was up 4 percent organically versus the prior year period. Including FX, Asia was down 1 percent. Demand for Benevia® insecticide grew in India for application on fruits and vegetables. In Australia, Overwatch® herbicide continued to outperform competing products in cereals. Sales in EMEA grew 15 percent organically and 3 percent including FX. Aside from strong pricing, results were driven by increased demand for Exirel® insecticide and Verimark® insecticide, as well as selective herbicides. Plant Health continued its growth momentum with revenue growing 20 percent in the quarter compared to previous year, led by biologicals which grew nearly 40 percent year-over-year.
Second quarter adjusted EBITDA was $360 million, an increase of 3 percent from the prior-year period. Volume benefits and pricing gains across all regions more than offset significant cost and currency headwinds in the quarter.
Full Year 2022 Outlook2
FMC's solid performance in the first half supports continued confidence in strong revenue and adjusted EBITDA growth for the full year which is reflected in a narrower updated guidance range. Full-year 2022 revenue is now forecasted to be in the range of $5.5 billion to $5.7 billion, representing an increase of 11 percent at the midpoint versus 2021 driven by volume and price growth in all regions partially offset by foreign currency impact in EMEA and Asia. Full-year adjusted EBITDA range has been narrowed and is now expected to be $1.36 billion to $1.44 billion, representing 6 percent year-over-year growth at the midpoint. The company expects the highest cost increases of the year in the third quarter with continued, but lower, cost inflation in the fourth quarter. The company's decision to cease operations and business in Russia will also be a headwind. The range for 2022 adjusted earnings per share is narrowed and it is now expected to be $7.00 to $7.70 per diluted share, representing an increase of 6 percent year-over-year at the midpoint. Interest expense is now expected to be $135 million to $155 million. Adjusted earnings per share excludes any impact from potential 2022 share repurchases and assumes weighted average diluted shares outstanding (WADSO) of approximately 127 million. Full-year free cash flow is expected to be $565 million to $685 million.
Second Half Outlook2
Sales in the second half of 2022 are expected to be in the range of $2.70 billion to $2.90 billion, representing 7 percent growth at the midpoint compared to the same period last year. Adjusted EBITDA is forecasted to be $646 million to $726 million, representing 2 percent growth at the midpoint versus a very strong second half 2021.
Third quarter revenue is expected to be in the range of $1.31 billion to $1.39 billion, representing a 13 percent increase at the midpoint compared to third quarter 2021. Adjusted EBITDA will be impacted by the highest cost increases this year as cost of materials purchased earlier in the year flow through the P&L. Adjusted EBITDA is forecasted to be in the range of $235 million to $255 million, representing a 16 percent decrease at the midpoint versus third quarter 2021. FMC expects adjusted earnings per diluted share to be in the range of $1.00 to $1.20 in the third quarter, a decrease of 23 percent at the midpoint versus third quarter 2021.
Fourth quarter revenue is expected to be in the range of $1.39 billion to $1.51 billion, a 2 percent increase at the midpoint compared to a very strong fourth quarter 2021. Adjusted EBITDA in the fourth quarter is expected to benefit as price and volume growth continues while cost increases begin to ease. Adjusted EBITDA is forecasted to be in the range of $411 million to $471 million, representing a 17 percent increase at the midpoint versus fourth quarter 2021. FMC expects adjusted earnings per diluted share to be in the range of $2.18 to $2.70 in the fourth quarter, which represents growth of 13 percent at the midpoint versus fourth quarter 2021.
"We continue to benefit from a robust market backdrop and customer demand for our innovative products and solutions. Strong pricing and demand through the second half of the year are expected to more than offset cost inflation and currency headwinds," said Douglas.
Supplemental Information
The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers, crop advisers and turf and pest management professionals to address their toughest challenges economically while protecting the environment. With approximately 6,400 employees at more than 100 sites worldwide, FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn® and Twitter®.
Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Rynaxypyr, Benevia, Overwatch, Coragen MaX, Exirel and Verimark are trademarks of FMC Corporation or an affiliate.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in reports or letters to FMC stockholders.
In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Currently, one of the most significant factors is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of FMC, which is substantially influenced by the potential adverse effect of the pandemic on FMC's customers and suppliers and the global economy and financial markets. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Additional factors include, among other things, the risk factors included within FMC's 2021 Form 10-K and similar risk factors and cautionary statements in other reports and forms filed with the SEC. Moreover, investors are cautioned to interpret many of these factors as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.
FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.
Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.
Although we provide forecasts for adjusted earnings per share, adjusted EBITDA and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.
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.wlbt.com/prnewswire/2022/08/02/fmc-corporation-delivers-solid-second-quarter-2022-results-raises-full-year-revenue-guidance/ | 2022-08-02T22:14:27 | en | 0.948821 |
The PGA Tour will make its final stop of the season as it heads to Greensboro, North Carolina for the 2022 Wyndham Championship on Thursday.
While players are playing for a $7.3 million purse, FedEx Cup points will also be awarded to the top 125 players. Playoff golf is only a week away and golfers are gearing off for the last stretch of the 2022 season.
Read on for Wyndham Championship 2022 tee times, featured groups, and weather forecast this weekend.
Wyndham Championship 2022 Featured Groups
The Wyndham Championship represents the last chance for players to punch their spot in the FedEx Cup playoffs.
This week, the top 125 golfers this week will earn points towards the FedEx Cup rankings. While most players have already secured their spot in the playoffs, the field is still solid with big names like Will Zalatoris, Shane Lowry, Webb Simpson and Sungjae Im playing this weekend.
One of the best featured groups this weekend will be J.T Poston, Sungjae Im and Will Zalatoris teeing off on Thursday morning at 7:56 a.m. ET.
Below, we’ll highlight all of the featured groups to watch in Round 1 and when they will tee off at the 2022 Wyndham Championship.
- 7:45 a.m. — Kevin Kisner, Webb Simpson, Davis Love III
- 7:56 a.m. — J.T. Poston, Sungjae Im, Will Zalatoris
- 8:40 a.m. — Brice Garnett, Patrick Rodgers, Davis Riley
- 12:38 p.m. — Sebastián Munoz, Corey Conners, J.H. Kim
- 1:00 p.m. — Billy Horschel, Sepp Straka, Shane Lowry
- 1:22 p.m. — Robert Garrigus, Russell Henley, Alex Smalley
Wyndham Championship 2022 Tee Times
The action at Sedgefield Country Club kicks off at 6:50 am ET on Thursday with Nick Watney, John Huh, and Vince Whaley teeing off on hole No.1. Meanwhile, Scott Brown, Tommy Gainey, and Doc Redman will get things started at hole No.10.
The par 70 course measures at 7,127 yards and tee times are about every 11 minutes after the first groups tee off at 6:50 am for round 1.
For a breakdown of all of the Wyndham Championship tee times for Round 1, scroll down below.
*indicates tee off on hole No. 10
Wyndham Championship 2022 Weather Forecast
Sedgefield Country Club is the final PGA Tour tournament of the season.
With a spot in the FedEx Cup Playoffs on the line, the field heads to Greenboro, North Carolina for another Donald Ross designed course with fast rolling bermudagrass greens.
Unlike last week at the Detroit Country Club, the field is going to face some tough weather challenges this weekend.
While Thursday has clear skies and perfect conditions, the rest of the weekend calls for showers and thunderstorms. The winds seem tame at Sedgefield but golf fans can expect rain delays and late tee times all weekend long.
Check out the chart below for the 2022 Wyndham Championship weather forecast. | https://thesportsdaily.com/news/wyndham-championship-2022-tee-times-featured-groups-and-weather-forecast/ | 2022-08-02T22:14:30 | en | 0.90244 |
DALLAS (AP) _ Match Group, Inc. (MTCH) on Tuesday reported a second-quarter loss of $31.9 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Dallas-based company said it had a loss of 11 cents. Earnings, adjusted for asset impairment costs and stock option expense, came to 89 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The media and internet company posted revenue of $794.5 million in the period, which missed Street forecasts. Nine analysts surveyed by Zacks expected $802.1 million.
For the current quarter ending in October, Match Group said it expects revenue in the range of $790 million to $800 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 MTCH at https://www.zacks.com/ap/MTCH | https://www.theheraldreview.com/business/article/Match-Group-Q2-Earnings-Snapshot-17346344.php | 2022-08-02T22:14:32 | en | 0.94251 |
Alex Jones says he never meant to hurt Sandy Hook parents with hoax claims
U.S. conspiracy theorist Alex Jones told a Texas jury on Tuesday that he never intended to hurt parents of a child killed in the 2012 Sandy Hook massacre when he claimed the shooting was a hoax, saying his comments were taken out of context.
- Country:
- United States
U.S. conspiracy theorist Alex Jones told a Texas jury on Tuesday that he never intended to hurt parents of a child killed in the 2012 Sandy Hook massacre when he claimed the shooting was a hoax, saying his comments were taken out of context. Jones, founder of the Infowars radio show and webcast, is on trial to determine how much he must pay for spreading falsehoods about the killing of 20 children and six staff at Sandy Hook Elementary School in Newtown, Connecticut, on Dec. 14, 2012. Jones has since acknowledged the shooting took place.
"I never intentionally tried to hurt you," Jones said, addressing the parents. "I never even said your name until this case came to court. I didn't know who you were until this came up." Neil Heslin and Scarlett Lewis, the parents of slain 6-year-old Jesse Lewis, are seeking as much as $150 million from Jones and his company, Free Speech Systems LLC.
Jesse Lewis's mother, Scarlett, addressed Jones directly on Tuesday after he questioned Heslin's credibility during a morning broadcast. "I know you believe me, yet you're going to leave this courtroom and say it again on your show," she said. "Do you have the capacity to put yourself in my shoes? Do you have empathy?"
Heslin on Tuesday told jurors that he had endured years of "hell" as a result of Jones' falsehoods. "I can't even describe the past nine-and-a-half years of hell I have had to endure because of the negligence and recklessness of Alex Jones and the propaganda he has peddled for his own profits and success," Heslin testified on Tuesday.
A lawyer for Jones said he had already paid a price after being deplatformed in 2018 and losing millions of viewers. The defamation suit in Austin, Texas, where Infowars is based, is one of several brought by families of victims who say Jones's followers harassed them as a result of his false claims.
Free Speech Systems declared bankruptcy in Texas court last week. Jones said during a Monday broadcast that the filing will help the company stay on the air while it appeals. The Sandy Hook gunman, Adam Lanza, 20, used a Remington Bushmaster rifle to carry out the massacre. It ended when Lanza killed himself with the approaching sound of police sirens.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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Father of child killed in Sandy Hook testify in Alex Jones defamation trial | https://www.devdiscourse.com/article/education/2131676-alex-jones-says-he-never-meant-to-hurt-sandy-hook-parents-with-hoax-claims | 2022-08-02T22:14:32 | en | 0.983423 |
JACKSONVILLE, Fla., Aug. 2, 2022 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through FNF's wholly-owned subsidiary, F&G, today reported financial results for the second quarter ended June 30, 2022.
Net earnings attributable to common shareholders for the second quarter of $382 million, or $1.37 per diluted share (per share), compared to $552 million, or $1.92 per share, for the second quarter of 2021. Net earnings attributable to common shareholders for the second quarter of 2022 includes $80 million of net unfavorable mark-to-market effects and $68 million of other unfavorable items; all of which are excluded from adjusted net earnings attributable to common shareholders.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the second quarter of $530 million, or $1.90 per share, compared to $593 million, or $2.06 per share, for the second quarter of 2021. The decrease from the prior year quarter was primarily a result of Title's decline in refinance volume, representing trough level activity versus the record levels set in the prior year period; partially offset by higher average fee per file, steady volume of commercial orders closed and higher earnings from F&G. F&G's adjusted net earnings for the second quarter of 2022 were $128 million, including $36 million of net favorable items primarily as a result of actuarial assumption updates, compared to $92 million, including $22 million of net favorable items, for the second quarter of 2021.
Company Highlights
- Solid Title Revenue: For the Title segment, total revenue of $2.6 billion, compared with $3.0 billion in total revenue in the second quarter of 2021. Total revenue, excluding recognized gains and losses, of $2.8 billion, compared with $3.0 billion in the second quarter of 2021
- Growth strategy drives strong sales for F&G: Total sales of $3.1 billion for the second quarter, a 15% increase over second quarter 2021 and a 19% increase over first quarter 2022; reflects successful execution of F&G's diversified growth strategy and a disciplined approach to pricing
- Partial spin-off of F&G remains on track: Pursuant to the previously announced transaction to distribute 15% ownership of F&G to FNF shareholders on a pro rata basis, F&G has filed its confidential Form 10 registration statement with the U.S. Securities and Exchange Commission for the partial spin-off. The filing represents a significant milestone in the transaction process, which remains on track to close early in the fourth quarter of 2022, subject to customary approvals. As expected, the Company executed on the conversion of the $400 million intercompany term loan into F&G equity during the second quarter
- Ample deployable capital supports shareholder value: FNF has repurchased 4.3 million shares for $172 million, at an average price of $39.76 per share, in the second quarter and paid common dividends at $0.44 per share for $122 million. FNF ended the second quarter with $1.6 billion in cash and short-term liquid investments at the holding company
William P. Foley, II, commented, "As we continue to navigate the market volatility due to rising interest rates and the ongoing economic uncertainty, we are proud of our second quarter results where we delivered total revenue of $2.6 billion, reflecting a moderation from the record setting mortgage market activity experienced in the year ago second quarter. Our Title business performed well and reflects management's execution and flexible operating model designed to rapidly adapt to changing market conditions. F&G delivered near record sales in the second quarter, as investors sought safe haven investments given the sharp increase in market volatility, which generated growth in assets under management to $40.3 billion at June 30, 2022. F&G's performance in the current market environment continues to support our acquisition thesis given their countercyclical business model which benefits from higher interest rates and provides a balance to our business as Title revenues begin to contract given higher mortgage rates."
Mr. Foley concluded, "Looking forward, we remain optimistic that the F&G partial spin-off is on track for the fourth quarter of this year and, once completed, will highlight the value creation that has occurred at F&G over the last two years. This planned transaction represents the Board's and management's commitment to delivering value to our shareholders. Our capital allocation strategy is another lever that we utilize to provide a steady stream of capital to our shareholders through our quarterly dividend while maintaining our share repurchase program as we deploy our strong free cash flow. During the quarter, we accelerated our buyback activity having repurchased $172 million of stock as compared to $134 million in the first quarter. Year to date, we have repurchased $306 million of stock while returning $245 million through our quarterly dividend."
Summary Financial Results
Segment Financial Results
Title
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products.
Second Quarter 2022 Highlights
Mike Nolan, Chief Executive Officer, said, "Our Title business produced a strong performance in the second quarter, despite the housing market experiencing headwinds from higher mortgage rates which has impacted residential refinance and purchase volumes. We are pleased with our adjusted pre-tax title earnings of $529 million and adjusted pre-tax title margin of 18.9% during the second quarter as we continue to benefit from strength in the commercial market combined with stability in the purchase market, both as compared to the first quarter of 2022, while our refinance volumes appear to be bottoming. Though the economic outlook and near-term market trends are uncertain, we will continue to manage the business the way we have through prior cycles, effectively managing margin by adjusting expenses to align with trends in opened and closed order volumes. We will also be opportunistic and use market dislocation to continue expanding our business through attractive acquisitions and recruiting of established and experienced producers."
- Total revenue of $2.6 billion, compared with $3.0 billion in total revenue in the second quarter of 2021
- Total revenue, excluding recognized gains and losses, of $2.8 billion, a 7% decrease compared with the second quarter of 2021
- Purchase orders opened decreased 12% on a daily basis and purchase orders closed decreased 11% on a daily basis from the second quarter of 2021
- Refinance orders opened decreased 67% on a daily basis and refinance orders closed decreased 68% on a daily basis from second quarter of 2021
- Commercial orders opened decreased 7% and commercial orders closed decreased 6% from second quarter of 2021
- Total fee per file of $3,557 for the second quarter, a 46% increase over second quarter of 2021
Second Quarter 2022 Financial Results
- Pre-tax title margin of 10.5% and industry leading adjusted pre-tax title margin of 18.9% for the second quarter of 2022, compared to 21.5% and 22.7%, respectively, in the second quarter of 2021
- Pre-tax earnings from continuing operations in Title for the second quarter of $267 million, compared with $644 million for the second quarter of 2021
- Adjusted pre-tax earnings in Title for the second quarter of $529 million compared with $688 million for the second quarter of 2021. The decrease from the prior year quarter was primarily a result of the considerable decline in refinance volume representing trough level activity versus the record levels set in the prior year period; partially offset by higher average fee per file and steady volume of commercial orders closed
F&G
This segment consists of operations of FNF's wholly-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.
Second Quarter 2022
Chris Blunt, President and Chief Executive Officer of F&G, commented, "F&G had a terrific quarter, demonstrated by our top line and bottom line results. We generated total gross sales of $3.1 billion which, in turn, drove our assets under management to $40.3 billion. In the retail channels, we generated a record $2.2 billion of sales, up 34% from the prior year quarter. Our retail sales volumes reflect expanding relationships with new and existing distribution partners, traction from a comprehensive product portfolio that meets a broad range of consumer needs, and increased demand given higher interest rates. Momentum continues in our institutional channels as we issued nearly $0.9 billion in funding agreements, even amidst a challenging rate environment for that space. On the bottom line, we delivered adjusted net earnings of $128 million, including $36 million of favorable notable items, which comprised 24% of FNF's consolidated adjusted net earnings."
Regarding the recently announced transaction to distribute 15% ownership of F&G to FNF shareholders, Mr. Blunt said, "We are making progress toward a targeted closing early in the fourth quarter of 2022. Overall, we are well positioned for future growth opportunities and view the transition to being a publicly traded company as a vote of confidence for our business."
- Total gross sales of $3.1 billion for the second quarter, an increase of 15% over the second quarter 2021 and an increase of 19% over first quarter 2022; reflects successful execution of F&G's diversified growth strategy and a disciplined approach to pricing
- Record Retail sales of $2.2 billion for the second quarter, a 34% increase over second quarter of 2021 and 53% increase over first quarter 2022 as sales resumed our planned growth trajectory, following moderated volume in first quarter from an inflection point in pricing actions taken in response to the macro environment
- Institutional sales of approximately $0.9 billion funding agreement issuances, compared to $1.0 billion funding agreement issuances for the second quarter 2021
- Average assets under management (AAUM) of $39.3 billion for the second quarter, an increase of 29% from $30.4 billion in the second quarter 2021, driven by net new business asset flows. Ending assets under management were $40.3 billion as of June 30, 2022
- Net earnings attributable to common shareholders for F&G of $230 million for the second quarter, compared to $82 million for the second quarter of 2021
- Adjusted net earnings for F&G of $128 million for the second quarter, compared to $92 million for the second quarter of 2021. Adjusted net earnings excluding notable items were $92 million in the second quarter, an increase of $22 million or 31% compared to $70 million in the prior year quarter, primarily driven by growth in assets under management
Conference Call
We will host a call with investors and analysts to discuss FNF's second quarter 2022 results on Wednesday, August 3, 2022, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com. The telephone replay will be available from 2:00 p.m. Eastern Time on August 3, 2022, through August 10, 2022, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13730096. An expanded quarterly financial supplement providing F&G segment results is available on the FNF Investor Relations website.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), net investment spread, assets under management (AUM), average assets under management (AAUM) and sales.
Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.
The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: the potential impact of the consummation of the F&G transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business, political and COVID-19 conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission (SEC).
FNF-E
SOURCE: Fidelity National Financial, Inc.; FGL Holdings
Adjusted net earnings include $36 million and $20 million of net favorable items in the three and six months ended June 30, 2022, respectively, and $22 million and $34 million of net favorable items in the three and six months ended June 30, 2021, respectively.
The table below provides summary financial highlights.
The table below provides a summary of sales highlights.
Footnotes:
- Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.
- Amounts are net of offsets related to value of business acquired (VOBA), deferred acquisition cost (DAC), deferred sale inducement (DSI) amortization, and unearned revenue (UREV) amortization, as applicable.
- Adjusted return on assets is calculated on a year to date ("YTD") basis.
- Institutional sales include funding agreements (FABN/FHLB) and pension risk transfer.
DEFINITIONS
The following represents the definitions of non-GAAP measures used by the Company.
Adjusted Net Earnings Attributable to Common Shareholders (Adjusted Net Earnings)
Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) from continuing operations attributable to common shareholders to eliminate:
Adjustments to adjusted net earnings are net of the corresponding impact on amortization of intangibles, as appropriate. The income tax impact related to these adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
Net Investment Spread
Net investment spread is the excess of net investment income, adjusted for market volatility on the alternative asset investment portfolio, earned over the sum of interest credited to policyholders and the cost of hedging our risk on indexed product policies. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the performance of the Company's invested assets against the level of investment return provided to policyholders, inclusive of hedging costs.
Assets Under Management (AUM)
AUM is calculated as the sum of:
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.
Average Assets Under Management (AAUM)
AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.
Adjusted Return on Assets
Adjusted Return on Assets is calculated by dividing annualized adjusted net earnings by year-to-date AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.
Sales
Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e. contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.
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SOURCE Fidelity National Financial, Inc.; FGL Holdings | https://www.wlbt.com/prnewswire/2022/08/02/fnf-reports-second-quarter-2022-financial-results/ | 2022-08-02T22:14:34 | en | 0.940612 |
TROY, Mich. (AP) _ Meritor Inc. (MTOR) on Tuesday reported fiscal third-quarter earnings of $73 million.
The Troy, Michigan-based company said it had net income of $1.02 per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to $1.07 per share.
The supplier of parts for commercial vehicles and heavy equipment posted revenue of $1.21 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 MTOR at https://www.zacks.com/ap/MTOR | https://www.theheraldreview.com/business/article/Meritor-Fiscal-Q3-Earnings-Snapshot-17346476.php | 2022-08-02T22:14:38 | en | 0.93452 |
Entertainment News Roundup: K-pop's BTS may still be able to perform while doing military service; Actress Nichelle Nichols, 'Star Trek's' trail-blazing Uhura, dies at 89 and more
Under a 2019 revision of the law, globally recognised K-pop stars were allowed to put off their service until 30. At 75, Edinburgh Festival more intent than ever on healing divisions Self-described working class playwright Kieton Saunders-Browne used to think the Edinburgh Fringe wasn't for people like him - until a fund set up to draw a more diverse cast of performers to the world's largest arts festival stepped in to help.
Following is a summary of current entertainment news briefs.
Actress Nichelle Nichols, 'Star Trek's' trail-blazing Uhura, dies at 89
Nichelle Nichols, whose portrayal of starship communications officer Lieutenant Uhura in the 1960s sci-fi TV series "Star Trek" and subsequent movies broke color barriers and helped redefine roles for Black actors, has died at age 89, her family said. Nichols, whose fans included Martin Luther King Jr. and a young Barack Obama, "succumbed to natural causes and passed away" on Saturday night, her son, Kyle Johnson, wrote on Facebook.
K-pop's BTS may still be able to perform while doing military service - minister
K-pop boy band BTS might still be able to perform overseas while serving in the military, South Korea's defence minister said on Monday, as the country debates shortening mandatory military service for K-pop stars to three weeks from about two years. The issue is coming sharply into focus with the oldest member of band, Jin, turning 30 next year. Under a 2019 revision of the law, globally recognised K-pop stars were allowed to put off their service until 30.
At 75, Edinburgh Festival more intent than ever on healing divisions
Self-described working class playwright Kieton Saunders-Browne used to think the Edinburgh Fringe wasn't for people like him - until a fund set up to draw a more diverse cast of performers to the world's largest arts festival stepped in to help. The 24-year-old Londoner, of Irish and Caribbean heritage, is using a grant from the Generate Fund to stage his play "Block'd Off", which runs at the city's Pleasance Theatre from Aug. 3, and break the cycle of deprivation that is central to the work.
Inspired by ABBA, digital popstar Polar aims for real-world debut
After headlining a festival in the metaverse, virtual singer and influencer Polar has ambitions to perform in the real world - drawing inspiration from the avatar concerts pioneered by Swedish pop giants ABBA, the digital team behind her says. The creation of media company TheSoul Publishing, Polar currently exists only in virtual world environments and on social media.
(With inputs from agencies.)
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POLL-South Korea's economy likely lost some steam in Q2 | https://www.devdiscourse.com/article/entertainment/2131658-entertainment-news-roundup-k-pops-bts-may-still-be-able-to-perform-while-doing-military-service-actress-nichelle-nichols-star-treks-trail-blaz | 2022-08-02T22:14:40 | en | 0.956761 |
HAMILTON, ON and BOSTON, Aug. 2, 2022 /PRNewswire/ -- Fusion Pharmaceuticals Inc. (Nasdaq: FUSN), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines, today announced that the compensation committee of the Company's Board of Directors granted stock option awards to purchase an aggregate of 44,800 shares of its common stock to two employees outside Fusion's 2020 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individual becoming an employee of Fusion in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price of $2.36 per share, which is equal to the closing price of Fusion's common stock on August 1, 2022. Each option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the one-year anniversary of the grant date and then in equal installments for 36 months thereafter, subject to the employee's continued service with Fusion through the applicable vesting dates.
About Fusion
Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines. Fusion connects alpha particle emitting isotopes to various targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's lead program, FPI-1434 targeting insulin-like growth factor 1 receptor, is currently in a Phase 1 clinical trial. The pipeline includes FPI-1966, targeting the fibroblast growth factor receptor 3 (FGFR3), currently in a Phase 1 study following the investigational new drug (IND) clearance; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1), also currently in a Phase 1 study. In addition to a robust proprietary pipeline, Fusion has a collaboration with AstraZeneca to jointly develop novel targeted alpha therapies (TATs) and combination programs between Fusion's TATs and AstraZeneca's DNA Damage Repair Inhibitors (DDRis) and immuno-oncology agents. Fusion has also entered into a collaboration with Merck to evaluate FPI-1434 in combination with Merck's KEYTRUDA® (pembrolizumab) in patients with solid tumors expressing IGF-1R. Fusion and Hamilton, Ontario-based McMaster University are building a current Good Manufacturing Practice (GMP) compliant radiopharmaceutical manufacturing facility designed to support manufacturing of the Company's growing pipeline of TATs.
For further information: Amanda Cray, Senior Director of Investor Relations & Corporate Communications, 617-967-0207, cray@fusionpharma.com
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SOURCE Fusion Pharmaceuticals Inc. | https://www.wlbt.com/prnewswire/2022/08/02/fusion-pharmaceuticals-announces-inducement-grants-under-nasdaq-listing-rule-5635c4/ | 2022-08-02T22:14:41 | en | 0.913958 |
CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Tuesday reported fiscal first-quarter earnings of $507.2 million.
The Chandler, Arizona-based company said it had net income of 90 cents per share. Earnings, adjusted for one-time gains and costs, were $1.37 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The chipmaker posted revenue of $1.96 billion in the period, which met Street forecasts.
For the current quarter ending in October, Microchip Tech expects its per-share earnings to range from $1.42 to $1.46. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.37.
The company said it expects revenue in the range of $2.02 billion to $2.1 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.99 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 MCHP at https://www.zacks.com/ap/MCHP | https://www.theheraldreview.com/business/article/Microchip-Tech-Fiscal-Q1-Earnings-Snapshot-17346317.php | 2022-08-02T22:14:44 | en | 0.958208 |
GLOBAL MARKETS-Wall Street dips, dollar gains on economic, geopolitical concerns
Weak economic data and rising Sino-U.S. tensions also pulled European stocks to a lower close. The pan-European STOXX 600 index lost 0.32% and MSCI's gauge of stocks across the globe shed 0.93%.
- Country:
- United States
U.S. stocks ended a choppy session lower on Tuesday, while the dollar rallied as risk appetite was dampened by economic uncertainties and escalating U.S.-China tensions.
All three major U.S. stock indexes closed red, with the blue-chip Dow faring worst. Economically sensitive transports underperformed the broader market. Meanwhile, the safe-haven greenback had a better day than most asset classes, jumping 0.8% against a basket of world currencies.
U.S. House of Representatives Speaker Nancy Pelosi's arrival in Taipei, despite warnings from Beijing, prompted Chinese war planes to buzz the Taiwan Strait in protest. "There is the uncertainty surrounding Pelosi's trip to Taiwan and there's additional data, regarding economic softness," said Sam Stovall, chief investment strategist of CFRA Research in New York. "Regarding recession, it's not a question of 'if' but 'when and how deep.'"
On the economic front, a report from the Labor Department showed job openings in the United States dropped by 5.4% in June, a sign that the labor market is easing amid softening demand. That softening demand for workers could translate to cooling wage inflation, and analysts expect Friday's employment report to show hourly earnings growth cooled 0.2 percentage point last month to 4.9%.
Still, comments by Fed officials suggested more interest rate hikes are in the offing. "What's happening in the markets is a push-and-pull about where we are economically," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "It's a matter of whether the Fed continue to raise rates to fight inflation or pivot and stop raising rates as the economy weakens."
The Dow Jones Industrial Average fell 402.23 points, or 1.23%, to 32,396.17, the S&P 500 lost 27.44 points, or 0.67%, to 4,091.19 and the Nasdaq Composite dropped 20.22 points, or 0.16%, to 12,348.76. Weak economic data and rising Sino-U.S. tensions also pulled European stocks to a lower close.
The pan-European STOXX 600 index lost 0.32% and MSCI's gauge of stocks across the globe shed 0.93%. Emerging market stocks lost 1.25%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.26% lower, while Japan's Nikkei lost 1.42%.
U.S. Treasury yields edged higher amid volatile trading, hawkish comments from the Fed helped investors look past the brewing geopolitical turmoil over Pelosi's Taiwan visit. Benchmark 10-year notes last fell 43/32 in price to yield 2.761%, from 2.605% late on Monday.
The 30-year bond last fell about 3/4 in price to yield 3.0268%, from 2.925% late on Monday. Crude prices advanced ahead of the OPEC+ meeting of oil producers expected this week, who could opt against increasing global crude supply amid signs of waning demand.
U.S. crude rose 0.56% to settle at $94.42 per barrel, while Brent settled at $100.54 per barrel, up 0.51% on the day. The dollar reversed recent losses against a basket of world currencies.
The dollar index rose 0.79%, with the euro down 0.93% to $1.0166. The Japanese yen weakened 1.12% versus the greenback at 133.13 per dollar, while sterling was last trading at $1.2166, down 0.67% on the day.
Gold reversed earlier gains to snap its four-day winning streak. Spot gold dropped 0.6% to $1,761.29 an ounce.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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U.S. Treasury gives green light to Russian default insurance payouts | https://www.devdiscourse.com/article/headlines/2131652-global-markets-wall-street-dips-dollar-gains-on-economic-geopolitical-concerns | 2022-08-02T22:14:48 | en | 0.930914 |
LINCOLN, Neb. (AP) _ National Research Corp. (NRC) on Tuesday reported second-quarter net income of $8.3 million.
On a per-share basis, the Lincoln, Nebraska-based company said it had net income of 33 cents.
The advisor to healthcare providers posted revenue of $37.3 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 NRC at https://www.zacks.com/ap/NRC | https://www.theheraldreview.com/business/article/National-Research-Q2-Earnings-Snapshot-17346483.php | 2022-08-02T22:14:50 | en | 0.919237 |
ATLANTA, Aug. 2, 2022 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK), announced today that its Board of Directors declared a quarterly dividend of $0.075 per share of common stock to stockholders of record at the close of business on September 15, 2022. The dividend is payable on October 5, 2022.
About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of sustainable fiber-based packaging solutions to the world's most widely-recognized food, beverage, foodservice and other consumer products companies and brands. The Company operates on a global basis, is one of the largest producers of folding cartons and fiber-based foodservice products in the United States and Europe, and holds leading market positions in coated recycled paperboard, coated unbleached kraft paperboard and solid bleached sulfate paperboard. Additional information about Graphic Packaging, its business and its products is available at www.graphicpkg.com.
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SOURCE Graphic Packaging Holding Company | https://www.wlbt.com/prnewswire/2022/08/02/graphic-packaging-holding-company-declares-quarterly-dividend/ | 2022-08-02T22:14:47 | en | 0.930569 |
By SARAH DiLORENZO
Associated Press
BEIJING (AP) — China, which used its first Olympics to amplify its international aspirations, invited the world back Friday — sort of — for the pandemic era’s second Games, this time as an emboldened and more powerful nation whose government’s authoritarian turn provoked some countries’ leaders into staying home.
Chinese President Xi Jinping declared the Games open during a ceremony heavy on ice-blue tones and winter imagery, held in the same lattice-encased Bird’s Nest stadium that hosted the inaugural event of the 2008 Summer Olympics.
Athletes Zhao Jiawen and Dinigeer Yilamujiang, a member of the country’s Uyghur Muslim minority, delivered the final Olympic flame. The choice of Yilamujiang was steeped in symbolism: Critics say the Beijing government has abused and oppressed Uyghurs on a massive scale.
With the flame lit, Beijing became the first city to host both winter and summer Games. And while some are staying away from the second pandemic Olympics in six months, many other world leaders attended the opening ceremony. Most notable: Russian President Vladimir Putin, who met privately with Xi earlier in the day as a dangerous standoff unfolded at Russia’s border with Ukraine.
International Olympic Committee President Thomas Bach addressed assembled athletes: “Dear fellow Olympians: Your Olympic stage is set.”
The pandemic also weighs heavily on this year’s Games, just as it did last summer in Tokyo. More than two years after the first COVID-19 cases were identified in China’s Hubei province, some 700 miles (1,100 km) south of Beijing, nearly 6 million human beings have died and hundreds of millions more around the world have been sickened.
The host country itself claims some of the lowest rates of death and illness from the virus, in part because of strict lockdowns imposed by the government aimed at quickly stamping out outbreaks. Such measures instantly greeted anyone arriving to compete in or attend the Winter Games.
An Olympic opening ceremony typically provides the host nation a chance to showcase its culture, define its place in the world, flaunt its best side. That’s something China in particular has been consumed with for decades. But at this year’s Beijing Games, the gulf between performance and reality is shaping up to be particularly jarring.
Fourteen years ago, a Beijing opening ceremony that featured massive pyrotechnic displays and thousands of card-flipping performers set a new standard of extravagance to start an Olympics that no host since has matched. It was a fitting start to an event often billed as China’s “coming out.”
Now, no matter how you view it, China has arrived — but the hope for a more open country that accompanied those first Games has faded.
For Beijing, these Olympics are a confirmation of its status as world player and power. Yet for many outside China, particularly in the West, they have become a confirmation of the country’s embrace of more oppressive policies.
Chinese authorities are crushing pro-democracy activism and tightening their control over Hong Kong, becoming more confrontational with Taiwan, and interning Uyghurs in the far west — a crackdown the U.S. government and others have called genocide.
In protest of those actions, leaders of the United States, Britain, Australia and Canada, among others, imposed a diplomatic boycott on these Games, shunning appearances alongside Chinese leadership while still allowing their athletes to compete. But China came back with its own symbolic finger in the eye Friday, putting Yilamujiang in the opening night’s most anticipated role.
In the runup to the Olympics, China’s suppression of dissent was also on display in the controversy surrounding Chinese tennis star Peng Shuai. She disappeared from public view last year after accusing a former Communist Party official of sexual assault. Her accusation was quickly scrubbed from the internet, and discussion of it remains heavily censored.
In the shadow of those political issues, China put on its show. As Xi took his seat, the performers turned toward him and repeatedly bowed. A simultaneous cheer went up as they raised their pom poms toward their president — China’s most powerful leader since Mao Zedong, who established the People’s Republic in 1949. A barrage of fireworks, including some that spelled out “Spring,” announced that the festivities were at hand.
A line of people dressed in costumes representing China’s varied ethnicities passed the national flag to the pole where it was raised — a show of unity the country often puts on as part of its narrative that its wide range of ethnic groups live together in peace and prosperity.
But politics still elbowed its way into the proceedings. The parade of athletes from Taiwan — the island democracy that China says belongs to it but that competes separately as “Chinese Taipei” — was greeted with a cheer from the crowd, as were the Russian competitors. An overcoated Putin stood and waved at the delegation, nodding crisply as they marched.
The stadium was relatively full, though by no means at capacity, after authorities decided to allow a select group to attend events.
As with any Olympics, attention will shift Saturday — at least partially — from the geopolitical issues of the day to the athletes themselves.
All eyes turn now to whether Alpine skiing superstar Mikaela Shiffrin, who already owns three Olympic medals, can exceed sky-high expectations. How snowboard sensation Shaun White will cap off his Olympic career — and if the sport’s current standard-bearer, Chloe Kim, will wow us again. And whether Russia’s women will sweep the medals in figure skating.
And China is pinning its hopes on Eileen Gu, the 18-year-old, American-born freestyle skier who has chosen to compete for her mother’s native country and could win three gold medals.
As they compete, the conditions imposed by Chinese authorities offer a stark contrast to the party atmosphere of the 2008 Games. Some flight attendants, immigration officials and hotel staff have been covered head to toe in hazmat gear, masks and goggles. There is a daily testing regimen for all attendees, followed by lengthy quarantines for all those testing positive. And there is no passing from the Olympic venues through the ever-present cordons of chain-link fence — covered in cheery messages of a “shared future together” — into the city itself.
China itself has also transformed in the years since its first Games. Then, it was an emerging global economic force making its biggest leap yet onto the global stage. Now it is a burgeoning superpower. Xi, who was the head of the 2008 Olympics, now runs the entire country and has encouraged a personality-driven campaign of adulation.
Three decades after its troops crushed massive democracy demonstrations in Tiananmen Square, killing hundreds and perhaps thousands of Chinese, the government locked up an estimated 1 million members of minority groups, mostly Uyghurs, in mass internment camps. The situation has led human rights groups to dub these the “Genocide Games.”
China says the camps are “vocational training and education centers” that are part of an anti-terror campaign and have closed. It denies any human rights violations.
Outside the Olympic “bubble” that separates regular Beijingers from Olympians and their entourages, thousands of people, bundled in winter jackets, gathered west of the stadium hoping for a distant glimpse of the fireworks, but they were pushed back by police.
Elsewhere in the city, others expressed enthusiasm and pride at the world coming to their doorstep. Zhang Wenquan, a collector of Olympic memorabilia, said Friday that he was excited, but that was tempered by the virus that has changed so much for so many.
“I think the effect of the fireworks is going to be much better than it in 2008,” Zhang said. “I actually wanted to go to the venue to watch it. … But because of the epidemic, there may be no chance.”
___
AP video producers Olivia Zhang and Liu Zheng in Beijing contributed to this report. Follow London-based AP journalist Sarah DiLorenzo on Twitter at http://twitter.com/sdilorenzo
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/emboldened-china-opens-olympics-with-lockdown-and-boycotts-2/ | 2022-02-04T18:34:16 | en | 0.966009 |
By SARAH DiLORENZO
Associated Press
BEIJING (AP) — China, which used its first Olympics to amplify its international aspirations, invited the world back Friday — sort of — for the pandemic era’s second Games, this time as an emboldened and more powerful nation whose government’s authoritarian turn provoked some countries’ leaders into staying home.
Chinese President Xi Jinping declared the Games open during a ceremony heavy on ice-blue tones and winter imagery, held in the same lattice-encased Bird’s Nest stadium that hosted the inaugural event of the 2008 Summer Olympics.
Athletes Zhao Jiawen and Dinigeer Yilamujiang, a member of the country’s Uyghur Muslim minority, delivered the final Olympic flame. The choice of Yilamujiang was steeped in symbolism: Critics say the Beijing government has abused and oppressed Uyghurs on a massive scale.
With the flame lit, Beijing became the first city to host both winter and summer Games. And while some are staying away from the second pandemic Olympics in six months, many other world leaders attended the opening ceremony. Most notable: Russian President Vladimir Putin, who met privately with Xi earlier in the day as a dangerous standoff unfolded at Russia’s border with Ukraine.
International Olympic Committee President Thomas Bach addressed assembled athletes: “Dear fellow Olympians: Your Olympic stage is set.”
The pandemic also weighs heavily on this year’s Games, just as it did last summer in Tokyo. More than two years after the first COVID-19 cases were identified in China’s Hubei province, some 700 miles (1,100 km) south of Beijing, nearly 6 million human beings have died and hundreds of millions more around the world have been sickened.
The host country itself claims some of the lowest rates of death and illness from the virus, in part because of strict lockdowns imposed by the government aimed at quickly stamping out outbreaks. Such measures instantly greeted anyone arriving to compete in or attend the Winter Games.
An Olympic opening ceremony typically provides the host nation a chance to showcase its culture, define its place in the world, flaunt its best side. That’s something China in particular has been consumed with for decades. But at this year’s Beijing Games, the gulf between performance and reality is shaping up to be particularly jarring.
Fourteen years ago, a Beijing opening ceremony that featured massive pyrotechnic displays and thousands of card-flipping performers set a new standard of extravagance to start an Olympics that no host since has matched. It was a fitting start to an event often billed as China’s “coming out.”
Now, no matter how you view it, China has arrived — but the hope for a more open country that accompanied those first Games has faded.
For Beijing, these Olympics are a confirmation of its status as world player and power. Yet for many outside China, particularly in the West, they have become a confirmation of the country’s embrace of more oppressive policies.
Chinese authorities are crushing pro-democracy activism and tightening their control over Hong Kong, becoming more confrontational with Taiwan, and interning Uyghurs in the far west — a crackdown the U.S. government and others have called genocide.
In protest of those actions, leaders of the United States, Britain, Australia and Canada, among others, imposed a diplomatic boycott on these Games, shunning appearances alongside Chinese leadership while still allowing their athletes to compete. But China came back with its own symbolic finger in the eye Friday, putting Yilamujiang in the opening night’s most anticipated role.
In the runup to the Olympics, China’s suppression of dissent was also on display in the controversy surrounding Chinese tennis star Peng Shuai. She disappeared from public view last year after accusing a former Communist Party official of sexual assault. Her accusation was quickly scrubbed from the internet, and discussion of it remains heavily censored.
In the shadow of those political issues, China put on its show. As Xi took his seat, the performers turned toward him and repeatedly bowed. A simultaneous cheer went up as they raised their pom poms toward their president — China’s most powerful leader since Mao Zedong, who established the People’s Republic in 1949. A barrage of fireworks, including some that spelled out “Spring,” announced that the festivities were at hand.
A line of people dressed in costumes representing China’s varied ethnicities passed the national flag to the pole where it was raised — a show of unity the country often puts on as part of its narrative that its wide range of ethnic groups live together in peace and prosperity.
But politics still elbowed its way into the proceedings. The parade of athletes from Taiwan — the island democracy that China says belongs to it but that competes separately as “Chinese Taipei” — was greeted with a cheer from the crowd, as were the Russian competitors. An overcoated Putin stood and waved at the delegation, nodding crisply as they marched.
The stadium was relatively full, though by no means at capacity, after authorities decided to allow a select group to attend events.
As with any Olympics, attention will shift Saturday — at least partially — from the geopolitical issues of the day to the athletes themselves.
All eyes turn now to whether Alpine skiing superstar Mikaela Shiffrin, who already owns three Olympic medals, can exceed sky-high expectations. How snowboard sensation Shaun White will cap off his Olympic career — and if the sport’s current standard-bearer, Chloe Kim, will wow us again. And whether Russia’s women will sweep the medals in figure skating.
And China is pinning its hopes on Eileen Gu, the 18-year-old, American-born freestyle skier who has chosen to compete for her mother’s native country and could win three gold medals.
As they compete, the conditions imposed by Chinese authorities offer a stark contrast to the party atmosphere of the 2008 Games. Some flight attendants, immigration officials and hotel staff have been covered head to toe in hazmat gear, masks and goggles. There is a daily testing regimen for all attendees, followed by lengthy quarantines for all those testing positive. And there is no passing from the Olympic venues through the ever-present cordons of chain-link fence — covered in cheery messages of a “shared future together” — into the city itself.
China itself has also transformed in the years since its first Games. Then, it was an emerging global economic force making its biggest leap yet onto the global stage. Now it is a burgeoning superpower. Xi, who was the head of the 2008 Olympics, now runs the entire country and has encouraged a personality-driven campaign of adulation.
Three decades after its troops crushed massive democracy demonstrations in Tiananmen Square, killing hundreds and perhaps thousands of Chinese, the government locked up an estimated 1 million members of minority groups, mostly Uyghurs, in mass internment camps. The situation has led human rights groups to dub these the “Genocide Games.”
China says the camps are “vocational training and education centers” that are part of an anti-terror campaign and have closed. It denies any human rights violations.
Outside the Olympic “bubble” that separates regular Beijingers from Olympians and their entourages, thousands of people, bundled in winter jackets, gathered west of the stadium hoping for a distant glimpse of the fireworks, but they were pushed back by police.
Elsewhere in the city, others expressed enthusiasm and pride at the world coming to their doorstep. Zhang Wenquan, a collector of Olympic memorabilia, said Friday that he was excited, but that was tempered by the virus that has changed so much for so many.
“I think the effect of the fireworks is going to be much better than it in 2008,” Zhang said. “I actually wanted to go to the venue to watch it. … But because of the epidemic, there may be no chance.”
___
AP video producers Olivia Zhang and Liu Zheng in Beijing contributed to this report. Follow London-based AP journalist Sarah DiLorenzo on Twitter at http://twitter.com/sdilorenzo
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/emboldened-china-opens-olympics-with-lockdown-and-boycotts-4/ | 2022-02-04T18:34:22 | en | 0.966009 |
By SARAH DiLORENZO
Associated Press
BEIJING (AP) — China, which used its first Olympics to amplify its international aspirations, invited the world back Friday — sort of — for the pandemic era’s second Games, this time as an emboldened and more powerful nation whose government’s authoritarian turn provoked some countries’ leaders into staying home.
Chinese President Xi Jinping declared the Games open during a ceremony heavy on ice-blue tones and winter imagery, held in the same lattice-encased Bird’s Nest stadium that hosted the inaugural event of the 2008 Summer Olympics.
Athletes Zhao Jiawen and Dinigeer Yilamujiang, a member of the country’s Uyghur Muslim minority, delivered the final Olympic flame. The choice of Yilamujiang was steeped in symbolism since critics say the Beijing government has abused and oppressed Uyghurs on a massive scale.
With the flame lit, Beijing became the first city to host both winter and summer Games. And while some are staying away from the second pandemic Olympics in six months, many other world leaders attended the opening ceremony. Most notable: Russian President Vladimir Putin, who met privately with Xi earlier in the day as a dangerous standoff unfolded at Russia’s border with Ukraine.
International Olympic Committee President Thomas Bach addressed assembled athletes: “Dear fellow Olympians: Your Olympic stage is set.”
The opening ceremony typically provides the host nation a chance to showcase its culture, define its place in the world, flaunt its best side. That’s something China in particular has been consumed with for decades. But at this year’s Beijing Games, the gulf between performance and reality is shaping up to be particularly jarring.
Fourteen years ago, a Beijing opening ceremony that featured massive pyrotechnic displays and thousands of card-flipping performers set a new standard of extravagance to start an Olympics that no host since has matched. It was a fitting start to an event often billed as China’s “coming out.”
Now, no matter how you view it, China has arrived — but the hope for a more open country that accompanied those first Games has faded.
For Beijing, these Olympics are a confirmation of its status as world player and power. But for many outside China, particularly in the West, they have become a confirmation of the country’s embrace of more oppressive policies.
Chinese authorities are crushing pro-democracy activism and tightening their control over Hong Kong, becoming more confrontational with Taiwan, and interning Muslim Uyghurs in the far west — a crackdown the U.S. government and others have called genocide.
In protest of those actions, leaders of the United States, Britain, Australia and Canada, among others, imposed a diplomatic boycott on these Games, shunning appearances alongside Chinese leadership while allowing their athletes to compete. But China came back with its own finger in the eye Friday, putting Yilamujiang in arguably the most anticipated role of the night.
The pandemic also weighs heavily on this year’s Games, just as it did last summer in Tokyo. More than two years after the first COVID-19 cases were identified in China’s Hubei province, nearly 6 million human beings have died and hundreds of millions more around the world have been sickened.
The host country itself claims some of the lowest rates of death and illness from the virus, in part because of strict lockdowns imposed by the government aimed at quickly stamping out any outbreaks. Such measures instantly greeted anyone arriving to compete in or attend the Winter Games.
In the lead-up to the Olympics, China’s suppression of dissent was also on display in the controversy surrounding Chinese tennis star Peng Shuai. She disappeared from public view last year after accusing a former Communist Party official of sexual assault. Her accusation was quickly scrubbed from the internet, and discussion of it remains heavily censored.
In the shadow of those political issues, China put on its show. As Xi took his seat, the performers turned toward him and repeatedly bowed. A simultaneous cheer went up as they raised their pom poms toward their president — China’s most powerful leader since Mao Zedong. A barrage of fireworks, including some that spelled out “Spring,” announced that the festivities were at hand.
A line of people dressed in costumes representing China’s varied ethnicities passed the national flag to the pole where it was raised — a show of unity that the country often puts on as part of its narrative that its wide range of ethnic groups live together in peace and prosperity.
But politics still elbowed its way into the proceedings. The parade of athletes from Taiwan — the island democracy that China says belongs to it but that competes separately as Chinese Taipei — was greeted with a cheer from the crowd, as were the Russian competitors. An overcoated Putin stood and waved at the delegation, nodding crisply as they marched.
The stadium was relatively full — though by no means at capacity — after authorities decided to allow a select group to attend events.
As with any Olympics, attention will shift Saturday — at least partially — from the geopolitical issues of the day to the athletes themselves.
All eyes turn now to whether Alpine skiing superstar Mikaela Shiffrin, who already owns three Olympic medals, can exceed sky-high expectations. How snowboard sensation Shaun White will cap off his Olympic career — and if the sport’s current standard-bearer, Chloe Kim, will wow us again. And whether Russia’s women will sweep the medals in figure skating.
And China is pinning its hopes on Eileen Gu, the 18-year-old, American-born freestyle skier who has chosen to compete for her mother’s native country and could win three gold medals.
As they compete, the conditions imposed by Chinese authorities offer a stark contrast to the party atmosphere of the 2008 Games. Some flight attendants, immigration officials and hotel staff have been covered head-to-toe in hazmat gear, masks and goggles. There is a daily testing regimen for all attendees, followed by lengthy quarantines for all those testing positive. And there is no passing from the Olympic venues through the ever-present cordons of chain-link fence — covered in cheery messages of a “shared future together” — into the city itself.
China itself has also transformed in the years since its first Games. Then, it was an emerging global economic force making its biggest leap yet onto the global stage. Now it is a burgeoning superpower. Xi, who was the head of the 2008 Olympics, now runs the entire country and has encouraged a personality-driven campaign of adulation.
Three decades after its troops crushed massive democracy demonstrations in Tiananmen Square, killing hundreds and perhaps thousands of Chinese, the government locked up an estimated 1 million members of minority groups, mostly Uyghurs, in mass internment camps. The situation has led human rights groups to dub these the “Genocide Games.”
China says the camps are “vocational training and education centers” that are part of an anti-terror campaign and have closed. It denies any human rights violations.
Outside the Olympic “bubble” that separates regular Beijingers from Olympians and their entourages, thousands of people, bundled up in winter jackets, gathered west of the stadium hoping for a distant glimpse of the fireworks, but they were pushed back by police.
Elsewhere in the city, others expressed enthusiasm and pride at the world coming to their doorstep. Zhang Wenquan, a collector of Olympic memorabilia, said Friday that he was excited, but that was tempered by the virus that has changed so much for so many.
“I think the effect of the fireworks is going to be much better than it in 2008,” he said. “I actually wanted to go to the venue to watch it. … But because of the epidemic, there may be no chance.”
___
AP video producers Olivia Zhang and Liu Zheng in Beijing contributed to this report. Follow London-based AP journalist Sarah DiLorenzo on Twitter at http://twitter.com/sdilorenzo
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/emboldened-china-opens-olympics-with-lockdown-and-boycotts/ | 2022-02-04T18:34:28 | en | 0.967251 |
By LORNE COOK
Associated Press
BRUSSELS (AP) — The European Union on Friday imposed sanctions on five senior members of Mali’s transitional government, including Prime Minister Choguel Maiga, accusing them of working to obstruct and undermine the transition from military to civilian rule.
The move comes days after Mali coup leaders ordered France’s ambassador to leave in what was the latest episode in a growing diplomatic crisis between the impoverished Sahel region country, its African neighbors and European partners. But the sanctions weren’t linked to the expulsion.
Others hit by the EU’s asset freezes and travel bans include members of the inner circle of Col. Assimi Goita, who put himself in charge last year after dismissing the civilian leaders of Mali’s transitional government. EU citizens and companies are forbidden to grant the five access to funds.
Tensions escalated further, notably with the EU and other international partners, when Goita postponed the next presidential vote by four years, until 2026. The West African regional group ECOWAS imposed tough economic sanctions in response, and the Europeans are following suit.
Maiga is said by the EU to be “directly responsible for postponing the elections foreseen in the Transition Charter, and he is therefore obstructing and undermining the successful completion of the political transition of Mali.”
In December, the EU also slapped sanctions on eight people and three oil companies linked to the Wagner Group of Russian mercenaries, which is currently operating in Mali and stands accused of rights abuses in the Central African Republic, Libya and Syria.
Mali has struggled to contain an extremist insurgency since 2012. Rebels were forced from power in northern cities with the help of a French-led military operation, but they regrouped in the desert and began attacking the Malian army and its allies.
Insecurity has worsened with attacks on civilians and United Nations peacekeepers. The EU has been training the Mali armed forces since 2013. It had planned to continue to do so despite the severe instability and political upheaval.
But the expulsion of France’s envoy is raising questions about the viability of the mission, as well as the future of the European-led military task force known as Takuba. Last week, the Malian government ordered Danish soldiers out of the country just as they arrived to join the task force.
Norway has since reversed a decision to take part, and Germany is debating what to do about its contingent.
Tense ties with the junta in Mali are posing France one of its toughest challenges in Africa in years. Thousands of French troops are stationed there, and make up the core of a major international anti-terrorism operation in the increasingly restive Sahel region; a fertile breeding ground for extremists.
Any decision by France to pull its troops out would shake up the region.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/eu-slaps-sanctions-on-5-top-mali-officials-including-pm-2/ | 2022-02-04T18:34:50 | en | 0.962235 |
By MARC LEVY
Associated Press
HARRISBURG, Pa. (AP) — A Republican inquiry into Pennsylvania’s 2020 presidential election inspired by former President Donald Trump’s baseless claims of election fraud has spawned several court cases as it expands into multiple courses of inquiry, grows in cost and shows signs it will drag well into 2022.
The Republican pursuit has received a broad embrace by GOP candidates on the campaign trail. On Friday, the state GOP scheduled an hourlong presentation on it at the party’s closed-press winter meeting in Lancaster.
The undertaking comes after Trump and his supporters have pressured allies in battleground states he lost to seek out fraud to validate their conspiracy theories. Senators leading what they call an “investigation” in Pennsylvania have yet to report any findings.
As it drags on, it is looking more and more like the partisan and widely criticized “audit” that Arizona’s Senate Republicans carried out of heavily populated Maricopa County in a battleground state won — like Pennsylvania — by Democrat Joe Biden.
Senators in charge of it say they are simply looking for ways to improve the state’s elections, not overturn the 2020 presidential election.
Critics, including Republican senators, warn that its backers want nothing less than to overturn 2020′s election. Democrats have broadly opposed it and characterized it as an effort to discredit Biden’s win, damage confidence in elections and take away voting rights.
A look at where everything stands:
VOTING MACHINES
The state Supreme Court has, for now, held up the downloading of digital data from voting machines and election equipment in a heavily Republican county, Fulton County.
The Republican senator in charge, Sen. Cris Dush, R-Jefferson, is targeting Fulton County because it used equipment made by Dominion Voting Systems in 2020’s election.
Denver-based Dominion was the subject of some of the most feverish right-wing conspiracy theories about the election supposedly being stolen from Trump. It has since filed a number of defamation lawsuits against Trump allies and right-wing broadcasters.
In brief interview last month, Dush said he wants access to Dominion’s equipment “because there have been reports that there are problems with it, and we’re going to take a look at it.”
The state had a responsibility to ensure the equipment was “properly investigated,” but did not, Dush said.
Dush would not say exactly what problems he had in mind. But he also suggested the inquiry would not necessarily stop at Fulton County.
“We’re going to see if there is any evidence that causes further investigation and then we’ll go from there,” Dush said.
Fulton County, which is cooperating with Dush, is Trump country, delivering more than 85% of its vote in 2020’s election to the former president.
But Pennsylvania Gov. Tom Wolf’s administration asked the court to get involved because it had tried fruitlessly to ensure that any access to the equipment is conducted under a specific set of rules to prevent the data and equipment from being damaged or altered.
Fulton County said the state’s demands were unnecessary, and a lower court would not force it to agree.
Dominion’s equipment was also used in Maricopa County, where it was inspected twice by two different federally accredited voting system laboratories. It passed both times, according to reports of the inspections posted by Maricopa County.
Dush has advocated for overturning Biden’s victory in Pennsylvania and for bringing an Arizona-style election “investigation” to Pennsylvania.
THE SUBPOENA
The statewide Commonwealth Court last month rejected Democrats’ efforts to block a subpoena issued by a Republican-controlled Senate committee for information from state election officials.
But the court also declined to greenlight the release of some information it sought, citing an argument by Democratic state Attorney General Josh Shapiro that it is protected by privacy laws.
That protected information, according to Shapiro’s office, includes voters’ partial Social Security numbers and driver’s license numbers and details about election systems that are barred from public disclosure by federal law governing critical infrastructure.
Lawyers for Shapiro’s office and Senate Democrats want the court to order hearings so they can question Dush about why he thinks it is necessary to have the information.
But instead, the court has ordered briefs due Feb. 15 on questions about the court’s legal jurisdiction over a legislative subpoena.
When he voted for the subpoena, Dush said he wants the information because of questions “regarding the validity of people who have … voted, whether or not they exist.”
He did not give examples.
ELECTION FRAUD
An Associated Press investigation into potential cases of voter fraud in Pennsylvania and the five other battleground states where Trump disputed his loss to Biden in 2020 found a minuscule number of cases.
Election officials in 11 of the state’s 67 counties identified a total of 26 possible cases of voter fraud, representing 0.03% of Biden’s margin of victory. He defeated Trump in Pennsylvania by more than 80,000 votes, according to the state’s certified results.
THE COST
It’s going up.
In Arizona, millions of dollars were supplied by Trump supporters to underwrite the effort. In Pennsylvania, Senate Republicans concluded it would be illegal to accept private donations for the task and they would use taxpayer dollars.
The original contract between Senate Republicans and Envoy Sage is $270,250, but Dush’s office acknowledged the Fulton County undertaking was not covered under the original contract and requires an addendum. The addendum, dated Jan. 20, adds another $187,865, according to a copy posted online by the state Treasury Department.
In addition, lawyers are now representing both Republican and Democratic senators in two different court cases, one on the subpoena and one over Fulton County’s voting machines.
___
Follow Marc Levy on Twitter at https://www.twitter.com/timelywriter.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/gops-election-inquiry-courts-conspiracies-and-more-costs/ | 2022-02-04T18:34:57 | en | 0.961943 |
By EVENS SANON
Associated Press
PORT-AU-PRINCE, Haiti (AP) — The newest judge tapped to oversee the investigation into the killing of President Jovenel Moïse told The Associated Press on Friday that he has not decided whether to take the case amid concerns of putting his life in danger.
Judge Chavannes Étienne said his family is pressuring him not to accept the case because they fear for his life. If he were to accept, he would become the third judge to take over the case.
It wasn’t immediately clear if Étienne had to respond by a certain date. He previously oversaw the investigation into the November 2018 massacre of an estimated dozens of people at La Saline, a seaside slum in Haiti’s capital.
Magistrate Bernard Saint-Vil, dean of the Court of First Instance in Port-au-Prince, told AP that he had chosen Étienne but declined further comment as fears grow that the ongoing rotation of judges would delay the case.
Judge Garry Orélien had been overseeing the case but recently stepped down amid corruption accusations that he denied. He also had asked for more time to investigate the July 7 assassination, but Saint-Vil denied the request.
Orélien was appointed after another judge stepped down in August citing personal reasons, a move that came after one of his assistants died under unclear circumstances.
More than 40 people have been arrested in the killing of Moïse at his private residence, including several Haitian police officers, a former senator and 18 ex Colombian soldiers, the majority of whom the Colombian government says were duped.
Two other suspects were extradited recently to the U.S.: a former U.S. drug informant arrested in the Dominican Republic and an ex-Colombian soldier detained in Jamaica.
___
Associated Press writer Dánica Coto in San Juan, Puerto Rico contributed.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/haiti-seeks-3rd-judge-to-oversee-case-of-slain-president/ | 2022-02-04T18:35:03 | en | 0.980366 |
By KEVIN FREKING
Associated Press
WASHINGTON (AP) — Democrats muscled through legislation in the House on Friday that they say positions the United States to better compete with China economically and on the global stage by strengthening the domestic semiconductor industry and shoring up strained supply chains.
The bill passed by a vote of 222-210. It marks an important step for a top Biden administration priority, but the legislation is likely to be extensively revised as negotiators reconcile differences with what the Senate passed about eight months ago.
Criticizing China has become a bipartisan playbook in Washington. Republicans panned the measure as “toothless” and short of what is needed to hold the country accountable for a range of economic and human rights actions.
The nearly 3,000-page bill, not counting scores of amendments added this week, includes massive investments designed to boost semiconductor manufacturing in the U.S. The big-ticket items include about $52 billion in grants and subsidies to help the semiconductor industry and $45 billion to strengthen supply chains for high-tech products.
But Democrats also tucked in other priorities that have raised GOP concerns about the bill’s cost and scope. Rep. Adam Kinzinger of Illinois was the only Republican to vote for the measure, while Rep. Stephanie Murphy of Florida was the only Democrat to vote against it.
The bill includes $8 billion for a fund that helps developing countries adjust to climate change; $3 billion for facilities to make the U.S. less reliant on Chinese solar components; $4 billion to help communities with significantly higher unemployment than the national average; and $10.5 billion for states to stockpile drugs and medical equipment.
Democrats were in a celebratory mood prior to the vote after the latest jobs report showed employers added 467,000 jobs in January. They said the legislation would lead to more good news on that front.
“The bill we’re talking about today is a jobs bill, a jobs bill for manufacturing in America, for making it in America,” Pelosi said.
The bill gives Democrats a chance to address voter concerns about the economy at a time when a shortage of computer chips has led to higher prices for automobiles, electronics and medical devices. Republicans, who for months have hammered Democrats over rising inflation, say the bill has little to do with winning the economic competition with China and wastes taxpayer dollars on environmental initiatives and other unnecessary programs.
“This bill is actually just a long list of progressive dream policies that have nothing to do with China at all,” said Rep. Michelle Fischbach, R-Minn.
Commerce Secretary Gina Raimondo met with House Democratic lawmakers this week to discuss the bill. She said American manufacturing has been on a decline for more than three decades, leading to a loss of jobs and know-how.
“In the process of that slow atrophy we’ve become incredibly dependent on countries across the world,” Raimondo said. “And, so, what this bill is saying is stop the decline.”
One of the biggest flashpoints is the $8 billion in the legislation to help developing countries reduce their emissions and cope with climate change. Former President Barack Obama pledged $3 billion toward the fund, but former President Donald Trump withheld $2 billion of that.
Rep. Michael McCaul, the ranking Republican on the House Foreign Affairs Committee, called it an “unaccountable UN slush fund” that has already provided at least $100 million to China.
Meanwhile, America’s share of semiconductor manufacturing globally has steadily eroded from 37% in 1990 to about 12% now. The Biden administration and lawmakers are trying to reverse that trend, which industry officials say is driven by foreign competitors receiving significant government subsidies.
The pandemic has strained the supply chain for the chips. The Commerce Department issued a report last week that found the median inventory of some semiconductor products had fallen from 40 days in 2019 to less than five days in 2021. The report also said stakeholders don’t see the problem going away in the next six months. The administration cited the findings in calling for Congress to act.
Tensions with China are reflected in much the legislation. In a nod to concerns about the origins of COVID-19, the bill directs the president to submit a report to Congress on the most likely origin of the virus, the level of confidence in that assessment and the challenges of making such as assessment.
Republicans dismissed the provision as “no independent investigation, no sanctions, no punishment.” They want a select committee of lawmakers to look into the origins of COVID-19. “Instead of taking action to get a real accountability, it’s going to ask them for a report,” said Republican leader Kevin McCarthy of California.
Another provision would subject more lower-cost products made in China to tariffs. Currently, imports valued at less than $800 are exempted from expedited processing and tariffs. The bill eliminates the threshold for certain countries, most notably China.
“The investments that this bill makes in America — semiconductor manufacturing, supply chains, apprenticeships — enable America to compete effectively with China,” Raimondo said. “If you’re serious about competing with China, you must vote yes on this.”
The Senate passed its computer chips legislation in June by a vote of 68-32, representing a rare bout of bipartisanship on major legislation. Negotiators will now try to work out a compromise both chambers can accept, though it’s uncertain they could do so before the midterm elections. That would deprive the Biden White House the chance to show progress on an important economic issue.
Raimondo called for swift negotiations with the Senate once the House bill passes. Whatever emerges will need support from 10 Republicans in the 50-50 Senate to be passed into law. She voiced confidence a compromise will be found.
“There’s no irreconcilable differences, I can say that,” Raimondo said.
“We’ll send House Republicans a much better option to vote on in the next couple of months,” said Sen. Todd Young, R-Ind., who worked with Senate Majority Leader Chuck Schumer on the Senate’s version of the legislation.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/house-passes-bill-to-boost-us-computer-chip-production/ | 2022-02-04T18:35:09 | en | 0.954047 |
By DÁNICA COTO
Associated Press
SAN JUAN, Puerto Rico (AP) — Hundreds of teachers across Puerto Rico left their classrooms and took to the streets on Friday to demand higher wages, improved working conditions and better pensions amid an economic crisis.
Several schools were completely void of teachers as protesters gathered in the capital of San Juan and other cities including Mayaguez and Aguada and marched, clapped and banged on pots while supporters honked their horns as they drove past.
“We are tired, tired of not being recognized,” said Joalice Santiago, a 34-year-old who teaches Spanish and science to fourth and fifth graders. “It’s about time that teachers rise up and explain to the world the value of their profession.”
She said she tutors after school to boost her salary and that many teachers in Puerto Rico are forced to work two or three jobs to make ends meet as the cost of food, power and water increases as the island struggles to emerge from bankruptcy and tries to recover from Hurricane Maria and a spate of strong earthquakes.
The protest is the biggest one so far this week, with Puerto Rico’s Department of Education announcing on Thursday that some 5,000 teachers, or about 25% of those working in public schools, were absent. Updated numbers for Friday’s protest weren’t immediately available. Alexis Ramos, a spokesman for Puerto Rico’s Department of Education, said officials would soon comment on the situation.
The protests come just days after a federal control board that is overseeing Puerto Rico’s finances and the U.S. territory’s exit from bankruptcy approved a fiscal plan that contains salary increases for teachers and other public employees. Teachers would see an average increase of 27% compared with what they made in fiscal year 2019. They would receive half that increase on July 1, with the other half tied to them finishing a payroll and attendance system and providing for student attendance keeping.
Puerto Rico’s Association of Teachers rejected the move, saying it only increases base salaries to $2,220 a month instead of the $3,500 it is requesting.
Gov. Pedro Pierluisi said his administration respects the right to freedom of expression and promised that his administration is still working to secure even higher increases for all public servants.
“This fight has not ended,” he said, but warned that certain responsibilities cannot be ignored. “Our students more than ever need the guarantee of adequate face-to-face education, and for this, they need their teachers in the classroom.”
Santiago said teachers at her school earlier this week protested before the school bell would ring, but that on Friday, all of them closed their classrooms to join the protest with the director’s backing. She noted that many teachers across the island also are forced to paint their own classrooms or buy fans because the government does not provide sufficient resources.
“It’s hard,” she said. “The governor has a lot to think about…a lot to do.”
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/hundreds-of-teachers-in-puerto-rico-protest-for-higher-wages/ | 2022-02-04T18:35:15 | en | 0.976137 |
By ADAM SCHRECK
Associated Press
BEIJING (AP) — For all the talk of a diplomatic boycott, Chinese leader Xi Jinping has managed to attract a globe-spanning roster of presidents, royals and other dignitaries to the opening ceremony of the Winter Olympics.
The fact that most of them represent countries that are unlikely to win any medals — if they’re even competing at all — doesn’t seem to matter.
What does, from Beijing’s perspective, is presenting an image that China has emerged as a global power whose authoritarian style of government can go head-to-head with a world dominated by the U.S. and its fellow democracies.
“There is a strong authoritarian tilt among the list of leaders attending,” said Andrew Yeo, who heads the Asian Studies department at The Catholic University of America. “It’s a much different list of global leaders when compared with the attendees of Biden’s Summit for Democracy last December.”
The guest list for Friday includes Russia’s Vladimir Putin, whose tens of thousands of troops are poised for a possible invasion of Ukraine. Also here: the heads of a good chunk of the rest of the former Soviet Union and the unelected rulers of several energy-rich Gulf Arab states. That leaves plenty of room for diplomatic intrigue and backroom deal-making for those making the trip.
One side effect of the pandemic has been to make face time with Xi more valuable than ever — even if it must be done behind a mask. The Chinese leader hasn’t been abroad in more than two years. His country has sharply limited international travel while pursuing a zero-tolerance policy in fighting the virus.
So anyone who wants to meet Xi, China’s most powerful leader in decades, or other top officials like Premier Li Keqiang in person has to make the trip — no matter how powerful they are at home. And so they are coming, from Argentina and Egypt, from Kyrgyzstan and Azerbaijan.
Just as notable is who won’t be there. The United States and several other like-minded democracies are not sending political delegations as part of stated or unstated diplomatic boycotts of the games.
India became the latest nation to join the boycott Thursday after it emerged that a Chinese military commander involved in deadly clashes with Indian forces along their shared border in 2020 was reportedly chosen to be a torchbearer ahead of the Games.
While the decisions to keep officials away have dented the “propaganda coup” that Xi might have hoped for, the number of leaders that China has managed to attract is nevertheless testament to the country’s growing economic clout, according to Anthony J. Saich, a China expert at Harvard University’s Kennedy School.
“They do not want to be seen as slighting China,” he said. The mood this year, he added, has a very different feel from the 2008 Beijing Olympics, “when there was international and domestic enthusiasm for the games being held in China.”
That means that the countries most likely to take home medals, aside from Winter Olympics powerhouse Russia, aren’t among those gracing the Bird’s Nest skyboxes.
At least eight of the roughly 20 countries sending high-level officials have no athletes competing. That includes steamy Cambodia, desert-covered Egypt and the United Arab Emirates, which at least boasts an indoor ski slope in Dubai. Several others are fielding only a single competitor, including Saudi Arabia and Pakistan, both of whom have one male skier participating.
No leader aside from Xi himself is being as closely watched as Putin, a winter sports enthusiast who can use his visit to project a visage of business-as-usual statesman even as the U.S. and its allies fear he is preparing for war. His presence is also a reminder that Russia very much is at the Olympic Games even if the country’s athletes can’t compete under their own flag.
An overcoated Putin, standing by himself, waved from the stands as his nation’s team — known once again as the Russia Olympic Committee because of doping sanctions — was introduced.
“This is more than a ‘sideline’ meeting,” Yeo said. “It involves the leaders of two great powers who are looking to strengthen diplomatic and economic relations at a time when both countries feel emboldened to challenge the United States.”
The Russian president met with Xi earlier Friday for their first in-person meeting since 2019. In his opening remarks, Putin said relations between the two nations are progressing in “a spirit of friendship and strategic partnership.”
“They have indeed become unprecedented. It’s an example of dignified relations that support mutual development,” Putin said.
The two countries issued a joint statement reflecting their shared views on global security and planned to ink more than dozen trade, energy and other agreements. Yuri Ushakov, Putin’s foreign affairs adviser, noted ahead of the meeting that China supports Russia’s demands for security guarantees that have underpinned the standoff over Ukraine.
Chinese Foreign Minister Wang Yi told U.S. Secretary of State Antony Blinken in a call last week that Moscow’s security concerns need to be taken seriously and addressed, a statement that marked a notable policy shift for Beijing.
Putin will have plenty of other leaders to talk to should he so choose. They include the heads of former Soviet states in Central Asia that Moscow sees, like Ukraine, as a natural part of its sphere of influence.
The region is also crucial for China’s ambitious Belt and Road trade initiative, and trade has surged in recent years. Friday’s attendees include the president of the region’s largest economy, Kazakhstan President Kassym-Jomart Tokayev, who enjoyed Xi’s support when he faced a spike in political unrest last month.
But some of the guests don’t fit into neat geopolitical categories. Take the tiny Gulf state of Qatar, for example.
Its powerful emir, Tamim bin Hamad Al Thani, is fresh off a meeting with U.S. President Joe Biden on Monday in which his country was designated a major non-NATO ally and hailed as a “good friend and reliable partner.”
But as the world’s second-biggest exporter of liquefied natural gas, the 2022 World Cup host is also eager to secure more sales of the fuel to China. And it could prove to be a useful backup option for European gas supplies in the event they are cut or curtailed in a conflict between Russia and Ukraine.
And then there’s Poland, the only European Union nation sending an elected leader to the Games. While he’s not the main decision-maker in Polish politics, President Andrzej Duda’s presence is noteworthy given the U.S.-led diplomatic boycott and concerns over a crisis in Ukraine, with which it shares a lengthy border.
Duda is scheduled to meet Xi, U.N. Secretary-General Antonio Guterres and Olympic Committee President Thomas Bach during his visit. His press office said the goal of those talks “is to encourage the interlocutors to play an active role in leading to Russia-Ukraine talks.”
__
Adam Schreck is director of Asia-Pacific news for The Associated Press, based in Bangkok. James Ellingworth in Beijing and Monika Scislowska in Warsaw contributed reporting.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/in-opening-of-winter-olympics-chances-at-politicking-abound-5/ | 2022-02-04T18:35:22 | en | 0.963178 |
By ADAM SCHRECK
Associated Press
BEIJING (AP) — For all the talk of a diplomatic boycott, Chinese leader Xi Jinping has managed to attract a globe-spanning roster of presidents, royals and other dignitaries to the opening ceremony of the Winter Olympics.
The fact that most of them represent countries that are unlikely to win any medals — if they’re even competing at all — doesn’t seem to matter.
What does, from Beijing’s perspective, is presenting an image that China has emerged as a global power whose authoritarian style of government can go head-to-head with a world dominated by the U.S. and its fellow democracies.
“There is a strong authoritarian tilt among the list of leaders attending,” said Andrew Yeo, a politics professor at The Catholic University of America and senior fellow at the Brookings Institution. “It’s a much different list of global leaders when compared with the attendees of Biden’s Summit for Democracy last December.”
The guest list for Friday includes Russia’s Vladimir Putin, whose tens of thousands of troops are poised for a possible invasion of Ukraine. Also here: the heads of a good chunk of the rest of the former Soviet Union and the unelected rulers of several energy-rich Gulf Arab states. That leaves plenty of room for diplomatic intrigue and backroom deal-making for those making the trip.
One side effect of the pandemic has been to make face time with Xi more valuable than ever — even if it must be done behind a mask. The Chinese leader hasn’t been abroad in more than two years. His country has sharply limited international travel while pursuing a zero-tolerance policy in fighting the virus.
So anyone who wants to meet Xi, China’s most powerful leader in decades, or other top officials like Premier Li Keqiang in person has to make the trip — no matter how powerful they are at home. And so they are coming, from Argentina and Egypt, from Kyrgyzstan and Azerbaijan.
Just as notable is who won’t be there. The United States and several other like-minded democracies are not sending political delegations as part of stated or unstated diplomatic boycotts of the games.
India became the latest nation to join the boycott Thursday after it emerged that a Chinese military commander involved in deadly clashes with Indian forces along their shared border in 2020 was reportedly chosen to be a torchbearer ahead of the Games.
While the decisions to keep officials away have dented the “propaganda coup” that Xi might have hoped for, the number of leaders that China has managed to attract is nevertheless testament to the country’s growing economic clout, according to Anthony J. Saich, a China expert at Harvard University’s Kennedy School.
“They do not want to be seen as slighting China,” he said. The mood this year, he added, has a very different feel from the 2008 Beijing Olympics, “when there was international and domestic enthusiasm for the games being held in China.”
That means that the countries most likely to take home medals, aside from Winter Olympics powerhouse Russia, aren’t among those gracing the Bird’s Nest skyboxes.
At least eight of the roughly 20 countries sending high-level officials have no athletes competing. That includes steamy Cambodia, desert-covered Egypt and the United Arab Emirates, which at least boasts an indoor ski slope in Dubai. Several others are fielding only a single competitor, including Saudi Arabia and Pakistan, both of whom have one male skier participating.
No leader aside from Xi himself is being as closely watched as Putin, a winter sports enthusiast who can use his visit to project a visage of business-as-usual statesman even as the U.S. and its allies fear he is preparing for war. His presence is also a reminder that Russia very much is at the Olympic Games even if the country’s athletes can’t compete under their own flag.
An overcoated Putin, standing by himself, waved from the stands as his nation’s team — known once again as the Russia Olympic Committee because of doping sanctions — was introduced.
“This is more than a ‘sideline’ meeting,” Yeo said. “It involves the leaders of two great powers who are looking to strengthen diplomatic and economic relations at a time when both countries feel emboldened to challenge the United States.”
The Russian president met with Xi earlier Friday for their first in-person meeting since 2019. In his opening remarks, Putin said relations between the two nations are progressing in “a spirit of friendship and strategic partnership.”
“They have indeed become unprecedented. It’s an example of dignified relations that support mutual development,” Putin said.
The two countries issued a joint statement reflecting their shared views on global security and planned to ink more than dozen trade, energy and other agreements. Yuri Ushakov, Putin’s foreign affairs adviser, noted ahead of the meeting that China supports Russia’s demands for security guarantees that have underpinned the standoff over Ukraine.
Chinese Foreign Minister Wang Yi told U.S. Secretary of State Antony Blinken in a call last week that Moscow’s security concerns need to be taken seriously and addressed, a statement that marked a notable policy shift for Beijing.
Putin will have plenty of other leaders to talk to should he so choose. They include the heads of former Soviet states in Central Asia that Moscow sees, like Ukraine, as a natural part of its sphere of influence.
The region is also crucial for China’s ambitious Belt and Road trade initiative, and trade has surged in recent years. Friday’s attendees include the president of the region’s largest economy, Kazakhstan President Kassym-Jomart Tokayev, who enjoyed Xi’s support when he faced a spike in political unrest last month.
But some of the guests don’t fit into neat geopolitical categories. Take the tiny Gulf state of Qatar, for example.
Its powerful emir, Tamim bin Hamad Al Thani, is fresh off a meeting with U.S. President Joe Biden on Monday in which his country was designated a major non-NATO ally and hailed as a “good friend and reliable partner.”
But as the world’s second-biggest exporter of liquefied natural gas, the 2022 World Cup host is also eager to secure more sales of the fuel to China. And it could prove to be a useful backup option for European gas supplies in the event they are cut or curtailed in a conflict between Russia and Ukraine.
And then there’s Poland, the only European Union nation sending an elected leader to the Games. While he’s not the main decision-maker in Polish politics, President Andrzej Duda’s presence is noteworthy given the U.S.-led diplomatic boycott and concerns over a crisis in Ukraine, with which it shares a lengthy border.
Duda is scheduled to meet Xi, U.N. Secretary-General Antonio Guterres and Olympic Committee President Thomas Bach during his visit. His press office said the goal of those talks “is to encourage the interlocutors to play an active role in leading to Russia-Ukraine talks.”
___
Adam Schreck is director of Asia-Pacific news for The Associated Press, based in Bangkok. James Ellingworth in Beijing and Monika Scislowska in Warsaw contributed reporting.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/in-opening-of-winter-olympics-chances-at-politicking-abound-7/ | 2022-02-04T18:35:45 | en | 0.963053 |
ISTANBUL (AP) — A fire broke out at a prison in Istanbul on Friday, leaving at least 11 inmates hospitalized with smoke inhalation, a Turkish broadcaster reported.
The cause of the blaze in Umraniye prison, on the Asian side of the city, wasn’t immediately known. The prison has a capacity to hold 1,000 inmates, according to its website.
Several firetrucks were dispatched to the prison, the state-run Anadolu Agency reported.
The broadcaster HaberTurk said none of the inmates were in serious condition.
Video footage from the private DHA news agency showed at least two ambulances and a prison transport vehicle enter the gates of the prison compound as gray smoke was seen billowing from behind a building.
It also showed a firefighter using a water cannon at the top of ladder to douse the fire.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/istanbul-prison-fire-leaves-at-least-11-inmates-hospitalized/ | 2022-02-04T18:35:51 | en | 0.957485 |
By GHAITH ALSAYED, ZEKE MILLER, LOLITA C. BALDOR and CALVIN WOODWARD
Associated Press
When helicopters carrying some 50 U.S. commandos thumped onto the ground in Syria an hour after midnight, the raiders confronted a houseful of extremists and children.
Baby comforts were inside — a stuffed bunny, a blue plastic swing, a crib. So was the paraphernalia of violence — such as the bomb Abu Ibrahim al-Hashimi al-Qurayshi is said by U.S. officials to have used to blow up himself, his family and perhaps others in his immediate proximity.
It was an audacious raid in an extremist stronghold of northwest Syria, months in the works and executed with the understanding that children might die as well as the hunted IS chief if the building’s occupants did not get out when given the chance to leave.
The apparent suicide bombing came before or early in a two-hour gun battle Thursday. First responders said 13 people died, six of them children. No U.S. commandos were wounded, military officials said.
President Joe Biden, who ordered the raid, said the world is rid of a man he described as the driving force behind the “genocide of the Yazidi people in northwestern Iraq in 2014,” when slaughters wiped out villages, thousands of women and young girls were sold into slavery and rape was used as a weapon of war.
“Thanks to the bravery of our troops, this horrible terrorist leader is no more,” Biden said.
THE PREPARATION
Over months of planning, U.S. intelligence first had to locate al-Qurayshi’s whereabouts and understand his movements — or lack thereof. Officials concluded he rarely, if ever, left his family’s third-floor quarters except to bathe on the building’s roof.
Anticipating that al-Qurayshi could well choose death by self-detonation if cornered by U.S. forces, U.S. officials commissioned an engineering study-from-afar of the three-story, cinder-block building to see if it would collapse in that event and kill everyone inside.
They concluded that enough of the building was likely to survive such a blast to spare those not near him.
They constructed a tabletop model of the house and in December set it up in the Situation Room, the ultra-secure White House command and communications post where presidents and their national security aides manage crises.
The second floor of the Syrian house, also white, was occupied by a lower-ranking Islamic State leader and his family. The ground floor, partly a basement, housed a family unconnected to the Islamic State and unaware of al-Qurayshi’s presence or significance, U.S. officials said.
Biden was first briefed in depth more than a month ago by operational commanders after U.S. forces were satisfied they would find al-Qurayshi — also known as Haji Abdullah — where they did.
The Islamic State, which once controlled most of the territory in Iraq and parts of Syria, has been attempting to regenerate, and staged its most ambitious operation in years when it seized a prison in northeast Syria last month holding at least 3,000 IS detainees.
U.S.-backed Kurdish forces fought IS militants for 10 days to take back the prison, and a watchdog organization reported Friday that hundreds of boys who’d been held there are missing.
For all his brinkmanship with Russia as it amasses its forces for a possible new invasion of Ukraine, Biden could not afford to take his eyes off IS.
On Tuesday morning, he met Defense Secretary Lloyd Austin and Gen. Mark Milley, chairman of the Joint Chiefs of Staff, in the Oval Office and gave the go-ahead. Wednesday evening in Washington, Biden was in the Situation Room, monitoring a live feed of the mission as it unfolded.
___
THE MISSION
At his refugee camp near the raid, Jamil el-Deddo heard aircraft and an explosion ripping through the night and thought at first it might be the notorious barrel bombs “that used to be dropped on us.” President Bashar Assad’s forces used the explosives-packed barrels against opponents during the Syrian conflict, inflicting indiscriminate death and injury.
“The first moments were terrifying,” el-Deddo told AP. “No one knew what was happening.”
The U.S. launched the raid from a unidentified base in the region after having “deconflicted” the mission with “a range of entities.” That’s jargon for giving certain other military forces or interests in the region — perhaps Russia — notice of a U.S. operation underway.
At the outset, the building’s occupants were told to get out.
“If you don’t leave, we have orders,” a man speaking with Iraqi dialect could be heard saying through a loudspeaker. “We will fire missiles toward the house. There are drones overhead.”
Ten people left the building, said Pentagon spokesman John Kirby — a man and woman from the first floor and eight children in all from the first and second.
Not long after came the explosion that collapsed much of the third story and blew bodies out of the house, al-Qurayshi’s among them. Gen. Frank McKenzie, head of U.S. Central Command, said the blast was more massive than one that would be expected from a suicide vest.
From the second floor, the barricaded IS lieutenant, whom officials did not identify, and a woman thought to be his wife exchanged sustained gunfire with the commandos, U.S. officials said. Both died in the firefight, U.S. officials said, and one child with them was also found dead, McKenzie said.
The special operations forces conducting the mission faced danger from outside the building as well.
While the commandos were clearing the second floor, a number of foreign fighters linked to al-Qaida in Syria “began maneuvering with weapons toward U.S. forces” at the scene, McKenzie said. Gunfire from a U.S. helicopter killed at least two of them, he said.
Another helicopter developed a significant malfunction, McKenzie said. After landing it safely, away from the scene, the Americans rigged it to explode, then struck it with munitions from the air to be doubly sure “no sensitive equipment would remain in Syria.”
Videos released by the Syrian opposition group Syrian Civil Defense, also known as White Helmets, showed a paramedic rushing a little girl from the house into an ambulance. A photo of a girl circulated on social media later showing a girl who appeared to be about five with blood on her face.
When the commandos safely departed, Biden uttered “God bless our troops,” according to a U.S. official who briefed the press on condition of anonymity. Biden was kept abreast of their long flight out of Syria overnight by Jake Sullivan, the national security adviser.
___
AFTERMATH
In images afterward, blood could be seen on the walls and floor in what remains of the structure. A wrecked bedroom had a wooden crib and the stuffed rabbit doll. On one damaged wall, the baby swing was still hanging.
In the fog-of-war aftermath, there was no immediate accounting from the U.S. of how many children died in all, and how. The White House attributed the deaths of three of the children to al-Qurayshi’s blast while the Pentagon spoke of two, both leaving unexplained, for now, how many might have been killed in the firefight.
Biden said U.S. forces chose a riskier commando raid instead of an attack from the air so as to minimize civilian casualties.
Yet the U.S. launched the operation knowing the IS leader might respond by killing innocent people around him as well as himself. McKenzie said the U.S. “as always” will look into whether innocent people were killed by its forces.
___
Baldor, Miller and Woodward reported from Washington; Alsayed from Atmeh, Syria. Associated Press writers Zeina Karam in Beirut, Qassim Abdul-Zahra in Baghdad and Eric Tucker, Chris Megerian, Ellen Knickmeyer in Washington contributed reporting.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/lethal-us-raid-on-is-encounters-a-doll-crib-bomb-bullets-2/ | 2022-02-04T18:35:58 | en | 0.974938 |
By LAETITIA BEZAIN
Associated Press
ANTANANARIVO, Madagascar (AP) — Madagascar has put six of its regions on high alert as tropical Cyclone Batsirai is forecast to hit the Indian Ocean island’s east coast Saturday with intense winds of 195 kilometers (121 miles) per hour, according to the Department of Meteorology.
Residents across the island are stocking up on groceries and securing their homes as much as possible before the storm lands.
About 4.4 million of Madagascar’s 28 million people are at risk, with nearly 600,000 expected to be directly affected and more than 150,000 likely to be displaced, according to officials. Government and Red Cross teams are preparing for emergencies.
“We are concerned by the size and projected impact of this intense cyclone. Our immediate response activities will focus on saving lives, and they will include search and rescue operations,” Andoniaina Ratsimamanga, secretary-general of the Madagascar Red Cross said.
Red Cross teams are also working with the government to set up safe accommodations for people displaced by the storm, he said.
Batsirai (which means help in the Shona language) has already blown by the islands of Mauritius and Reunion, killing at least person in Mauritius and causing widespread power cuts. It has picked up speed and is expected to move from east to west across the center of Madagascar.
The new cyclone comes just weeks after Madagascar was badly affected by Cyclone Ana and other heavy rains which caused 55 deaths and made 131,000 people homeless. About 15,000 people have not yet been able to return to their homes, according to the National Office for Risk and Disaster Management.
The east coast of Madagascar, the world’s fourth-largest island, is already experiencing cloudy, windy weather as the cyclone approaches.
In Antananarivo, the capital, many low-lying neighborhoods that were flooded in January are expecting renewed inundation from the new cyclone.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/madagascar-on-high-alert-for-cyclone-batsirais-winds-rain/ | 2022-02-04T18:36:04 | en | 0.964443 |
By STEVE KARNOWSKI and AMY FORLITI
Associated Press
MINNEAPOLIS (AP) — Minnesota Attorney General Keith Ellison will join the review of the fatal shooting of a Black man by Minneapolis police, authorities said Friday, shortly after police released body camera footage that showed SWAT team officers entering an apartment and shooting the 22-year-old man, who was wrapped in a blanket and had a gun in his hand.
Amir Locke was killed in the shooting just before 7 a.m. on Wednesday. Police said Locke pointed a loaded gun “in the direction of officers.” An incident report said he had two wounds in the chest and one in the right wrist.
Activists swiftly denounced the killing, noting that Locke wasn’t named in a search warrant.
“The mother in me is furious and sick to my stomach,” said Nekima Levy Armstrong, a prominent civil rights attorney who confronted the city’s mayor and interim police chief late Thursday night after the video’s release. “Amir never had a chance to survive that encounter with police.”
The body camera video released late Thursday showed the footage in slow motion and at regular speed. It shows an officer using a key to unlock the door and enter, followed by at least four officers in uniform and protective vests, time-stamped at about 6:48 a.m. As they enter, they repeatedly shout, “Police, search warrant!” They also shout “Hands!” and “Get on the ground!” The video shows an officer kick a sectional sofa, and Locke, who was wrapped in a blanket on the sofa, begins to move, holding a pistol. Three shots are heard, and the video ends.
The city also released a still from the video showing Locke holding the gun, his trigger finger along the side of the barrel. The top of Locke’s head is barely visible.
Hennepin County Attorney Mike Freeman said Friday that he asked Ellison to help review the case for possible charges. Ellison’s office led prosecutions of former Minneapolis Police Officer Derek Chauvin in George Floyd’s killing and of former Brooklyn Center Officer Kim Potter in the shooting of Black motorist Daunte Wright.
Levy Armstrong, whom Mayor Jacob Frey appointed last year as co-chair on a community safety work group, said Locke’s family told her Locke was a licensed gun owner with a concealed carry permit, that he didn’t live in the apartment, that police had not been looking for him and that he wasn’t one of three suspects named in the warrant.
A gun-rights group highlighted the timing of the raid, saying it appeared from the video that Locke had been awakened by a confusing array of commands from multiple officers pointing lights and guns at him.
“Mr. Locke did what many of us might do in the same confusing circumstances, he reached for a legal means of self-defense while he sought to understand what was happening,” said Rob Doar, a spokesman for the Minnesota Gun Owners Caucus.
Interim Chief Amelia Huffman said during a news conference after the video was released that Locke isn’t named in the warrants. She said it isn’t clear how or whether Locke is connected to the homicide investigation, which she said is under the control of St. Paul police. A spokesman for the St. Paul Police Department said he could not comment because the homicide investigation is ongoing.
The search warrants that led the SWAT team to enter the apartment early Wednesday were still not public as of Friday morning. But a search warrant filed by state agents investigating the shooting was filed. It said that the initial search warrants “were being executed for a homicide suspect who was apparently located” at the building where the shooting took place.
Frey said the video “raises about as many questions as it does answers” and said the city was pursuing answers “as quickly as possible and in transparent fashion” through investigations including one by the state Bureau of Criminal Apprehension.
Huffman said the officer, Mark Hanneman, was in a difficult position.
“The still shot shows the image of the firearm in the subject’s hands, at the best possible moment when the lighting was fully on him. That’s the moment when the officer had to make a split-second decision to assess the circumstances and to determine whether he felt like there was an articulable threat, that the threat was of imminent harm, great bodily harm or death, and that he needed to take action right then to protect himself and his partners,” she said.
Hanneman was hired in 2015. Records released by the city showed three complaints, all closed without discipline, but gave no details. Data on the website of the citizen group Communities United Against Police Brutality showed a fourth complaint, in 2018, that remains open. No details were given.
Levy Armstrong and other activists angrily confronted the mayor and interim chief at the news conference. Levy Armstrong called the city’s release of information “the anatomy of a cover-up.” Another activist blasted the pair for a news release Wednesday that referred to Locke as a “suspect.”
Locke’s mother, Karen Locke, declined to comment to The Associated Press Thursday, referring questions to the family’s attorney, Ben Crump. The civil rights lawyer has won huge settlements for the families of several people killed by police, including $27 million for the family of George Floyd. Crump and the family, who were shown the video before it was publicly released, planned a news conference Friday.
In a statement, Crump compared Locke’s shooting to the botched raid in which officers killed Breonna Taylor in her home in Louisville, Kentucky, in 2020, which led to calls for change nationwide.
“Like the case of Breonna Taylor, the tragic killing of Amir Locke shows a pattern of no-knock warrants having deadly consequences for Black Americans. This is yet another example of why we need to put an end to these kinds of search warrants so that one day, Black Americans will be able to sleep safely in their beds at night,” Crump said.
Huffman said that the city had both knock and no-knock warrants.
Several state lawmakers from Minneapolis had joined Levy Armstrong and others in calling for body camera footage to be made public. In a letter to Huffman and Frey, they insisted that “one path to establishing trust between the police department and the community is greater transparency and accountability of police actions.”
The city released some reports and photographs of the gun recovered from the scene on its website Wednesday.
Minneapolis city leaders and law enforcement officials typically withhold police body camera and dashboard camera videos for weeks or even months, citing ongoing investigations as justification.
But not always.
In December 2020, after an officer shot Dolal Idd at a gas station on Minneapolis’ south side, the city released video the next day, saying it showed that the man had fired at officers first. And last April, police in suburban Brooklyn Center released video the day after the shooting of Daunte Wright, saying it showed that Officer Kim Potter apparently intended to use her Taser but drew her gun by accident. Potter was convicted of manslaughter in December.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/minnesota-ag-to-join-investigation-into-amir-locke-shooting/ | 2022-02-04T18:36:10 | en | 0.976629 |
By STEVE KARNOWSKI and AMY FORLITI
Associated Press
MINNEAPOLIS (AP) — Minnesota Attorney General Keith Ellison will join the review of the fatal shooting of a Black man by Minneapolis police, authorities said Friday, shortly after the release of body camera video that showed SWAT team officers entering an apartment and shooting the 22-year-old man as he emerged from under a blanket with a gun in his hand.
Amir Locke was killed in the shooting just before 7 a.m. on Wednesday. Police said Locke pointed a loaded gun “in the direction of officers.” An incident report said he had two wounds in the chest and one in the right wrist.
Activists swiftly denounced the killing, noting that Locke wasn’t named in a search warrant being carried out by police.
“The mother in me is furious and sick to my stomach,” said Nekima Levy Armstrong, a prominent civil rights attorney who confronted the city’s mayor and interim police chief late Thursday night after the video’s release. “Amir never had a chance to survive that encounter with police.”
The body camera video released late Thursday showed the footage in slow motion and at regular speed. It shows an officer using a key to unlock the door and enter, followed by at least four officers in uniform and protective vests, time-stamped at about 6:48 a.m. As they enter, they repeatedly shout, “Police, search warrant!” They also shout “Hands!” and “Get on the ground!” The video shows an officer kick a sectional sofa, and Locke begins to emerge from under a blanket, holding a pistol. Three shots are heard, and the video ends.
The city also released a still from the video showing Locke holding the gun, his trigger finger laid aside the barrel. The top of Locke’s head is barely visible.
Hennepin County Attorney Mike Freeman said Friday that he asked Ellison to help review the case for possible charges. Ellison’s office led prosecutions of former Minneapolis Police Officer Derek Chauvin in George Floyd’s killing and of former Brooklyn Center Officer Kim Potter in the shooting of Black motorist Daunte Wright.
Levy Armstrong, whom Mayor Jacob Frey appointed last year as co-chair on a community safety work group, said Locke’s family told her Locke was a licensed gun owner with a concealed carry permit, that he didn’t live in the apartment, that police had not been looking for him and that he wasn’t one of three suspects named in the warrant.
Interim Chief Amelia Huffman said during a news conference after the video was released that Locke isn’t named in the warrants. She said it isn’t clear how or whether Locke is connected to the homicide investigation, which she said is under the control of the St. Paul Police Department. That agency has released few details so far and the warrants weren’t publicly available Thursday.
Frey said the video “raises about as many questions as it does answers” and said the city was pursuing answers “as quickly as possible and in transparent fashion” through investigations including one by the state Bureau of Criminal Apprehension.
Huffman said the officer, Mark Hanneman, was in a difficult position.
“The still shot shows the image of the firearm in the subject’s hands, at the best possible moment when the lighting was fully on him. That’s the moment when the officer had to make a split-second decision to assess the circumstances and to determine whether he felt like there was an articulable threat, that the threat was of imminent harm, great bodily harm or death, and that he needed to take action right then to protect himself and his partners,” she said.
Hanneman was hired in 2015. Records released by the city showed three complaints, all closed without discipline, but gave no details. Data on the website of the citizen group Communities United Against Police Brutality showed a fourth complaint, in 2018, that remains open. No details were given.
Levy Armstrong and other activists angrily confronted the mayor and interim chief at the news conference. Levy Armstrong called the city’s release of information “the anatomy of a cover-up.” Another activist blasted the pair for a news release Wednesday that referred to Locke as a “suspect.”
Locke’s mother, Karen Locke, declined to comment to The Associated Press Thursday, referring questions to the family’s attorney, Ben Crump. The civil rights lawyer has won huge settlements for the families of several people killed by police, including $27 million for the family of George Floyd. Crump and the family, who were shown the video before it was publicly released, planned a news conference Friday.
In a statement, Crump compared Locke’s shooting to the botched raid in which officers killed Breonna Taylor in her home in Louisville, Kentucky, in 2020, which led to calls for change nationwide.
“Like the case of Breonna Taylor, the tragic killing of Amir Locke shows a pattern of no-knock warrants having deadly consequences for Black Americans. This is yet another example of why we need to put an end to these kinds of search warrants so that one day, Black Americans will be able to sleep safely in their beds at night,” Crump said.
Huffman said that the city had both knock and no-knock warrants.
Several state lawmakers from Minneapolis had joined Levy Armstrong and others in calling for body camera footage to be made public. In a letter to Huffman and Frey, they insisted that “one path to establishing trust between the police department and the community is greater transparency and accountability of police actions.”
The city released some reports and photographs of the gun recovered from the scene on its website Wednesday.
Minneapolis city leaders and law enforcement officials typically withhold police body camera and dashboard camera videos for weeks or even months, citing ongoing investigations as justification.
But not always.
In December 2020, after an officer shot Dolal Idd at a gas station on Minneapolis’ south side, the city released video the next day, saying it showed that the man had fired at officers first. And last April, police in suburban Brooklyn Center released video the day after the shooting of Daunte Wright, saying it showed that Officer Kim Potter apparently intended to use her Taser but drew her gun by accident. Potter was convicted of manslaughter in December.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/minnesota-ag-to-join-investigation-of-fatal-police-shooting-2/ | 2022-02-04T18:36:16 | en | 0.97341 |
By STEVE KARNOWSKI and AMY FORLITI
Associated Press
MINNEAPOLIS (AP) — Minnesota’s attorney general will join in a review of the fatal shooting of a Black man by Minneapolis police as they served a search warrant.
Hennepin County Attorney Mike Freeman said Friday he had asked the state’s Attorney General Keith Ellison to review events surrounding Wednesday’s killing of Amir Locke.
Minneapolis SWAT team members were serving a search warrant in a downtown apartment building when they entered an apartment shortly before 7 a.m. Body camera video released late Thursday recorded officers using a key to enter the apartment, loudly identifying themselves and then kicking a sofa where Locke was under a blanket.
As Locke emerged with a gun in his hand, three shots were heard.
The city’s police chief has acknowledged that Locke wasn’t named in the search warrant.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
MINNEAPOLIS (AP) — A Black man who was fatally shot by Minneapolis police as they were executing a search warrant in a homicide investigation was wrapped in a blanket on a couch when SWAT officers entered the apartment, and displayed a handgun as they shouted at him to show his hands and get on the ground, according to police body camera video.
Amir Locke, 22, was killed in the shooting just before 7 a.m. on Wednesday. Police said Locke had pointed a loaded gun “in the direction of officers.” An incident report said he had two wounds in the chest and one in the right wrist.
The body camera video released late Thursday showed the footage in slow motion and then at regular speed. It shows an officer using a key to unlock the door and enter, followed by at least four officers in uniform and protective vests, time-stamped at about 6:48 a.m. As they enter, they repeatedly shout, “Police, search warrant!” They also shout “Hands!” and “Get on the ground!” The video shows an officer kick a sectional sofa, and Locke begins to emerge from under a blanket, holding a pistol. Three shots are heard, and the video ends.
The city also included a still from the video showing Locke holding the gun, his trigger finger laid aside the barrel. The top of Locke’s head is barely visible.
Nekima Levy Armstrong, a civil rights attorney and prominent community activist whom the mayor appointed last year as co-chair on a community safety work group, said Locke’s family told her Locke was a licensed gun owner with a concealed carry permit, that he didn’t live in the apartment, that police had not been looking for him and that he wasn’t one of three suspects named in the warrant.
Interim Chief Amelia Huffman said in a news conference after the video was released that Locke isn’t named in the warrants. She said it isn’t clear how or whether Locke is connected to the homicide investigation, which she said is under the control of the St. Paul Police Department. That agency has released few details so far and the warrants weren’t publicly available Thursday.
Mayor Jacob Frey said the video “raises about as many questions as it does answers” and said the city was pursuing answers “as quickly as possible and in transparent fashion” through investigations including one by the state Bureau of Criminal Apprehension.
Huffman said the officer, identified earlier as Mark Hanneman, was in a difficult position.
“The still shot shows the image of the firearm in the subject’s hands, at the best possible moment when the lighting was fully on him. That’s the moment when the officer had to make a split-second decision to assess the circumstances and to determine whether he felt like there was an articulable threat, that the threat was of imminent harm, great bodily harm or death, and that he needed to take action right then to protect himself and his partners,” she said.
Hanneman was hired in 2015. Records released by the city showed three complaints, all closed without discipline, but gave no details. Data on the website of the citizen group Communities United Against Police Brutality showed a fourth complaint, in 2018, that remains open. No details were given.
Levy Armstrong posted a link to the video on social media “for those who can stomach the murderous conduct of the Minneapolis Police Department.” She added: “The mother in me is furious and sick to my stomach. Amir never had a chance to survive that encounter with police.”
She and other activists angrily confronted the mayor and interim chief at their news conference, with Levy Armstrong calling the city’s release of information “the anatomy of a cover-up.” Another activist blasted the pair for a news release Wednesday that referred to Locke as a “suspect.”
Locke’s mother, Karen Locke, declined to comment to The Associated Press earlier Thursday, referring questions to the family’s attorney, Ben Crump. The civil rights lawyer has won huge settlements for the families of several people killed by police, including $27 million for the family of George Floyd. Crump and the family, who were shown the video before it was publicly released, planned a news conference Friday.
In a statement, Crump compared Locke’s shooting to the botched raid in which officers killed Breonna Taylor in her home in Louisville, Kentucky, in 2020, which led to calls for change nationwide.
“Like the case of Breonna Taylor, the tragic killing of Amir Locke shows a pattern of no-knock warrants having deadly consequences for Black Americans. This is yet another example of why we need to put an end to these kinds of search warrants so that one day, Black Americans will be able to sleep safely in their beds at night,” Crump said.
Huffman said that the city had both knock and no-knock warrants.
Several state lawmakers from Minneapolis had joined Levy Armstrong and others in calling for body camera footage to be made public. In a letter to Huffman and Frey, they insisted that “one path to establishing trust between the police department and the community is greater transparency and accountability of police actions.”
The city released some reports and photographs of the gun recovered from the scene on its website Wednesday.
Minneapolis city leaders and law enforcement officials typically withhold police body camera and dashboard camera videos for weeks or even months, citing ongoing investigations as justification.
But not always.
In December 2020, after an officer shot Dolal Idd at a gas station on Minneapolis’ south side, the city released video the next day, saying it showed that the man had fired at officers first. And last April, police in suburban Brooklyn Center released video the day after the shooting of Daunte Wright, saying it showed that Officer Kim Potter apparently intended to use her Taser but drew her gun by accident. Potter was convicted of manslaughter in December.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/minnesota-ag-to-join-investigation-of-fatal-police-shooting/ | 2022-02-04T18:36:23 | en | 0.976447 |
By ERIC TUCKER
Associated Press
WASHINGTON (AP) — News Corp, publisher of The Wall Street Journal, said Friday that it had been hacked and had data stolen from journalists and other employees, and a cybersecurity firm investigating the intrusion said Chinese intelligence-gathering was believed behind the operation.
The news company, whose publications and businesses include the New York Post and WSJ parent Dow Jones, said it discovered the breach on Jan. 20. It said in a regulatory filing that an investigation is underway “to determine its nature, scope, duration and impacts.” It said customer and financial data were so far not affected and that the company’s operations had not been interrupted.
But a major concern was the company’s journalists. News organizations are prime targets for the world’s intelligence agencies because their reporters are in constant contact with sources of sensitive information.
Mandiant, the cybersecurity firm examining the hack, said in a statement that it ‘assesses that those behind this activity have a China nexus, and we believe they are likely involved in espionage activities to collect intelligence to benefit China’s interests.”
It was not known when the hackers breached the network or how much data they stole.
In an email to staff, News Corp said the hack “affected a limited number of business email accounts and documents from News Corp headquarters, News Technology Services, Dow Jones, News UK, and New York Post.
“Our preliminary analysis indicates that foreign government involvement may be associated with this activity, and that some data was taken,” the email said.
FBI Director Christopher Wray said in a speech this week that the bureau is opening investigations tied to suspected Chinese espionage operations about every 12 hours, and that it has more than 2,000 such probes. He said Chinese government hackers have been pilfering more personal and corporate data than all other countries combined.
While state-backed Russian hacking tends to get more headlines, U.S. officials say China has been stealthily stealing far more valuable commercial and personal data over the past few decades as digital technology took hold.
A spokesperson for the Chinese Embassy in Washington did not immediately return an email seeking comment.
News Corp.’s assets also includes the publishing house HarperCollins.
____
Associated Press writers Frank Bajak in Boston and David Bauder in New York contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/news-corp-says-it-was-hacked-believed-to-be-linked-to-china-3/ | 2022-02-04T18:36:29 | en | 0.956439 |
By ERIC TUCKER and FRANK BAJAK
Associated Press
WASHINGTON (AP) — News Corp, publisher of The Wall Street Journal, said Friday that it had been hacked and had data stolen from journalists and other employees, and a cybersecurity firm investigating the intrusion said Chinese intelligence-gathering was believed behind the operation.
The news company, whose publications and businesses include the New York Post and WSJ parent Dow Jones, said it discovered the breach on Jan. 20. It said in a regulatory filing that an investigation is underway “to determine its nature, scope, duration and impacts.” It said customer and financial data were so far not affected and that the company’s operations had not been interrupted.
But a major concern was the company’s journalists. News organizations are prime targets for the world’s intelligence agencies because their reporters are in constant contact with sources of sensitive information. Journalists and newsrooms from Mexico and El Salvador to the United Arab Emirates have been hacked with powerful spyware.
Mandiant, the cybersecurity firm examining the hack, said in a statement that it “assesses that those behind this activity have a China nexus, and we believe they are likely involved in espionage activities to collect intelligence to benefit China’s interests.”
It was not known when the hackers breached the network or how much data they stole.
In an email to staff, News Corp said the hack “affected a limited number” of email accounts and documents from News Corp headquarters, News Technology Services, Dow Jones, News UK, and New York Post.
“Our preliminary analysis indicates that foreign government involvement may be associated with this activity, and that some data was taken,” the email said.
“Our highest concern is the protection of our employees, including our journalists, and their sources,” it added, saying it believed the “threat activity is contained.”
FBI Director Christopher Wray said in a speech this week that the bureau opens investigations tied to suspected Chinese espionage operations about every 12 hours, and has more than 2,000 such probes. He said Chinese government hackers have been pilfering more personal and corporate data than all other countries combined.
While state-backed Russian hacking tends to get more headlines, U.S. officials say China has been stealthily stealing far more valuable commercial and personal data over the past few decades as digital technology took hold.
Major newsrooms, including The New York Times, against which a Chinese cyberespionage operation was uncovered in 2013, have previously been compromised.
Runa Sandvik, former director of information security at the newspaper, said that while major newsrooms have shown a lot of progress in the last few years in helping their journalists navigate an increasingly hostile digital world, those efforts are not adequate to defend against a skilled and determined adversary like China.
A spokesperson for the Chinese Embassy in Washington did not immediately return an email seeking comment.
News Corp.’s assets also includes the publishing house HarperCollins, News Corp Australia and Storyful, which the email to employees said were apparently not targeted by the hackers.
____
Bajak reported from Boston. Associated Press writer David Bauder in New York contributed to this report.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. | https://wtmj.com/national/2022/02/04/news-corp-says-it-was-hacked-believed-to-be-linked-to-china-5/ | 2022-02-04T18:36:35 | en | 0.963718 |
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