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JLL completes six leases at Tower 45 in Midtown Manhattan

JLL has completed six leases for a total of 39,471 square feet of space at Tower 45, located at 120 West 45th Street in Manhattan, on behalf of owner Kamber Management Company. The Dearie Law Firm leased the entire 13,969 square feet 16th floor for 10 years, and Lipsky Goodkin... The post JLL completes six leases at Tower 45 in Midtown Manhattan appeared first on Real Estate Weekly. JLL has completed six leases for a total of 39,471 square feet of space at Tower 45, located at 120 West 45th Street in Manhattan, on behalf of owner Kamber Management Company. The Dearie Law Firm leased the entire 13,969 square feet 16th floor for 10 years, and Lipsky Goodkin & Co., P.C. signed a 10-year renewal for 10,093 square feet across the entire seventh floor. Also at Tower 45, Critical Trading, LLC renewed its lease of 2,674 square feet on the second floor for five years; The McPherson Firm, PC renewed for three years with 4,750 square feet on the partial 28th floor; Berg & Androphy renewed for 3,084 square feet for 18 months for the partial 38th floor; and Stan Johnson Company leased 4,901 square feet on the 26th floor for five years. JLL was selected as exclusive leasing agent for Tower 45 by Kamber Management Company in December 2019. The JLL professionals representing the owner include Paul N. Glickman, vice chairman; Diana Biasotti, senior vice president; Kyle Young and Kip Orban, vice presidents; and Kate Roush, associate. Tenants Critical Trading, LLC and The McPherson Firm, PC, were represented in-house. The Dearie Law Firm was represented by Gary Ceder, managing director with Cushman & Wakefield; Lipsky Goodkin & Co. was represented by Savills executive managing directors Erik Schmall and Scott Weiss; Berg & Androphy was represented by Arash Sadighi, co-founder of Venture Capital; and Stan Johnson Company was represented by Gregory Albert, assistant director with Savills. The Class-A, 458,446-square-foot office tower is undergoing a multimillion-dollar capital improvementprogram to create a dynamic contemporary destination. The improvement program includes a thoroughrejuvenation of the lobby and atrium, and the addition of a new amenity center focused around addressing tenant health and wellness. The lobby renovations were designed by Pei Cobb Freed &Partners and the amenity center is being designed by MKDA New York. Construction has already begunon the amenity center and atrium and Kamber is finalizing construction on the lobby renovation project. The 40-story building was designed by Swanke Hayden Connell Architects and constructed in 1988. Thebuilding features AtmosAir, the world-class air purification system, along with a tenant-controlledcooling system for individual rooms, state-of-the-art security management and expertly trainedprofessionals. “Kamber Management Company is forward-thinking property owner that has positioned this building tosupport tenants in employee attraction and retention,” said Young. “The leasing momentum in theproperty confirms that tenants are responding to high-quality spaces with significant amenity packages.” “The new amenity center at Tower 45 is designed to offer safe, private areas for calls, meetings and reflection,” said Biasotti. “The building prioritizes tenant health while offering easy access to neighborhood amenities such as restaurants, shops and entertainment.” Steven Levy, President of Kamber Management Company commented, “We have new art and sculpturecoming to the Atrium and Lobby this spring to enhance our tenants’ experience and the overall beauty ofthe entrance. Our flexible, efficient floor plates with plenty of light and the cleanest air, provide creative space solutions for a better, healthier workplace. The entire Kamber team is excited to offer our tenantsthe best in New York City work environments.” JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the mostrecognized industry experts offering brokerage, capital markets, property/facilities management,consulting, and project and development services. The post JLL completes six leases at Tower 45 in Midtown Manhattan appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly1 hr. 40 min. ago Related News

Gaia Real Estate Announces Full Exit Of Copperfield Portfolio

Gaia Real Estate announced today that it has fully exited its investment in the Copperfield Portfolio in Houston, TX. The 5-property portfolio, consisting of 1,376 multifamily units, was acquired in 2015 due to favorable long-term fundamentals and strong potential in the Northwest Houston market. The total Sunbelt dispositions to date,... The post Gaia Real Estate Announces Full Exit Of Copperfield Portfolio appeared first on Real Estate Weekly. Gaia Real Estate announced today that it has fully exited its investment in the Copperfield Portfolio in Houston, TX. The 5-property portfolio, consisting of 1,376 multifamily units, was acquired in 2015 due to favorable long-term fundamentals and strong potential in the Northwest Houston market. The total Sunbelt dispositions to date, which included 50 garden-style properties encompassing 14,729 units has generated consideration in excess of $1.5 billion. “We are pleased to have successfully executed our business plan for the Copperfield Portfolio and proud to have delivered significant value to our investors,” said Danny Fishman, CEO of Gaia Real Estate. “With this sale we have completed our strategy to exit most of what we think are overpriced Sunbelt markets and plan to redeploy capital into New York City metro properties and elsewhere where we can realize higher returns. We believe selling class B apartments at cap rates of 3%, even with added value, maximized our financial potential. We saw, and see in NYC, potential to deploy capital at much higher returns, even with the risks in the city that we are aware of.“ Gaia executed a capital improvement plan throughout the Copperfield Portfolio that oversaw the upgrade of clubhouses and other amenities spaces including swimming pools, state-of-the- art fitness centers, controlled access gates, laundry facilities, and children’s playgrounds. Select units were upgraded with stainless steel appliances, wood flooring, granite-style countertops, and new cabinets. The Copperfield Portfolio is located primarily within the 2,000-acre Copperfield Master-Planned Community in Northwest Houston and sits within the Cypress-Fairbanks School District, which is considered one the of the top school systems in the metropolitan area. The property surrounds a booming industry corridor where many world-renowned corporations in energy, healthcare, engineering, and chemicals are headquartered. The post Gaia Real Estate Announces Full Exit Of Copperfield Portfolio appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly1 hr. 40 min. ago Related News

Rickards: "We Are On The Precipice"

Rickards: "We Are On The Precipice" Authored by James Rickards via DailyReckoning.com, I don’t believe many people grasp the enormity of the global food crisis we’ll be facing in the months ahead. But the world could be on the verge of a massive humanitarian crisis. Let’s dive in… The supply chain collapse preceded the war in Ukraine, but the war has only intensified the problems. You can see it with your own eyes when you walk into a supermarket and find long stretches of empty shelves in stores that used to be chock-full of food and other merchandise. Even goods that are available such as gasoline are being sold at much higher prices. Prices for gasoline (and diesel, which is critical for goods transportation) have more than doubled in the past nine months. All of this is clear. The question is will it get worse from here? Unfortunately, the answer is yes. Bob Unanue is the CEO of Goya Foods, which is one of the largest food distributors in the world. Few people are better positioned to assess the global food situation than Unanue, who deals with raw food deliveries on the one hand and retail customers on the other. Unanue is now warning, “We are on the precipice of a global food crisis.” Other experts are quoted making a similar point. That’s not hyperbole or fearmongering, but a serious analysis. Here’s why… 29% of All Wheat Exports in Jeopardy In the Northern Hemisphere, the planting season for 2022 is well underway. Crops were planted (or not) in March and April. Based on that, you can already form estimates of output next September and October during the harvest season (subject to some variability based on weather and other factors). Plantings have been far below normal in 2022, either due to a lack of fertilizer or to much higher costs for fertilizer where farmers simply chose to plant less. This predictable shortage is in addition to the much greater shortages due to the fact that Russian output is sanctioned and Ukrainian output is nonexistent because it’s at war. Russia and Ukraine together account for 29% of global wheat and 19% of global corn exports. Russia and Ukraine together produce 29% of all the wheat exports in the world. That doesn’t mean they grow 29% of the wheat in the world. It means they grow 29% of the wheat exports. The U.S., Australia, Canada and others grow a lot of wheat but consume most of it themselves. They export relatively little. Importantly, they don’t simply eat it. They feed it to their farm animals. People don’t often make the connection between grain and animal products, but it’s critical. Many countries get 70–100% of their grains from either Russia or Ukraine or both. Lebanon gets 100%. Egypt is over 70%. Kenya, Sudan, Somalia, many central African countries and Jordan and other Middle Eastern countries receive much of their grain from Russia or Ukraine. No Planting, No Crops But it’s worse than that because not only are many Ukrainian exports shut down now, but the planting season is nearly over. And you’re not going to get any grain in October if you didn’t plant it in April or May. And they didn’t for obvious reasons. What that means is you project ahead to October, November, December of this year, those countries I mentioned are not going to be able to get their grain supplies. There simply aren’t going to be any, or they’ll be greatly reduced. The combined population of countries that get between 70% and 100% of their imports from Russia or Ukraine is 700 million people. That’s 10% of the global population. So you’re looking at mass starvation. You’re looking at a humanitarian crisis of unprecedented proportions, probably the worst since the Black Death of the 14th century. That’s coming down the road, even if most people can’t see it coming or fully fathom the depths of the coming crisis. In short, we know enough now to predict much higher prices, empty shelves and, in some cases, mass starvation in the fourth quarter of this year and beyond. Beyond the humanitarian aspect of the coming food shortages, there are also potentially serious social and geopolitical ramifications. Another Arab Spring? You remember the “Arab Spring” starting in 2010. It started in Tunisia and spread from there. Well, it was triggered by a food crisis. There was a shortage of wheat, which triggered the protests. There were underlying problems in these societies, but a food crisis was the catalyst for the protests. Now, many poorer countries in the Middle East and Africa are facing a much greater crisis as the impact of shortages manifests itself later this year and into next year. Will we see even more social unrest than in 2011? It’s very possible, and it could be even more destabilizing than the Arab Spring. We could also see waves of mass migration from Africa and the Middle East as desperate and hungry people flee their homelands. Europe endured a wave of mass immigration in 2015. Many migrants were attempting to flee the war in Syria, but there were great amounts of people who weren’t affected by the war. They were just seeking better lives in the welfare states of Europe. Mass starvation could trigger an even greater migration, which would present Europe with enormous challenges. The United States could also witness another wave of migration at the southern border, which is currently being inundated by migrants. A global food crisis could send the numbers spiraling to uncontrollable limits. What if the War Drags On? And what if the war in Ukraine drags on well into next year? Next year’s growing season would also be disrupted and the shortages could extend into late 2023 and beyond. Well, maybe some would argue that other nations could pick up the slack and grow additional grain. That’s nice in theory, but it’s not that simple. Russia is the largest exporter of fertilizer, and sanctions are cutting off supplies. Many farmers cannot get fertilizer at all, and those who can are paying between twice and three times last year’s price. That means that crops actually produced will have much higher prices because of the higher price of inputs such as fertilizer, and the higher transportation costs due to higher prices for diesel and gasoline. Like I said earlier, we’re looking at a humanitarian crisis of unprecedented proportions, probably the worst since the black death of the 14th century. And we’re not prepared to handle it. Tyler Durden Thu, 05/19/2022 - 21:20.....»»

Category: dealsSource: nyt2 hr. 9 min. ago Related News

68% Of CEOs Say Fed Policy Is About To Trigger A Recession

68% Of CEOs Say Fed Policy Is About To Trigger A Recession No matter how many Tom Lees and Marko Kolanovics CNBC wants to roll out to try and play things off like everything is fine, most CEOs - who spend their time in the real world instead of "analyzing" it - are bracing for a recession.  In fact, "CEO confidence has tumbled to the weakest level since the beginning of the Covid-19 pandemic", a new report from CNN, citing The Conference Board, said this week. CEO confidence is now negative for the first time during the economic expansion, the report notes. The C suite is bracing for a turndown as a result of Fed policy, the report notes.  68% of CEOs expect that Fed policy is going to trigger a recession, according to a survey fielded between April 25 and May 9 which looked at the responses of 133 CEOs. Despite this, only 11% of these CEOs are predicting a "hard landing". Most CEOs said they expect a "very short, mild" recession. We'll make sure to keep an eye on this figure as we progress further into 2022, especially if the Fed decides to hold course.  Dana Peterson, The Conference Board's chief economist, said: "Businesses are being challenged on so many fronts right now and CEOs have elevated expectations of a recession." 61% of CEOs surveyed also said that economic conditions have worsened over the last 6 months. This compares to 35% who said the same in Q1. Only 14% of CEOs said they see "improving economic conditions".  Mike Sommers, CEO of the American Petroleum Institute, commented: "Recessionary-concerns are real." He added that recessions often follow interest rate hikes.  Despite this, there are some "economists" who continue to argue that recession isn't necessarily imminent. RSM chief economist Joe Brusuelas concluded: "Concerns about an immoderate near term recession are generally overblown. The Fed is attempting to thread the needle while wearing boxing gloves and a mouth guard which reduces its degrees of freedom to act without causing damage to the real economy." Tyler Durden Thu, 05/19/2022 - 21:40.....»»

Category: dealsSource: nyt2 hr. 9 min. ago Related News

U.S. Leisure Travel Is Back at Pre-Pandemic Levels for the First Time

People are heading off on vacation, despite a surge in cases and higher airfares globally US consumers are spending less on products and more on experiences — a trend that could ease supply snags and inflationary pressures, and help the travel industry this summer. For the first time since COVID halted movement around the world, leisure travel has returned to 2019 levels, according to a report released by the Mastercard Economics Institute. People are feeling more comfortable heading off to far flung adventures, despite a surge in cases and average airfares jumping 18% globally since the start of the year. “If flight bookings continue at their current pace, an estimated 1.5 billion more passengers globally will fly in 2022 compared to last year,” the report said, “with Europe seeing the biggest increase — about 550 million.” [time-brightcove not-tgx=”true”] Read More: What to Do If You Test Positive for COVID-19 While Traveling Short and medium-haul flights are up 25% and 27% in April over the same period in 2019. Long-haul trips, which started the year 75% below pre-pandemic levels, rebounded to just 7% below 2019 by the end of April. Passenger rail is similarly close, with buses back to where they were. Spending on cruises started the year 75% off the 2019 peak and are now just 10% shy of a full recovery. Pent-up demand for experiences appears to be driving the wanderlust with tourist spending on nightclubs and bars up 72% above 2019 levels, restaurants up 31%, and other recreational activities like museum, concerts and amusement parks up 35%, according to the report. By comparison, tourist spending is down for retail goods like clothes and cosmetics. The report found the most popular international destination in March for travelers leaving North America was Mexico, and departing Europe, Middle East and Africa, was the UK. The US tops the list for those traveling from Latin America, the Caribbean, and the Asia-Pacific regions......»»

Category: topSource: time2 hr. 40 min. ago Related News

Japan Probably Needs To Move To The Pro-China Camp

Japan Probably Needs To Move To The Pro-China Camp By Russell Clark of the Capital Flows and Asset Markets Substack Japan has benefited massively from the free trade world that the US conjured into existence 40 years ago. Japanese industry and particularly its auto industry benefited hugely from access to the US auto market. For this reason, I expected US new car CPI moved higher (car prices rising after years of stagnation) that this would be Yen bullish. Instead the Yen has weakened considerably. From a macro and micro perspective, the idea of a stronger Yen with surging automobile prices makes sense. However, from a political point of view, I think this is probably wrong. Japan has for many years had a huge imbalance in auto markets with the US. Nissan, Toyota and Honda all have huge operations in the US, but you barely see a US auto brand in Japan. In a competitive democracy like the US, how could politicians possibly be elected pushing policies that expose domestic labour to foreign competition? I suspect after the inflationary 70s, politically there seems to me to be a coalition of consumers who wished to see inflation tamed, as well as business and capital owners that wanted to see union power crushed. Allowing first Japanese, and then other producers destroy the unionized US auto makers was a political win. That is the Japanese automakers were the spear tip of a policy to destroy US unions. However, the rise of “populism” everywhere in the West has shown is that the electorate has tired of “pro-capital” policies. For someone my age, pro-capital policies, or Washington Consensus policies were implemented by governments of all stripes, regardless of any political promises that were made. And I learned to ignore politics when investing, but 2016 I think has changed that calculation. Perhaps the best graph I can find to show the political change manifesting in real world change is US tax collections from Customs (ie tariffs). This is still a small number, but the political implications are huge. The US now cares when its imports come from, after decades of not caring, and will use tariffs to achieve political ends. Why is this a negative for Japan? Well of the three big economic blocs, Japan only runs a trade surplus with the US. At what point do political calculations, lets say for Candidate Trump, move to the idea of supporting US unionised workers in electorally competitive North East? As this map of unionisation in the US shows, unions members are more prevalent in the north east and California. Republicans candidates running on socially conservative issues, while protecting US businesses from foreign competition looks like an election winner to me, as it has been in the UK. On this analysis, Japan has real problem. The market it generates its trade surplus with looks to be changing politically. The current economic policy of weak yen and export lead growth looks to be an economic and politically dead end to me. The question is whether Japan will change policies? The biggest possible change they could embrace would be to come to a détente with China. The biggest sign that such a change was in the offing would be Japan beginning to build up gold reserves instead of treasuries, as this would allow them to facilitate trade with China, while avoiding any possible US sanctions. Maybe the small increase in gold holdings in Japan are a sign of this change? Japan is often considered Western, but culturally it is much closer to China than the US. The US/Japan military and economic alliance made Japan Western. If the US is unable to defend the Asia Pacific, which is increasingly likely, and US politics is turning against free trade, Japan is going to have to come to an “understanding” with China. If Japan builds gold reserves instead of treasuries, the financial effects will be profound. Tyler Durden Thu, 05/19/2022 - 20:00.....»»

Category: dealsSource: nyt2 hr. 56 min. ago Related News

Biden"s Big Lie: "Green" Energy Doesn"t Save Money, It"s 4-6 Times More-Expensive

Biden's Big Lie: 'Green' Energy Doesn't Save Money, It's 4-6 Times More-Expensive Op-Ed authored by Stephen Moore via The Epoch Times, President Joe Biden keeps claiming that wind and solar energy are going to save money for consumers. But more government subsidies to “renewable energy” is a key feature of the White House anti-inflation strategy recently announced by Biden. U.S. Representative Alexandria Ocasio-Cortez (D-N.Y.) and U.S. Senator Ed Markey (D-Mass.) (R) speak during a press conference to announce Green New Deal legislation to promote clean energy programs outside the U.S. Capitol in Washington, D.C., on Feb. 7, 2019. (Saul Loeb/AFP via Getty Images) He probably got that idea from John Kerry, the administration’s climate czar, who recently claimed that “solar and wind are less expensive than coal or oil or gas.” Pete Buttigieg, the Biden Transportation secretary, makes the same claims about the thousands of dollars that motorists can save if they buy electric cars. This couldn’t be more wrong. Proponents of “green” energy boondoggles are often masters at playing with the numbers, because that is the only way that wind and solar electricity generation make any sense. Advocates such as Kerry love to focus on the low operating costs of solar and wind since they don’t require constant purchases of fuel. Ignoring the relatively short lifespan of solar and wind components, as well as the high initial investment, can make it appear as though solar and wind operate at lower costs than fossil fuels or nuclear power. Let’s get the facts straight. The cost isn’t just what you pay at the retail level for gas or power. It also includes the taxes you pay to subsidize the power. A 2017 study by the Department of Energy found that for every dollar of government subsidy per BTU unit of energy produced from fossil fuels, wind and solar get at least $10. That’s anything but a money saver. The reason the subsidies are so high is that solar and wind have additional costs compared to their more reliable competition. “Green” energy sources are non-dispatchable, meaning their output can’t be changed to match demand. The wind doesn’t blow harder, and the sun doesn’t shine brighter, just because electricity use is peaking. Conversely, fossil fuel entities—such as a coal plant—can ramp up generation when we need it most and ramp down when demand falls. Widespread adoption of solar and wind generation would necessitate expensive batteries on a large scale to ensure that people still have power when the wind stops blowing or when the sun stops shining—like it does every single night. So, unlike reliable and flexible natural gas, solar and wind require large-scale storage solutions: massive banks of batteries that are hardly environmentally friendly but are also extremely expensive. And since batteries don’t last forever, they add to both the initial expense and maintenance costs during the life of a solar or wind energy generating station. The same problem exists with electric cars. The sticker price on EVs is considerably higher than for conventional gas-operated cars, and the so-called savings over time assume that the electric power for recharging is free. But it isn’t and power costs are rising almost as fast as gas prices. Factors such as these are consistently ignored by Kerry and other “green” energy activists. To genuinely evaluate dissimilar energy sources and provide an apples-to-apples comparison, the U.S. Energy Information Administration uses the Levelized Cost of Energy (LCOE) and the Levelized Cost of Storage (LCOS). These measures consider the initial costs, the lifespan of generation and storage systems, maintenance and fuel costs, decommissioning expenses, subsidies, etc., and compare that to how much electricity is produced over a power plant’s lifetime. The numbers don’t lie: “green” energy is a complete waste of resources. The LCOE and LCOS for solar and on-shore wind farms are four times as expensive as natural gas. But offshore wind takes the cake—it’s six times as expensive as natural gas. Imagine paying four to six times as much every month for the same electricity! That’s the green paradise world that the Biden administration wants for America. Yet, it’s even worse than that because electric power costs greatly affect the cost of producing nearly everything else. In the case of producing aluminum, for example, a third of the total production cost is electricity alone. Imagine what quadrupling electricity prices would do to the prices of all the goods and services that people buy. If you think inflation is bad now, just wait until the nation is dependent on wind and solar—then you’ll see REAL price increases. And despite official government data contradicting their own claims, the Biden administration—including Kerry—continues spouting simple untruths on wind and solar. They hope that no one will check their fantastic facts. To the left, wanting it to be true, makes it true. All the while, the middle class is being crushed by $4-a-gallon gasoline and businesses everywhere are buckling under $5-per-gallon diesel. The Wall Street Journal warns that electric power blackouts could be coming because of overreliance on wind and solar power. At some point, if this push for green energy continues, the whole nation will start to look like California, where gas is $6 a gallon, the lights go out, and electric cars are stranded because of rolling blackouts.  If that’s our “green” future, then Americans should want nothing to do with it. Stephen Moore is a distinguished fellow in economics at the Heritage Foundation, and E.J. Antoni is a research fellow in Heritage’s Center for Data Analysis. Moore is a co-founder of the Committee to Unleash Prosperity, where Antoni is a senior fellow. Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times or Zero Hedge. Tyler Durden Thu, 05/19/2022 - 20:40.....»»

Category: dealsSource: nyt2 hr. 56 min. ago Related News

: Massive paydays for tech CEOs could face investors’ wrath

Shareholders in some of the world’s biggest tech companies will vote next week on top executives’ compensation, as influential advisory services urge them to fight the massive paydays......»»

Category: topSource: marketwatch2 hr. 57 min. ago Related News

Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway

 Columbia Property Trust announced today that it has signed a lease with Wellington Management for four full floors at 799 Broadway, its newly completed ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. One of the world’s largest independent investment management firms, Wellington manages over US$1.3 trillion for clients... The post Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway appeared first on Real Estate Weekly.  Columbia Property Trust announced today that it has signed a lease with Wellington Management for four full floors at 799 Broadway, its newly completed ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. One of the world’s largest independent investment management firms, Wellington manages over US$1.3 trillion for clients in more than 60 countries. Under the 16.5-year lease, Wellington will become the largest occupant at 799 Broadway, with 71,000 square feet of office space across four full floors in the 182,000-square foot building. Wellington’s new office, the first New York location for the Boston-based firm, will feature 15-foot ceiling heights, five private terraces totaling 7,600 square feet, and floor-to-ceiling windows with views of Greenwich Village, Union Square, and the steeple of Grace Church. Wellington is the fourth prominent firm to commit to 799 Broadway. Just before the end of 2021, leading investment firm Bain Capital Ventures signed a full-floor, 9,000-square-foot lease, and national mortgage lending and servicing organization New Residential Investment Corporation signed a two-floor, 25,000-square-foot lease. An undisclosed tenant took two additional floors in January. Columbia has now signed leases for nine of the 12 floors at 799 Broadway and is currently marketing one full floor; one high-end, 9,300-square-foot pre-built suite; and 18,000 square feet of some of the most desirable retail space in Midtown South. “We are very pleased to welcome Wellington Management to 799 Broadway,” said Dave Cheikin, Executive Vice President – East Coast for Columbia. “We built 799 Broadway to provide the highly attractive environment necessary to enable high-growth, forward-leaning companies, like Wellington, to engage and motivate superior talent in today’s environment.” “We are excited to expand our North American footprint by committing to 799 Broadway as an investment in our future of work,” said Ed Steinborn, Chief Financial Officer, Wellington Management. “We take pride in creating magnetic office space for our employees and believe 799 Broadway’s state-of-the-art facility will offer both New York-based and global employees an accessible, sustainable office space for colleagues to connect and collaborate in. New York remains a hub for talented, diverse financial professionals, and we look forward to continuing to support the growth of Wellington’s strategic initiatives by expanding in New York City.” Designed specifically to promote talent retention, 799 Broadway sets the standard for sustainable new construction by emphasizing occupant health and wellness. The brand-new, LEED Gold-certified building features state-of-the-art building materials and efficient systems and touchless access throughout. The building’s unique design allows for more than 17,000 square feet of outdoor space, including access to private outdoor terraces on almost every floor and a courtyard garden off the main lobby that will soon feature an original work by Cameroonian artist Moustapha Baidi Oumarou. A luxury fitness center, spa-inspired locker rooms, cellar lounge, and well-appointed bike room will also enhance the workday for occupants. Moreover, with UV light sanitation and bipolar ionization systems installed throughout the building and in elevator cabs, 799 Broadway exceeds the highest standards of indoor air quality and air purification. The building has been designed to meet the rigorous health and wellness criteria of the highly respected WELL Building certification program, which verifies that the building has followed best practices for facility operations and management to reduce the risk of contracting COVID-19 and other viruses. 799 Broadway was also awarded a coveted Fitwel® 2-Star Rating for its incorporation of evidence-based design and operations strategies to support the physical, mental, and social health of occupants. Adding to the attractive wellness benefits, the building provides abundant light with 15’ ceiling heights and floor-to-ceiling glass windows, which offer striking views of Greenwich Village and across Broadway to the Gothic beauty of New York’s historic Grace Church. Columbia continues to entertain strong interest and tour activity for the limited remaining available space at 799 Broadway. Columbia was represented in the negotiations with Wellington by Mitchell Konsker, Benjamin Bass, and Sam Seiler of JLL. Steven Rotter, Randy Abend, Gabrielle Harvey, Brendan Callahan, and Lauren Calandriello of JLL represented Wellington. To learn about the final opportunities available at 799 Broadway, please visit 799broadwaynyc.com. The post Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly3 hr. 42 min. ago Related News

The Residence Club at Rancho la Puerta announces new residence design

The Residences Club at Rancho La Puerta announced today Club Casa – a stunning new home design now being offered at the world’s first wellbeing, co-ownership development, located at the original wellness and spa destination in North America. One of three housing options, Club Casa’s architecture and design integrate environmentally... The post The Residence Club at Rancho la Puerta announces new residence design appeared first on Real Estate Weekly. The Residences Club at Rancho La Puerta announced today Club Casa – a stunning new home design now being offered at the world’s first wellbeing, co-ownership development, located at the original wellness and spa destination in North America. One of three housing options, Club Casa’s architecture and design integrate environmentally friendly local materials and exquisite Mexican craftsmanship. The home exudes both interior and exterior beauty, surrounded by nature and stunning mountainscapes and complements the existing Club Casita and Club Villa designs. “What sets this new residence design apart is its open-air, indoor patio with a gorgeous water fountain,which expands the interior space and allows the home to be drenched in sunlight,” said Alfredo Carvajal, advisor to Grupo Espiritu and developer of The Residences community at Rancho La Puerta. “The new design is an ideal gathering spot for entertaining. These beautiful homes are perfectly positioned in the overall masterplan, affording close proximity to the remarkable array of amenities available in the community and at Rancho La Puerta.” “We are excited to offer a new home type for Club Casa with a new lifestyle option for those wishing tobecome part of our Residence Club and The Residences community,” said Roberto Arjona, CEO of Rancho La Puerta. “This home makes the outdoors central to the living environment. The introduction of more natural lighting, lush greenery and water features throughout the home creates a true sensory living experience in an authentic Mexican-style home.” The new design is a one-story, three-bedroom home with two master bedrooms and three and a half baths within 3,113 square feet. The Residences Club at Rancho La Puerta offers co-ownership home options priced from $188,000 to $416,569. Among the many elegant features offered by the new home are:● A unique open-air, inner patio with water fountain and plants● Large living and dining room area with a fireplace● Spa shower, bathtub and heated bathroom floors● Exclusive outdoor terrace with water fountain, hammock, meditation space, and private pool● Heated and lighted saltwater dipping pool with bench and Jacuzzi● Outdoor kitchen featuring a fire pit, BBQ and terrace glow-lighting ● Eco-friendly and sustainable technology including thermal insulated walls and ceilings, natural lighting, solar domes, double glazed windows, energy-efficient air conditioning, air filtration system, and appliances along with optional photovoltaic energy and solar water heater, electromobility chargers and more● Two complimentary bikes The Residence Club at Rancho La Puerta is being created by Grupo Espiritu, in partnership with Elite Alliance, the industry leader in residence club consulting, luxury hospitality management, vacation rental, and luxury home exchange. As the world’s first wellbeing co-ownership development, the Residence Club is where wellness-inspired vacations, sustainability, community living, and the sharing economy converge harmoniously. It allows homeowners the opportunity to enjoy the benefits of vacation home ownership and luxury resort services at a price that is commensurate with personal use. The Residence Club homes are elegantly furnished and owned by eight like-minded families. Club owners enjoy frequent and flexible use, a host of amenities, services, and Rancho La Puerta privileges including The Ranch Day Pass Program which allows residents to participate in daily Rancho La Puerta activities including morning hikes, art classes, fitness classes, lectures, workshops and more as well as extensive wellness services from Rancho La Puerta available at home. They can bring family members and friends, host unaccompanied guests, or rent their residences. Residence Club owners can also explore more than 120 other destinations as members of the prestigious Elite Alliance exchange program. For more information on Club Casa, The Residence Club at Rancho La Puerta and The Residencescommunity, please visit residencesrancholapuerta.com or call 888.608.0059 or email residences@rancholapuerta.com. The post The Residence Club at Rancho la Puerta announces new residence design appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly4 hr. 8 min. ago Related News

Best Places to Work 2022: Capacity offers employees chance to work from anywhere in the world

Capacity, led by entrepreneur David Karandish, offers its 59 employees the ability to work from anywhere in the world, helping the company land on our Best Places to Work list......»»

Category: topSource: bizjournals4 hr. 27 min. ago Related News

A SpaceX flight attendant said Elon Musk exposed himself and propositioned her for sex, documents show. The company paid $250,000 for her silence.

SpaceX paid a flight attendant $250,000 in severance after she accused Elon Musk of exposing himself and offering to buy her a horse in exchange for a sexual massage. Elon Musk was accused of sexual misconduct by a SpaceX flight attendant.Andrew Kelly/Reuters A flight attendant for SpaceX said Elon Musk asked her to "do more" during a massage, documents show. The billionaire founder exposed his penis to her and offered to buy her a horse, according to claims in a declaration. After she reported the incident to SpaceX, Musk's company paid her $250,000 as part of a severance agreement. SpaceX, the aerospace firm founded by Elon Musk, the world's wealthiest man, paid a flight attendant $250,000 to settle a sexual misconduct claim against Musk in 2018, Insider has learned.The attendant worked as a member of the cabin crew on a contract basis for SpaceX's corporate jet fleet. She accused Musk of exposing his erect penis to her, rubbing her leg without consent, and offering to buy her a horse in exchange for an erotic massage, according to interviews and documents obtained by Insider.The incident, which took place in 2016, is alleged in a declaration signed by a friend of the attendant and prepared in support of her claim. The details in this story are drawn from the declaration as well as other documents, including email correspondence and other records shared with Insider by the friend.According to the declaration, the attendant confided to the friend that after taking the flight attendant job, she was encouraged to get licensed as a masseuse so that she could give Musk massages. It was during one such massage in a private cabin on Musk's Gulfstream G650ER, she told the friend, that Musk propositioned her.After Insider contacted Musk for comment, he emailed to ask for more time to respond and said there is "a lot more to this story.""If I were inclined to engage in sexual harassment, this is unlikely to be the first time in my entire 30-year career that it comes to light," he wrote, calling the story a "politically motivated hit piece."Insider extended the deadline and reiterated the offer to Musk to comment on the claims. He did not respond.Reached via cell phone, SpaceX vice president of legal Christopher Cardaci said, "I'm not going to comment on any settlement agreements." SpaceX did not respond to requests for comment to its general media contact email address.An allegation that Musk offered a horse in exchange for an erotic massageThe flight attendant told her friend that the billionaire SpaceX and Tesla founder asked her to come to his room during a flight in late 2016 "for a full body massage," the declaration says. When she arrived, the attendant found that Musk "was completely naked except for a sheet covering the lower half of his body." During the massage, the declaration says, Musk "exposed his genitals" and then "touched her and offered to buy her a horse if she would 'do more,' referring to the performance of sex acts." The attendant, who rides horses, declined and continued with the massage without engaging in any sexual conduct. The attendant "is not for sale," the friend's declaration said. "She is not going to perform sexual favors for money or gifts." The incident occurred during a flight to London.In an interview with Insider, the friend described the attendant's allegations in more detail. She spoke on the condition of anonymity, citing fears for her personal safety, but Insider is aware of her identity. Insider is also aware of the flight attendant's identity, but is not naming her because she has claimed to be a victim of sexual misconduct. She declined to comment for this story."He whipped out his penis, it was erect," the friend said, describing the allegations. "And he started propositioning her, like he touched her thigh and told her he would buy her a horse. And he basically tried to bribe her to perform some sort of sexual favor.""Punished for refusing to prostitute herself"The friend said that the attendant told her about the misconduct while they were on a hike together shortly after the London trip. The friend described the attendant as distraught and visibly shaken. "She was really upset," the friend said. "She didn't know what to do."The flight attendant told her friend that work began to dry up after she refused Musk's advances. "Before the incident, she regarded Mr. Musk as a person to look up to," the declaration says. "But after he exposed himself, touched her without permission, and offered to pay her for sex, she was full of anxiety." "She figured things could just go back to normal and she would pretend like nothing happened," the friend told Insider. "However, she started to feel as if she was receiving some sort of retaliation where her shifts were cut back, and she was starting to feel really stressed."Eventually, the declaration says, the attendant felt "she was being pushed out and punished for refusing to prostitute herself."The living room inside a Gulfstream G650ER like the one used by Musk.Courtesy of Gulfstream Aerospace CorporationMassages on demandSpaceX places a special emphasis on massages, going so far as to employ in-house massage therapists as a perk for executives. According to the friend, the flight attendant was encouraged by her superiors to purchase her own professional massage training for her sessions with Musk. "They encouraged her to get licensed as a masseuse, but on her own time, on her own dime," the friend said. "They implied that she would get to fly more often if she were to do this because she'd be able to give Elon proper massages. I thought that was kind of strange because — you weren't hired to be a masseuse. You were hired to be a flight attendant. And if Elon likes massages, then he should be paying for you to go to masseuse school. But she was just so happy and eager to have the job and be able to travel."A $250,000 severance paymentIn 2018, after becoming convinced that her refusal to accept Musk's proposal had diminished her opportunities at SpaceX, the attendant hired a California employment lawyer and sent a complaint to the company's human resources department detailing the episode. Around that time, the attorney's firm contacted the friend and asked her to prepare the declaration corroborating the claims.The attendant's complaint was resolved quickly after a session with a mediator that Musk personally attended. The matter never reached a court of law or an arbitration proceeding. In November 2018, Musk, SpaceX and the flight attendant entered into a severance agreement granting the attendant a $250,000 payment in exchange for a promise not to sue over the claims.The agreement also included restrictive non-disclosure and non-disparagement clauses that bar the attendant from ever discussing the severance payment or disclosing any information of any kind about Musk and his businesses, including SpaceX and Tesla.Musk is currently engaged in a bid to purchase Twitter driven by his professed belief that "free speech is the bedrock of a functioning democracy." Earlier this month, he wrote on Twitter that "sunlight is the best disinfectant."Twitter did not respond to a request for comment."When you choose to remain silent, you become part of that system"The friend told Insider that she decided to come forward without consulting the flight attendant because, as a survivor of sexual assault, she felt an obligation to share what she has been told about Musk. Unlike the flight attendant, her friend is not bound by any non-disclosure agreement."I absolutely felt a responsibility to come forward with it, especially now," she said. "He is the richest man in the world. Someone with that level of power causing that kind of harm and then throwing some money at the situation, that's not accountability. There are predators all over the world. But when someone is particularly wealthy and powerful, they literally have systems that are like a machine working for them, to set them up to be able to do whatever they want."Remaining silent, the friend said, would make her complicit. "When you choose to remain silent, yeah, you do become a part of that system," she said. "You do become a part of that machine that allows someone like Elon Musk to continue to do the horrible things that he's done."Non-disclosure agreements are crucial components of that machine. The friend said that before she reached out to Insider, she called the attorney who represented the victim. The attorney told her that, although she was free to speak to the press, sharing any documents from the case — including her own declaration — could put the flight attendant at risk."Her primary concern was clearly her client," the friend said. She recalled the attorney saying that confidentiality provisions are "bullshit" and that if any other women have been victimized by Musk, they ought to come forward. But when it came to her client, the attorney urged the friend not to share the declaration. "That would be a massive problem," she told the friend.California, where SpaceX is headquartered, no longer permits companies to require non-disclosure clauses in agreements like the one the attendant signed. Just months after her settlement in 2018, then-Gov. Jerry Brown signed into law the "Stand Against Non-Disclosure Act," which bars the use of NDAs going forward in settlements involving sexual harassment, discrimination, or assault unless they are requested by the plaintiff.The attorney did not respond to requests for comment."If there were a way for [her] to come forward without putting herself at risk, without jeopardizing her life in any way, I believe she would," the friend of the attendant told Insider. "I hope she feels like I did the right thing. I hope she feels I said the things that she didn't feel safe enough to say.""I would like for the truth to be revealed"This is the only known allegation and settlement for sexual misconduct tied personally to Musk. Two of his companies, however, have faced allegations of sexual harassment in the past. In December 2021, the same week he was named Time's Person of the Year, four women who worked at SpaceX spoke out about sexual harassment they said they faced at the company, where Musk is the CEO. One, Ashley Kosak, published an essay recounting being groped and touched inappropriately by male employees while she was an intern. Three others — one of whom said she was bound by a non-disclosure agreement — recounted similar treatment to the New York Times.In response to the reports, SpaceX president and chief operating officer Gwynne Shotwell sent a company-wide email saying that "timely reporting of harassment is key to our maintaining SpaceX as a great place to work; we can't fix what we don't know," the Times reported. She added that SpaceX will "rigorously investigate all harassment or discrimination claims and take rapid and appropriate action when we find our policy is violated."And at least six women have sued Tesla, where Musk is the CEO, alleging sexual harassment at a Tesla factory. Men at the factory ogled women and remarked on their clothes, the complaints said, leading some women to wear baggy outfits and use stacks of boxes to obstruct the views of leering co-workers. Some of the women claimed they were retaliated against when they came forward.The friend told Insider that if anyone else was mistreated by Musk, she hopes they will publicly tell their story. If there are other victims, she said, "I would like for them to come forward. I would like for the truth to be revealed."Do you have important information to share about Musk, SpaceX, or his other companies? Contact us at investigations@insider.com.Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 58 min. ago Related News

Palo Alto Networks Reports Fiscal Third Quarter 2022 Financial Results

Fiscal third quarter revenue grew 29% year over year to $1.4 billion Fiscal third quarter billings grew 40% year over year to $1.8 billion Remaining performance obligation grew 40% year over year to $6.9 billion SANTA CLARA, Calif., May 19, 2022 /PRNewswire/ -- Palo Alto Networks (NASDAQ:PANW), the global cybersecurity leader, announced today financial results for its fiscal third quarter 2022, ended April 30, 2022. Total revenue for the fiscal third quarter 2022 grew 29% year over year to $1.4 billion, compared with total revenue of $1.1 billion for the fiscal third quarter 2021. GAAP net loss for the fiscal third quarter 2022 was $73.2 million, or $0.74 per diluted share, compared with GAAP net loss of $145.1 million, or $1.50 per diluted share, for the fiscal third quarter 2021. Non-GAAP net income for the fiscal third quarter 2022 was $193.1 million, or $1.79 per diluted share, compared with non-GAAP net income of $139.5 million, or $1.38 per diluted share, for the fiscal third quarter 2021. A reconciliation between GAAP and non-GAAP information is contained in the tables below. "We saw strong top-line growth in Q3, which is a testament to our teams' consistent execution in capitalizing on the strong cybersecurity demand trends," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "On the back of this strength across our portfolio, we are again raising our guidance for the year across revenue, billings and earnings per share." "Our drive to deliver strong total shareholder return in Q3 was headlined by our revenue growth, while we also balanced operating margin expansion and free cash flow conversion," said Dipak Golechha, chief financial officer of Palo Alto Networks. "We look forward to continuing this balance as we close out the year and look to FY23." Financial Outlook Palo Alto Networks provides guidance based on current market conditions and expectations. For the fiscal fourth quarter 2022, we expect: Total billings in the range of $2.32 billion to $2.35 billion, representing year over year growth of between 24% and 26%. Total revenue in the range of $1.53 billion to $1.55 billion, representing year over year growth of between 25% and 27%. Diluted non-GAAP net income per share in the range of $2.26 to $2.29, using 106 million to 108 million shares outstanding. For the fiscal year 2022, we are broadly raising guidance and expect: Total billings in the range of $7.106 billion to $7.136 billion, representing year over year growth of between 30% and 31%. Total revenue in the range of $5.481 billion to $5.501 billion, representing year over year growth of approximately 29%. Diluted non-GAAP net income per share in the range of $7.43 to $7.46, using 106 million to 107 million shares. Adjusted free cash flow margin in the range of 32% to 33%. Guidance for non-GAAP financial measures excludes share-based compensation-related charges (including share-based payroll tax expense), acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements,  non-cash charges related to convertible notes, and related foreign currency gains (losses) and income and other tax effects associated with these items, along with certain non-recurring expenses and certain non-recurring cash flows. We have not reconciled diluted non-GAAP net income per share guidance to GAAP net income (loss) per diluted share or adjusted free cash flow margin guidance to GAAP net cash from operating activities because we do not provide guidance on GAAP net income (loss) or net cash from operating activities and would not be able to present the various reconciling cash and non-cash items between GAAP and non-GAAP financial measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted, including share-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items will have a significant impact on the company's GAAP net income (loss) per diluted share and GAAP net cash from operating activities. Earnings Call Information Palo Alto Networks will host a video webcast for analysts and investors to discuss the company's fiscal third quarter 2022 results as well as the outlook for its fiscal fourth quarter 2022 today at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Open to the public, investors may access the webcast, supplemental financial information and earnings slides from the "Investors" section of the company's website at investors.paloaltonetworks.com. A replay will be available three hours after the conclusion of the webcast and archived for one year. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our ability to balance future revenue growth with operating margin expansion and free cash flow, and our financial outlook for the fiscal fourth quarter 2022 and fiscal year 2022. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: developments and changes in general market, political, economic, and business conditions; the duration and global impact of COVID-19; risks associated with managing our growth; risks associated with new products and subscription and support offerings, including the discovery of software bugs; shifts in priorities or delays in the development or release of new subscription offerings, or the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support offerings; rapidly evolving technological developments in the market for security products and subscription and support offerings; our customers' purchasing decisions and the length of sales cycles; our competition; our ability to attract and retain new customers; our ability as an organization to acquire and integrate other companies, products, or technologies in a successful manner; the effects of supply chain constraints and the global chip and component shortages and other factors affecting the manufacture, delivery, and cost of certain of our products; our ability to obtain adequate supply of our products from our third-party manufacturing partners; our debt repayment obligations; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed with the SEC on February 22, 2022, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures and Other Key Metrics Palo Alto Networks has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The company uses these non-GAAP financial measures and other key metrics internally in analyzing its financial results and believes that the use of these non-GAAP financial measures and key metrics are useful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company's financial results with other companies in its industry, many of which present similar non-GAAP financial measures or key metrics. The presentation of these non-GAAP financial measures and key metrics are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. Non-GAAP net income and net income per share, diluted. Palo Alto Networks defines non-GAAP net income as net income (loss) plus share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, gains (losses) related to facility exit, and non-cash charges related to convertible notes. The company also excludes from non-GAAP net income the foreign currency gains (losses) and tax effects associated with these items in order to provide a complete picture of the company's recurring core business operating results. The company defines non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average diluted shares outstanding, which includes the potentially dilutive effect of the company's employee equity incentive plan awards and the company's convertible senior notes outstanding and related warrants, after giving effect to the anti-dilutive impact of the company's note hedge agreements, which reduces the potential economic dilution that otherwise would occur upon conversion of the company's convertible senior notes. Under GAAP, the anti-dilutive impact of the note hedge is not reflected in diluted shares outstanding. The company believes that excluding these items from non-GAAP net income and net income per share, diluted, provides management and investors with greater visibility into the underlying performance of the company's core business operating results, meaning its operating performance excluding these items and, from time to time, other discrete charges that are infrequent in nature, over multiple periods. Billings. Palo Alto Networks defines billings as total revenue plus the change in total deferred revenue, net of acquired deferred revenue, during the period. The company considers billings to be a key metric used by management to manage the company's business and believes billings provides investors with an important indicator of the health and visibility of the company's business because it includes subscription and support revenue, which is recognized ratably over the contractual service period, and product revenue, which is recognized at the time of shipment, provided that all other conditions for revenue recognition have been met. The company considers billings to be a useful metric for management and investors, particularly if sales of subscriptions continue to increase and the company experiences strong renewal rates for subscriptions and support. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. In particular, the billings metric reported by the company includes amounts that have not yet been recognized as revenue. Additionally, many of the adjustments to the company's GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in the company's financial results for the foreseeable future, such as share-based compensation, which is an important part of Palo Alto Networks employees' compensation and impacts their performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that Palo Alto Networks excludes in its calculation of non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP results of operations. Palo Alto Networks compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, the company may also exclude non-recurring expenses and other expenses that do not reflect the company's core business operating results. About Palo Alto Networks Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. We help address the world's greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, we are at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. Our vision is a world where each day is safer and more secure than the one before. For more information, visit www.paloaltonetworks.com. Palo Alto Networks and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.   Palo Alto Networks, Inc. Preliminary Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended April 30, April 30, 2022 2021 2022 2021.....»»

Category: earningsSource: benzinga6 hr. 42 min. ago Related News

Finnish President Pledges "We"ll Commit To Turkey"s Security" In Biden Meeting

Finnish President Pledges "We'll Commit To Turkey's Security" In Biden Meeting On Thursday Finnish President Sauli Niinisto and Swedish Prime Minister Magdalena Andersson met Joe Biden at the White House, where the US President hailed the "momentous" NATO applications of the once-neutral countries. "Today I’m proud to welcome and offer the strong support in the United States for the applications of two great democracies, and two close, highly capable partners to join the strongest, most powerful defensive alliance in the history of the world," Biden said while standing alongside the two leaders in the Rose Garden. Swedish PM Magdalena Andersson and Finish President Sauli Niinisto met with President Biden Thursday. Getty Images "They meet every NATO requirement and then some," Biden emphasized, adding "having two new NATO members in the high north will enhance the security of our alliance." The visit came as Turkey's Erdogan is still pledging to resist their path to membership. "We have told our relevant friends we would say 'no' to Finland and Sweden’s entry into NATO, and we will continue on our path like this," Erdogan stressed in fresh Thursday remarks. President Niinisto used the occasion of the Biden meeting as an attempt at calming Turkey's concerns. "Finland has always had proud and good bilateral relations with Turkey. As NATO allies, we will commit to Turkey's security, just as Turkey will commit to our security," Niinisto stressed. "We take terrorism seriously. We condemn terrorism in all its forms and we are actively engaged in combating it. We are open to discussing all the concerns Turkey may have concerning our membership in an open and constructive manner," he added, countering Turkey's assertions. Andersson, for her part, said that the Stockholm government is "right now having a dialogue with all NATO member countries, including Turkey, on different levels to sort out any issues at hand." President Biden had also in the press conference addressed Moscow's anger over Finland, which shares a lengthy border with Russia. "New members joining NATO is not a threat to any nation," Biden said. "It never has been.” Meanwhile NATO Secretary-General Jens Stoltenberg chimed in from Copenhagen, saying, "We are addressing the concerns that Turkey has expressed." He added: "Because when an ally, an important ally as Turkey, raises security concerns, raised these issues, then, of course, the only way to do that is to sit down and find ways to find a common ground and an agreement on how to move forward." Thus far Erdogan and top Turkish officials have said that Finnish and Swedish delegations shouldn't even bother coming to Turkey if they remain unwilling to stop 'supporting' the PKK and others that Ankara sees as terrorists. At the same time, we wonder what Putin might be offering the Turkish leader to entice him to maintain his veto over the 30-member alliance, which needs consensus if it hopes to admit the new members. Tyler Durden Thu, 05/19/2022 - 15:40.....»»

Category: smallbizSource: nyt7 hr. 10 min. ago Related News

Millennials and Gen Z Invested When It Was Fun. Now They’re Riding Out a Crash

Young investors have been taking big swings on high-risk, high-return trades. What's next? “Being open to crypto astrology might literally change your life,” says Maren Altman. She’s a 23-year-old astrology influencer with over 1.2 million TikTok followers, and she believes the study of celestial bodies can be a valuable tool for making sense of cryptocurrency. “I’m tracking planetary cycles,” she says. “So I look at the positions of the planets at a given moment and then other times in history.” Altman emphasizes that you don’t have to be an expert trader to take advantage of this approach to investing. Just learn the signs that the market is about to get worse and “put some money aside to buy in if it dips.” [time-brightcove not-tgx=”true”] Crypto astrology is just one unusual example of how younger generations are doing away with traditional investing methods in favor of less time-tested approaches, from meme stocks to crypto to NFTs. Fueled by the economic volatility of the COVID-19 pandemic, millennial and Gen Z investors have been taking big swings on high-risk, high-return trades rather than letting investments simmer. They’re also weathering a punishing crash. On May 14, Altman posted a reassuring message for everyone who lost money in the recent debacle. The market, she said, would stabilize—especially since Luna was “eclipsed under a lunar eclipse.” She was talking about the near-total collapse of the crypto token Luna, which accompanied the fall of its sister stablecoin TerraUSD (UST) and plunged the broader crypto market into freefall last week. The crash wiped out more than $400 billion in crypto market capitalization in a matter of days and bankrupted many investors. It’s been a “cryptocurrency bloodbath,” says Glauber Contessoto, a 34-year-old crypto enthusiast better known as the “Dogecoin Millionaire.” Contessoto made a name for himself in the crypto world last year by exceeding $1 million in Dogecoin holdings just over two months after investing his life savings of around $180,000 in the meme coin in 2021. And while he says that creating a dollar-pegged stablecoin like UST that can’t stay stable “takes all of the trust out of what everyone’s trying to do with crypto,” he’s committed to staying the course. “Whether you’re looking at Bitcoin or Dogecoin or Cardano or Ethereum… all of them have seen fluctuations,” he says. “The issue with newer coins is it’s harder to gauge if they’re going to recover or not, because we haven’t seen the data to prove that.” Crypto’s decline is reflective of a wider retreat from risky assets like tech stocks that’s been triggered in recent months by inflation, rising interest rates, and economic uncertainty brought on by Russia’s invasion of Ukraine. But crypto’s downturn has been notably sharper than the drop in the stock market. While the S&P 500 has slumped by roughly 18% so far this year, Bitcoin’s price has plummeted by nearly 40% in the same timeframe. Even with Dogecoin falling by over 50% this year, Contessoto’s faith in crypto’s long-term viability hasn’t waned. “All of this is temporary,” he says. “If you look at the history of Bitcoin, it’s still the most incredible investment you could have made in the last decade. We’ve seen drops in Bitcoin of 80%, 90% over the years and it never gets easier. But you stand firm because you know that crypto is the future and you know that everything will pan out eventually and slowly rise.” Why young people got so into investing Before crypto and NFTs began spiking in popularity, meme stock mania set in amongst young people. It was January 2021, and users of Reddit’s WallStreetBets subreddit banded together to intentionally inflate GameStop’s stock in order to force a short squeeze. That made the market more volatile. It was a fateful moment in time for retail investors. More than 10 million Americans opened new brokerage accounts in 2020, according to a 2021 report by consulting firm Deloitte. Encouraged by pandemic-induced shocks that led to record highs and lows, this new class of individual investors was responsible for 20% of all stock trading less than a year after the pandemic’s onset and has continued to grow more empowered as time has gone on. Most of these new investors are from younger generations. Survey data from brokerage firm Charles Schwab suggests that roughly two-thirds are millennials and Gen Zers, meaning young people are enjoying an unprecedented level of market power. They’re also wielding it in unprecedented ways. Research conducted by global data intelligence company Morning Consult indicates that 13% of Gen Zers and 11% of millennials are willing to take substantial financial risks in expectation of earning substantial rewards as compared to 3% of Boomers. The possibility of getting rich quick is what appeals to many younger people about the crypto and NFT markets, says 33-year-old Shane Martz, a crypto influencer known on social media as the Jolly Green Investor. “The time to take risks on investments is when you’re young,” he says. “And right now, crypto and NFTs are that scene. They offer you the opportunity of getting back 10x or 100x on your investment within a few months or even weeks.” A November report published by Pew Research Center showed that roughly 31% of 18-29-year-old Americans have invested in, traded, or used a cryptocurrency, compared with smaller shares of adults in older age groups. Altman attributes this trend to the rise of easily accessible investing advice online. “The internet opens access to information that might have previously been gate-kept or intentionally just not advertised to the public,” she says. “When I was taking business school classes, I felt like there were certain words for things that were—I don’t want to say pretentious—but intended to keep people out. It doesn’t need to be that complicated. Online, people can cut through that easier.” That’s even how Contessoto got his start. He says he first began looking into crypto after the popular commission-free investing app Robinhood took steps to curb the trading of GameStop stock and other heavily shorted securities in early 2021—and ultimately learned about Dogecoin on a Reddit thread “I had some money invested in GameStop and then after Robinhood pulled what they did, it became apparent that style of investing was no longer working for me” he says. “I started looking at alternative ways of investing and that’s how I came across crypto.There were a lot of people in my shoes who lost a lot of money and started switching over.” What now? As the past week has shown, putting your faith in more volatile assets doesn’t always pan out. Newbie investors are often on the lookout for an investing opportunity that has the potential to change their fortune overnight because of success stories they’ve seen online, says Martz. But those types of gains aren’t the norm. “Social media is the reason everyone really wants to get involved in these newer trends because it makes them seem so easy and glamorous,” he says. “Everyone’s always chasing the next shiny thing. They’re seeing people driving around in Lambos on TikTok and Instagram saying, ‘I work two hours a day from anywhere in the world,’ or, ‘I just turned $1,000 into $500,000.’ But the reality is that successful investing takes a lot of work and dedication.” Even after his unprecedented success investing in Dogecoin, Contessoto says that he still cautions less-experienced investors against wild speculation. “People ask me questions all the time like, ‘How do I do what you did?’ But I consider Dogecoin this once-in-a-lifetime, perfect-storm scenario. I couldn’t even do it again.” Instead, he advises those just getting into the crypto space to stick to “blue-chip cryptocurrencies” like Bitcoin and Ethereum. “If you look at their track records, those two are the powerhouses. Obviously, it’ll be a slower grind with a slower growth rate. But it’s like, you can either play it safe or you can try your hand at a bunch of speculation plays and maybe lose all your money.” Still, Contessoto realizes it might seem disingenuous to give others advice that he didn’t take himself. “It’s hard to tell people to do something that you didn’t,” he says. “You know, I’m saying, ‘Hey, play it safe—buy Bitcoin and Ethereum.’ But I was over here YOLO-ing into Dogecoin and it happened to work out great for me.” Martz says that crypto’s current debacle illustrates how the crypto market can be manipulated just like the stock market. “We’ve seen over the past week that there’s large entities buying and selling to drive the price up and down. And unfortunately, it’s the whales that win the game every time. The retail investors always lose,” he says. “So the best thing you can do is educate yourself and try to take advantage of the trends.” But that doesn’t mean that a return to traditional investing is seen as the way forward for those who have made the switch. While some critics view crypto as a Ponzi scheme, Contessoto says they’re missing the big picture. “A lot of these old-school investing guys look at crypto as something that doesn’t create anything and is only worth more because more people are buying into it,” he says. “But we’re talking about a new form of money that didn’t exist a little over 10 years ago. It’s something more people should research and try to understand how it can be beneficial.” For those who are looking to the stars for an answer, Altman predicted on TikTok that prices will somewhat restabilize and improve over the summer. “Once eclipse season ends, I expect a lot of this insanity to end,” she said......»»

Category: topSource: time8 hr. 9 min. ago Related News

Thursday links: useless debates

MarketsHow much do real yields matter for stocks? (morningstar.com)Big drops in consumer staples stocks is not a sign of a healthy market. (priceactionlab.com)The bear market is here for inexperienced investors. (nytimes.com)StrategyTen ways to deal with the current bear market including 'Begin your plan by acknowledging you are venturing into the unknown.' (ritholtz.com)The 60/40 portfolio is having a rough time of it. (ft.com)Is the Chinese stock market 'uninvestible' or simply 'unanalysable'? (economist.com)CryptoFTX is launching zero-commission stock trading. (theblockcrypto.com)What is going to happen to all the crypto marketing efforts? (gq.com)Crypto skeptics are having their day in the sun. (theatlantic.com)A look at the business of Bitcoin mining. (paulbutler.org)StreamingCan Disney ($DIS) avoid Netflix's ($NLFX) mistakes? (variety.com)Even long-standing subscribers are quitting Netflix ($NFLX). (theinformation.com)People really do want ad-supported streaming options. (thestreamable.com)EconomyWeekly initial unemployment claims have stopped going down. (bonddad.blogspot.com)The 55-64 crowd is back working at pre-pandemic levels. (nytimes.com)The housing market is slowing. (theatlantic.com)Central bankers are facing an unprecedented set of factors. (time.com)Earlier on Abnormal ReturnsLongform links: the internet paradox. (abnormalreturns.com)Things are tough out there. Here is some required bear market reading. (abnormalreturns.com)What you missed in our Wednesday linkfest. (abnormalreturns.com)Personal finance links: investor psyches. (abnormalreturns.com)A Q&A with Brian Feroldi author of “Why Does the Stock Market Go Up.” (abnormalreturns.com)Writing IS thinking. (abnormalreturns.com)Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)Mixed mediaBrian Chesky, CEO of Airbnb ($ABNB), on the new world of work. (washingtonpost.com)Workers are shrugging off mild Covid cases to keep at it. (wsj.com)What to do if you are unhappy with your job. (thomaskopelman.com).....»»

Category: blogSource: abnormalreturns8 hr. 41 min. ago Related News

Fevertree – Inflation And Logistical Disruptions Continue To Keep Profit Outlook Subdued

In the first quarter, Fevertree Drinks PLC (LON:FEVR)’s seen bar and restaurant sales gain momentum in the UK following a tough start to the year where Omicron impacted trading. In the US and Rest of World, sales are ahead of pre-pandemic levels. Sales in UK shops have continued to return to normal levels, as consumers […] In the first quarter, Fevertree Drinks PLC (LON:FEVR)’s seen bar and restaurant sales gain momentum in the UK following a tough start to the year where Omicron impacted trading. In the US and Rest of World, sales are ahead of pre-pandemic levels. Sales in UK shops have continued to return to normal levels, as consumers shift spending to bars and restaurants, following lockdowns. In the US, demand remains ‘very strong’ with sales 2.5 times higher than pre-pandemic levels. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Efforts to scale up production in the US continue as the group looks to reduce reliance on shipping, where higher costs and delays are hindering trading. On the West Coast, bottling lines are operational with the East Coast expected to ramp up production in the first half. The group called out continued inflationary cost pressures and expected performance this year in line with previous guidance. Revenue is expected between £355m-£365m with cash profit (EBITDA) of £63m-£66m. The shares were unmoved following the announcement. Fevertree's Earnings Matt Britzman, Equity Analyst at Hargreaves Lansdown “Management described trading so far as ‘solid’ and it’s certainly nice to see the group on track for guidance, but we must not forget that was downgraded in March which was met with a nasty market reaction. The main issue this year, is that little to none of the c.16% forecast rise in revenue is expected to drop into cash profits and whilst that’s hardly unusual, given the wider macro conditions meaning costs are rising for pretty much everyone, some of Fevertree’s operations should be getting more efficient. One of the main issues called out for rising costs is shipping to the US, it’s a key growth area for the group so servicing that demand is essential. Positive steps are underway to bottle directly in the US and therefore avoid a lot of freight costs, that partnership with a local bottling company is well underway and ramping up production this year. However, we’re still yet to see any real benefit on margins which are still expected to drop quite significantly this year. There are some positives for the longer-term investment case, growth outside of the saturated UK market looks promising and increased demand for premium alcohol and mixers looks to be stickier than first anticipated. However, when investors are expected to pay 36 times earnings for a slice of the pie, in today’s world, those margins need to start moving in the right direction.” About Hargreaves Lansdown Over 1.7 million clients trust us with £132.3 billion (as at 30 April 2022), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on May 19, 2022, 2:01 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk9 hr. 24 min. ago Related News

20 members of Congress personally invest in top weapons contractors that"ll profit from the just-passed $40 billion Ukraine aid package

War is "big business to our leaders," says Rep. Marjorie Taylor Greene, one of 20 lawmakers Insider identified with defense industry investments. In this image taken from footage provided by the Ukrainian Defense Ministry Press Service, a Ukrainian soldiers use a launcher with US Javelin missiles during military exercises in Donetsk region, Ukraine, Wednesday, Jan. 12, 2022.Ukrainian Defense Ministry Press Service via AP Defense contractors Lockheed Martin and Raytheon manufacture weapons that are heading to Ukraine.  At least 20 members of Congress or their spouses hold stock in these companies.  Some lawmakers sit on congressional committees that regulate defense policy. Some members of Congress stand to personally profit off Russia's war on Ukraine.At least 20 federal lawmakers or their spouses hold stock in Raytheon Technologies and Lockheed Martin, which manufacture the weapons Western allies are sending Ukraine to fight Russian invaders, according to an Insider analysis of federal financial records.The stock holdings by members of Congress come as Congress, on Thursday, approved $40 billion in defense and other aid to Ukraine. Both companies' stock — especially that of Lockheed Martin — have risen since Russia invaded Ukraine on February 24.Among the weapons the US and NATO members have dispatched to Ukraine are the so-called "fire and forget" Javelin and Stinger missiles that troops carry on their shoulders during battle. The joint Raytheon/Lockheed Martin-made Javelin missile is touted as "the world's premier shoulder-fired anti-armor system" capable of destroying battle tanks. Raytheon's Stinger missiles are designed to shoot down helicopters and other low-flying aircraft. Raytheon advertises the Stinger as "rapidly deployed by ground troops" and credited with "more than 270 fixed- and rotary-wing intercepts."Among those investing in the defense contractors is Republican Rep. John Rutherford of Florida who purchased between $1,001 and $15,000 worth of Raytheon stock on February 24 — the day Russia invaded Ukraine.Rutherford sits on the House Appropriations Committee that's in charge of federal government spending. In that role he serves on the subcommittee for Homeland Security as well as the Military Construction, Veterans Affairs, and Related Agencies subcommittee. "What we're seeing in Ukraine is the tragic consequence of an evil & aggressive dictatorship," Rutherford tweeted on February 24. "Putin invaded a sovereign nation for no legitimate reason, & he must be held accountable. The U.S. and our allies must impose the maximum possible sanctions & leave nothing off the table."Rutherford's office did not return Insider's requests for comment. Rutherford's office previously said the congressman's stocks are managed by a third party.Another Republican, Rep. Marjorie Taylor Greene of Georgia, bought between $1,001 and $15,000 in Lockheed Martin shares on February 22. Two days after her purchase, Greene wrote in a Twitter thread: "War is big business to our leaders."In a statement to Insider, Greene said her investment advisor made the purchase and noted it was only one among several other new purchases. But her critics seized on the trade as emblematic of what they consider an endemic problem in Congress: lawmakers personally buying and selling stock in ways that could conflict with their official responsibilities and position of public trust. —Ilhan Omar (@IlhanMN) March 7, 2022 "Add this to the list of why members of Congress should never be allowed to trade stocks," quipped Democratic Rep. Ilhan Omar of Minnesota on Twitter, sharing a subtweet that showed Greene's financial disclosure document. Rep. Lois Frankel, Democrat of Florida, holds stock in health insurance company Cigna.Toya Sarno Jordan/Getty ImagesSome members long held stock in the companies, others traded recentlyOther federal lawmakers have traded stock in the defense contractors in recent weeks. Republican Rep. Diana Harshbarger of Tennessee and her husband made three separate Raytheon trades worth up to $15,000 and Democratic Rep. Lois Frankel of Florida sold up to $15,000 in Lockheed Martin stock but retained shares in the company.  All trades happened in January — close to when the Wall Street Journal reported that the United States permitted Estonia, Latvia, and Lithuania to dispatch the Javelin and Stinger missiles to Ukraine. Representatives for Frankel and Harshbarger did not respond to Insider's request for comment. Harshbarger has previously violated the 2012 Stop Trading on Congressional Knowledge Act, or STOCK Act, by reporting trades made by her financial advisor past a federally mandated deadline.More than a dozen other members of Congress or their families hold similar investments at a time when President Joe Biden approved a $350 million Ukraine military aid package last week. The US government is also poised to deliver another $6.5 billion for defense purposes in Ukraine as part of a new spending package heading to the president's desk.CNN reported that the US and other NATO members have so far sent Ukraine 17,000  anti-tank missiles and 2,000 Stinger anti-aircraft missiles.Most lawmakers who hold shares in Raytheon and Lockheed Martin did not reply to Insider's request for comment. The list includes: Sen. Deb Fischer, a Republican of Nebraska, inherited between $50,001 to $100,000 in Lockheed Martin stock from her mother after she died on December 26, 2021. Fischer is the top Republican on the Senate Armed Services Subcommittee on Strategic Forces.Sen. John Hickenlooper, a Democrat of Colorado, held between $100,001 and $250,000 in Raytheon shares, according to his most recent annual disclosure. Sen. Sheldon Whitehouse, a Democrat of Rhode Island, held $15,001 to $50,000 in Lockheed Martin stock. He also held between $50,001 and $100,000 in stock in United Technologies, which was acquired by Raytheon.Thomas Daffron, a former longtime Hill chief of staff and the husband of Republican Sen. Susan Collins of Maine, held between $15,000 and $50,000 in stock United Technologies, which was acquired by Raytheon. Annie Clark, Collins' spokeswoman, said he first acquired United Technologies at least as far back as 2014, before the Raytheon acquisition. "Tom Daffron has no involvement in the purchase or sale of any of the stocks in his diversified portfolio," she said. "These investment decisions are made solely by a third-party advisor." Clark also added that the senator herself does not own any stocks. Abigail Perlman Blunt, a lobbyist for Kraft Heinz who is also the wife of retiring Republican Sen. Roy Blunt of Missouri, held between $100,001 and $250,000 in Lockheed Martin shares.Sen. Shelley Moore Capito, a Republican of West Virginia, held between $1,001 and $15,000 in Lockheed Martin stock, her annual disclosures indicate. Her husband, Charlie Capito, who previously worked in finance, held between $1,001 and $15,000 in United Technologies, now acquired by Raytheon.Sen. Gary Peters, a Democrat of Michigan, held between $1,001 and $15,000 in Raytheon stock. Peters chairs the Democratic Senatorial Campaign Committee as well as the Committee on Homeland Security and Governmental Affairs. Martha Stacy, the wife of Democratic Sen. Tom Carper of Delaware, held between $1,001 and $15,000 in Raytheon stocks and between $1,001 and $15,000 in Lockheed Martin stocks. Carper serves on the Senate Committee on Homeland Security and Governmental Affairs. His spokeswoman, Rachel Levitan, said the couple has "always been careful to ensure that their financial investments are handled separately by a financial advisor who makes decisions and transactions independently." She added that Carper "fully supports ongoing conversations in Congress on how to strengthen the legislation and improve transparency and accountability for our elected officials." John Axne, the husband of Democratic Rep. Cindy Axne of Iowa who operates a digital design firm, sold between $1,001 and $15,000 in Lockheed Martin shares twice in February but still appears to hold stock in the company. Axne previously violated the STOCK Act through failing to properly report trades. Rep. Kevin Hern, a Republican of Oklahoma who built his wealth through McDonald's franchises, traded both Raytheon and Lockheed Martin stock throughout 2021. He most recently purchased shares of between $1,001 and $15,000 in both Raytheon and Lockheed Martin in December, documents show. Representatives for Hern, who has past STOCK Act violations, didn't reply to Insider's most recent inquiry but previously said a financial advisor manages the trades and that Hern "does not have any input or control over stock purchases." Rep. Fred Upton, a Republican of Michigan who is retiring after his term ends in 2022, held between $1,001 and $15,000 in Raytheon shares. Rep. Steve Cohen, a Democrat of Tennessee, held between $15,001 to $50,000 in Raytheon stock. Rep. John Curtis, a Republican of Utah, purchased between $1,001 and $15,000 in Raytheon shares in June 2021. He also held Lockheed Martin stock but public disclosures appear to show that he sold it in November 2021. His office did not reply to questions over whether he still held shares in the company. Rep. David Price, a Democrat of North Carolina, held between $15,001 and $50,000 in United Technologies which was then acquired by Raytheon.Rep. Dwight Evans, a Democrat of Pennsylvania, held between $1,001 and $15,000 in United Technologies which was acquired by Raytheon stock and in May 2021 he purchased between $1,001 and $15,000 in Lockheed Martin stock. Margaret Kirkpatrick, who is married to Democratic Rep. Earl Blumenauer of Oregon and retired from her role as general counsel for NW Natural Gas, held up to $15,000 in Raytheon shares as part of her retirement portfolio. Additional members of Congress appear to have shed their shares in recent months. They include Rep. Rob Wittman of Virginia, the top Republican on the Armed Services Committee's Seapower and Projection Forces Subcommittee. Documents appear to show Wittman sold his shares in Lockheed Martin in January of this year. His office did not respond to Insider's most recent inquiry but previously said that a financial advisor has "all control" of his investments. Insider previously reported that Wittman was among at least 15 lawmakers who both invest in the stock of defense contractors and hold powerful positions on a pair of House and Senate committees that control US military policy. Together, these 15 lawmakers' defense contractor investments were worth up to nearly $1 million at the end of 2020. Another lawmaker who appears to have sold stock in defense contractors this year was Sen. Tommy Tuberville, a Republican of Alabama. It wasn't immediately clear from available financial filings whether he still retained any stock in the companies. His office didn't respond to Insider's request for comment on whether he still holds the shares but previously said outside advisors manage the senator's investments.Tuberville, who sits on the armed services committee, violated the federal STOCK Act last year by disclosing nearly 130 stock trades weeks or months late. Tuberville isn't alone in violating the STOCK Act — more than 1 in 10 members of Congress have done so, Insider's Conflicted Congress investigation found.In March alone, Insider found Democratic Rep. Tom Suozzi of New York, Republican Rep. Pete Sessions of Texas, and Whitehouse to each be in violation of the STOCK Act's disclosure provisions.Rep. Abigail Spanberger, a Democrat of Virginia, introduced the bipartisan TRUST in Congress Act, which would require all members of Congress put certain investment assets in a blind trust.Win McNamee/Getty ImagesCongress is considering a stock trading ban No law prohibits lawmakers from sitting on congressional committees, writing legislation, or voting on bills that might affect them financially. But momentum is growing for banning lawmakers from trading stocks altogether. A House hearing was set for March 16 to explore the matter, although it didn't take place as scheduled because Committee on House Administration Chairperson Zoe Lofgren contracted COVID-19. A new date hasn't yet been set. Numerous federal policymakers have defense contractors in their states and districts, who call up lawmakers as the defense spending bills are being drafted to warn that people will lose jobs if defense funding decreases. The latest spending bill making its way through Congress represents another victory for the industry as it includes $782 billion in defense spending, a 5.6% increase over last year.Government watchdog organizations say investments like those in defense contractors muddle lawmakers' decision making abilities and reduce public trust in government officials. Political action committees linked to defense contractors are among the largest political donors in the United States. Defense contractors likewise spend millions of dollars lobbying the federal government to prod elected officials, shape policy, and win lucrative government contracts. During 2021, Raytheon spent nearly $15.4 million on federal lobbying efforts while Lockheed Martin spent more than $14.4 million, according to federal records compiled by nonpartisan research organization OpenSecrets."This is a case study in why there is a lot of concern around congressional stock trading," said Dylan Hedtler-Gaudette, government affairs manager at the nonpartisan Project on Government Oversight. The investments indicate that war isn't only profitable for defense contractors "but members of congress who invest," he added. POGO supports a ban on members' trading individual stocks. "The easiest way to clear all this up and make the scandal not exist is to have clear, straightforward restrictions and have them apply to everybody," Hedtler-Gaudette said. This article was originally published March 11, 2022, and updated to include new information made available about members of Congress purchasing or otherwise acquiring defense contractor stock.Read the original article on Business Insider.....»»

Category: topSource: businessinsider9 hr. 25 min. ago Related News

Royal Mail: Embarrassingly Late To The Party

An analyst commentary on Royal Mail PLC (LON:RMG) from Freetrade Senior Analyst Dan Lane. Royal Mail Is Late To The Party There’s a real urgency about digital transformation this morning but you can’t help feeling Royal Mail is embarrassingly late to the party. “We have no time to waste” is a nice sentiment and those […] An analyst commentary on Royal Mail PLC (LON:RMG) from Freetrade Senior Analyst Dan Lane. Royal Mail Is Late To The Party There’s a real urgency about digital transformation this morning but you can’t help feeling Royal Mail is embarrassingly late to the party. “We have no time to waste” is a nice sentiment and those parcel hubs and better online services can’t come quick enough but the world already saw the direction of travel long before Covid hit. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more So, rather than management’s assertion that the pandemic has shown us all how customer needs can change, in reality the only people surprised by it all is them. Our increasingly paperless world was already moving towards email and text confirmations, online vouchers and newsletters so Royal Mail’s future was always going to be in parcels. The pandemic brought that trend forward and heightened it. And it looks like that boom in parcels over lockdown is sticking around at least for now. But, sooner or later, demand for testing kits will vanish and that pull-forward effect will fade. That means there is a very possible scenario where letter volumes stay low and the parcels business falls too. That’s something Royal Mail can’t afford to let happen. And with such sluggish margins, no wonder the firm is doubling down on parcels and business efficiencies. Shareholders will want evidence of real value now though. We’ve had the group’s buybacks and special one-off dividend now. Investors will need to see that cash being put to good use rather than being returned to them. Management can’t afford to wait for another big event to jolt them into action, it has to happen now. Updated on May 19, 2022, 1:32 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalk10 hr. 24 min. ago Related News

OTR International Film Festival celebrating diversity announces 2022 lineup

A Cincinnati-based festival, which brings films from across the globe to celebrate diversity and inclusion, released its 2022 lineup on Wednesday. The 2022 Over-the-Rhine International Film Festival, presented by LADD – which runs July 7-10 at venues across the city – includes 50 movies selected from more than 100 submissions from around the world. The festival is in its fourth year and aims to encourage conversation and action through film.  Films will be screened at the Art Academy of Cincinnati’s….....»»

Category: topSource: bizjournals10 hr. 26 min. ago Related News