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Shovels Ready: Foremost Lithium Begins Drilling In Manitoba - Foremost Lithium Resource (NASDAQ:FMST) 2024-03-24 21:06:00+00:00 - Loading... Loading... Foremost Lithium Resource & Technology Ltd FMST has begun drilling at its Snow Lake, Manitoba development in Canada. Jason Barnard, president and CEO of Foremost Lithium, told Benzinga at the recent Prospectors And Developers Association of Canada (PDAC) conference in Toronto, that the company was awaiting approval on a C$10 million grant from the Canadian government’s Critical Mineral Infrastructure Fund (CMIF). “The [CMIF] fund is to help onshore lithium production for the North American electric vehicle and battery supply chain,” said Barnard. He added: “There’s a strong government initiative to help create that here in North America.” Also Read: ‘White Gold’ Rush Grapples With Long-Term Sustainability: Implications Of Lithium Mining Direct Ship Ore Strategy Canada has earmarked C$1.5 billion to support clean energy and transportation infrastructure projects. For example, Foremost is now looking to use the money to develop a road connecting Jean Lake and Zoro. This will allow the transportation of equipment, goods and parts necessary to expand its operations. The road will also be used to transport ore to its Tanco mine where it is transformed into concentrate before shipping to customers. This is Foremost’s direct ship ore (DSO) strategy. Before becoming the company’s president and CEO, Barnard was a financier. “I helped finance Foremost’s foray in to lithium — and I kept financing the company all the way to becoming the largest shareholder,” he said. “In the last year or so I became the president and CEO, in order to take more of a role in the company and so we could get listed on NASDAQ, which opens us up to a very large U.S. market,” he added. Lithium Prices Tumble Barnard said he hoped to hear back about the government grant in the next two or three months, but is very positive about process. In the meantime, is he worried that lithium prices have been falling heavily? Indeed, since hitting a record close to $600,000 per metric ton in November 2022, lithium has fallen to $115,500. The iShares Lithium Miners and Producers ETF ILIT is down 18% since the start of the year. Loading... Loading... “Lithium prices have been depressed but because we’re dealing with the end users — electric vehicle and battery manufacturers, we still have time to build our reserves and our direct shipping ore strategy, so the short term ups and downs in commodity prices don’t particularly affect us,” Barnard said. “I feel there’s a longer-term goal and cycle involved with lithium and all things EV-related, so the demand will carry on. “It’s just a short-term situation, but it doesn’t really affect our bottom line because we’re yet to be in production, we’re yet to produce revenues. We’re more in the grow-up reserves and build that asset in the ground phase..” The production timeline, Barnard explained is well into 2025. In the mining and exploration business, that’s relatively short term. “That’s what sets us apart from other companies in terms of, they’ll drill that asset and then a major company will come and buy that asset off you, and they’ll deal with the revenue stream down the road. “With us — we’re focused on profitability and revenue streams for our company.” Now Read: Saudi Arabia's Lithium Involvement Could Showcase Environmentally-Friendly Extraction Methods

Tammy Murphy drops out of NJ Senate Democratic primary to replace indicted Sen. Bob Menendez 2024-03-24 21:03:00+00:00 - First Lady of New Jersey Tammy Snyder Murphy speaks as Governor Philip D. Murphy sworn in for his second term in office as the 56th Governor of the State of New Jersey at War Memorial Building in Trenton, New Jersey, United States on January 18, 2022. Tammy Murphy, the wife of New Jersey Democratic Gov. Phil Murphy, announced Sunday that she would withdraw from the state's Democratic Senate primary contest. The winner of that June 4 election will become the favorite to replace indicted Democratic Sen. Bob Menendez. "After many busy, invigorating, and yes, challenging months. I am suspending my Senate campaign today," Murphy said in a Sunday post on X. "It is clear to me that continuing in this race will involve waging a very divisive and negative campaign, which I am not willing to do." Murphy's exit widens the path for Democratic Rep. Andy Kim to lock down his frontrunner status ahead of the primary. Menendez confirmed last week that he would not run for a fourth term as a Democrat. He also teased a potential run for his set as an Independent. The senator and his wife have been indicted on more than a dozen federal criminal counts, including allegations of bribery. Prosecutors claim that Menendez provided sensitive information to the Egyptian government, allegedly trading his political clout for hundreds of thousands of dollars in gifts, including gold bars and a Mercedes-Benz convertible. "With Donald Trump on the ballot and so much at stake for our nation, I will not in good conscience waste resources tearing down a fellow Democrat," Murphy, a former Republican voter, added in her drop-out announcement. In June, Kim, who launched his campaign the day after Menendez was indicted, will face off against several long-shot challengers, including progressive activists Larry Hamm and Patricia Campos-Medina. Kim has so far been the Democratic favorite, polling steadily ahead of Murphy, especially as she lost several county-level convention endorsements, including her home turf of Monmouth County. Last Monday, Jersey City Mayor Steven Fulop rescinded his endorsement of Murphy and switched it to Kim. "It's not always comfortable to admit a mistake but clearly I made one here and this convention season has demonstrated [Kim] is the better candidate to represent NJ," Fulop wrote in a post on X. The Murphy campaign declined to provide further comment.

Republican budget proposal would do away with universal free school lunches 2024-03-24 20:47:19+00:00 - A 2025 budget proposal backed by 170 House Republicans would nix a universal free school lunch program. The Republican Study Committee budget is a glimpse at GOP priorities should they win in November. Only nine states provide free school lunch to all students right now. 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 There's no such thing as a free lunch. That's the future that some Republicans appear to want at least. The Republican Study Committee, a congressional caucus that contains around three-fourths of Republicans in the House of Representatives, released its 2025 fiscal year budget report this week. The budget is unlikely to pass any time soon but offers a glimpse of Republican priorities should they win in November. The budget aims to reform school lunch subsidies by eliminating the "community eligibility provision" from the federal School Lunch Program. Related stories The community eligibility provision funds school lunches for all children enrolled in the school regardless of their individual needs. The proposed RSC Budget would eliminate that provision to ensure school lunch provisions go to only "truly needy households," the report says. Advertisement There are only nine states that provide free school lunch to all students regardless of their status, according to the NYC Food Policy Center at Hunter College. States with universal free lunch include California, Colorado, Illinois, Michigan, Minnesota, Main, Massachusetts, New Mexico, and Vermont. Similar bills have also been considered by lawmakers in more than 20 states and Washington, DC. Rep. Kevin Hern of Oklahoma, chair of the RSC, said in a statement that the budget addresses growing federal debts and is "proof that it's possible to balance the budget, it's possible to operate in the black." "Conservative policies work together across the whole of government to lower spending, lower taxes, decrease the size and scope of the federal government, and spur economic growth," Hern said in a statement. Advertisement The RSC budget says that it would give states block grants for child nutrition programs that have a "phased-in state cost share" to incentivize efficient distribution and prevent what it calls "widespread fraud" in the programs. Crystal FitzSimons, director of child nutrition programs and policy at the Food Research & Action Center, told The Intercept that this kind of proposal has been floated before but couldn't gain traction because it threatens crucial standards for nutrition in schools. It also creates onerous administrative work for schools and families. "At this point, we have over 40,000 schools participating in community eligibility, and that allows them to offer breakfast and lunch to all students at no charge," FitzSimons said.

Mega Millions and Powerball combined at $1.9bn is ‘one of the largest’ jackpots 2024-03-24 20:40:00+00:00 - The combined jackpots of the Powerball and Mega Millions lotteries stand at a whopping $1.9bn as of Sunday, prompting people across the US to get their tickets and try their luck. After zero perfect matches in drawings over the weekend, the estimated jackpot of the Powerball is now at $800m, while that of the Mega Millions is at $1.1bn. In a statement released Sunday, Powerball said that its current jackpot is “quickly climbing the rankings as one of the game’s largest”. With the $800m scheduled for Monday evening, the jackpot has been marked as the sixth-largest prize in the game’s history. The jackpot’s cash value is at an estimated $384.8m. Powerball officials said Sunday’s prize was the second advertised jackpot to reach $800m this year. On 1 January, a ticket in Michigan won the previous Powerball jackpot, which was worth $842.4m. Since then, there have been 35 consecutive drawings without a single winner, Powerball said. With Powerball tickets sold at $2 per play in 45 states, Washington DC, Puerto Rico and the US Virgin Islands, the odds of winning the game’s jackpot are 1 in 292.9m. Mega Millions issued a similar statement, saying on Saturday that “for the sixth time in less than six years”, the jackpot has topped $1bn. The next drawing is set for Tuesday. The jackpot’s cash value is approximately $525.8m. If the jackpot is won on Tuesday, it would be the fifth largest prize in the history of the game, Mega Millions said. The last Mega Millions jackpot was won by two tickets on 8 December and was worth $394m. “Lottery fever continues to spread throughout the country,” Gretchen Corbin of the Mega Millions Consortium said. skip past newsletter promotion Sign up to First Thing Free daily newsletter Our US morning briefing breaks down the key stories of the day, telling you what’s happening and why it matters Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Corbin added: “Large jackpots provide entertainment and winnings for our players nationwide, while contributing to the beneficiary programs funded by each lottery. We appreciate our players and dedicated retailers, and we encourage everyone to play responsibly.” Like the Powerball, Mega Millions tickets are also sold for $2 each in 45 states, Washington DC and the US Virgin Islands. The odds of winning the Mega Millions jackpot are 1 in 302.6m.

The Citigroup division beset by sexual-harassment claims was also the worst performer among big banks 2024-03-24 20:30:32+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. One unit at Citigroup has built a less-than-stellar reputation over the years. The bank's equities division, which helps hedge funds execute trades, has been plagued by a culture of "persistent harassment and discrimination," Bloomberg reported after interviewing 22 people who "worked in or closely with the equities division." The report recounts numerous examples of a toxic boys'-club environment where women were rated by their appearances, objectified, and subjected to lewd discussions and unwanted advances. Some kept quiet out of fear of retaliation. Others who spoke up about their experiences said they were dismissed by a corporate culture that valued a small "in crowd" and ignored others. Related stories Business Insider reached out to Citigroup for comment. Representatives for the bank said it had no further comment, but Mark Costiglio, a spokesperson for Citigroup, told Bloomberg that its "efforts to foster an inclusive and equitable workplace culture never stop, and ensuring that our standards are well understood and complied with by everyone at Citi is a continuous, proactive process." Advertisement "We provide colleagues with a number of avenues to raise concerns in confidence, and when substantiated we will take appropriate action, up to and including termination of employment. While we will not comment on individual internal matters, simply put, where warranted, we exit employees who fail to meet our high standards of respectful treatment," he added. Bloomberg's investigation follows a lawsuit that Ardith Lindsey, a former managing director at Citigroup, filed last year. She said in the lawsuit that she "faced horrifying sexual harassment, gender discrimination, and sexual assault during her tenure at the firm" that has "derailed her career — and her life." Among her complaints, Lindsey said she was coerced into a relationship with a senior male colleague who made "grotesque and violent sexual comments" about her and hounded her with "hundreds of text messages and incessant phone calls" after she ended the relationship. She also said she was repeatedly subjected to "extreme" sexual harassment and a hostile work environment, as well as pressured to attend strip clubs where "male managers used women solely for entertainment." One derivatives trader told Bloomberg about an incident during a client dinner where a colleague "reached under the table and put his hand on her leg." Another colleague asked the trader why she didn't wear "sexier shoes." When the trader approached her higher-ups about the incident, a female executive told her to shrug it off. Six other people who reportedly complained about their experiences to senior colleagues felt similarly let down by their colleagues' responses. Advertisement Meanwhile, the division, which is relatively small within Citigroup, has also underperformed, Bloomberg reported. The unit's trading revenue trails behind the other big banks on Wall Street. Despite the sordid history within its equities division, Citigroup has made strides to create a more tolerant environment compared to others in its industry, Bloomberg reported. The firm has also been more accepting of flexible-work arrangements, which have boosted the number of women in the workforce, than other financial firms, Fortune reported. The bank also appointed Jane Fraser as its CEO in 2021 — the first female CEO of a major bank in the United States.

Here's why James Carville believes Biden's been 'the best president that Black America's ever had' 2024-03-24 20:21:26+00:00 - James Carville favorably compared Biden's record for Black Americans to that of Obama and Clinton. "He's been demonstrably the best president that Black America's ever had," he told the Times. In April 2023, the Black unemployment rate fell to 4.8%, the lowest level on record. 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 Democratic strategist James Carville in a recent interview lauded President Joe Biden's economic record for Black Americans, placing it above the administrations of former Presidents Barack Obama and Bill Clinton. Carville — who helped elect Clinton to the presidency in 1992 and has been a vocal critic of the direction of the Democratic Party in recent years — told The New York Times columnist Maureen Dowd that Black Americans are faring better under Biden's presidency on a range of key issues. "He's been demonstrably the best president that Black America's ever had, Clinton and Obama included," Carville said of Biden. "You look at incomes, employment, poverty rates, access to healthcare." Related stories "It's not where whites are, but it's closer than it's ever been," he added. Advertisement In April 2023, the Black unemployment rate fell to 4.8%, the lowest level on record for Black citizens. And for Black Americans in the workforce, weekly pre-tax earnings surged 24.8% from Q1 in 2020 through the end of 2023, according to CNBC. The poverty rate among Black Americans fell to 17.1% in 2022, a record low dating back to 1959, according to US Census data. In January 2024, Black unemployment ticked up to 5.3%, still low relative to numbers seen during the earliest stages of the COVID-19 pandemic but higher than the white unemployment rate (3.4%) that month. Carville said Democratic fumbling on messaging around the economy has begun to cost the party critical electoral support — especially among Black men. Advertisement In the Times interview, Carville also pushed back against what he said was a female-centric posture that had alienated some men from the party, a move that he warned had contributed to polling erosion that the party couldn't afford to endure as Biden faces a tough reelection bid against former President Donald Trump this fall. "If you listen to Democratic elites…the whole talk is about how women, and women of color, are going to decide this election," he said. "I'm like: 'Well, 48 percent of the people that vote are males. Do you mind if they have some consideration?'"

Princess Kate’s cancer treatment news sparks remorse from people who spread conspiracies and memes online 2024-03-24 20:17:00+00:00 - For weeks, hundreds of people online have spread conspiracy theories, posted memes and cracked jokes in an attempt to answer one question: Where is Kate Middleton, the Princess of Wales? Kensington Palace repeatedly said that Kate was recovering from a planned January abdominal surgery. Still, official responses, as well as an edited image posted to the palace’s social media channels, only fueled more unsubstantiated rumors. But many people who had partaken in the online frenzy found themselves expressing regret after the princess broke her silence on Friday. In a video message to the public, the 42-year-old wife of Prince William, Britain’s future king, announced she was diagnosed with cancer and is undergoing chemotherapy. Actor Blake Lively was among the first to make a statement online apologizing for her now-deleted Instagram post, a Photoshop joke inspired by the manipulated Mother’s Day photo released by Kensington Palace. “I’m sure no one cares today but I feel like I have to acknowledge this,” Lively wrote in an Instagram story. “I made a silly post around the ‘photoshop fails’ frenzy, and oh man, that post has me mortified today. I’m sorry.” That sentiment dominated much of the reaction on social media, where users said they wished they hadn’t poked fun at the princess. “Yeah i definitely feel bad about laughing at all the ‘KateGate’ memes. wishing her a speedy recovery,” wrote Saint Hoax, an influencer who has amassed a following of 3.4 million on Instagram, where they post memes related to current events. The fervor around Kate’s whereabouts — and subsequent online remorse — has underscored a pattern in which the absence of information provides perfect fodder for creators chasing relevance on algorithm-driven social media platforms. “Everybody’s trying to jump in to get a piece of the viral pie, so to speak,” said Jessica Maddox, an assistant professor of digital media technology at the University of Alabama. “When we look at the intersection of conspiracy theories and social media, particularly content creators, everybody wants to have the hottest take, especially when information isn't known.” But Maddox said she hasn’t seen such remorse before in any online conspiracy culture. Usually when internet sleuths are proven wrong, she said, they double down by shifting the goalposts to further deny new evidence and justify their actions. Many online said Kate’s news also serves as a reminder to stop making assumptions about people’s personal lives. It’s a sentiment that’s popped up online before, particularly when celebrities and public figures are overly scrutinized or become the subject of unsupported claims by their followers. Some fans of actor Chadwick Boseman expressed similar regret about commenting on his weight loss when it was revealed after his death that he had been quietly battling colon cancer for years. In April 2023, pop star Ariana Grande spoke out about the public’s “concerns” about her body, saying “you never know what someone is going through.” The Kate news has also highlighted the tension between the public’s desire to know every detail about the royal family and the royals’ desire to keep their health struggles private. The princess’ father-in-law, King Charles III, was diagnosed with cancer earlier this year. Charles has canceled public engagements while he receives treatment. Reshma Saujani, CEO of nonprofit Girls Who Code, which empowers and equips young girls to pursue careers in STEM, said she felt “disgusted with the internet” when she heard about Kate’s news. “Disgusted with the internet and even disgusted with myself because I fell into the trap,” Saujani wrote in an Instagram post. “This is a classic example of what we do to women, of how when a woman takes time to prioritize her health and take care of her family, we second guess it to the point of coming up with conspiracy theories to explain her self care.” With Kate’s news now public, Jessica Myrick, a Pennsylvania State University professor who studies the psychology of media use, suggested that the online chatter surrounding Kate may wind down. But, Myrick doesn’t think that social media users will stop creating conspiracy theories online in general, despite expressing some remorse over the Kate news. “There are not a lot of consequences for sharing memes on social media, and if anything, the likes that people got, the laughs, the comments ... that’s probably reinforcing and will probably mean we’ll do it all again,” Myrick said. In her message on Friday, Kate asked people to respect the family’s privacy. “We hope that you will understand that, as a family, we now need some time, space and privacy while I complete my treatment,” she said. “My work has always brought me a deep sense of joy and I look forward to being back when I am able, but for now I must focus on making a full recovery.”

Governors DeSantis and Newsom agree on something: They don't want the homeless sleeping in public 2024-03-24 20:13:45+00:00 - GOP Gov. Ron DeSantis signed a law criminalizing sleeping on public property in Florida. Likewise, Democratic Gov. Gavin Newsom is also trying to clear encampments in California. It's a rare moment of unity for the two who sit on opposite sides of the political spectrum. 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 It's a rare moment of agreement for two state governors who couldn't be more different. Though Florida and California sit on different ends of the country (and the political spectrum, broadly speaking), their respective governors are equally invested in preventing the homeless from sleeping and camping in public — though they're handling it differently. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

AI execs who urgently need more energy to power their tech revolution are turning to fossil fuels 2024-03-24 20:11:57+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 AI is driving a dramatic new need for electricity, and while tech execs have long trumpeted their commitment to a green energy future, the urgency of that need presents them with a difficult path forward. Questions about fueling the AI boom took center stage earlier this month at the CERAWeek by S&P Global, The Wall Street Journal reported. The annual energy conference draws thousands of executives to Houston to discuss topics ranging from geopolitics to the energy transition. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. No one knows how much electricity will be needed to power the AI boom. AI requires massive computing power and energy loads and has triggered an explosion of data centers. Microsoft cofounder Bill Gates said at the conference that the amount of power AI is bound to consume is mind-blowing. Related stories "You go, 'Oh, my God, this is going to be incredible,'" Gates reportedly said. ChatGPT alone uses more than 17,000 times more electricity than the average US household daily. Advertisement The concern among tech execs is that the energy demands of AI will surpass the capacities of clean sources. Wind and solar power aren't reliable because they're subject to changes in weather. While nuclear facilities take years to build, so they aren't a viable option when companies need power immediately. "Tech is not going to wait 7 to 10 years to get this infrastructure built," Toby Rice, the CEO of natural gas producer EQT, said in an interview with the Journal. "That leaves you with natural gas." At the conference, Rice said he was repeatedly asked two questions: "How fast can you guys move? How much gas can we get?" The problem is all the more pressing given the Biden administration's goals for lowering carbon emissions — a byproduct of burning coal and natural gas that exacerbate the climate crisis. Last April, Biden set an ambitious target for the power sector to be carbon-neutral by 2035 and for the US economy to be net-zero by 2050. Some executives were adamant that the dramatic growth in AI wouldn't impede the clean energy transition. "We're going to be net-zero by 2050. We still absolutely believe that," said Robert Blue, the CEO of Dominion Energy, the Journal reported. "But the demand growth now makes that more complicated." Advertisement Blue said his company was building at least one new natural gas plant to meet demand for data centers.

EXCLUSIVE: 'New Era For Mining' As Nouveau Monde Takes On China In Graphite Supply Chain - Nouveau Monde Graphite (NYSE:NMG) 2024-03-24 20:09:00+00:00 - Loading... Loading... Graphite is a mining underdog. It’s one of the least known of the critical materials that go into making batteries. The market is currently controlled by China — unless Nouveau Monde Graphite NMG and a handful of other Canadian companies can have a say. Graphite is used in the negative electrode of a lithium-ion battery, Julie Paquet, VP communications and ESG strategy at Nouveau Monde Graphite told Melanie Schaffer at Benzinga. “Everybody’s focused on minerals such as copper, nickel, lithium — the high-visibility metals, but the anode is made of 95% graphite, without which, you have no battery,” Paquet said. Those batteries are in your phone, and your laptop, as well as in electric vehicles (EVs). China’s Dominance In Graphite Supply “China controls the supply chain,” Paquet said. “They mine 75% of world’s natural graphite and they control 95% of the spherical graphite market for the lithium-ion batteries.” However, in October 2023, China announced it was restricting exports of graphite to protect national security, and that it would require permits for the export of many graphite products. “With China becoming a problematic sourcing partner, it creates a huge opportunity for North American producers like Nouveau Monde,” said Paquet. The company has two large deposits located in Quebec, it has processing and transportation infrastructure in place and hopes to be able to supply markets that are looking to disassociate from China. Canada, as a nation, is the world’s 10th-largest graphite producer. “We’ve been engaged with battery and electric vehicle manufacturers for a number of years, thanks to our phase 1 facilities where we are producing graphite — and manufacturers are really interested in securing supply,” said Paquet. Indeed, the company announced in February that Japanese electronics giant Panasonic Corp PCRFY and U.S. automotive group General Motors Company GM had each invested $25 million in Nouveau Monde in a private placement deal. Nouveau Monde will use the investment to support its phase 2 operations. Both Panasonic and GM are looking to secure graphite supply in North America. GM is looking to an all-EV future, while Panasonic is a major supplier of lithium-ion batteries. “We’ve got a number of other customers waiting to reserve some volumes. So, there is a growing need for those manufacturers to find alternatives to China supply. “We are ideally located in Quebec to develop a fully local and fully integrated supply chain,” Paquet added. Environmental Concerns Addressed The company is also delivering a product that helps address global environmental issues. Loading... Loading... Paquet said: “We’re all about responsible mining, we’ve committed to being totally electric at the mining site.” Caterpillar Inc CAT is partnering with Nouveau Monde to build the world’s first all-electric open pit mine. It has also engaged with local communities and workforce. “We’re trying to create value for all the stakeholders involved in mining this area so it can be really sustainable over the long-term,” Paquet added. Can Investors Look Forward To A Successful 2024? The company announced in January the successful closing of its acquisition of Mason Resources’ Lac Gueret Graphite Deposit. It expects to announce more strategic partnerships and investments in the coming months. “I think the market is really going to crystallize this year in the batteries materials space and we’re seeing a lot of offtakes, and we’re moving in that direction,” said Paquet. There’s a greater interest in visibility on battery materials, those critical minerals. It’s a new era for mining and it’s very exciting, Now Read: 3 Top Stock Picks In Metals, Mining Sector To Consider Right Now Image via Midjourney

Ah, Cluck It: Chick-fil-A Ditches Antibiotic-Free Chicken Policy Citing Supply Issues 2024-03-24 19:57:00+00:00 - Loading... Loading... Chick-fil-A, the popular fast-food chain, is changing in its chicken supply policy. This spring, it will abandon its antibiotic-free chicken commitment. The Atlanta-based company cited supply chain concerns as the primary reason for this significant shift. According to the announcement, Chick-fil-A will transition from its "No Antibiotics Ever" chicken to a new standard called "No Antibiotics Important To Human Medicin." Fox Business first reported the announcement. The old policy, which Chick-fil-A emblazoned across all its products and signage, ensured that no antibiotics were used at any stage of the animal's life. Also Read: This Food Truck Hacked Chick-fil-A. The Secret Sauce Behind Bringing Forbidden Sandwiches To The Masses On Sunday The new standard, however, will restrict the use of antibiotics critical to human medicine, allowing for the use of animal-specific antibiotics only if necessary for the animal's health. This adjustment reflects a broader trend in the food industry, with other companies like Panera Bread and Tyson Foods also revisiting their antibiotic policies due to supply chain limitations. Chick-fil-A's move aims to ensure the continued availability of high-quality chicken while meeting customer expectations for responsible sourcing. The announcement has been communicated to Chick-fil-A app users, signaling the company's commitment to transparency with its customer base regarding its sourcing policies. Loading... Loading... According to the World Health Organization (WHO), the use of antibiotics in animals can contribute to the risk of superbugs and be harmful to humans who eat them. In November 2017, the WHO recommended that farmers stop using antibiotics "routinely to promote growth." Now Read: Chick-fil-A Open On Sundays? New York-Proposed Law Could Make This A Reality For Some Locations This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock

Canada's music creators to benefit from $32 million in funding for the Canada Music Fund 2024-03-24 19:10:00+00:00 - Loading... Loading... During the 2024 JUNOs, the Government of Canada shows its support for our talented artists and music sector across the country HALIFAX, NS, March 24, 2024 /CNW/ - Music connects us to one another through rhythm, passion and storytelling. The Government of Canada remains committed to helping Canadian-owned music companies and organizations invest in our diverse and talented artists to help them thrive in the global market. Today, while taking part in celebrations for the JUNO Awards, the Honourable Pascale St-Onge, Minister of Canadian Heritage, announced a renewal and boost of support for the Canada Music Fund to help the Canadian music sector and continue to support the success of a range of Canadian artists at home and abroad. The Government of Canada will deliver $32 million over the next two years (2024–25 and 2025–26) to keep supporting initiatives that enhance the careers of Canadian artists, while strengthening the competitiveness and stability of the Canadian music sector. Through support like this, new and exciting Canadian artists are breaking through with new sounds, styles and helping uplift those who needed their chance to shine. This investment will also provide relief to Canadian music companies and organizations facing financial pressures from rising costs, as they seek to build up the next generation of artists. This important step will also contribute to the success of the Canada Music Fund's modernization since its announcement in Budget 2019. As with all Canada Music Fund contributions, this investment will be administered by the Foundation Assisting Canadian Talent on Recordings (FACTOR) for the Anglophone market and the Fondation Musicaction (Musicaction) for the Francophone market. Quotes "Music is a unifying force that brings us together and makes our stories resonate worldwide. Today, we're delivering on a commitment we made to Canadians to better support this country's music sector and increase our investments in the Canada Music Fund. This investment is essential to maintain the positive impact of the Canada Music Fund, helping new and existing artists or groups to break through in the modern music environment. Through our support, we're laying the foundation for a thriving and strong music sector." —The Honourable Pascale St-Onge, Minister of Canadian Heritage Quick Facts The Canada Music Fund, via FACTOR and Musicaction, funds approximately 5,000 projects annually supporting Canadian music through recordings, touring, showcasing, conferences, award shows and other events that enhance the visibility of Canadian artists. The program was instrumental in supporting the Canadian music industry and Canada's live music sector during the pandemic, providing $139 million over three years in critical support to help and ensure the viability of Canadian artists, record labels, artist managers, music publishers, live music venues, concert promoters and other music industry entrepreneurs. Loading... Loading... The Government of Canada supports the Canadian music sector and artists through other measures, such as the Online Streaming Act. Associated Links Canada Music Fund SOURCE Canadian Heritage

Oil And Gas Aren’t Going Anywhere, But Uranium Is Dead: Rick Rule’s Keys For Understanding Mining - Invesco DB Oil Fund (ARCA:DBO), Cameco (NYSE:CCJ) 2024-03-24 18:56:00+00:00 - Loading... Loading... If there's one sector where contrarian investing should be the rule, it's the mining sector. That's a lesson that Rick Rule, founder and president of Rule Investment Media, learned after being involved in natural resource investing for over 50 years. "As an investor in resources, if you aren't a contrarian, you're going to be a victim. It's as simple as that," said Rule in an exclusive interview with Benzinga's Chief Content Officer Brad Olesen at the 2024 edition of the PDAC Convention in Toronto. Rule highlighted the importance of going against market trends in a sector that's known for its volatility and fluctuating cycles. "These businesses are capital intensive and cyclical, meaning that the cure for low prices is always low prices, and the cure for high prices is always high prices," said Rule. Yet swimming against the current can be a real challenge for faint-hearted investors, as "easy money ends up being hard, psychologically." This means that to be a true contrarian, one needs to invest in commodities that are so deeply out of favor that their selling price tends to be priced below the industry average cost of production. "You have to have the guts to invest in industries in liquidation," said Rule. The reason to do that is that some industries will continue to function even when their players are not meeting their sustaining capital requirements, to eventually climb back to sustainable levels. In 2020, when the price of oil went below $20, it still cost the industry $60 to produce a barrel. The result was obvious: either the price of oil had to climb back to $60 "or your car wouldn't start," said Rule. Also read: Alaska Governor Wants Overhaul Of Mine Permitting, Seeks $700B In Economic Losses Is The Uranium Boom Over? From late March 2023 to mid-January of this year, Uranium experienced a boom, with its price climbing more than 100% in less than a year. Yet in recent months, the mineral began to drop. "I would say in this market, the easy money's been made," said Rule. The right moment to get aboard the Uranium wave was late 2022, but at the time, most investors were not willing to take the risk. However, Rule believes that the Uranium market has one key characteristic that makes it stand out from other markets within the natural resource space. "Unlike any other mineral commodity business I know, there's a very, very big contract market," he said. As more of the investment volume goes from the securities to contracts, producers will have price certainty for a very long time, and that's something Rule believes doesn't happen with any other commodity. Certainty in topline revenue will make it so that in five years, the capital cost of setting up a mining production for uranium will be lower, and the equity multiples, higher. Loading... Loading... Cameco Corp CCJ should be first in line in the eyes of investors looking to get into the Uranium market, who are now willing to do the legwork to choose one of the more speculative names. Last month, Cameco’s President and CEO, Tim Gitzel said that 28 countries around the world have declared support for tripling nuclear power capacity to reach the goal of achieving zero emissions by 2050. Global X Uranium ETF URA and Sprott Uranium Miners ETF URNM are the two largest ETFs following the Uranium market. Oil And Gas Thrive Despite Market Rejection Following his long-standing contrarian stance, Rule believes that the easiest market for investors to make money within natural resources today is oil and gas. "The market hates them, but they're great big businesses," he said. While many political leaders share the view that conventional hydrocarbon fuels will go away by 2030, that — in Rule's view — is "totally insane." "Our species has invested $5 trillion in alternative energies over forty years. We've reduced the market share of hydrocarbons from a high of 82% all the way down to 81%," he said sarcastically. The half-life of oil and gas reserves is probably 2060, says Rule, which leaves "a lot of life left in that business." The largest ETFs for the oil and gas sector are United States Oil Fund LP USO, United States Natural Gas Fund LP UNG and Invesco DB Oil Fund DBO. Now read: US Oil And Gas Companies Profits Skyrocket As The US Becomes The Energy Supplier Of Choice Shutterstock image.

Nvidia's AI Tech Part of Novo Nordisk's New Supercomputer 2024-03-24 17:50:00+00:00 - Key Points Novo Nordisk and Nvidia announced a groundbreaking partnership aimed at developing supercomputers focused on pharmaceutical and other healthcare applications. The project entails constructing a supercomputer in Denmark utilizing Nvidia's DGX SuperPOD and other AI-focused equipment from Nvidia. Eli Lilly, Novo Nordisk's rival in the weight-loss category, is working with China-based XtalPi to accelerate drug discovery and development using AI. 5 stocks we like better than NVIDIA Two of the year’s biggest investment themes, artificial intelligence and anti-obesity drugs, are finally meeting up, as Novo Nordisk A/S NYSE: NVO and Nvidia Corp. NASDAQ: NVDA announced a partnership to develop supercomputers. In tandem with Nvidia’s developers’ conference in March, the Novo Nordisk Foundation said it would build a supercomputer in Denmark using an Nvidia DGX SuperPOD, an AI data center supercomputer. The project will also use other Nvidia gear designed for large-scale AI language modeling. Get NVIDIA alerts: Sign Up The Novo Nordisk Foundation has a controlling interest in pharmaceutical giant Novo Nordisk. The Export and Investment Fund of Denmark is also an investor in the project, which is designed to help researchers in Denmark collaborate with Nvidia teams to collaborate on pharmaceutical and biotechnology projects, among others. AI Computing Power for Healthcare Applications "Drug discovery, disease diagnosis, and treatment, as well as complicated life science challenges, are examples of areas where extreme AI computing power can enable the positive transformation of our society,” said Mads Krogsgaard Thomsen, CEO of the Novo Nordisk Foundation, in a statement. The use of artificial intelligence is nothing new in the pharmaceutical industry. For example, in 2023, Eli Lilly & Co., NYSE: LLY, Novo Nordisk’s big rival in the business of making anti-obesity and diabetes treatments, teamed up with pharmaceutical technology specialist XtalPi to identify potential drug candidates. The goal is for Lilly to accelerate the process of clinical trials and commercialization. Other big pharmaceuticals that have joined forces with China-based XtalPi include Pfizer Inc. NYSE: PFE and Johnson & Johnson NYSE: JNJ. Weight-Loss and Diabetes Drugs Driving Stocks Higher Novo Nordisk and Lilly are two of the biggest pharmaceutical stocks, by market capitalization. Lilly is the largest pharmaceutical in the Health Care Select Sector SPDR Fund NYSEARCA: XLV. Its recent growth, like Novo Nordisk’s, has been due to the success of anti-obesity and diabetes drugs. Because it’s based in Denmark, Novo Nordisk Is not part of the S&P 500, but its value exceeds that of Johnson & Johnson, Merck & Co. Inc. NYSE: MRK and AbbVie Inc. NYSE: ABBV, the next three largest S&P pharmaceuticals, after Eli Lilly. Upbeat News About Weight-Loss Pill The race toward better weight-loss drugs has similarities with the race toward faster and better AI processing chips. That’s put not only Nvidia, but also Eli Lilly and Novo Nordisk in the rankings among the world’s most valuable companies. On March 7, Novo Nordisk stock gapped up almost 9% on upbeat news about clinical trials for weight-loss pill amycretin. You can see that gap on MarketBeat’s Novo Nordisk chart. More Effective Than Injectable Treatment Early indications show that amycretin may be more effective than Novo Nordisk’s current blockbuster drug, Wegovy, which is injectable. Pharmaceutical analysts say if the pill version of the anti-obesity treatment is more effective than Wegovy, it may also be more effective than diabetes drug Ozempic, which contains the same ingredient as Wegovy. In addition, what patient wouldn’t favor taking a pill over getting an injection? Even those who aren’t afraid of a shot would welcome the greater convenience of a medication in pill form. For its part, Nvidia has been making inroads into the healthcare industry, and not all of them are likely to be well-received. Nvidia’s Growing Focus on Healthcare On March 19, also as part of its developers’ conference, Nvidia said it was collaborating with a company called Hippocratic AI on a technology with the hope of building an emotional connection with patients. Nvidia has also teamed up with AI leader Microsoft Corp. NASDAQ: MSFT to advance the use of generative AI in healthcare settings. The partnership is intended to accelerate drug discovery and clinical research, similar to Eli Lilly’s use of AI. In addition to the development of pharmaceuticals, the Nvidia and Microsoft healthcare partnership will focus on diagnostic imaging and precision medicine. Finally, Nvidia announced a partnership with GE HealthCare Technologies NASDAQ: GEHC to develop A technologies for ultrasound applications. → Claim Your Complimentary Bitcoin Reward (From Crypto Swap Profits) (Ad) Before you consider NVIDIA, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and NVIDIA wasn't on the list. 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The Guardian view on rising poverty levels: political attacks on the poor have produced penury | Editorial 2024-03-24 17:30:00+00:00 - Poverty is a political choice – one that Conservative governments have much to answer for. Since 2010, Tory administrations have chosen to have a significant percentage of our population impoverished, including, especially, our country’s children. The Child Poverty Action Group’s analysis of official data last week showed that a third of those between infancy and adulthood – 4.3 million children – were in relative poverty, up from 3.6 million in 2010-11. Even by the government’s preferred measure, absolute poverty, the share of children in penury rose in 2022-23 by its highest rate for 30 years. No principle of economics says such a degree of immiseration should prevail in one of the richest countries in the world. The reason for this extraordinary rise in poverty? The most obvious explanation is the low level of benefits and the restrictions on accessing support. Benefit levels have fallen by 8.8% in real terms since 2012. Cutting back on welfare produces more poverty, not less. There is money. But not specifically for the poor. Ministers tout tax cuts worth £9 a week extra for the average worker, while about 3.7m people struggled to feed themselves last year. The politics of welfare since the 1970s have largely seen the poor bearing the burden of an economic squeeze. Margaret Thatcher’s shift to the current economic model and a politics that saw welfare as part of the problem, not the solution, produced a transformative rise in poverty levels. The Joseph Rowntree Foundation says that since 1997 hardship has trended downwards under Labour – though not substantially enough to slash stubbornly high levels of deprivation in Britain – and upwards under the Tories. Building a new consensus around welfare will be essential for Britain to reduce its harmful levels of inequality, increase national wellbeing and utilise unused labour resources. Conservative party politics currently determines what benefit levels ought to achieve or prevent. The stigmatising of claimants as “scroungers” living at taxpayers’ expense fuels hatred while failing to accept genuine struggle. The Tory welfare secretary’s jibe that many of those who are unemployed because of mental illness may be “convincing themselves” that they are sick to dodge work was such a vilification. MPs on the work and pensions select committee noted last week that “while there is an objective that benefits should incentivise work, there is not an explicit objective as to how benefits will support claimants with daily living costs”. The thought that hardship plays a role in getting the poor to work must be weighed against the demoralisation and despair it causes. If the government does not meet such objectives, MPs said, then ministers should set out how they intend “to reach them alongside annual uprating, for example, by ratcheting up benefit levels”. Politicians have a social contract with voters. Holding them accountable for a failure to bring down poverty is a good idea. Labour claims that it will embrace a new economic settlement to replace a failing one. Yet the party would keep the Tories’ controversial two-child benefit cap – which has been an engine of destitution in Britain. Labour’s poll lead ought to embolden the party to argue that the political consensus must change rather than just be managed. It is not enough to ask the rhetorical question: “How do people cope?” The answer is that they can’t. Britain needs a politics big enough to admit that – and do something about it beyond burying the knowledge in a war of words.

As Trump's $454 million fraud judgment deadline looms, son Eric gripes 'they want to bankrupt him' 2024-03-24 17:26:00+00:00 - Former U.S. President Donald Trump speaks to the media after voting at a polling station setup in the Morton and Barbara Mandel Recreation Center on March 19, 2024, in Palm Beach, Florida. Donald Trump faces the severe risk that New York's attorney general will begin trying to collect a $454 million civil business fraud judgment against him on Monday unless an appeals court gives the former president a last-minute reprieve. Trump's son Eric, a co-defendant in the fraud case, accused Attorney General Letitia James on Sunday of trying to bankrupt his father with the judgment. Donald Trump's lawyers have said he is unable to pay for an appeal bond that would prevent the AG from collecting the judgment as he seeks to overturn the fraud verdict — and James told an appeals court last week that it should reject his request to pause the judgment from taking effect. "They're trying to deprive him of his cash, they want to bankrupt him, they want to hurt him so badly," Eric Trump told Fox News in an interview. "And it's going to backfire, because he's going to win this in November, and everybody in this country universally knows exactly what these people are doing," Eric said. Eric also said, "No one's ever seen a bond this size." "Every single person when I came to them saying 'Hey, can I get a half-billion dollar bond?' ... [T]hey were laughing. They were laughing," Eric said. Eric's complaint came days after news that James's office had registered the massive fraud judgment with the Westchester County, New York, county clerk's office. Registration is required if James is to move to seize Trump's golf course and Seven Springs estate in that county to partially satisfy the judgment. Donald Trump, the presumptive Republican presidential nominee, Eric, and his other adult son, Donald Trump Jr., were found liable for fraud at the Trump Organization along with the company itself and two executives after a trial in Manhattan Supreme Court. James's office was the plaintiff in the case. Last month, Judge Arthur Engoron found that the defendants had fraudulently inflated the stated value of Trump's assets to increase his purported net worth and obtain more favorable loan terms for Trump Organization properties. Donald Trump Jr. and Eric Trump have run their father's company since he was elected president in 2016.

'There's going to be a problem': House Republicans ramp up pressure campaign on Speaker Johnson after budget saga 2024-03-24 17:19:00+00:00 - House Freedom Caucus member U.S. Representative Chip Roy (R-TX) speaks during a press conference regarding federal government spending on Capitol Hill in Washington, September 12, 2023. After six months of budget deadlocks, stopgap funding measures and near-miss government shutdowns, Congress finalized the remaining parts of a permanent spending package for the rest of the fiscal year this weekend. Before House Speaker Mike Johnson, R-La., can exhale, he will have to face the House Republican hardliners of the Freedom Caucus. And they have made it clear that they intend to turn up the heat on the Speaker's next uphill funding battle: Ukraine. "I can promise you, if you put a Ukraine bill on the floor and you haven't secured the border, there's going to be a problem within the ranks and on Capitol Hill," said Freedom Caucus member Rep. Chip Roy, R-Tx., on CNN's "State of the Union" on Sunday. Johnson is already in hot water with the Freedom Caucus for his concessions to pass the budget bill and avert a government shutdown. "I think Speaker Johnson — I've been public about this — made a mistake," said Roy. "I don't think this bill was reflective of what the American people want." Roy joins a chorus of Republican hardliners who opposed the budget bill as it was being passed through the chambers of Congress over the past several days. Moments after the House voted to pass the budget bill on Friday morning, hardliner Rep. Marjorie Taylor Greene, R-Ga., filed a motion to oust Johnson from his post. Johnson made several last-minute moves in order to pass the budget bill before funding ran out on Friday at midnight, after which a partial government shutdown would take effect. For example, he disobeyed the House's 72-hour review rule, which requires a 72-hour window after the legislative text is released and before voting so that lawmakers can review the proposals. He also used an expedited voting procedure that requires two-thirds of votes in favor rather than a simple majority, which meant he would have to seek Democratic support to pass the legislation. "We have famously the smallest majority in U.S. history," Johnson said Thursday on CNBC's "Squawk Box." "So yeah, by necessity, you have to get both parties to agree to a lot of this." Compromising with Democrats was one of the central grievances that led to former House Speaker Kevin McCarthy's ouster from his post. He became the first Speaker to be forcibly removed. McCarthy's fate has been a specter looming over Johnson's speakership as he tries to balance the interests of the hardline conservatives who elected him while compromising enough to keep the government running. With the budget finally agreed upon, the Ukraine funding decision will be more challenging for Johnson to dodge. Congress has continued to punt Ukraine funding, which has been depleted for months. The House is currently sitting on a $95 billion spending proposal to provide aid to Ukraine and Israel, along with other war-torn regions, which the Senate passed in February. But Republicans like Roy oppose sustained aid for Ukraine's ongoing war with Russia: "Not one dollar should go to the Ukraine funding — not one dollar — if the border of the United States is wide open." The border has become a top voting issue in the 2024 election, mainly after Republicans tanked a spending package that would have provided $20 billion in border funding. Former President Donald Trump fueled Republican dissent, reportedly telling Republicans to oppose the package so as not to deliver Democrats a border victory during this election year.

For Once, the British Tabloids Held Back. It Didn’t Make a Difference. 2024-03-24 17:17:58.192000+00:00 - Days before Catherine, Princess of Wales, ended the wild speculation over her absence from public life by revealing that she is battling cancer, a top royal journalist appeared on British national television and delivered a stark message to the media: Knock it off. “I think everyone just needs to give her a little bit of space,” Roya Nikkhah, royal editor of The Sunday Times of London, said on “Good Morning Britain.” “This is a woman who’s been in the public eye since she was in her early 20s, and she’s barely put her foot wrong. I think we should all lay off a little bit.” The idea of an editor at a Rupert Murdoch-owned publication scolding other journalists for nosiness may strike some as a bit rich. After all, London newspapers pioneered the celebri-fication of the House of Windsor, famously hounding the previous Princess of Wales, Diana, and exposing the most microscopic details of her and her children’s private lives. In the case of Catherine’s recent whereabouts, however, the British press largely showed an unusual level of restraint.

Chinese EV battery maker in talks to invest £1bn in new UK gigafactory 2024-03-24 16:58:00+00:00 - A Chinese manufacturer of electric vehicle batteries is in talks to invest more than £1bn to build a giant new factory on the outskirts of Coventry. EVE Energy, which says it employs 28,000 staff worldwide, is understood to be in talks to construct a 5.7m sq ft gigafactory, which will form one of the main parts of the planned UK Centre for Electrification, an investment zone in the West Midlands. Sources with knowledge of the talks confirmed EVE’s interest in the project, which could create up to 6,000 jobs in partnership with local councils and Coventry airport, where the plant will be located. The Chinese company is thought to be considering committing an initial £1.2bn to the project, according to the Sunday Times, which first reported the discussions. Subsequent phases of the works are expected to expand the site, which would make it almost twice the size of Nissan’s electric battery factory in Sunderland. Last year, Tata Group, the owner of Jaguar Land Rover, also made a £4bn pledge to build an electric car battery gigafactory in Britain. The plant, to be sited in Somerset, will bring 4,000 new jobs to the area. The West Midlands is home to a number of carmaking facilities – including ones run by Jaguar Land Rover, Aston Martin Lagonda and BMW – as well as the UK’s largest battery research centre, the UK Battery Industrialisation Centre. The Coventry gigafactory plan could attract total private funding of up to £2bn, but any investment is likely to be contingent on hundreds of millions of pounds of UK subsidies. News of a potential investor comes five months after the West Midlands Gigafactory project said in October 2023 that it was “in advanced discussions with several leading Asian battery manufacturers about future investment at the Coventry site”. A spokesperson for the project said: “Based in Coventry, West Midlands Gigafactory is the only available site in the UK that sits within an investment zone and has planning permission for a large-scale battery manufacturing facility. We are in discussions with a number of global battery manufacturers, but these remain confidential.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion A government spokesperson added: “We are determined to ensure the UK remains one of the best locations in the world for automotive manufacturing as we transition to electric vehicles, while ensuring taxpayer money is used responsibly and provides best value. We do not comment on speculation or the commercial affairs of private companies.” EVE Energy did not respond to efforts to contact the company for comment.

‘Ghostbusters: Frozen Empire’ is No. 1 with $45.2M, Sydney Sweeney’s ‘Immaculate’ lands in fourth 2024-03-24 16:13:22+00:00 - NEW YORK (AP) — Ghost busting is still a good business. “Ghostbusters: Frozen Empire” collected $45.2 million in ticket sales over the weekend, according to studio estimates Sunday, handing Sony Pictures the studio’s first No. 1 film since last summer. The opening weekend for “Frozen Empire,” in 4,345 theaters, was nearly exactly the same as the $44 million launch for “Ghostbusters: Afterlife” in 2021. “Afterlife” rebooted the franchise with a sequel built around the descendants (Carrie Coon, Finn Wolfhard, Mckenna Grace) of Harold Ramis’ Egon Spengler, along with Paul Rudd’s seismologist Gary Grooberson. Neither film has been a hit with critics, but audiences have been more receptive. “Frozen Empire” garnered a B+ CinemaScore from moviegoers, a tick down from the A- score for “Afterlife.” “Frozen Empire” isn’t assured of profitability, but it will hope for sustained business over spring break. “Ghostbusters” films tend to make a low impact internationally. In 25 overseas markets, “Frozen Empire” added $16.4 million. The latest “Ghostbusters” cost about $100 million to make. After Jason Reitman took over directing duties from his father, Ivan Reitman, to helm “Ghostbusters: Afterlife,” “Frozen Empire” is directed by Gil Kenan, co-writer of “Afterlife.” Those two sequels took “Ghostbusters” in a more family-oriented, albeit PG-13 rated, direction, with original cast members Dan Aykroyd, Ernie Hudson and Bill Murray returning in supporting roles. After the 2016 female-led “Ghostbusters” prompted a backlash, Sony rebooted the franchise. The weekend’s other new wide release was “Immaculate,” the horror film starring Sydney Sweeney as an American nun at a remote Italian convent. The film, released by Neon following a premiere at SXSW, debuted with $5.4 million on 2,354 screens. Sweeney’s ascending star power helped make “Anyone But You” one of the most successful rom-coms in years. But “Immaculate,” an independent production that cost less than $10 million make, isn’t getting the same bounce. “The movie features the popular Sydney Sweeney, but horror movies are not cast-driven,” wrote David A. Gross for the consulting firm Franchise Entertainment Research. “They’re driven by the hook: the evil doll, the wicked smile, the invisible or silent presence, the found footage, the possessed child. That’s what terrifies the horror crowd. The hook is not completely clear here.” The No. 2 spot went to “Dune: Part Two,” which continues to hold well. The Denis Villeneuve-directed sci-fi sequel starring Timothée Chalamet added $17.6 million in its fourth weekend of release, bringing the Warner Bros. release’s domestic total to $233.4 million. Overseas sales are just as strong, adding up to a $574.4 million worldwide haul. After two weeks atop the box office, Universal’s “Kung Fu Panda 4” slid to third place with $16.8 million over its third weekend. The well-performing DreamWorks animated sequel is up to $133.2 million domestic. It debuted with $25.7 million in China, where the movies have historically been popular. When the 2008 “Kung Fu Panda” was released, its success partly inspired China to expand its own film production. Estimated ticket sales are for Friday through Sunday at U.S. and Canadian theaters, according to Comscore. Final domestic figures will be released Monday. 1. “Ghostbusters: Frozen Empire,” $45.2 million. 2. “Dune: Part Two,” $17.6 million. 3. “Kung Fu Panda 4,” $16.8 million. 4. “Immaculate,” $5.4 million. 5. “Arthur the King,” $4.4 million. 6. “Late Night With the Devil,” $2.8 million. 7. “Imaginary,” $2.8 million. 8. “Love Lies Bleeding,” $1.6 million. 9. “Cabrini,” $1.4 million. 10. “Bob Marley: One Love,” $1.1 million. ___ Follow AP Film Writer Jake Coyle on Twitter at: http://twitter.com/jakecoyleAP