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BALTIMORE, July 31, 2023 /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) announced today that its Board of Directors has declared a quarterly dividend of $1.22 per share payable September 28, 2023, to stockholders of record as of the close of business on September 15, 2023.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages $1.40 trillion in assets under management as of June 30, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, Twitter, YouTube, and troweprice.com/newsroom.
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SOURCE T. Rowe Price Group, Inc.
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Hotel? Office? Mushroom farm? Unused French churches get new roles.
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| Nantes, France
French municipalities own more than 42,000 churches and Catholic dioceses around 2,500. But heritage experts told the French Senate this month that between 2,500 and 5,000 churches were at risk of being torn down by 2030.
To prevent that, from Nantes to Angers, Rouen to Caen, some of France’s most historic religious establishments are being transformed into concert venues, hotels, and nightclubs.
Why We Wrote This
A story focused onFrance has too many empty church buildings. No one wants to tear them down, but how do towns find new purposes for them while navigating sensitivities about those new roles?
For many, the transformations are seen as a blessing – a way to save France’s rich religious heritage. For others, it’s sacrilegious. But fewer French are attending church, and even fewer are opening their pocketbooks to save the structures. So city and religious officials are left with few choices: transform their dying churches or say goodbye to a piece of history. How do they decide which path to take?
“The French are very attached to their local bell tower, but how far are they willing to go to save it?” says Mathieu Lours, a historian of religious architecture and heritage. “Some people might not like the idea of transformation, but if no one invests in church maintenance, it will be torn down. We need to find uses for churches that respect the dignity and memory of the place, and create bonds in the community.”
An early morning haze streams in through the stained-glass windows of the Martray Chapel, basking the room in pastel yellow and green. Camille May walks through a maze of metal shelving, spraying nearly 100 cinder blocks of budding shiitake mushrooms with water.
Every few minutes he stops, takes out a carving knife, and cuts a flat-topped pearl from what looks like a giant chocolate brownie.
“See? This one is ready,” says Mr. May, holding the bite-sized treat up to the light before placing it in a plastic basket. By the end of the week, Mr. May and his business partner, Romain Redais, will have collected 70 to 100 kilograms (154 to 220 pounds) of mushrooms, destined for local restaurants and farmers' markets.
Why We Wrote This
A story focused onFrance has too many empty church buildings. No one wants to tear them down, but how do towns find new purposes for them while navigating sensitivities about those new roles?
While a church is perhaps an unlikely setting for a mushroom harvest, the conditions are perfect: warm and humid, with no major temperature variations. Since 2020, Le Champignon Urbain has been operating here, after winning a competition organized by Nantes City Hall in its search for a way to save the long abandoned 19th-century chapel.
Le Champignon Urbain is one of a growing number of projects breathing new life into churches across France that would otherwise fall into ruin. From Nantes to Angers, Rouen to Caen, some of France’s most historic religious establishments are being transformed into concert venues, hotels, and nightclubs.
For many, the transformations are seen as a blessing – a way to save France’s rich religious heritage. For others, they are sacrilegious. But fewer French are attending church and even fewer are opening their pocketbooks to save them. With thousands of churches across France at risk of ruin due to a lack of maintenance, both city and religious officials are left with few choices: transform their dying churches or say goodbye to a piece of history.
“The French are very attached to their local bell tower, but how far are they willing to go to save it?” says Mathieu Lours, a historian of religious architecture and heritage. “Some people might not like the idea of transformation, but if no-one invests in church maintenance, it will be torn down. We need to find uses for churches that respect the dignity and memory of the place, and create bonds in the community.”
Maintaining churches – and their spirit
France has a unique relationship with its churches that dates back to the French Revolution. The “Reign of Terror,” which began in 1793, led to the abolition of the Roman Catholic monarchy and a nationalization of church property. A century later in 1905, the separation of church and state was enshrined into law. Churches built before that date were put into the hands of city halls; those built later were to be run by the church authorities.
Now, French municipalities own more than 42,000 churches and Catholic dioceses around 2,500.
Around 15,000 of those are classed as historical monuments and qualify for government aid. But for the rest, it’s up to local city halls and dioceses to find the funding to maintain electricity, plumbing, and the iconic bell towers. The cost of renovations can reach into the millions, putting pressure on even the most forgiving budgets. Heritage experts told the French Senate this month that between 2,500 and 5,000 churches were at risk of being torn down by 2030.
That’s precisely what local mayor Patrice Boudignat was trying to avoid when his town chapel in Melz-sur-Seine, outside Paris, fell into disrepair in 2012. The roof was in terrible shape and the Diocese of Meaux, which owned the Blunay Chapel, didn’t have the means to fix it.
“My grandfather helped transform the chapel from a former barn [in 1952] and it was important for me to save it,” says Mr. Boudignat, who has since left office and works as a mustard producer. “We needed to find a way to maintain it without destroying its spirit.”
The diocese agreed to deconsecrate the chapel by official decree, remove all religious insignia, and sell it back to the town for a symbolic one euro. The town hall fixed the roof and transformed the chapel into a cultural center, which now hosts a handful of events each year.
Mr. Boudignat says some residents were shocked to lose the chapel’s original function, but historically, such transformations are nothing new. The French Revolution saw churches converted into storage warehouses and even stables, and in 1958 France’s culture minister, André Malraux, famously bought the Saint-Frambourg Chapel in Senlis, north of Paris, for a symbolic one franc. He offered it to renowned Hungarian pianist György Cziffra, who later turned it into a concert hall and arts foundation.
Four years later, Mr. Malraux passed a law to further protect France’s architectural heritage. Now, the current government appears committed to continuing that tradition.
“We need to work together to preserve and transmit our heritage from generation to generation,” said Rima Abdul Malak, France’s minister of culture, during the National Heritage Fund’s Prix Sésame awards ceremony last month, which recognized 11 church reuse and repurposing projects. “Reuse projects don’t just restore bricks. They restore life, history, our collective stories.”
Scandalous or special?
Still, church repurposing projects are a lengthy process. Once a church has been deconsecrated, applications to use the building are solicited, and both city hall and the local Catholic diocese must give their approval to the winning project before architects can launch into costly and sometimes complicated renovations. According to France’s Observatory for Religious Heritage, 300 churches have been or are in the process of being repurposed, with half centered around housing projects and the rest dedicated to community-service initiatives.
The majority go forward in larger cities without a hitch, where their new usage is less conspicuous. But some transformations are a hard sell, especially for religious members of the community.
Edouard de Lamaze, president of the Observatory for Religious Heritage, recalls a woman calling the transformation of a church in Angers into a nightclub “scandalous,” and a church-turned-hotel in Nantes has created some unease. The 19th-century Petite-Sagesse Chapel, now the four-star Sozo Hotel, features original stained-glass windows and archways in several of its 24 rooms.
“I’m religious so I don’t think I could sleep in a hotel with God looking over my head,” says Nantes resident Mino Ranaivo, while out with co-workers in a nearby restaurant. “I don’t think a church should serve any other purpose than being a church. Transforming it is no better than destroying it, because that transformation destroys it in a way, in the end.”
But Cassandre Blanquart, the hotel’s director, says her customers know what they’re getting when they book a room there, and do so in part for the novelty. Others say the French should reconsider what is and isn’t acceptable inside a church.
“People need to separate religion from heritage, to be open to new possibilities,” says Mr. de Lamaze. “It shouldn’t be about this or that project. It’s about saving our architectural history.”
Part of that, say observers, is getting communities to invest in their local heritage. While the French were extremely generous after the Notre Dame cathedral caught fire in 2019 – donating nearly $1 billion to reconstruction efforts – they’ve been less so with their local churches.
In the meantime, church transformations can be part of the solution. Already, such projects are picking up steam – the Observatory for Religious Heritage lists a half-dozen per month, with 87 in 2022. The goal, for both heritage experts and the community alike, is to create something unique that also retains a church’s original essence.
“As soon as I entered this space, I said to myself, ‘This is it.’ It had such a good energy,” says Valérie Frèrejouand, a professional coach who rents a desk at W’in Coworking in the now deconsecrated Marie-Réparatrice Chapel in central Nantes. “Because this is a former church, there is a special light that comes through the windows here and a sense of calm. That energy never goes away.”
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Country singer Craig Morgan reenlists in military while on Grand Ole Opry stage
NASHVILLE, Tenn. (Gray News) – Country singer Craig Morgan reenlisted in the military Saturday night while on stage at the Grand Ole Opry in hopes of encouraging others to enlist.
According to a news release, Morgan was sworn into the U.S. Army Reserve on stage by U.S. Army Forces Command Gen. Andrew Poppas.
Sen. Marsha Blackburn joined them on stage.
After the ceremony, Morgan returned to the microphone to perform his song “Soldier.”
Morgan previously served in the Army for 17 years, with certifications including Airborne, Air Assault and Rappel Master.
“I’m excited to once again serve my country and be all I can be in hopes of encouraging others to be a part of something greater than ourselves,” Morgan said in a news release. “I love being an artist, but I consider it a true privilege and honor to work with what I believe are the greatest of Americans, my fellow soldiers. God Bless America. Go Army.”
Morgan plans to continue touring and releasing new music while serving in the Army Reserve.
The 59-year-old singer is known to frequently perform at military bases both in the U.S. and abroad. In 2006, Morgan was awarded the USO Merit Award for his support.
Morgan began his music career in 2000. He is best known for his No. 1 single “That’s What I Love About Sunday” from 2004.
He was inducted as a member of the Grand Ole Opry in 2008.
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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San Francisco prosecutors lay out murder case against consultant in death of Cash App’s Bob Lee
SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
Copyright 2023 The Associated Press. All rights reserved.
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Published: Jul. 31, 2023 at 4:05 PM EDT|Updated: 1 hour ago
Broadband revenue up 20% and Video SaaS revenue up 58% year over year
SAN JOSE, Calif., July 31, 2023 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2023.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said Patrick Harshman, president and chief executive officer of Harmonic. "Despite these short-term headwinds, we have the largest backlog in our Company's history and our operating model continued to deliver solid profitability. The strength of our market position was reinforced by several new customer wins which further supports our multi-year growth plan."
Q2 Financial and Business Highlights
Financial
Revenue: $156.0 million, down 1% year over year
Gross margin: GAAP 54.5% and non-GAAP 54.7%, compared to GAAP 52.3% and non-GAAP 52.8% in the year ago period
Operating income: GAAP income $10.0 million and non-GAAP income $18.2 million, compared to GAAP income $15.1 million and non-GAAP income $21.4 million in the year ago period
Net income: GAAP net income $1.6 million and non-GAAP net income of $14.0 million, compared to GAAP net income $14.8 million and non-GAAP net income $17.6 million in the year ago period
Adjusted EBITDA: $21.1 million income compared to $24.3 million income in the year ago period
EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12, compared to GAAP net income per share of $0.14 and non-GAAP net income per share of $0.16 in the year ago period
Cash: $71.0 million, down $50.8 million year over year
Business
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems, and initial orders received from two new Tier 1 customers
Recognized for the first time as the "cable broadband equipment" market share leader, by the most recent Dell'Oro Group1 report
Signed a follow-on multi-year software contract with an existing Tier 1 customer
Live sports streaming SaaS expansions and new wins drove 58.3% Video SaaS revenue growth year over year
Select Financial Information
Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliations".
Financial Guidance
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, July 31, 2023. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI455acac6063542fb837fd89bddfb1d84. A replay will be available after 5:00 p.m. PT on the same web site.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Broadband businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic's filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2022, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "reported"). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic's results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP.
The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation - Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Restructuring and related charges - Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Non-cash interest expense and other expenses related to convertible notes and other debt - We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors' ability to view the Company's results from management's perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.
Gain and losses on equity investments - We exclude the gain and losses from the sale of our equity investments in calculating our non-GAAP financial measures. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.
Discrete tax items and tax effect of non-GAAP adjustments - The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.
Depreciation - Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.
Non-recurring advisory fees - There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives, including assessing corporate structure and organization, as we seek to optimize value for our business.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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A village in the arid savannah of west Africa seems an unlikely place to mark the birth of an energy revolution. If promoters of the next big thing in clean power are right, however, we may all remember the name of Bourakébougou in years to come.
That series of events seems to defy conventional geochemistry. Hydrogen is one of the most reactive elements — one reason it combines so readily with carbon to make fossil fuels. As a result, pure hydrogen is often assumed to be vanishingly rare in nature. Its role is so overlooked that gas chromatography — the process that chemists use to work out the composition of gaseous mixtures — typically uses hydrogen as a carrier material, making it impossible to detect in samples from underground wells.
A growing wave of discoveries is now challenging that conventional wisdom, just as hydrogen manufactured from water and renewable energy looks set to disrupt fossil fuel’s role in a host of industrial sectors. Aside from Bourakébougou, wildcatters have found seeps of natural H2 in Oman, New Caledonia, Canada, Russia, Australia, Japan, Germany and New Zealand.
Deposits in France could lead to the country producing 3 million metric tons a year, according to one recent report — roughly a third of the green hydrogen that the European Union wants to be manufacturing by 2030. Hyterra Ltd., an Australian company exploring for geologic hydrogen in the US, believes it can produce the element for $1 a kilogram — prices at which it might start to compete with natural gas. One 2020 study estimated that total global outflows of natural hydrogen might come to 23 million metric tons a year or more.
A switch into natural hydrogen might represent the perfect way for the existing petroleum industry to decarbonize — shifting skills in geology and tapping underground fluids to a green fuel of the future.
There are just two problems with this promising vision.
The first is that we understand next to nothing about natural H2. Crude oil extraction dates back to antiquity, and geologists hypothesized it came from decayed organic matter in the 18th century. Drillers worked out that it got trapped in folded underground rock formations long before John D. Rockefeller turned crude into big business. That scientific understanding — and the wealth of knowledge that has built up since — vastly reduces the cost of exploring for hydrocarbon deposits.
With natural hydrogen, we are in the dark. Scientists are divided about how it is even produced, with most theories centering on emergence from deep below the earth’s crust, bacterial activity, or chemical processes. Seeps often appear to be associated with unusual circular depressions in the ground, known as “fairy circles,” but it’s not well understood exactly why these form.
Until such questions are solved and underground reservoirs are mapped out, it’s going to be challenging for hydrogen startups to take on the giants of the energy industry. Hyterra’s Kansas and Nebraska prospects might be an attractive option as feedstock for the fertilizer consumed so readily in the Great Plains — but any plant set up to exploit the resource will want to know whether the wells will keep producing for 20 years or two months. That’s still not clear.(1)
The other issue is related. That estimate of 23 million tons a year sounds like a lot — but in energy terms, it’s paltry. The EU alone hopes to be consuming 20 million tons a year of manufactured green hydrogen by 2030, and even that is barely enough to slake the world’s fossil-fuel appetites. In energy terms, 23 million tons of hydrogen represents about 2.76 exajoules — similar to the amount of natural gas we consume every week.
It’s early days for natural hydrogen, so don’t be too dispirited. No one has really been looking for this stuff until now, and predictions about the availability of mineral resources are almost always underestimates. (In 1919, the US Geological Survey predicted that country would start running out of oil in two to five years.)
Rich reserves of natural H2 may yet become the 21st century’s equivalent of the oilfields of the Persian Gulf, Siberia and Texas. As with fusion energy, however, you’d be brave to bet on a revolution this side of 2050.
More From Bloomberg Opinion:
•
There Won’t Be a Saudi Arabia of the Green Hydrogen Age: David Fickling
•
There’s a Cleaner Way to Heat Your Home, and It’s Not Hydrogen: Lara Williams
•
Don’t Wait Up for Nuclear Fusion: David Fickling
(1) The infrastructure associated with storing, piping and shipping hydrogen won’t come cheap, either, with pipelines costing about a third more than natural gas ones and expenses rising once you load gas onto a ship.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
David Fickling is a Bloomberg Opinion columnist covering energy and commodities. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times.
More stories like this are available on bloomberg.com/opinion
©2023 Bloomberg L.P.
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As work begins on the largest US dam removal project, tribes look to a future of growth
SACRAMENTO, Calif. (AP) — The largest dam removal project in United States history is underway along the California-Oregon border — a process that won’t conclude until the end of next year with the help of heavy machinery and explosives.
But in some ways, removing the dams is the easy part. The hard part will come over the next decade as workers, partnering with Native American tribes, plant and monitor nearly 17 billion seeds as they try to restore the Klamath River and the surrounding land to what it looked like before the dams started to go up more than a century ago.
The demolition is part of a national movement to return the natural flow of the nation’s rivers and restore habitat for fish and the ecosystems that sustain other wildlife. More than 2,000 dams have been removed in the U.S. as of February, with the bulk of those having come down within the last 25 years, according to the advocacy group American Rivers.
When demolition is completed by the end of next year, more than 400 miles (644 kilometers) of river will have opened for threatened species of fish and other wildlife. By comparison, the 65 dams removed in the U.S. last year combined to reconnect 430 miles (692 kilometers) of river.
Along the Klamath, the dam removals won’t be a major hit to the power supply; they produced less than 2% of power company PacifiCorp’s energy generation when they were running at full capacity -- enough to power about 70,000 homes. Though the hydroelectric power produced by dams is considered a clean, renewable source of energy, many larger dams in the U.S. West have become a target for environmental groups and tribes because of the harm they cause to fish and river ecosystems.
The project will empty three reservoirs over about 3.5 square miles (9 square kilometers) near the California-Oregon border, exposing soil to sunlight in some places for the first time in more than a century.
For the past five years, Native American tribes have gathered seeds by hand and sent them to nurseries with plans to sow the seeds along the banks of the newly wild river. Helicopters will bring in hundreds of thousands of trees and shrubs to plant along the banks, including wads of tree roots to create habitat for fish.
This growth usually takes decades to happen naturally. But officials are pressing nature’s fast-forward button because they hope to repel an invasion of foreign plants, such as starthistle, which dominate the landscape at the expense of native plants.
“Why not just let nature take its course? Well, nature didn’t take its course when dams got put in. We can’t pretend this gigantic change in the landscape has not happened and we can’t just ignore the fact that invasive species are a big problem in the west and in California,” said Dave Meurer, director of community affairs for Resource Environmental Solutions, the company leading the restoration project.
PacifiCorp built the dams starting in 1918 to generate electricity. The dams halted the natural flow of the river and disrupted the lifecycle of salmon, a fish that spends most of its life in the Pacific Ocean but returns to the chilly mountain streams to lay eggs. The fish are culturally and spiritually significant to a number of Native American tribes, who historically survived by fishing the massive runs of salmon that would come back to the rivers each year.
A combination of low water levels and warm temperatures in 2002 led to a bacterial outbreak that killed more than 34,000 fish, mostly Chinook salmon. The loss jumpstarted decades of advocacy from Native American tribes and environmental groups, culminating last year when federal regulators approved a plan to remove the dams.
“The river is our church, the salmon is our cross. That’s how it relates to the people. So it’s very sacred to us,” said Kenneth Brink, vice chairman of the Karuk Tribe. “The river is not just a place we go to swim. It’s life. It creates everything for our people.”
The project will cost $500 million, paid for by taxpayers and PacifiCorps ratepayers. Crews have mostly removed the smallest of the four dams, known as Copco No. 2. The other three dams are expected to come down next year. That will leave some homeowners in the area without the picturesque lake they have lived on for years.
The Siskiyou County Water Users Association, which formed about a decade ago to stop the dam removal project, filed a federal lawsuit. But so far they have been unable to stop the demolition.
“Unfortunately it’s a mistake you can’t turn back from,” association President Richard Marshall said.
The water level in the lakes will drop between 3 feet and 5 feet (1 meter to 1.5 meters) per day over the first few months of next year. Crews will follow that water line, taking advantage of the moisture in the soil to plant seeds from more than 98 native plant species including wooly sunflower, Idaho fescue and Blue bunch wheat grass.
Tribes have been invested in the process from the start. Resource Environmental Solutions hired tribal members to gather seeds from native plants by hand. The Yurok Tribe even hired a restoration botanist.
Each species has a role to play. Some, like lupine, grow quickly and prepare the soil for other plants. Others, like oak trees, take years to fully mature and provide shade for other plants.
“It’s a wonderful marriage of tribal traditional ecological knowledge and western science,” said Mark Bransom, CEO of the Klamath River Renewal Corporation, the nonprofit entity created to oversee the project.
The previous largest dam removal project was on Washington state’s Elwha River, which flows out of Olympic National Park into the Strait of Juan de Fuca. Congress in 1992 approved the demolition of the two dams on the river constructed in the early 1900s. After two decades of planning, workers finished removing them in 2014, opening about 70 miles (113 kilometers) of habitat for salmon and steelhead.
Biologists say it will take at least a generation for the river to recover, but within months of the dams being removed, salmon were already recolonizing sections of the river they had not accessed in more than a century. The Lower Elwha Klallam Tribe, which has been closely involved in restoration work, is opening a limited subsistence fishery this fall for coho salmon, its first since the dams came down.
Brink, the Karuk Tribe vice chair, hopes similar success will happen on the Klamath River. Multiple times per year, Brink and other tribal members participate in ceremonial salmon fishing using handheld nets. In many years, there have been no fish to catch, he said.
“When the river gets to flow freely again, the people can also begin to worship freely again,” he said.
___
Associated Press writer Eugene Johnson in Seattle contributed.
Copyright 2023 The Associated Press. All rights reserved.
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| 2023-07-31T21:28:55
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CHARLOTTE, N.C., July 31, 2023 /PRNewswire/ -- Ten Oaks Group, a recognized family office and standout in the corporate carve out sector, proudly announces the addition of four exceptional professionals to its esteemed team of Operating Partners. The recent hiring of James Deng, Greg Warren, David Izquierdo, and Lauren Celano underscores Ten Oaks Group's commitment to bringing accomplished talent with diverse capabilities and amplifying its capacity for turnaround, legal, and international investment exceptionalism.
James Deng assumes the position of Operating Partner at Ten Oaks Group. Prior to joining, he was a Vice President at Audax Private Equity supporting value creation initiatives. James has also served as Director of Revenue Growth Management at Keurig Dr Pepper and a management consultant at Ernst & Young focused on Corporate and Growth Strategy.
Greg Warren brings a wealth of legal and restructuring knowledge as he joins as Assistant General Counsel and Operating Partner. Greg previously was a member of White & Case LLP's financial restructuring and insolvency practice, representing debtors and creditors both in and out of bankruptcy. Greg has experience in operational, corporate, and financial matters, as well as litigation and acquisitions.
David Izquierdo joins as an Operating Partner focused on Ten Oaks Group's European portfolio companies. Prior to Ten Oaks, David focused on designing and implementing strategic and transformation programs across a wide variety of industries in roles in corporate development at Selenis and management consulting at Monitor Deloitte and PwC.
Lastly, Lauren Celano joins the team as Associate Operating Partner, leveraging her vast experience from the healthcare and pharmaceutical industries, where she also led business development efforts. Additionally, she has experience at Alvarez & Marsal and other private equity and venture capital firms.
"At Ten Oaks Group, we believe that attracting top-notch talent is essential for leading value creation efforts for our portfolio," said Kendall Thurlow, head of value creation at Ten Oaks Group. "Lauren, James, David, and Greg embody the caliber of professionals we seek to bring on board, and we are excited to welcome them as valuable members of our team of Operating Partners."
Ten Oaks Group is committed to cultivating a dynamic and growth-oriented environment for its practitioners. With a commitment to fostering private equity careers, the company offers comprehensive opportunities for professional development and advancement.
To learn more about the background and expertise of the newly hired Operating Partners and explore potential career opportunities with Ten Oaks Group, visit www.tenoaksgroup.com.
About Ten Oaks Group:
Ten Oaks Group is a family office focused exclusively on investing in corporate divestitures. It brings speed, flexibility and certainty to divestitures of non-core businesses that no longer fit their parent company's corporate strategy. Following acquisition, Ten Oaks Group leverages its experienced team of Operating Partners to manage the transition and separation process and implement operational strategies that reveal and optimize the underlying potential of each business.
Each company within Ten Oaks Group operates independently under its own dedicated management team and receives management support services from Ten Oaks Management, LLC. Ten Oaks Group was founded by Matt Magan and Mike Hahn and has closed 25 carve-out transactions across 10 countries since inception.
To learn more about Ten Oaks Group's unique approach to corporate divestitures, please visit www.tenoaksgroup.com.
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| 2023-07-31T21:28:57
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A group of parents, clergy and education activists in Oklahoma have filed a lawsuit asking a state court to block the opening of the St. Isidore of Seville Catholic Virtual School, which could become the nation’s first religious charter school.
Attorneys from Americans United for Separation of Church and State, the American Civil Liberties Union, Education Law Center and Freedom From Religion Foundation are representing the group. In the lawsuit, they wrote that St. Isidore “will provide a religious education and indoctrinate its students in Catholic religious beliefs.
“Indeed, [St. Isidore’s] application states that the school ... ‘participates in the evangelizing mission of the Church,’ ” the attorney wrote.
Critics say the school marks a dangerous breach in the separation of church and state. They worry it will open the door for more publicly-funded charter schools that would be free to promote religion and flout civil rights law.
“When a religious public school is allowed to proceed in one state, it emboldens religious extremists in other states to try the same thing,” said Rachel Laser, president and CEO of Americans United for Separation of Church and State.
St. Isidore’s backers expected it would invite litigation. They are eager to test the question of whether charter schools are bound by the same rules of public schools — and whether they are truly public schools at all.
“We remain confident that the Oklahoma court will ultimately agree with the US Supreme Court’s opinion in favor of religious liberty,” said Brett Farley, executive director of the Catholic Conference of Oklahoma, alluding to several recent cases governing religion in public life.
They are not the only ones advancing the argument that charter schools don’t have to abide by the same rules as public schools. In 2019, a federal court ruled in favor of a trio of female students who sued Charter Day School in North Carolina over its requirement that girls wear skirts “to preserve chivalry and respect among young women and men.” Attorneys for Charter Day School unsuccessfully argued that the school was not bound by the equal protection clause of the 14th Amendment. The Supreme Court declined to take the case earlier this year.
Oklahoma’s former attorney general, Republican John M. O’Connor, wrote a legal opinion that called Oklahoma’s charter school law unconstitutional before he left office in January. His successor, Gentner Drummond, also a Republican, withdrew that opinion, saying it “misuses the concept of religious liberty by employing it as a means to justify state-funded religion.” Drummond warned that greenlighting St. Isidore’s application created a “slippery slope” that would force the state to support charter schools run by non-Christian religious institutions.
Religious conservatives have made recent gains in pushing more religion into schools. Several states have expanded voucher programs that give families money to send their children to private schools, including religious schools. Texas this year passed a law allowing chaplains into public schools, including to replace professional counselors.
Last year, the Supreme Court sided with a public school football coach who was terminated after praying on the 50-yard-line with his players. It also ruled that families who receive state-funded tuition vouchers must be allowed to spend them at religious schools. In 2018, it sided with a church day care that wanted a state grant to resurface its playground.
Ryan Walters, Oklahoma’s superintendent of public instruction, is one of the defendants in the lawsuit. He said the lawsuit against St. Isidore is “religious persecution because of one’s faith which is the very reason that religious freedom is constitutionally protected.”
“A warped perversion of history has created a modern concept that all religious freedom is driven from the classrooms,” Walters said.
The Oklahoma Statewide Virtual Charter School Board, which is also being sued, declined to comment through its executive director, who said its members have not yet been served.
The plaintiffs in the lawsuit — which include parents of disabled children, members of clergy and a public education advocacy group — argue that LGBTQ students, students with disabilities and students who are not Catholic could face discrimination at St. Isidore’s.
Its application, for example, says it will comply “with all applicable state . . . laws and statutes to the extent the teachings of the Catholic Church allow.” And while it says it is open to families of all faiths or no faith, it described its plan to teach that students who “reject God’s invitation” will “end up in hell.”
Lori Allen Walke, a senior minister at the Mayflower Congregational United Church of Christ in Oklahoma City, is among those who sued to stop the charter school from opening. She said she believes opening the charter school would threaten religious liberty — not buoy it.
“If these religious schools are allowed to take money away from public schools and the agenda to defund and dismantle public schools succeeds, families and students will be forced to practice someone else’s religion in order to access education,” Walke wrote in an email. “Defending public education is a matter of faith for me because it means ensuring access to education for queer kids and teens, who my tradition says are fearfully and wonderfully made.”
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Diamondbacks vs. Giants Predictions & Picks: Odds, Moneyline, Spread - July 31
Monday's contest between the San Francisco Giants (58-48) and Arizona Diamondbacks (56-50) going head to head at Oracle Park has a projected final score of 5-3 (based on our computer prediction) in favor of the Giants, so it should be a competitive matchup. The game will start at 9:45 PM ET on July 31.
The Giants will look to Alex Cobb (6-3) against the Diamondbacks and Ryne Nelson (6-5).
Diamondbacks vs. Giants Game Info & Odds
- When: Monday, July 31, 2023 at 9:45 PM ET
- Where: Oracle Park in San Francisco, California
- How to Watch on TV: NBCS-BA
- Live Stream: Watch this game on Fubo!
Bet on this matchup with BetMGM Sportsbook and use bonus code "GNPLAY" for special offers!
Diamondbacks vs. Giants Score Prediction
Our pick for this game is Giants 5, Diamondbacks 4.
Total Prediction for Diamondbacks vs. Giants
- Total Prediction: Under 8 runs
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Discover More About This Game
Diamondbacks Performance Insights
- In four games as the underdog over the last 10 matchups, the Diamondbacks have a record of 1-3.
- In its last 10 games with an over/under, Arizona and its opponents have combined to eclipse the total four times.
- The last 10 Diamondbacks games have not had a runline posted by bookmakers.
- The Diamondbacks have been victorious in 26, or 48.1%, of the 54 contests they have been chosen as underdogs in this season.
- This season, Arizona has come away with a win 11 times in 23 chances when named as an underdog of at least +125 or longer on the moneyline.
- Bookmakers have implied with the moneyline set for this matchup that the Diamondbacks have a 44.4% chance of pulling out a win.
- The offense for Arizona is No. 8 in baseball, scoring 4.9 runs per game (517 total runs).
- The Diamondbacks have the 26th-ranked ERA (4.67) in the majors this season.
Put your picks to the test and bet on with BetMGM Sportsbook. Use bonus code "GNPLAY" for special offers!
Diamondbacks Schedule
© 2023 Data Skrive. All rights reserved.
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13% Sequential Revenue Growth Including 10% Organic
Maintains Strong Balance Sheet Post-Acquisitions of Atreus and businessfourzero
CHICAGO, July 31, 2023 /PRNewswire/ -- Today Heidrick & Struggles International, Inc. (Nasdaq: HSII) ("Heidrick & Struggles", "Heidrick" or the "Company") announced financial results for its second quarter ended June 30, 2023.
Second Quarter Highlights:
- Net revenue of $271.2 million increased 13% sequentially, 10% organically
- Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%
- Adjusted operating income of $20.8 million increased 17% sequentially and adjusted operating margin was 7.7%
- Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%
- Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73
"We are very pleased with the second quarter results which included the first full quarter of results from our recent acquisition of Atreus Group ("Atreus") in our On-Demand Talent segment, as well as the results from businessfourzero ("B4Z") in our Heidrick Consulting segment. Even before the positive effects of these acquisitions, each of our lines of business demonstrated organic sequential growth, despite ongoing macro uncertainty and an anticipated return to more normalized levels of business performance. This validates our focus on the steadfast execution of our strategy while maintaining strong profitability," stated Heidrick & Struggles' President and Chief Executive Officer, Krishnan Rajagopalan. "Importantly, the integrations of both our recent acquisitions are progressing smoothly. We are advancing our diversification strategy while continuing to make appropriate investments in our digital capabilities and technologies throughout the company. These initiatives are aimed at providing our clients with the next generation of talent and leadership advisory services, enabling them to achieve higher performance through their leaders and teams in an ever-evolving business landscape."
2023 Second Quarter Results
Consolidated net revenue of $271.2 million compared to record consolidated net revenue of $298.7 million in the 2022 second quarter. Consolidated financial results include the first full quarter of contribution from the Company's recent acquisitions of Atreus and B4Z.
On a sequential basis, 2023 second quarter net revenue increased 13.3% from the 2023 first quarter, 10% of that growth was organic, as the Company experienced growth in Executive Search driven by the Americas and Europe markets, partially offset by a decline in the Asia Pacific market, along with sequential revenue growth in Heidrick Consulting and On-Demand Talent. 2023 second quarter adjusted operating income increased 17.2% and adjusted operating margin increased 30 basis points to 7.7% compared to 7.4% in the 2023 first quarter. Adjusted EBITDA of $36.4 million in the 2023 second quarter increased 33% sequentially and adjusted EBITDA margin increased 190 basis points to 13.4% compared to 11.5% in the 2023 first quarter. 2023 second quarter adjusted net income was $15.0 million compared to $15.6 million in the 2023 first quarter. This generated adjusted diluted earnings per share in the 2023 second quarter of $0.73 compared to $0.76 in the 2023 first quarter.
Executive Search net revenue of $206.8 million compared to net revenue of $253.9 million in the 2022 second quarter reflecting an anticipated market slowdown combined with a return to more normalized operating levels. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 0.3%, or $0.8 million, net revenue decreased 18.2%, or $46.3 million, from the 2022 second quarter. Net revenue decreased 21.3% in the Americas (down 21.2% on a constant currency basis), decreased 5.3% in Europe (down 6.1% on a constant currency basis), and decreased 23.9% in Asia Pacific (down 20.5% on a constant currency basis) when compared to the prior year second quarter. The Social Impact and Industrial practice groups exhibited growth over the prior year.
The Company had 423 Executive Search consultants at June 30, 2023, compared to 388 at June 30, 2022. Productivity, as measured by annualized Executive Search net revenue per consultant, was $1.9 million compared to $2.6 million in the 2022 second quarter, reflecting a higher number of consultants combined with lower revenue. Average revenue per executive search was approximately $143,000 compared to $153,000 in the prior year period. The number of search confirmations decreased 12.7% compared to the year-ago period.
On-Demand Talent net revenue of $39.2 million, an increase of 75.5% compared to net revenue of $22.4 million in the 2022 second quarter, primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects.
Heidrick Consulting net revenue of $25.2 million compared to net revenue of $22.4 million in the 2022 second quarter. The Company had 89 Heidrick Consulting consultants at June 30, 2023, compared to 66 at June 30, 2022.
Consolidated salaries and benefits decreased $28.8 million, or 13.9%, to $178.9 million compared to $207.7 million in the 2022 second quarter. Year-over-year, fixed compensation expense increased $18.8 million due to base salaries and payroll taxes, the deferred compensation plan, reorganization, and retirement and benefits, as well as the acquisitions of Atreus and B4Z, partially offset by a decrease in stock compensation. Variable compensation decreased $47.6 million due to lower bonus accruals related to decreased consultant productivity. Salaries and benefits expense was 66.0% of net revenue for the quarter compared to 69.5% in the 2022 second quarter.
General and administrative expenses increased $5.3 million, or 15.1%, to $40.5 million compared to $35.2 million in the 2022 second quarter. The increase was due to intangible amortization and accretion, office occupancy, IT, and taxes and licenses, partially offset by a decrease in business development travel. As a percentage of net revenue, general and administrative expenses were 14.9% for the 2023 second quarter compared to 11.8% in the 2022 second quarter.
The Company's cost of services was $25.3 million, or 9.3% of net revenue for the quarter, compared to $17.4 million, or 5.8% of net revenue in the 2022 second quarter. This related to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
The Company's research and development expenses were $5.7 million, or 2.1%, of net revenue for the quarter compared to $4.5 million, or 1.5%, of net revenue for the second quarter 2022.
In the 2023 second quarter, the Company recorded a non-cash goodwill impairment charge of $7.2 million associated with the Company's Heidrick Consulting segment. In the 2022 fourth quarter, the Company conducted its most recent annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the 2023 second quarter, the Company acquired B4Z and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the 2023 second quarter, which resulted in the impairment of the recently acquired B4Z goodwill.
Including the previously mentioned non-cash impairment charge, operating income was $13.6 million for the quarter compared to $33.9 million in the 2022 second quarter. Operating income margin was 5.0% versus 11.3% in the 2022 second quarter. Excluding the non-cash impairment charge, adjusted operating income in the 2023 second quarter was $20.8 million and adjusted operating margin was 7.7%.
Adjusted EBITDA was $36.4 million compared to $36.8 million in the 2022 second quarter. Adjusted EBITDA margin was 13.4%, compared to 12.3% in the 2022 second quarter. In Executive Search, adjusted EBITDA was $53.9 million compared to $52.3 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $2.6 million versus $0.6 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $1.6 million compared to a loss of $0.1 million in the prior year period.
Net income was $9.0 million and diluted earnings per share was $0.44, with an effective tax rate of 46.8%. This compares to net income of $24.1 million and diluted earnings per share of $1.19, with an effective tax rate of 30.9% in the 2022 second quarter. Excluding the non-cash impairment charge recorded in the 2023 second quarter, adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73, with an adjusted effective tax rate of 37.7%.
Net cash provided by operating activities was $46.9 million, compared to $82.7 million in the 2022 second quarter. Cash, cash equivalents and marketable securities at June 30, 2023 was $239.0 million compared to $336.6 million at June 30, 2022 and $621.6 million at December 31, 2022. The Company's cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year.
2023 Six Months Results
For the six months ended June 30, 2023, consolidated net revenue was $510.5 million compared to $582.6 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $6.1 million, consolidated net revenue decreased 11.3%, or $65.9 million, compared to the prior year period.
Executive Search net revenue in the first six months of 2023 decreased 20.0%, or $99.2 million, to $397.3 million from $496.5 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 1.0%, or $5.1 million, net revenue decreased 19.0%, or $94.1 million. Net revenue decreased 21.5% in the Americas (decreased 21.3% on a constant currency basis), decreased 13.7% in Europe (decreased 11.3% on a constant currency basis), and decreased 21.9% in Asia Pacific (decreased 18.0% on a constant currency basis). Only the Social Impact and Industrial practice groups exhibited growth over the prior year. Productivity was $1.9 million for the first six months of 2023 compared to $2.6 million in the first six months of 2022. The average revenue per executive search was $133,000 in the first six months of 2023 compared to $137,000 the same period in 2022, while search confirmations decreased 17.6%.
On-Demand Talent net revenue in the first six months of 2023 was $70.4 million compared to $45.7 million in the same period of 2022. The increase in net revenue was primarily driven by the acquisition of Atreus, as well as an increase in the volume of legacy on-demand projects.
Heidrick Consulting net revenue in the first six months of 2023 increased 6.3%, or $2.5 million, to $42.9 million from $40.4 million in the first six months of 2022. Excluding the impact of exchange rate fluctuations, which negatively impacted results by 2.0%, or $0.8 million, Heidrick Consulting revenue increased 8.3%, or $3.3 million, compared to the prior year period.
Operating income for the first six months of 2023 was $31.4 million compared to operating income of $64.1 million in the same period of 2022. The operating income margin was 6.1% compared to 11.0% in the first six months of 2022. Excluding the non-cash impairment charge recorded in the 2023 year-to-date period, adjusted operating income was $38.6 million and adjusted operating income margin was 7.6%.
Adjusted EBITDA for the first six months of 2023 was $63.8 million and adjusted EBITDA margin was 12.5%, compared to adjusted EBITDA of $72.5 million and adjusted EBITDA margin of 12.4% for the same period in 2022. In Executive Search, adjusted EBITDA was $102.3 million compared to $104.2 million in the prior year period. In On-Demand Talent, adjusted EBITDA was $1.2 million versus $0.9 million in the prior year period. In Heidrick Consulting, adjusted EBITDA was a loss of $4.3 million compared to a loss of $1.9 million in the prior year period.
Net income for the first six months of 2023 was $24.6 million and diluted earnings per share was $1.19, with an effective tax rate of 38.1%. This compares to net income of $42.6 million and diluted earnings per share of $2.08, with an effective tax rate of 32.2%, in the first six months of 2022. Excluding the restructuring charge recorded in the 2023 year-to-date period, adjusted net income was $30.6 million and adjusted diluted earnings per share was $1.48 with an adjusted effective tax rate of 34.8%.
Dividend
The Board of Directors declared a 2023 second quarter cash dividend of $0.15 per share payable on August 25, 2023, to shareholders of record at the close of business on August 11, 2023.
2023 Third Quarter Outlook
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million, which reflects typical summer seasonality, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in June 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its second quarter results today, July 31, 2023 at 5:00 pm Eastern Time. Participants may access the Company's call and supporting slides through its website at www.heidrick.com or by dialing (888) 440-4091 or (646) 960-0846, conference ID# 6106012. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world's top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Heidrick & Struggles presents certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are adjusted operating income, adjusted operating income margin, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted operating income reflects the exclusion of goodwill impairment.
Adjusted operating income margin refers to adjusted operating income as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, net of tax.
Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, equity-settled stock compensation expense, earnout accretion, earnout obligation adjustments, contingent compensation related to acquisitions, deferred compensation plan income and expense, reorganization costs, impairment charges, restructuring charges, and other non-operating income (expense).
Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2023. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "outlook," "projects," "forecasts," "aim" and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted, or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage and retain qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients' ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the risks of an expansion or escalation of that conflict; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk Factors" in Item 1A, as updated in Part II of our subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Nina Chang, Vice President, Corporate Communications
nchang@heidrick.com
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MESA, Ariz., July 31, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it will report financial results for the second quarter ended June 30, 2023, after market close on August 9, 2023.
Verra Mobility's Chief Executive Officer, David Roberts, and Chief Financial Officer, Craig Conti, will host a conference call and live webcast to discuss financial results for investors and analysts at 5:00 p.m. ET on August 9, 2023.
To access the conference call, dial 1-888-886-7786 (U.S. toll-free) or 1-416-764-8658 (International) with conference ID 11014275 or click on the following link and request a return call: callme.viavid.com. A live webcast will be available on the Company's Investor Relations website at ir.verramobility.com.
An audio replay of the call will also be available until 11:59 p.m. ET on August 23, 2023, by dialing 1-844-512-2921 (U.S. toll-free), or 1-412-317-6671 (International) and entering passcode 11014275.
In addition, an archived webcast will be available in the "News & Events" section of Verra Mobility's Investor Relations website at ir.verramobility.com.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility's plans, objectives, expectations, beliefs and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility's other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility's reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com. We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
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A New York man last year bought a Mexican Pizza at Taco Bell, thinking the menu item would look like the one in the advertisements he had seen, with a thick, appetizing layer of ground meat and beans. Instead, what he got for his $5.49 had him invoking another fast-food chain’s famous tagline of yore: “Where’s the beef?”
That’s according to a class-action lawsuit that Frank Siragusa filed today in the U.S. District Court in the Eastern District of New York on behalf of himself and other customers disappointed by the amount of filling in Taco Bell’s Mexican Pizza items as well as its Crunchwraps. Siragusa accuses Taco Bell of “unfair and materially misleading advertising” and is seeking upward of $5 million from the chain for alleged violations of law banning unfair and deceptive trade practices.
“The Mexican Pizza that Plaintiff purchased contained approximately half the beef and bean filling that he expected,” the lawsuit says. The lawsuit includes photos used by Taco Bell in its advertisements alongside photos of the actual items taken by customers — the latter of which look flat and unappealing next to the company’s images.
The lawsuit posits that Siragusa and others wouldn’t have shelled out the money for the Crunchwraps and pizzas if they had known they were getting punier versions of the ones depicted. In addition to compensating people who bought the products, the lawsuit also asks Taco Bell to “provide corrected advertisements” or stop selling the items.
A representative for Taco Bell did not immediately respond to a request for comment.
“Taco Bell’s actions are especially concerning now that inflation, food, and meat prices are very high and many consumers, especially lower income consumers, are struggling financially,” the lawsuit says.
One of the attorneys representing Siragusa, Anthony Russo, represented a Florida Burger King customer last year in a similar lawsuit. In that filing, a man who purchased a burger from the chain complained that the company made its burgers appear far beefier than they were in real life. “Little situations — what some would consider to be a little situation like this — could lead to unfettered behavior from big corporations,” Russo said last year in an interview with The Washington Post.
The lawsuit filed this week included similar claims in the media and by YouTube reviewers about Taco Bell’s offerings. One article on the food site Mashed.com, titled “Why Reddit Is Calling Out Taco Bell’s Skimpy Crunchwraps,” documented multiple people complaining about the popular menu item, which consists of a crisp tortilla stuffed with seasoned beef, nacho cheese and other toppings.
The Mexican pizza, a pair of crunchy tortillas sandwiching a meaty filling and topped with cheese and other garnishes, is a fan-favorite item that Taco Bell returned to its menu last year after drawing outcry for discontinuing it in 2020. The chain hyped the revival, including in a TikTok musical featuring Dolly Parton and Doja Cat.
Taco Bell’s legal department has been busy of late; the chain earlier this month prevailed in a dispute with the smaller brand Taco John’s which had held the copyright to the phrase “Taco Tuesday” in most of the country. Taco John’s said it was relinquishing control over the moniker rather than pay attorneys’ fees to tussle with its larger rival.
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AUSTIN, Minn., July 31, 2023 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, invites interested parties to participate in a webcast and conference call with Jim Snee, chairman of the board, president and chief executive officer; Jacinth Smiley, executive vice president and chief financial officer; and Deanna Brady, executive vice president, Retail; to discuss the company's third quarter financial results. The company will issue its earnings release before the markets open on Thursday, August 31, 2023, and will host a conference call at 8 a.m. CT (9 a.m. ET).
The webcast, replay and other information related to the event can be accessed on the company's investor website, http://investor.hormelfoods.com.
ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $12 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters®, SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, WHOLLY®, Hormel® Black Label®, Columbus®, Jennie-O® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on the "100 Best Corporate Citizens" list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.
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Funding by California Transportation Commission and Oregon Department of Environmental Quality
LONG BEACH, Calif., July 31, 2023 /PRNewswire/ -- On the heels of opening the nation's largest public charging depot for electric commercial trucks at the Port of Long Beach, WattEV announced today it has secured $40.5 million in grants to further expand its growing network of electric truck stops into Northern California and Oregon.
WattEV, the industry leader in heavy-duty freight electrification, has been awarded two separate grants: one for a solar-powered truck charging depot across Interstate 5 from the airfreight hub adjacent to Sacramento International Airport, and another for a grid-connected charging depot along Interstate 5 in Salem, Ore.
WattEV has secured a $34 million federal grant through the California Transportation Commission to build and operate what will become the nation's largest electric charging depot on more than 100 acres of land immediately south of Sacramento International Airport (SMF) on Interstate 5.
The SMF project is expected to open in mid- to late-2025 with 15.6 MW of solar power supplemented by 7.2 MW of grid power supplied by the Sacramento Municipal Utility District.
The SMF depot will have 30 DC fast chargers for passenger vehicles, 90 high-power CCS-1 cords for medium- and heavy-duty commercial electric vehicles, and 18 megawatt cords for pass-through charging of HD trucks using the upcoming Megawatt Charging Standard (MCS).
"We're proud to partner with WattEV as they continue to advance transition of U.S. trucking transport to zero emissions," said Cindy Nichol, Director of Sacramento County Department of Airports. "Sacramento International Airport's proximity to one of largest goods distribution centers in the state makes this an ideal location to serve California's 'electric highway.'"
WattEV was also awarded $6.5 million from the Oregon Department of Environmental Quality to build a 6-acre EV charging depot. The Salem, Ore., site will be grid-connected in cooperation with Portland General Electric.
Planning for the Salem electric truck stop includes 30 CCS 240 KW chargers and six MCS 1200 KW chargers. It's expected to open in 2025 as well.
"These grant awards will allow us to meet our plans to expand our network of electric-truck charging depots from the Mexican border to Portland, Oregon, via Interstate 5, on what government planners and industry stakeholders are calling the 'electric highway,'" explained WattEV co-founder and CEO Salim Youssefzadeh.
The grant for the SMF project comes from the U.S. Department of Transportation's "Trade Corridor Enhancement Program," which distributes funding through state transportation agencies.
"We're building out the West Coast corridor while also reaching eastward along the I-10 toward Arizona and Texas and, eventually, to the East Coast," Youssefzadeh said. "To expand the WattEV network, we'll match our grants with private capital to fund this massive infrastructure buildout."
WattEV selects the locations of its charging depots based on analysis of freight routes, range of electric trucks and energy supply.
"We picked our site in Sacramento because of its strategic location next to the Metro Air Park Logistics Center, where more than 10-million square-feet of warehouse space is planned," said Youssefzadeh, "and its close proximity to downtown Sacramento – just 10 minutes away."
Sacramento County and surrounding areas contain one of the largest concentrations of California's goods distribution centers, serving many of the largest shippers in the country.
The Sacramento Metropolitan Air Quality Management District (Sac Metro Air District) has committed to working closely with WattEV on the project as it will have significant air quality benefits for Sacramento.
"Emissions from fossil-fuel powered cars and trucks are the largest source of air pollution in the Sacramento region," said Sac Metro Air District Transportation and Climate Change Program Manager Raef Porter. "Over the past 25 years, the Air District has invested $300 million in clean air projects. We're proud to continue that commitment by partnering with WattEV on this transformative solar-powered, electric charging depot. Building new electric vehicle infrastructure is imperative to the successful transition to clean transportation and ensuring a clean air and low carbon future for all."
The SMF depot will initially serve as a charging hub for local and regional distribution centers, and later as a depot serving the north-south freight corridor stretching from WattEV's newly opened charging depot in the Port of Long Beach, connecting to Oregon and Washington state.
"We not only have the demand for regional distribution in Sacramento County," Youssefzadeh explained, "but we also have existing shippers asking us to transport freight from their logistic centers in the Los Angeles area to distribution centers of retailers in Sacramento."
About WattEV
WattEV's mission is to accelerate the transition of U.S. trucking transport to zero emissions. It relies on a combination of business and technology innovations to create charging infrastructure and data-driven workflow that provide truckers and fleet operators the lowest total cost of ownership. WattEV's goal is to get 12,000 heavy-duty electric trucks on California roads by the end of 2030, exceeding existing forecasts. More information is available online at www.WattEV.com.
About the Sac Metro Air District
The Sac Metro Air District is the leading Sacramento region agency responsible for monitoring air quality, reducing air pollution, enforcing air quality regulations, and promoting decarbonization efforts through innovative incentive programs and projects. The Air District also works to ensure clean air and meet National Ambient Air Quality standards. For more information about the Air District, please visit www.AirQuality.org.
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WASHINGTON — A man who was a Princeton University student when the FBI arrested him on charges related to the U.S. Capitol riot pleaded guilty on Monday to joining a mob’s attack on police officers during one of the most violent clashes on Jan. 6, 2021.
Giberson tried in vain to start a chant of “Drag them out!” and then cheered on rioters using weapons and pepper spray against police in the tunnel, according to an FBI’s agent affidavit. Giberson remained in the area for roughly an hour, the affidavit says.
Giberson pleaded guilty to a felony charge of interfering with police during a civil disorder, court records show. U.S. District Judge Carl Nichols is scheduled to sentence him on Nov. 1. The judge allowed him to remain free until his sentencing.
Giberson was enrolled at Princeton as an undergraduate when he was arrested in March on riot-related charges. On Monday, a university spokesperson declined to answer questions about Giberson’s enrollment status.
Charles Burnham, an attorney for Giberson, didn’t immediately respond to emails and a telephone call seeking comment.
Giberson was wearing a “Make America Great Again” hat and a Trump flag around his neck when he joined the Jan. 6 attack, which disrupted the joint session of Congress for certifying President Joe Biden’s electoral victory over Donald Trump.
The FBI posted images of Giberson on social media to seek the public’s help in identifying him. Online sleuths also posted images of Giberson using the “#DragThemOut” hashtag moniker.
Investigators matched photos of Giberson from the Capitol to several images found on Instagram and Princeton University’s website, according to the FBI.
Also on Monday, a Florida man was arrested on charges that he assaulted several police officers outside the Capitol during the riot. Videos captured Marcus Clint Martin applying first aid to an injured rioter and then shoving two officers who tried to help, the FBI said.
Other videos show Martin, 32, of Blountstown, Florida, piling onto an officer who was knocked over and removing metal barriers after chasing officers away from their positions in front of the Capitol, according to the FBI.
Martin was arrested in Panama City, Florida, on charges including civil disorder and assaulting, resisting or impeding police.
Approximately 1,100 people have been charged with federal crimes related to the Capitol riot. More than 600 of them have pleaded guilty. Over 100 others have been convicted by judges or juries after trials in Washington, D.C.
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Published: Jul. 31, 2023 at 4:15 PM EDT|Updated: 1 hour ago
Second Quarter Highlights
Second quarter 2023 net income attributable to Huntsman of $19 million compared to $228 million in the prior year period; second quarter 2023 diluted earnings per share of $0.11 compared to $1.10 in the prior year period.
Second quarter 2023 adjusted net income attributable to Huntsman of $39 million compared to $250 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of $0.22 compared to $1.21 in the prior year period.
Second quarter 2023 adjusted EBITDA of $156 million compared to $410 million in the prior year period.
Second quarter 2023 net cash provided by operating activities from continuing operations was $40 million. Free cash flow from continuing operations was a use of cash of $11 million for the second quarter 2023 compared to a source of cash of $178 million in the prior year period.
Repurchased approximately 3.8 million shares for approximately $98 million in the second quarter 2023.
THE WOODLANDS, Texas, July 31, 2023 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2023 results with revenues of $1,596 million, net income attributable to Huntsman of $19 million, adjusted net income attributable to Huntsman of $39 million and adjusted EBITDA of $156 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the U.S dollar. Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the negative impact of foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization programs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of $38 million, which remained the same as a loss of $38 million for the same period of 2022.
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of $11 million as compared to a source of cash of $178 million in the same period of 2022. As of June 30, 2023, we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2023, we spent $51 million on capital expenditures from continuing operations as compared to $65 million in the same period of 2022. During 2023, we expect to spend between $230 million to $250 million on capital expenditures.
Income Taxes
In the second quarter of 2023, our effective tax rate was 46% and our adjusted effective tax rate was 39%. We expect our 2023 adjusted effective tax rate to be approximately 26% to 29%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Our second quarter 2023 tax expense was negatively impacted by an $8 million non-cash valuation allowance increase.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences During the third quarter 2023, a member of management is expected to present at: UBS Chemical Conference on September 6, 2023 Jefferies Industrials Conference on September 7, 2023
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
About Huntsman: Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Forward-Looking Statements: This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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ENGLEWOOD, Colo., July 31, 2023 /PRNewswire/ -- WOW! Internet, TV & Phone (NYSE: WOW), a leading broadband provider in the United States, announced today it will host a webcast and conference call on Tuesday, August 8, 2023, at 8:00 a.m. ET to discuss financial and operating results for the second quarter 2023. WOW! will issue a news release reporting its results earlier that morning.
The conference call will be broadcast live on the company's investor relations website at ir.wowway.com. Those parties interested in participating via telephone should dial (888) 330-3556 with the conference ID number 4844814. International callers should dial (646) 960-0826 and use the same conference ID number.
A replay of the call will be available August 8, 2023, at 11:00 a.m. ET, on the investor relations website or by telephone. To access the telephone replay, which will be available until August 22, 2023, at 11:59 p.m. ET, please dial (800) 770-2030 or (647) 362-9199 and use conference ID 4844814.
About WOW! Internet, TV & Phone
WOW! is one of the nation's leading broadband providers, with an efficient and high-performing network that passes nearly 2 million residential, business and wholesale consumers. WOW! provides services in 15 markets, primarily in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia and Florida, including the new all-fiber network in Central Florida. With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, home phone, mobile phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized 10 times by the National Association for Business Resources as a Best & Brightest Company to Work For in the Nation, winning the award for the last six consecutive years and making the 2022 Top 101 National Winners list. Visit wowway.com for more information.
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SOURCE WideOpenWest, Inc.
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MEMPHIS, Tenn. — Memphis police on Monday said officers shot a suspect after he attempted to enter a Jewish school with a gun and fired shots after he couldn’t get into the building.
“Thankfully, that school had a great safety procedure and process in place and avoided anyone being harmed or injured at that scene,” Crowe said.
Officers soon located the suspect’s vehicle “shortly after that,” Crowe said, adding that officers then shot the suspect after he exited the truck with a firearm in hand. The suspect was sent to a local hospital where he is in critical condition.
It was not immediately clear if school was in session.
When asked if law enforcement believe the shooting was a hate crime, Crowe said officers were still on the scene and collecting information.
“It’s way too early for that. Again, we’re very early in this investigation,” said Assistant Police Chief Don Crowe.
The Tennessee Bureau of Investigations is now handling the case.
U.S. Rep. Seve Cohen, whose district includes Memphis, said in a statement that he was “shocked” to hear about the incident at the school and noted that acts of “violent antisemitism” are on the rise across the country.”
Monday’s shooting comes nearly four months after a shooter opened fire at a private Christian school in Nashville and killed six people, including three nine-year-old children. That tragedy has sparked closer scrutiny of Tennessee’s relaxed gun laws and renewed calls to strengthen security at both public and private schools across the state.
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Kimberlee Kruesi contributed to this report from Nashville, Tennessee.
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ARMONK, N.Y., July 31, 2023 /PRNewswire/ -- The IBM (NYSE: IBM) board of directors has elected Michael Miebach to the board, effective October 30, 2023.
Michael Miebach, 55, is the chief executive officer of Mastercard Incorporated and a member of its board of directors. An innovator and technologist, Mr. Miebach has led Mastercard, a global technology company in the payments industry, since January 2021. Previously Mastercard's chief product officer, Mr. Miebach has deep experience in digital transformation, cybersecurity and delivering data-driven insights.
Arvind Krishna, IBM chairman and chief executive officer, said: "We are delighted that Michael Miebach will join the IBM board of directors. Michael is an accomplished technologist and international business leader. His insights and experience will strongly benefit IBM and its shareholders."
Mr. Miebach is a member of the Business Roundtable, the Business Council and the International Business Council of the World Economic Forum. He is a trustee of the United States Council for International Business and also serves on the United States Treasury Advisory Committee on Racial Equity.
Mr. Miebach holds a Master of Business Administration from the University of Passau in Germany.
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SOURCE IBM
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WASHINGTON (AP) — President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama and ending months of politically fueled debate, according to senior U.S. officials.
The officials said Biden was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness. Dickinson's view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.
The officials spoke on condition of anonymity to discuss the decision ahead of the announcement.
The president, they said, believes that keeping the command in Colorado Springs would avoid a disruption in readiness that the move would cause, particularly as the U.S. races to compete with China in space. And they said Biden firmly believes that maintaining stability will help the military be better able to respond in space over the next decade. Those factors, they said, outweighed what the president believed would be any minor benefits of moving to Alabama.
Biden's decision is sure to enrage Alabama lawmakers and fuel accusations that abortion politics played a role in the choice. The location debate has become entangled in the ongoing battle between Alabama Republican Sen. Tommy Tuberville and the Defense Department over the move to provide travel for troops seeking reproductive health care. Tuberville opposed the policy is blocking hundreds of military promotions in protest.
The U.S. officials said the abortion issue had no effect at all on Biden's decision. And they said the president fully expected there would be different views on the matter within the Defense Department.
Formally created in August 2019, the command was temporarily based in Colorado, and Air Force and Space Force leaders initially recommended it stay there. In the final days of his presidency Donald Trump decided it should be based in Huntsville.
The change triggered a number of reviews.
Proponents of keeping the command in Colorado have argued that moving it to Huntsville and creating a new headquarters would set back its progress at a time it needs to move quickly to be positioned to match China’s military space rise. And Colorado Springs is also home to the Air Force Academy, which now graduates Space Force guardians, and more than 24 military space missions, including three Space Force bases.
Officials also argued that any new headquarters in Alabama would not be completed until sometime after 2030, forcing a lengthy transition.
Huntsville, however, scored higher than Colorado Springs in a Government Accountability Office assessment of potential locations and has long been a home to some of earliest missiles used in the nation’s space programs, including the Saturn V rocket. It is home to the Army’s Space and Missile Defense Command.
According to officials, Air Force Secretary Frank Kendall, who ordered his own review of the matter, leaned toward Huntsville, while Dickinson was staunchly in favor of staying put. The officials said Defense Secretary Lloyd Austin presented both options to Biden.
The decision was good news for Colorado lawmakers.
“For two and a half years we’ve known any objective analysis of this basing decision would reach the same conclusion we did, that Peterson Space Force Base is the best home for Space Command," Sen. John Hickenlooper, D-Colo., said in a statement. “Most importantly, this decision firmly rejects the idea that politics — instead of national security — should determine basing decisions central to our national security.”
Sen. Michael Bennet, D-Colo., said the decision “restores integrity to the Pentagon’s basing process and sends a strong message that national security and the readiness of our Armed Forces drive our military decisions.”
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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President Biden overturned a decision from the Trump administration to relocate the temporary headquarters of Space Command to Alabama, deciding instead to keep the base in Colorado.
The decision was made because Biden believes keeping the HQ in Colorado Springs, rather than relocating it to Huntsville, would maintain stability and not impact readiness, according to a senior U.S. official.
The senior administration official said Biden consulted with Defense Secretary Lloyd Austin and other military leaders before deciding to keep the base in Colorado permanently.
Gen. James Dickinson, the head of Space Command, also helped to convince Biden to not relocate the base, according to the Associated Press.
U.S. Space Command headquarters is set to achieve “full operational capability” at Colorado Springs later this month, according to the senior administration official.
The official said moving the headquarters to Alabama would force a transition process that does not allow the new base to open until the mid-2030’s.
“The President found that risk unacceptable, especially given the challenges we may face in the space domain during this critical time period,” the official said. “Locating Headquarters U.S. Space Command in Colorado Springs ensures peak readiness in the space domain for our nation during a critical period.”
Biden’s reversal is likely to spark the fury of Alabama Republicans who have for months feared the administration would scrap the relocation plan.
Alabama Rep. Mike Rogers (R), the chairman of the House Armed Services Committee, has been investigating the delay behind the relocation plan, which was first put in motion when Space Command was resurrected in 2019.
Former President Trump’s decision to temporarily establish a headquarters in Colorado and relocate Space Command to Alabama was criticized as a political choice based upon a more favorable constituency in the Yellowhammer state.
Since coming into office, the Biden administration ordered reviews of the decision, none of which found anything improper in Trump’s decision, though they found the former president could have followed better practices in the process.
The delayed relocation reached new heights over the spring when NBC News reported the Biden administration was considering scrapping the relocation plan because of restrictive abortion laws in Alabama.
Rogers and other Alabama Republicans objected to any such plan, saying Huntsville, also known as Rocket City, was selected based on its merits and in a fair process, while pointing to the reviews that found nothing improper.
The House version of the annual defense bill that passed earlier this month includes provisions that slash funding for the Air Force Secretary until the administration makes a final decision. It’s unclear whether Rogers will be satisfied with a reversal.
Other Alabama politicians, including Gov. Kay Ivey (R), are likely to also object to the decision.
Sen. Katie Britt (R-Ala.) said the base Redstone Arsenal in Alabama was the correct location based on its merits, arguing “Biden has irresponsibly decided to yank a military decision out of the Air Force’s hands in the name of partisan politics.”
“The President’s blatant prioritization of partisan political considerations at the expense of our national security, military modernization, and force readiness is a disservice and a dishonor to his oath of office as our nation’s Commander-in-Chief,” she said in a statement.
Colorado Sen. Michael Bennett (D) joined officials from his state in celebrating Biden’s decision.
“Over the past two and half years, we have repeatedly made the case that the Trump administration’s decision to relocate U.S. Space Command was misguided,” the senator wrote on the platform X, formerly known as Twitter.
“Today’s decision restores integrity to the Pentagon’s basing process and sends a strong message that national security and the readiness of our Armed Forces drive our military decisions,” he added.
Updated at 5:01 pm ET.
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Police have opened a battery investigation after Cardi B threw her microphone into the crowd when a concertgoer tossed a drink at her during a recent show.
In a video making the rounds on social media, the Grammy-winning rapper is seen throwing a microphone at an audience member who tossed a drink at her during her performance at Drai's Beachclub in Las Vegas on Saturday.
Cardi B was performing her 2017 hit "Bodak Yellow" in the clip when she gets a good dousing of the liquid, then angrily throws the mic at them while appearing to have words with the person. The fan was escorted out by security.
RELATED: Drink tossed at Cardi B on stage - she fires back with her microphone
A separate video showed that Cardi B told fans she was hot and to throw her some water. It's unclear at what point in the show this video was recorded.
Cardi B addressed the incident Sunday on Stationhead, saying, "A (bleep) got (bleep) assaulted. When water and ice get thrown in your (bleep) face and hit you mad hard. What happened yesterday was blatantly disrespectful."
This is just the latest example of fans throwing things at artists while they're performing onstage. It has happened in recent weeks to artists like Bebe Rexha, Harry Styles, Kelsea Ballerini and more.
"Artists have had enough. I mean, I think that's evident," said Kelley L. Carter, an ABC News entertainment contributor and senior entertainment reporter for Andscape.
Carter added, "So much remains to be seen about how incidents like this might change the concert experience, but I do ... I think there's definitely going to be a zero-tolerance policy that's officially going to be put in place."
The video in the media player above is from a previous report.
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Delivered record-breaking second quarter performance in Total Revenues, Operating Profit and net new adds
Total Revenues up 25%; System Sales grew 32% in constant currency; Operating Profit increased 216%
Store openings accelerated, 655 net new adds in the first half, on track for full-year net new store target
SHANGHAI, July 31, 2023 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Total revenues increased 25% year over year to $2.65 billion from $2.13 billion (a 32% increase excluding foreign currency translation ("F/X")).
- Total system sales increased 32% year over year, with increases of 32% at KFC and 30% at Pizza Hut, excluding F/X. Growth was mainly attributable to same-store sales, new unit contribution and lapping of temporary store closures in the prior year.
- Same-store sales increased 15% year over year, with increases of 15% at KFC and 13% at Pizza Hut, excluding F/X.
- Opened 422 net new stores during the quarter; total store count reached 13,602, as of June 30, 2023.
- Operating Profit increased 216% year over year to $257 million from $81 million (a 228% increase excluding F/X), primarily driven by sales leveraging and margin expansion.
- Adjusted Operating Profit increased 215% year over year to $259 million from $82 million (a 227% increase excluding F/X).
- Restaurant margin was 16.1%, compared with 12.1% in the prior year period.
- Effective tax rate was 24.7%.
- Net Income increased 138% to $197 million from $83 million in the prior year period, primarily due to the increase in Operating Profit.
- Adjusted Net Income increased 137% to $199 million from $84 million in the prior year period (a 207% increase excluding the net loss of $9 million in the second quarter of 2023 and net gain of $16 million in the second quarter of 2022, from the mark-to-market equity investment in Meituan; a 219% increase if further excluding F/X).
- Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period.
- Adjusted Diluted EPS increased 135% to $0.47 from $0.20 in the prior year period (a 206% increase excluding the net loss from the mark-to-market equity investments in the second quarter of 2023 and net gain in the second quarter of 2022; a 219% increase if further excluding F/X).
Key Financial Results
CEO and CFO Comments
Joey Wat, CEO of Yum China, commented, "We achieved outstanding results, delivering substantial growth in the top-line and bottom-line, in the second quarter, thanks to our teams' dedication and creativity. This once again demonstrates our anti-fragile business model and ability to capture opportunities in good times and stay resilient in bad times. Our innovative products and compelling value captured customer demand and drove double-digit same-store sales growth. KFC's "K-zza" and Pizza Hut's new menu items were hugely popular. Our exciting campaign with Genshin Impact and fun toy offerings with Sanrio and Pokemon spurred strong demand and brought consumers moments of joy. We registered record daily transactions of 8.5 million on Children's Day. Our amazing operations team, robust end-to-end digital capabilities and agile supply chain enabled us to flexibly handle surges in customer traffic through holiday periods and special marketing campaigns, while maintaining consistent quality and customer service. As a result of these collective efforts, our operating profit for the first half of this year already exceeded the entire year of 2022."
Wat continued, "We accelerated the pace of new store openings in the second quarter and celebrated two milestones. Pizza Hut surpassed 3,000 stores in China and KFC exceeded 500 stores in Shanghai alone. With 655 net new stores in the first half of 2023, we are on track to meet our expansion goals for the year. Importantly, new store payback periods remain healthy. Furthermore, we see abundant white space in China. With a presence in 1,900 cities, we are still tracking over 800 cities without a KFC. Similarly, Pizza Hut has a great potential for expanding its footprint. With our flexible store formats, we continue to expand addressable markets across city tiers. By actively pursuing our RGM (Resilience-Growth-Moat) strategy and leveraging our industry-leading strengths, we are confident in our ability to capture long-term growth opportunities."
Andy Yeung, CFO of Yum China, added, "We delivered record second-quarter revenues and profits, despite challenging macro conditions and an uptick of COVID infections during the quarter. When customer demand softened in May, we adjusted nimbly to address consumer needs, captured holiday spending and successfully regained sales momentum. Sales growth and proactive cost structure rebasing helped us improve operating leverage, expanding restaurant margins and delivering record operating profit in the quarter. Even though same-store sales remained below 2019 levels, our revenue in the second quarter has increased by 25% and operating profits have risen by 26% compared to pre-pandemic levels in 2019."
"As we move into the third quarter, driving sales remains our top priority. We have lined up exciting marketing campaigns and resources to seize sales opportunities in the peak summer season. Our efforts on efficiency improvement and cost structure rebasing should continue to benefit profitability in the long run. But, it is worth noting that last year's record third-quarter restaurant margins set a relatively high benchmark, due to austerity measures and temporary reliefs. We will continue to stay agile through evolving market conditions, expand our store network and fortify our competitive moat to drive sustainable long-term growth," Yeung concluded.
Share Repurchases and Dividends
- During the second quarter, the Company repurchased approximately 1 million shares of Yum China common stock for $62 million at an average price of $60.23 per share. As of June 30, 2023, approximately $1 billion remained available for future share repurchases under the current authorization.
- The Board declared a cash dividend of $0.13 per share on Yum China's common stock, payable on September 18, 2023 to shareholders of record as of the close of business on August 28, 2023.
Digital and Delivery
- The KFC and Pizza Hut loyalty programs exceeded 445 million members combined, as of quarter-end. Member sales accounted for approximately 66% of system sales in the second quarter of 2023.
- Delivery contributed approximately 35% of KFC and Pizza Hut's Company sales in the second quarter of 2023, a decrease of 3% compared with the prior year period.
- Digital orders, including delivery, mobile orders and kiosk orders, accounted for approximately 90% of KFC and Pizza Hut's Company sales in the second quarter of 2023.
New-Unit Development and Asset Upgrade
- The Company opened 422 net new stores in the second quarter of 2023, mainly driven by development of the KFC and Pizza Hut brands.
- The Company remodeled 171 stores in the second quarter of 2023.
Restaurant Margin
- Restaurant margin was 16.1% in the second quarter of 2023 compared with 12.1% in the prior year period, driven primarily by sales leveraging and ongoing benefits of cost structure rebasing efforts; partially offset by lapping austerity measures in the prior year, higher promotion costs, and wage inflation.
2023 Outlook
The Company's fiscal year 2023 targets remain unchanged:
- To open approximately 1,100 to 1,300 net new stores.
- To make capital expenditures in the range of approximately $700 million to $900 million.
Company Updates
- On July 17, 2023, the Company announced the appointment of Mr. David Hoffmann to the Board of the Directors. With this appointment, the Board is now comprised of 10 directors, nine of whom are independent.
Note on Non-GAAP Measures
Reported GAAP results include Special Items, which are excluded from non-GAAP adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures" within this release. In addition, for the non-GAAP measures of Restaurant profit and Restaurant margin, see "Reconciliation of GAAP Operating Profit to Restaurant Profit" under "Segment Results" within this release.
Conference Call
Yum China's management will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Monday, July 31, 2023 (8:00 a.m. Beijing/Hong Kong Time on Tuesday, August 1, 2023).
A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/4rchbbk4/.
To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers, a passcode and a unique access PIN.
Pre-registration Link: https://s1.c-conf.com/diamondpass/10031360-wcv829.html
A replay of the conference call will be available one hour after the call ends until Tuesday, August 8, 2023 and may be accessed by phone at the following numbers:
Additionally, this earnings release, the accompanying slides, as well as the live and archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com.
For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including under "2023 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investment, dividend and share repurchase plans, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, the expected impact of the COVID-19 pandemic, pace of recovery of Yum China's business, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, including the COVID-19 pandemic, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has over 400,000 employees and operates over 13,000 restaurants under six brands across 1,900 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. Taco Bell offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.
In this press release:
- The Company provides certain percentage changes excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
- System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned, franchise and unconsolidated affiliate restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise and unconsolidated affiliate restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise and unconsolidated affiliate restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.
- Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.
- Company sales represent revenues from Company-owned restaurants. Company Restaurant profit ("Restaurant profit") is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales.
- Certain comparative items in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation to facilitate comparison.
Reconciliation of Reported GAAP Results to Non-GAAP Adjusted Measures
(in millions, except per share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides non-GAAP measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share ("EPS"), Adjusted Effective Tax Rate and Adjusted EBITDA, which we define as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, certain non-cash expenses, consisting of depreciation and amortization as well as store impairment charges, and Special Items. We also use Restaurant profit and Restaurant margin (as defined above) for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe Restaurant profit and Restaurant margin provide useful information to investors as to the profitability of our Company-owned restaurants.
The following table set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP adjusted financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit is presented in Segment Results within this release.
Net income, along with the reconciliation to Adjusted EBITDA, is presented below:
Details of Special Items are presented below:
(1) In February 2020, the Company granted Partner PSU Awards to select employees who were deemed critical to the Company's execution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period, with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. Partner PSU Awards were granted to address increased competition for executive talent, motivate transformational performance and encourage management retention. Given the unique nature of these grants, the Compensation Committee does not intend to grant similar, special grants to the same employees during the performance period. The impact from these special awards is excluded from metrics that management uses to assess the Company's performance.
(2) The tax expense was determined based upon the nature, as well as the jurisdiction, of each Special Item at the applicable tax rate.
The Company excludes impact from Special Items for the purpose of evaluating performance internally. Special Items are not included in any of our segment results. In addition, the Company provides Adjusted EBITDA because we believe that investors and analysts may find it useful in measuring operating performance without regard to items such as equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analyst may find it useful in measuring operating performance without regard to such non-cash item.
These adjusted measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these adjusted measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our ongoing operations due to their nature.
View original content:
SOURCE Yum China Holdings, Inc.
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https://www.cleveland19.com/prnewswire/2023/07/31/yum-china-reports-second-quarter-2023-results/
| 2023-07-31T21:29:23
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AUSTIN, Texas — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
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https://www.washingtonpost.com/national/2023/07/31/texas-ken-paxton-impeachment-trial/13bffb22-2fe5-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:29:25
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(KTLA) – The Los Angeles County Sheriff’s Department is investigating the discovery of a body inside a 55-gallon drum in Malibu Lagoon on Monday.
A park worker first saw the drum floating by the Pacific Coast Highway bridge Sunday night but didn’t think much of it at the time, a spokesperson for the L.A. County Fire Department told Nexstar’s KTLA.
When lifeguards arrived at work Monday morning, they saw the drum in the lagoon and tried to pull it out at which point they discovered the body inside, officials said.
No information about the victim was immediately known.
KTLA helicopter footage showed the black plastic drum standing upright in shallow water and the beach appeared to be closed for the investigation.
Late last spring, a body was found in a barrel in Nevada’s Lake Mead. Authorities said the body may have been there for four decades but have not yet identified the victim, despite identifying other bodies that appeared due to receding water levels.
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https://www.wane.com/news/body-found-inside-55-gallon-drum-in-malibu/
| 2023-07-31T21:29:29
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https://www.wane.com/news/body-found-inside-55-gallon-drum-in-malibu/
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Premium Dividend Fund (NYSE: PDT) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.0825 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Premium Dividend Fund (NYSE: PDT) with important information concerning the distribution declared on June 30, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.0825 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
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https://www.wcjb.com/prnewswire/2023/07/31/john-hancock-premium-dividend-fund/
| 2023-07-31T21:29:28
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WASHINGTON (AP) — X, the social media platform formerly known as Twitter, has threatened to sue a group of independent researchers whose research documented an increase in hate speech on the site since it was purchased last year by Elon Musk.
An attorney representing the social media site wrote to the Center for Countering Digital Hate on July 20 threatening legal action over the nonprofit's research into hate speech and content moderation. The letter alleged that CCDH's research publications seem intended “to harm Twitter’s business by driving advertisers away from the platform with incendiary claims.”
Musk is a self-professed free speech absolutist who has welcomed back white supremacists and election deniers to the platform, which he renamed X earlier this month. But the billionaire has at times proven sensitive about critical speech directed at him or his companies.
The center is a nonprofit with offices in the U.S. and United Kingdom. It regularly publishes reports on hate speech, extremism or harmful behavior on social media platforms like X, TikTok or Facebook.
The organization has published several reports critical of Musk's leadership, detailing an increase in anti-LGBTQ hate speech as well as climate misinformation since his purchase. The letter from X's attorney cited one specific report from June that found the platform failed to remove neo-Nazi and anti-LGBTQ content from verified users that violated the platform’s rules.
In the letter, attorney Alex Spiro questioned the expertise of the researchers and accused the center of trying to harm X's reputation. The letter also suggested, without evidence, that the center received funds from some of X's competitors, even though the center has also published critical reports about TikTok, Facebook and other large platforms.
“CCDH intends to harm Twitter’s business by driving advertisers away from the platform with incendiary claims,” Spiro wrote, using the platform's former name.
Imran Ahmed, the center’s founder and CEO, told the AP on Monday that his group has never received a similar response from any tech company, despite a history of studying the relationship between social media, hate speech and extremism. He said that typically, the targets of the center’s criticism have responded by defending their work or promising to address any problems that have been identified.
Ahmed said he worried X’s response to the center’s work could have a chilling effect if it frightens other researchers away from studying the platform. He said he also worried that other industries could take note of the strategy.
“This is an unprecedented escalation by a social media company against independent researchers. Musk has just declared open war,” Ahmed told the Associated Press. “If Musk succeeds in silencing us other researchers will be next in line.”
Messages left with Spiro and X were not immediately returned Monday.
It's not the first time that Musk has fired back at critics. Last year, he suspended the accounts of several journalists who covered his takeover of Twitter. Another user was suspended for using publicly available flight data to track Musk's private plane; Musk had initially pledged to keep the user on the platform but later changed his mind, citing his personal safety. He also threatened to sue the user before allowing him back on the platform under certain restrictions.
He initially had promised that he would allow any speech on his platform that wasn't illegal. “I hope that even my worst critics remain on Twitter, because that is what free speech means,” Musk wrote in a tweet last year.
X's recent threat of a lawsuit prompted concern from U.S. Rep. Adam Schiff, D-Calif., who said the billionaire was trying to use the threat of legal action to punish a nonprofit group trying to hold a powerful social media platform accountable.
“Instead of attacking them, he should be attacking the increasingly disturbing content on Twitter,” Schiff said in a statement.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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https://www.mynews13.com/fl/orlando/ap-top-news/2023/07/31/musk-threatens-to-sue-researchers-who-documented-the-rise-in-hateful-tweets
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Disclosure: The columnist’s wife, Mari Will, is an adviser to Republican presidential candidate Sen. Tim Scott (S.C.).
Florida Gov. Ron DeSantis’s (R) recent remarks about Democratic presidential candidate Robert F. Kennedy Jr. included this mind-boggling response when questioned about Kennedy as a possible running mate: “If there’s 70 percent of the issues that he may be averse to our base on,” that is a problem. So no Vice President Kennedy, not because Kennedy is a lunatic but because the Republican base might agree with only 30 percent of Kennedy’s lunacy.
For writing about DeSantis, one needs a computer on which a single key stroke produces the phrase “DeSantis later explained …” (e.g., concerning slavery’s benefits for the enslaved). Regarding Kennedy, DeSantis later explained that his idea to “sic him” on the FDA or CDC might mean making Kennedy a kind of ombudsman.
DeSantis has scuttled crabwise away from his Kennedy musings. His tough-guy persona — the big-chested name of the super PAC supporting him is Never Back Down — precludes straightforward apologies.
His peculiar campaign probably will have one constant: He has a low annoyance threshold, along with an incontinent (and unconservative) itch to use government to punish companies whose speech about social issues annoys him. He has threatened to sue Bud Light’s corporate owner, Anheuser-Busch InBev, over a marketing mistake, involving a transgender influencer, if the error injured Florida state funds that own AB InBev stock. Really.
Campaigns are supposed to be stress tests, and this one is multiplying occasions for DeSantis to reveal attributes voters should see before handing him ballistic missile launch codes. The campaign is pitilessly revealing that he is prone to what tennis commentators call “unforced errors.” Do Republicans want such a candidate? Does anyone want such a president?
DeSantis’s pratfalls are, however, useful in illustrating how politics has sunk waist-deep in the quicksand of “the emotive presidency.” In a National Affairs essay with that title, Mikael Good, a Georgetown University political theory student, and Philip Wallach, a senior fellow at the American Enterprise Institute, argue that “Trump’s masterstroke” was to realize that, for his core supporters, his governing is of secondary importance.
Primarily important is his “affect,” his rhetorical carousing that enables supporters to “feel complicit in defying the hated establishment.” An entertainer with the “Seinfeldian cadences” (say Good and Wallach) of a stand-up comedian, Trump is, for his cohort, fun, a word that does not spring to mind when watching the dour DeSantis.
Although portions of Trump’s base have, Good and Wallach say, legitimate grievances that should be articulated, “a great deal of his rhetoric and showmanship merely channeled the emotion behind those grievances. The reward for his followers was catharsis, not better political representation in a process geared toward meeting real challenges.”
Today’s plebiscitary system of selecting presidential nominees, write Good and Wallach, rewards “those who can persuasively channel the people’s most transient and inflammatory passions.” This is the result of “the rapid evolution of media” — principally, social media — that “has changed how presidents interact with people.” And “decades of unfulfilled promises” that have disillusioned Americans regarding the “rhetorical presidency’s self-righteous grandiosity.” Think, for example, of Trump’s immediate presidential predecessor.
Good and Wallach argue that “Trump found a way to reinvent the president’s representational role for an emotive age.” He defined, and is defined by, this age:
“Employing cadences borrowed from stand-up comics and radio shock jocks, Trump transformed populist rage into a positive emotion: gleeful shared mockery of the politicians and elites who had betrayed the true Americans. . . . This is the age of offense-taking, not position-taking — let alone policymaking.”
DeSantis, scourge of Disney, understands what Good and Wallach call “news-cycle combat,” which is “all about displaying bravado by throwing punches” because “the point is to help your supporters feel something right now.” DeSantis might be one of those whose talent, say Good and Wallach, “lies in meeting their base’s emotional needs and fueling the news cycle with entertaining spectacles.”
Hence Ronald Reagan’s irrelevance, as trumpeted by the “new right,” many of whose members are attracted by DeSantis’s gloweringly un-Reaganesque affect. A rhetorical president can be a unifier. An emotive president must be divisive.
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https://www.washingtonpost.com/opinions/2023/07/31/desantis-campaign-struggles-george-will/
| 2023-07-31T21:29:31
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President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama and ending months of politically fueled debate, according to senior U.S. officials.
The officials said Biden was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness. Dickinson's view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.
The officials spoke on condition of anonymity to discuss the decision ahead of the announcement.
The president, they said, believes that keeping the command in Colorado Springs would avoid a disruption in readiness that the move would cause, particularly as the U.S. races to compete with China in space. And they said Biden firmly believes that maintaining stability will help the military be better able to respond in space over the next decade.
Biden's decision is sure to enrage Alabama lawmakers and fuel accusations that abortion politics played a role in the choice. The location debate has become entangled in the ongoing battle between Alabama Republican Sen. Tommy Tuberville and the Defense Department over the move to provide travel for troops seeking reproductive health care. Tuberville opposed the policy is blocking hundreds of military promotions in protest.
Formally created in August 2019, the command was temporarily based in Colorado, and Air Force and Space Force leaders initially recommended it stay there. In the final days of his presidency Donald Trump decided it should be based in Huntsville.
The change triggered a number of reviews.
Proponents of keeping the command in Colorado have argued that moving it to Huntsville and creating a new headquarters would set back its progress at a time it needs to move quickly to be positioned to match China's military space rise. And Colorado Springs is also home to the Air Force Academy, which now graduates Space Force guardians, and more than 24 military space missions, including three Space Force bases.
Huntsville, however, scored higher than Colorado Springs in a Government Accountability Office assessment of potential locations and has long been a home to some of earliest missiles used in the nation's space programs, including the Saturn V rocket. It is home to the Army's Space and Missile Defense Command.
According to officials, Air Force Secretary Frank Kendall, who ordered his own review of the matter, leaned toward Huntsville, while Dickinson was staunchly in favor of staying put. The officials said Defense Secretary Lloyd Austin presented both options to Biden.
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https://www.mynews13.com/fl/orlando/news/2023/07/31/biden-space-command-colorado-alabama
| 2023-07-31T21:29:35
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NOTICE TO SHAREHOLDERS – SOURCES OF DISTRIBUTION UNDER SECTION 19(a)
BOSTON, July 31, 2023 /PRNewswire/ - John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its monthly distribution of $0.1380 per share paid to all shareholders of record as of July 13, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
This notice provides shareholders of the John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) with important information concerning the distribution declared on July 3, 2023, and payable on July 31, 2023. No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable July 31, 2023, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared the July 2023 distribution pursuant to the Fund's managed distribution plan (the "Plan"). Under the Plan, the Fund makes fixed monthly distributions in the amount of $0.1380 per share, which will continue to be paid monthly until further notice.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.
About John Hancock Investment Management
A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
View original content:
SOURCE John Hancock Investment Management
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https://www.wcjb.com/prnewswire/2023/07/31/john-hancock-tax-advantaged-dividend-income-fund/
| 2023-07-31T21:29:35
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NEW HAVEN, Conn. — Connecticut U.S. Rep. Rosa DeLauro has stood out for years with her colorful clothing and hairstyle, but it took one of her six grandchildren to finally convince the 80-year-old lawmaker to complement her fashion-forward look with a tattoo.
“For her 18th birthday, my granddaughter wanted to get a tattoo with me. So, we went together,” DeLauro said. “She’s off to college in the fall, and this strengthens our bond.”
The design of the tattoo on her left upper arm is personal for DeLauro. It depicts a rose, which represents her name Rosa. The petal in the center of flower forms the letter “D” to represent her last name, and the bottom left of the rose has a stylized version of Italy, an homage to the country where her father immigrated from, said Daniel Robillard, her press assistant.
DeLauro is far from the first member of Congress to sport body art. Pennsylvania U.S. Sen. John Fetterman’s nine tattoos were often mentioned when he ran in 2022.
The dean of Connecticut’s congressional delegation, DeLauro has represented the state’s 3rd Congressional District in the New Haven area since 1991. She now serves as ranking member of the House Labor, Health and Human Services, and Education Appropriations Subcommittee, which oversees federal investments in education, health, and employment.
This is DeLauro’s first tattoo, Robillard said, but it likely won’t be her last.
“I have four more grandkids who still haven’t turned 18 yet,” DeLauro said. “So be on the lookout for more new ink!”
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https://www.washingtonpost.com/politics/2023/07/31/rosa-delauro-tattoo/4f981106-2fdc-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:29:37
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A couple of years ago, during a visit in San Diego, I asked Saúl “Canelo” Alvarez what he thought of Terence Crawford calling himself the best pound-for-pound fighter in boxing.
Crawford had mentioned that Canelo had lost to Floyd Mayweather Jr. early in his career and had avoided some tough rivals, especially Black fighters who “would be complicated for his style.”
The Mexican champion‘s response was very clear and questioned the quality of fighter that Crawford had faced in his own career.
Esaú Diéguez has been in Terence Crawford’s corner since the boxer was a teenager in Nebraska.
“I have fought a lot and I have fought against the best. I haven’t run from anybody and people should look at his [Crawford] record. He hasn’t fought anyone,” said Canelo in 2021.
That changed on Saturday, when Crawford beat Errol Spence Jr. in one of the most anticipated fights of the last decade.
Canelo himself was impressed and tweeted out his congratulations to Crawford, whom he called a “great fighter.”
Crawford put on an exhibition against the undefeated Spence to become the first undisputed welterweight champion in the four belts era and solidified his spot as one the best fighters of his generation.
“I think tonight demonstrated how great I am,” said Crawford. “The winner of this fight was going to be the top pound-for-pound fighter in boxing. You had two fighters in the top five of most lists. How can the winner not be No. 1.”
While Crawford’s win should put him at the top of most lists, how does his dominance compare to Canelo’s recent run?
We will see. Before Saturday’s win, I had asked Crawford how he compares with Canelo.
“I have been dominant my entire career. Canelo has been dominant to a certain degree. He lost against Floyd Mayweather and he lost against Dmitry Bivol,” Crawford said.
What Crawford failed to mention is that he hasn’t faced anyone on the same level as Mayweather, who was the clear pound-for-pound choice when Canelo faced him at 23 years old in 2013. Crawford hasn’t taken as many risks as Canelo, who gave up some of his advantages by moving up in weight to take on Bivol in 2022.
Canelo’s resume is beyond reproach. He has won titles in four weight classes and cleaned out the super middleweight category after beating Billy Joe Saunders, Caleb Plant and Callum Smith. And he is the only fighter in history to become the undisputed super middleweight champion.
His only recent blemish has been his loss to Bivol, but Canelo deserves credit for moving uponce again to take on the bigger rival.
And, for better or worse, Canelo continues to be the face of boxing who generates the most money and interest from the casual boxing fan.
“I think Canelo has been better. He has done some big things in boxing, he’s been at 154, 160, 175 [pounds]. He is the one that brings in the most money,” said Spence before Saturday’s fight.
There are other names that could be considered close to the level of Crawford and Canelo. Noaya Inoue, Olesandr Usyk and Gevonte Davis. But Crawford and Canelo seem to be the only ones that would threaten the title of “best of a generation,” similar to the dominance shown by Mayweather in the previous decade.
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TAMPA, Fla. (WFLA) — Florida is seeing a rise in leprosy cases that could mean the disease has become endemic in the Sunshine State, according to a letter published by the Centers for Disease Control and Prevention.
The letter, which was published in mid-July, said while leprosy is historically uncommon in the United States, cases more than doubled in the South over the last 10 years.
Leprosy, also known as Hansen’s Disease, is caused by the bacterium Mycobacterium leprae and is characterized by discolored patches of skin, ulcers, lumps and damage to the nerves.
The CDC said if untreated, the disease can progress to paralysis, blindness, the loss of one’s eyebrows, physical disfigurement, and even the “shortening of toes and fingers due to reabsorption.”
The Florida Department of Health said the disease first appeared in the state in 1921. The National Hansen’s Disease Program found that 159 cases of leprosy were reported in 2020. Florida was at the top of the list of states with the most new cases.
According to the Florida Health Charts, the state had 26 reported cases in 2019, 27 in 2020, and 14 in 2021.
“Central Florida, in particular, accounted for 81% of cases reported in Florida and almost one-fifth of nationally reported cases,” the letter said. “Whereas leprosy in the United States previously affected persons who had immigrated from leprosy-endemic areas, [about] 34% of new case-patients during 2015–2020 appeared to have locally acquired the disease.”
A disease becomes endemic when it occurs regularly within a certain community or area.
The CDC letter said multiple cases showed no sign of animal-to-human transmission or “traditionally known risk factors.”
One patient, a 54-year-old man in Central Florida, was treated at a dermatology clinic for a progressive rash caused by leprosy.
When asked, the man said he had lived in Central Florida his whole life, did not travel domestically or internationally, had no exposure to armadillos (which can carry the disease), had no contact with immigrants with endemic leprosy, and had no connection to someone with the disease.
Experts said there was some support for the theory that an increase in migration from other countries to the United States may have caused the disease to enter non-endemic areas. However, while leprosy cases are increasing in the U.S., the rate of new cases in people born outside of the U.S. had been on a decline since 2002.
“This information suggests that leprosy has become an endemic disease process in Florida, warranting further research into other methods of [local] transmission,” the letter said.
In the state of Florida, medical practitioners must report leprosy by the next business day so contact tracing can be done and reduce further infections.
“In our case, contact tracing was done by the National Hansen’s Disease Program and revealed no associated risk factors, including travel, zoonotic exposure, occupational association, or personal contacts,” the letter said. “The absence of traditional risk factors in many recent cases of leprosy in Florida, coupled with the high proportion of residents, like our patient, who spend a great deal of time outdoors, supports the investigation into environmental reservoirs as a potential source of transmission.”
The CDC said travel to Florida must now be considered when conducting contact tracing for leprosy in any state.
Leprosy, when contracted, can be treated by a combination of different antibiotics to prevent it from developing resistance to the medication, according to the CDC. Leprosy can be cured after one or two years of treatment.
However, even when cured, any nerve damage and disfigurement caused by the disease will be permanent.
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CANBERRA, Australia (AP) — Political instability in Niger resulting from a military takeover that deposed the president this week threatens the economic support provided by Washington to the African nation, U.S. Secretary of State Anthony Blinken said Saturday.
Members of the Niger military announced on Wednesday they had deposed democratically elected President Mohamed Bazoum and on Friday named Gen. Abdourahmane Tchiani as the country's new leader, adding Niger to a growing list of military regimes in West Africa’s Sahel region.
Blinken, who is in Australia as part of a Pacific tour, said the continued security and economic arrangements that Niger has with the U.S. hinged on the release of Bazoum and “the immediate restoration of the democratic order in Niger.”
“Our economic and security partnership with Niger — which is significant, hundreds of millions of dollars — depends on the continuation of the democratic governance and constitutional order that has been disrupted by the actions in the last few days,” Blinken said. “So that assistance, that support, is in clear jeopardy as a result of these actions, which is another reason why they need to be immediately reversed.”
Blinken stopped short of calling the military actions in Niger a coup, a designation that could result in the African country losing millions of dollars of military aid and assistance.
Speaking in Brisbane, Blinken said he had spoken with President Bazoum on Saturday but did not provide details. He cited the support of the African Union, the Economic Community of West African States and other regional entities in trying to bring an end to the unrest.
“The very significant assistance that we have in place that’s making a material difference in the lives of the people of Niger is clearly in jeopardy and we’ve communicated that as clearly as we possibly can to those responsible for disrupting the constitutional order and Niger’s democracy," Blinken said.
Blinken said the U.S. Embassy in Niger had accounted for the safety of all staff members and their families, while issuing a security alert advising U.S. citizens in the country to limit unnecessary movements and avoid areas impacted by the coup.
The military group that conducted the coup, calling itself the National Council for the Safeguarding of the Country, said its members remained committed to engaging with the international and national community.
“This is as a result of the continuing degradation of the security situation, the bad economic and social governance,” air force Col. Major Amadou Abdramane said in the video released by the coup leaders Wednesday. He said aerial and land borders were closed and a curfew was in place until the situation stabilized.
Bazoum was elected two years ago in Niger’s first peaceful, democratic transfer of power since independence from France.
Niger is seen as the last reliable partner for the West in efforts to battle jihadis linked to al-Qaida and the Islamic State group in Africa’s Sahel region, where Russia and Western countries have vied for influence in the fight against extremism.
France has 1,500 soldiers in the country who conduct joint operations with Niger's military, while the U.S. and other European countries have helped train the nation’s troops.
___
Hannon reported from Bangkok.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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LINKBANCORP, Inc. Announces Second Quarter 2023 Financial Results
Published: Jul. 31, 2023 at 4:30 PM EDT|Updated: 59 minutes ago
HARRISBURG, Pa., July 31, 2023 /PRNewswire/ -- LINKBANCORP, Inc. (NASDAQ: LNKB) (the "Company"), the parent company of LINKBANK (the "Bank") reported net income of $1.35 million, or $0.08 per diluted share, for the quarter ended June 30, 2023. Excluding merger related expenses, adjusted earnings were $1.60 million1, or $0.101 per diluted share for the second quarter of 2023.
Second Quarter 2023 Highlights
Total deposits grew $50.3 million, or 20.5% annualized during the second quarter over the prior quarter end, including an increase in noninterest bearing deposits of $36.2 million, and $14.1 million in interest bearing deposits. Estimated uninsured deposits, excluding collateralized public funds and affiliate company accounts, totaled $378.7 million, or 36.7% of total deposits as of June 30, 2023, compared with $387.8 million, or 39.4% of total deposits as of March 31, 2023.
The Company enhanced its on-balance sheet liquidity, with cash and cash equivalents as of June 30, 2023 of $123.2 million, up from $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. Total liquidity, including all available borrowing capacity and brokered deposit availability, together with cash and cash equivalents and unpledged investment securities, totaled approximately $507.4 million as of June 30, 2023.
Total loans grew $24.2 million during the second quarter, representing a 10.3% annualized growth rate, driven primarily by commercial and industrial and commercial real estate loan activity.
Net interest income for the second quarter of 2023 was $8.1 million, compared to $8.0 million for the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023, compared to 2.95% for the first quarter of 2023. The linked quarter decrease was primarily due to higher interest expense on deposits continuing to outpace the increase in interest income from loans.
The Company recorded a $493 thousand negative provision for credit losses for the second quarter of 2023, resulting in an allowance for credit losses of $10.2 million, or 1.05% of total loans at June 30, 2023. The negative provision for credit losses was primarily driven by refinement of the population of loans individually assessed for impairment under the current expected credit losses ("CECL") accounting standard, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
On June 22, 2023, shareholders of the Company and Partners Bancorp ("Partners"), each approved the merger of Partners with and into the Company, with the Company as the surviving corporation pursuant to the Agreement and Plan of Merger, dated as of February 22, 2023. The merger is expected to close in the third or fourth quarter of 2023, subject to regulatory approvals and certain other customary closing conditions.
"We are pleased to report results that evidence continued balance sheet strength, including increased on-balance sheet liquidity, a growing core deposit base, and excellent credit quality." said Andrew Samuel, Chief Executive Officer. "Although significant uncertainty remains in the external environment, we are optimistic that the pace of margin compression will continue to stabilize. Our teams are highly focused on providing superior service to meet our clients' needs and we believe the Company is well positioned to successfully navigate through this climate."
Income Statement
Net interest income before the provision for credit losses for the second quarter of 2023 increased to $8.1 million compared to $8.0 million in the first quarter of 2023. Net interest margin was 2.81% for the second quarter of 2023 compared to 2.95% for the first quarter of 2023. The decrease in net interest margin for the current quarter was due to the higher average rate paid on interest-bearing liabilities, which outpaced the increase in the average yield on interest earning assets. The overall rate and yield increases were driven by the multiple federal funds rate increases that occurred over the preceding twelve months, coupled with competition for deposits in the market. The rate of increase in the cost of funds moderated to 30 basis points in the second quarter of 2023, primarily resulting from strong growth in the average balance of non-interest bearing deposits, which increased approximately $17.0 million to $209.1 million, compared to $192.1 million for the first quarter. The 30 basis points increase in the cost of funds to 2.29% during the second quarter of 2023 was partially offset by a 15 basis point increase in the average yield on interest-earning assets to 5.00%. The increase in the average yield on interest-earning assets was primarily due to the increase in the average yield on loans of 11 basis points to 5.20% during the second quarter of 2023.
During the second quarter, the Company continued to recognize results from its increased internal focus and strategy on core deposit generation, including 123 net new checking accounts opened for a total of $38 million in new deposits. Additionally, further momentum in executing the Company's strategies to service the needs of professional services firms resulted in 58 new accounts opened during the quarter, which are expected to fund over the course of the third quarter. As a result of these positive trends, the Company expects to allow higher cost brokered deposits to mature, replaced by core accounts at a lower cost, contributing to further stabilization in net interest margin.
Noninterest income (expense) improved from a $1.9 million expense in the first quarter of 2023, driven by recognition of a loss upon the sale of debt securities of $2.37 million, to $886 thousand in income in the second quarter of 2023. Excluding the first quarter loss on the sale of debt securities, adjusted noninterest income for the second quarter of 2023 increased $369 thousand to $886 thousand, primarily due to gains on the sale of Small Business Administration ("SBA") loans of $296 thousand and $57 thousand in commercial loan-related interest rate swap fees.
Noninterest expense for the second quarter of 2023 increased to $7.8 million compared to $7.7 million for the first quarter of 2023. Excluding one time charges relating to the pending merger with Partners Bancorp of $587 thousand in the first quarter of 2023 and $315 thousand in the second quarter of 2023, adjusted noninterest expense increased by $351 thousand in the second quarter, impacted by increased equipment and data processing expense as the Company continues to enhance its technology platform, as well as elevated accrual of fraud and operating losses.
Balance Sheet
Total assets were $1.31 billion at June 30, 2023 compared to $1.21 billion at March 31, 2023 and $1.06 billion at June 30, 2022. Deposits and net loans as of June 30, 2023 totaled $1.03 billion and $959.3 million, respectively, compared to deposits and net loans of $984.5 million and $934.8 million, respectively, at March 31, 2023 and $902.4 million and $786.5 million, respectively, at June 30, 2022.
Total loans increased $24.2 million from March 31, 2023 to June 30, 2023, or 10.25% annualized, with the average commercial loan commitment originated during the second quarter of 2023 totaling approximately $500,000.
The Company has proactively taken additional steps during the quarter to enhance its on-balance sheet liquidity. Cash and cash equivalents increased to $123.2 million at June 30, 2023 compared to $51.7 million at March 31, 2023 and $30.0 million at December 31, 2022. In addition to growth in core deposits, this position was supported by an additional $43.7 million in borrowings related to $75.0 million in wholesale funding in connection with the execution of a pay-fixed/receive-floating interest rate swap. The interest rate swap has a fixed rate of 3.28%, a maturity of five years and is designated against either a mix of one-month FHLB advances or brokered certificates of deposits. Classified as a cash flow hedge, the market fluctuations will not impact future earnings, but will impact accumulated other comprehensive loss.
Deposits at June 30, 2023 totaled $1.03 billion, an increase of $50.3 million compared to $984.5 million at March 31, 2023. Average deposits increased by $17.0 million during the quarter, or 6.9% annualized, driven by a 35.3% increase in average noninterest bearing deposits from $192.1 million for the first quarter of 2023 to $209.1 million for the second quarter of 2023.
Shareholders' equity increased from $141.6 million at March 31, 2023 to $142.5 million at June 30, 2023. The increase included an increase in retained earnings due to net income for the current quarter, and a decrease in other comprehensive loss resulting from changes in the interest rate environment, offset by dividends paid of $1.2 million.
Asset Quality
In the second quarter of 2023, the Company recorded a negative provision for credit losses, calculated under the CECL model, of $493 thousand, compared to a provision for credit losses of $293 thousand in the first quarter. The negative provision for credit losses included the impact of reductions in the allowance for credit losses due to refinement of the population of loans individually assessed for impairment under CECL, improvements in internal credit metrics and external forecast indexes, as well as $97 thousand in net recoveries, offset by loan growth in the period.
Asset quality metrics remain strong. As of June 30, 2023, the Company's non-performing assets were $2.9 million, representing 0.22% of total assets. Non-performing assets at June 30, 2023 excluded purchased with credit deterioration ("PCD") loans with a balance of $2.1 million. Loans 30-89 days past due at June 30, 2023 were $1.8 million, representing 0.18% of total loans.
The allowance for credit losses-loans was $10.2 million, or 1.05% of total loans at June 30, 2023, compared to the allowance for credit losses-loans of $10.5 million, or 1.11% of total loans, at March 31, 2023. The allowance for credit losses-loans to nonperforming assets was 358.12% at June 30, 2023, compared to 438.95% at March 31, 2023.
The Company's risk management function incorporates extensive diversification, monitoring and hold limits with respect to the commercial real estate loan portfolio and management closely monitors concentration reports and related analyses. The commercial real estate loan portfolio is well-diversified, with limited exposure to higher risk segments such as hotels and retail. Management believes that the office space portfolio, which includes medical and mixed-use space, and does not involve properties in major metropolitan business districts, is stable and does not pose excessive risk. Specifically, at June 30, 2023, the Company had 68 loans related to office space, with an average loan size of $1.8 million and total current outstanding balances of $103.0 million. The largest exposure relating to office space is $8.8 million for a construction loan that will constitute owner-occupied real estate upon completion. Eighty-four percent (84%) of office space loans are guaranteed by high-quality principals and no office loans are past due 30 days or greater.
Capital
The Bank's regulatory capital ratios are well in excess of regulatory minimums to be considered "well capitalized" as of June 30, 2023. The Bank's Total Capital Ratio and Tier 1 Capital Ratio was 13.55% and 12.94% , respectively, at June 30, 2023, compared to 13.53% and 12.32%, respectively, at March 31, 2023 and 12.89% and 12.41%, respectively, at December 31, 2022. The Company's ratio of Tangible Common Equity to Tangible Assets was 8.31%2 at June 30, 2023.
ABOUT LINKBANCORP, Inc.
LINKBANCORP, Inc. was formed in 2018 with a mission to positively impact lives through community banking. Its subsidiary bank, LINKBANK, is a Pennsylvania state-chartered bank serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers and www.linkbank.com. LINKBANCORP, Inc. common stock is traded on the Nasdaq Capital Market under the symbol "LNKB". For further company information, visit ir.linkbancorp.com.
Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties associated with newly developed or acquired operations; risks related to the proposed merger with Partners; changes in general economic trends, including inflation and changes in interest rates; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries and, in particular, declines in real estate values; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and the effects of the COVID-19 pandemic and actions taken by governments, businesses and individuals in response. The Company does not undertake, and specifically disclaims, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
LB-E LB-D
Appendix A – Reconciliation to Non-GAAP Financial Measures
This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these non-GAAP measures in its analysis of the Company's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of non-GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company's financial condition and results. Non-GAAP measures are not formally defined under GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to GAAP financial measures, our management believes these non-GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-GAAP measures. See the tables below for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.
Contact: Nicole Ulmer Corporate and Investor Relations Officer 717.803.8895 IR@LINKBANCORP.COM
The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.
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Chloe Dygert’s career could have ended at the bottom of an Italian ravine, where the American cyclist had been racing for a world championship with an eye on Olympic gold before colliding with a guardrail and sustaining devastating leg injuries.
Dygert needed several rounds of surgery to repair the damage. She was waylaid by the Epstein-Barr virus, which left her fighting extreme fatigue. She had heart surgery last fall to treat supraventricular tachycardia, an irregularly fast heartbeat. And this spring, another training crash took her off the bike again.
She is nothing if not resilient. Yet it’s hardly surprising that there were moments the past three years when Dygert, perhaps the most talented American rider of her generation, thought about giving up — on the bike and in life.
“What I physically had to go through for the injury itself, then mentally what I had to go through — all the personal things I won’t go into — my life at times did not matter to me,” Dygert told The Associated Press in an interview. “I didn’t care if I was alive. I did not care about things. People don’t see and understand, and I can say the same thing: I see people with injuries and things going on, and I can’t understand what they’re going through.
“So now,” Dygert continued, “when I’m able to come back and race and step on a podium and look at a goal, or winning nationals, it’s like, they matter so much to me. ... It just makes me so proud and excited for myself.”
Dygert spoke by phone from Belgium, where the 2019 world time trial champion is finishing her preparations for this year's worlds, held over a 10-day stretch beginning Thursday in Glasgow, Scotland.
It’s the first time the UCI, the governing body for cycling, will hold nearly all of its championships in one place, and it will make for a busy stretch for the 26-year-old from Indiana. Dygert will compete in the velodrome in the track cycling events, then head outside for the road race and time trial, where the U.S. champ will be among the favorites to win gold.
Just like she was in Imola, Italy.
Dygert hoped the 2020 worlds would be a springboard toward a golden Tokyo Olympics, and she was well ahead of the leading pace when her bike wiggled on a fast right-hand turn. Dygert crashed into the guardrail and skidded down a steep grassy pitch, and the gash to her thigh resulted in extensive blood loss.
It took Dygert nine months before she was sufficiently recovered to ride again. And while Dygert was able to compete at the Summer Games, which had been pushed back to 2021, she acknowledges now that she was nowhere near her best, even after helping the Americans win bronze in the team pursuit.
“My body was far from being anywhere close to being competitive,” Dygert said. “That was obvious.”
Afterward, Dygert turned her focus toward the Paris Games, now less than a year away. But those preparations have been hamstrung by Epstein-Barr, the heart procedure to treat a condition she had dealt with for a decade and another crash while at a team camp in Europe that left her fearful of a broken femur; nothing was broken but she was off the bike until March.
That made her performance last month at U.S. championships all the more impressive: She roared over the roads near Nashville, Tennessee, winning both the road race and time trial.
Throw in podium finishes at the Vuelta a Burgos Feminina, a stage win at the RideLondon Classique and more podium finishes at the prestigious Giro Donne, and Dygert again is among the favorites to land on the podium at worlds.
“I feel like there were moments where, ‘I hate cycling and I’m never riding a bike again,’” Dygert said, “but I don’t think there was ever a doubt I’d continue. More the doubt: ‘Will I be back at my level? Will I be competitive again?’”
As much as anything, those are the thoughts that led Dygert to some dark places the past few years.
“It’s crazy to think about it now,” she said, “but life was just not OK. It was not.”
Mental health among Olympic athletes has become an important issue in recent years. Simone Biles has been outspoken ever since the Tokyo Games, where she dealt with the “twisties” — a mental block where gymnasts can lose track of where they are in midair. Caeleb Dressel walked away in the middle of last year’s swimming worlds because of the pressure and stress, and fellow swimmer Adam Peaty is taking an extended break to work on with his own mental health.
Then there is cycling.
At the 2016 Rio de Janeiro Games, Dygert was on the same pursuit team with Kelly Catlin, helping the U.S. win a silver medal. Three years later, after struggling with depression and one failed suicide attempt, Catlin was found dead in her Stanford residence.
“Everybody puts on such a front,” Dygert explained. “When I think about Kelly and the situation, what that was and what that meant for her family, for her teammates, for the world, it’s like — it’s not like, ‘I can’t do that and be like Kelly,’ but the trauma that caused for everyone around us, I think that was a huge factor. My life does matter. I do matter to people.”
Dygert believes she is in a better place these days. Her fitness is not yet where she wants to be, but the results show she’s on the right track. Optimism abounds not only for worlds but the Paris Games.
“I would never take anything that’s happened in my life back. It’s made me so tough,” Dygert said. “I don’t know how to explain it, but it’s made me a better person, not for any other reason than just the compassion and maybe sympathy I have for a person or someone else. My outlook on things. It’s made me such a better person on and off the bike.
“It’s all part of God’s plan,” she added. “As much as I didn’t agree with it at the time, it was part of the plan.”
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AP Olympics: https://apnews.com/hub/2024-paris-olympic-games
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What to know for Tuesday’s deadline to pay unpaid rent from the start of the pandemic
During the first couple of years of the COVID-19 pandemic, Los Angeles tenants were able to skip their rent payments as renters lost their jobs and businesses shut down, but the first deadline for that unpaid rent is Tuesday.
Eviction protections that were in place at the start of the pandemic expired earlier this year, which means that tenants could face evictions if they’re not able to pay their landlords their unpaid rent from the first 19 months of the pandemic by the Aug. 1 repayment deadline.
What does the deadline mean for me?
If you have rental debt accumulated from March 1, 2020, through Sept. 30, 2021, you have to pay that unpaid rent to your landlord, or possibly face eviction.
However, the Los Angeles City Council and Mayor Karen Bass approved a minimum threshold for evictable rent debt, which means that if you owe less than one month of unpaid rent, you can’t be evicted on the basis of late rent, according to a statement by Bass’ office.
The deadline for rent debt owed from Oct. 1, 2021, through Jan. 31, 2023, is Feb. 1, 2024.
Are there any exceptions?
People who owe rent from March 1, 2020, to Aug. 31, 2020, can’t be evicted if they provided their landlord with a form declaring financial hardship due to COVID-19 within 15 days of receiving the form from the landlord.
Also, tenants who provided that same form by the 15-day deadline and paid 25% of their rent owed from Sept. 1, 2020, through Sept. 30, 2021, will also not face eviction.
However, their landlord can pursue action in small claims court for the unpaid rent.
Are there any resources available for me?
Bass said her office is working to prepare resources for people who may be affected by the deadline.
“We will continue to lock arms with our partners to solve this crisis so that everyone in Los Angeles has a safe place to sleep at night and that no one is sleeping on the streets,” Bass said at a news conference Monday.
Her office plans to propose using money from a tax passed last year on the sales of properties over $5 million — known as Measure ULA — to fund rental assistance programs, such as short-term emergency assistance programs, a tenant outreach and education program and a protections from tenant harassment program, Bass said Monday. The plan will come before the City Council’s Housing and Homelessness Committee the day after the deadline.
The Mayor’s Fund for Los Angeles’ program “We Are LA” has also been reaching out to at-risk tenants to help them access legal services and other assistance they may be eligible to receive.
The outreach teams have connected with more than 40,000 people already, according to Bass.
The city will also be reaching out to people who receive eviction notices to help them understand what it means, help them file a response if their landlord filed an unlawful detainer and make sure that they are aware of any resources available to them, Councilmember Nithya Raman, chair of the council’s housing and homelessness committee, said at the conference Monday.
If people receive an eviction notice, they need to respond within five days, Bass’ statement said.
Raman added that the city has partnered with the courts to help make sure that tenants have access to all the resources and services that are available to them, as well as encouraging people to go into mediation or other pathways for alternative resolutions.
Bass’ office along with Raman also recommended tenants reach out to the city’s housing department. Renters can do so by scheduling an appointment at one of the agency’s public counters or calling at (866) 557-7368.
There are also more resources for tenants available on the Tenant Power Toolkit and StayHousedLA website, which can provide information about tenant rights and the eviction process.
At the conference Monday, Bass said there is also help on the way for landlords through rental assistance, which provides money to the landlord for the back rent.
“To address this problem, you need to protect the tenants, but you also need to protect the landlords as well,” she said.
Times staff writer David Zahniser contributed to this report.
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AUSTIN (KXAN) — A KXAN viewer said she saw baby foxes, also known as kits, playing on a trampoline in her garden Sunday in the north Austin, Texas, area.
That was only a couple of weeks after another viewer said she saw a family of foxes playing on the St. Edward’s University campus in Austin.
According to the Humane Society of the United States, it’s not unusual to see foxes in cities and towns, where food sources are easily found, including in your garbage.
While foxes live around the world in many different types of habitats, according to the Texas Wildlife Association, including the Arctic, the desert and even in trees, some foxes have also adapted to life in such urban environments as neighborhoods.
“Next time you are outside in a park, remember to look up, because if you are lucky, you might see a fox up in the trees,” TWA said.
TWA said three types of foxes live in Texas, including the swift fox, the red fox and the gray fox.
The swift, or kit fox, lives in the northwestern part of the state, the red fox inhabits the eastern and central parts, and the gray fox, the most common variety, can be found statewide, the TWA said.
The Humane Society said foxes are scared of people and are not typically dangerous except when they are rabid, which the society says is rare.
“Even then, a fox’s natural tendency is to flee rather than fight,” the Human Society stated.
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BAGHDAD (AP) — The leader of Lebanon’s Shiite militant group Hezbollah said Saturday that if governments of Muslim-majority nations do not act against countries that allow the desecration of the Quran, Muslims should “punish” those who facilitate attacks on Islam's holy book.
The comments by Hassan Nasrallah came in a video address to tens of thousands gathered in Beirut’s southern suburbs to mark Ashoura, a Shiite holy day commemorating the 7th century martyrdom of the Prophet Muhammad’s grandson Hussein.
Nasrallah often uses religious occasions to send political messages to followers, and on Saturday slammed recent incidents in which the Quran was burned or otherwise desecrated at authorized demonstrations in Sweden and Denmark.
He said Muslims should watch for the outcome of an emergency meeting of the Organization of Islamic Cooperation, scheduled to take place in Baghdad on Monday to discuss the organization’s response to the Quran burnings.
The organization and its member states should “send a firm, decisive and unequivocal message to these governments that any repeat of the attacks will be met with a boycott,” Nasrallah said. If they do not, he said, Muslim youth should “punish the desecrators.”
He did not elaborate what such a boycott and punishment should entail.
Members of the crowd, who carried banners with religious slogans alongside the flags of Hezbollah, Lebanon and Palestine, chanted, “Oh, Quran, we are at your service; Oh, Hussein, we are at your service.”
Shiites represent over 10% of the world’s 1.8 billion Muslims and view Hussein as the rightful successor to the Prophet Muhammad. Hussein’s death in battle at the hands of Sunnis at Karbala, south of Baghdad, ingrained a deep rift in Islam and continues to this day to play a key role in shaping Shiite identity.
Millions of Shiite Muslims in Iran, Afghanistan, Pakistan and around the world on Friday commemorated Ashoura, while Saturday marked the culmination of the observances in countries such as Lebanon, Iraq and Syria.
Hundreds of thousands of pilgrims gathered in the Iraqi city of Karbala, where Hussein is entombed in a gold-domed shrine. In the streets of the Baghdad suburb of Sadr City, mourners gathered to watch reenactments of the Battle of Karbala and Hussein’s death.
In the streets, young men clad in black and white slashed their heads with swords and knives to demonstrate their grief. Friends swabbed each other’s heads with tissues and handed each other water.
In Syria’s capital, Damascus, the crowds were mourning not only the death of Hussein but a deadly attack in the suburb of Sayida Zeinab, home to a shrine to Zeinab, the daughter of the first Shiite imam, Ali, and granddaughter of the Prophet Muhammad.
A bomb hidden in a motorcycle exploded there on Thursday, killing at least six people and wounding dozens more. On Tuesday, another bomb in a motorcycle had wounded two people.
On Friday, the Islamic State group — a Sunni militant group that often targets Shiites — claimed responsibility for the attacks, saying Thursday’s bombing came “during their annual polytheistic rituals.” The group’s extreme interpretation of Islam holds Shiite Muslims to be apostates.
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Associated Press writers Anmar Khalil in Karbala, Iraq, and Hassan Ammar in Beirut contributed to this report.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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President Biden overturned a decision from the Trump administration to relocate the temporary headquarters of Space Command to Alabama, deciding instead to keep the base in Colorado.
The decision was made because Biden believes keeping the HQ in Colorado Springs, rather than relocating it to Huntsville, would maintain stability and not impact readiness, according to a senior U.S. official.
The senior administration official said Biden consulted with Defense Secretary Lloyd Austin and other military leaders before deciding to keep the base in Colorado permanently.
Gen. James Dickinson, the head of Space Command, also helped to convince Biden to not relocate the base, according to the Associated Press.
U.S. Space Command headquarters is set to achieve “full operational capability” at Colorado Springs later this month, according to the senior administration official.
The official said moving the headquarters to Alabama would force a transition process that does not allow the new base to open until the mid-2030’s.
“The President found that risk unacceptable, especially given the challenges we may face in the space domain during this critical time period,” the official said. “Locating Headquarters U.S. Space Command in Colorado Springs ensures peak readiness in the space domain for our nation during a critical period.”
Biden’s reversal is likely to spark the fury of Alabama Republicans who have for months feared the administration would scrap the relocation plan.
Alabama Rep. Mike Rogers (R), the chairman of the House Armed Services Committee, has been investigating the delay behind the relocation plan, which was first put in motion when Space Command was resurrected in 2019.
Former President Trump’s decision to temporarily establish a headquarters in Colorado and relocate Space Command to Alabama was criticized as a political choice based upon a more favorable constituency in the Yellowhammer state.
Since coming into office, the Biden administration ordered reviews of the decision, none of which found anything improper in Trump’s decision, though they found the former president could have followed better practices in the process.
The delayed relocation reached new heights over the spring when NBC News reported the Biden administration was considering scrapping the relocation plan because of restrictive abortion laws in Alabama.
Rogers and other Alabama Republicans objected to any such plan, saying Huntsville, also known as Rocket City, was selected based on its merits and in a fair process, while pointing to the reviews that found nothing improper.
The House version of the annual defense bill that passed earlier this month includes provisions that slash funding for the Air Force Secretary until the administration makes a final decision. It’s unclear whether Rogers will be satisfied with a reversal.
Other Alabama politicians, including Gov. Kay Ivey (R), are likely to also object to the decision.
Sen. Katie Britt (R-Ala.) said the base Redstone Arsenal in Alabama was the correct location based on its merits, arguing “Biden has irresponsibly decided to yank a military decision out of the Air Force’s hands in the name of partisan politics.”
“The President’s blatant prioritization of partisan political considerations at the expense of our national security, military modernization, and force readiness is a disservice and a dishonor to his oath of office as our nation’s Commander-in-Chief,” she said in a statement.
Colorado Sen. Michael Bennett (D) joined officials from his state in celebrating Biden’s decision.
“Over the past two and half years, we have repeatedly made the case that the Trump administration’s decision to relocate U.S. Space Command was misguided,” the senator wrote on the platform X, formerly known as Twitter.
“Today’s decision restores integrity to the Pentagon’s basing process and sends a strong message that national security and the readiness of our Armed Forces drive our military decisions,” he added.
Updated at 5:01 pm ET.
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With dangerously high temperatures across the country, hospitals are seeing more people with potentially deadly heat illness. A southern city is coping with what may be the new summer medical reality.
Copyright 2023 NPR
With dangerously high temperatures across the country, hospitals are seeing more people with potentially deadly heat illness. A southern city is coping with what may be the new summer medical reality.
Copyright 2023 NPR
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Northwestern is hiring veteran college football coach Skip Holtz, who has won two straight USFL championships with Birmingham, to a temporary role as special assistant to interim head coach David Braun, a person with knowledge of the move told The Associated Press.
Braun was named interim head coach earlier this month to replace Pat Fitzgerald, who was fired after an investigation into hazing allegations in his program.
Holtz, the son of former Notre Dame coach Lou Holtz, has 17 years of experience as a major college football head coach with East Carolina, South Florida and Louisiana Tech. He is 119-98 overall and was 64-50 with six straight bowl victories at La Tech before stepping down after the 2021 season.
He also coached UConn for five years before the program made the jump to the top tier of Division I.
Braun was hired as defensive coordinator by Northwestern in January after coaching at North Dakota State and has no previous head coaching experience in college.
Holtz’s job with Northwestern is expected to run through the season and not interfere with his USFL job, the person said.
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AP college football: https://apnews.com/hub/college-football and https://twitter.com/ap_top25
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PHILADELPHIA, July 31, 2023 /PRNewswire/ -- Livent Corporation (NYSE: LTHM) today published its 2022 Sustainability Report, with the theme Reimagining Possibilities. The report provides updates on the company's progress against its 2030 and 2040 sustainability goals, includes new disclosures and reaffirms Livent's commitment to responsible production and expansion.
Paul Graves, president and chief executive officer of Livent, commented: "We believe the lithium industry will play an increasingly important role in the clean energy transition towards a more sustainable, low-carbon future. Our 2022 Sustainability Report demonstrates how Livent is reimagining what's possible for producing more of the lithium the world needs while continuing to lead our industry forward in corporate social responsibility, environmental stewardship and transparency."
Report Highlights:
- Initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions and first disclosures on global air pollutants
- Completion of ISO-compliant Life Cycle Assessments (LCAs) for all of Livent's major lithium chemical products, ahead of the original 2025 target
- Achievement of Livent's 2030 Waste Disposed intensity reduction target, ahead of schedule
- Summary of recent water and biodiversity studies conducted at the Salar del Hombre Muerto in Argentina
- Updates on other key collaborations and initiatives to support a low-carbon future, minimize environmental impacts, expand local community engagement and development efforts, protect human rights, and build a more engaged, diverse and inclusive workforce
To view Livent's 2022 Sustainability Report, visit livent.com/sustainability. The report will be made available in multiple languages.
Key ESG metrics in the report were reviewed and assured by ERM Certification and Verification Services (ERM CVS).
About Livent
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit Livent.com.
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2022 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
Media contact: Juan Carlos Cruz +1.215.299.6725
juan.carlos.cruz@livent.com
Investor contact: Daniel Rosen +1.215.299.6208
daniel.rosen@livent.com
View original content to download multimedia:
SOURCE Livent Corporation
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Francis Ford Coppola calls ‘Barbie’ and ‘Oppenheimer’ ‘a victory for Cinema’
Welcome aboard the “Barbenheimer” train, Francis Ford Coppola.
The Oscar-winning director of “The Godfather” trilogy shared his thoughts Friday on the record-breaking achievements of Greta Gerwig’s “Barbie” and Christopher Nolan’s “Oppenheimer.” While answering questions from fans on Instagram, Coppola exalted the blockbuster films as “true one-offs” and said he appreciates what they stand for.
“I have yet to see them,” the filmmaker wrote, “but the fact that people are filling big theaters to see them and that they are neither ‘sequels’ nor ‘prequels’ ... is a victory for Cinema.”
Warner Bros.’ ‘Barbie’ and Universal Pictures’ ‘Oppenheimer’ both opened in theaters this weekend. Which movie ruled the domestic box office?
Coppola is among many who have regarded the titles’ ongoing box-office domination as a triumph for (relatively) original storytelling in an industry saturated with reboots, remakes and superhero movies.
When they opened in theaters earlier this month, “Barbie” and “Oppenheimer” propelled the domestic box office to its highest-grossing weekend since the beginning of the COVID-19 pandemic and the fourth highest-grossing weekend of all time.
“Barbie” also notched the biggest domestic launch ever for a feature directed by a woman.
I saw Greta Gerwig’s ‘Barbie’ and Christopher Nolan’s ‘Oppenheimer’ back-to-back and lived to tell the tale.
The great “Barbenheimer” success story continued on Sunday, when “Barbie” secured the most lucrative sophomore weekend ever for a Warner Bros. film in the United States and Canada, according to the studio. The feminist comedy also amassed $300 million domestically faster than any other Warner Bros. title.
Meanwhile, “Oppenheimer” is the first R-rated movie to gross more than $10 million each day at the domestic box during its first week in theaters, according to Universal Pictures. The historical drama also achieved the highest-grossing sophomore weekend ever for an R-rated summer release.
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APSO: 5 men crash stolen truck into store, steal firearms
Published: Jul. 31, 2023 at 4:12 PM CDT|Updated: moments ago
PRAIRIEVILLE, La. (WAFB) - The Ascension Parish Sheriff’s Office is investigating an alleged burglary that happened on Monday, July 31 on Airline Highway in Prairieville, officials said.
According to investigators, five men crashed a stolen ford truck through the entry of Herbert’s Guns firearm store around 4:21 a.m. Deputies said there was extensive damage to the exterior and interior of the building.
The men stole several handguns and long-guns before fleeing the scene, deputies added.
Anyone with information that can assist detectives is urged to call the Ascension Parish Sheriff’s Office anonymously at 225-621-4636.
Click here to report a typo.
Copyright 2023 WAFB. All rights reserved.
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Wall Street is closing out its latest winning month with another lift.
The S&P 500 rose 0.1% Monday to cap its fifth straight month of gains. It’s at a 16-month high after rallying on hopes cooling inflation will mean the economy can avoid a long-predicted recession. The Dow Jones Industrial Average and the Nasdaq composite also finished higher.
Critics have said the rally has come too quickly. Several reports this week could back them up, including updates on the job market and profits at the market’s most influential companies.
On Monday:
The S&P 500 rose 6.73 points, or 0.1%, to 4,588.96.
The Dow Jones Industrial Average rose 100.24 points, or 0.3%, to 35,559.53.
The Nasdaq composite rose 29.37 points, or 0.2%, to 14,346.02.
The Russell 2000 index of smaller companies rose 21.64 points, or 1.1%, to 2,003.18.
For the year:
The S&P 500 is up 749.46 points, or 19.5%.
The Dow is up 2,412.28 points, or 7.3%.
The Nasdaq is up 3,879.54 points, or 37.1%.
The Russell 2000 is up 241.93 points, or 13.1%.
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FORT WAYNE, Ind. – The Komets announced today that forwards Jack Gorniak and Vincent De Mey have signed contracts for the upcoming season. Defenseman Jordan Spadafore has also inked a deal.
Gorniak, 23, will play his first year as a pro after five seasons at the University of Wisconsin. The 5’11 forward scored 22 goals and 40 assists for 62 points in 164 games with the Badgers. The Montréal Canadiens selected Gorniak in the fourth round of the 2018 NHL draft.
“Jack comes from an incredible college program, and he was an integral part of their team,” said Head Coach Jesse Kallechy. “He has elite speed, plays the game the right way, and is going to be a big piece for us this season.”
Spadafore, 22, played two seasons at Nipissing University, appearing in 38 games. Before his college career, the 6’2 defender skated with four teams in the QMJHL and two in the MJAHL, where he amassed 344 penalty minutes in 113 games played.
“He’s a big strong defenseman who plays the game hard and will stand up for his teammates,” said Kallechy. He is a tough guy to play every night, and we are excited to bring his skill set to our defensive group.”
De Mey, 25, got a taste of pro hockey last season, skating three games with the Kansas City Mavericks. The Los Angeles, California native played five seasons at Northern Michigan University, appearing in 162 games and scoring 71 total points (40g, 31a).
The Komets will open the season on October 20, at Indy, with the home opener on October 21, against the Fuel.
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TALLINN, Estonia (AP) —
A 9-year-old girl and her 10-year-old brother have been called as witnesses in a criminal case against their mother after she was accused of repeatedly “discrediting” the Russian army.
Lidia Prudovskaya and her two children were summoned by investigators in the northern Russian region of Arkhangelsk on Friday to give testimony in the case, Russian news outlet Sota reported.
Prudovskaya previously faced administrative charges on similar allegations after sharing anti-war posts on Russian social media platform VKontakte in September 2022.
Discrediting the Russian military is a criminal offense under a law adopted after Russia sent troops into Ukraine in February 2022. The law is regularly used against Kremlin critics.
In April, Russian authorities petitioned to restrict the parental rights of a single father convicted of discrediting the army following an anti-war sketch drawn by his daughter at school.
Alexei Moskalyov, 54, was sentenced to two years in prison for social media comments he had made criticizing Moscow’s war in Ukraine, while his daughter Maria was placed in an orphanage.
The 13-year-old was later moved to live with her mother.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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NPR's Mary Louise Kelly speaks with actor Richard E. Grant about his memoir Pocketful of Happiness and how he has dealt with the grief of losing his wife to cancer after 38 years together.
Copyright 2023 NPR
NPR's Mary Louise Kelly speaks with actor Richard E. Grant about his memoir Pocketful of Happiness and how he has dealt with the grief of losing his wife to cancer after 38 years together.
Copyright 2023 NPR
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Pac-12 leaders are scheduled to meet this week and Commissioner George Kliavkoff is expected to present the members with details of a long-awaited and critical potential media rights deal, a person familiar with the conference’s plans told The Associated Press on Monday.
Pac-12 leaders have mostly been steadfast — at least publicly — that they want to keep the conference together and were cautiously optimistic the league’s next media rights deal would provide enough revenue to do so.
Kilavkoff has been pursuing a new deal to replace the ones that expire in 2024 since Southern California and UCLA announced a little more than a year ago that they will to join the Big Ten when the current contracts with ESPN and Fox run out. Meanwhile, the Big 12 swooped in last fall and agreed to an extension that kicks with the two networks that starts in 2025.
“We’re on track to announce our deals at about the same time everyone would have anticipated and predicted before conference realignment,” Kliavkoff said at Pac-12 football media day two weeks ago in Las Vegas. “Patience will be rewarded.”
With Colorado’s planned departure, the Pac-12 is down to nine still-committed members. If Kliavkoff can’t deliver a deal that gets close to the $31 million per year the Big 12's contract is expected to pay its members there could be more defections.
“Each of us will make our own independent analysis,” Arizona President Robert C. Robbins said in June. “I’m hopeful that the deal is going to be good enough to keep us together.”
___
Follow Ralph D. Russo at https://twitter.com/ralphDrussoAP and listen at http://www.appodcasts.com
___
AP college football: https://apnews.com/hub/college-football
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Jackpocket Crowns its First $100K Winner in Massachusetts, Partnership With Circle K Offers a New, Convenient Way to Play the Lottery
BOSTON, July 31, 2023 /PRNewswire/ -- Jackpocket, America's #1 lottery app*, launched in Massachusetts in partnership with Circle K, one of the largest convenience store brands in the United States.
Yesterday, a Jackpocket customer ordered a $100,000 winning lottery ticket for the daily "Mass Cash" drawing using the app.
"We are excited that our partnership with Circle K landed our first $100K winner in the Bay State, cementing Jackpocket's presence in Massachusetts," said Peter Sullivan, CEO of Jackpocket. "Jackpocket's mission is to make the lottery more accessible and convenient to play. As Tuesday's Mega Millions crosses the $1 billion mark, it's easier than ever to play your favorite games from anywhere in Massachusetts."
To celebrate the new partnership, Jackpocket is offering lottery fans across the state their first lottery ticket for free on the app. New players will receive a $2 lottery ticket by entering the code HEYMASS at checkout. Lottery fans can play Powerball and Mega Millions—currently over $1.05B—as well as local favorites MassCash (the game responsible for the $100K winning ticket), Megabucks Doubler, Lucky for Life, and The Numbers Game.
"We're proud to partner with Jackpocket in Massachusetts and make this fun and convenient experience available to every lottery player across the state," said Melissa Lessard, the head of North American marketing at Circle K. "At Circle K, we are always looking for ways to make life a little easier for our customers and providing the opportunity for customers to order official state lottery tickets with just the tap of a button through the Jackpocket app is yet another example of that commitment."
Massachusetts is now the 17th state available for lottery play on the Jackpocket app. Jackpocket is iCAP certified for best practices in player protection, backed by the expertise of the National Council on Problem Gambling. To ensure player safety, Jackpocket offers consumer protections such as daily deposit and spend limits, self-exclusion, and in-app access to responsible gambling resources.
*According to data from AppFollow
*Must be 18 or older to play. Jackpocket is not affiliated with and is not an agent of the Massachusetts State Lottery. Please visit jackpocket.com/tos for full terms of service. Gambling Problem? Call 1-800-327-5050.
Are You Our Next BIG Winner? Visit play.jackpocket.com or download Jackpocket for iOS and Android and get in the game. New players can receive a $2 lottery ticket by entering the code HEYMASS at checkout.
About Jackpocket
Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter and Instagram.
About Circle K and Alimentation Couche-Tard Inc.
Couche-Tard is a global leader in convenience and mobility, operating in 25 countries and territories, with more than 14,400 stores, of which approximately 11,000 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 128,000 people are employed throughout its network.
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SOURCE Jackpocket
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https://www.wcjb.com/prnewswire/2023/07/31/massachusetts-lottery-fans-can-now-play-record-105b-mega-millions-their-phone/
| 2023-07-31T21:29:56
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https://www.wcjb.com/prnewswire/2023/07/31/massachusetts-lottery-fans-can-now-play-record-105b-mega-millions-their-phone/
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The ultimate guide to seeing Taylor Swift at SoFi Stadium
Have you heard? Taylor Swift is coming to town. On August 3, 4, 5, 7, 8 and 9, the Swifties will descend on a sold-out SoFi Stadium to see the “Cruel Summer” singer on the final U.S. stop of her Eras tour.
The tour is expected to give a boost to the local economy. However, it’s not coming without controversy: Ticketmaster is under fire from lawmakers after the initial sale left legions of fans heartbroken. And striking hotel workers are asking Swift to stay away to bring visibility to their cause. But for now, the show — shows — will go on.
You’re ready to see Taylor Swift. But do you have the fan chants memorized? What’s the best way to get to SoFi Stadium? What can you bring? Where can you go for a bite to eat before, during or after the show? Why were your tickets so expensive? What local events are happening for Swift superfans who didn’t get tickets? And why is everyone making friendship bracelets?
You have questions. We have answers. Everything you need to know about the Taylor Swift Eras tour at SoFi Stadium in Inglewood:
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https://www.latimes.com/entertainment-arts/story/2023-07-31/the-ultimate-guide-to-seeing-taylor-swift-at-sofi-stadium
| 2023-07-31T21:29:57
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https://www.latimes.com/entertainment-arts/story/2023-07-31/the-ultimate-guide-to-seeing-taylor-swift-at-sofi-stadium
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FORT WAYNE, Ind. (WANE) – It is a special week at Science Central, as summer campers are participating in a high altitude balloon launch program for the very first time.
Dale Ruppert, Revenue Programs Manager and Camp Director, says the ultimate goal of the camp is to successfully launch two high altitude balloons to hopefully about 100,000 feet. The launch is expected to take place on Wednesday morning (August 2nd) around 9:30 AM to 10 AM. They are partnering with a group from Upland called NearSpace to help launch the balloons. The public is invited to watch the launch in the grassy area across from their parking lot.
The camp gives students an opportunity to develop experiments and put things onto the balloons as payloads. The goal is to see what happens after launch, retrieve them, analyze what happened, and have the students interpret the results.
Students began by experimenting ideas Monday. Many initial ideas were food based; students were interested in what happens to a marshmallow or bean burrito when set that high. Ruppert himself wants to send undeveloped film that high into the atmosphere and hopefully obtain some images of cosmic radiation.
Our own Meteorologist Nathan Gidley gave a presentation about Meteorology and the Atmosphere to the students. The National Weather Service does not have a weather balloon launch site in Indiana, so this makes this particular camp really special for the kids. This provides some extra motivation to design and experiment high in the atmosphere right here in Fort Wayne.
Science Central has camps in the summer, spring, and winter during school breaks for students. They are designed to keep science knowledge fresh in the minds of students and provide more opportunities to experience science because it is everywhere.
So keep an eye on the sky Wednesday morning…you may just see a balloon up in the sky! If you are interested in learning more about Science Central’s camps, visit their website here. Science Central is also raising money to replace their giant slide. Visit this link to donate.
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https://www.wane.com/weather/science-central-campers-to-launch-high-altitude-balloons/
| 2023-07-31T21:29:59
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https://www.wane.com/weather/science-central-campers-to-launch-high-altitude-balloons/
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BOGOTA, Colombia (AP) — Colombian police arrested the president's son Saturday as part of a high-profile money laundering probe into funds he allegedly collected during last year’s presidential campaign.
President Gustavo Petro said he wouldn’t interfere with the probe.
“As an individual and father, it pains me to see so much self destruction and one of my sons going to jail,” Petro said in an early morning message on X, the social media platform formerly known as Twitter. “As president of the republic, I’ve assured the chief prosecutor’s office that it will have all of the guarantees so it can proceed according to the law.”
The shocking arrest of Nicolas Petro is a major blow to the government, which has been buffeted by conservative attacks from day one at the same time it has struggled to maintain bipartisan support for Colombia in the U.S., a longtime ally.
The chief prosecutor’s office said in a statement that Nicolas Petro and his ex-wife were taken into custody on orders of a court in Bogota around 6 a.m. local time Saturday. It said that once brought before a judge, prosecutors would seek their provisional detention as it investigates the two for money laundering.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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https://www.mynews13.com/fl/orlando/ap-top-news/2023/07/29/son-of-colombias-president-arrested-as-part-of-money-laundering-probe
| 2023-07-31T21:29:59
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https://www.mynews13.com/fl/orlando/ap-top-news/2023/07/29/son-of-colombias-president-arrested-as-part-of-money-laundering-probe
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CLEVELAND — In the midst of the playoff race, the Guardians traded their hottest pitcher for a minor league prospect currently sidelined with an injury.
Civale’s name has been thrown around in trade speculation for weeks, which has coincided with the 28-year-old right-hander pitching as well as he has in several seasons. Civale posted a 1.45 ERA in six July starts and worked six scoreless innings Sunday in a win over the Chicago White Sox to improve to 5-2.
The Guardians have dealt with injuries to their rotation all season and are currently missing ace Shane Bieber, Triston McKenzie and Cal Quantrill. While the move with Civale creates a major pitching void for Cleveland, president of baseball operations Chris Antonetti said getting a player of Manzardo’s stature was more important.
“Tough trade to make,” Antonetti said in a Zoom call. “But we did feel it was a unique opportunity to acquire someone like Kyle. We knew it would come at a steep cost.”
Antonetti said it’s possible the Guardians could make more trades before Tuesday’s deadline to address their pitching issues.
Noah Syndergaard, acquired last week in a trade with the Dodgers, could help. The oft-injured right-hander is making his debut for the Guardians on Monday in Houston.
Manzardo, 23, was named Tampa’s top minor leaguer in 2022 after hitting .327 with 22 homers and 81 RBIs in 93 games between Single- and Double-A. Antonetti expects Manzardo to be playing in minor league games before the end of the season.
Cleveland has been in the market for a young power hitter for some time. The team is hoping Manzardo can end that search.
“The industry holds Kyle in high regard and we think he can develop into a really good offensive player and he’s a guy that’s near or close to the major leagues at some point in the next few seasons,” Antonetti said. “Those guys are not easy to acquire and so we made the choice in this case as we surveyed the landscape, but this is the right path forward for us.”
As for the Rays, Civale gives them another solid starter for the playoff push. Tampa Bay entered the week 1 1/2 games behind first-place Baltimore in the AL East and leading the wild-card standings by four games.
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AP MLB: https://apnews.com/hub/mlb
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https://www.washingtonpost.com/sports/mlb/2023/07/31/aaron-civale-guardians-rays-trade/a7d4870a-2fe1-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:30:02
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https://www.washingtonpost.com/sports/mlb/2023/07/31/aaron-civale-guardians-rays-trade/a7d4870a-2fe1-11ee-85dd-5c3c97d6acda_story.html
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Tech Veteran Brings Nearly Three Decades of Experience to Help Drive Growth for Leading Fast-Casual Mexican Restaurant
SAN DIEGO, July 31, 2023 /PRNewswire/ -- Modern Restaurant Concepts ("MRC"), a leading fast-casual restaurant platform comprised of the QDOBA and Modern Market Eatery brands, announced that Prashant Budhale has joined the company as Chief Technology Officer. Budhale brings more than 28 years of experience in technology leadership to MRC, and as CTO, will lead all technology across MRC brands.
"We are excited for Prashant to join the MRC team," said John Cywinski, CEO of Modern Restaurant Concepts. "I view technology as a foundational enabler of all that we do in the restaurant business, from a guest, team member, and corporate enterprise perspective. Prashant will lead our strategy to drive technology as a powerful brand differentiator, and he will be a terrific collaborator with our existing leadership team as well as our franchise partners moving forward."
"I'm excited about QDOBA's history of strong same store sales growth, potential for net unit growth, and the ability for technology to make a positive impact to both guest and team member experiences," Budhale said. "I'm also very encouraged by John's vision and Butterfly Equity's commitment to the growth of brands within MRC portfolio."
Prior to joining Modern Restaurant Concepts, Budhale served as Head of Technology for SONIC Drive-In, part of the Inspire Brands portfolio. At SONIC, he was responsible for the vision, development, and implementation of all technology initiatives across the 3,550 unit, $6B brand. Prior to SONIC, Prashant was Senior Director for Pizza Hut, part of YUM! Brands, where he led retail technology. Earlier in his career, Prashant worked as a software development consultant with IBM, Allstate, Oracle, Capgemini, and Fujitsu America.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
For more information on the company, please visit www.QDOBA.com or follow the brand on Instagram, Facebook, Twitter and TikTok.
About Modern Restaurant Concepts
Modern Restaurant Concepts is one of the largest fast casual restaurant platforms in North America with nearly 800 units across two brands, QDOBA and Modern Market Eatery. The system operates corporate-owned and franchised units across nearly every U.S. state as well as Canada and Puerto Rico. Modern Restaurant Concepts is owned by Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, with more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises.
QDOBA is a fast casual Mexican restaurant with over 750 locations in the U.S. and Canada. Committed to delivering flavor to people's lives, QDOBA uses ingredients prepared in-house, by hand, and fresh throughout the day, to create delicious menu options. Guests can experience QDOBA's delicious flavors by enjoying one of its signature menu options that are chef-crafted for convenience and ease or by customizing their burritos, tacos, burrito bowls, salads, quesadillas, and nachos to fit their personal tastes. For five years running, QDOBA has been voted the "Best Fast Casual Restaurant" as part of the USA TODAY 10Best Readers' Choice Awards. Discover more at www.QDOBA.com or on the QDOBA app.
Modern Market Eatery is a food forward, sustainable fast casual restaurant concept that operates in Colorado, Texas, Arizona, and Indiana. Delivering the freshness and flavors of the market in a modern dining format and environment, Modern Market Eatery's menu of protein-centric bowls, garden fresh salads, toasted sandwiches and brick-oven pizzas redefine what it means to eat well at a reasonable price. For additional information about Modern Market Eatery, please visit www.modernmarket.com.
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SOURCE QDOBA
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https://www.wcjb.com/prnewswire/2023/07/31/modern-restaurant-concepts-announces-appointment-prashant-budhale-chief-technology-officer/
| 2023-07-31T21:30:03
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https://www.wcjb.com/prnewswire/2023/07/31/modern-restaurant-concepts-announces-appointment-prashant-budhale-chief-technology-officer/
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Letters to the Editor: An affordable housing project in Venice will help L.A. decide what kind of city it wants to be
To the editor: While I knew the Venice Dell Community housing project was not moving forward apace, I didn’t know the city attorney’s office was responsible for the delay. By now the whole world knows that Los Angeles is in desperate need of more affordable housing. The government standing in the way of projects like this one — which will bring 140 affordable housing units to unhoused and low-income people in Venice — causes harm to the people who need housing and to the Westside community that has been waiting for government leaders to do their job and provide it.
Helen Sklar, Los Angeles
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To the editor: I was surprised and disappointed that The Times printed such a one-sided perspective on the ill-conceived plan for building an overly large housing structure in a flood zone and tsunami escape route. To say that the plans for the site are a mess is giving it and its designers more credibility than they deserve.
From the outset, the plans for the site were dumped on local citizens with no care toward the history of Venice or access to Los Angeles‘ greatest asset and perhaps biggest tourist draw, Venice beach and boardwalk. In an already overcrowded situation, with bumper-to-bumper traffic, Angelenos have a difficult time trying to escape the heat and take their families to the relief of the ocean. These builders, with their hands in L.A. citizens’ wallets, are taking this prime parking and beach access area.
There are many other aspects of why this current plan is unacceptable including environmental ones, but on the grounds of safety and beach access alone the current plan should be scrapped. Mayor Karen Bass and Councilmember Traci Park are to be commended for holding up a bad plan.
David Blocker, Venice
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To the editor: Thank you for your editorial supporting the Venice Dell Community low-income housing development. I am a Venice homeowner living a six-minute walk from the site and I could not agree more. As a professor of urban planning at UCLA, I’m constantly discussing with my students how growing gentrification and economic segregation is feeding polarization and division. It saps urban vitality and creativity that comes from all kinds of folks mixing.
By moving ahead with Venice Dell Community, L.A. can lead on confronting the crisis of homelessness, provide desperately needed affordable housing and offset the pernicious effects of economic and social segregation.
Chris Tilly, Venice
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To the editor: The Times claims that the mayor’s office, and aligned officials, are sabotaging plans to provide housing for the homeless and low-income individuals in the Venice beach area. Rather, perhaps it is that officials now see that it is a mistake to let the project to proceed.
The plans call for giving more than 2.5 acres of exorbitantly valuable city land to housing individuals who could be accommodated at another location at far lower cost. Yes, the city needs to help house the homeless and encourage affordable rentals, but the spending of millions to provide them with accommodations within a short walk of the beach is insulting to taxpayers. Certainly the city can find a way for that land to be developed in a manner that would generate enough income to provide even more housing in an area with lower land costs.
Michael Ernstoff, Los Angeles
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To the editor: Your point of castigating further delay in a Venice housing project for the homeless is right. But putting the blame on Mayor Karen Bass is misguided. Even from your argument, it is City Attorney Hydee Feldstein Soto who is at fault since her office’s actions are blocking the executive branch.
This is the power of the city attorney’s office — it sways decisions.
Just look at the track record you pointed out for Bass on homeless housing so far. The blame here is squarely on Feldstein Soto.
Kevin FitzMaurice, Los Angeles
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https://www.latimes.com/opinion/letters-to-the-editor/story/2023-07-31/los-angeles-venice-homeless-housing-project
| 2023-07-31T21:30:03
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https://www.latimes.com/opinion/letters-to-the-editor/story/2023-07-31/los-angeles-venice-homeless-housing-project
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Letters to the Editor: Justice Alito says the Supreme Court is no place for ethics rules
To the editor: I absolutely believe that Justice Samuel A. Alito Jr. is correct that U.S. lawmakers lack power to impose an ethics code on the high court. And more power to all the justices in cavorting around with one another as much as they like out of the public eye!
However, there seems to be nothing stopping Congress from passing laws to require reporting of common citizens (even uncommonly wealthy ones) having any type of interaction with a justice with benefits to the judge of greater than some specified amount, with substantial penalties up to and including significant jail time.
Michael Lampel, Granada Hills
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To the editor: The Supreme Court refuses to accept a code of ethics and conduct — which other federal judges must adhere to — by using the excuse there’s no constitutional provision giving Congress the authority to regulate the justices. Then it seems reasonable to add an amendment to the Constitution that would give Congress such authority. So, thank you, Justice Alito, for bringing this to our attention. While I’m sure it will take some time to add an amendment to our Constitution, at least there’s a light at the end of the tunnel and Supreme Court justices will one day be accountable for their actions and continued corruption. Let’s keep in mind that “power tends to corrupt and absolute power corrupts absolutely.”
Sheryl Kinne, Van Nuys
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To the editor: Even if Justice Alito is right and Congress lacks the power to impose an ethics code on the Supreme Court, that does not mean the court itself should not voluntarily adopt a code of ethical conduct by which to govern itself. The credibility of the court, which has already been weakened by accusations of politicization, depends on it. This is the time for Chief Justice John G. Roberts Jr. to show some leadership.
Rochelle Popowitz, Los Angeles
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To the editor: Honorable men in high places — is that more than we could hope for, Justice Alito? Another institution demeaned; another reminder that honor is a virtue easily traded for prominence; another instance of vanity overcoming a sense of duty. Why should we listen to Alito when he takes such effort to ignore us?
Carleton Cronin, West Hollywood
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https://www.latimes.com/opinion/letters-to-the-editor/story/2023-07-31/supreme-court-congress-ethics-reform-alito
| 2023-07-31T21:30:09
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https://www.latimes.com/opinion/letters-to-the-editor/story/2023-07-31/supreme-court-congress-ethics-reform-alito
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Celebrate the Blooms with Inaugural National Sunflower Day on August 5
BISMARCK, N.D., July 31, 2023 /PRNewswire/ -- In late July and into August, vast fields of brilliant yellow sunflowers blanket North Dakota during the peak growing season and visitors are awed by the landscape awash in summery hues. This year, North Dakota Tourism invites visitors to celebrate these picturesque fields with the inaugural National Sunflower Day on August 5, 2023.
The National Day Calendar recognition, slated for the first Saturday each August, is a collaboration between the National Sunflower Association and North Dakota Tourism and recognizes the inherent happiness the sunflowers evokes and the prominence of North Dakota's agricultural industry in growing the cheerful blooms.
For visitors planning a picture-perfect road trip for National Sunflower Day and beyond, North Dakota Tourism has launched the state's 2023 Sunflower Blooms Guide detailing the location of more than a dozen stunning sunflower fields. Weekly bloom updates will highlight the progress of the seasonal color as it unfolds across the state making the map a perfect tool for making the most of the waning days of summer. North Dakota Tourism is also making an ideal road trip snack available to visitors with packets of savory sunflower seeds in mailboxes at select fields.
To capture the iconic blooms in photos and videos, keep the following tips in mind:
- In general, visitors are welcome to stop by fields included on the Sunflower Blooms Guide as long as they are respectful and don't enter or drive into the fields.
- Scout the field location early to capture that golden hour image or video just-after sunrise or just-before sunset. Visitors will want to set up early to take advantage of the golden hues.
- Keep in mind that cloudy days are often some of the best times to capture vibrant close-ups and more subtle variations in shadows.
- Tag your photos and videos on social media using #BeNDLegendary to celebrate your love of the sunny blooms.
- Fuel your photoshoot with a beloved North Dakota snack with Fargo's irresistible SunButter made from roasted sunflower seeds or Wahpeton's Giants Snacks with original and kettle roasted flavors of sunflower seeds.
As the top sunflower producing state last year, North Dakota farmers planted 702,000 acres of the beautiful blooms in 2022, and the state is the top producer of edible sunflower seeds in the U.S. More sunflower recipes, videos and little-known facts are available at Brighten Your Day with the Amazing Sunflower. For more on planning a trip to North Dakota, visit NDtourism.com.
Follow North Dakota Tourism on Facebook at www.facebook.com/TravelND, on Instagram at https://www.instagram.com/northdakotalegendary/ on or on Twitter at http://twitter.com/NorthDakota and get tips on what to see and do all year long.
View original content to download multimedia:
SOURCE North Dakota Tourism Division
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https://www.wcjb.com/prnewswire/2023/07/31/north-dakota-landscape-awash-vibrant-yellow-sunflowers/
| 2023-07-31T21:30:09
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https://www.wcjb.com/prnewswire/2023/07/31/north-dakota-landscape-awash-vibrant-yellow-sunflowers/
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ONEDIA COUNTY, N.Y. (WSYR-TV) — A man from Woodhaven, Queens, died in a jet ski accident on Oneida Lake in upstate New York over the weekend, authorities said.
The Oneida County Sheriff’s Office said 27-year-old Gerald Capunay drowned after falling off of his jet ski.
The Oneida County Sheriff’s Office Marine Patrol on Oneida Lake received a call about a person who had fallen from their jet ski and was in distress on Sunday, Sheriff Robert Maciol said. The caller indicated that they were on another boat and had been flagged down by the man’s friend, who was on another jet ski in the area of Lewis Point.
The Marine Patrol responded, along with members of the Sylvan Beach Fire Department’s water rescue, and were able to locate Capunay, who was still in the water and had become unconscious. Capunay was removed from the water and transported to shore by Sylvan Beach Fire Department where he was pronounced dead.
The cause of his death is pending examination by the Onondaga County Medical Examiner’s Office but his death does not appear to be suspicious at this time, authorities said.
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https://pix11.com/news/local-news/queens/queens-man-killed-in-upstate-ny-jet-ski-accident-police/
| 2023-07-31T21:30:11
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https://pix11.com/news/local-news/queens/queens-man-killed-in-upstate-ny-jet-ski-accident-police/
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SANTA CLARA, Calif. — The San Francisco 49ers held their first padded practice Monday without their most important defensive player and little indication that Nick Bosa will end his holdout and join the team soon.
“I don’t like not having one of our best players here,” Lynch said. “We’ve got a really good track record that I’m proud of as a group of having our players in. But I also understand it and understand that we’re going to have to exhibit some patience and understand that ultimately this thing will work out. I’m very confident in that and we’re just going to have to have that right mix of urgency and patience.”
The 49ers have had a strong history of rewarding their own stars, giving lucrative extensions the past three summers to tight end George Kittle, linebacker Fred Warner and receiver Deebo Samuel.
Bosa’s contract should top all of those after he won Defensive Player of the Year in 2022 and has consistently been one of the top defensive ends in the league when healthy since being drafted second overall in 2019.
Bosa led the NFL with 18 1/2 sacks last season when he was named the league’s top defensive player and has 43 in 51 career games. He is currently under contract on the fifth-year option for $17.9 million this season.
Rams defensive tackle Aaron Donald is the only defensive player with a contract worth at least $30 million a year after signing a three-year, $95 million extension last offseason. Bosa could top that with his new deal.
By holding out of camp, Bosa is subject to fines of $40,000 a day and could be fined a game check for each exhibition game he misses. But because he’s still on a rookie deal, the 49ers have the option of waiving those fines, which Lynch said the team plans to do.
“That’s not going to get him in here,” Lynch said about a fine. “We’re both striving for the same thing, so we’ll focus on that.”
Bosa typically stays away from the team for the voluntary portion of the offseason and always reports in top shape each summer after months of workouts back home in Florida.
Lynch said he has no doubt Bosa is working to stay in shape but knows it will be important to get him back with enough time to make sure he is in top form to start the season.
“I don’t know what that right time period, we’ve talked a lot about it internally, but I think that’s important to give yourself the best chance to not only play at the highest level, but to stay healthy and get yourself primed and ready, calloused to play,” Lynch said.
Even with Bosa holding out, the Niners still have a deep defensive line group after adding Javon Hargrave as an interior rusher next to Arik Armstead as a free agent this offseason.
Javon Kinlaw, a 2020 first-round pick, is finally healthy this camp and showing flashes as a defensive tackle, and second-year edge rusher Drake Jackson bulked up after wearing down as a rookie.
Clelin Ferrell, Kerry Hyder Jr. and Austin Bryant have also gotten more opportunities early in camp but the Niners know they will need Bosa if the unit wants to be dominant once again.
“This is definitely a great group and we’re not even all the way together yet. We don’t have our guy here yet,” Armstead said. “We have a great group. We have to keep grinding, keep getting better and see where it takes us in the season. But we always have that responsibility. They invest up front and we know that a lot of games will be on our shoulders to go out there and win. We accept that challenge to get to work and go out there and play as hard we can.”
NOTES: There was one big scuffle on the first day with pads that led to a brief halt of practice. ... LT Trent Williams didn’t take part in team drills for a second straight day. ... LB Dre Greenlaw had an interception against Brock Purdy in team drills. ... Backup QBs Trey Lance and Sam Darnold both had strong practices.
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AP NFL: https://apnews.com/hub/nfl
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https://www.washingtonpost.com/sports/nfl/2023/07/31/49er-nfl-nick-bosa-holdout/f04ad12a-2fe5-11ee-85dd-5c3c97d6acda_story.html
| 2023-07-31T21:30:14
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BOISE, Idaho (KTVX) – Lori Vallow Daybell, convicted of murdering her children, among other crimes, was sentenced to five life sentences in prison Monday with no possibility of parole. The sentencing brings closure to nearly four years of investigation and a trial.
Daybell, 49, was found guilty of murder, and conspiracy to commit murder of her children Joshua “JJ” Vallow, 7, and Tylee Ryan, 16. She was also convicted of conspiracy to commit murder in the death of Tammy Daybell, the former wife of her husband, Chad Daybell. Additionally, Lori was found guilty of grand theft.
Lori was sentenced to five life sentences without the possibility of parole, three of which will run consecutively, for her involvement in their murders and the conspiracy to commit murder. While many called for the death penalty, it was ruled out by a judge in March 2023 prior to her murder trial.
The case began in 2018 when Lori and Chad met at a religious conference in St. George. They became close friends, and even lovers, though both were married to other people. In July 2019, Lori’s husband Charles Vallow was killed by her brother, and it was declared self-defense, but later identified as a homicide.
Then in late-2019, Lori’s two children went missing — a case that captivated the United States. And while investigators were frantically searching for the kids, Lori and Chad were in Hawaii getting married.
Chad’s wife Tammy died a few weeks before Lori and Chad ran to Hawaii, but after the children went missing. Her death was originally ruled natural causes but later declared asphyxiation at the hands of another after her body was exhumed.
In February 2020, Lori was arrested on charges of desertion and nonsupport of dependent children. In April, Lori and Chad were both under investigation for conspiracy, attempted murder, and murder. They both pleaded not guilty.
During the final stages of the investigation leading up to their scheduled trials in January 2023, Tylee and JJ’s remains were found buried on Chad’s property.
Because of the large amount of evidence discovered, and the fact that Chad waived his right to a speedy trial, he will face his charges in April 2024. However, Lori did not waive her right to a speedy trial and appeared in court on April 2023, where she was found guilty on all charges.
Now, in July 2023, nearly four years after Lori’s children were murdered, she was sentenced to life in prison on all counts.
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NPR's Ailsa Chang talks with author C.K. Chau about her new book, Good Fortune — a Pride and Prejudice retelling with some delicious twists set in Chinatown in New York City during the early 2000s.
Copyright 2023 NPR
NPR's Ailsa Chang talks with author C.K. Chau about her new book, Good Fortune — a Pride and Prejudice retelling with some delicious twists set in Chinatown in New York City during the early 2000s.
Copyright 2023 NPR
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NEW JERSEY (PIX11) — A pair of winning $1 million Powerball tickets from Saturday’s drawing were sold in New Jersey, according to lottery officials.
The two tickets matched all five white balls from the drawing, winning the second-tier prize, officials said. The winning tickets were purchased in Burlington and Hudson County. Officials said the ticket sold in Burlington was purchased from a Wawa on East Green Tree Road in Marlton, N.J. The second ticket was sold at Kearny Deli & Liquor on Midland Avenue in Kearny, N.J.
New Jersey Lottery said the 26,024 players from the Garden State took home around $154,089 in prizes.
The next Powerball drawing will be held on July 31, while the jackpot soars to $74 million, according to lottery officials.
Jonathan Rizk is a digital journalist who has covered local news in the New York City and Washington D.C. areas. He has been with PIX11 since August 2022. See more of his work here and follow him on Twitter.
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More U.S. shrimpers have sold their boats. Most Americans don't realize that the cheap, plentiful shrimp they buy in the market and order on pad thai is driving domestic shrimpers out of business.
Copyright 2023 NPR
More U.S. shrimpers have sold their boats. Most Americans don't realize that the cheap, plentiful shrimp they buy in the market and order on pad thai is driving domestic shrimpers out of business.
Copyright 2023 NPR
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Many public housing residents are especially vulnerable to extreme heat, but there's no federal requirement for air conditioning. That leaves cash-strapped local agencies struggling to provide it.
Copyright 2023 NPR
Many public housing residents are especially vulnerable to extreme heat, but there's no federal requirement for air conditioning. That leaves cash-strapped local agencies struggling to provide it.
Copyright 2023 NPR
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BISMARCK, N.D. (AP) — Two pipeline operators have agreed to pay a $12.5 million civil penalty related to crude oil spills in Montana and North Dakota.
The U.S. Environmental Protection Agency on Monday announced the settlement in a 2022 federal court lawsuit. Belle Fourche Pipeline Company and Bridger Pipeline LLC will pay the $12.5 million to resolve the claims made under the Clean Water Act and Pipeline Safety Laws, EPA said. The affiliated companies own and operate oil pipelines in Montana, North Dakota and Wyoming.
In 2015, Bridger’s Poplar Pipeline broke and spilled more than 50,000 gallons (about 190,000 liters) of crude into the Yellowstone River near Glendive, Montana. Bridger has completed cleanup of the site, and in 2021 settled a lawsuit with federal and Montana authorities for $2 million.
In 2016, Belle Fourche’s Bicentennial Pipeline in Billings County, North Dakota, broke due to a landslide and spilled over 600,000 gallons (about 2.3 million liters) of oil, impacting an unnamed tributary, Ash Coulee Creek and the Little Missouri River. Belle Fourche’s cleanup is ongoing with oversight from North Dakota’s Department of Environmental Quality, according to EPA.
Belle Fourche also will pay the state’s past response costs, totaling over $98,000, according to court documents filed Monday.
“Oil pipeline spills can cause enormous and long-lasting damage to the environment,” Principal Deputy Assistant Administrator Larry Starfield of EPA’s Office of Enforcement and Compliance Assurance said in a statement. “This settlement holds Belle Fourche and Bridger Pipeline accountable for their significant oil spills and requires them to take meaningful measures to prevent future spills from their oil pipelines.”
The operators also are required to implement specified compliance measures, in addition to the civil penalty.
Belle Fourche and Bridger are owned by Wyoming-based True Companies, whose spokesman, when reached by email, did not have an immediate comment on the agreement.
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Buttigieg touts progress in goal for half of new car sales to be electric vehicles
WASHINGTON (Gray DC) - Following an announcement of private investment plan for 30,000 new electric vehicle chargers across the United States, Transportation Secretary Pete Buttigieg said government investment has paved the way private companies to produce more electric cars.
“Federal investment to try and make up the difference where markets are still getting ready, and then the private sector, private industry, needs to do the rest,” Buttigieg said.
Leading global electric vehicle manufacturers, including Ford, General Motors and BMW have joined together to build 30,000 electric vehicle chargers across the country.
“When you fill up your gas car with gas you’re counting on private companies to set up for that,” Buttigieg said. “We really need private industry to play more of a roll in investing in and running these electric vehicle charging stations.”
The government has set aside $7.5 billion for states to create their own networks of EV chargers, but the Biden administration wants to guarantee things like price transparency, and guaranteeing a charger from one company works for another company’s vehicles.
“They are going to meet standards that we have set, and they’ll have to in order to qualify for federal support.”
Buttigieg said if the U.S. does not take the lead on electric vehicles, someone else will.
“There is a race, whether people realize it or not,” Buttigieg said. “Where in the middle of a heated race to win the future of electric vehicles.”
The federal money for EV charging networks comes from the Bipartisan Infrastructure Law passed in 2021.
Copyright 2023 Gray DC. All rights reserved.
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WATKINSVILLE, Ga. and ELBERTON, Ga., July 31, 2023 /PRNewswire/ -- Oconee Financial Corporation (OTCQX: "OSBK") ("Oconee") announced today it has completed its acquisition of Elberton Federal Savings & Loan Association ("Elberton Federal") of Elberton, GA, and its related common stock offering, in a conversion merger transaction, effective July 31, 2023.
As a result of the conversion merger, Elberton Federal converted from a mutual savings association to a stock savings association and immediately merged with and into Oconee's wholly owned subsidiary, Oconee State Bank. On August 1, 2023, Elberton Federal's financial center on East Church Street in Elberton will open as a branch of Oconee State Bank.
In the stock offering required by regulations applicable to the merger conversion, Oconee sold 149,015 shares of common stock, at a discounted price of $28.94 per share, to depositors and borrowers of Elberton Federal in a subscription offering, and to stockholders of Oconee and members of the general public in a community offering. Gross offering proceeds totaled approximately $4.3 million. The stock offering was oversubscribed.
"We are thrilled by the overwhelming interest we received from investors in the offering," remarked Oconee President and CEO Neil Stevens. "The transaction closed at the maximum of the authorized offering range and generated a lot of interest in the banking experience we are bringing to our customers."
Stevens continued: "We welcome the addition of Elberton Federal President and CEO Daniel Graves, a number of new teammates, and our newest customers in Elbert County. We aim to provide them the same high level of service and care our current customers enjoy."
Graves will serve as Senior Vice President and Community President of the Northeast Georgia market.
"It is a privilege to join such a high-quality institution and group of people in partnering with Oconee," Graves said. "Neil and I talk often about the importance of culture, and this is a perfect fit. We are thrilled about the opportunity this presents for our people and our customers, and we look forward to being an even more meaningful part of the next chapter of prosperity in Elbert County."
Performance Trust Capital Partners assisted Oconee, on a best-efforts basis, in selling its common stock in the subscription and community offerings and served as financial advisor to Oconee in connection with the merger. RP Financial LC provided the conversion appraisal. Alston & Bird LLP served as legal counsel to Oconee, Fenimore Kay Harrison LLP served as legal counsel to Elberton Federal, and Luse Gorman PC served as legal counsel to Performance Trust Capital Partners.
About Oconee Financial Corporation
Oconee State Bank was established in 1960 and is headquartered in Watkinsville, Georgia. It operates six full-service financial centers in Georgia, located in Oconee, Athens-Clarke, Gwinnett, and Macon-Bibb counties, including its newest location in Elbert County. Pro forma for this transaction, the bank has approximately $556 million in assets. The bank is the only locally owned and operated community bank headquartered in Oconee County. Oconee State Bank proudly serves its communities, providing unparalleled commitment to personalized service, innovative products and solutions, and brings exceptional value to all stakeholders, through local ownership, involvement, and decision making. The bank strives to be essential to those it serves, by creating remarkable experiences that significantly mark the lives of others. Oconee Financial Corporation was established in January 1999 to serve as the holding company of Oconee State Bank.
Please visit Oconee State Bank's website, www.oconeestatebank.com for a full listing of products and services.
View original content:
SOURCE Oconee Financial Corporation
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NEW HAVEN, Conn. (AP) — Connecticut U.S. Rep. Rosa DeLauro has stood out for years with her colorful clothing and hairstyle, but it took one of her six grandchildren to finally convince the 80-year-old lawmaker to complement her fashion-forward look with a tattoo.
The Democrat revealed in a statement Monday that she and her granddaughter, who is now old enough to legally get a tattoo in Connecticut, got inked together.
“For her 18th birthday, my granddaughter wanted to get a tattoo with me. So, we went together,” DeLauro said. “She’s off to college in the fall, and this strengthens our bond.”
The design of the tattoo on her left upper arm is personal for DeLauro. It depicts a rose, which represents her name Rosa. The petal in the center of flower forms the letter “D” to represent her last name, and the bottom left of the rose has a stylized version of Italy, an homage to the country where her father immigrated from, said Daniel Robillard, her press assistant.
DeLauro is far from the first member of Congress to sport body art. Pennsylvania U.S. Sen. John Fetterman’s nine tattoos were often mentioned when he ran in 2022.
The dean of Connecticut’s congressional delegation, DeLauro has represented the state’s 3rd Congressional District in the New Haven area since 1991. She now serves as ranking member of the House Labor, Health and Human Services, and Education Appropriations Subcommittee, which oversees federal investments in education, health, and employment.
This is DeLauro’s first tattoo, Robillard said, but it likely won’t be her last.
“I have four more grandkids who still haven’t turned 18 yet,” DeLauro said. “So be on the lookout for more new ink!”
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| 2023-07-31T21:30:22
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Country singer Craig Morgan reenlists in military while on Grand Ole Opry stage
NASHVILLE, Tenn. (Gray News) – Country singer Craig Morgan reenlisted in the military Saturday night while on stage at the Grand Ole Opry in hopes of encouraging others to enlist.
According to a news release, Morgan was sworn into the U.S. Army Reserve on stage by U.S. Army Forces Command Gen. Andrew Poppas.
Sen. Marsha Blackburn joined them on stage.
After the ceremony, Morgan returned to the microphone to perform his song “Soldier.”
Morgan previously served in the Army for 17 years, with certifications including Airborne, Air Assault and Rappel Master.
“I’m excited to once again serve my country and be all I can be in hopes of encouraging others to be a part of something greater than ourselves,” Morgan said in a news release. “I love being an artist, but I consider it a true privilege and honor to work with what I believe are the greatest of Americans, my fellow soldiers. God Bless America. Go Army.”
Morgan plans to continue touring and releasing new music while serving in the Army Reserve.
The 59-year-old singer is known to frequently perform at military bases both in the U.S. and abroad. In 2006, Morgan was awarded the USO Merit Award for his support.
Morgan began his music career in 2000. He is best known for his No. 1 single “That’s What I Love About Sunday” from 2004.
He was inducted as a member of the Grand Ole Opry in 2008.
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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(The Hill) – President Biden is opening up about the crummiest advice he’s ever gotten, saying holding grudges “gets you nowhere.”
“I guess the worst advice I’ve ever received was holding a grudge — because lots of times when people do something that is really not good, it’s because they were fearful when they did it. Not fearful of you, but their circumstance,” Biden said in an interview on Jay Shetty’s “On Purpose” podcast released Monday.
“It gets you nowhere, which means people will doubt that I’m really Irish,” Biden quipped.
“But all kidding aside,” the 80-year-old president continued, “Remembering is important, but holding a grudge is not helpful.”
The best advice Biden said he’d been given was to “show up.”
“My mother used to say, ‘Joey, get up. Never bow, never bend. Just get up.’ But showing up, that’s a big part,” he said.
In the wide-ranging chat focused on grief and mental health, Biden also revealed he’s definitely not serving as the country’s TV viewer in chief.
Asked which TV show set in the world of politics and Washington is the most accurate and which is the least, he cracked, “’Mission Impossible.’”
“Look, one of the problems I have is I don’t — and I should — I don’t watch much television,” Biden said.
“And it’s not because I’m above it or anything like that,” he told Shetty during the pair’s conversation at the White House. Biden blamed decades of commuting between D.C. and Delaware as a senator for cutting into potential TV time.
“And so when I get home, there wasn’t much to watch,” Biden said, noting he’d focus his energy on spending time with his then-young children.
“So I’ve been back and forth so much I just haven’t watched many programs,” the 46th president said after describing his usual Amtrak train commute while in the Senate.
“There’s a lot of good stuff, I’m sure. I mean, every once in awhile I turn it on,” Biden said of current television fare.
Living at the executive mansion, which is equipped with a movie theater, has helped his viewing habits, according to Biden.
“I get this list what movies are in and we have the new one,” Biden said of “Oppenheimer,” adding that he’s yet to see the summer box office hit starring Cillian Murphy as the famed real-life Manhattan Project physicist.
“They’re the movies I see these days,” Biden said of the films screened at the White House. “I get to see them at night every once in awhile.”
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AUSTIN, Texas (AP) — Lawyers for impeached Republican Texas Attorney General Ken Paxton on Monday sought to have most of the charges against him dismissed, arguing that they rely on alleged acts of corruption before he was reelected to a third term in 2022.
In motions filed with the Senate, where Paxton’s impeachment trial is scheduled to begin Sept. 5, his attorneys said they believe state law bars the removal of an official for conduct that occurred before their most recent election. Paxton was first elected attorney general in 2014 and the impeachment charges include alleged conduct since then.
“The Articles allege nothing that Texas voters have not heard from the Attorney General’s political opponents for years,” Paxton’s attorneys wrote. They accused the GOP-dominated Texas House of Representatives of seeking to oust Paxton because they were unable to unseat him by popular vote.
“Texas voters rendered their judgement by re-electing Attorney General Paxton to serve a third consecutive term. As a matter of both common sense and Texas law, that should be the end of the matter,” his attorneys wrote.
Only one of the 20 impeachment charges — an allegation that Paxton settled a whistleblower lawsuit in an effort to hide from the public corruption allegations against him — would not have to be dismissed under the so-called “prior term doctrine,” Paxton’s attorney said. Paxton asked state lawmakers this year to have the state pay the proposed $3.3 million settlement.
In a second filing, Paxton’s attorneys said the trial should exclude any evidence of alleged conduct that occurred prior to January 2023, when his third term in office began.
The motions from Paxton’s attorneys are similar to moves in a criminal or civil legal cases when defense attorneys seek to have charges or lawsuits dismissed before trial.
In this case, the presiding officer over Paxton’s impeachment trial will be Lt. Gov. Dan Patrick, a powerful Republican who also serves as the president of the state Senate. The Republican-controlled Senate will consider the evidence and decide whether to convict or acquit Paxton in the first impeachment trial of a statewide official since 1917.
Patrick has already issued a sweeping gag order over the parties and attorneys involved ahead of the Senate trial. Attorneys for House of Representatives managers prosecuting Paxton did not immediately respond to the motions filed Monday.
Paxton has been suspended from office since the House first approved the articles of impeachment on May 27. He could be permanently removed if convicted by the Senate.
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High prices ‘disproportionately pinching’ younger Americans, data shows
30% of Gen Z, 28% of millennials have no emergency savings
(InvestigateTV) — More than seven in 10 younger Americans are saving less because of inflation when compared to Gen X and baby boomers, a recent Bankrate.com survey found.
Sarah Foster is a principal writer for Bankrate.com. She said this is a time for younger Americans to be very mindful of how much they are spending and to hyper analyze their budgets.
Foster said the ultimate goal for Gen Z and millennials should be to make sure they are living within their means. She added there are several advantages to being young right now, especially when it comes to retirement contributions.
“Really the best way to gain wealth and beat inflation in the long run is to make sure that you’re holding a diverse portfolio of assets, including stocks,” Foster explained. “And so, we know that even if someone were to stop investing for three years because of inflation and they’re in their mid-twenties, they’d leave almost $200,000 on the table by the time they were 70.”
Foster said don’t stop retirement contributions during inflation. The amount can be reduced, but consistent contributions is key.
She said another reason younger Americans are being hit hard is they are early in their careers and haven’t reached their peak earnings.
Foster advised them to put any raises or extra money in savings or retirement accounts.
Bankrate has 11 tips for young Americans trying to reach financial goals during high inflation, including:
- Look for high-yield savings accounts that offer much better returns that traditional accounts
- Automate savings to build an emergency fund
- Wait 24 hours before any unnecessary purchases
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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MEMPHIS, Tenn. (AP) — Memphis police on Monday said officers shot a suspect after he attempted to enter a Jewish school with a gun and fired shots after he couldn’t get into the building.
Assistant Police Chief Don Crowe said the suspect, whose identity has not been released, approached Margolin Hebrew Academy-Feinstone Yeshiva of the South around 12:20 p.m. He fired several shots and then left in a maroon truck.
“Thankfully, that school had a great safety procedure and process in place and avoided anyone being harmed or injured at that scene,” Crowe said.
Officers soon located the suspect’s vehicle “shortly after that,” Crowe said, adding that officers then shot the suspect after he exited the truck with a firearm in hand. The suspect was sent to a local hospital where he is in critical condition.
It was not immediately clear if school was in session.
When asked if law enforcement believe the shooting was a hate crime, Crowe said officers were still on the scene and collecting information.
“It’s way too early for that. Again, we’re very early in this investigation,” said Assistant Police Chief Don Crowe.
The Tennessee Bureau of Investigations is now handling the case.
U.S. Rep. Seve Cohen, whose district includes Memphis, said in a statement that he was “shocked” to hear about the incident at the school and noted that acts of “violent antisemitism” are on the rise across the country.”
Monday’s shooting comes nearly four months after a shooter opened fire at a private Christian school in Nashville and killed six people, including three nine-year-old children. That tragedy has sparked closer scrutiny of Tennessee’s relaxed gun laws and renewed calls to strengthen security at both public and private schools across the state.
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Kimberlee Kruesi contributed to this report from Nashville, Tennessee.
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‘I’ll be able to walk again’: 6-year-old shot in road rage incident confident about her future
LOUISVILLE, Ky. (WAVE/Gray News) – A 6-year-old’s life may be changed forever after she was shot in the back during a road rage incident on July 10, but that’s not crushing the young girl’s spirit.
Onyx, 6, was in the car with her family when a road rage incident with a group of motorcyclists in Kentucky led to a shooting.
A bullet went through the girl’s back and she had to have emergency surgery.
Onyx has been recovering since and may never walk again. Being in a wheelchair is her new reality.
“I really liked going through the hallways to test it out,” Onyx said, talking about her wheelchair. “I wanted to do it again and then I did.”
The 6-year-old who just wants to dance and play is finding comfort in doing donuts in her wheelchair.
Onyx said she remembers leaving the park on July 10, getting in the car and the moment when she was shot.
“I remember getting carried into the hospital,” she recalled.
Those chain of events left Onyx’s mother, Chyna Sands, with the task of telling her daughter her new reality.
Sands said she told Onyx the bullet severed her back and she can’t use her legs like she used to – a conversation that is still setting in for the young girl.
She’s had to explain to Onyx that she must be in a wheelchair because she can’t walk.
But Onyx didn’t let this get her down too much. She said she is tired of people saying what she can’t do. To her, she has no doubt about what the future holds.
“I’ll be able to walk again, I know I will,” Onyx said with confidence. “I believe that I will be able to walk again.”
That mindset is what Sands says keeps her going.
As of right now, no one has been charged for the shooting which keeps Sands on edge.
“They want me to be patient, but I am out of patience,” Sands said. “I would like to see justice for an innocent 6-year-old who was minding her own business.”
While those responsible are out free, small things like getting into a car are now triggers of trauma.
“Because I got shot in the back, and I’m a little bit scared to get in the car because it brings back the memories,” Onyx said.
Hearing Onyx say that is a hard pill to swallow for a mother that loves to travel everywhere with her daughter.
“As her mom, I’m used to being her superhero,” Sands said. “I fix all of her problems and that’s something that I can’t fix.”
Copyright 2023 WAVE via Gray Media Group, Inc. All rights reserved.
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DENVER, July 31, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the Defense Information Systems Agency (DISA) to support coordination between federal and commercial licensees of the 3450 - 3550 MHz spectrum band. Palantir will provide its software platform to enable end-to-end automation that will enhance coordination between the Department of Defense and commercial spectrum licensees for shared use of the 3450-3550 MHz band within cooperative planning area (CPA) and periodic use area (PUA) coordination zone boundaries.
As part of an ongoing interagency effort to facilitate the shared usage of critically important mid-band spectrum, Palantir's software will enable DISA's Defense Spectrum Organization (DSO) to support formal and informal coordination processes between the Department of Defense and commercial licensees. Existing and future government activities in the spectrum band are vital to protect national security and ensure military readiness.
Palantir software will be used to integrate multiple existing functions and capabilities into a single infrastructure that will result in more efficient workflows, reducing the timelines for licensee coordination with DoD to establish sharing agreements and enable deployment of 5G wireless services within CPA/PUA boundaries. Palantir software will also be used to demonstrate the ability to support more advanced spectrum sharing use cases.
"We are proud to partner with DISA DSO to support the complex task of sharing limited spectrum resources between federal and commercial users," said Akash Jain, President, Palantir USG. "We are excited to rapidly deploy software that will accelerate and automate coordination workflows and enable the increasingly dynamic and efficient use of spectrum."
"As military and commercial use of radio-frequency spectrum continues to grow, spectrum coordination will be increasingly necessary to preserve the effectiveness of critical national security capabilities while enabling U.S. commercial leadership in 5G and other critical technology areas. Palantir looks forward to working alongside the Department of Defense to deploy innovative software solutions that support advanced spectrum sharing workflows and processes," said Miriam Marwick, SVP, Emerging Technologies, Palantir USG.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Media Contact
Lisa Gordon
media@palantir.com
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SOURCE PALANTIR TECHNOLOGIES INC.
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In 2021, Auburn unveiled a single field-level suite in the southwest corner of Jordan-Hare Stadium.
On Monday, Auburn athletics announced the addition of six new and improved field-level suites, giving Tigers fans additional opportunities to enjoy games from Pat Dye Field at Jordan-Hare Stadium.
Come the Tigers’ season opener against UMass on Sept. 2, a pair of field-level suites will be found in both the southeast and southwest corners of Jordan-Hare, while one field-level suite will be in each of the stadium’s north corners.
Auburn partnered with RevelXP, a hospitality company that advertises “turnkey tailgating”, for the new seating options. Televisions, fans, high-top seating, drink rails and premium food and beverage offerings are all features in the new suites.
“We are excited to partner with RevelXP inside Jordan-Hare Stadium to enhance the field-level experience we provide for our Auburn family,” Senior Associate AD for Development Jacob Jordan said in a release. “We are accustomed to their first-class experience provided outside of the stadium and we look forward to bringing additional premium opportunities inside Jordan-Hare. Demand for premium seating is at an all-time high and we are thrilled to be able to bring this elevated experience to our Tigers Unlimited donors.”
The suites, which will be able to cater to 16-24 fans with prices ranging from $200-1,250 per person, will first be made available to Tigers Unlimited season ticket holders starting on Aug. 1.
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(KTLA) – The Los Angeles County Sheriff’s Department is investigating the discovery of a body inside a 55-gallon drum in Malibu Lagoon on Monday.
A park worker first saw the drum floating by the Pacific Coast Highway bridge Sunday night but didn’t think much of it at the time, a spokesperson for the L.A. County Fire Department told Nexstar’s KTLA.
When lifeguards arrived at work Monday morning, they saw the drum in the lagoon and tried to pull it out at which point they discovered the body inside, officials said.
No information about the victim was immediately known.
KTLA helicopter footage showed the black plastic drum standing upright in shallow water and the beach appeared to be closed for the investigation.
Late last spring, a body was found in a barrel in Nevada’s Lake Mead. Authorities said the body may have been there for four decades but have not yet identified the victim, despite identifying other bodies that appeared due to receding water levels.
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NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks to security and counter-terrorism Asfandyar Mir about how instability in the Taliban's Afghanistan has spilled into Pakistan, after a suicide bombing that killed dozens.
Copyright 2023 NPR
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OXNARD, Calif. — Dallas Cowboys running back Ronald Jones on Monday was suspended for the first two games of the season for violating the NFL’s policy on performance-enhancers.
Jones, who turns 26 Thursday, signed with Dallas as a free agent in the offseason. He was a second-round pick by Tampa Bay in 2018 and spent four seasons with the Buccaneers. He had career highs of 978 yards and seven touchdowns in 2020.
Jones will be eligible to play Sept. 24 at Arizona.
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AP NFL: https://apnews.com/hub/NFL
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You must think Christopher Nolan -- the Oscar-nominated director of high-brow blockbuster entertainment like “Inception,” “Dunkirk” and “Oppenheimer” -- watches only the good stuff in his spare time. Art house fare. Classics. Masterpieces.
Through various interviews, “The Dark Knight” trilogy filmmaker has shared the many movies that have inspired his artistic ambition and successful career. He even appeared (with Cillian Murphy) in Konbini’s popular “Video Club” series wherein he speaks extensively about films that influenced his latest film “Oppenheimer” (now in theaters everywhere), rolling through critical favorites like Oliver Stone’s “JFK” and Stanley Kubrick’s “Dr. Strangelove.”
One might presume to find Nolan’s picks on the American Film Institute’s 100 Years...100 Movies, or Sight & Sound’s poll naming the 100 greatest films of all time.
But it turns out, Nolan likes a good laugh, too.
To honor the release of “Oppenheimer,” “The Rich Eisen Show” recently shared a clip from 2020 when the director was promoting his pandemic-era release “Tenet.”
Eisen implored Nolan to share of of his favorite films he stops and watches while he’s surfing channels on television.
“What is your remote drop movie, Christopher, wherever you’re watching television and you see a film that is a favorite of yours...?” Eisen asks Nolan in the clip.
“There are so many,” Noland says. “I flick around, and if there’s an old movie playing...I mean, God, anything by Kubrick...”
So, yes. Predictably, Nolan name-drops his hero Stanley Kubrick. Still, nothing prepared us (or Eisen and his staff) for what came next. Again, when you imagine Nolan wanting to watch a movie at home, you’d think he dusts off a projector and readies a 16-milimiter print to honor the non-digital presentation of his beloved celluloid. But just like us, he cannot resist a Will Ferrell classic either -- and one set in (and named after) the great state of Alabama.
“Some of the great comedies too,” Nolan continues. “‘Talladega Nights,’ I’m never going to be able to switch that off...”
Understandably shocked, Eisen asks Nolan to confirm that’s in fact a remote-drop pick for the previously presumed-to-be overly serious director.
“If you ain’t first, you’re last,” Nolan says, quoting Ferrell’s character to everyone’s delight.
“You’re not wrong, Christopher,” Eisen replies, before asking if Ferrell knew about this.
“He does now,” Nolan said. Watch the full Rich Eisen interview with Christopher Nolan.
“Talladega Nights: The Ballad of Ricky Bobby” is Adam McKay’s silly follow-up to “Anchorman,” a NASCAR comedy starring Will Ferrell as an egomaniacal stock car racer named Ricky Bobby. Mostly filmed in North Carolina, the crew did make it to the Talladega Superspeedway for some key scenes, including the film’s final shot. While not as fresh and outrageous as McKay’s previous effort, critics actually dug this more overall, and it was another big box office hit for Ferrell.
The Rotten Tomatoes critics consensus: “Though it occasionally stalls, Talladega Nights’ mix of satire, clever gags, and excellent ensemble performances put it squarely in the winner’s circle.” Read the reviews.
Does this mean we’ll see a comedy in Nolan’s future? You catch plenty of funny moments and characters in his movies, but he’s never dived head-first into the genre, and who would expect him to? Maybe a team-up with Ferrell? Did he consider the “Anchorman” star to play the father of the atomic bomb before casting Cillian Murphy? One does wonder now.
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PORT ANGELES, Washington (WJW) – An 8-year-old child was attacked by a cougar at Olympic National Park’s Lake Angeles on Saturday evening.
The child was with their family at Lake Angeles, south of Port Angeles, when the attack happened Saturday night, the National Park Service said Monday.
“The cougar casually abandoned its attack after being yelled and screamed at by the child’s mother,” NPS wrote in a news release. The child suffered only minor injuries and was taken to a local hospital for evaluation.
Park officials then evacuated the remaining campers in the Lake Angeles area, closing the space and Heather Park to the public. Olympic National Park wildlife biologist Tom Kay said in a statement that the decision to close the Lake Angeles Trail, Heather Park Trail, Switchback Trail, and the entire Klahhane Ridge Trail was made “out of an abundance of caution.”
Early Sunday morning, park law enforcement and wildlife personnel who specialize in cougar tracking were dispatched to the last known location of the cougar at Lake Angeles, the park service reported. If located, the cougar will be euthanized and removed from the park for a necropsy.
“This may provide clues as to why the animal attacked since cougars are rarely seen and attacks on humans are extraordinarily rare,” park officials said. “Olympic National Park has extensive protocols in place for wildlife observations, interactions, and attacks and the lethal removal of this cougar is in line with these protocols.”
Because Olympic National Park is considered “cougar territory,” NPS recommends visitors be prepared for the encounter. They should not hike or jog alone, and children should remain near adults. Pets should also be left at home.
Should you encounter a cougar, you should remain calm and avoid running, according to wildlife experts. Do your best to appear as large as possible, continue watching the animal, and be loud. NPS also recommends throwing items like rocks or sticks at the cougar.
There have been no recent deaths caused by cougars in Olympic National Park, according to NPS data.
It’s not the first wildlife attack in the national parks this year, though.
Last week, a woman was found dead after an “apparent bear encounter” near Yellowstone National Park. Earlier this month, a woman in the park suffered “significant injuries” after being gored by a bison.
The park warns that between mid-July and mid-August, bison are in mating season and “can become agitated more quickly.”
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Country singer Craig Morgan reenlists in military while on Grand Ole Opry stage
NASHVILLE, Tenn. (Gray News) – Country singer Craig Morgan reenlisted in the military Saturday night while on stage at the Grand Ole Opry in hopes of encouraging others to enlist.
According to a news release, Morgan was sworn into the U.S. Army Reserve on stage by U.S. Army Forces Command Gen. Andrew Poppas.
Sen. Marsha Blackburn joined them on stage.
After the ceremony, Morgan returned to the microphone to perform his song “Soldier.”
Morgan previously served in the Army for 17 years, with certifications including Airborne, Air Assault and Rappel Master.
“I’m excited to once again serve my country and be all I can be in hopes of encouraging others to be a part of something greater than ourselves,” Morgan said in a news release. “I love being an artist, but I consider it a true privilege and honor to work with what I believe are the greatest of Americans, my fellow soldiers. God Bless America. Go Army.”
Morgan plans to continue touring and releasing new music while serving in the Army Reserve.
The 59-year-old singer is known to frequently perform at military bases both in the U.S. and abroad. In 2006, Morgan was awarded the USO Merit Award for his support.
Morgan began his music career in 2000. He is best known for his No. 1 single “That’s What I Love About Sunday” from 2004.
He was inducted as a member of the Grand Ole Opry in 2008.
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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ConflictsPakistan'IS' claims Pakistan bombing with at least 50 deadTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 videoConflictsPakistanRaheela Mahomed1 hour ago1 hour agoThe so-called Islamic State says it was behind a suicide bombing at a political rally in Pakistan. Funerals are being held for the victims of the blast. According to the police nearly half of those killed were children.https://p.dw.com/p/4UbyMAdvertisement
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NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
NPR's Ailsa Chang talks with trucker Alex Mai, who runs a YouTube Channel about trucking news, about how 30,000 workers are losing their jobs as the shipping company Yellow has shut down operations.
Copyright 2023 NPR
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https://www.kvpr.org/2023-07-31/how-the-shutdown-of-transport-company-yellow-could-have-ripple-effects-for-truckers
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EAST RUTHERFORD, N.J. — Sixth-round draft pick Darrian Beavers was pushing for a starting job at inside linebacker for the New York Giants a year ago when his rookie season was ended by an ACL injury during a preseason game.
The 24-year-old Beavers is back for a second go-around, and there is a good chance he is going to get a run at starting again.
In the offseason, the Giants signed Indianapolis Colts linebacker Bobby Okereke as a free agent. It seemed Jarrad Davis would play inside with him until the veteran injured his ACL training in the offseason.
Beavers is now getting first-team reps along with Micah McFadden, a fifth-round draft pick last year, and others.
“I’m in a really good headspace and I’m just like I said, I’m blessed to even be playing football,” said Beavers, who played in college at Cincinnati.
The more mobile Beavers seemingly is a better fit to play with Okereke, who had 151 tackles with the Colts last season and 132 in 2021.
“Still a young player, still has a ways to go,” Daboll said of Beavers. “He’s done a good job since he’s been out here. Obviously fighting through that rehab and now getting an opportunity, he’s done some nice things. We’ll see when we get going here.”
Beavers and McFadden are close friends. They roomed together during camp last season, and when Beavers was hurt, he allowed McFadden to take his No. 41 jersey. Beavers settled with No. 43, and he is going to stick with that.
The starting job will be determined over the next month. The big work will start on Tuesday when the Giants put on the pads for the first time since camp opened.
New York is looking to build off a 9-7-1 record last season that saw it make the playoffs for the first time since 2016. The Giants even won a playoff game before losing to Philadelphia in the divisional round.
“I’m definitely eager to put the pads on, just because it’s going to be a testament to myself,” Beavers said. “’Obviously, I’m trying to be the most confident person out there, but there’s obviously some things that I have to see for myself, too. So I’m just I’m really eager to be going out there.”
Okereke has been impressed by Beavers, so far.
“He’s a big, athletic guy that’s very physical and can run,” he said.
While the Giants refer to their inside linebackers as weakside and middle, Okereke said the way NFL teams put players in motion both inside linebackers have to be able to play either position.
Whatever combination emerges for the season opener against Dallas at home on Sept. 10, the linebackers are going to be tasked with stopping the run. The Giants defense struggled in that phase last season.
General manager Joe Schoen signed defensive tackle Rakeem Nunez-Roches and Okereke.
Nunez-Roches took snaps on Monday without a red non-contact jersey. He missed the first three days of practice after being involved in a car accident on Tuesday. He wore the red jersey Sunday.
NOTES WR Sterling Shepard is not going to be pushed coming off an ACL injury, A day after coming off the physically unable to perform list, the 30-year-old got a day off. He stood on the sideline and even acted as a referee, telling one official: “Hey, that’s offside” when linebacker Kayvon Thibodeaux seemed to beat a snap. ... Third-string center J.C. Hassenauer tore a triceps muscle in his right arm on Sunday and is going to need surgery. Daboll said he will be sidelined an extended period of time. ... Rookie third-round pick Jalin Hyatt caught two more deep passes in practice Monday. ... Cornerback Nick McCloud intercepted an overthrown pass by Tyrod Taylor late in practice.
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AP NFL: https://apnews.com/hub/nfl
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Jury poised to deliberate death penalty or life sentence for gunman in Pittsburgh synagogue massacre
PITTSBURGH (AP) — A jury is set to deliberate whether to impose the death penalty or a sentence of life in prison without parole on a man who spewed antisemitic hate before fatally shooting 11 worshippers at a synagogue in the heart of Pittsburgh’s Jewish community.
The same jurors who convicted 50-year-old Robert Bowers in June on 63 criminal counts listened to closing arguments Monday in the penalty phase of his federal trial, held nearly five years after the truck driver from suburban Baldwin perpetrated the deadliest attack on Jews in U.S. history.
The extent to which mental illness and Bowers’ difficult childhood played a role in the massacre dominated the lawyers’ arguments for and against capital punishment.
Speaking for the government, U.S. Attorney Eric Olshan said Bowers was clearly motivated by religious hatred when he entered the Tree of Life synagogue on Oct. 27, 2018, and opened fire with an AR-15 rifle, shooting everyone he could find.
The gunman raved incessantly on social media about his hatred of Jewish people — using a slur for Jewish people some 400 times on a platform favored by the far right — and remains proud that he killed Jews, the prosecutor reminded jurors.
“Do not be numb to it. Remember what it means. This defendant targeted people solely because of the faith that they chose,” Olshan said.
He added: “This is a case that calls for the most severe punishment under the law: the death penalty.”
Bowers’ lead defense attorney, Judy Clarke, acknowledged the horror of his crimes but urged jurors to opt for mercy and a life sentence.
Bowers’ attorneys have argued that he has schizophrenia, a serious brain disorder whose symptoms include delusions and hallucinations, and that Bowers attacked the synagogue out of a delusional belief that Jews were helping to bring about a genocide of white people by coming to the aid of refugees and immigrants. On Monday, Clarke recounted Bowers’ history of psychiatric hospitalizations, including an extended stay in a residential juvenile mental health program.
The defense also presented evidence of Bowers’ difficult childhood.
“What has happened cannot be undone. We can’t rewind the clock and make it that this senseless crime never happened. All we can do is make the right decision going forward. We are asking you to make the right decision, and that is life,” Clarke said in her closing argument.
A life sentence would mean that “prison is where Mr. Bowers will die in obscurity, not as a hero and not as a martyr,” she said.
Olshan, the prosecutor, disputed the defense experts’ diagnosis of schizophrenia, asserting that Bowers was not suffering psychosis but had chosen to believe white supremacist rhetoric. And while acknowledging that Bowers was a depressed, neglected child, Olshan downplayed the significance of it, noting that Bowers had held jobs, paid bills, and was an otherwise functioning adult.
“He was not a child, he was a grown man. He was responsible for his actions, not his family and things that happened decades earlier. He was, he is responsible for his actions,” Olshan said.
Clarke retorted that “childhood matters.”
“It defies reality to say he got better, he’s fine, he’s just an evil guy. What it does is reflects a complete misunderstanding of serious mental illness,” she said.
In order to impose death, jurors must find that aggravating circumstances, which make the crime especially heinous, outweigh mitigating factors that could be seen as diminishing his culpability. Those aggravating circumstances could include the vulnerability of Bowers’ elderly and disabled victims and his targeting of Jewish people.
Olshan played a composite of 911 calls made from inside the synagogue, including audio of people being shot and a survivor’s horrified screams.
He said Bowers had taken “11 people, 11 full lives, 11 people who loved their families, 11 people who loved their friends, 11 people who were loved. ... How do you measure the impact of all of that loss?”
The prosecutor spoke about 75-year-old Joyce Fienberg’s care for her family and 65-year-old Richard Gottfried’s devotion to his faith. He said Dr. Jerry Rabinowitz, 66, had the ethos of a country doctor: “He loved delivering babies but he never delivered judgment.” David Rosenthal, 54, and Cecil Rosenthal, 59, intellectually disabled brothers, “loved life,” Olshan said. “But maybe more than anything, they loved Tree of Life.”
The other deceased victims were Rose Mallinger, 97; Bernice Simon, 84, and her husband, Sylvan Simon, 86; Dan Stein, 71; Melvin Wax, 87; and Irving Younger, 69.
The attack also wounded seven people, including five responding police officers. Bowers was shot three times before surrendering when he ran out of ammunition.
___
Rubinkam reported from northeastern Pennsylvania.
Copyright 2023 The Associated Press. All rights reserved.
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A one-day sales event unlike any other invites customers to stock up on used books for just one cent per page.
BIRMINGHAM, Ala., July 31, 2023 /PRNewswire/ -- The busiest day of the year at 2nd & Charles is officially on the docket: Penny-A-Page, happening on Saturday, August 12, at all 2nd & Charles locations nationwide.
Where miles of books are surrounded by pure, boundless energy, customers can purchase up to five books for just one cent per page during 2nd & Charles' first-ever Penny-A-Page.
This unique and rare promotional event applies to all used books, giving customers the opportunity to fill their shelves with lengthy, expensive, and well-loved volumes – all for a fraction of the price. Yes, on a 250-page book, 2nd and Charles customers will pay just $2.50.
"Our loyal customers love it when we offer a discount on multiple books at the same time," says Eric Bishop, Senior Vice President at 2nd & Charles. "This is a 'can't miss' day! We are opening early at 9 a.m. to accommodate all our impassioned readers wanting to get a head start on their summer reading," he says.
Communities across the nation now have a remarkable opportunity to find their next stack of great books at an extraordinary price. Arrive early for the best selection! Come in, get lost, and find yourself at 2nd & Charles.
ABOUT 2ND & CHARLES
2nd & Charles is a unique retail concept specializing in an ever-changing inventory of new and used books, music, games, toys, collectibles, decor, accessories, and pop culture merchandise. Since its first store opened in Birmingham, AL, in 2010, 2nd & Charles has expanded to include more than 40 stores in 18 states—and counting.
A sister store to Books-A-Million, the nation's second largest book retailer, 2nd & Charles has established itself as a hip and fun-loving purveyor of passions catering to readers, gamers, and collectors of all ages. Through the store's buyback program, customers can sell their gently used merchandise in exchange for cash or store credit.
Click here to find your nearest 2nd & Charles store, and follow 2nd & Charles on Facebook, Instagram, and Twitter.
CONTACT
Olivia Anderson McDaniel
Vice President of Marketing, Omnichannel
205.909.3563
mcdanielo@booksamillion.com
View original content to download multimedia:
SOURCE Books-A-Million, Inc.
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Alabama leaders called President Joe Biden’s reported decision to keep the U.S. Space Command in Colorado rather than move it to Alabama shameful, an outrage and demoralizing. And one powerful state lawmaker said the fight to get the base to Alabama “is far from over.”
The Associated Press reported Monday afternoon that, “President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama and ending months of politically fueled debate, according to senior U.S. officials.”
Unnamed senior U.S. officials said Biden was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness, the AP said. Dickinson’s view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.
The officials spoke on condition of anonymity to discuss the decision ahead of the official announcement.
“The Biden administration’s shameful delay to finalize the permanent basing decision for U.S. Space Command warranted the opening of a Congressional investigation,” said U.S. Rep. Mike Rogers (R-Ala), chairman of the House Armed Services Committee. “I will continue this investigation to see if they intentionally misled the Armed Services Committee on their deliberate taxpayer-funded manipulation of the selection process. I will continue to hold the Biden administration accountable for their egregious political meddling in our national security.
“This fight is far from over,” Rogers said.
Related: Biden: Space Command to stay in Colorado, rejecting move to Alabama, officials tell AP
U.S. Rep. Dale Strong (R-Huntsville) called President Biden’s reported decision to keep Space Command headquarters in Colorado “shameful.”
“It is clear to anyone who has looked at the facts: Huntsville, Alabama is the best place for U.S. Space Command Headquarters,” Strong said. “Repeated investigations and objective reviews have proven that to be the case.
“It is shameful that the Biden Administration is ignoring what is best for our nation’s security and is instead using their woke agenda to make this decision,” Strong said. “To this point, the administration has refused to answer questions brought forth by the House Armed Services Committee’s investigation of their actions in this process. If they think this will go away... they are wrong. I will ensure they have to explain their actions and answer our questions on the record.”
“I want to thank Chairman Mike Rogers and the entire Alabama delegation, as we stand united to get answers for Alabamians,” Strong said.
“I am outraged to hear that the Secretary of the Air Force allowed politics to circumvent his, and the Department of Defense’s, own basing selection process that determined Huntsville, Alabama as the preferred location of SPACECOM. Huntsville was #1, Colorado Springs was #5!” U.S. Rep. Robert Aderholt (R-Ala) said.
“We are deeply disappointed in the reversal of a meticulous decision-making process that selected Huntsville, Alabama for the permanent home of USSPACECOM,” Huntsville Mayor Tommy Battle said. “This community went through a lengthy selection process – twice. To have that process invalidated, and to have our selection taken away is demoralizing. It is even more disturbing that the selection is going to the community that ranked fifth in the selection process. Our systems should be better than that. The Department of Defense deserves better than that.
“No matter where USSPACECOM resides, Huntsville will move forward and continue to be a good neighbor with our national military partners. We fully support our military and aerospace sectors and will work to ensure Huntsville remains a key component in furthering USSPACECOM’s mission on the national and global stage.”
(This story is developing)
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AUSTIN (KXAN) — A KXAN viewer said she saw baby foxes, also known as kits, playing on a trampoline in her garden Sunday in the north Austin, Texas, area.
That was only a couple of weeks after another viewer said she saw a family of foxes playing on the St. Edward’s University campus in Austin.
According to the Humane Society of the United States, it’s not unusual to see foxes in cities and towns, where food sources are easily found, including in your garbage.
While foxes live around the world in many different types of habitats, according to the Texas Wildlife Association, including the Arctic, the desert and even in trees, some foxes have also adapted to life in such urban environments as neighborhoods.
“Next time you are outside in a park, remember to look up, because if you are lucky, you might see a fox up in the trees,” TWA said.
TWA said three types of foxes live in Texas, including the swift fox, the red fox and the gray fox.
The swift, or kit fox, lives in the northwestern part of the state, the red fox inhabits the eastern and central parts, and the gray fox, the most common variety, can be found statewide, the TWA said.
The Humane Society said foxes are scared of people and are not typically dangerous except when they are rabid, which the society says is rare.
“Even then, a fox’s natural tendency is to flee rather than fight,” the Human Society stated.
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NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
NPR's Sacha Pfeiffer talks with Mahnaz Akbari, former commander of the Afghan military's Female Tactical Platoon, about the Afghan Adjustment Act.
Copyright 2023 NPR
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https://www.kvpr.org/2023-07-31/members-of-an-female-afghan-military-platoon-now-face-uncertain-fate-in-the-u-s
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LIVERPOOL, England — Liverpool lost another midfielder to the emerging Saudi Pro League on Monday when Brazil midfielder Fabinho joined Al-Ittihad, the team where Karim Benzema and N’Golo Kanté now play.
His exit comes a week after Jordan Henderson left Liverpool after 12 years to join another Saudi team, Al-Ettifaq. Roberto Firmino also moved to the oil-rich kingdom after his contract expired at Liverpool.
The Saudi league hopes to raise the profile of soccer in the country by signing some of the world’s top players. Cristiano Ronaldo moved to Al-Nassr in December.
The 29-year-old Fabinho made 219 appearances for Liverpool and helped the club win the Champions League in 2019 and the Premier League a year later.
Fabinho was not always a regular for Liverpool last season after a loss of form. Liverpool manager Jurgen Klopp has overhauled his midfield by signing Argentina’s Alexis Mac Allister and Hungary captain Dominik Szoboszlai, and the club is now searching for a holding midfielder to replace Fabinho.
“It’s been five years wearing this jersey and always with the greatest honor and happiness possible,” Fabinho wrote in a post on X, formerly known as Twitter.
“Since day one at Liverpool, I’ve been embraced by everyone. What I saw inside this club, the relationship between the people there, made me feel like family. In these five years, I grew as a player, as a man, I made dreams come true.”
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More AP soccer: https://apnews.com/hub/soccer
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https://www.washingtonpost.com/sports/soccer/2023/07/31/fabinho-liverpool-saudi-arabia-al-ittihad/5f9181e6-2fe6-11ee-85dd-5c3c97d6acda_story.html
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San Francisco prosecutors lay out murder case against consultant in death of Cash App’s Bob Lee
SAN FRANCISCO (AP) — DNA from a bloody knife and video footage are crucial pieces of evidence against a tech consultant charged with murder in the stabbing death of Cash App founder Bob Lee, who was found bleeding on a deserted San Francisco street in April, prosecutors argued Monday.
The San Francisco prosecutor’s office began laying out its case against Nima Momeni, 38, at a preliminary hearing in which a judge will decide if there’s enough evidence to go to trial.
Prosecutors say Momeni planned the attack, drove Lee to a secluded spot and stabbed him three times after a dispute related to Momeni’s younger sister.
They have not spelled out a motive, but previously offered a timeline in a case that has drawn outsized media attention, partly due to Lee’s status in the tech world. Lee created Cash App, a mobile payment service, and was the chief product officer of the cryptocurrency MobileCoin.
Momeni, who has been in jail since his arrest April 13, has pleaded not guilty. He faces 26 years to life if convicted.
The arrest came more than a week after Lee, 43, was found in a deserted part of downtown San Francisco early April 4. He later died at a hospital.
On Monday morning, Assistant District Attorney Omid Talai introduced evidence, including photos of a knife that prosecutors say Momeni used to stab Lee, a trail of blood left by Lee as he staggered for help, and video footage showing the two men leave Momeni’s sister’s condo building before the stabbing.
Talai said at a May hearing that the weapon was part of a unique kitchen set belonging to his sister and that analysis showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. Police recovered a knife with a 4-inch (10-centimeter) blade at the scene.
Saam Zangeneh, one of Momeni’s lawyers, suggested to reporters Monday during a break that the investigation conducted by the San Francisco police was far from thorough.
He questioned why the rubber handle of the knife was tested for only DNA and not fingerprints. SFPD crime scene investigator Rosalyn Check said that it is difficult to get prints off rubber.
“When you want to see if someone’s touching something, you do fingerprint analysis, right?” he said. “And they weren’t done on the handle, which is the most important, relevant portion of who, if any, was handling that item.”
Zangeneh has yet to elaborate on the defendant’s version of events.
Momeni brought in Zangeneh and Bradford Cohen, both based in Florida. His first attorney, Paula Canny, withdrew in late May, citing a conflict of interest that she declined to disclose.
At prosecutors’ urging, Momeni has been held without bail. In arguing for release pending trial, Canny said that Momeni was not a flight risk and would not leave the two people he loves most, his sister and mother. She said Momeni needs to fight the charges or face deportation to Iran, a country that his mother fled when the children were younger to escape a violent husband.
An unnamed friend of Lee told homicide investigators they had been hanging out and drinking with Momeni’s sister the day before the stabbing, prosecutors said in their motion to deny bail.
The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior and Lee said she had not.
Surveillance video showed Lee later entering the posh Millennium Tower downtown, where Momeni’s sister Khazar lives with her husband, prominent San Francisco plastic surgeon Dino Elyassnia. Video footage then showed Lee and Momeni leaving the building together shortly after 2 a.m. and driving off in Momeni’s car.
Lee was found shortly after 2:30 a.m. in the Rincon Hill neighborhood, which has tech offices and condominiums but little activity in the early morning hours.
Copyright 2023 The Associated Press. All rights reserved.
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High prices ‘disproportionately pinching’ younger Americans, data shows
30% of Gen Z, 28% of millennials have no emergency savings
(InvestigateTV) — More than seven in 10 younger Americans are saving less because of inflation when compared to Gen X and baby boomers, a recent Bankrate.com survey found.
Sarah Foster is a principal writer for Bankrate.com. She said this is a time for younger Americans to be very mindful of how much they are spending and to hyper analyze their budgets.
Foster said the ultimate goal for Gen Z and millennials should be to make sure they are living within their means. She added there are several advantages to being young right now, especially when it comes to retirement contributions.
“Really the best way to gain wealth and beat inflation in the long run is to make sure that you’re holding a diverse portfolio of assets, including stocks,” Foster explained. “And so, we know that even if someone were to stop investing for three years because of inflation and they’re in their mid-twenties, they’d leave almost $200,000 on the table by the time they were 70.”
Foster said don’t stop retirement contributions during inflation. The amount can be reduced, but consistent contributions is key.
She said another reason younger Americans are being hit hard is they are early in their careers and haven’t reached their peak earnings.
Foster advised them to put any raises or extra money in savings or retirement accounts.
Bankrate has 11 tips for young Americans trying to reach financial goals during high inflation, including:
- Look for high-yield savings accounts that offer much better returns that traditional accounts
- Automate savings to build an emergency fund
- Wait 24 hours before any unnecessary purchases
Copyright 2023 Gray Media Group, Inc. All rights reserved.
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Many question marks hang over Niger's future following the military coup there. It is one of the world's poorest countries and is heavily reliant on aid from abroad. Several countries have suspended that support. What will this mean for Niger's people?
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https://www.dw.com/en/niger-coup-causing-uncertainty/video-66401445
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DENVER, July 31, 2023 /PRNewswire/ -- The Principal Real Estate Income Fund (NYSE:PGZ) announces the sources of a distribution paid on July 31, 2023 of $0.1050 per share to shareholders of record at the close of business on July 18, 2023, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission and includes the notice below sent to shareholders regarding the source of the distribution.
Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. In accordance with generally accepted accounting principles ("GAAP"), the Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.
The Fund estimates that it has distributed more than its income; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The timing and character of distributions for federal income tax purposes are determined in accordance with income tax regulations, which may differ from GAAP. As such, all or a portion of this distribution may be reportable as taxable income on your 2023 federal income tax return. The final tax character of any distribution declared in 2023 will be determined in January 2024 and reported to you on IRS Form 1099-DIV.
The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.
Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
Please retain this document for your records.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member.
PRE000386 7/31/2024
View original content:
SOURCE Principal Real Estate Income Fund
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Alabama was all but set to be the location for the headquarters of America’s newest military branch in 2021.
Under the Trump administration, Redstone Arsenal in Huntsville was selected as the Air Force’s preferred location for U.S. Space Command headquarters, but the decision was nixed by President Biden, who reversed the move and named Colorado Springs, Colorado as Space Command’s permanent home.
How did the headquarters go from Colorado (temporarily) to Alabama (permanently) back to Colorado (permanently)? Here’s a timeline of key decisions that culminated in Monday’s announcement:
Aug. 29, 2019: U.S. Space Command created
America’s sixth and newest military branch, U.S. Space Command, is established with its temporary headquarters in Colorado Springs, Colorado. But the process begins on a permanent home for the command.
May 15, 2019: Alabama confirmed to be on short list for U.S. Space Command
Air Force Secretary Heather Wilson named Huntsville as one of six finalists for the headquarters, which is composed of Redstone; Buckley Air Force Base in Colorado; Cheyenne Mountain Air Force Station in Colorado; Preston Air Force Base in Colorado; Schriever Air Force Base in Colorado; and Vandenberg Air Force Base in California.
Nov. 19, 2020: Huntsville again named as finalist
Huntsville is again named a finalist after the process is reopened. Joining Redstone were Kirtland Air Force Base, New Mexico; Offutt Air Force Base, Nebraska; Patrick Air Force Base, Florida; Peterson Air Force Base, Colorado; and Port San Antonio, Texas.
Jan. 13, 2021: Air Force selects Huntsville as ‘preferred location’ for Space Command headquarters
The announcement paves the way for Redstone Arsenal to become the home of U.S. Space Command.
Air Force documents obtained by AL.com showed Huntsville ranked higher than Colorado in 11 of 21 comparisons used by the government in seeking the best site for the new U.S. Space Command’s permanent headquarters. Colorado only bested Alabama in 3 of the 21 categories.
Feb. 19, 2021: Department of Defense opens an ‘evaluation’ of Huntsville
Under new President Joe Biden, the Pentagon’s inspector general announces an “evaluation” of how Huntsville was selected, adding that the agency “may revise the objective as the evaluation proceeds, and we will also consider suggestions from management for additional or revised objectives.”
“Specifically, we will evaluate the extent to which the Department of the Air Force complied with DoD and Air Force policies during the location selection process; used objective and relevant scoring factors to rank the six candidate locations; and calculated the cost and other scoring factors accurately and consistently among the six candidate locations.”
July 13, 2022: Alabama passes a key hurdle
The Pentagon releases a draft environmental assessment finding “no significant impacts on the human or natural environment” if the headquarters is built on the Redstone Arsenal site.
July 31, 2023: Decision reversed, Colorado named permanent Space Command HQ instead of Alabama
Biden confirms months of reports and rumors that he was nixing the decision to base Space Command in Alabama and named Colorado as the branch’s permanent home.
Unnamed U.S. officials told the Associated Press the president “was convinced by the head of Space Command, Gen. James Dickinson, who argued that moving his headquarters now would jeopardize military readiness. Dickinson’s view, however, was in contrast to Air Force leadership, who studied the issue at length and determined that relocating to Huntsville, Alabama, was the right move.”
The AP noted the reversal was “sure to enrage Alabama lawmakers and fuel accusations that abortion politics played a role in the choice.”
Sen. Katie Britt, R-Ala., was among the outraged Alabama officials.
“President Biden has irresponsibly decided to yank a military decision out of the Air Force’s hands in the name of partisan politics,” she said. “Huntsville finished first in both the Air Force’s Evaluation Phase and Selection Phase, leaving no doubt that the Air Force’s decision to choose Redstone as the preferred basing location was correct purely on the merits.
U.S. Rep. Dale Strong, R-Huntsville, called President Biden’s reported decision to keep Space Command headquarters in Colorado “shameful.”
“It is clear to anyone who has looked at the facts: Huntsville, Alabama is the best place for U.S. Space Command Headquarters,” Strong said. “Repeated investigations and objective reviews have proven that to be the case.”
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https://www.al.com/news/2023/07/alabama-snubbed-as-us-space-command-headquarters-to-stay-in-colorado-timeline-of-key-decisions.html
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WASHINGTON — Defending champion Liudmila Samsonova stretched her winning streak in Washington to six matches by beating 2022 Australian Open finalist Danielle Collins 6-1, 6-3 in the first round of the DC Open on Monday.
Samsonova is a 24-year-old from Russia who is currently ranked 18th. Her trophy on the hard courts of the U.S. Open tune-up tournament a year ago was one of four singles titles she’s won.
In other women’s matches on Day 1 at the first combined ATP-WTA 500 event, sixth-seeded Belinda Bencic advanced when Anastasia Potapova retired from their match in the first set with an injured left ankle, and Marta Kostyuk eliminated 2019 U.S. Open champion Bianca Andreescu 2-6, 6-3, 7-6 (5).
In men’s action, Aslan Karatsev beat Kiranpal Pannu 7-6 (3), 6-1, Alexander Shevchenko defeated Maxime Cressy 6-3, 7-6 (8), Michael Mmoh beat Bradley Klahn 6-3, 6-3, and Yosuke Watanuki moved into the second round when Wu Yibing stopped playing because of illness.
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AP tennis: https://apnews.com/hub/tennis
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https://www.washingtonpost.com/sports/tennis/2023/07/31/washington-dc-open-updates/65cd8926-2fe4-11ee-85dd-5c3c97d6acda_story.html
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