Latest News
See the latest news and get GPT analysis of articles
US first-quarter auto sales grew nearly 5% despite high interest rates, but EV growth slows further 2024-04-02 21:46:56+00:00 - DETROIT (AP) — New vehicle sales in the U.S. rose nearly 5% from January through March, as buyers stayed in the market despite high interest rates. But electric vehicle sales growth slowed during the first three months of the year, with mainstream buyers wary of limited range and a lack of charging stations. Automakers, most of which reported U.S. sales numbers Tuesday, sold nearly 3.8 million vehicles in the first quarter versus a year ago, for an annual rate of 15.4 million in sales. With inventory on dealer lots growing toward pre-pandemic levels, auto companies were forced to reduce prices. J.D. Power said the average sales price in March was $44,186, down 3.6% from a year ago and the largest recorded decline for the month of March. The company said automaker discounts in March were two-thirds higher than a year ago, around $2,800. That includes increased availability of lease deals. J.D. Power expected leases to account for almost a quarter of retail sales last month, up from 19.6% in March of last year. Sales of electric vehicles grew only 2.7% to just over 268,000 during the quarter, far below the 47% growth that fueled record sales and a 7.6% market share last year. The slowdown, led by Tesla, confirms automakers’ fears that they moved too quickly to pursue EV buyers. The EV share of total U.S. sales fell to 7.1% in the first quarter. Nearly all of the early adopters and people concerned about internal-combustion engines’ impact on the planet have bought electric vehicles, and now automakers are facing more skeptical mainstream buyers, Edmunds Director of Insights Ivan Drury said. “That’s where all of those headwinds come in that we’ve seen in survey data,” Drury said. “Those real-world concerns about charging infrastructure, battery life, insurance costs.” Cox Automotive Chief Economist Jonathan Smoke cautioned it appears the industry has already hit its spring sales peak as buyers expect the Federal Reserve to cut interest rates later in the year. “Interest rates are still near 24-year highs, and consumers just don’t have the urgency to buy, with the expectation that rates will be lower later this year,” he wrote in a market report. Automobile interest rates still are averaging around 7% per year. Drury said vehicles that are more affordable are selling faster than more expensive ones. Sales of many large and expensive SUVs fell during the quarter as companies faced more frugal buyers. “Small sells, whether it be size or the sales price,” Drury said. For example, General Motors’ Chevrolet brand sold 37,588 Trax small SUVs in the quarter, more than a fivefold increase from a year ago. By itself, the Trax, which starts around $21,500, outsold the entire Cadillac brand. Most automakers reported strong year-over-year sales increases from January through March, but General Motors, Stellantis, Kia and Tesla all reported declines. GM, the top-selling automaker in the U.S., reported that sales were down 1.5% for the quarter, while Stellantis sales were off nearly 10%. Kia sales were down 2.5%. All three companies reported strong first-quarter sales a year ago. Toyota reported a large sales increase, 20%, for the quarter, and said combined sales of its hybrids and lone electric vehicle rose 36%. Honda said its sales increased 17%, while Nissan and Subaru both posted 7% increases. Hyundai reported an increase of just 0.2%. Tesla global sales were off nearly 9%, which the company blamed on factory changes to build an updated Model 3, shipping delays in the Red Sea and an attack that knocked out power to its factory in Germany. Motorintelligence.com estimated that Tesla’s U.S. sales were down more than 13% in the first quarter.
National Debt Drama Deepens: Where To Stash Your Cash When The Fiscal Sky Falls - SPDR Gold Trust (ARCA:GLD) 2024-04-02 21:44:00+00:00 - Loading... Loading... U.S. government debt is reaching unsustainable levels, and the latest analysis points to an even more concerning future. A new economic model developed by Bloomberg Economics predicts that in 88% of scenarios, U.S. debt as a percentage of GDP will rise in the coming 10 years. In a Monday letter to investors, Citadel founder Ken Griffin referred to mounting national debt as a significant issue, saying that “we must stop borrowing at the expense of future generations.” According to a recent survey, about 85% of Americans worry that current debt levels could have a negative impact in their future. Official data from the St. Louis Fed shows that debt equaled 121% of the country’s GDP in the last quarter of 2023. The rate has floated around 120% in past years, after peaking at 132% during the COVID pandemic. These levels are above a previous historical record set following World War II. In late May 2023, the government averted a default by raising the debt limit even higher in an emergency measure. While lawmakers on both sides of the aisle agree that government borrowing has reached unhealthy levels, a lack of agreement as to how to solve the problem keeps Congress from finding a satisfactory solution. Earlier this year Fed Chair Jerome Powell said that the current rate of debt acquisition means we're ”borrowing from future generations," and called for elected officials to have an adult conversation "about getting the federal government back on a sustainable fiscal path.” With national debt increasing by an average of $8.5 billion a day during the past year, Republicans generally argue for spending cuts, while Democrats point towards problems in tax revenue and high interest rates as the causes behind the rising fiscal deficit. A recent budget proposal by President Joe Biden is aimed at reducing the federal deficit by $3 trillion in the next decade by raising taxes on wealthy individuals and corporations. Where To Find Safe Haven: Bank of America chief strategist Michael Hartnett recently linked a rise in gold and Bitcoin BTC/USD with rising concerns over debt, as investors look for hedges against a possible debt-led crises affecting the U.S. economy. As opposed to the U.S. dollar, which can be emitted to infinity by printing new cash, both Bitcoin and gold have a cap on their supply, making them safer assets to store value in times of economic volatility. Also read: Government Debt Exceeds 120% Of GDP: Why Former IMF Economist ‘Very Worried’ About US Fiscal Crisis SPDR Gold Trust GLD, the largest ETF following the gold market by total assets, has gained over 23% in the last six months. Other gold ETFs, including iShares Gold Trust IAU and Abrdn Physical Gold Shares ETF SGOL follow a similar trajectory. Bitcoin has hit a slump this week, losing 5% of its value at the time of writing on Tuesday, yet the cryptocurrency has been enjoying a rally in recent months. When concerns about national debt dominate the news, investors typically seek assets known for retaining value. With the debt ceiling suspension set to last until Jan. 1, 2025, Congress is likely to face another stand-off on debt issues following the presidential election in November, regardless of the winning candidate. Loading... Loading... Real estate is another sector known to serve as a store of value, and investors can take part without the need to buy actual land. ETFs following the sector reflect its growth trends, with some of the largest being Vanguard Real Estate Index Fund ETF VNQ and Schwab US REIT ETF SCHH. ETFs following companies in Europe, Asia, Australia and other developed territories, also known as foreign asset ETFs, can also serve as a safe haven from U.S. volatility. Some of the largest include Vanguard Tax Managed Fund FTSE Developed Markets ETF VEA as well as iShares Core MSCI EAFE ETF IEFA. The new report by Bloomberg Economics executed one million simulations tinkering with several variables in order to encompass the widest possible range of future scenarios. In 88% of the scenarios, the debt ratio went up between now and 2034, making the path of U.S. government debt unsustainable. Bloomberg's team started its analysis by setting off from projections published by the Congressional Budget Office, which warned earlier this year that the fiscal deficit is spinning out of control, even when assuming that inflation will stabilize at 2% and the Fed will drop interest rates. The firm used a computational analysis which created a model using "market pricing for future interest rates and data on the maturity profile of bonds," and its results surpassed Congress' predictions, taking U.S. debt into new records over the coming decade. Now read: Elon Musk Calls For ‘Strong-Willed President’ After GOP Rep Warns ‘Economic Catastrophe Must Happen’ Before Congress Gets Serious About ‘Out-Of-Control Spending’ Photo: Shutterstock
BRITTEN PARTNERS WITH OAK VIEW GROUP TO FURTHER ENHANCE IN-VENUE SPONSORSHIP APPLICATIONS 2024-04-02 21:29:00+00:00 - Loading... Loading... Britten to Offer Insight, Expertise and Products to OVG Properties DENVER, April 2, 2024 /PRNewswire/ -- Oak View Group (OVG), the largest developer of sports and live entertainment venues in the world, today announced a new preferred business partner designed to further enhance in-venue sponsorship applications at its properties. Britten has been selected as the new OVG preferred partner for non-digital signage and event fabrication. "As we continue to seek new and exciting ways to add value to the live event experience for our clients and guests, we are excited to introduce a new preferred business partner who is an expert in their field," said Dan Griffis, OVG President, Global Partnerships. "We rely heavily on our partners to provide their expertise, insight, and knowledge to help us, and our client-partners create new, revolutionary ways to deliver a superior quality experience for guests and sponsors." As the preferred non-digital signage and event fabrication vendor for OVG, Britten offers OVG additional sponsorship opportunities through its proprietary product portfolio developed within the retail industry for over two decades. Britten also offers OVG venues event fabrication services utilizing our experience in Print and Hardware products, Foam 3D, and BoxPop custom shipping containers. Britten is a veteran-owned creative production house dedicated to delivering innovative signage, displays, and event branding solutions that make customers stand out in a crowd. Britten will also serve as a Solution Provider for GOAL (Green Operations & Advanced Leadership), a sustainability measurement program for arenas, stadiums, convention centers, cultural institutions, and other large-scale venues, of which OVG is one of the founding partners. About Britten Britten is a veteran-owned creative production house dedicated to delivering innovative signage, displays, and event branding solutions that make our customers stand out in a crowd. For 35+ years, we've leveraged our state-of-the art design, printing, fabrication, and manufacturing capabilities to propel high-impact campaigns and promotional ideas into the world. Always on time, on strategy, and on budget, we build the stuff that helps people, communities, and businesses flourish and prosper. More information at britteninc.com, and follow Britten on Facebook, Instagram, and LinkedIn. About Oak View Group (OVG) Oak View Group (OVG) is a global sports and entertainment company founded by Tim Leiweke and Irving Azoff in 2015. OVG's mission is to be a positive disruption to business as usual in the sports, live entertainment, and hospitality industries. OVG is world-renowned as the leading full-service live entertainment and hospitality group, with 10 major new arenas eiBrazil; FirstOntariovelopment including: Climate Pledge Arena at Seattle Center; UBS Arena in Belmont Park, NY; Moody Center in Austin, TX; Acrisure Arena in Greater Palm Springs, CA; and CFG Bank Arena in Baltimore, MD; as well as arena development projects for Co-op Live in Manchester, UK; Anhembi Arena in São Paulo, Brazil; FirstOntario Centre in Hamilton, ON; a New Arena and entertainment district in Las Vegas, NV; and a New Arena in Cardiff, Wales. OVG360 is a full-service venue management, hospitality solutions, and venue services company servicing more than 400 arenas, stadiums, performing arts centers, culture institutions, and convention centers world-wide. More information at OakViewGroup.com, and follow OVG on Facebook, Instagram, X, and LinkedIn. Media contact: info@britteninc.com 18557638205 SOURCE Britten, Inc.
New freight crew rule tests rail industry's clout, one year after East Palestine disaster 2024-04-02 21:29:00+00:00 - The United States averages at least one train derailment every day. In 2023, there were seven rail-related employee deaths, said Buttigieg. He said the new rule will make railroads safer and prevent worker injuries and fatigue. "Common sense tells us that large freight trains, some of which can be over three miles long, should have at least two crew members on board - and now there's a federal regulation in place to ensure trains are safely staffed," Transportation Secretary Pete Buttigieg said in a statement Tuesday. The government previously instituted a two-person crew requirement, but a loophole allowed railroads to keep operating one-person crews without performing a rigorous risk assessment or notifying regulators. A new rule finalized by the Federal Railroad Administration will require freight trains in the United States to operate with at least two crewmembers in most circumstances. One year after the East Palestine, Ohio train derailment created an environmental disaster, the Biden administration on Tuesday unveiled new regulations intended to shore up freight rail safety. Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Yet the new rule stops short of the kind of rail safety updates that the Biden administration and members of Congress had originally envisioned as a response to the East Palestine disaster. The Feb. 3, 2023 Norfolk Southern train crash ignited hundreds of thousands of gallons of dangerous chemicals in a massive fire that burned for two days. Making any major updates to rail safety will require congressional funding that has not yet been approved. Buttigieg and union leaders pleaded for Congress to pass the Railway Safety Act Tuesday, and give the federal government more targeted authority and money to enhance safety procedures for trains carrying hazardous materials. The bipartisan measure is stalled in the Senate. "Congress has yet to act, even a year after the East Palestine derailment in Ohio," said Vince Verna, the vice president and national legislative representative at The Brotherhood of Locomotive Engineers and Trainmen. "Legislating is your job. Please do your job, or get out of the way and let somebody who's willing to step up and do the job do it." The stalling of the Railway Safety Act also underscores the power of the freight rail industry's Washington lobbying shop, the Association of American Railroads (AAR). In 2023, the trade association spent $4.4 million lobbying Congress, according to data from the nonprofit Open Secrets. The bill that received more lobbying activity than any other was the Railway Safety Act. CNBC reached out to CSX , Union Pacific and Norfolk Southern, three of the nation's largest railroads, for comment on the new regulation. All three referred CNBC to the AAR. "This rule is unsupported by data and lacks a safety justification. Look no further than the DOT's own release, which cites 'common sense' as their justification for the rule," said a spokesperson for the AAR. The AAR said railroads have devoted billions of dollars to improve safety and that the overall train accident rate is down 27% since 2000, while casualties for Class I railroad employees have dropped 63% during the same period. Additionally, all Class I railroads, those with the highest operating revenues, currently run with two people, according to the ARA spokesperson. The Transportation Department says the new regulation will close an existing loophole in the crew requirements by establishing a standards and oversight process that will force railroads to get a prior approval before they can operate a one crewman train. Buttigieg said that from now on, exemptions to the two-person crew requirement will be the exception, not the rule. "With this rule, we will allow special approval if and only if a requesting railroad can show to us that their circumstances mean a one person crew will be no less safe," said Buttigieg.
Silk Road Medical Strengthens TCAR Portfolio with Launch of ENROUTE Transcarotid Neuroprotection System PLUS - Silk Road Medical (NASDAQ:SILK) 2024-04-02 21:26:00+00:00 - Loading... Loading... SUNNYVALE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- Silk Road Medical, Inc. SILK, a company focused on reducing the risk of stroke and its devastating impact, today announced the launch of its ENROUTE® Transcarotid Neuroprotection System PLUS ("NPS PLUS"), a key component of the TCAR® portfolio. This next generation device builds upon the prior ENROUTE Transcarotid Neuroprotection System to deliver smoother arterial sheath insertion, greater flow precision, and a simplified prep experience for surgical teams, all while maintaining unparalleled neuroprotection during the TCAR procedure. "With the launch of the NPS PLUS, we're thrilled to empower our TCAR-trained physicians with a solution that addresses their insights and feedback to further strengthen and streamline the TCAR procedure," shared Chas McKhann, Chief Executive Officer of Silk Road Medical. "Our focus on new product innovation reflects our ongoing commitment to leadership in the treatment of carotid disease." TCAR combines direct carotid artery access with robust blood flow reversal, providing neuroprotection akin to open surgical techniques in a less invasive, more patient-friendly approach to treating carotid artery disease. During TCAR, the surgical team inserts a tube-like sheath into the carotid artery and connects it to the ENROUTE Neuroprotection System, which temporarily reverses blood flow. The system filters potentially dangerous debris from the blood to reduce intraprocedural stroke risk while the team uses a TCAR-specific balloon and stent to open the artery and contain the carotid artery disease. TCAR delivers less than 1% periprocedural stroke rates and a better patient recovery experience than open surgery. "Silk Road Medical's responsiveness to our feedback has provided us with better procedure predictability and a more streamlined workflow for our entire surgical team," remarked Brian Peterson, MD, FACS, FSVS of St. Luke's Heart and Vascular Institute. "With over 500 TCAR procedures performed by our team, we view TCAR as a first-line treatment option for carotid disease and we're excited about what these improvements mean for patient care." Click here for more information on the ENROUTE Neuroprotection System PLUS. About TCAR with the ENROUTE Transcarotid Neuroprotection and Stent System TCAR (Transcarotid Artery Revascularization) is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. The ENROUTE Transcarotid Stent is intended to be used in patients at high risk and standard risk for complications from CEA, in conjunction with the ENROUTE Transcarotid Neuroprotection System (NPS) during the TCAR procedure. The ENROUTE Transcarotid NPS is a first in class device used to directly access the common carotid artery and initiate high-rate temporary blood flow reversal to protect the brain from stroke while delivering and implanting the ENROUTE Transcarotid Stent. About Silk Road Medical Silk Road Medical, Inc. SILK, is a medical device company with locations in Sunnyvale, California, and Plymouth, Minnesota, that is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called Transcarotid Artery Revascularization (TCAR). TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. For more information on how Silk Road Medical is delivering brighter patient outcomes through brighter thinking, visit www.silkroadmed.com and connect on Twitter , LinkedIn and Facebook . Investors: Marissa Bych Gilmartin Group investors@silkroadmed.com Media: Michael Fanucchi Silk Road Medical mfanucchi@silkroadmed.com
Saving lives with food but paying a price in blood: World Central Kitchen in Gaza 2024-04-02 21:08:36+00:00 - WASHINGTON (AP) — The deaths of seven World Central Kitchen workers in an Israeli airstrike in Gaza was a tragic turn for an American homegrown charity that, in less than 15 years, has mushroomed from the grassroots brainchild of a celebrity chef into one of the world’s most recognized food relief organizations. The killings also interrupted a crucial flow of desperately needed food into the besieged coastal strip, as international organizations and charities warn of a looming famine. World Central Kitchen, in partnership with the United Arab Emirates, had just delivered a cargo ship with 400 tons of canned goods from Cyprus to Gaza. Around 100 tons were unloaded before the charity suspended operations, in the wake of the attack; the rest was being taken back to Cyprus, Cypriot Foreign Ministry spokesman Theodoros Gotsis said. It’s an unprecedented crisis for José Andrés, the restauranteur who founded the charity to provide immediate food relief to disaster-stricken areas and has grown it into a global operation working in multiple war zones. Founded in 2010, the organization achieved international prominence for its work in Puerto Rico in 2017 feeding victims of Hurricane Maria. It also operates in Ukraine, providing more than 100 million meals to refugees, according to the group’s website, and earning Andrés a medal from Ukrainian President Volodymyr Zelenskyy. World Central Kitchen has quickly become a mainstay of American philanthropy, with contributions on par with much older organizations. For example, Amazon founder Jeff Bezos donated $100 million in 2021, while Andrés’ charity in 2022 reported $518 million in total contributions Andrés rose to prominence with a string of successful restaurants in Washington, D.C., just as the celebrity chef phenomenon was taking off. He developed close ties with former President Barack Obama at a time when current President Joe Biden served as vice president. Andrés prepared meals at the White House, and Obama and former first lady Michelle Obama were frequent guests at his restaurants. The Spanish-born Andrés became a naturalized citizen during the Obama administration in a ceremony at the White House. He remains connected to the Biden administration, serving as co-chair of the President’s Council on Sports, Fitness & Nutrition. In February, he spoke at a conference on hunger hosted by second gentleman Douglas Emhoff. Andrés publicly feuded with former President Donald Trump over a planned restaurant in what was then the Trump International Hotel in Washington. The chef tried to pull out of a contract in protest over Trump’s incendiary comments about Mexican and Latin American immigrants crossing the U.S. border. The pair sued each other and then settled out of court. When the hotel was sold and reopened as a Waldorf-Astoria; Andrés almost immediately announced new plans to launch a restaurant there. White House national security spokesman John Kirby said Tuesday that Biden had spoken to Andrés on the phone and offered his condolences. Kirby added that it was “clear is that the (Israeli military) must do much more...must do much more to improve deconfliction processes” so that innocent civilians can get the aid they need. When fighters from Hamas — the militant group that controls Gaza — breached the border on Oct. 7, killing some 1,200 Israelis and taking hundreds of hostages, Andrés quickly moved to organize support for Gazan civilians sure to be caught up in the Israeli military response. With funding from the Emirati government, his group organized an initial food shipment from Cyprus and set up more than 60 kitchens in Gaza producing thousands of meals a day. The latest food shipment was meant to expand upon that model. In a March telephone interview with The Associated Press shortly before the most recent shipment launched from Cyprus, Andrés credited his campaign with sparking governments into action and helping inspire the U.S. government plan to build a temporary port in Gaza to receive aid shipments. “We have awakened the international community to do more for the people of Gaza,” he told the AP. “Everybody should have food and water, it’s a universal right.” The loss of World Central Kitchen’s efforts will be a serious blow to overall humanitarian efforts in Gaza. “WCK is a key player in efforts to address food insecurity in Gaza and has provided essential food aid to thousands of families, contributing significantly to combating the catastrophic hunger there,” said a statement from the U.N.'s World Food Program. The killings may also represent a turning point in Andres’ public perspective on the Israeli government. The chef was a vocal critic of Hamas in the immediate aftermath of the Oct. 7 attacks. He spoke on the X social media platform of Israel’s right to defend its citizens and called for the ouster of a Spanish government minister who accused Israel of committing war crimes in Gaza. But on Tuesday, Andrés harshly criticized the Israeli military. “The Israeli government needs to stop this indiscriminate killing. It needs to stop restricting humanitarian aid, stop killing civilians and aid workers, and stop using food as a weapon,” he wrote on X. “No more innocent lives lost.” His organization laid the blame squarely on the Israel Defense Forces, saying the IDF had coordinated over the movement of the cars carrying the workers as they left northern Gaza late Monday. Footage of the aftermath showed a vehicle with the charity’s logo printed across its roof to make it identifiable from the air. A projectile had blasted a large hole through the roof. Two other vehicles in the convoy were incinerated and mangled, indicating multiple hits. Other footage showed the bodies, several wearing protective gear with the charity’s logo, at a hospital in the central Gaza town of Deir al-Balah. Those killed included three British nationals, an Australian, a Polish national, an American-Canadian dual citizen and a Palestinian, according to hospital records. ___ Associated Press reporters Thalia Beaty and Rhonda Shafner in New York City, Menelaos Hadjicostis in Nicosia, Cyprus, Hannah Arhirova in Kyiv, and Aamer Madhani in Washington contributed to this report.
BILD applauds today's federal government housing announcement 2024-04-02 21:04:00+00:00 - Loading... Loading... Toronto, April 02, 2024 (GLOBE NEWSWIRE) -- Greater Toronto Area, April 2, 2024 – The Building Industry and Land Development Association (BILD) applauds the federal government for their housing supportive announcement earlier today and notes that the top up of $400 million to the Housing Accelerate Fund and $6 billion for a new Housing Infrastructure Fund is exactly what is needed to support housing all Canadians. "Challenges surrounding existing infrastructure and building new infrastructure, particularly water and waste-water, have created significant development bottlenecks in the Greater Toronto Area," said Dave Wilkes, President and CEO of BILD. "This commitment by the federal government to invest in critical infrastructure is vital to unlocking housing supply to meet Canada's rapidly growing population, enabling more homes to be built and will help address the housing affordability crisis." The conditions in the federal government's announcement that municipalities must commit to implementing a three-year freeze on increasing development charges will also assist in further addressing affordability. For years, BILD had been signaling that increasing development charges are contributing significantly to affordability challenges for new owners. Added costs from fees, taxes and charges from all levels of government, add 25% to the cost of an average single-family home in the GTA and are therefore driving up housing costs. Freezing development charges will stop the upward trajectory of these costs and provide relief to new home buyers. BILD has urged all levels of government to prioritize investing the critical infrastructure that is needed to get shovels in the ground to build new homes to meet the ever-increasing demand. Coupled with the provincial government's housing infrastructure investment announcement in late March, BILD acknowledges the tremendous commitment from the federal and provincial governments to enhancing housing-supportive infrastructure, particularly water and wastewater. It is exactly this type of support and this type of infrastructure that is needed to meet Ontario's housing objective of building 1.5 million homes by 2031. BILD looks forward to learning about additional measures to address housing supply and affordability, as further details of the federal government's Housing Plan are released in the coming days. With 1,200 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders' Associations. -30- For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@bildgta.ca or 416-617-7994. Attachment Janis McCulloch Building Industry and Land Development Association (BILD) 416-617-7994 jmcculloch@bildgta.ca
Sight Sciences Announces the Results of the Three-Year Prospective GEMINI Trial and the Cross-Over Phase of the SAHARA RCT at the 2024 American Society of Cataract and Refractive Surgery (ASCRS) Annua 2024-04-02 21:01:00+00:00 - Loading... Loading... Clinical results demonstrate long-term efficacy of the OMNI® Surgical System for primary open-angle glaucoma and support use of TearCare® technology as a primary treatment for dry eye disease. MENLO PARK, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. SGHT, an eyecare technology company focused on developing and commercializing innovative, interventional technologies intended to transform care and improve patients' lives, announced today that data from studies of two of its proprietary glaucoma and dry eye technologies, the OMNI Surgical System ("OMNI") and the TearCare System ("TearCare"), will be presented in two oral presentations and two posters at this year's ASCRS Annual meeting April 5th to 8th in Boston, MA. OMNI technology facilitates surgeons' ability to perform a comprehensive, implant-free, minimally invasive glaucoma surgical procedure in adults with primary open-angle glaucoma ("POAG"). TearCare technology enables a proprietary, interventional eyelid procedure for diseased meibomian glands and is intended for the application of localized heat therapy in adult patients with evaporative dry eye disease ("DED") due to meibomian gland dysfunction, when used in conjunction with manual expression of the meibomian glands. "We are excited that additional data supporting the efficacy and safety of our OMNI and TearCare technologies will be presented at ASCRS, the largest annual gathering for anterior segment surgeons," said Paul Badawi, CEO and co-founder of Sight Sciences. "In addition to our existing robust body of clinical evidence, we now have additional data showing impressive OMNI results at 36-months, which demonstrate the vital long-term element of OMNI's efficacy. We are also pleased that new TearCare data will be shared that supports the use of TearCare technology as a primary treatment for DED." Oral Presentation: OMNI Surgical System 36-Month Outcomes for Canaloplasty and Trabeculotomy Combined with Cataract Surgery: Extended Follow-up from the Gemini Study – oral presentation on Sunday, April 7th at 3:50 PM ET at the BCEC Meeting level 2 room 259A. Lead author: Arkadiy Yadgarov, MD "Long-term data is key in the selection of a surgical treatment," said Arkadiy Yadgarov, MD, of Omni Eye Services of Atlanta, GA. "The 12-month GEMINI trial demonstrated efficacy of the OMNI procedure combined with cataract surgery for IOP and medication reduction in mild-to-moderate glaucoma.1,2 This extension of the trial shows that these positive 12-month outcomes were sustained through 36 months." Oral and Paper Presentations: TearCare System Tear Break-up, Meibomian Gland, and Dry Eye Symptom Improvement for Cyclosporine-Treated Patients after Localized Heat Therapy Treatment (SAHARA Cross-Over/phase 2) – oral presentation on Sunday, April 7 at 3:30 PM ET at the BCEC Meeting level 2, room 259B. Lead author: Brandon Ayres, MD Rapid Improvement in the Signs and Symptoms of Dry Eye Disease with Localized Heat Therapy (LHT) or Cyclosporine Ophthalmic Emulsion (CsA) (SAHARA subanalysis) – poster presentation. Lead author: Julio Echegoyen, MD, PhD Localized Heat Therapy (LHT) Compared to Cyclosporine Ophthalmic Emulsion (CsA): A Subanalysis on Age, Gender, and Disease Burden (SAHARA subanalysis) – poster presentation. Lead author: Jennifer Loh, MD "These data once again support the conclusion that TearCare should be a preferred treatment for DED associated with meibomian gland dysfunction," says Brandon Ayres, MD, of Wills Eye Hospital, Philadelphia, PA. "In phase 1 of the SAHARA trial, we found the interventional TearCare procedure provided statistically superior and sustained improvement in tear break-up time and multiple measures of meibomian gland secretion when compared to treatment with Restasis.3 In phase 2 (cross-over) of the study, we found that a single TearCare procedure improved signs and symptoms for patients beyond what was achieved with six months of Restasis." Red Carpet Event Additionally, at ASCRS, Sight Sciences will be hosting a red carpet event at its booth (#545), where the company will celebrate its shared commitment to elevating eyecare for the benefit of patients. The event will be on Saturday, April 6, 2024, from 3:45 PM to 4:30 PM ET. Learn more about this and other Sight Sciences activities at ASCRS at www.sightsciences.com/ascrs Loading... Loading... About Sight Sciences Sight Sciences is an eyecare technology company focused on developing and commercializing innovative and interventional solutions intended to transform care and improve patients' lives. Using minimally invasive or non-invasive approaches to target the underlying causes of the world's most prevalent eye diseases, Sight Sciences seeks to create more effective treatment paradigms that enhance patient care and supplant conventional outdated approaches. The Company's OMNI® Surgical System is an implant-free glaucoma surgery technology (i) indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and (ii) CE Marked for the catheterization and transluminal viscodilation of Schlemm's canal and cutting of the trabecular meshwork to reduce intraocular pressure in adult patients with open-angle glaucoma. Glaucoma is the world's leading cause of irreversible blindness. The SION® Surgical Instrument is a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The Company's TearCare® System is 510(k) cleared in the United States for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland dysfunction ("MGD"), enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease. The Company's SION® Surgical Instrument is a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. Visit sightsciences.com for more information. Sight Sciences and TearCare are trademarks of Sight Sciences registered in the United States. OMNI and SION are trademarks of Sight Sciences registered in the United States, European Union and other territories. Restasis is a registered trademark of Allergan, an AbbVie company. All educational content of the ASCRS Annual Meeting is planned by its program committee, and ASCRS does not endorse, promote, approve, or recommend the use of any products, devices, or services. © 2024 Sight Sciences. All rights reserved. 04/2024 SS-3165-US.v1 Forward-Looking Statements This press release, together with other statements and information publicly disseminated by the Company, contains certain 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include timing for presentation of OMNI and TearCare-related clinical trial results and use of TearCare as a preferred treatment for DED associated with meibomian gland dysfunction. These statements often include words such as "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are subject to and involve numerous risks, uncertainties and assumptions, including those discussed under the caption "Risk Factors" in our filings with the U.S. Securities and Exchange Commission, as may be updated from time to time in subsequent filings, and you should not place undue reliance on these statements. These cautionary statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Media Contact pr@sightsciences.com Investor Contact Philip Taylor Gilmartin Group 415.937.5406 investor.relations@sightsciences.com 1. Gallardo MJ, Pyfer MF, Vold SD, et al. Canaloplasty and Trabeculotomy Combined with Phacoemulsification for Glaucoma: 12-Month Results of the GEMINI Study. Clin Ophthalmol. 2022;16:1225-1234. Published 2022 Apr 21. doi:10.2147/OPTH.S362932 2. Greenwood MD, Yadgarov A, Flowers BE, et al. 36-Month Outcomes from the Prospective GEMINI Study: Canaloplasty and Trabeculotomy Combined with Cataract Surgery for Patients with Primary Open-Angle Glaucoma. Clin Ophthalmol. 2023;17:3817-3824. Published 2023 Dec 12. doi:10.2147/OPTH.S446486 3. Ayres BD, Bloomenstein MR, Loh J, et al. A Randomized, Controlled Trial Comparing Tearcare® and Cyclosporine Ophthalmic Emulsion for the Treatment of Dry Eye Disease (SAHARA). Clin Ophthalmol. 2023;17:3925-3940. Published 2023 Dec 18. doi:10.2147/OPTH.S442971
The largest fresh egg producer in the US has found bird flu in chickens at Texas and Michigan plants 2024-04-02 20:47:31+00:00 - The largest producer of fresh eggs in the U.S. said Tuesday it had temporarily halted production at a Texas plant after bird flu was found in chickens, and officials said the virus had also been detected at poultry facility in Michigan. In Texas, Ridgeland, Mississippi-based Cal-Maine Foods, Inc. said in a statement that approximately 1.6 million laying hens and 337,000 pullets, about 3.6% of its total flock, were destroyed after the infection, avian influenza, was found at the facility in Parmer County, Texas. The plant is on the Texas-New Mexico border in the Texas Panhandle about 85 miles (137 kilometers) southwest of Amarillo and about 370 miles (595 kilometers) northwest of Dallas. “The Company continues to work closely with federal, state and local government officials and focused industry groups to mitigate the risk of future outbreaks and effectively manage the response,” according to the statement. “Cal-Maine Foods is working to secure production from other facilities to minimize disruption to its customers,” the statement said. The company said there is no known bird flu risk associated with eggs that are currently in the market and no eggs have been recalled. Eggs that are properly handled and cooked are safe to eat, according to the U.S. Department of Agriculture. The announcement by Cal-Maine comes a day after state health officials said a person had been diagnosed with bird flu after being in contact with cows presumed to be infected, and that the risk to the public remains low. In Michigan, Michigan State University’s Veterinary Diagnostic Laboratory has detected bird flu in a commercial poultry facility in Ionia County, according to the Michigan’s Department of Agriculture and Rural Development. The county is about 100 miles (161 kilometers) northwest of Detroit. The department said it received confirmation of the disease Monday from the lab and that it is the fourth time since 2022 that the disease was detected at a commercial facility in Michigan. Department spokesperson Jennifer Holton said Tuesday that state law prohibits the department from disclosing the type of poultry at the facility in Ionia. The facility has been placed under quarantine and the department does not anticipate any disruptions to supply chains across the state, Holton said. The human case in Texas marks the first known instance globally of a person catching this version of bird flu from a mammal, federal health officials said. Dairy cows in Texas and Kansas were reported to be infected with bird flu last week — and federal agriculture officials later confirmed infections in a Michigan dairy herd that had recently received cows from Texas. The company said Cal-Maine sells most of its eggs in the Southwestern, Southeastern, Midwestern and mid-Atlantic regions of the United States. _____ Associated Press writer Corey Williams in Detroit contributed to this report.
Estee Lauder catches a couple Wall Street endorsements but we're still skeptical 2024-04-02 20:47:00+00:00 - Recent Wall Street upgrades of Estee Lauder don't change our lingering concerns over the company's underperforming stock and its business in China. Citi on Tuesday took its rating on shares of the luxury cosmetics giant to a buy from neutral. The analysts also raised their price target to $175 per share from $160 — representing about 15% upside. The research firm believes the company's top line is approaching an inflection point as channeled inventories in Asian travel retail normalize. The analysts were also encouraged by CEO Fabrizio Freda's optimism on business growth in China, a key growth market for the company. This is the second upgrade within the past week. Bank of America last Thursday upgraded Estee Lauder to a buy while increasing its price target to $170 from $160. The analysts believe earnings have bottomed, saying the company is on a path to reaccelerate sales and profit growth during the second half of fiscal 2024 as it adapts to slower travel retail, increases in efficiency, and initiates new product lines. Last quarter, Freda said the company was at an "inflection point" in its return to growth and inventory was getting to the right levels. The company also identified $1.1 billion to $1.4 billion of net productivity savings to support profits over the next couple of years. Estee Lauder is expected to report its fiscal 2024 third-quarter results on May 1. Since all-time highs above $372 in early 2022, shares of Estee Lauder have been crushed. The stock has dropped nearly 40% in the past 12 months, though it has gained 4% year to date. Sure, the post-Covid recovery in China has been rough. But management added insult to injury by not realizing it quickly enough to stop the bleeding. EL 5Y mountain Estee Lauder 5 years Jim Cramer said Tuesday Estee Lauder "was a bad pick" for the portfolio. We started buying the high-end cosmetics company ahead of China's economic reopening after Covid. We were expecting the company to break out from pent-up consumer demand. That story did not play out as Asian Travel Retail channels in key destinations like Hainan, known as the Hawaii of China, and elsewhere on the mainland were slow to recover. We were disappointed management was not able to get a handle on its bloated inventories sooner. To be sure, they've been focused on rightsizing their inventory position which should eventually lead to an inflection point in sales and earnings. Management's steps toward inventory normalization and its profit recovery plan to strengthen margins in 2025 and 2026 are helping create what looks like an earnings bottom. The CEO said it would happen. Citi and BofA seem convinced. Jim said he has had multiple meetings with Freda who thought duty-free stores in China and South Korea, which the company relies on heavily would hold up. They didn't. "The pressure is on him to deliver," Jim said. But he added the Club will "stay long" for the time being because we don't want to sell the stock at such low levels when a turnaround maybe in the making. (Jim Cramer's Charitable Trust is long EL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021. Costfoto | Future Publishing | Getty Images
I was a renter. Then I bought my house from my landlord. 2024-04-02 20:39:59+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview This as-told-to essay is based on a conversation with Dom Guerra, a 27-year-old IT specialist and veteran in Parma, Ohio, a small city south of Cleveland, and his experience buying the duplex where he was previously a renter. The conversation was edited for length and clarity. About four years ago, when my landlord bought the property, I was his very first tenant. I was renting it with my daughter and my girlfriend. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. There's an upstairs unit and a downstairs unit in one building. I live downstairs, and I share a basement with the upstairs tenant. Before the pandemic, I had been in the market for quite a long time looking to buy a house. The houses that I was looking at just weren't speaking to me. There was no time I said, "Hey, I love this house." Advertisement I was buying with a VA loan, and the real-estate agent I had mentioned to me that it wasn't appealing to sellers because sellers wanted cash or no restrictions. That kept striking me out. When I signed that first rental lease with my landlord in May 2020, I completely pulled myself out of the market. About a year and a half ago, I decided to get back into the market, and I asked my landlord to put me on a month-to-month lease. My landlord decided to sell, which was tempting In December of 2023, I was locked into a contract for a house a few blocks away from where I'm living now, and it fell apart. After being bummed about that, a few days later my landlord texted me saying, "Hey, I'm putting this house on the market. I'm just letting you know there are going to be people coming in and out." Advertisement He actually owned two duplexes — they're just down the street from each other. When I first moved into this home, he was living in another duplex that he owned and renting out the top. He shared with me that he bought his own place and that he was no longer going to be living in that house. He said he just didn't have time in his life to address four units, so both of them were going on sale. I was still trying to get over the hump of the fact that the deal to buy this other house had fallen apart, and I just wasn't sure what I should be doing. Both the tenant upstairs and I weren't comfortable. We didn't know what the situation might be. There were a lot of scenarios that could happen with whoever was going to be the owner — especially because I was on a month-to-month lease. Advertisement They could have asked me to move out so that they could take the place, or they could have raised my rent. I was paying way under market value for the rent. When I first moved in, my rent was $750, and about two years in, my landlord raised it only around $50 more. Especially having a kid, it wasn't a very stable situation to be in. I decided to make an offer — and it was accepted My girlfriend had become a real-estate agent, so she was the one helping me out through all this. She kept bugging me and saying, "I think you should do this. You're already living in this house and we know the tenant upstairs. If we put in a decent offer, I think we could really knock this out." Guerra, his daughter, and his girlfriend, Selena Tovanche. Courtesy of Dom Guerra. Even my upstairs neighbor said, "I don't see why you wouldn't take a shot at this." I thought about it for maybe about a night or so, and then I was like, "Let's do it." Advertisement We made an offer and literally that week it was accepted. My landlord had it posted for $200,000, and I offered him $210,000, and I asked him for 4% in seller concessions to pay for the closing costs. On top of that, he provided a one-year home warranty. I received a check that covers both the upstairs and my unit's security deposit and my neighbor's prorated rent for the month of March. My payment will be around $1,700 a month, and the upstairs tenant is paying $850 a month in rent. When we were discussing the house, my girlfriend said the market value of the rent should be anywhere from $1,100 to $1,200. Related stories To me, it wasn't really a decision of trying to make money. Advertisement My neighbor knew if I were to come in, I didn't have any ill intent, like to ever try to raise rent on him or to change the situation. I didn't want any of that. I just wanted us to basically continue to live as we were under the previous owner. There's a program by the Ohio Housing Finance Agency that applies to military veterans and public-service veterans. The program offered a mortgage discount rate, so whatever rate I had initially, they would buy down a point for me for free. I paid $0 down. I didn't have to move. I now own a duplex with a tenant upstairs, who I have a great relationship with. I have this one-year home warranty. I hit the ground running on this deal. After four years of living here, I can finally make it my own When the house closed, I didn't know what to feel — I'm still, to this moment, kind of scared. It's a big jump, but it's a very exciting feeling knowing that everything fell the way it was supposed to. Advertisement Especially with a kid, too. She's six and in kindergarten. Having to move and possibly change schools — and this is mid-school year. So that was a big relief off of my shoulders — to know that I didn't have to do all that and put my daughter through that. Guerra and his daughter. Courtesy of Dom Guerra. I'm so very grateful for the way it played out and excited that it didn't have to mean moving. My stuff is here, and now I can make it mine. I can paint or I can decorate, I can add stuff to the house. I can just make it truly a home for me. As a renter, it never really feels like it's yours. When you make changes, you have to think subconsciously — if you ever leave, it needs to be reverted. Even in my daughter's room, I didn't try to put too many things on the wall. I knew that if I were to ever move out, I would have to take it all down. So it didn't feel like home yet. So I didn't do anything — and my girlfriend kind of gave me so much crap about it. Advertisement I'm a first-time homeowner and a first-time landlord First, you're the owner of a house — that's already a big jump if you've never owned one. And then making the jump of being an owner and a landlord. It's a very scary thing. I have to tell myself, "You're in this now, so you're going to have to figure it out." I had to have a very long conversation with my girlfriend and talk about all the pros and cons: "This is the situation: What do I get out of it, and what do I give to others?" It came down to: no risk, no reward. There are so many codes and ordinances that we need to follow. As a renter, you don't have to worry about that. You don't even think about that — you just pay your rent and everything gets taken care of for you. Advertisement But now that you're the guy who's paying the mortgage and the property taxes, you have to deal with that. And with elections coming up, there are tax levies on the board that may affect your payments. It's so much more than just one payment. It's not just getting the keys and making cash flow off of this property. I knew right from the gate that that was not going to be the situation. I knew that I would have to be involved with every appliance that runs both my unit and the upstairs unit. There are two of everything for the entire house. There's not just one water heater, there's two. I don't have one furnace, I have two. I have a washer and dryer set, and there's another one for the person upstairs, too. My upstairs tenant is such a great guy. He's very willing to work with me and even take on some of the load and say, "Let me help you here so that you don't have to pay to do this." Advertisement This is a guy who's very knowledgeable and knows more than me, so I take that as an opportunity to listen the entire way and help. I'm learning everything from all my resources around me. Initially, my goal wasn't to make money, but I might buy another duplex in the future I think the long-term goal is to make it a cash-flow asset. If the market changes and falls more to the buyer side, I'm going to try to repeat the cycle again: Buy another duplex, live in the bottom, and rent out this unit and make it a cash-flowing asset. The long-term goal is to definitely bring it up to market value. I don't think I want to be one of those landlords that just raises rent and doesn't provide value for it. I think I'd like to upgrade a few things around the house — give a reason it should be that much. That's the same approach the previous landlord had. I'm learning from him and trying to do more of the same.
Lawmakers in GOP-led Nebraska debate bill to raise sales tax 2024-04-02 20:36:08+00:00 - LINCOLN, Neb. (AP) — Nebraska lawmakers are debating a bill that would raise the state’s sales tax by 1 cent to 6.5% on every taxable dollar spent — which would make it among the highest in the country. Lawmakers expected to take a vote later Tuesday on whether to advance the bill to a second of three rounds of debate in Nebraska’s unique one-chamber legislature. In addition to raising the state’s current 5.5% sales tax and expanding it to include more services — such as advertising costs — it would add new taxes to candy and soda pop and would tax hemp and CBD products at 100%. But the bill would also cut sales tax currently added to utility bills — a proposal made to address complaints that a sales tax increase would disproportionately affect lower income people. Supporters of the bill pushed back on that argument, noting that grocery food items would still be exempt from sales tax in Nebraska. The bill is aimed at higher income residents with more disposable income, not those living in poverty, said Omaha Sen. Lou Ann Linehan. For those struggling to get by, “are you spending a lot of money on handbags,” Linehan asked. “Are you spending $200 on new shoes? This bill affects people who have money to spend on those things.” Linehan has struggled to find enough votes to advance the bill. Critics include both left-leaning lawmakers, who say a sales tax inherently puts more burden on lower income populations, and far-right conservative lawmakers who oppose any increase in taxes. “On average, the 5% of Nebraskans with incomes over $252,600 will pay less as a result of the changes, while for 8 in 10 Nebraskans, the sales tax increase will on average be greater than any property tax cut they may receive,” taxation watchdog group Open Sky Policy Institute said. The bill is key to Republican Gov. Jim Pillen’s plan to slash soaring property taxes, which reached a high of $5.3 billion in 2023 as housing prices have soared in recent years. Because local assessors are required to assess residential property at around 100% of market value, some people — particularly the elderly who are on fixed incomes — are being priced out homes they’ve owned for years because they can’t afford the tax bill, Pillen said. This year’s legislative session is set to end by April 18. Pillen had previously promised to called lawmakers back for a special session if property tax relief efforts fail to pass. ___ This story has been corrected to show that the this year’s legislative session is set to end by April 18.
Jeff Bezos just purchased his 3rd mansion on a gated island off Miami. Take a look at all the lavish US properties he owns. 2024-04-02 20:27:32+00:00 - Jeff Bezos announced that he's moving to Miami after 29 years in Seattle. He snapped up three mansions on Indian Creek Island, leaving behind eight properties in Washington. He has a massive real estate portfolio and is the 25th-largest landowner in the US, per the Land Report. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Amazon founder Jeff Bezos has amassed a real estate portfolio that rivals some of America's biggest property owners. He's the 25th-largest landowner in the US, according to the 2024 Land Report, with at least 420,000 acres to his name. His collection includes three properties in Indian Creek Village, an island off the coast of Miami, where he announced in November he'd be relocating with his fiancée Lauren Sanchez. He also owns eight properties in Seattle, his former home. Bezos' Seattle-area real estate empire is worth as much as $190 million, based on Zillow estimates. "I've lived in Seattle longer than I've lived anywhere else and have so many amazing memories here. As exciting as the move is, it's an emotional decision for me. Seattle, you will always have a piece of my heart," Bezos wrote on Instagram in November, announcing his move. He added that he wanted to be closer to his parents and space company Blue Origin's operations in Cape Canaveral, Florida. Advertisement In August, Bezos made his first known Miami purchase, spending $68 million on a waterfront mansion. Two months later, he paid $79 million for the mansion next door. On Tuesday, Bezos made his third purchase on the island known as the "billionaire bunker," Bloomberg reported. He paid $90 million for the six-bedroom home in an off-market transaction. It's not the first time Bezos has spent jaw-dropping amounts on real estate: In 2019, he dropped about $80 million on three adjacent New York City apartments in the priciest-ever real-estate deal south of Manhattan's 42nd Street. The following year, Bezos purchased the nine-acre Warner Estate in Beverly Hills for $165 million from billionaire David Geffen. At the time, it was the most expensive home ever sold in California's history. Advertisement Bezos, worth $204 billion according to the Bloomberg Billionaires Index, purchased several properties with his former wife MacKenzie Scott. Their divorce was finalized in 2019, and it's unclear which of these properties Bezos still owns, as divorce records were not made public. From two neighboring Beverly Hills mansions to multiple estates in exclusive Seattle suburbs, here are Bezos' residential properties in the US. Caroline Cakebread, Katie Warren, Dominic-Madori Davis, and Libertina Brandt contributed to an earlier version of this article.
A new commander is taking over Russia's Black Sea Fleet after the last one let its warships get torn apart by exploding drones 2024-04-02 20:22:16+00:00 - Russia officially replaced the commander of its Black Sea Fleet on Tuesday. Vice Adm. Sergei Pinchuk is stepping into the role with a challenging task ahead of him. Western intelligence said the former commander was removed following successful Ukrainian attacks. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Russia has officially replaced the commander of the Black Sea Fleet, awarding Vice Adm. Sergei Pinchuk the daunting role of overseeing naval operations in a region that has long troubled Moscow. The command change is part of a larger reshuffling of Russia's naval leadership and comes as Moscow struggles to consistently stop Ukrainian missiles and exploding drone boats from relentless attacks on its warships in the Black Sea. Russian Defense Minister Sergei Shoigu announced a presidential decree appointing Pinchuk to commander of the Black Sea Fleet during a Tuesday teleconference with military leadership, according to a statement published by Moscow's defense ministry to the Telegram messaging platform. Pinchuk is a career navy officer who previously served as the deputy to Adm. Viktor Sokolov, the former Black Sea Fleet commander. Advertisement In this photo released by the Russian Defense Ministry Press Service on Tuesday, April 2, 2024, Russian Defense Minister Sergei Shoigu leads a meeting with the leadership of the Armed Forces at the National Defense Control Center in Moscow, Russia. Russian Defense Ministry Press Service via AP Russian war bloggers first reported in mid-February that the Kremlin was sacking Sokolov and replacing him with Pinchuk, although Moscow did not appear to make the official announcement until this week. In a Sunday intelligence update, two days before Russia's official decree, Britain's defense ministry said Sokolov was replaced "following Ukrainian successes" in using unmanned surface vehicles, or USVs, to damage and destroy Russian warships both in port and at sea. Related stories Because Ukraine lacks a proper navy of its own, it has relied on these systems to wage asymmetrical warfare against the Black Sea Fleet. Russia has taken some defensive measures to protect its warships, but the navy has ultimately been unable to consistently defend against the USV threat. Shoigu has signaled concern about this serious threat, and Pinchuk, Britain's defense ministry said, "has likely sought to improve the survival chances of Russian vessels by adopting further preventative and defensive measures, including narrowing the entrance gap to port facilities." Advertisement The recent intelligence update included recent satellite imagery of the port at Novorossiysk, on Russia's western coast, where some of the Black Sea Fleet has relocated to get away from its vulnerable headquarters at Sevastopol, a port city in the occupied Crimean peninsula. The imagery shows that Russia has placed barges at the entrance of the Novorossiysk port in a bid to defend against Ukrainian USV attacks. Russia's Black Sea Fleet warships take part in the Navy Day celebrations in the port city of Novorossiysk on July 30, 2023. STRINGER/AFP via Getty Images This appears to be the first example of the new commander making efforts toward his suspected goals of protecting the fleet. It remains to be seen, however, if such measures will actually be enough to stop the Ukrainian attacks. Beyond its USV force, Kyiv has also used missiles to inflict damage on the Black Sea Fleet. Russia has lost roughly a third of its warships since the full-scale war started more than two years ago. Advertisement Tuesday's presidential decree, meanwhile, also promoted Adm. Aleksandr Moiseyev — once himself the Black Sea Fleet commander — to oversee the entire Russian navy and Vice Adm. Konstantin Kabantsov to command its Northern Fleet. "Colleagues, congratulations! You realize the enormous responsibility that rests on you," Shoigu said during the teleconference, according to the Russian defense ministry's statement. "I hope that you will cope with the tasks set by the Supreme Commander-in-Chief of the Armed Forces of the Russian Federation, the Ministry of Defense of the Russian Federation and, of course, the country," he added.
Nelson Peltz's Disney proxy fight may hinge on the same investors who doomed his DuPont battle nearly a decade ago 2024-04-02 20:16:19+00:00 - Three major Disney investors have a history with Nelson Peltz's proxy fights. BlackRock, Vanguard, and State Street voted against Peltz's firm Trian Partners in a 2015 proxy battle. But in a 2017 fight with P&G, BlackRock and State Street supported Peltz. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement The fate of Nelson Peltz's proxy fight with Disney partially relies on three investors — the same investors who doomed his DuPont battle nearly 10 years ago. BlackRock, Vanguard, and State Street are among Disney's largest institutional investors, and how they decide to vote at Wednesday's shareholder meeting could spell the end of Peltz's campaign for two Disney board seats. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
The housing shortage is getting no help from aging baby boomers 2024-04-02 20:16:07+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Most home-owning baby boomers will not downsize as they age, with 78% intending to stay put at their current address, Redfin found in a recent survey. That's not good news for housing supply, which is already dwindling at historic lows. With fewer existing homes on sale, conditions are stacked against younger homebuyers in search of a family-sized property. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. For instance, while millennials with kids owned 14% of US homes with three or more bedrooms in 2022, empty-nest boomers made up 28% of this market, Redfin said in a separate report. It's kept prospective buyers locked out, with millennials stuck renting or getting priced out of cities. Related stories According to baby boomers surveyed in February, financial incentives are what's keeping them in place. Advertisement 27% of respondents cited mortgage considerations for why they're not selling, as over half of boomers have paid off their loans. For those still on a mortgage, almost all boomers have rates that are significantly lower than today's 6% levels. Meanwhile, 21% won't move due as home prices have climbed to high. The remaining 51% like their home, and have no reason to move. It's a sign of shifting trends, as US homeowners averaged just 6.5 years per home in 2005, Redfin previously found. Now, the median tenure is up to 11.9 years, while 40% boomers have stayed put for at least 20 years. "In reality, many homeowners and renters will need to move somewhere that better meets their needs as they age, like a senior-living community or a one-story home in an accessible neighborhood," Redfin Chief Economist Daryl Fairweather said in the new report. Advertisement But surveyed boomers aren't focused on that just yet. Only 20% of these homeowners plan to move to a 55-and-over community, while 20% would move in with an adult child or into an assisted living facility. "The government isn't prioritizing building housing for seniors, which is further encouraging older Americans to stay put, exacerbating the inventory shortage. Politicians should focus on expanding housing stock that meets the needs of older Americans, which could help with housing affordability and availability for all," Fairweather added. Prospective homebuyers could see some inventory relief as mortgage rates continue to gradually fall through this year, bringing back sellers. Already, existing home supply surged 20.8% in February on an annual basis, Zillow reported.
F-35 Lightning II fighter jets can finally fly in lightning after years of dodging storms 2024-04-02 20:14:19+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview After years of restrictions designed to prevent a catastrophe, the most widely used version of the F-35 Joint Strike Fighter, nicknamed the Lightning II, is finally being allowed to fly in lightning, with which it has ironically had serious problems. The progress comes after a lot of tinkering with the F-35A's lightning protection system, which had several issues that forced the Department of Defense to prohibit the jet from flying anywhere near bad weather. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "The formal lifting of the F-35A lightning standoff restriction was released on March 19," F-35 Joint Program Office spokesperson Russell Goemaere told Business Insider. News of this change was first reported by Breaking Defense on Monday. The restriction, which had prohibited the F-35A, the conventional takeoff and landing variant, from flying within 25 miles of lightning since June 2020, was lifted after a major fix to the aircraft's On-Board Inert Gas Generation System, or OBIGGS. Goemaere said the fix included a "more robust" OBIGGS hardware design, as well as software updates. Advertisement The OBIGGS is designed to replace combustible gas in the jet's fuel tank, such as oxygen, with material, in this case nitrogen-enriched air, that won't ignite or explode. Protection systems are intended to prevent lightning from frying the aircraft's systems, starting an onboard fire, or, in the obvious worst case, a catastrophic explosion. Related stories "Testing for these efforts was a combination of lab and flight testing," Goemaere added, noting "the fix restores operational capability, while providing additional safety for the pilots and aircraft." He declined to go into specific detail or the number of aircraft modified or in the modification process "due to operational security concerns." An F-35 aircraft mechanic with Marine Fighter Attack Squadron (VMFA) 542 and an F-35B instructor pilot with Marine Fighter Attack Training Squadron (VMFAT) 501 perform preflight checks on an F-35B Lightning II jet at Marine Corps Air Station Cherry Point, North Carolina, April 20, 2023. US Marine Corps/Staff Sgt. Theodore Bergan While problems with the F-35's fuel tank inerting system have been trouble in recent years, the DoD has been grappling with these issues since at least 2009, as was highlighted in an operational test and evaluation report a few years later. The 2012 report said "tests of the fuel tank inerting system in 2009 identified deficiencies in maintaining the required lower fuel tank oxygen levels to prevent fuel tank explosions." Advertisement "The system, " according to the report, "is not able to maintain fuel tank inerting through some critical portions of a simulated mission profile. The program is redesigning the On-Board Inert Gas Generating System (OBIGGS) to provide the required levels of protection from threat and from fuel tank explosions induced by lightning." Later reports indicated that the F-35, a staggeringly expensive program that has had to overcome a number of problems, had made progress on the issue following a rework. Flying restrictions were lifted in 2014. But then, in 2020, additional problems were discovered. The aim was that the restrictions could be lifted in 2022, but more deficiencies were found at that time. The other two variants of this jet, the F-35B short takeoff and vertical landing variant and F-35C carrier-based fighter, haven't had the exact same issues with lightning, but there have been problems with the jets. Advertisement Talking about the latest fix to the advanced fifth-generation stealth fighter, Goemaere said the credit goes to the "government and industry engineers who applied technical rigor, conducted analysis, and drove data driven decision-making to overcome the challenges that were identified in 2022."
Trump's foreign policy 'envoy' is just an online troll 2024-04-02 20:08:23+00:00 - There are certain traits one typically seeks in an envoy representing the United States. Deep expertise in the political and cultural history of the area, for example, and a “corridor reputation” among the policy community, as someone who is both an effective manager and a pleasant colleague. Someone you wouldn’t find on that list: An online troll whose last assignment tried the diplomatic equivalent of “return to sender” because of fraternization with neo-Nazis, and whose biggest claim to fame since then is working to overturn American democracy. These are characteristics that should eliminate anyone from future public office. We live in a time when a major political party will nominate a man facing 81 federal charges in four different jurisdictions to run for president. But we live in a time when a major political party will nominate a man facing 81 federal charges in four different jurisdictions to run for president. It should be no surprise that Ambassador Richard Grenell has also resurfaced as part of former President Donald Trump’s latest effort to appear credible as a world leader. Grenell, who Trump has referred to as “my envoy” since leaving office, is keeping a busy schedule, according to a recent report from The Washington Post. In recent weeks, while the United States has worked to shore up and defend democracies from Ukraine to Guatemala, per The Post reporting, Grenell has traveled to support right-wing political movements in other countries in their efforts to undercut elections. Grenell and I have similar backgrounds. We both served previous administrations in the same position then, running public affairs for the U.S. Mission to the United Nations. He did so under former President George W. Bush. I spent time at the U.N. myself, under former President Barack Obama. We both found post-government careers in on-air commentary and consulting. The similarities end there, though I can appreciate the prior acumen and skill he once displayed in being the longest-serving spokesperson at the mission, advising four different U.S. ambassadors on navigating the challenging landscape of the United Nations. What is mind-boggling is how someone with such high level exposure to foreign policy and responsibility for our nation’s reputation would effectively fritter away all that goodwill barely one month into a dream gig as U.S. Ambassador to Germany. In June of 2018, Grenell said he had been contacted by people throughout Europe about a right-wing “resurgence” and that he “absolutely wants to empower other conservatives throughout Europe.” While he didn’t violate any laws, (and tweeted that the idea that he’d actually endorse such parties is “ridiculous.”) Grenell is aware enough of the realities of being a U.S. diplomat to carefully word his answers in his own Senate testimony by claiming he would be apolitical as an ambassador and technically, supporting right-wing movements is not direct support of a particular political party. Martin Schulz, a previous European Parliament president and leader of a German political party, said at the time that Grenell behaved “not like a diplomat, but a far-right colonial officer.” The concern is less about the dying language of civility; we are several years into Trump’s profaning once hallowed institutions and breaking norms. What should worry everyone is the open embrace of far-right movements overseas by the GOP’s presumptive nominee and his inner circle. We’ve seen the international far right band together informally, from the growing bonds between the GOP and Hungary’s President Viktor Orban to the various claimants to the title of “the Donald Trump of South America” to Russian President Vladimir Putin’s use of homophobic religiosity to draw support for his regime abroad. These are the kind of links Grenell strives to strengthen while Trump is out of office — and while neither one holds an official role. Imagine if a stop-the-steal supporter took the movement global as secretary of state, a possibility floated inside Trump World, according to Washington Post reporting. Such a senior official could use the diplomatic corps’ significant government resources to entrench the domestic and international white supremacy groups that aligned during round one of a Trump presidency. The Washington Post reports that Grenell told Guatemalans, via a local television interview, that the Biden administration’s work to help swear in anti-corruption crusader Bernado Arévalo after he won the country’s election as “all wrapped up into this kind of phony concern about democracy.” What is unclear from those comment is whether Grenell thinks the concern or democracy itself is worthy of dismissal. I suspect both. Make no mistake, the shadow diplomacy we’re seeing from Grenell and Trump — both unelected, unappointed individuals purporting to represent America abroad — is a direct challenge to America’s democratic experiment, on a global scale. While Biden speaks about the soul of the nation and the battle for democracy on the world stage, Trump has let loose his minions to build a countermovement of authoritarians. For those who think the ex-pat life is a solution to a Trump victory in November, the work of the Grenells of the world should give you pause: You cannot escape the desire of mediocre men to assert power and push their own interests. Using public service for personal gain is a global problem that requires vigilance — and your vote in November.
Iran vows retaliation on Israel after commanders’ deaths, growing fears of war spiraling 2024-04-02 20:07:00+00:00 - Monday’s airstrike on the Syrian capital is reverberating across the Middle East, raising fears that the war between Israel and Hamas could flare into a wider conflict. On Tuesday, Iran vowed retaliation for the suspected Israeli attack on its embassy compound in Damascus that killed two of the country’s top commanders. The attack also killed five military advisers in the Islamic Revolutionary Guard Corps, Iran’s immensely powerful military and political organization. Among those killed was Brig. Gen. Mohammad Reza Zahedi, a senior commander in the Quds Force, the IRGC’s elite foreign espionage group, the IRGC said. Zahedi was a key figure in coordinating the so-called Axis of Resistance — the anti-Israel, anti-West network of Iran-backed groups that operate with militants from across the Arab world. He is the most senior Iranian official to be killed since Gen. Qassem Soleimani was targeted by an American airstrike in 2020. Iranian Brig. Gen. Mohammad Reza Zahedi. FARS News / AFP - Getty Images While much of the international attention has been focused on another Israeli strike that killed seven aid workers in Gaza, the Damascus bombing risks pushing archenemies Iran and Israel into a direct confrontation, according to to Sanam Vakil, director of the Middle East and North Africa Programme at Chatham House, a London-based think tank. Like many experts, Vakil believes that neither Israel nor Iran want an all-out conflict. Israel is probably judging that the best way to avoid this, she said, is to mete out targeted attacks against Iranian proxies to “create deterrence across all of its borders.” “This is a clear escalation and it could provoke something” wider, she said, but Israel is banking on Iran and its proxies continuing to react cautiously to its aggressions. Israel has not commented on the attack, but it has previously acknowledged targeting Iranian forces in Syria, where they are deployed to support President Bashar al-Assad in an ongoing conflict against a patchwork of rebel groups. Israeli Defense Minister Yoav Gallant appeared to obliquely reference the Damascus strike while speaking to a parliamentary committee Tuesday. “We are currently in a multifront war — we see evidence of this every day, including over the last few days,” Gallant said, according to a statement from his office. “We operate everywhere, every day, in order to prevent our enemies from gaining strength and in order to make it clear to anyone who threatens us — all over the Middle East — that the price for such action will be a big one.” Iran’s reaction has been purely rhetorical so far. “This cowardly crime will not go unanswered,” President Ebrahim Raisi said in a statement, according to the country’s state-run media. Israel “must know that it will never achieve its goals,” he added. Iran “reserves the right to take countermeasures against the attack and will make a decision as to how to punish the aggressor,” its Foreign Ministry said in a statement. Hussein Akbari, the Iranian ambassador whose Damascus residence was destroyed in the attack, warned on X: “We will reciprocate when we want.” The United States, Israel’s biggest military funder and supplier, did not know about the strike in Syria and was not involved in any way, two U.S. officials told NBC News. Two other U.S. officials said the administration was told about the operation while Israeli planes were in the air but didn’t know what the target was. Rescue workers search the rubble of a building next to the Iranian Embassy a day after an airstrike in Damascus, Syria, on Tuesday. Louai Beshara / AFP - Getty Images Yet the international focus has been on the war in Gaza, where Israel is fighting to uproot the militant group Hamas. But Israel is arguably more concerned about Hezbollah, the militant group and political party in Lebanon. Both Hamas and Hezbollah are backed by Iran and form part of the “Axis of Resistance,” alongside the Houthis in Yemen and powerful militias in Iraq. Michael Stephens, a senior fellow at the Foreign Policy Research Institute, a Philadelphia-based think tank, said the attack on the Iranian Embassy in Syria is a warning. “My view is that, yes, it is an escalation, but also a message from the Israelis that this can get bad real quick on a much wider front if war breaks out over the northern border,” he said. Each side is trying to send each other messages “while trying not to let the pot boil over,” he added. Iran said the attack struck the embassy compound’s consular section, which typically provides support to nationals living in that country. Israeli officials have disputed this account, however, saying in interviews that their intelligence suggests the compound was not in fact a civilian building but a Quds Force military headquarters in disguise. The IRGC did say that two commanders had been killed in the attack, Zahedi and Gen. Mohammad Hadi Haji Rahimi, as well as five other members. Zahedi is “an important figure within the IRGC who has risen through the ranks over many generations and is close to key leadership,” Vakil said. “He’s been responsible for coordinating Hezbollah, Palestinian groups, Syrian groups and Iraqi groups, and this coordination capacity has elevated his importance, and helped enable the Axis of Resistance to become a transnational entity.” He is the latest IRGC official killed in an apparent Israeli strike. Before him, Soleimani was killed by an American airstrike in 2020. Soleimani was a talismanic, quasi-spiritual figure both politically and militarily in Iran. The regime has since decentralized power among a number of top officials, and so Zahedi’s death is not likely to carry the same resonance. All the same, “this will sting,” said Stephens. “I do think the Iranians will have to respond. The question is how and against who?”
Some retirement savers can still get a 'special tax credit,' IRS says — but most don't claim it 2024-04-02 19:54:00+00:00 - Halfpoint Images | Moment | Getty Images Some retirement savers can still snag an extra tax incentive for 2023. However, most eligible filers don't claim it, according to the IRS. The retirement savings contribution credit, or "saver's credit," can help low- to moderate-income filers offset part of the funds added to an individual retirement account, 401(k) plan or other workplace plan. You can still make a 2023 contribution to an IRA before the April 15 filing deadline to "earn a special tax credit," according to the IRS. How the saver's credit works You can claim as much as 50% of retirement contributions up to $2,000 for single filers or $4,000 for married couples filing jointly, for maximum credits of $1,000 or $2,000, respectively. The tax break offers a dollar-for-dollar reduction of levies owed, which could reduce your tax bill or boost your refund. But there are income limitations. For 2023, your adjusted gross income can't exceed $21,750 for single filers or $43,500 for married couples for the 50% credit. The percentages drop to 20% and 10%, respectively, as earnings increase, with a complete phase-out above $36,500 for individuals or $73,000 for joint filers. Still, if you qualify for the saver's credit, you could score multiple tax breaks for a last-minute deposit, including a possible deduction for pretax IRA contributions or future tax-free growth for Roth IRA deposits, said Mark Steber, chief tax information officer at Jackson Hewitt. Why few filers claim the saver's credit Despite the incentive, only 5.7% of taxpayers claimed the saver's credit for tax year 2021, according to IRS estimates. There are a few reasons for the slim percentage, experts say. Millions of low-earning Americans have little or no tax burden, and the saver's credit isn't refundable, meaning you can't get the credit without owing on your taxes. "If you don't have much of a tax burden, or any tax liability at all, the value of the credit is extremely limited or potentially zero," said Emerson Sprick, associate director for the Bipartisan Policy Center's Economic Policy Program. If you don't have much of a tax burden, or any tax liability at all, the value of the credit is extremely limited or potentially zero. Emerson Sprick Associate director for the Bipartisan Policy Center's Economic Policy Program Plus, "most people don't know this credit exists," Sprick said. Indeed, fewer than half of U.S. workers are aware of the saver's credit, according to a recent survey from the Transamerica Center for Retirement Studies. However, even if someone has a tax liability and knows about the credit, they need to have enough money to save, Sprick said. In 2027, the saver's credit is scheduled to convert to a saver's match from the federal government, which could address some of the current restrictions. But retirement savings barriers remain, experts say. "The most effective way to bring people into the retirement savings ecosystem is through employer-sponsored retirement plans" with automatic contributions, Sprick said. While access has improved, many Americans still don't have a workplace retirement plan.