Intel executives soon to visit TSMC for 3nm

High-level executives of Intel will pay a visit to Taiwan in mid-December and meet TSMC to discuss the US vendor's demanded 3nm chip capacity, according to industry sources......»»

Category: topSource: digitimesDec 4th, 2021

The demand for airline-sized private jets has boomed over the years and Boeing has stepped up with its fleet of luxury bizliners — see the 25-year history of Boeing Business Jets

The program officially launched on July 2, 1996, and the first BBJ 737-700 aircraft rolled out of production on July 26, 1998. Boeing Business Jets.Boeing Boeing Business Jets celebrated its 25-year anniversary in July, having dreamt up the first BBJ concept in 1996. The program targeted a niche market of ultra-wealthy customers who wanted bigger, more comfortable bizjets. Boeing has added many aircraft types to the BBJ line, like the 737 MAX, 787 Dreamliner, 777, and the 747-8. 2021 marks the 25-year anniversary of Boeing Business Jets, which launched in 1996. The company has a long history of manufacturing aircraft for both commercial and private use but eventually combined the two products into an official line of bizjets.Boeing Business JetsBoeingSource: Boeing spokespersonWhile the official BBJ brand launched in the 1990s, it was not the first private plane the company built for executive flying.Jet Edge International's Boeing Business Jet 737.Jet Edge InternationalSource: Boeing spokespersonIn 1930, Standard Oil of California, now known as Chevron, ordered a specially modified three-engine Model 80A, or Model 226, to fly its executives from city to city. The Model 80 was Boeing's first plane engineered for passenger operations.Boeing Model 80A.PhotoQuest/Getty ImagesSource: Museum of Flight, Boeing spokespersonAccording to Boeing, the Model 80A was successful because it got its private passengers to their destinations quicker than by train without sacrificing comfort.Boeing Model 80A.National Library of FranceSource: Boeing spokespersonIn 1943, Boeing's Model 314 aircraft played a significant role for the US government. The plane operated as a private service to shuttle President Franklin D. Roosevelt to meet with British Prime Minister Winston Churchill at the Casablanca conference.Boeing Clipper 314 on takeoff.Museum of Flight/CORBIS/Corbis via Getty ImagesSource: Boeing spokespersonThe flight pre-dated the "Air Force One" call sign and was the first time a sitting president flew on an airplane.Former President of the United States Franklin Delano Roosevelt celebrates his birthday on board a Boeing 314 flying boat.Museum of Flight/CORBIS/Corbis via Getty ImagesSource: Boeing spokespersonPresident Eisenhower also had private planes manufactured by Boeing at his disposal. Specifically, he had three VC-137s, the Air Force derivative of the 707, and was the first to use the "Air Force One" call sign.Air Force One taking off from Heathrow Airport, at the end of President Eisenhower's state visit to the United Kingdom, 2nd September 1959Terry Fincher/Mirrorpix/Getty ImagesSource: Air and Space, Boeing spokespersonBoeing also developed the VIP VC-137C, which was the first jet aircraft built for presidential use. The plane was a highly-modified 707-320B airliner and carried eight presidents, like John F. Kennedy and Jimmy Carter. The most famous was SAM 26000.SAM 26000 VC-137C.US Air ForceSource: US Air ForceOne of the most impressive converted Boeing private jets was the Qatari Royal Family's lavish Boeing 747-SP. It featured a dining room, a master bedroom and bathroom, a spiral staircase, business class seats, and an economy cabin.Qatar Amiri Flight Boeing 747-8 BBJ.Jetlinerimages/Getty ImagesSource: Sam ChuiAccording to Boeing, over the years, the company's private planes have been referred to as the "flying penthouse," the "apartment in the sky," and the "flying business offices."Howard Hughes' Boeing 307 VIP plane known as the "Flying Penthouse."Bettmann/Getty ImagesSource: Boeing spokespersonAfter nearly 70 years of converting airliners into business jets for companies, government departments, and private individuals, Boeing decided to create a series of large, customizable planes for the corporate market.Boeing Business JetsBoeingSource: Boeing spokespersonThe first Boeing Business Jet concept was imagined in 1996 by Phil Condit, president of Boeing, and Jack Welch, chairman and CEO of General Electric as a joint venture project. Their first proposal was based on the Next-Generation 737-700 jet.BBJ 737NG.BoeingSource: BoeingThe plane could fly over 6,000 nautical miles nonstop, connecting cities like New York to Tokyo and London to Johannesburg, and offered ample cabin space.BBJ 737NG.BoeingSource: Jet OptionsAccording to Boeing, Condit was passionate about the idea because he saw a promising market for customers who may want a bigger, more comfortable private jet.BBJ 737NG.BoeingSource: Boeing spokespersonThe program officially launched on July 2, 1996, and the first BBJ 737-700 aircraft rolled out of production on July 26, 1998.BBJ 737NG.BoeingSource: BoeingThe plane took its first flight on September 4, 1998, captained by Mike Hewett and Mike Carriker. The 737 took off at 9:12 a.m. from Renton, Washington.Mike Hewett flying the first BBJ.BoeingSource: BoeingThe plane was used as a demonstrator aircraft and was certified by the Federal Aviation Administration and Europe's Joint Aviation Authorities on October 30, 1998.First BBJ flight.BoeingSource: Boeing spokespersonThe first two BBJ 737s were delivered the week of November 23, 1998, with one going to General Electric and the other going to an undisclosed buyer.BBJ delivered to first owner.BoeingSource: BoeingFrom the beginning, BBJs have included integrated air stairs that allow the plane to access airfields that lack ground support equipment. Moreover, the 737 can operate at small airports with short runways.BBJ air stairs.Mehdi Photos/ShutterstockSource: Boeing spokespersonThe original BBJ was based on the 737-700, but Boeing created more variants based on its later 737 planes.A PrivatAir Boeing Business Jet 737.Vytautas Kielaitis/ShutterstockSource: Aerospace TechnologyThe BBJ2, which is derived from the Boeing 737-800, was launched in 1999. It added 25% more cabin space and 100% more cargo capacity compared to the BBJ1. The first BBJ2 was delivered in March 2001.Indonesian presidential BBJ2.Nieto Azzam/ShutterstockIn November 2005, BBJ3 was revealed. The plane was based on the 737-900ER, offering 35% more cabin space than BBJ1 and 11% more cargo capacity than BBJ2.State of Kuwait's BBJ3.Oleksandr Naumenko/ShutterstockSource: Aerospace Technology, Global AirIn 2014, Boeing launched the Boeing MAX bizjet family, which offered lower cabin altitude, advanced fuel-saving systems, and enhanced passenger comfort.BBJ MAX Family.BoeingSource: BoeingThe MAX family includes the BBJ MAX 7, BBJ MAX 8, and BBJ MAX 9.Rendering of BBJ MAX.BoeingSource: BoeingThe first delivery was a BBJ MAX 8, which operated its first "flyaway" in April 2018 and was delivered in October 2018. The plane is fitted with an external fuel tank, allowing it to fly over 7,600 miles.First BBJ MAX 8 flyaway.BoeingSource: BoeingIn addition to narrowbody planes, Boeing also created widebody bizjets, including The BBJ 777 and 777X that can connect virtually any two cities worldwide...BBJ 777X.BoeingSource: AinonlineThe BBJ 787-8 and BBJ 787-9 Dreamliners...BBJ 787 Dreamliner.BoeingSource: BoeingAnd the BBJ 747-8, which is the world's largest private jet.BBJ 747-8.Cabinet Alberto PintoSource: InsiderThe planes come with several unique interior options that are created in partnership with Boeing and design companies, which can be customized by the buyer. Some options include Mark Berryman's yacht concept for the BBJ MAX...Boeing Business Jets 737 MAX ConceptBoeingBoeing teamed up with a yacht interior design company to create a private jet cabin for the 737 MAX — see insideThe sky-inspired Genesis concept from SkyStyle and KiPcreating for the BBJ MAX...Courtesy of Boeing/SkyStyle & KiPcreatingThis Boeing 737 Max private jet interior design looks more like a futuristic spaceship than it does a private jetThe Lotus concept from Greenpoint Technologies for the BBJ 777X...BBJ Lotus design.Greenpoint TechnologiesBoeing's new $400 million 777X private airliner is a flying mansion that can go halfway around the worldAnd the Cabinet Alberto Pinto design for the BBJ 747-8.Cabinet Alberto Pinto BBJ 747-8 interior design.Cabinet Alberto PintoSee inside the world's largest private jet: a Boeing 747 with an interior so large it took 4 years to design and buildBoeing has solidified 260 orders of its BBJs to date, having sold to a small market of deep-pocket individuals, royal families, as well as government entities worldwide.BBJ 777.BoeingSource: Aviation Pros, Simple FlyingCustomers include people like Tony Robbins, a motivational speaker in the US...Tony Robbins' BBJ.Silver AirSource: Simple Flying, An airline is offering Tony Robbins' Boeing 737 private jet featuring an onboard shower for charter. Take a look inside.And the Dutch royal family.Dutch Royal Family's BBJ 737.Patrick van Katwijk/GettySee inside the 'Dutch Air Force One': a Boeing 737 private jet that the king of the Netherlands flies himselfThese ultra-rich buyers are taking a new interest in BBJs as travel restrictions ease, with Boeing receiving a new order of its BBJ 737-800 this year.Jet Edge International's Boeing Business Jet 737.Jet Edge InternationalSource: AOPA, Ultra-wealthy travelers are ditching traditional private jets and buying airliners. See inside 2 airliner-turned-private-jets from Airbus and Boeing.According to BBJ, business aviation traffic is up 15% compared to 2019, with first-time buyers fueling the demand.BBJ 777-9.BoeingSource: AOPA"Private aviation is attracting those who have previously flown first or business class," BBJ director of marketing Alex Fecteau told AOPA. "More than 30 percent of our new orders are from first-time buyers."BBJ 747-8.BoeingSource: AOPARead the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 26th, 2021

Fauci Says Mask Should Still Be Worn, Even If Vaccinated/Boosted Against COVID-19

Fauci Says Mask Should Still Be Worn, Even If Vaccinated/Boosted Against COVID-19 Authored by Katabella Roberts via The Epoch Times, Dr. Anthony Fauci said Sunday that masks should still be worn by those who are vaccinated against COVID-19 as they serve as an important tool in preventing the spread of the virus and compliment the shots. During an interview on ABC’s “This Week”, the White House coronavirus response team member said that he did not believe masks would be going away any time in the near future and urged individuals to continue wearing them regardless of their vaccination status. Fauci’s comment comes just days before Christmas when millions of families across the United States are set to travel to meet one another and celebrate the festive day together. More than 109 million people—an almost 34 percent increase from last year—are expected to travel 50 miles or more via road, plane, or other forms of transport between Dec. 23 and Jan. 2 to visit loved ones, according to a report by AAA Travel. Fauci was asked if vaccinated individuals should feel comfortable doing so, to which he replied, “No, I do. If you are vaccinated and boosted and are prudent when you travel, when you are in an airport, to be wearing a mask all the time, you have to be wearing a mask on a plane.” “Do not do things like go to gatherings where there are people who you do not know what their vaccination status is,” he said. “If you do that, and some people are even going the extra step or the extra mile, or maybe even getting tested when you have people coming over the house. “We now have a much wider availability or point of care test that you can get a result in about 15 minutes. So you might want to do that,” Fauci continued, adding that if people were to take such precautions then they would be able to feel “quite comfortable with a family setting, dinners, and the gatherings that you have around the holiday season,” however he noted that “nothing is risk-free.” The director of the National Institute of Allergy and Infectious Diseases, then said that there are “other tools besides the vaccine, and wearing a mask complements the protection that you get from the vaccine and a boost.” “So I don’t think you should be in a situation that if you are vaccinated, you don’t ever have to worry about wearing a mask. Vaccinated or unvaccinated under certain circumstances, masks work in diminishing the likelihood that you are going to get infected or that if you are infected and without symptoms, that you’re going to spread it to someone else. So it’s not an either-or. You can do both and should do both,” Fauci said. Passengers board an American Airlines flight to Charlotte, North Carolina at San Diego International Airport in California on May 20, 2020. (Sandy Huffaker/Getty Images) Fauci’s comments come shortly after chief executives of some of America’s major airlines last week noted that an aircraft is “the safest place you can be” while questioning how useful wearing masks are during flights. American Airlines CEO Doug Parker, Southwest Airlines CEO Gary Kelly, and United Airlines CEO Scott Kirby made the comments during a Senate Commerce Committee hearing on aviation issues, where they explained that the air quality on flights was far superior to that in many indoor spaces such as theatres, churches, and even hospitals, due to the planes’ high-efficiency particulate air (HEPA) filters. Referring to the high number of airborne particles captured by HEPA filters, Southwest’s Kelly said, “I think the case is very strong that masks don’t add much, if anything, in the air cabin environment. It is very safe and very high quality compared to any other indoor setting.” “I concur,” said Parker from American Airlines. “An aircraft is the safest place you can be. It’s true of all of our aircraft—they all have the same HEPA filters and airflow.” However, Sara Nelson, president of the Association of Flight Attendants, pointed out that not all planes are fitted with the same quality of air filters, and said she believed that masks should continue to be worn during flights as part of a “layered safety protocol.” Tyler Durden Mon, 12/20/2021 - 12:40.....»»

Category: blogSource: zerohedgeDec 20th, 2021

Rafael Holdings Reports First Quarter Fiscal 2022 Financial and Operating Results

NEWARK, N.J., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc., (NYSE:RFL), an early-stage cancer and immune metabolism therapeutics company, today reported its financial results for the first quarter of its 2022 fiscal year, the three months ended October 31, 2021. We have made significant progress in aligning our leadership team and capabilities, with Ameet Mallik set to transition his Chief Executive Officer responsibilities to Chairman, Howard Jonas, as of February 1, 2022, Patrick Fabbio assuming the position of President, in addition to continuing as Chief Financial Officer, and Dr. Mimi Huizinga assuming the position of Head of Research and Development in addition to continuing as Chief Medical Officer. We are well funded to advance our early-stage research and development programs in collaboration with world class scientific advisors. Our research platform seeks to unlock the benefits of cancer therapy by both sensitizing cancer cells through targeting tumor metabolism and stimulating the immune system.  Rafael Holdings has partnered with key thought leaders to identify novel targets and mechanisms for killing tumor cells and restoring T-cell function and is expanding its scientific team to rapidly advance these targets through discovery and develop transformational medicines that will benefit patients. "We are fortunate to have attracted a team of high caliber experienced senior pharmaceutical executives to lead R&D and the critical operational functions of the company. Our early-stage pipeline is backed by world class scientific advisors, and we believe has great potential to improve and extend the lives of patients," said Ameet Mallik, CEO of Rafael Holdings. "I have tremendous confidence in Howard, Pat and Mimi's ability to move the company forward as we focus on the development of novel cancer and immune metabolism therapeutics." Rafael Holdings, Inc. First Quarter Fiscal Year 2022 Financial Results As of October 31, 2021, the company had cash, and cash equivalents of approximately $72.4 million, and a balance in Investments – Hedge Funds valued at approximately $5.5 million. Following the announcement on October 28, 2021, of the disappointing results of Rafael Pharmaceuticals' two Phase 3 clinical trials for CPI-613® (devimistat) in metastatic pancreatic cancer and relapsed or refractory acute myeloid leukemia, the company believes that the likelihood of its further development and prospects are uncertain, and has therefore, fully impaired the value of its loans, receivables, and investment in Rafael Pharmaceuticals. For the three months ended October 31, 2021, the company incurred a net loss of approximately $129.4 million, a loss of $6.49 per share, which includes an impairment of cost method investment and losses from loans and receivables from Rafael Pharmaceuticals totaling $114.4 million and approximately $7.9 million in non-cash stock-based compensation. For the same period in the prior year, the company incurred a net loss of approximately $1.5 million, or a loss of $0.09 per share, which included approximately $0.2 million in non-cash stock-based compensation. Revenues for the first quarter of fiscal 2022 amounted to approximately $1.0 million, compared to revenues of approximately $1.1 million in the first quarter of fiscal 2021. Research and development expenses were approximately $2.2 million for the three months ended October 31, 2021. For the same period in the prior year, R&D expenses were approximately $0.5 million. Selling, general and administrative (SG&A) expenses were approximately $12.9 million for the three months ended October 31, 2021, which includes $7.9 million in non-cash stock-based compensation expense. For the same period in the prior year, SG&A expenses were approximately $2.6 million. The increase was primarily driven by an increase in non-cash stock-based compensation expense, increased payroll expense, as well as an increase in legal and professional fees. About Rafael Holdings, Inc. Rafael Holdings is focused on the development of novel cancer and immune metabolism therapeutics. The company owns the Barer Institute, Inc. and is a significant investor in two clinical stage oncology companies, Rafael Pharmaceuticals, Inc., and LipoMedix Pharmaceuticals Ltd. Through the Barer Institute, the company is developing a pipeline of compounds focused on the regulation of cancer and immune metabolism. On June 21, 2021, the company announced that it had entered into a merger agreement to acquire full ownership of Rafael Pharmaceuticals, Inc. For more information, visit Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the impact of public health threats, including COVID-19, on our business and operations; we depend heavily on the success of Rafael Pharmaceuticals and the future success of its lead product candidate devimistat (CPI-613®), and clinical trials of the product candidate may not be successful; our pharmaceutical companies may not be able to develop any medicines of commercial value; our pharmaceutical companies may not be successful in their efforts to identify or discover potential product candidates; the manufacturing and manufacturing development of our products and product candidates present technological, logistical and regulatory risks, each of which may adversely affect our potential revenue; potential unforeseen events during clinical trials could cause delays or other adverse consequences; risks relating to the regulatory approval process; interim, topline and preliminary data may change as more patient data become available, and are subject to audit and verification procedures that could result in material changes in the final data; our product candidates may cause serious adverse side effects; ongoing regulatory obligations; effects of significant competition; unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives; product liability lawsuits; failure to attract, retain and motivate qualified personnel; the possibility of system failures or security breaches; risks relating to intellectual property and significant costs as a result of operating as a public company. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended July 31, 2021, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact:Barbara 274-2825   RAFAEL HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS  (in thousands, except share and per share data)               October 31,   July 31,       2021       2021       (unaudited)   (audited) ASSETS                   CURRENT ASSETS                   Cash and cash equivalents   $ 72,387     $ 7,854   Restricted cash     5,000       5,000   Trade accounts receivable, net of allowance for doubtful accounts of $212 and $193 at October 31, 2021 and July 31, 2021, respectively     712       235   Due from Rafael Pharmaceuticals     -       600   Prepaid expenses and other current assets     428    .....»»

Category: earningsSource: benzingaDec 15th, 2021

Citius Pharmaceuticals, Inc. Reports Fiscal Full Year 2021 Financial Results and Provides Business Update

CRANFORD, N.J., Dec. 15, 2021 /PRNewswire/ -- Citius Pharmaceuticals, Inc. ("Citius" or the "Company") (NASDAQ:CTXR), a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on oncology, anti-infective products in adjunct cancer care, unique prescription products, and stem cell therapies, today reported business and financial results for the fiscal full year ended September 30, 2021. Fiscal Full Year 2021 Business Highlights and Subsequent Developments Completed subject treatment in December 2021 in Pivotal Phase 3 trial of I/ONTAK (E7777) with topline results anticipated in the first half of 2022 and a biologics license application (BLA) submission in the second half of 2022; Acquired Dr. Reddy's Laboratories' license for late-Phase 3 oncology immunotherapy I/ONTAK for the treatment of cutaneous T-cell lymphoma (CTCL) and other cancer indications; Received third positive recommendation from independent Data Monitoring Committee to continue the Mino-Lok® Phase 3 clinical superiority trial as planned without modifications; no safety concerns identified; Completed dose-ranging proof-of-concept sheep study of iPSC-derived novel induced-mesenchymal stem cells (i-MSCs) for the treatment of acute respiratory distress syndrome (ARDS); analysis and documentation underway for peer-reviewed publication submission; Expanded clinical, manufacturing and commercial capabilities with the addition of seasoned pharmaceutical executives; Citius added to the Russell 3000® and 2000® indexes; and, Raised net proceeds of $120.6 million in financing activities during the year. Financial Highlights Cash and cash equivalents of $70.1 million as of September 30, 2021; R&D expenses were $12.2 million for the full year ended September 30, 2021, compared to $8.8 million for the full year ended September 30, 2020; G&A expenses were $9.8 million for the full year ended September 30, 2021, compared to $8.1 million for the full year ended September 30, 2020; Stock-based compensation expense was $1.5 million for the full year ended September 30, 2021, compared to $0.8 million for the full year ended September 30, 2020; and, Net loss was $23.1 million, or ($0.23) per share for the full year ended September 30, compared to a net loss of $17.5 million, or ($0.45) per share for the full year ended September 30, 2020. "2021 was a transformative year for Citius as we positioned the company financially and strategically to drive growth. We raised more than $120 million in proceeds to support our activities, providing us with the flexibility to advance our clinical programs and invest in opportunities for additional growth. With the recent addition of cancer immunotherapy I/ONTAK to our portfolio, we now have a robust pipeline that includes two late Phase 3 programs and three potentially first-in-class products," stated Myron Holubiak, President and Chief Executive Officer of Citius Pharmaceuticals. "As we move into 2022, we anticipate multiple positive milestones. These include: accelerated enrollment and completion of the Mino-Lok® trial during the year, topline results in the first half of 2022 for the recently completed I/ONTAK Pivotal Phase 3 trial followed by a BLA submission in the second half of the year, initiation of the Halo-Lido study in early 2022 and completion of the study by the end of the year, and continued progress on Mino-Wrap and our iPSC-derived mesenchymal stem cells for the treatment of acute respiratory distress syndrome (ARDS). With the addition of key personnel to our clinical, manufacturing and commercial teams, we are aligning our resources to ensure continued progress across each of our development programs, and the successful launch of potentially two commercial products in 2023. We believe our strong balance sheet will allow us to execute our development programs as planned in 2022 and we do not anticipate a need to raise additional capital in the coming year," concluded Mr. Holubiak. Full Year 2021 Financial Results: Liquidity As of September 30, 2021, the Company had $70.1 million in cash and cash equivalents. During the fiscal year ended September 30, 2021, the Company received net proceeds of $120.6 million from financing activities. In January 2021, the Company closed a private placement for common stock and warrants totaling gross proceeds of approximately $20 million and net proceeds of $18.5 million. In February 2021, the Company closed a registered direct offering of its common stock and warrants for gross proceeds of $76.5 million and net proceeds of $71 million. During the year ended September 30, 2021, the Company received $31.2 million in proceeds from the exercise of common stock options and warrants. On June 21, 2021, stockholders approved an amendment to the Company's Articles of Incorporation to increase the authorized number of shares from 210,000,000 to 410,000,000 and the authorized number of common shares from 200,000,000 to 400,000,000. As of September 30, 2021, the Company had 145,979,429 common shares issued and outstanding. In 2021, the Company raised a total of $127.6 million through financing activities. We estimate that we will have sufficient funds for our operations through March 2023. Research and Development (R&D) Expenses  R&D expenses were $12.2 million for the full year ended September 30, 2021, compared to $8.8 million for the full year ended September 30, 2020. The increase of $3.4 million is primarily due to an increase in research and development expenses for our proposed novel cellular therapy for ARDS of $6.1 million, of which $5 million was a license fee paid to Novellus, and an increase in R&D expenses related to the I/ONTAK license and Mino-Wrap, offset by decreases in research and development expenses related to our Mino-Lok® and Halo-Lido product candidates. We expect that research and development expenses will increase in fiscal 2022 as we continue to focus on our Phase 3 trial for Mino-Lok®, progress the Halo-Lido product candidate, and continue our research and development efforts related to ARDS, Mino-Wrap and I/ONTAK (E7777). General and Administrative (G&A) Expenses G&A expenses were $9.8 million for the full year ended September 30, 2021, compared to $8.1 million for the full year ended September 30, 2020. The primary reason for the increase is costs associated with additional compensation costs for new employees and performance bonuses. General and administrative expenses consist primarily of compensation costs, professional fees related to our capital raising activities, corporate development services, and investor relations. Stock-based Compensation Expense For the full year ended September 30, 2021, stock-based compensation expense was $1.5 million as compared to $0.8 million for the prior year. The increase reflects expenses related to new grants made by Citius and the NoveCite stock option plan. Net loss Net loss was $23.1 million, or ($0.23) per share for the year ended September 30, compared to a net loss of $17.5 million, or ($0.45) per share for the year ended September 30, 2020. The increase in net loss is primarily due to the $3.4 million increase in our research and development expenses and a $1.6 million increase in general and administrative expenses. About Citius Pharmaceuticals, Inc. Citius is a late-stage biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products, with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products, and stem cell therapies. The Company has two late-stage product candidates, Mino-Lok®, an antibiotic lock solution for the treatment of patients with catheter-related bloodstream infections (CRBSIs), which is currently enrolling patients in a Phase 3 Pivotal superiority trial, and I/ONTAK (E7777), a novel IL-2R immunotherapy for an initial indication in cutaneous T-cell lymphoma (CTCL), which has completed subject treatment in its Pivotal Phase 3 trial.  Mino-Lok® was granted Fast Track designation by the U.S. Food and Drug Administration (FDA). I/ONTAK has received orphan drug designation by the FDA for the treatment of CTCL and peripheral T-cell lymphoma (PTCL). Through its subsidiary, NoveCite, Inc., Citius is developing a novel proprietary mesenchymal stem cell treatment derived from induced pluripotent stem cells (iPSCs) for acute respiratory conditions, with a near-term focus on acute respiratory distress syndrome (ARDS).  For more information, please visit Safe Harbor This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "plan," "should," and "may" and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price.  Factors that could cause actual results to differ materially from those currently anticipated are: risks relating to the results of research and development activities, including those from existing and new pipeline assets; uncertainties relating to preclinical and clinical testing; the early stage of products under development; our ability to successfully undertake and complete clinical trials and the results from those trials for our product candidates; our need for substantial additional funds; our dependence on third-party suppliers; the estimated markets for our product candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target patient populations; our ability to commercialize our products if approved by the FDA; market and other conditions; our ability to attract, integrate, and retain key personnel; risks related to our growth strategy; patent and intellectual property matters; our ability to attract, integrate, and retain key personnel; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely basis; our ability to procure cGMP commercial-scale supply; government regulation; competition; as well as other risks described in our SEC filings. These risks have been and may be further impacted by Covid-19. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our Securities and Exchange Commission ("SEC") filings which are available on the SEC's website at, including in our Annual Report on Form 10-K for the year ended September 30, 2021, filed with the SEC on December 15, 2021 and updated by our subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investor Relations for Citius Pharmaceuticals: Ilanit AllenVice President, Corporate Communications and Investor RelationsT: 908-967-6677 x113E: -- Financial Tables Follow –   CITIUS PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2021 AND 2020  2021 2020 ASSETS Current Assets: Cash and cash equivalents $ 70,072,946 $ 13,859,748 Prepaid expenses 2,741,404 122,237 Total Current Assets.....»»

Category: earningsSource: benzingaDec 15th, 2021

Amazon unionizers at a Staten Island warehouse said a visit by the NYPD quickly turned sour. One was handcuffed and held in a cell, they said, and both received court summonses.

Chris Smalls and Brett Daniels, the Amazon unionizers, said their interactions with police had been uneventful — until November 15. Amazon worker-turned-unionizer Chris Smalls in front of the JFK8 fulfillment center on Staten Island, November 25, 2021.Valentina Goncharova Two unionizers said NYPD officers visited them outside Amazon's JFK8 warehouse on Staten Island. Footage showed organizer Brett Daniels was handcuffed. They said they were held in a cell for almost two hours. Daniels and Chris Smalls, the other unionizer, recounted their version of the incident to Insider. Amazon warehouse workers gazing across the street from the JFK8 fulfillment center on Staten Island can often see a small open-sided tent pitched next to a bus stop. It's the base of operations for the Amazon Labor Union, which is trying to unionize workers at JFK8.The face of the ALU is Chris Smalls, a former JFK8 worker who made headlines in March 2020 when he was fired from the same warehouse he's now trying to unionize. Brett Daniels, who works the night shift at JFK8, is among those assisting Smalls and the ALU with the union drive.Smalls and Daniels said that up until November 15, their interactions with the police had been uneventful. They said NYPD officers had visited them during their organizing efforts but had never indicated there was a problem or issued any sort of warning. Daniels said officers had even told the organizers to stay warm.Then, on November 15, NYPD officers approached Smalls and Daniels while they were at the ALU tent. Daniels was handcuffed, shepherded into a police car, and taken to a holding cell, while both Smalls and Daniels received two court summonses each, according to interviews with the two organizers, video footage of the incident, and police statements obtained by Insider.Smalls by the bus stop across from JFK8 on November 25, 2021.Valentina GoncharovaDaniels, whose pronouns are he/they, said four officers visited them and Smalls, and the two organizers said in separate interviews that they were the only people present from the ALU. They said separately that an officer approached Smalls and showed him what appeared to be a message on a phone that said Smalls had organized a protest of four to five people.Smalls and Daniels said the officers then asked them to put out a fire burning in a pit they'd set up inside the tent. Daniels said the officers told them they couldn't have an open flame.Smalls said the officers seemed to want the fire to be put out immediately. He said: "We complied. We said, 'OK, no problem.'" But, he continued, "the issue was, we didn't have any water to put the fire out." Smalls said he suggested letting the kindling burn down, which he estimated would take about half an hour.The officers then took issue with the tent, saying it had to be removed, Smalls and Daniels said. Daniels said the police described the tent as a "movable structure" that could be blown away by the wind. Daniels told Insider that the tent's poles were fixed to cement blocks.Smalls said he refused to take down the tent, which prompted the police to say they'd have to issue a summons. Then the officers asked to see the two organizers' IDs, they both said.Smalls said he challenged the request because the officers had referred to him by name when they arrived. Smalls said he then proceeded to call his lawyer. Meanwhile, Smalls said, officers surrounded Daniels, who had also refused to hand over their ID.Daniels shared video footage with Insider of what appeared to be the ensuing altercation. They posted a shorter version on Twitter.At the start of the footage, an NYPD officer faced the camera. The officer asked Daniels whether they were refusing to give up their ID for a third time. Shortly after, the officer could be heard saying "put him in cuffs." At this point, the camera swung away from the officer's face and toward the ground, shaking. The officer said, "See how you're resisting now?" Daniels said later, "They're hurting my wrists." The footage was cut off shortly after. In photos sent to Insider by Daniels, four police officers were visible.Daniels said officers then pushed them up against the side of the bus stop and began to perform a search. "They searched me because they were trying to get my ID," Daniels said. They continued: "They got my Amazon ID badge. Then they took all of my belongings out of my pockets and took them with them, and put me in the back of the cop car and took me to the station, and held me in a holding cell for a little less than two hours."Daniels said that once they were released from holding, they returned to the ALU tent opposite JFK8.Amazon worker Brett Daniels (right) attends an Amazon Labor Union Thanksgiving event outside JFK8 on November 25, 2021.Valentina GoncharovaSmalls and Daniels said they received two summonses each and were told to appear in court on December 3. The NYPD confirmed to Insider that Smalls and Daniels were each given two summonses for alleged violations of the New York City Administrative Code. One alleged violation involved a prohibition on open fires; the other, a prohibition on "movable property" on a public street.The NYPD said Daniels wasn't arrested, and Daniels said that officers didn't read them their Miranda rights.Daniels and Smalls both said that when they appeared in court on December 3, they were both told their cases were dismissed. Smalls tweeted on December 3 that "all summons were dismissed upon arrival" at court. The NYPD declined to comment.It's unclear why the police showed up on November 15, or where the officer's phone message about a protest came from.Smalls and Daniels both said the encounter wouldn't deter them from trying to unionize JFK8. "We signed up for this type of work, and we know things like this come with the territory," Smalls said.Amazon declined to comment on the incident. A spokesperson said: "People have a right to protest, and we support that right."A Thanksgiving event hosted by the Amazon Labor Union outside JFK8 on November 25, 2021.Valentina GoncharovaOn Thanksgiving Day, Smalls and Daniels attended an ALU event at the bus stop opposite JFK8, at which barbecued chicken, candied yams, and other holiday foods were served for free to warehouse workers.Smalls helped found the ALU and has been trying to unionize JFK8 for eight months. He was fired from the warehouse in March 2020 on the same day that he organized a protest of its COVID-19 safety conditions.Amazon said at the time that it dismissed Smalls for violating social-distancing rules. Smalls believed his dismissal was a response to his activism. In February, New York Attorney General Letitia James sued Amazon, saying Smalls' firing was retaliatory.Amazon's top executives discussed Smalls' dismissal soon after the event. In April 2020, Vice obtained a leaked memo from Amazon's general counsel, David Zapolsky, penned after executives — including Jeff Bezos, who was CEO at the time — met to discuss the company's public-relations response to the firing.Vice reported that in the memo, Zapolsky wrote: "We should spend the first part of our response strongly laying out the case for why the organizer's conduct was immoral, unacceptable, and arguably illegal, in detail, and only then follow with our usual talking points about worker safety. Make him the most interesting part of the story, and if possible make him the face of the entire union/organizing movement."Smalls on November 25, 2021.Valentina GoncharovaIn an interview with Insider, Smalls said the ALU had in its possession authorization cards from 2,000 of the 7,000 to 10,000 eligible workers at JFK8. Once the ALU had about 3,000 authorization cards, the ALU would resubmit a petition to the National Labor Relations Board to hold a union election, Smalls said. (Smalls withdrew an NLRB union-election petition in November, citing high staff turnover at JFK8.)Amazon has illegally interfered with unionization efforts at JFK8, the NLRB said in documents obtained by Vice. Some of the tactics that reports say are being deployed by the company inside JFK8 mirror those it used in the run-up to a union vote in its Bessemer, Alabama, warehouse in March.Amazon workers from the Bessemer warehouse told Insider earlier this year that Amazon's anti-union messaging contained misinformation. On November 29, the NLRB ordered a second union election at Bessemer, ruling that Amazon's interference had "compromised the authority of the Board and made a free and fair election impossible."At the bus stop near JFK8 on Thanksgiving Day 2021.Valentina GoncharovaOn November 17, Vice published leaked audio of a meeting held inside JFK8, in which an Amazon human-resources representative told workers they could be forced to pay union dues if they signed authorization cards.The Amazon representative said: "Just make sure you're reading the fine print of what that authorization card is implying. By signing you could be authorizing the ALU to speak on your behalf, or you could be obligated to pay union dues, so just make sure you read everything closely."Smalls said, "The authorization cards that workers are signing is the generic card that any union provides." He continued: "It's nothing contractually binding anybody. Dues are not even a thought right now."Smalls added, "We have to win the election first." He said that if a union was formed, members would vote on how high dues should be.According to NLRB rules, dues-paying procedures are generally handled separately from representation matters, and they usually only arise at the point that union contracts are agreed upon.An Amazon spokesperson said of the November 17 meeting inside JFK8: "We regularly hold meetings with our employees as our focus remains on listening directly to them and continuously improving on their behalf. It's our employees' choice whether or not to join a union. It always has been. And it's important that everyone understands the facts about joining a union and the election process itself."The spokesperson added, "If the union vote passes, it will impact everyone at the site, so it's important all employees understand what that means for them and their day-to-day life working at Amazon."Are you an Amazon unionizer? Are you a worker at JFK8? Do you have a story to share? Contact this reporter at or the original article on Business Insider.....»»

Category: smallbizSource: nytDec 8th, 2021

Sumo Logic Announces Third Quarter Fiscal 2022 Financial Results

Third quarter revenue grew 20% year-over-year to $62.0 million REDWOOD CITY, Calif., Dec. 06, 2021 (GLOBE NEWSWIRE) -- Sumo Logic (NASDAQ:SUMO), a pioneer of continuous intelligence, today announced financial results for the third quarter of its fiscal 2022 ended October 31, 2021. "Sumo Logic delivered another strong quarter of revenue growth for the fiscal third quarter. Results were again driven by continued adoption of our leading Continuous Intelligence platform, which helps our customers ensure application reliability, manage and optimize multi-cloud infrastructure, as well as secure and protect against modern security threats," said Ramin Sayar, President and CEO of Sumo Logic. "We continue to leverage our differentiated DevSecOps platform across a broad range of observability and security uses cases, which we believe strengthens our position and helps us further capture the significant opportunity created by digital transformations and cloud migrations." Third Quarter Fiscal 2022 Financial Highlights Revenue was $62.0 million, an increase of 20% year-over-year Revenue, excluding our largest revenue customer, was $57.4 million, an increase of 19% year-over-year GAAP gross margin was 67%; non-GAAP gross margin was 73% GAAP operating loss was $31.4 million; GAAP operating margin was (51)% Non-GAAP operating loss was $13.9 million; non-GAAP operating margin was (22)% GAAP net loss was $30.8 million or $0.28 per share Non-GAAP net loss was $13.3 million or $0.12 per share Net cash used in operating activities was $12.7 million; free cash flow was $(13.2) million Cash and cash equivalents and marketable securities were $362.1 million as of October 31, 2021 Recent Highlights Appointed Lynne Doherty as President, Worldwide Field Operations. Lynne brings extensive sales and go-to-market leadership experience scaling go-to-market operations at multiple large tech companies. Her expertise will help accelerate Sumo Logic's go-to-market strategy and transformation, strengthen its global sales and partner ecosystem, and help Sumo further scale over the coming years. Appointed Stewart Grierson as Chief Financial Officer effective December 13, 2021. Stewart brings extensive finance and operations experience at high growth private and public technology companies. His expertise in security and observability will allow him to help Sumo Logic execute on its strategy and operational plans over the coming years. Named Independent Software Vendor (ISV) Partner of the Year by Amazon Web Services (AWS) for 2021. Released Sumo Logic's inaugural Environmental, Social and Governance Report, highlighting the ways in which Sumo Logic is enabling progress and sustainable growth in communities across the world. Announced new products and features at Illuminate, Sumo Logic's annual user conference, where Sumo community experts shared how they are leveraging Sumo to better navigate digital transformation. Product announcements included: New and enhanced observability improvements to Sumo Logic's monitoring and troubleshooting capabilities with new alert response features, new real-time data sources and integrations, as well as additional enhancements to support open source. The integration of Sensu Go to Sumo Logic's platform and Sensu Go Plus which further enhances the monitoring-as-code capabilities of Sensu Go and allows real-time insights from all data types for improved troubleshooting, reliability, and security. Enhancements to Sumo Logic's Cloud Security Analytics and Monitoring solution, which improve our customers' ability to address modern workload protection, Open XDR out-of-the-box XDR threat detection and response, and expanded security insights with new and updated applications for AWS, multi-cloud, SaaS and productivity applications, and regulatory standards. Financial Outlook For the fourth quarter of fiscal 2022, Sumo Logic expects: Total revenue between $63.7 million and $64.7 million, representing 18% to 20% growth year over year Revenue, excluding our largest revenue customer, between $59.5 million and $60.5 million, representing 17% to 19% growth year over year Non-GAAP operating loss of $15.9 million to $15.4 million; non-GAAP operating margin of (25)% to (24)% Non-GAAP net loss per share of $0.17 on approximately 112.0 million weighted average shares outstanding For the full fiscal year 2022, Sumo Logic expects: Total revenue between $238.8 million and $239.8 million, representing 18% growth year over year Revenue, excluding our largest revenue customer, between $222.8 million and $223.8 million, representing 19% growth year over year Non-GAAP operating loss of $53.0 million to $52.5 million; non-GAAP operating margin of (22)% Non-GAAP net loss per share of $0.51 to $0.50 on approximately 108.5 million weighted average shares outstanding These statements are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Guidance for non-GAAP financial measures excludes stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, and acquisition-related expenses. We have not provided the most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating loss and non-GAAP net loss per share is not available without unreasonable effort. Refer to Non-GAAP Financial Measures below. Conference Call Details The company will host a conference call and live webcast on Monday, December 6, 2021, at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). The news release with the financial results will be accessible on Sumo Logic's investor relations website at prior to the conference call. To access the conference call, dial (877) 407-0784 from the United States or (201) 689-8560 internationally and reference the company name and conference title. Following the completion of the call, a replay will be available for approximately two weeks. The replay can be accessed by dialing (844) 512-2921 from the United States or (412) 317-6671 internationally and using the recording passcode 13725119. A live webcast and replay of the conference call can also be accessed from the Sumo Logic Investor Relations website at Supplemental Financial and Other Information Supplemental financial and other information can be accessed through Sumo Logic's investor relations website at Sumo Logic uses the investor relations section on its website as the means of complying with its disclosure obligations under Regulation FD. Accordingly, we recommend that investors should monitor Sumo Logic's investor relations website in addition to following Sumo Logic's press releases, SEC filings and social media. Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance. We use the following non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business, which it includes in press releases announcing quarterly financial results, including this press release. Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss and non-GAAP net loss per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense and related employer taxes on equity, amortization of acquired intangibles, and acquisition-related expenses. We use these non-GAAP financial measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Free cash flows: We define free cash flow as cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors, and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Forward-Looking Statements This press release contains express and implied forward-looking statements including but not limited to, statements regarding our GAAP and non-GAAP guidance for the fourth fiscal quarter and full fiscal year 2022, the expected benefits of hiring new executives and expectations regarding the benefits of our offerings, our growth strategy and investments, our market opportunity, and our ability to achieve success. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to our ability to realize the anticipated benefits from our acquisitions, our ability to achieve and maintain future profitability, our ability to attract new customers and retain and sell additional functionality and services to our existing customers, our ability to sustain and manage our growth, our ability to successfully add new features and functionality to our platform, our ability to compete effectively in an increasingly competitive market, and general market, political, economic, and business conditions, including the impact of COVID-19, and other risks detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2021, filed with the Securities and Exchange Commission (SEC) on September 10, 2021, and other filings and reports that we may file from time to time with the SEC. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2021 that will be filed with the SEC, which should be read in conjunction with this press release and the financial results included herein. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent our views as of the date of this press release. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. We anticipate that subsequent events and developments could cause our views to change. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About Sumo Logic Sumo Logic, Inc. (NASDAQ:SUMO), is the pioneer in continuous intelligence, a new category of software, which enables organizations of all sizes to address the data challenges and opportunities presented by digital transformation, modern applications, and cloud computing. The Sumo Logic Continuous Intelligence Platform™ automates the collection, ingestion, and analysis of application, infrastructure, security, and IoT data to derive actionable insights within seconds. More than 2,100 customers around the world rely on Sumo Logic to build, run, and secure their modern applications and cloud infrastructures. Only Sumo Logic delivers its platform as a true, multi-tenant SaaS architecture, across multiple use-cases, enabling businesses to thrive in the Intelligence Economy. For more information, visit For more information, please contact: Investor Relations ContactInvestor Media ContactMelissa 814-3882 Sumo Logic, Inc.Condensed Consolidated Statements of Operations(in thousands, except per share data)(unaudited)   Three Months Ended October 31,   Nine Months Ended October 31,   2021   2020   2021   2020 Revenue $ 62,016       $ 51,868       $ 175,076       $ 148,485     Cost of revenue 20,384       13,601       55,557       42,140     Gross profit 41,632       38,267       119,519       106,345     Operating expenses:               Research and development 25,464       18,753       69,768       51,756     Sales and marketing 33,565       26,904       95,300       80,534     General and administrative 14,015       15,507       45,258       32,096     Total operating expenses 73,044       61,164       210,326       164,386     Loss from operations (31,412 )     (22,897 )     (90,807 )     (58,041 )   Interest and other (expense) income, net (19 )     (322 )     34       (249 )   Interest expense (44 )     (290 )     (133 )     (654 )   Loss before provision for income taxes (31,475 )     (23,509 )     (90,906 )     (58,944 )   Provision (benefit) for income taxes (639 )     417       (1,107 )     764     Net loss $ (30,836 )     $ (23,926 )     $ (89,799 )     $ (59,708 )                   Net loss per share, basic and diluted $ (0.28 )     $ (0.43 )     $ (0.84 )     $ (1.92 )                   Weighted-average shares used to compute net loss per share, basic and diluted 110,409       55,816       107,479       31,044                                     Sumo Logic, Inc.Condensed Consolidated Balance Sheets(in thousands)(unaudited)   October 31,2021   January 31,2021 Assets       Current assets:       Cash and cash equivalents $ 78,288       $ 404,140     Marketable securities, current 210,633       —     Accounts receivable, net 43,404       44,761     Prepaid expenses 10,639       10,509     Deferred sales commissions, current 15,810       12,790     Other current assets 2,647       3,110     Total current assets 361,421       475,310     Marketable securities, noncurrent 73,153       —     Property and equipment, net 4,864       4,156     Operating lease right-of-use assets 7,162       —     Goodwill 95,815       50,672     Acquired intangible assets, net 30,421       10,656     Deferred sales commissions, noncurrent 29,736  .....»»

Category: earningsSource: benzingaDec 6th, 2021

Intel executives soon to visit TSMC for 3nm

High-level executives of Intel will pay a visit to Taiwan in mid-December and meet TSMC to discuss the US vendor's demanded 3nm chip capacity, according to industry sources......»»

Category: topSource: digitimesDec 4th, 2021

I went behind the scenes with Singapore Airlines to see how it"s massively upgrading the onboard experience on the world"s longest flights

Singapore Airlines has teamed up with a spa where a week-long stay will set a visitor back $10,000 to make its 19-hour flights more enjoyable. Inside the Golden Door spa.Thomas Pallini/Insider Singapore Airlines has turned to the Golden Door Spa to give its ultra-long-haul flights an upgrade. Golden Door chef Greg Frey Jr is crafting a brand-new menu based on items served at the spa.  Singapore Airlines currently flies three of the top 10 longest flights in the world.  Singapore Airlines is a recognized leader in aviation when it comes to flying the longest commercial flights in the world.Soos Jozsef/Shutterstock.comWhile an airline might have one or two routes than rank in the top 10 longest in the world, Singapore Airlines has three. In 2018, the airline took its place on the throne with the relaunch of non-stop flights between Singapore and Newark, in addition to non-stop flights to Los Angeles and San Francisco.Onboard a Singapore Airlines Airbus A350-900ULR.Thomas Pallini/InsiderSome changes were made during the pandemic, including limiting US flights to a single route between Singapore and Los Angeles. Slowly but surely, though, routes that were lost were added back and others were amended, with Newark being temporarily replaced with New York.Onboard a Singapore Airlines Airbus A350-900ULR.Thomas Pallini/InsiderInside the new world's longest flight: What it's like to fly on Singapore Airlines' new route between Singapore and New YorkSingapore is reopening to the world with its new "vaccinated travel lane" program and travelers booking non-stop flights from the US will be able to skip quarantine if they meet the requirements. And waiting for them onboard will be an entirely new offering come January.Onboard a Singapore Airlines Airbus A350-900ULR.Thomas Pallini/InsiderSingapore Airlines is now partnering with the Golden Door Spa in San Marcos, California to craft a new onboard wellness and dining offering, comparable to what the wealthy experience during their visits to the spa.Inside the Golden Door spa.Thomas Pallini/InsiderSingapore Airlines is partnering with the ultra-exclusive Golden Door spa to redefine luxury on the world's longest commercial flightsInsider went behind the scenes with Singapore Airlines in Golden Door's California kitchen to see how airline and spa chefs are working together for a brand-new culinary experience onboard the world's longest air journeys.Inside the Golden Door spa.Thomas Pallini/InsiderInside the Golden Door Spa, the California retreat loved by the wealthy that's $9,950 for a week's stayChef Greg Frey Jr is the executive chef at Golden Door. His job is to ensure that spa-goers not only enjoy their meals but that the food being served contributes to the overall wellbeing of the guests.Inside the Golden Door spa.Thomas Pallini/InsiderIt's a delicate balance between controlling portions and crafting a meal that will satiate enough so that guests aren't asking for more. He jokes that his job is to ensure that patrons aren't sneaking off to the local In-N-Out Burger amidst a wellness retreat.Inside the Golden Door spa.Thomas Pallini/Insider"The food is not meant to be very overarching, very high-end, and very fancy," Frey told Insider. "I'm here to feed you not to starve you."Inside the Golden Door spa.Thomas Pallini/InsiderHelping bring Frey's creations to the airline world is Antony McNeil, Singapore Airlines' global food & beverage director, along with the executive chefs of the airline's contracted catering facilities.Inside the Golden Door spa.Thomas Pallini/InsiderAwaiting us in the Golden Door kitchen were around 20 menu items that Frey had crafted under the partnership. Some of the dishes can be found on the Golden Door menu during one of its week-long programs while others were crafted specifically for Singapore Airlines.Inside the Golden Door spa.Thomas Pallini/Insider"There are some dishes that are on here that are created solely for our partnership, but there are many of these that are big favorites for our guests," Frey said.Inside the Golden Door spa.Thomas Pallini/InsiderThe Golden Door's signature dish, served like clockwork every Sunday, is the miso-glazed black cod. For the spa-goers, it provides energy for the next morning to take on the day's activities while for airline passengers, it could give them the energy to take on the day after a long flight to the US or Singapore.Inside the Golden Door spa.Thomas Pallini/InsiderMeal choices are very deliberate in that each ingredient serves a purpose. It's a skill that Frey has spent the better part of the last decade honing while at Golden Door.Inside the Golden Door spa.Thomas Pallini/InsiderSome of the other dishes that Golden Door spa-goers will enjoy over the course of the week that may soon find their way onboard Singapore Airlines planes include the portobello meatballs in an heirloom tomato sauce with risotto…Inside the Golden Door spa.Thomas Pallini/InsiderSmoked fennel duck with chow-chow sauce…Inside the Golden Door spa.Thomas Pallini/InsiderCitrus grilled shrimp salad with ginger balsamic dressing...Inside the Golden Door spa.Thomas Pallini/InsiderAnd blue crab tower with wheatberry salad.Inside the Golden Door spa.Thomas Pallini/InsiderTravelers on the non-stop flights between Singapore and the US spend as much as 19 hours on the plane, giving them ample time to try a variety of the menu items across the three meal services.Inside the Golden Door spa.Thomas Pallini/InsiderFrey sources the ingredients for his meals from the Golden Door's multi-acre garden just beyond the main resort area. Insider toured the garden, as well, and found a cornucopia of produce intended to feed the 40 weekly Golden Door visitors.Inside the Golden Door Spa and Resort.Thomas Pallini/Insider"I want to go out and see what are the ingredients and then those formulate and percolate into an idea," Frey said. "Until I have that plate in my hand and I'm actually putting these things together, I really have no idea what it's going to look like."Inside the Golden Door Spa and Resort.Thomas Pallini/InsiderFrey's journey to learn the ins and outs of airline food required visiting one of Singapore Airlines' contracted catering facilities and go onboard the Airbus A350-900 ULR being used for the flights. Luckily, aviation runs in the chef's blood as Frey's father worked as a pilot and mother as a flight attendant, both for Trans World Airlines.Inside the Golden Door spa.Thomas Pallini/InsiderBut even with the differences in cooking, Frey says that cooking for an airline isn't much different than cooking for a clientele paying $10,000 per week for a spa visit.Inside the Golden Door Spa and Resort.Thomas Pallini/Insider"How much did I have to really change from what I'm doing here at the Golden Door? Very, very little," Frey said. "This is taking what we do here at the Door and curating it for the airline."Inside the Golden Door spa.Thomas Pallini/InsiderA focus on nutrition also doesn't rule out desserts and sweets, it just means they'll be healthier than, say, an ice cream sundae.Inside the Golden Door spa.Thomas Pallini/InsiderChocolate chip mint cookies, spiced apple cake, persimmon pudding cake, and ginger snap cookies are just some of what passengers will soon enjoy.Inside the Golden Door spa.Thomas Pallini/InsiderSingapore Airlines stressed that the food items on display were still technically in development, even though they looked ready to serve onboard.Inside the Golden Door spa.Thomas Pallini/InsiderTo that point, two of Singapore Airlines' own executives had concerns that the sauce for one of the dishes was too sweet, and questioned whether it could be toned down or balanced out with the accompaniments.Inside the Golden Door spa.Thomas Pallini/InsiderBut that's all part of the process to ensure guests will have the best culinary experience possible.Inside the Golden Door spa.Thomas Pallini/InsiderThe investment in food and wellness gives passengers another reason to pay the premium attached to the non-stop services, most of which only offer business class and premium economy class seating.Inside the Golden Door spa.Thomas Pallini/InsiderCountless airlines fly between the US and Singapore, but not all are offering the level of wellness that Singapore Airlines hopes to.Inside the Golden Door spa.Thomas Pallini/InsiderThe difference between the Golden Door and Singapore Airlines' previous wellness partner, Canyon Ranch, is that Frey's methods aren't as calculated.Inside the Golden Door spa.Thomas Pallini/Insider"We're not focusing so much on calories and calorie count, we just want you to eat well," McNeil said, noting that traditional Singapore Airlines fare will still be offered through pre-order programs like "book the cook."Inside the Golden Door spa.Thomas Pallini/InsiderGiving travelers the freedom to choose their own preferences on the ultra-long-haul flights is paramount to Singapore Airlines' executives.Inside the Golden Door spa.Thomas Pallini/Insider"The purpose of this relationship is to develop a robust and a very flexible wellness program," Betty Wong, Singapore Airlines' division vice president of in-flight services and design, told Insider. "We want to make sure that these options are available, but at the end of the day, the choice is yours."Inside the Golden Door spa.Thomas Pallini/InsiderPicky eaters can rejoice as that flexibility means there will be no shortage of options onboard. "If you want [to eat] a burger, eat a burger," McNeil said.Inside the Golden Door spa.Thomas Pallini/InsiderFrey and McNeil worked in tandem during our visit, complementing each other's actions as they moved around the kitchen, resulting in beautifully plated dishes that tasted as wonderful as they looked.Inside the Golden Door spa.Thomas Pallini/InsiderThe challenge for both chefs is making sure that the items look and taste the same at 35,000 feet as do on the ground in San Marcos.Inside the Golden Door spa.Thomas Pallini/Insider"The only thing I did keep in mind was just in the challenges of [airline] catering versus [at the Golden Door]," Frey said. Airline food is cooked to a certain point prior to a flight and then finished off on the airplane, spending time in cold storage in between.Inside the Golden Door spa.Thomas Pallini/InsiderIf Frey gets it right, Singapore Airlines might find itself with a similar return rate to that of the Golden Door. "65% of the clients that come once here come back another 10 times in their life," Frey said. "I see most people at least once more."Inside the Golden Door spa.Thomas Pallini/InsiderInsider had the opportunity to try some of the menu items and found each was bursting with flavor and perfect for in-flight cuisine.Inside the Golden Door spa.Thomas Pallini/InsiderThe new Singapore Airlines and Golden Door collaboration will take flight in January 2022 on the Singapore-Los Angeles route before being expanded to San Francisco and New York flights.Inside the Golden Door spa.Thomas Pallini/InsiderRead the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 24th, 2021

Sotheby’s and Realogy Partner on Acquisition of Concierge Auctions

Sotheby’s and Realogy Holdings Corp. recently acquired Concierge Auctions, a global luxury real estate auction marketplace. Under the terms of the agreement, Sotheby’s and Realogy will take a joint 80% ownership stake in Concierge Auctions, while company co-founders Chad Roffers and Laura Brady will remain president and chief executive officer, respectively. Concierge Auctions will operate […] The post Sotheby’s and Realogy Partner on Acquisition of Concierge Auctions appeared first on RISMedia. Sotheby’s and Realogy Holdings Corp. recently acquired Concierge Auctions, a global luxury real estate auction marketplace. Under the terms of the agreement, Sotheby’s and Realogy will take a joint 80% ownership stake in Concierge Auctions, while company co-founders Chad Roffers and Laura Brady will remain president and chief executive officer, respectively. Concierge Auctions will operate independently, continuing to partner with real estate agents affiliated with many of the industry’s leading brokerages to host luxury online auctions for clients. A newly formed Board of Managers will be made up of Sotheby’s and Realogy executives and chaired by Philip White, CEO and president of Sotheby’s International Realty, a Realogy brand. Financial terms were not disclosed. “Realogy is the market leader in luxury real estate, an area in which we continue to strategically invest to drive future growth,” said Ryan Schneider, Realogy chief executive officer and president, in a statement. “As demand for luxury real estate auctions increases, we believe Realogy and Sotheby’s can jointly bring powerful data and network scale to Concierge Auctions, a valuable tool for real estate agents helping clients expertly navigate the global high-end property market. Laura and Chad have expanded how agents and clients can sell and buy a home, and I look forward to what we can now achieve, together.” “Since 2004, Realogy has had a very successful relationship with Sotheby’s as the operator and steward of the Sotheby’s International Realty brand,” said Philip White, Sotheby’s International Realty CEO and president and newly appointed chairman of Concierge Auctions, in a statement. “Just as the power of Sotheby’s and Realogy has fueled the tremendous growth of Sotheby’s International Realty, we are excited for what this new partnership can bring to Concierge Auctions as Laura and Chad grow their lead in the luxury real estate auctions sector while keeping the agent at the center.” “I look forward to deepening our long-standing and successful partnership with Realogy as we work with Concierge Auctions to develop the luxury real estate auction market further,” said Charles F. Stewart, Sotheby’s CEO, in a statement. “As leaders in digital innovation and fine art and luxury auctions, this partnership is another exciting way to bring Sotheby’s expertise for the benefit of our current and future clients.” Concierge Auctions, founded in 2008, creates predictability and liquidity for sellers in an accelerated time frame and is designed to work with real estate agents as trusted advisors, not disintermediate them, stated the companies, adding that co-founders Roffers and Brady have both served as licensed real estate agents, and the company has never auctioned a property without working in partnership with a local real estate broker. In 2020, Concierge Auctions reported processing more than $3.4 billion in competitive bids with an average home sell price of $3.5 million. This year, the company broke its fourth world record for highest price of a single-family home ever sold at auction with the sale of Villa Firenze, listed for sale at $165 million. Prior world records have included the sale of Villa Passalacqua in Lake Como, Italy (listed for €100 million); Playa Vista Isle in Hillsboro Beach, Florida (listed for $159 million); and Walnut Place in Dallas, Texas (listed for $48.9  million). “We founded Concierge Auctions with a vision to enhance the way luxury properties are bought and sold,” said Brady in a statement. “Thirteen years and billions in sales later, we are the largest auction marketplace for high-end homes, have one of the most comprehensive databases in the industry, and are active in 30 countries and 44 U.S. states. We couldn’t imagine better partners than Sotheby’s and Realogy for our next phase of growth.” “This joint partnership presents a unique opportunity to benefit from two of the most established and renowned companies in the industries that we serve—real estate and auction—and to be part of an even greater vision,” said Roffers. “We look forward to helping more clients than ever before sell their one-of-a-kind real estate assets to the world’s most capable buyers, with speed and certainty.” For more information, please visit The post Sotheby’s and Realogy Partner on Acquisition of Concierge Auctions appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 24th, 2021

Curbio Named 2021 NVTC Tech 100 Company

Curbio has been named a 2021 NVTC Tech 100 company by the Northern Virginia Technology Council (NVTC). The NVTC is the trade association representing the national capital region’s technology community. The 2021 NVTC Tech 100 roster recognizes cutting-edge tech companies in the region who are driving tech innovation, leading economic growth and making a positive […] The post Curbio Named 2021 NVTC Tech 100 Company appeared first on RISMedia. Curbio has been named a 2021 NVTC Tech 100 company by the Northern Virginia Technology Council (NVTC). The NVTC is the trade association representing the national capital region’s technology community. The 2021 NVTC Tech 100 roster recognizes cutting-edge tech companies in the region who are driving tech innovation, leading economic growth and making a positive impact. “While our nation continues to adapt to our new normal of living during a global pandemic, I am pleased that Virginia continues to be a leading tech hub of flourishing businesses and career opportunities. I am proud to announce that Curbio is a 2021 NVTC Tech 100 honoree and is a key contributor to making our region a vibrant and inclusive place to live, work and learn,” said Jennifer Taylor, president and CEO of NVTC, in a statement. The 2021 NVTC Tech 100 list consists of 64 tech companies, 33 executives and three emerging leaders who have consistently demonstrated dedication, vision and innovation. Honorees were carefully selected and reviewed by a panel of independent judges. “We are honored to be included as part of the 2021 NVTC Tech 100 roster. Curbio has set out to modernize the home improvement industry, a mission that is powered by our cutting-edge technology,” said Rick Rudman, chairman, president and CEO of Curbio, in a statement. “This recognition is a testament to our team’s success in streamlining home improvement for the real estate transaction.” For more information, please visit The post Curbio Named 2021 NVTC Tech 100 Company appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 15th, 2021

Bank Hapoalim Announces Third Quarter 2021 Results

TEL AVIV, Israel, Nov. 15, 2021 /PRNewswire/ -- Bank Hapoalim (TASE: POLI) (OTC:BKHYY) today announced its financial results for the third quarter ended September 30, 2021. Key highlights  Net profit in the third quarter of 2021 totaled NIS 1,207 million, compared with NIS 1,419 million in the last quarter and NIS 816 million in same quarter last year. The results were supported by strong underlying business performance, mainly credit growth and an increase in fees, profits from investment in shares, income from credit losses, and the positive CPI. Net profit for the first nine months of 2021 totaled NIS 3,980 million. Return on equity (ROE) for the quarter stood at 11.8%, compared with 14.5% in the previous quarter and 8.8% in the same quarter last year. ROE for the first nine months of 2021 stood at 13.1%. Shareholder's equity grew by 9.6% versus last year, to NIS 42.7 billion. The Common Equity Tier 1 (CET1) capital ratio as at September 30, 2021, stood at 11.18%, well above both current regulatory (9.20%) and internal (9.5%) capital targets. Upon the expiration of the temporary order (December 31, 2021), if it is not extended or updated, the board of directors intends to update its internal target for the CET-1 capital ratio to 10.5%. The total capital ratio as at September 30, 2021, stood at 13.69%. The USD 1 billion Tier 2 issuance which the bank finalized in October will be recorded in the capital of the fourth quarter. As of today, based on third-quarter balances, the issuance will contribute roughly 84 basis points to the total capital ratio. The board of directors of the bank approved a dividend distribution of 30% of third quarter net profit, in the amount of NIS 362 million, as well as NIS 500 million in respect of the net profit of the first half of 2021. The total amount to be paid is NIS 862 million; the date of payment is December 8, 2021. Balance sheet Net credit to the public totaled NIS 335.3 billion, compared with NIS 323.8 billion at the end of June 2021, an increase of 3.6%, thereby completing 11.1% growth in the first nine months of 2021 and 14.5% growth in the last year. The growth in the credit portfolio was recorded in all segments of operations, in line with the bank's strategy. Corporate credit and commercial credit each increased by 4.3% in the third quarter, thereby completing 15.1% and 17.2% growth since the beginning of this year, respectively. Amid high demand in the housing market, the housing loans portfolio increased by NIS 4.5 billion in the third quarter, reflecting growth of 4.3% in the quarter, 10.9% since the beginning of this year, and 13.6% in the last twelve months. The consumer and small business segments are showing gradual recovery in the demand for credit. Accordingly, the bank saw 1.1% and 0.7% growth in the quarter in these segments, respectively. Total deposits crossed the half trillion shekel threshold, reaching NIS 505 billion, an increase of 21.2% compared to the corresponding quarter. Retail deposits totaled NIS 289 billion, an increase of 5.7% year-on-year. Allowance for credit losses totaled NIS 5.8 billion as at September 30, 2021, reflecting an NPL coverage ratio of 206%. NPL balances declined by 12.7% since the beginning of this year, to NIS 2.8 billion, constituting 0.82% of total credit to the public. Income statement Income from regular financing activity totaled NIS 2,598 million in the third quarter of 2021, an increase of 11.2% compared to the corresponding quarter and 2.3% versus the last quarter, driven by consistent growth of the credit portfolio and an increase in the CPI. The financial margin stayed relatively flat in the quarter, at 1.85%. Other financing income amounted to NIS 179 million, mainly including profits from Poalim Equity, the non-financial investment arm of the bank. Poalim Equity: The growing investment activity of Poalim Equity generated profit in the amount of NIS 110 million in the quarter and NIS 268 million in the first nine months of the year, compared with NIS 14 million and NIS 23 million in the comparable periods last year. Fee income totaled NIS 838 million in the third quarter, compared with NIS 802 million in the previous quarter, an increase of 4.5%, and an 11.0% increase compared to the corresponding quarter. The increase in fees was driven by the rebound in the economy and the increase in the volume of business. Operating and other expenses totaled NIS 1,999 million in the third quarter, compared with NIS 1,980 million in the previous quarter and NIS 1,851 million in the same quarter last year. The increase in expenses versus last year was mainly influenced by an increase in salary expenses, due to an increase in the provision for performance-based bonuses, in line with the improvement in profitability, and a provision for a grant in honor of the centennial of the bank. The cost-income ratio for the third quarter of 2021 stood at 54.9%, compared with 56.1% in the corresponding quarter. The bank's credit portfolio quality, along with an improvement in macroeconomic parameters, continued to be reflected in a low volume of credit losses. Income from credit losses amounted to NIS 252 million for the quarter compared with income from credit losses of NIS 647 million and an expense of NIS 193 million in the previous and corresponding quarters, respectively. The income from credit losses in the third quarter of 2021 was due to a further reversal of the collective provision (although at a lower level than in previous quarters) and recoveries from individual provisions. Recent developments Green Tier 2 issuance: In view of the continued accelerated growth at the bank, with the aim of diversifying its investor base and optimizing its capital structure, the bank completed an international private offering of CoCo (contingent convertible) bonds at a scope of USD 1 billion. The offering was oversubscribed by more than USD 2.6 billion, drawing participation from institutional investors in the United States, the European Union, the United Kingdom, and Asia. The green CoCo bonds were issued for a maximum period of 10.25 years, at an annual interest rate of 3.255% (the bank has an option for full early redemption beginning five years from the date of issuance); they are compliant with the ESG principles of the International Capital Market Association (ICMA) for instruments of this type. The bank intends to use an amount equivalent to the proceeds of the offering to finance environment-friendly projects in the areas of renewable energies, green transportation, green building, waste recycling, and energy efficiency. Business delegation to the UAE: In October, the bank led a senior business delegation to the United Arab Emirates with the Israel Export Institute, with the aim of creating access to markets and new business opportunities for its clients. The delegation, which consisted of more than 200 business leaders in Israel's tech and finance sectors along with senior executives of the bank, participated in a first-of-its-kind business conference in Abu Dhabi with local government and industry officials. The conference provided an opportunity to strengthen and develop the initial contacts formed during an earlier visit to the UAE, and to contribute to the progress and promotion of business and gain standing in the markets. Appointment of directors: At the shareholder meeting of the bank held on October 21, 2021, the following directors were elected: Mr. Ruben Krupik and Mr. Yoel Mintz were elected to serve as external directors of the bank, and Ms. Ronit Schwartz was elected to serve as an other (non-external) director, for a period of three years. The appointments are subject to approval by the Bank of Israel. The strategic plan of the bank, adopted in late 2020, aspires to realize the bank's vision – "Committed to growth through innovative and fair banking for our customers". The performance of the bank this quarter reflects consistent, resolute execution of its strategy, key elements of which are: Growth in banking activity – The bank will work to grow the volume of its activity with retail, commercial, and corporate banking customers, while continually improving its value proposition for customers. Development of new banking – The bank will promote the development of new distribution channels for banking services and products, with an emphasis on new digital distribution channels based on advanced data-analysis capabilities and an outstanding user experience. Building a growth-supporting organizational infrastructure – The bank will work to drive processes encouraging a customer-centric, growth-supporting organizational culture, enabling it to improve its delivery and time to market. Conference-call information Bank Hapoalim will host a conference call today to discuss the results. The call will take place at 5:00 p.m. Israel time / 3:00 p.m. UK time / 10:00 a.m. US Eastern time. To access the conference call, please dial: +1–888-281-1167 toll-free from the United States, +0-800-917-9141 toll-free from the United Kingdom, or +972–3-918-0610 internationally. No password is required. The call will be accompanied by a slide presentation, which, together with the financial statements, will be available on the Bank Hapoalim website at, under Investor Relations > Financial Information. A recording of the conference call will be available on the bank's website at the above address one business day following the completion of the call. Please note: The conference call does not replace the need to peruse the immediate reports and the financial statements of the bank, including all of the forward-looking information included therein, in accordance with Section 32A of the Israeli Securities Law, 1968. About Bank Hapoalim Bank Hapoalim is Israel's leading financial group. In Israel, Bank Hapoalim operates 179 retail branches, regional business centers, and specialized industry relationship managers for major corporate customers. The Bank Hapoalim Group includes holdings in financial companies engaged in investment banking, trust services, and portfolio management. Internationally, commercial banking services are provided in North America by the New York branch. Bank Hapoalim is listed on the Tel Aviv Stock Exchange (TASE: POLI) and holds a Level-1 ADR program. For more information about Bank Hapoalim, please visit us online at Please note: This press release was prepared for convenience only. In case of any discrepancy, the bank's reported financial statements in Hebrew will prevail. Contact Tamar Koblenz                Head of Investor Relations T: +972 3 567 3440  E:   Table 1-1: Condensed financial information and principal performance indicators over time.....»»

Category: earningsSource: benzingaNov 15th, 2021

Biden spoke with CEOs of Walmart, UPS, FedEx, Target on supply chains, White House says

President Joe Biden on Tuesday spoke with the chief executives of Walmart , UPS , FedEx and Target on Tuesday to discuss steps the administration and private sector can take to "further strengthen our supply chains and build on steps we've already taken to speed up deliveries and lower prices," the White House said. The conversations followed the White House's unveiling of a plan Tuesday morning containing what it called "a set of concrete steps to accelerate investment in our ports, waterways, and freight networks." The bipartisan infrastructure bill passed by Congress contains $17 billion for such facilities, and Biden will talk up his plan for ports during a visit Wednesday to Baltimore. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news......»»

Category: topSource: marketwatchNov 9th, 2021

Starbucks Union Vote Sets Up a Watershed Moment for U.S. Labor

Winning a unionization vote at one of the country’s signature non-union firms, Starbucks, would be an audacious coup. U.S. workers have authorized strikes in a wide swath of industries and quit jobs in record numbers but could soon pull off an even more audacious coup: Winning a unionization vote at one of the country’s signature non-union firms, Starbucks. On Wednesday, the National Labor Relations Board will mail ballots to employees at three Starbucks Corp. coffee shops in and around Buffalo, New York, who will vote over the next four weeks on whether to establish the first-ever unionized locations among the chain’s thousands of corporate-run U.S. stores. The elections involve only around 100 employees, but a vote to unionize would be among the embattled U.S. labor movement’s highest-profile organizing victories in years, creating a foothold at an iconic global brand. It would also extend U.S. workers’ recent momentum into a new arena — the company’s ubiquitous coffee shops, visited by millions of Americans each day, where past organizing efforts have repeatedly fizzled. [time-brightcove not-tgx=”true”] “It’s a much bigger deal than the number of people would suggest,” said former NLRB chair and union attorney Wilma Liebman, given how a union victory at Starbucks would create new inroads in the broader restaurant industry. “Winning is contagious, and it could spread like wildfire.” Read More: U.S. Workers Are Realizing It’s the Perfect Time to Go on Strike Baristas at several Buffalo-area Starbucks say they’ve been talking casually with a union organizer over the past couple years, but more-serious conversations began in earnest this summer, after workers were exposed to new pressures and risks by the pandemic and then emboldened by a tightening labor market. After a swift series of confidential conversations, including at rival coffee shops, employees in August publicly announced their campaign to join Workers United, an affiliate of the Service Employees International Union. Employees say they love the company but want to secure a say to address issues like schedules that sometimes provide inadequate hours and wages that don’t sufficiently reward longer-serving staff, as well as security to speak up when confronted with hazards like harassment from customers about masks. “You can’t tell us that we’re essential workers and then also tell us that we shouldn’t have a voice or equal say,” said Jaz Brisack, an activist barista who before getting hired last year at Starbucks was employed by Workers United as an organizer on a successful unionization campaign at another Buffalo-area coffee chain, Spot Coffee. Starbucks asking staff to vote against unionization More than its peers, Starbucks has cultivated a progressive brand, closing stores nationwide to hold trainings on racial bias, pledging to achieve “carbon neutral green coffee,” offering health benefits to part-timers and recently announcing it would implement a nationwide $15 wage floor. Some pro-union employees say they hope the Seattle-based company will eventually come to see how collective bargaining could advance the company’s mission too. Asked about the campaign, a Starbucks spokesperson provided an October open letter to employees from the coffee chain’s North America president, Rossann Williams, in which she said she recognized that workers in the Buffalo region “have not had the Starbucks experience that we work so hard to create for you,” and that she and other managers were “here to ensure that we can give them just that.” Starbucks is asking employees to vote against unionization, Williams wrote, “because we believe we will best enhance our partnership and advance the operational changes together in a direct relationship.” Read More: The GM Strike Is Also a Protest Against the Gig Economy On Saturday, Starbucks closed Buffalo-area stores early and paid employees to attend a gathering with its former CEO Howard Schultz, the billionaire who is its chairman emeritus and largest individual shareholder. Schultz told employees that Starbucks had already built “a different kind of company,” and that no outsiders had successfully “pressured us, maneuvered us, threatened us to do anything other than what we felt in our heart and our conscience we needed to do and should do for the people who wear the green apron.” In a letter to employees published on Starbucks’ website in conjunction with his visit, Schultz said he was “saddened and concerned” to hear that any employee would think they need to have “a representative seek to obtain things we all have as partners at Starbucks.” Stephen Brashear/Getty Images CEO Howard Schultz speaks during the Starbucks annual meeting of shareholders on March 22, 2017 in Seattle, Washington. Employee concerns at Starbucks Still, Schultz was escorted away after the speech when Gianna Reeve, a pro-union employee at one of the stores slated to vote, asked him if he would support principles proposed by the union to restrict union-busting, she said. Starbucks has said that workers already have a say in scheduling, that more senior workers already get extra pay, and that it prioritizes workers’ and customers’ safety. The company also shared a September message to Buffalo-area employees from a regional vice president, Allyson Peck, saying that Starbucks was “bringing additional recruiters and managers to help with staffing, finalizing dedicated training plans for new baristas and repairing store issues quickly.” The steps, she said, are “actions only Starbucks can deliver on — versus an outside third party like the Workers United union.” Read More: Why the Biden Administration Could Be Good for Organized Labor On Aug. 30, after unsuccessfully petitioning Starbucks headquarters to make a deal restricting anti-union campaigning, employees moved ahead at the U.S. labor board, submitting signatures that organizers say represented at least four-fifths of the eligible staff at each of three Buffalo-area stores. The NLRB rejected Starbucks’ argument that the appropriate voter pool would instead consist of employees at all 20 of its stores in the region and granted the union’s request to hold store-by-store votes at the three sites, boosting the organizers’ chance of success. Since each store’s employees are voting separately, Starbucks will be legally required to negotiate if a majority of eligible staff at even one of them votes for the union. U.S. workers are having their moment Richard Bensinger, the former AFL-CIO organizing director spearheading the Buffalo Starbucks campaign for Workers United, said it was born out of a regional effort to organize restaurants, not a national strategy to target Starbucks. He’s found organizing Starbucks both easier and harder than he’d predicted: He thought he might find executives at the company, known for comparatively generous pay and benefits, eager to avoid a bitter struggle, along with workers who were tepid about organizing. Instead, he said, employees have proven highly motivated to seek changes but the company, as much as any other he’s gone up against, has been steadfast in seeking to defeat the drive. The Starbucks campaign is unfolding at a moment of unusual leverage for U.S. workers. They’ve been emboldened by a tight labor market and inspired to demand payback for the risks and sacrifices they shouldered during the pandemic, and to reverse concessions they acceded to in past years’ contract talks. Union members have recently authorized potential strikes involving over 100,000 workers in a slew of different industries, while workers in general have been quitting their jobs in record numbers. Read More: Workers Are Furious. Their Unions Are Scrambling to Catch Up Over the past week, striking workers at farm equipment maker Deere & Co. voted to continue a 10,000-strong work stoppage rather than accepting a tentative deal that included a 10% immediate wage hike, while unions representing over 30,000 health-care workers at Kaiser Permanente announced plans to strike starting Nov. 15. But Workers United’s NLRB election effort remains a gamble. While U.S. law promises employees the right to collectively bargain if a majority of their co-workers cast ballots in the affirmative, the law also gives companies wide latitude to campaign aggressively against unionization. Companies generally face only minimal penalties for engaging in illegal efforts to stymie the union or obstruct negotiations once a union is victorious. Toby Scott/SOPA Images/LightRocket via Getty Images Starbucks’ corporate headquarters seen in Seattle on Apr. 27, 2021. Winning a union contract In recent years, NLRB election victories at the top U.S. companies in union-scarce industries have been almost unheard of, except for where organizers could cut a deal beforehand with management to limit anti-union tactics, as the Starbucks workers tried and failed to do. The “Fight For $15 and a Union” campaign, another SEIU project, has spent about a decade organizing and mobilizing fast-food workers without ever filing for NLRB elections in any restaurants. Instead, they’ve opted for pressure campaigns targeting companies like McDonald’s Corp. in hopes — so far unrealized — of securing a national agreement easing unionization. Under U.S. law, companies can require workers to attend numerous group or one-on-one meetings about why they shouldn’t unionize, and make dire predictions about what could happen if they do. If workers are proven to be illegally fired for their union activism, the worst penalty a company usually faces is eventually being required to reinstate them with back pay, without punitive damages or personal liability for executives. If a group of workers does vote to unionize, companies can delay the process with extensive legal challenges. If a union’s victory is upheld, management is required to hold contract talks “in good faith,” but has no obligation to concede much on the issues workers want addressed. The majority of the time, workers still haven’t reached a contract one year after voting to unionize, according to a 2009 study. Read More: Beyond Labor Day—Three Ways Unions Have Helped American Workers “Typically, all the board does when an employer fails to bargain in good faith is order the employer to bargain in good faith,” said Columbia University law professor Kate Andrias. “Employees’ ability to win a good first contract is usually not a result of the law, but rather of workers’ decision to stick together, to demand improvements in their workplace, to mobilize public and political pressure on employers, and to engage in collective action by protests and strikes.” Winning a union contract for a small number of employees at a mammoth, otherwise union-free company is particularly difficult, Andrias said, because those workers have less direct economic leverage over management. Executives also have ample incentive to take a tough stance, knowing that if workers who unionized in one place succeed in securing improvements, organizing would be more appealing to others elsewhere. Angus Mordant/Bloomberg via Getty Images A person wearing a protective mask collects a pickup order from a Starbucks Corp. coffee shop in Newark, New Jersey, U.S., on Wednesday, Nov. 25, 2020. Starbucks workers say they are pressured In New York, Starbucks workers say they’ve been pressured to attend frequent anti-union meetings in which the company issues warnings, such as that unionization could cause them to lose existing benefits. The employees also say their stores have been visited by out-of-town managers and higher-ups like Rossann Williams who show up to press the anti-union case. “We want you to vote no,” Peck, the Starbucks regional vice president, told staff in a Nov. 1 email viewed by Bloomberg. “Unless you are positive you want to pay a union to represent you to us, you must vote no.” Last week, the union and barista Michelle Eisen filed a complaint, now pending with the NLRB, accusing Starbucks of “engaging in a campaign of threats, intimidation, surveillance” and other illegal tactics such as store closings in its effort to defeat the Buffalo organizing campaign. Starbucks declined to comment specifically on the NLRB filing. The company has said that workers are expected to attend its meetings but aren’t punished if they refuse; that it’s not uncommon for higher-ups to visit its stores; that its temporary conversion of one store to a training site and closure of another for remodeling were unrelated to union organizing; and that it strictly adheres to U.S. labor law. Read More: Pandemic Fuels Union Interest Among Front Line Workers Tia Corthion, a shift supervisor at a Buffalo-area store, said in an interview arranged by a Starbucks spokesperson that she’s received necessary information in the company’s meetings about unionization. In union contract talks, “there are things that we have to give up to get the things that they’re negotiating,” said Corthion, whose pay and benefits at Starbucks exceed the ones she had in prior jobs. “I don’t know what the outcome could be. It doesn’t sound like any good outcomes.” Activist employees in New York say they’ve built organizing bonds among co-workers that can withstand an anti-union campaign, and that they’re already hearing from colleagues around the country who want to support them or start organizing themselves, despite management’s efforts to dissuade them. “They think three stores in Buffalo is bad — they’re going to love the next year,” said local shift supervisor Alexis Rizzo. “Because the interest that we’ve had is mind-blowing.” Bensinger, the Workers United Buffalo organizer, said he feels good about workers soon getting to vote. “We don’t have to win a hundred stores, we have to win one,” he said. “If you can win one store, then I think the whole world will rally behind bargaining for a contract like people have never seen.”.....»»

Category: topSource: timeNov 7th, 2021

Alliant Energy Announces Third Quarter 2021 Results

Third quarter GAAP earnings per share was $1.02 in 2021 compared to $0.98 in 2020 With strong year-to-date results, increased and narrowed 2021 earnings guidance range to $2.61 - $2.67 Provided 2022 earnings guidance range of $2.65 - $2.79 and 2022 annual common stock dividend target of $1.71 Increased forecasted 2021 - 2025 net capital expenditures to $7 billion in aggregate MADISON, Wis., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Alliant Energy Corporation (NASDAQ:LNT) today announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) for the three months ended September 30 as follows:   GAAP EPS   Non-GAAP EPS     2021     2020     2021     2020 Utilities and Corporate Services $1.01       $0.89     $1.01       $0.89   American Transmission Company (ATC) Holdings   0.03         0.03       0.03         0.03   Non-utility and Parent   (0.02 )       0.06       (0.02 )       0.02   Alliant Energy Consolidated $1.02       $0.98     $1.02       $0.94   "We are excited to deliver another quarter of consistent results, including several highlights such as being recognized for the third year in a row as a Top Utility in Economic Development by Site Selection magazine," said John Larsen, Alliant Energy Chair, President and CEO. "We narrowed and raised our 2021 earnings guidance to a range of $2.61 - $2.67 per share. I am also pleased to share that our Board of Directors has approved a 6% increase in our annual common stock dividend target, raising it to $1.71 per share for 2022." Utilities and Corporate Services - Alliant Energy's Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $1.01 per share of GAAP EPS in the third quarter of 2021, which was $0.12 per share higher than the third quarter of 2020. The primary drivers of higher EPS were higher earnings resulting from IPL's and WPL's increasing rate base, as well as higher sales due in part to the derecho windstorm in Iowa and COVID-19 sales impacts in the third quarter of 2020. These items were partially offset by higher depreciation expense and lower allowance for funds used during construction (AFUDC). Non-utility and Parent - Alliant Energy's Non-utility and Parent operations generated ($0.02) per share of GAAP EPS in the third quarter of 2021, which was an $0.08 per share earnings decrease compared to the third quarter of 2020. The lower EPS was primarily driven by an adjustment in 2020 to the credit loss liability related to legacy guarantees associated with an affiliate of Whiting Petroleum Corporation (Whiting Petroleum) and timing of income taxes. Earnings Adjustments - Non-GAAP EPS for the three months ended September 30, 2020 excludes $0.04 per share related to the credit loss adjustment described above for Alliant Energy's Non-utility and Parent. Non-GAAP adjustments, which relate to material charges or income that are not normally associated with ongoing operations, are provided as a supplement to results reported in accordance with GAAP. Estimated Temperature Impacts to Non-GAAP EPS - The estimated year-to-date impact of temperatures on EPS compared to normaltemperatures, is an $0.08 per share gain in 2021. The midpoint of the temperature normalized non-GAAP EPS guidance for the fullyear 2021 is $2.57. Details regarding GAAP EPS variances between the third quarters of 2021 and 2020 for Alliant Energy are as follows:   Variance Higher revenue requirements primarily due to increasing rate base $0.07     Higher depreciation expense   (0.03 )   Lower allowance for funds used during construction   (0.02 )   Credit loss adjustment on guarantee for affiliate of Whiting Petroleum in 2020   (0.04 )   Other (includes higher sales due to the Derecho and COVID-19 in 2020)   0.06     Total $0.04     Higher revenue requirements primarily due to increasing rate base - In 2020, IPL received a final order from the Iowa Utilities Board (IUB) to increase annual rates for its Iowa retail electric customers based on a 2020 forward-looking Test Period. Effective with the implementation of final rates covering the 2020 forward-looking Test Period on February 26, 2020, IPL began recovering a return of, as well as earning a return on, its new wind generation placed in service in 2019 and 2020 from its retail electric customers through a renewable energy rider. Other applicable costs and tax benefits associated with the new wind generation, excluding operation and maintenance expenses, are also included in the rider. The renewable energy rider factor is updated on an annual basis using forecasted rate base and costs for the current year. The 2021 renewable energy rider factor includes the impact of the wind expansion completed in 2020, resulting in increased earnings for 2021. IPL recognized a $0.02 per share increase in the third quarter of 2021 due to the higher revenue requirements from increasing rate base related to the wind generation placed in service during 2020. This increasing rate base at IPL also resulted in higher depreciation expense and lower AFUDC in the third quarter of 2021. In December 2020, the Public Service Commission of Wisconsin issued an order authorizing WPL to maintain its current retail electric and gas base rates, authorized return on equity, regulatory capital structure and earnings sharing mechanism through the end of 2021. WPL began to utilize anticipated fuel-related cost savings and excess deferred income tax benefits in 2021 to offset the revenue requirement impacts of increasing electric and gas rate base. WPL recognized a $0.05 per share increase in the third quarter of 2021 due to higher revenue requirements from increasing electric and gas rate base. This increasing rate base at WPL was primarily attributable to its Kossuth wind farm, which was placed in service in October 2020, and the expansion of its gas distribution system in Western Wisconsin, which was placed in service in November 2020. This increasing rate base at WPL also resulted in higher depreciation expense and lower AFUDC in the third quarter of 2021. Credit loss adjustment on guarantee for affiliate of Whiting Petroleum in 2020 - A wholly-owned subsidiary of Alliant Energy continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements. The partnership obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. Whiting Petroleum completed its bankruptcy proceedings in the third quarter of 2020. Alliant Energy estimated a decrease in the current expected credit loss related to the guarantees and recognized $0.04 per share of earnings in the third quarter of 2020. This was a non-recurring increase to earnings in the third quarter of 2020. 2021 Earnings Guidance Alliant Energy is updating its EPS guidance for 2021 as follows. The midpoint of the 2021 EPS guidance was increased by $0.07 per share primarily due to favorable temperature impacts on retail electric and gas sales through the third quarter.   Revised   Previous Alliant Energy Consolidated $2.61 - $2.67   $2.50 - $2.64 Drivers for Alliant Energy's 2021 earnings guidance include, but are not limited to: Ability of IPL and WPL to earn their authorized rates of return Stable economy and resulting implications on utility sales Normal temperatures in its utility service territories for the rest of the year Execution of cost controls Execution of capital expenditure and financing plans Consolidated effective tax rate of (13%) The 2021 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances, changes in credit loss liabilities related to guarantees, settlement charges related to employee benefit plans, pending lawsuits and disputes, federal and state income tax audits and other Internal Revenue Service proceedings, future changes in laws or regulations including potential tax reform, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy. 2022 Earnings Guidance Alliant Energy is issuing EPS guidance for 2022 of $2.65 - $2.79. Drivers for Alliant Energy's 2022 earnings guidance include, but are not limited to: Ability of IPL and WPL to earn their authorized rates of return Stable economy and resulting implications on utility sales Normal temperatures in its utility service territories Execution of cost controls Execution of capital expenditure and financing plans Consolidated effective tax rate of 6% The 2022 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, federal and state income tax audits and other Internal Revenue Service proceedings, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy. "We will continue to execute on our purpose-driven plan in 2022, continuing construction on many of our planned solar projects that will provide the reliable, affordable and clean energy our customers want and deserve. Our 12-year track record of 5% to 7% long-term growth continues with our 2022 earnings guidance of $2.65 - $2.79 per share," said Larsen 2022 Annual Common Stock Dividend Target Alliant Energy's Board of Directors approved a 6% increase, or $0.10 per share, to its 2022 expected annual common stock dividend target of $1.71 per share from the current annual common stock dividend target of $1.61 per share. Payment of the 2022 quarterly dividend is subject to the actual dividend declaration by the Board of Directors each quarter, which is expected in January 2022 for the first quarter dividend. Projected Capital Expenditures Alliant Energy has updated its projected net capital expenditures for 2021 through 2025, which total $7 billion, as follows (in millions). The projected capital expenditures exclude AFUDC and capitalized interest, if applicable. Cost estimates represent Alliant Energy's estimated portion of total construction expenditures.     2021     2022     2023     2024     2025 Generation:                   Renewable projects $385     $550       $520       $1,270       $675     Other   90       105         185         190         90     Distribution:                   Electric systems   490       445         560         605         625     Gas systems   70       70         80         70         75     Other   165       185         185         185         205     Gross Capital Expenditures   1,200       1,355         1,530         2,320         1,670     Solar Project Tax Equity   —       (190 )       (125 )       (580 )       (170 )   Net Capital Expenditures $1,200     $1,165       $1,405       $1,740       $1,500                                                     Earnings Conference Call A conference call to review the third quarter 2021 results is scheduled for Friday, November 5 at 9:00 a.m. central time. Alliant Energy Chair, President and Chief Executive Officer John Larsen, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 888-394-8218 (United States or Canada) or 323-794-2149 (International), passcode 4175543. Interested parties may also listen to a webcast at In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. A replay of the call will be available through November 12, 2021, at 888-203-1112 (United States or Canada) or 719-457-0820 (International), passcode 4175543. An archive of the webcast will be available on the Company's Web site at for 12 months. About Alliant Energy Corporation Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy's non-utility operations. Alliant Energy is an energy-services provider with utility subsidiaries serving approximately 975,000 electric and 420,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company's primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company's Web site at Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements can be identified by words such as "forecast," "expect," "guidance," or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others: the direct or indirect effects resulting from the COVID-19 pandemic, including vaccine mandates and testing requirements, on sales volumes, margins, operations, employees, contractors, vendors, the ability to complete construction projects, supply chains, customers' inability to pay bills, suspension of disconnects, the market value of the assets that fund pension plans and the potential for additional funding requirements, the ability of counterparties to meet their obligations, compliance with regulatory requirements, the ability to implement regulatory plans, economic conditions and access to capital markets; the impact of pending COVID-19 vaccine mandates on workforce availability; the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns; the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents; the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL's and WPL's service territories on system reliability, operating expenses and customers' demand for electricity; the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins; the impact that price changes may have on IPL's and WPL's customers' demand for electric, gas and steam services and their ability to pay their bills; IPL's and WPL's ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, deferred expenditures, deferred tax assets, tax expense, capital expenditures, and remaining costs related to electric generating units (EGUs) that may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends; federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders; the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire; the impacts of changes in the tax code, including tax rates, minimum tax rates, and adjustments made to deferred tax assets and liabilities; employee workforce factors, including changes in key executives, ability to hire and retain employees with specialized skills, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings; any material post-closing payments related to any past asset divestitures, including the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation; weather effects on results of utility operations; issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits, the Coal Combustion Residuals rule, future changes in environmental laws and regulations, including federal, state or local regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements; increased pressure from customers, investors and other stakeholders to more rapidly reduce carbon dioxide emissions; the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency, state natural resources agencies or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; inflation and interest rates; the ability to complete construction of solar generation projects within the cost targets set by regulators due to cost increases of materials, equipment and commodities including due to tariffs, labor issues or supply shortages, the ability to achieve the expected level of tax benefits based on tax guidelines and project costs, and the ability to efficiently utilize the solar generation project tax benefits for the benefit of customers; disruptions to the supply of materials, equipment and commodities needed to construct solar generation projects, including due to shortages, labor issues or transportation issues, which may impact the ability to meet capacity requirements and result in increased capacity expense; changes in the price of delivered natural gas, transmission, purchased electricity and coal due to shifts in supply and demand caused by market conditions and regulations; disruptions in the supply and delivery of natural gas, purchased electricity and coal; the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration; issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental costs through rates; impacts that excessive heat, excessive cold, storms or natural disasters may have on Alliant Energy's, IPL's and WPL's operations and recovery of costs associated with restoration activities or on the operations of Alliant Energy's investments; Alliant Energy's ability to sustain its dividend payout ratio goal; changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics; material changes in employee-related benefit and compensation costs; risks associated with operation and ownership of non-utility holdings; changes in technology that alter the channels through which customers buy or utilize Alliant Energy's, IPL's or WPL's products and services; impacts on equity income from unconsolidated investments from valuations and potential changes to ATC LLC's authorized return on equity; impacts of IPL's future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; changes to the creditworthiness of counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; current or future litigation, regulatory investigations, proceedings or inquiries; reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions; the effect of accounting standards issued periodically by standard-setting bodies; the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and other factors listed in the "2021 Earnings Guidance" and "2022 Earnings Guidance" sections of this press release. For more information about potential factors that could affect Alliant Energy's business and financial results, refer to Alliant Energy's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), including the sections therein titled "Risk Factors," and its other filings with the SEC. Without limitation, the expectations with respect to 2021 and 2022 earnings guidance, 2022 annual common stock dividend target and 2021-2025 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy's ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Use of Non-GAAP Financial Measures To provide investors with additional information regarding Alliant Energy's financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the three and nine months ended September 30, 2020 excluding a credit loss adjustment on guarantees for an affiliate of Whiting Petroleum. Alliant Energy believes this non-GAAP financial measure is useful to investors because it provides an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provides additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy's management also uses income, as adjusted, to determine performance-based compensation. In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the three and nine months ended September 30, 2021 and 2020. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. This press release references year-over-year variances in utility electric margins and utility gas margins. Utility electric margins and utility gas margins are non-GAAP financial measures that will be reported and reconciled to the most directly comparable GAAP measure, operating income, in our third quarter 2021 Form 10-Q. The tax impact adjustment represents the impact of the tax effect of the pre-tax non-GAAP adjustment excluded from non-GAAP net income. The tax impact of the non-GAAP adjustment is calculated based on the estimated consolidated statutory tax rate. This press release also includes temperature-normalized non-GAAP EPS guidance for the year ended December 31, 2021. Alliant Energy believes this non-GAAP guidance measure is useful to investors because the measure facilitates period-to-period comparison of Alliant Energy's operating performance and provides investors with information on a basis consistent with measures thatmanagement uses to assess Alliant Energy's earnings growth rate. Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow and in the case of temperature normalized non-GAAP EPS guidance, in the press release above. Note: Unless otherwise noted, all "per share" references in this release refer to earnings per diluted share. ALLIANT ENERGY CORPORATIONEARNINGS SUMMARY (Unaudited) The following tables provide a summary of Alliant Energy's results for the three months ended September 30: EPS: Three Months   GAAP EPS   Adjustments   Non-GAAP EPS     2021     2020     2021     2020     2021     2020 IPL $0.63       $0.59     $ —      $ —       $0.63       $0.59   WPL   0.37         0.29       —        —         0.37         0.29   Corporate Services   0.01         0.01       —        —         0.01         0.01   Subtotal for Utilities and Corporate Services   1.01         0.89       —        —         1.01         0.89   ATC Holdings   0.03         0.03       —        —         0.03         0.03   Non-utility and Parent   (0.02 )       0.06       —        (0.04 )       (0.02 )       0.02   Alliant Energy Consolidated $1.02       $0.98     $ —      ($ 0.04 )     $1.02       $0.94                                                         Earnings (in millions): Three Months   GAAP Income (Loss)   Adjustments   Non-GAAP Income (Loss)     2021     2020     2021     2020     2021.....»»

Category: earningsSource: benzingaNov 4th, 2021

"Falsified Data": Pfizer Vaccine Trial Had Major Flaws, Whistleblower Tells Peer-Reviewed Journal

'Falsified Data': Pfizer Vaccine Trial Had Major Flaws, Whistleblower Tells Peer-Reviewed Journal A whistleblower involved in Pfizer's pivotal phase III Covid-19 vaccine trial has leaked evidence to a notable peer-reviewed medical publication that poor practices at the contract research company she worked for raise questions about data integrity and regulatory oversight. Brook Jackson, a now-fired regional director at Ventavia Research Group, revealed to The BMJ that vaccine trials at several sites in Texas last year had major problems - including falsified data, broke fundamental rules, and were 'slow' to report adverse reactions. When she notified superiors of the issues she found, they fired her. A regional director who was employed at the research organisation Ventavia Research Group has told The BMJ that the company falsified data, unblinded patients, employed inadequately trained vaccinators, and was slow to follow up on adverse events reported in Pfizer’s pivotal phase III trial. Staff who conducted quality control checks were overwhelmed by the volume of problems they were finding. After repeatedly notifying Ventavia of these problems, the regional director, Brook Jackson, emailed a complaint to the US Food and Drug Administration (FDA). Ventavia fired her later the same day. Jackson has provided The BMJ with dozens of internal company documents, photos, audio recordings, and emails. -The BMJ Poor laboratory management Jackson, a trained clinical trial auditor with more than 15 years' experience, says she repeatedly warned her superiors of poor laboratory management, patient safety concerns, and data integrity issues. After she was ignored, she started documenting problems with the camera on her mobile phone. One photo, provided to The BMJ, showed needles discarded in a plastic biohazard bag instead of a sharps container box. Another showed vaccine packaging materials with trial participants’ identification numbers written on them left out in the open, potentially unblinding participants. Ventavia executives later questioned Jackson for taking the photos. The unblinding was potentially far more severe as well. Per the trial's design, unblinded staff prepared and administered either Pfizer's Covid-19 vaccine or a placebo. This was done to preserve the blinding of trial participants and other staff - including the principal investigator. At Ventavia, however, Jackson says that drug assignments were left in participants' charts and accessible to blinded personnel. The breach was corrected last September, two months into the trial at which point there were around 1,000 participants already enrolled. Jackson recorded a September 2020 meeting with two Ventavia directors, at which an executive can be heard saying that the company couldn't quantify the types and number of errors with their testing. "In my mind, it's something new every day," they said, adding "We know that it's significant." According to the report, Ventavia also failed to keep up with data entry - as a Sept. 2020 email from Pfizer partner ICON reveals. "The expectation for this study is that all queries are addressed within 24hrs.” ICON then highlighted over 100 outstanding queries older than three days in yellow. Examples included two individuals for which “Subject has reported with Severe symptoms/reactions … Per protocol, subjects experiencing Grade 3 local reactions should be contacted. Please confirm if an UNPLANNED CONTACT was made and update the corresponding form as appropriate.” According to the trial protocol a telephone contact should have occurred “to ascertain further details and determine whether a site visit is clinically indicated.” FDA Inspection woes Other documents provided to The BMJ reveal that Ventavia officials were worried about three employees . In an email in early August 2020, an executive identified three site staff members with whom they need to "Go over e-diary issue/falsifying data, etc." One of the employees was "verbally counseled for changing data and not noting late entry," a note reveals. During the September meeting, Ventavia executives and Jackson discussed the potential for the FDA to show up for an inspection. On former Ventavia employee told The BMJ that the company was petrified over the potential for an FDA audit, and were in fact expecting one over the Pfizer vaccine trial. "People working in clinical research are terrified of FDA audits," Jill Fisher told the journal, adding however that the agency rarely does anything except review paperwork - usually months after a trial is over. "I don’t know why they’re so afraid of them," she added - saying that she was surprised that the agency failed to inspect Ventavia following an employee complaint. "You would think if there’s a specific and credible complaint that they would have to investigate that." FDA notified Jackson sent a Sept. 25 email to the FDA in which she wrote that Ventavia had enrolled over 1,000 participants at three sites, out of the full trial's 44,000 participants across 153 sites which included various academic institutions and commercial companies. She raised concerns over issues she had witnessed, including: Participants placed in a hallway after injection and not being monitored by clinical staff Lack of timely follow-up of patients who experienced adverse events Protocol deviations not being reported Vaccines not being stored at proper temperatures Mislabelled laboratory specimens, and Targeting of Ventavia staff for reporting these types of problems. Hours later, the FDA emailed her back, thanking her for her input but notifying her that they would not comment on any investigation which may result. That said, in August of this year, the FDA published a summary of its inspections of Pfizer's pivotal phase III trial. They looked at just nine out of the trial's 153 sites, and did not look at any of Ventavia's operations. Further, no inspections were conducted following the December 2020 emergency authorization of the vaccine. Other employees corroborate Jackson's complaints Two former Ventavia employees spoke with The BMJ anonymously, and confirmed 'broad aspects' of Jackson's account. One said that she had worked on over four dozen clinical trials in her career, including many large trials, but had never experienced such a “helter skelter” work environment as with Ventavia on Pfizer’s trial. “I’ve never had to do what they were asking me to do, ever,” she told The BMJ. “It just seemed like something a little different from normal—the things that were allowed and expected.” She added that during her time at Ventavia the company expected a federal audit but that this never came. After Jackson left the company problems persisted at Ventavia, this employee said. In several cases Ventavia lacked enough employees to swab all trial participants who reported covid-like symptoms, to test for infection. Laboratory confirmed symptomatic covid-19 was the trial’s primary endpoint, the employee noted. (An FDA review memorandum released in August this year states that across the full trial swabs were not taken from 477 people with suspected cases of symptomatic covid-19.) “I don’t think it was good clean data,” the employee said of the data Ventavia generated for the Pfizer trial. “It’s a crazy mess.” -The BMJ The second employee told The BMJ that working at Ventavia was unlike any environment she had experienced in 20 years of research. Since her firing, Jackson has reconnected with several Ventavia employees who either left or were fired themselves. One of them sent her a text message, which reads "everything that you complained about was spot on." Meanwhile, since Jackson reported issues with Ventavia to the FDA in September 2020, Pfizer has contracted with the company for four other vaccine clinical trials. One has to wonder - if the FDA is auditing less than 10% of trials, how many more potential whistleblowers could there be? Tyler Durden Tue, 11/02/2021 - 14:25.....»»

Category: blogSource: zerohedgeNov 2nd, 2021

Transcript: Sukhinder Singh Cassidy

     The transcript from this week’s, MiB: Sukhinder Singh Cassidy, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This… Read More The post Transcript: Sukhinder Singh Cassidy appeared first on The Big Picture.      The transcript from this week’s, MiB: Sukhinder Singh Cassidy, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest. Her name is Sukhinder Singh Cassidy and she has had a fascinating career in technology, starting as an analyst in the investment banking group at Merrill Lynch before going west to join a company that ends up getting purchased by Amazon and she stays at Amazon for a while before leaving to join another startup then ends up doing well. She eventually takes a couple of roles at Google, Google Maps, and then running a couple of other projects, Google International Commerce. And from there, ends up launching a couple of more startups, all of which that have done very, very well. She talks about the process of risk-taking and decision-making and why you can’t think about the risk reward calculus in terms of one big win or lose choice. You have to think about a series of smaller incremental steps that all involve risk and eventually determine the path you take. It’s a good framework for both technology and finance. I thought this conversation was quite fascinating and I found her book to be intriguing as well, “Choose Possibility.” With no further ado, my conversation with Sukhinder Singh Cassidy. VOICEOVER: This is Masters in business with Barry Ritholtz on Bloomberg Radio. SUKHINDER SINGH CASSIDY, PRESIDENT, STUBHUB: My special guest this week is Sukhinder Singh Cassidy. She is a technology executive and serial entrepreneur. Previously, she was president of StubHub, her new book is “Choose Possibility: Take risks and Thrive (Even When You Fail). Sukhinder Singh Cassidy, welcome to Bloomberg. CASSIDY: Thank you so much for having me. Excited to be here. RITHOLTZ: So, let’s talk about your career which is really so interesting. It covers everything from finance and investing banking to technology. Let’s begin at the beginning. You started at Merrill Lynch in the early ’90s, a great time to start in investment banking. What motivated that decision to go into finance? CASSIDY: Well, a couple of things. Number one, I’d say the most more intelligently reason was because I wanted, sort of a base in financial literacy and financial analysis which I thought would be great for any career I had. And then the more emotional reason, honestly, I was at a top undergraduate business school in Canada and all my friends were doing it. RITHOLTZ: Right. CASSIDY: I was like, well, if they’re doing it, I should be doing it too. So, in some ways I call it — I call it a couple cat goal. I’m sure there are many ways I could’ve gotten financial literacy but I was bound and determined to keep pace with my rather competitive colleagues to get a job n Wall Street. RITHOLTZ: So, you head to New York, you start at Merrill Lynch. Any formative experiences stay with you years later, what do you most remember from that era? CASSIDY: Well, the first is, honestly, just the struggle to get the job, believe it or not. And I say that to people because often, when you look back on the careers of others, that they’re — they look so pretty from the outside. But from the inside, it took me a good year plus to get that job. I was rejected by a number of banks. Merrill didn’t even come to Canada to recruit. And they offered me one of those polite informational letters which said something like if you’re ever in New York City, we’d be happy to give you 15 — a 15-minute informational interview. And I remember saying to my father, I’m like, well, look at that. They just rejected me and he said, well, why don’t you take a train to get it, down to New York. You’ll never know. And I was at the end of my rope. I’d been searching for jobs for over a year. I said — as I said, determined to get this job and not successful and I took that train ride and 15 minutes turned into a three-hour interview. RITHOLTZ: Wow. CASSIDY: And then they accelerated me to the final process, which is for investment, it’s very competitive. I came down on a weekend and competed with all the sort of Ivy League American kids who had been through rounds of interviews, undoubtedly. And I got the job. So, it was a pretty sweet — it’s a pretty sweet success after a year and a half of trying. But it was very formative for me because it really informed and, I guess, my view of how often you have to choose keep choosing in order to get to the goal you want. RITHOLTZ: Keep banging away. So, what — what did you do for Merrill when you — when you get the job, what was it that they had you do? What were your responsibilities and what was the job like? CASSIDY: Well, and I think this is probably the second formative experience I had at Merrill. So, my role was financial analyst. Anybody who maybe has studied finance know that that’s really a job where you create pitchbooks. RITHOLTZ: Right. CASSIDY: The books with facts and details about different industries. I was in the financial services industry. And that was the entry (ph) that I was assigned to and you really create those books or what’s called managing directors who go out and pitch large companies on using their services, M&A services, IPO services, what have you. And so, the average analyst is spending, you know, days and nights, often through the night, toiling to create these perfect pitchbooks. So, I certainly had that experience but I ended up working for a pretty eclectic young managing director called Henry Michaels and Henry was, as detailed as they could get, pipe smoking, definitely capable of driving others crazy but he took a really deep and really interest in just teaching me about, believe it or not, the savings and loan industry. And I think he found me to be maybe a rough (ph) student and, I freely admit, after taking a year to get that job, I was bound and determined to be successful at it. So, I would, very inquisitive, very curious. And as a result, Henry kept stuffing me and putting me, I would say on the — on jobs with increasing responsibility. And so, pretty early on, I was going to meetings with CEOs that he would — he would set up and let me attend. Of course, I was carrying the pitchbook, but that didn’t really matter to me, the exposure did. And as a result, I ended up working on an IPO early, the Long Island Savings Bank. Henry kept giving me more and more responsibility. And in my second year, Merrill sent me to London which was unusual as well to send somebody that early and I got to go work on banking in the — in the European banking industry and had just an amazing experience. So, I give Henry Michaels a lot of credit. Henry, definitely, skipped a bunch of layers to teach me and I, as I said, maybe my best contribution was I was a rough (ph) student but the result was that, an experience where I’ve got a lot of exposure very quickly to kind of senior executive. RITHOLTZ: Really interesting. I have a specific recollection of the Long Island Savings Bank going IPO in the early, I want to say mid ’90s and eventually … CASSIDY: That was me. I was the analyst. RITHOLTZ: And eventually, it got acquired and then that company got acquired. And in a certain point, you just lose track. But this leads to an obvious question, all of your background is finance related, how did you transition to tech and what made you decide to leave the East Coast and the world of finance for the West Coast which has more of a technology bend? CASSIDY: Well, I — so, ironically, I made my way to the West Coast, not from the East Coast but via London because if you recall, Merrill sent me to London. And when I was in London, I had spent, maybe two years with the bank and its classic length of each program for two years and then they expect you, actually, to move on. So, analyst programs are two years in investment banks. So, I spent two years. They offered me a third and I really want to be, quote-unquote, “in industry.” Now, I had no idea what that meant but I wanted to work for one company. RITHOLTZ: Right. CASSIDY: And so, I was able to secure a role with the CFO at a company called British Sky Broadcasting, one of the biggest satellite broadcasters in the world. If you recall, this is part of the News Corporation, its kind of empire. And luckily, for me, I parted with my job in finance to a job in finance inside of a company at BSkyB and then I was promoted to working for the CEO and the COO there. So, actually, it’s probably a more dramatic story. I was promoted. I was working on the top floor for the — one of the two top bosses and I’d been there, I’ve been at BSkyB for only a year and I walked into my bosses’ office and I told them I quit. And he was shocked. And I said, two things are true, David. Number one, I have this epic promotion. I sit down the hallway from you, I get — I get lunch every day, I’m on the — I’m on the executive floor, I’m like but you don’t really use me. It’s true. My boss is very used to sort of operating like lone wolf as that as sort of effectively president of the company. And I said, number two, I think I want to head back to North America. I’ve been there for two and a half years and a girlfriend of mine, a very dear friend from Stanford Business School, I had visited her the year early — earlier and I fell in love with the weather in the Bay Area and this kind of sense of entrepreneurship. That’s true. I mean, for a girl who comes from Ontario, Canada, where it gets pretty darn cold, once you visit California, you sort of realize that it’s possible to live in good weather all year long. RITHOLTZ: Right. CASSIDY: But the other — but the other truth is I wanted to be an entrepreneur. My father, loves running some business. I had no idea how. I love the Bay Area for the weather and I sense that it was, that there were a lot of people starting companies. So I quit my job, I went skiing for three months and Whistler, and I moved to the — I moved to California and bought a car, drove up the coast from L.A. to San Francisco. Luckily, those friends of mine, their parents put me up at their very nice house in California until I found the job and I started over. RITHOLTZ: And how did you end up at Junglee? CASSIDY: If you can’t tell already, I was a fairly impatient young woman because, I moved a fair amount in that first six years of my career. I, as I said, I was looking for a job in the Valley. I found, what, unfortunately, the job I found was not nearly as positive experience as I’d hope. As you — as we just talked about, I actually had a really good experience with Merrill. I even had a good experience with BSkyB, if you look at the fact that I got responsibility, I was promoted. And I got to this, I found a startup end in Silicon Valley that was in interactive television which is we somewhat related to what I’ve just got in at Sky, which is a TV industry. And on second day on the job, my boss told me I was scaring the secretaries and I was like, what — what do you mean? RITHOLTZ: What does that mean? CASSIDY: What do you mean? Yes, what do you mean? I’m like I just come from two industries that are highly male dominated, nobody ever told me I was scary. And that began a rapid decline in our relationship. I felt like I wasn’t getting a lot of responsibility. He kept telling me I was the rookie that needed to be coached. And I quit six months later. Actually, fairly deflated, because I was, like, if this is what it means to be in Silicon Valley, I must be this meritocracy. I’m supposed to be having the time of my life. Maybe I’m not meant for this place. Luckily for me, I started thinking about getting another job and a recruiter called and pitched this idea of a company started by four Stanford Ph.Ds. in — who have this very cool technology. I took the interview I didn’t really understand fully the technology but I loved that. They were smart, they were thunderous. And so I switched, and luckily for me, I made the switch, Junglee ended up building a whole engine for shopping, for comparing prices across the Internet and Amazon bought the company six months later and that was the really the start of my career in Silicon Valley. Just a great experience. But following a very poor one. RITHOLTZ: Really — well, everything can’t all be wine and roses. Sometimes, they’re going to miss. Tell us a little bit about what it was like working for Amazon in ’98 and how closely did you work with Bezos back then? CASSIDY: Well, believe it or not, back then, it was a pretty small company. There was about 1,200 people. We were public. So, everybody got exposure to Jeff, myself included. And so, what are some of those early year — those early times like at Amazon? Well, first of all, as I said, everybody was — it was a small enough company that you could sit most of Amazon in one or two buildings, so we made a couple of moves where — we were all in the same building. Number two, we all had to work in the warehouse including like the very top executives at Amazon. Jeff and Rick Dalzell, like everybody had shifts over Christmas. You had no day job. You literally all had shifts in the warehouse which was a pretty amazing cultural feel. And by the way, that included, like overnight shifts. You work taking and packing books and music — books, CDs, and videos. That’s true. Jeff had bought the company because he, believe it or not, in 1998 still had this vision of a day where Amazon show you every product on the Internet whether or not they had it in stocks, so this early vision of marketplace. But Amazon at the time was just building out its own verticals. So, what was sit like? He was really the main champion of this acquisition of buying us for our technology. He used it to start version one of Amazon marketplace which he shut down several years later. So, he’s made many attempts at marketplace before he got the one that worked. And by the way, before the world was ready for it. So, it was pretty — it was a pretty neat look into how sort of visionary he was even early on, of course, not nearly as sort of daunting a presence as he might be now. Just like very accessible, pretty goofy, actually pretty quirky sense of humor. And I got to work with him specifically because I was one of the people selling new merchants, like people like Macy’s and others on the idea of putting their products on the Amazon’s website. So, I got to pitch a few different retailers with Jeff which was really cool (ph). VOICEOVER: ESG, it’s not quite as easy as ABC. Environmental, social, and governance factors now influence more than $20 trillion in assets. We’ll tell you how the ESG movement started and where it’s going on the OUTThinking Investor. A new podcast from PGIM. Listen today. RITHOLTZ: So, I know this is going to be a very fanboy question, but I have to ask because there’s a broader component about understanding or not the future, in the late ’90s, in the early 2000s, did you have any indication that Amazon would become the juggernaut that it became or was — that was early days. Hey, we think we’re going to be successful, we could be a real solid company, like, what was the view like from back then? CASSIDY: The view was not that we were going to become the juggernaut we are today as defined by Amazon’s not just a retailer but it’s like a dominant movie studio. It’s not just a movie studio, it owns a grocer. It’s not just a grocer, but it happens to own the largest infrastructure, backbone of the web called Amazon Web Services and other merchants, like no way was that obviously. As I said, like, literally, the days where we’re selling books, music, and video and launching new categories. And, Jeff, as I said, like, he was impressive but he was also a very accessible, funny, young, like, he’s only a few years older than I am, at best. And so no, I don’t, I mean, all the people that you think of now who’s quite famous, there was no indication. As I said, now, you might and I might say, wow, buying a company in 1998 to launch Amazon marketplace, certainly there were early inklings that he has a vision to sell a lot of stuff. As we say, hey, should I see this company becoming one of the larger retailers, sure? But it’s defined by what Amazon is today, yes, no way to connect it. RITHOLTZ: Quite fascinating. That’s quite fascinating. So, let’s talk about your transition from Amazon to your next venture, you co-founded a startup, tell us a little bit about Yodlee and what made you decide to say, well, this Amazon company is kind of fund, but let me see what I can build on my own. CASSIDY: Well, remember we were chatting about that rather restless and impatient young woman. I don’t think any of that dissolved when I was at Amazon, it was a great experience, by the way, and remember, I had never gone intending to be in Amazon, I had gone to a startup, right, which got buy — bought. And while Amazon was a great company, that’s in Seattle, it was now public and so there is me thinking, gosh, when am I going to get the chance to start my own company and I know many people listening to this podcast would be like, really, you left Amazon to start your own company? Is that a really smart decision? But in some ways, Amazon to me, still at the time, felt very big and I want to get there. So, I’m at Amazon, and remember, many of the founders of Junglee, you know, has made a lot of wealth. They’re certainly mentors of mine. They are even today. And they start angel investing in a number of companies in the valley. And knowing that I have this ambition, I’ve been at Amazon about a year and I get into the — I get a call one weekend that sort of said, hey, there’s this professor from UCSD who’s a computer science professor and he built this really cool technology that goes out of across the web and it gets all your financial information behind all of those sites with passwords and it puts them in one place. You can have an aggregated view of your financial life. And by the way, the technology is not the same as Junglee but it has some analogy. And they’re like, and they’re lucky for a business cofounder. They have all these engineers that they need someday to establish but there’s this model, raise the money. And so I got one of those inbound calls and through that network of angel investors who’s — who were the founders of Junglee. I flew down from Seattle to San Francisco for a weekend. I took one look at the technology and I’m suitably impressed. I was like, wow. You just grabbed all my credit balances and my bank balance and my brokerage balance in one place and gave me this aggregated view. Nobody can do that. It’s pretty revolutionary technology at the time. And they offered me the opportunity, at 29 years old, to become what’s called a cofounder of the company and the first business executive. And I just jumped at the chance. I love the technology, I love the fact that I would be with — they were engineers that this company do, again, very similar to Junglee but now, I was going to get a seat at the table as literally one of the executive team at such a young age and get to raise the money for venture capitalists, make the business plan. So, I said yes. RITHOLTZ: So they were really very early stage. CASSIDY: Yes. Yes, yes. I mean, it was 12 engineers in a room and as I said, I was the — I was effectively the first business leader to be hired at the company. RITHOLTZ: And so, I gave my notice at Amazon maybe a month later and moved right into Junglee and we raised $15 million from venture capitalists within a month of that and we were off to the raises. And thus, began kind of the six-year journey to build what today many would consider the pioneer in really aggregate your financial information. I’m really proud of the fact that Yodlee really did create a whole industry of companies that were able to access financial information using our services and our kind of technology backbone and build many of the financial outfit people use today. So, Yodlee, Yodlee had a 15-year run before it became public and I was there for the first five of those years. RITHOLTZ: So, let’s work our way through this chronology a little bit. You ended up at Junglee which gets acquired by Amazon in ’98. From ’98 to … CASSIDY: Ninety-nine, I’m at Amazon. RITHOLTZ: And then when do you leave ’90 — when do you leave Amazon … CASSIDY: Mid ’99. RITHOLTZ: So you were only — OK. Got you. CASSIDY: Yes. I was there a year, I mean. It was a year. RITHOLTZ: And you stayed — did you stay with Yodlee until they were acquired by Envestnet? CASSIDY: No. I stayed with Yodlee for five years and that time, I had every job under the son. I was predominantly responsible for the executives for not just raising the money, we’ve raised about a 100 million in the time I was there in several rounds of financing but I was — I was just responsible for sales and business development, selling our technology to all the banks and brokerage companies. And so, I stayed until in 2004. I (inaudible) our CEO at 2000 and he wasn’t going anywhere, by the way. So I always say the people tapped out of my own startup, like, literally I’d had every job. I’ve done sales, I’ve done marketing, I’ve done PR. I was our spokesperson, I raised money. And I — an in many ways, I was partnered very closed with the CEO and we had a great relationship. And in 2004, I was like, OK, now, what’s my next horizon? Like I’ve been here five years and I’ve done all of these roles but there’s like the company’s not growing fast enough to give me an entirely new career. RITHOLTZ: Right. CASSIDY: With set of challenges. And so that, I actually, for the first time, did what I call a more studied search, thinking I might start another company but also thinking that I wanted to find the right idea so I was pondering my next move, presuming I would start a company when I got the opportunity to start a new service at Google which, today we would call Local and Maps. RITHOLTZ: And let’s talk a little bit about Google Maps. It’s funny because it’s so ubiquitous today, we don’t even think twice about the miracle that is Google Maps. But back in the mid-2000s, did anybody have any idea of what a massive technological breakthrough G maps were? I remember playing with early versions of it and just head exploding, What was the thoughts like within Google about Google Maps? CASSIDY: Well, it’s — it’s a couple things. So, first of all, when I got the call, Google originally called me to come join them and I actually said no. And I said, gosh, you guys are also quite big. You’re 1,200 people. Remember in my work frame, Amazon is big at 1,2000 people, so is Google. And I says I’m going to start another company. RITHOLTZ: Hard pass. CASSIDY: I know. So funny. And Google called me back seven months later. They said — you said you wanted a startup opportunity. We have it. We have something greenfield called Maps and we said -they said, Yahoo! has a product called Yahoo! Maps, AOL has what they call MapQuest, Google has no product to help you search locally or find — navigate locally. Either you find goods or services locally or business — and navigate, right? Because Google Local is like search for business, Google Maps is search for a place. In fact, today, they’re very merged. Nobody thinks of them as different. RITHOLTZ: Right. CASSIDY: And I studied the landscape, I went into interview with Google and within two weeks, I said yes to the job because I was like, holy smokes, the yellow page industry, we have the time with those thick yellow books that everybody got to find places was a $23 billion industry in annual advertising. And I was like surely, if Yahoo! has a product and AOL has a product, Google should have a product and look at all the ad dollars available in those category and look at all the usage, it’s pretty antiquated. RITHOLTZ: Yes. CASSIDY: So, I said yes very quickly. And I do … RITHOLTZ: I have to point out that yellow books are $23 billion in revenue, the obvious answer is but not for long. CASSIDY: But not for long. I mean, look, digital really wiped that business over. By the way, there still yellow pages around the country and … RITHOLTZ: Right. CASSIDY: … around the globe but nobody would think of that as a juggernaut industry. So, yes, online really changed and transformed the face of local advertising fundamentally. But I would say I knew it would be big. I mean, that’s what lead me to go in that direction. I say what was unknown about Google service and you appreciate this, even by me, is I was paired with a product manager, I was the business person, meaning I had to go license the data for like, roads and businesses to put underneath inside of that service, right? All that data was not online. I had one product manager, Bret Taylor. Ironically, now the president of Salesforce. He was my — he’s my product manager and we had 10 engineers and the 12 of us build that product (ph) effectively. I did the business DLT, he guided the engineers. So, on one hand, the product could have been pretty straightforward like Yahoo!, AOL. But Google made two innovations that I think people will remember to this day. Number one, believe it or not, just putting the name of the road inside of the road, not on top of the road was one innovation. You’re like, the name of the road is like on the road. And visually, it’s just like a prettier experience and it’s — it’s like the map is less crowded that way. But the second innovation, and this I give a lot of credit to Sergei and Larry, early on, a guy named John Hanke showed Google, once we’ve launched local and maps, this cool technology that had satellite imagery called Keyhole and Larry and Sergei were like, we need to buy that. We’re going to overlay that on Maps. And that was the innovation, right? Overlaying satellite technology on top of maps, like hey, you can’t give me any credit as a business p person for seeing that, that was really product vision. And in that case, led by the founders. I mean, Bret like the product too but from what I recall, Larry and Sergei was really gung-ho on buying the compo and overlaying satellite technology on top of Maps. And that’s an example of sort of one of the things I admired about Google. They didn’t really care about how it would make money, it was just a very cool and differentiated in — it turns out, very useful feature to have Google Earth on top of Google Maps. But with no commercial application, just super cool, at least not then. RITHOLTZ: Well, eventually, right? Eventually. CASSIDY: Yes. But not — but like when we laid over — overlaid it, I was like, ok, I guess that this cool. I’m not going to (inaudible) to anybody but what a — what a great kind of product feature and like kind of great vision. So, those are some of the finer experiences about building Maps and then Local as well. RITHOLTZ: You mentioned the integration of Local with Google Maps. I have a suspicion that a lot of people don’t realize how tightly integrated it actually is. What — I was in pre-pandemic, I was in Paris, and we were looking for a specific restaurant and you just punched restaurant in and Google Maps knows where you are and it just shows you on the Maps, it populates all the restaurants of that type in that area. And it’s absolutely seamless and I’ve showed that the people who are much, much younger than me and they’re like, I didn’t know I could do that with Google Maps. It’s almost like a surprise feature, when really, it’s a core part of Google Maps. It’s on an Easter egg. CASSIDY: Yes. Absolutely. And to be honest, when we started the product local in maps with different things, you could type in to the Search Box, like movie theater near me and you would get literally a listing of results. Today, of course, they’ll show you the results on a Google Map as the preferred way for you to see those results. RITHOLTZ: Right. CASSIDY: I guess you could get a listing if you want but every Google search result has a map embedded and like you, I actually often do all my local searching on Google Maps. I don’t even go to the main Google website. I can, but I just go to, like, Google Maps, and I type in, like restaurants near me, and I get all of them with the reviews and the results. And so, look, very, very, very fun product to have launched into the system (ph). RITHOLTZ: So, what led you to leave Google to start Joyous? CASSIDY: Well, remember, I have one more big chapter at Google that’s probably ironically even bigger than my Local and Maps chapter because I’m — I’m at Google. We’ve launched Local and Maps and what’s happening is people are saying to me, well saying to my boss, he was the cheap business officer at Google, um, hey we have all these products that need us to license data, like we want to have — we want to have a library product, we want to have a solar product, we want to have a shopping product. By the way, we want to have a video product. So, I’ve ended up building a team that is all the licensing for all these other data, types of data that we want to put online. And so, I’m running that team, my team’s gone — I’ve gone from being individ.....»»

Category: blogSource: TheBigPictureOct 25th, 2021

Register: Lessons in Leadership With Dermot Buffini

What: How can leaders shape the success of their agents? Today’s real estate executives, brokerage owners and team leaders must be able to leverage their coaching skills to make an impact. While coaching styles vary, powerful leaders share several traits that focus on strong communications and accountability strategies. Tune in to our next webinar, “Lessons […] The post Register: Lessons in Leadership With Dermot Buffini appeared first on RISMedia. What: How can leaders shape the success of their agents? Today’s real estate executives, brokerage owners and team leaders must be able to leverage their coaching skills to make an impact. While coaching styles vary, powerful leaders share several traits that focus on strong communications and accountability strategies. Tune in to our next webinar, “Lessons in Leadership With Dermot Buffini,” sponsored by Buffini & Company and moderated by RISMedia’s Founder, President and CEO John Featherston, featuring Amy Somerville, owner and founder, Moment of Clarity, LLC. You’ll find out how today’s leaders can motivate their agents to reach higher levels of success. When: Wed., Oct. 27 at 1 p.m. ET Register now! Sponsored By Moderated By Who: Dermot Buffini has challenged and transformed what it means to be an effective chief executive officer. As CEO, Buffini leads Buffini & Company, ensuring each team member has the tools to help clients win in business and life. Before becoming CEO, Buffini was involved with events, training, coaching, corporate relationships and business development. Amy Somerville is the owner and founder of Moment of Clarity, LLC, a real estate leadership and professional development consulting company dedicated to inspiring positive action for success. Somerville is a visionary leader with demonstrated success in developing synergistic and highly effective teams as well as creating and delivering dynamic learning strategies that promote high engagement, growth and retention rates. In her previous role as an executive with RE/MAX, LLC, Somerville led professional development, technology engagement, multimedia production and education. Moderated by: John Featherston is the founder, president and CEO of RISMedia, now celebrating its 41st year. Since 1980, RISMedia, the leader in real estate information, has been servicing more than 500,000 of the residential real estate industry’s most productive and successful agents, brokers and related service professionals. RISMedia provides the industry with news, trends and business development strategies. Each month, RISMedia’s webinars draw more than 1,000 agents and brokers from across the country, eager for exclusive insight from the industry’s most profitable professionals. For a recap of our recent webinar, “How to Create a Mutually Beneficial Relationship With Your Broker” please visit RISMedia’s Housecall. To access all RISMedia webinars, please subscribe on YouTube. The post Register: Lessons in Leadership With Dermot Buffini appeared first on RISMedia......»»

Category: realestateSource: rismediaOct 23rd, 2021

SUMMIT observatory opens at One Vanderbilt

SL Green Realty Corp. celebrated the grand opening of SUMMIT One Vanderbilt, its immersive observatory experience, today. SL Green executives, SUMMIT One Vanderbilt creators, One Vanderbilt partners and New York City leaders celebrated the occasion at a ribbon cutting ceremony to officially open the destination to its first visitors. SUMMIT One Vanderbilt... The post SUMMIT observatory opens at One Vanderbilt appeared first on Real Estate Weekly. SL Green Realty Corp. celebrated the grand opening of SUMMIT One Vanderbilt, its immersive observatory experience, today. SL Green executives, SUMMIT One Vanderbilt creators, One Vanderbilt partners and New York City leaders celebrated the occasion at a ribbon cutting ceremony to officially open the destination to its first visitors. SUMMIT One Vanderbilt opens as New York City welcomes back visitors from across the globe. SUMMIT One Vanderbilt will be enjoyed from morning to night as guests take in New York’s most stunning views through the truly unique pairing of AIR, a multi-sensory art installation, with the thrilling experiences of LEVITATION and ASCENT.  “This awe-inspiring destination in the heart of Midtown Manhattan is unlike any other experience in the world and it’s with great pride and excitement that we welcome our first visitors to SUMMIT One Vanderbilt today. The energy in New York City is palpable and we’re thrilled that SUMMIT One Vanderbilt can play a central role in its rebound as visitors come rushing back to the greatest city in the world,” said Marc Holliday, Chairman and CEO of SL Green. “We set out to create a truly unique destination for New Yorkers and visitors from around the world to explore and SUMMIT One Vanderbilt delivers – you need to experience it to understand it. From thrilling ways to take in the best views of Manhattan to the multi-level and multi-room immersive art experience called AIR, we expect people to visit again and again.” “As New York mounts its comeback, it is important that we recognize and celebrate projects like this that remind us and the world about the resiliency and energy of our city. By building and growing — and adding experiences that demonstrate what our city can offer — new attractions like SUMMIT One Vanderbilt will help New York reach new heights,” said Democratic Mayoral nominee Eric Adams. “New York City has always been a global beacon of hope, pride, resilience and energy. As such, it is fitting that SUMMIT One Vanderbilt – a literal beacon on the New York City skyline – celebrates its grand opening at a time when this City is returning. Despite the challenges over the last nearly two years, New Yorkers have shown more grit and determination than ever before as we all work together to bring New York City back to its full capacity and vitality,” saidLieutenant Governor Brian Benjamin. “A key part of Manhattan’s ongoing recovery from the COVID-19 pandemic will be the return of international tourism,” said Manhattan Borough President Gale Brewer. “World-class attractions will play a big part in bringing customers back to Manhattan and its restaurants, shops, and theaters. I congratulate SL Green on the opening of SUMMIT at One Vanderbilt.” “The debut of SUMMIT One Vanderbilt is perfectly timed as New York City continues its economic recovery and as the gates of international travel swing more widely open next month. We applaud SL Green for their extraordinary investment and encourage New Yorkers and visitors alike to discover this thrilling new attraction high above New York City,” said NYC & Company President and CEO Fred Dixon. The post SUMMIT observatory opens at One Vanderbilt appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 21st, 2021

Jack Dorsey and Mark Zuckerberg were rivals long before Dorsey mocked Facebook"s metaverse plan. Theirs is just one of a dozen yearslong feuds between some of the world"s most powerful tech leaders.

With billions of dollars and world-changing technology at stake, it's only natural Silicon Valley has become a breeding ground for rivalries. Twitter CEO Jack Dorsey, left, and Facebook CEO Mark Zuckerberg. Joe Raedle/Getty Images; Mark Lennihan/AP Photo While there are many close friendships in Silicon Valley, there are also plenty of feuds. Some appear to be friendly rivalries, like Salesforce CEO Marc Benioff and Oracle founder Larry Ellison. Others are more contentious: Elon Musk and Jeff Bezos, for example, have been feuding for years. Silicon Valley is a breeding ground for rivalries. In a place where world-changing ideas are born and billions of dollars are at stake, it's only natural that rivalries develop between Silicon Valley's power players, ranging from friendly sparring to pointed critiques. While some feuds, like the one between Salesforce CEO Marc Benioff and Oracle founder Larry Ellison, appear to be born out of a close friendship and mutual respect, others - like the one between Mark Zuckerberg and Evan Spiegel - started over a spurned acquisition offer. Here are some of the longstanding feuds, friendly or otherwise, between some of the world's most powerful execs. Mark Zuckerberg and Jack Dorsey Phillip Faraone/Getty Images for WIRED25; Francois Mori/AP Twitter CEO Jack Dorsey and Zuckerberg have never seemed particularly chummy, but the rivalry between the two execs seems to have grown worse in the last few years. In 2019, Facebook came under fire over its decision not to fact-check political ads. In response, Dorsey announced that Twitter would suspend political advertising altogether, saying "political message reach should be earned, not bought."Dorsey also said at an event that October that Zuckerberg's argument that Facebook is an advocate for free speech "a major gap and flaw in the substance he was getting across," and that "there's some amount of revisionist history in all his storytelling."For his part, Zuckerberg hasn't been shy about criticizing Twitter, saying in an all hands that same month that "Twitter can't do as good of a job as we can," according to leaked audio obtained by The Verge.Two months later, Dorsey unfollowed Zuckerberg on Twitter. Since then, Dorsey has criticized Facebook's rebranded logo, proclaimed that he doesn't use any Facebook products, and hinted that he and Zuckerberg have "beef," saying that the two CEOs take "different approaches." Most recently, Dorsey mocked Zuckerberg's plan to turn into Facebook into a "metaverse company," calling the concept dystopian.  Elon Musk and Jeff Bezos Jeff Bezos and Elon Musk. REUTERS/Joshua Roberts Amazon CEO Jeff Bezos and SpaceX and Tesla CEO Elon Musk aren't competitors in any earthly pursuits, but they're bitter rivals when it comes to outer space. Bezos founded his rocket company, Blue Origin, in 2000, while Musk founded SpaceX in 2002. Two years later, the pair met for dinner, and even then, things were getting testy."I actually did my best to give good advice, which he largely ignored," Musk said after the meeting.In 2013, their rivalry heated up when SpaceX tried to get exclusive use of a NASA launch pad and Blue Origin filed a formal protest with the government (SpaceX eventually won the right to take over the pad.) Months later, the two companies got into a patent battle, and soon after, Bezos and Musk took their feud public, trading barbs on Twitter.Their rivalry has flared up from time to time since then, but things came to a head in 2021 amid multiple legal filings from Blue Origin regarding SpaceX and a flurry of public criticism from Musk.After he surpassed Bezos as the world's richest person, Musk taunted the Amazon founder by telling Forbes he planned to send "a giant statue of the digit '2' to Jeffrey B., along with a silver medal." Elon Musk and Bill Gates Pascal Le Segretain, Sean Gallup / Getty Images The strife between Gates and Musk first flared up February 2020 when Gates said during an interview with YouTuber Marques Brownlee that while Tesla has helped drive innovation and adoption of electric vehicles, he didn't buy a Tesla when making a recent vehicle purchase — he bought a Porsche Taycan. In response, Musk tweeted that his conversations with Gates have always been "underwhelming." Then, in July, Gates said in an interview on CNBC's "Squawk Box" that Musk's comments about COVID-19 were "outrageous," as Musk has frequently downplayed the severity of the virus and questioned how the US had handled its coronavirus response. Musk took to Twitter a few days later to taunt Gates, tweeting, "Billy G is not my lover" and "The rumor that Bill Gates & I are lovers is completely untrue."Gates also critiqued Musk over his space ambitions, telling Kara Swisher "I don't think rockets are the solution" and that he'd rather spend money on vaccines. He also warned against buying into the mania over cryptocurrencies, which Musk frequently promotes on Twitter."My general thought would be that, if you have less money than Elon, you should probably watch out," Gates told Bloomberg. Tim Cook and Mark Zuckerberg AP; Francois Mori/AP Cook and Zuckerberg have traded insults over the years, beginning as early as 2014, when Cook said in an interview that "when an online service is free, you're not the customer. You're the product," seemingly in reference to Facebook.In the aftermath of Facebook's Cambridge Analytica scandal, in which private Facebook user data was stolen from 50 million users, Recode's Kara Swisher asked Cook what he would do if he was in Zuckerberg's shoes. He responded: "What would I do? I wouldn't be in this situation."Zuckerberg was reportedly so incensed by Cook's comments that he asked executives to switch to Android phones.In a company blog post in 2018, Facebook confirmed the feud between the two execs: "Tim Cook has consistently criticized our business model and Mark has been equally clear he disagrees."The pair reportedly had a meeting at the Sun Valley conference in 2019, during which Zuckerberg asked Cook for advice regarding the Cambridge Analytica scandal. According to The New York Times, Cook told Zuckerberg to delete all user data it collects from outside its apps, the equivalent of rendering Facebook's business model obsolete. Zuckerberg was reportedly stunned.More recently, the two CEOs were at odds over an Apple privacy update that allows users opt out of being tracked for advertising purposes. Facebook repeatedly denounced the change, saying it could destroy part of its business.  Elon Musk and Mark Zuckerberg Susan Walsh/AP; Erin Scott/Reuters Musk and Zuckerberg have clashed since as far back as 2016 when a SpaceX rocket explosion destroyed a Facebook satellite. Zuckerberg issued a heated statement saying he was "deeply disappointed" about SpaceX's failure.In 2017, Zuckerberg criticized people who have concerns about the future of artificial intelligence — an opinion Musk has frequently voiced — calling those anxieties "really negative" and "pretty irresponsible." In response, Musk said that he's discussed AI with Zuckerberg and called his understanding of the subject "limited."One year later, Facebook became embroiled in the Cambridge Analytica scandal, and Musk publicly deleted his companies' Facebook pages, tweeting that the company gave him "the willies." After Sacha Baron Cohen spoke out in favor of increased regulation of Facebook, Musk tweeted: "#DeleteFacebook It's lame. Then, following the riot at the US Capitol in January 2021, Musk used Twitter to share memes linking the riots to Facebook. On the evening of the rampage, Musk tweeted, "This is called the domino effect," along with an image of dominoes, with the first one labeled "a website to rate women on campus," a reference to Facebook's inception at Harvard University. The last domino was about the rioters. Kevin Systrom and Jack Dorsey Getty Images; Anushree Fadnavis/Reuters Instagram founder Kevin Systrom and Twitter CEO Jack Dorsey started out as close friends, but had a falling out around the time Instagram sold to Facebook.  According to the book "No Filter: The Inside Story of Instagram" by Sarah Frier, the pair met when they were early employees at Odeo, the audio and video site created by eventual Twitter cofounders Ev Williams and Noah Glass. Dorsey expected to dislike Systrom when he joined as a summer intern in the mid-2000s, but the pair ended up bonding over photography and expensive coffee. Systrom and Dorsey stayed in touch even after Systrom got a full-time job at Google. Systrom was an early proponent of Twitter (then known as Twttr), and when he started working on Burbn, the precursor to Instagram, he reached out to Dorsey for guidance. Dorsey ended up becoming an early investor, putting in $25,000. When Burbn pivoted to Instagram, Dorsey became one of the app's biggest fans, cross-posting his Instagrams to Twitter and helping the app go viral soon after it launched. Dorsey eventually attempted to buy Instagram, but Systrom declined, saying he wanted to make Instagram too expensive to be acquired, according to Frier. The Dorsey-Systrom relationship appeared to have soured in 2012, when Dorsey found out that Instagram had signed a deal to be acquired by Facebook, Twitter's biggest rival. According to Frier, Dorsey was hurt that Systrom hadn't called him first to discuss the deal, or to negotiate one with Twitter instead.Dorsey hasn't posted to his Instagram account since April 9, 2012, when he snapped a photo of an unusually empty San Francisco city bus — according to Frier, it was taken the morning he found out Instagram had sold. While Systrom had been quiet on Twitter for the last few years, he's recently begun using the platform again, and in 2020, the pair even had a pleasant tweet exchange. Marc Benioff and Larry Ellison Kimberly White/Getty Images; Justin Sullivan/Getty Images Oracle founder Larry Ellison and Salesforce CEO Marc Benioff met when Benioff began working at Oracle when he was 23. He was a star early on, earning a "rookie of the year" award that same year and becoming Oracle's youngest VP by age 26. He spent 13 years at Oracle, during which he became a trusted lieutenant to Ellison. Benioff began working on Salesforce with Ellison's blessing, and Ellison became an investor, putting in $2 million early on. But since then, the duo has publicly feuded on multiple occasions. In 2000, Oracle launched software that directly competed with Salesforce. Benioff asked Ellison to resign from Salesforce's board, and Ellison refused (he eventually left the board, but Benioff let him keep his stock and options).Over the years, Benioff and Ellison have sparred off and on: Ellison once mocked Salesforce, calling it an "itty bitty application" that's dependent on Oracle, while Benioff has called Oracle a "false cloud." And in 2011, Ellison ordered that Benioff be removed from the speaker lineup of Oracle's OpenWorld conference, which Benioff said was because Oracle was afraid he'd give a better speech. But throughout it all, Benioff has described Ellison as his mentor. "There is no one I've learned more from than Larry Ellison," Benioff said in 2013. Larry Ellison and Bill Gates Justin Sullivan/Getty Images; Mike Cohen/Getty Images for The New York Times Gates and Ellison may have patched things up these days, but back in the late '90s and early 2000s, they had a touchy relationship, mostly defined by Ellison trying to outdo Gates. "He's utterly obsessed with trying to beat Bill Gates," former Microsoft CTO Nathan Myhrvold once told Vanity Fair. "I mean, the guy's got six billion bucks. You'd think he wouldn't be so dramatically obsessed that one guy in the Northwest is more successful. [With Larry] it's just a mania."Their animosity partly stemmed from Ellison's close friendship with Steve Jobs, a frequent opponent of Gates. But things took a more serious turn in 2000 when Microsoft was being investigated by the federal government over antitrust violations.At the time, several groups were openly supportive of Microsoft, and Ellison suspected they were being funded by Microsoft itself. He hired private investigators to in an attempt to out Microsoft and help out the feds. Eventually, Microsoft lost the suit, and Gates stepped down as Microsoft CEO.  Evan Spiegel and Mark Zuckerberg Michael Kovac/Getty Images; Francois Mori/AP Snap CEO Evan Spiegel and Mark Zuckerberg don't seem to have a friendly relationship, and it may extend as far back as 2012, when Spiegel may have tried to one-up Zuckerberg when he attempted to arrange a meeting.Since then, Snap has reportedly turned down an acquisition offer from Facebook on three separate occasions.Facebook has mimicked many of Snapchat's features over the years — both on its own app and its subsidiary, Instagram — and the CEOs have made jabs at each other in public. In 2018, after Facebook cloned yet another Snapchat feature, Stories, Spiegel said: "We would really appreciate it if they copied our data protection practices also," a dig at Facebook's various privacy scandals. Steve Jobs and Bill Gates Beck Diefenbach/Reuters; Mike Cohen/Getty Images for The New York Times In the early days of Apple and Microsoft, Steve Jobs and Bill Gates got along — Microsoft made software for the Apple II computer, and Gates was a frequent guest in Cupertino, where Apple is headquartered. But the tides started to turn in the early '80s, when Jobs flew up to Microsoft's headquarters in Washington to try to convince Gates to make software for the Macintosh computer. Gates later described it as "a weird seduction visit" and said he felt like Jobs was saying "I don't need you, but I might let you be involved."Still, they remained relatively friendly until 1985, when Microsoft launched the first version of Windows and Jobs accused him of ripping off the Macintosh. "They just ripped us off completely, because Gates has no shame," Jobs later told his biographer, Walter Isaacson, to which Gates replied: "If he believes that, he really has entered into one of his own reality distortion fields."The duo traded barbs for years, with Jobs calling Gates boring and Gates calling Jobs "weirdly flawed as a human being." Tensions remained high even after Microsoft invested in Apple to keep it afloat, with both Gates and Jobs insulting each other and their companies' products time and time again. Still, they clearly respected and admired each other, despite their animosity. When Jobs died in 2011, Gates said: "I respect Steve, we got to work together. We spurred each other on, even as competitors. None of [what he said] bothers me at all." Mark Zuckerberg and Kevin Systrom Getty Images; Francois Mori/AP Mark Zuckerberg and former Instagram CEO Kevin Systrom used to get along well — so well that Zuckerberg bought Instagram for $1 billion in 2012.But in the intervening years, the relationship between the two executives seemingly fell apart. When asked why he left the helm of the company he founded, Systrom said, "no one ever leaves a job because everything's awesome."According to an April 2019 piece from Wired's Nick Thompson and Fred Vogelstein, Systrom and cofounder Mike Krieger left because of increasing tensions with Zuckerberg. Zuckerberg reportedly became increasingly controlling, banning Systrom from doing magazine profiles without approval, taking away Facebook tools that helped Instagram grow, testing location-tracking while Systrom was out on paternity leave, and adding a new button to Instagram that Systrom detested.  Steve Jobs and Michael Dell Beck Diefenbach/Reuters; Justin Sullivan/Getty Images In 1997, Dell founder and CEO Michael Dell was asked for his opinion on Apple, which, at the time, was in dire straits. He responded that he'd "shut it down and give the money back to the shareholders."That comment irritated Steve Jobs, who told his team in response: "The world doesn't need another Dell or HP. It doesn't need another manufacturer of plain, beige, boring PCs. If that's all we're going to do, then we should really pack up now." At an Apple keynote shortly after, Jobs said Dell's comments were "rude" and told him that Apple was coming for him. Dell later softened his comments, saying that he was trying to make clear that he wasn't for hire. But Dell rankled Jobs enough that, in January 2006, Jobs sent around this memo to the entire company: "Team, it turned out that Michael Dell wasn't perfect at predicting the future. Based on today's stock market close, Apple is worth more than Dell. Stocks go up and down, and things may be different tomorrow, but I thought it was worth a moment of reflection today." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 21st, 2021

Business Travel’s Demise Could Have Far-Reaching Consequences

In 2019, Jason Henrichs took 46 flights for business, traveling to cities where he stayed at hotels, dined at local restaurants, and sometimes even visited tourist attractions like the Liberty Bell. In 2020, he took just three flights. The traveling life has its perks—Henrichs, the CEO of Alloy Labs, a consortium of community banks, has… In 2019, Jason Henrichs took 46 flights for business, traveling to cities where he stayed at hotels, dined at local restaurants, and sometimes even visited tourist attractions like the Liberty Bell. In 2020, he took just three flights. The traveling life has its perks—Henrichs, the CEO of Alloy Labs, a consortium of community banks, has Executive Platinum status on American Airlines, Gold Elite status at Marriott, and membership in not one but three private airport lounges. He has 350,000 miles, which he can use to fly his whole family across the world for free. But forced to stay at home during the pandemic, Henrichs got a taste of a life where he sees his family more, and is just as effective at work. He’s even been able to convince banking colleagues who have long been averse to giving up in-person meetings to move online. The talks he once flew across the country to deliver to boards of directors are more frequently streamed online now, and so are the meetings that would have lasted in a bank over 2 or 3 days but now are spread out over short Microsoft Teams huddles over 2 or 3 weeks. And lo and behold, he and his colleagues are getting more done. [time-brightcove not-tgx=”true”] “This isn’t about just reducing expense. This is about increasing effectiveness,” says Henrichs, who says he’ll likely travel once a month, rather than once a week, after the pandemic. Lucy Hewett—The New York Times/ReduxUnited Airlines planes in storage at O’Hare International Airport in Chicago on Sept. 11, 2020. Tens of thousands of road warriors like Henrichs—and their employers—are coming to a similar conclusion, which is going to cause a reckoning for the already-battered leisure and hospitality sector. U.S. companies’ travel budgets declined by 90% or more in 2020, according to Deloitte Insights. Even if the pandemic ebbs, companies looking to become more environmentally sustainable won’t likely go back to the same volume of travel as before; corporations like Zurich Insurance Group AG, Bain & Company, and S&P Global have announced plans to cut business travel emissions in the next few years, with Zurich aiming to reduce emissions by as much as 70% by next year. This could mean big losses for airlines, hotels, rental car companies, and other industries catering to corporate travelers. Business travelers make up 12% of airline passengers but 75% of revenues on certain flights. They brought in steady revenue to hotels when they attended conferences and events and then stayed a few extra days to vacation with their families. Some executives predict that business travel will return to 85% of pre-pandemic levels, says Lindsey Roeschke, managing director for travel and hospitality analysis at Morning Consult. She considers that an optimistic take. “Even if I’m wrong, and we do see a return to those levels,” she says, “that’s still a massive loss for the industry as a whole.” The hospitality industry is feeling it. During the pandemic, rental car companies like Hertz, hotels like the Fairmont in San Jose, and international airlines including Aeromexico, Virgin Atlantic, and LATAM all filed for bankruptcy protection. Government supports that kept the U.S. airline industry afloat ended September 30. The hotel industry is expected to earn $59 billion less in business travel revenue this year compared to 2019, according to the American Hotel and Lobby Association. Airlines are expected to lose $51.8 billion in 2021 alone. “We’ve been burning cash for 18 months,” says Dave Harvey, vice president of Southwest Business. And now the government support has ended. “We’re all flying naked at this point in the fourth quarter.” It can be hard to picture those losses in terms of billions of dollars. But it may be easier to picture the ripple effects—businesses closed, workers laid off, airlines canceling flights—of hundreds of thousands of Jason Henrichses traveling less. Tom Brenner—ReutersWaiting chairs are wrapped in plastic near a train platform at Union Station in Washington, D.C., on April 16, 2020. The ripple effects of fewer business travelers One of Henrichs’ favorite business travel destinations was Boston; he and his family lived there years ago, so he still had friends he could grab dinner with after a day of meetings. He’d stay near Back Bay, say, at the Marriott Copley Place, and wake up early to go for a long run by the Charles River before work. He hasn’t been there since October of 2019. Some of the places where he used to meet friends are now gone. He’d get dinner at Eastern Standard in Kenmore Square, or oysters at Island Creek, but both are now closed permanently after negotiations broke down between the restaurant owners and the real estate group that owned the properties. He usually flies American Airlines, but since the pandemic, that airline has dropped some routes and is considering where else to cut. American is facing staffing shortages after furloughing flight attendants and offering buyouts to pilots during the pandemic; it has about 16,000 fewer employees than it did in 2019. Henrichs stays mostly at Marriott hotels because it’s where he has elite status. Boston’s flagship Marriott, at Copley Place downtown, laid off 230 employees in September. Overall, Marriott hotels in the U.S. and Canada had a 45% occupancy rate for the three months ending June 30, compared to 80% in the same period in 2019, according to earnings reports. At least four Marriotts in New York City have closed permanently since the beginning of the pandemic. It’s not just big companies that are struggling. Elizabeth Morales was a housekeeper at the Boston Copley Place for 26 years until she was sent home in March 2020 because of the pandemic. The company kept telling her they’d call her back when it got busier, until September of 2020, when it called her and hundreds of others and said their positions had been terminated. “It was really hard for me,” says Morales, 51, who supports her elderly parents. She applied for 30 jobs before she found a new one only a few months ago. Unite Here Local 26 organized a boycott of the Marriott, alleging the hotel is contracting out operations to companies who pay workers less. Ironically, cuts like this could also make travel less pleasant for everyone when they return to travel. Business travelers subsidized other travelers, to some degree, so as they disappear, airlines are figuring out how to cut costs. They’re cutting routes to cities that people visited primarily for business, routing more flights through hubs, and talking a lot about efficiency. These cost savings also mean fewer available pilots and other flight crew, so weather delays and maintenance issues can trigger a huge chain of delays, as they did last week when Southwest canceled about a quarter of its flights after weather problems in Florida disrupted its network. Other airlines may see similar issues, especially if travel gets busier during the holidays. “We’re concerned about the holiday travel season—they say we’re going to fly more during the winter than we did in the summer, but we’re worried they don’t have the ability to fly that many planes,” says Capt. Dennis Tajer, a spokesman for the Allied Pilots Assn., which represents American Airlines pilots. (American did not return a request for comment, citing the quiet period before the company reports earnings on Oct. 21.) Henrichs has already noticed the changes. On a recent trip to Harrisburg in August, Henrichs was told on a Friday, after weather delays and mechanical issues had grounded his plane, that the airline couldn’t get him home until Tuesday. (American cut a number of flights this summer because of weather, mechanical issues, and staffing shortages.) Rather than wait around, he rented a car and drove to Philadelphia, where he hoped to get on a plane the next day, only to find that Marriott’s website had crashed and the hotel where he thought he’d made a reservation was actually sold out. He went door to door until he found a vacancy at the Homeaway Suites, but by then it was 11 p.m. and there were no nearby restaurants open, so his dinner was a Bud Light and a bag of chips. He got home the next day. “The system has become less resilient,” he says. Paul Yeung—Bloomberg/Getty ImagesLuggage carts outside Hong Kong International Airport on Jan. 26, 2021. Some companies still think business travel will return Some hospitality companies contest the idea that business travel won’t come back. “We are optimistic that we’ve turned a corner,” Anthony Capuano, Marriott’s CEO, said on an August earnings call, although special corporate bookings were down 45% compared to the same period in 2019. On a recent earnings call, Delta said it expected business travel to be back to 60% volume by the end of this year, and potentially 80-100% by the following year. Southwest Airlines has actually doubled down on business travel during the pandemic, adding 18 airports, dozens of sales staff, and making it easier for corporations to book flights through their own travel systems “There’s a pent up demand for face-to-face business meetings, conferences, events, networking—people are just starved for that,” says Harvey, of Southwest Business. Southwest is hoping to capture those travelers by attracting companies who want to pay lower fares but still want to travel, he says. He also argues that since companies have more remote employees now, there’s a new class of business travelers who have to fly to headquarters a few times a year. But even people who have spent decades on the road say that the pandemic has made them realize that technology has finally made it feasible to have good communication without traveling. Tina Perkins, who has worked for Epic Systems, a Madison, Wisc.-based electronic medical records company, for 20 years, says she loved traveling to a new city once or twice a month to help hospitals implement Epic software. But “I have been sort of shocked at how we have been able to adapt,” she says. “We are as effective in this hybrid world, which was surprising having done some things one way for such a long period of time.” She says she’ll likely travel once every 4-6 weeks going forward, rather than once every 2-4 weeks. Other Epic travelers have made the switch too; employees now take, in total, about 1,000 trips a month, down from 3,500 before the pandemic. Mario Tama—Getty ImagesAn aerial view of rental cars parked at Dodger Stadium in Los Angeles on May 20, 2020. The hotels and airlines that figure out how to make their model work without business travelers are going to be in the best position going forward, says Anthony Jackson, the U.S. Airlines Subsector leader at Deloitte. During the last recession, airlines expanded their premium economy seats to attract economy travelers who were willing to pay for an upgrade but not first class, and cost-conscious business travelers. Now, airlines will likely further expand premium economy, in part to give travelers still worried about COVID-19 a way to pay for more elbow room, says Alan Lewis, managing director for L.E.K. Consulting. Delta said October 13 that it actually made a profit in the three months that ended Sept 30, and that premium cabin seats drove much of that recovery. Business travel is still less than 50% recovered, the company said. Like airlines, hotels are going to have to think up new ways to attract traveler money, says Roeschke, of Morning Consult. They might decide to try and lure digital nomads who don’t have to pay rent anymore and are traveling around the country as they work. Or they may offer “bleisure” – business leisure – packages to people who want to work and vacation all in one trip. That may attract travelers like Henrichs, who still has to make some work trips. On his last business trip before the pandemic, Henrichs attended a weeklong conference of the American Banking Association in Orlando. Since his in-laws live near-by, he used miles to fly his wife and kids down to Orlando, too. They rented an Airbnb near the conference, and he commuted back and forth via Lyft. Still, the American Banking Assn. is holding the same conference this year in Tampa, but neither Henrichs nor his family are attending. There is a silver lining to Henrichs traveling less frequently though; he says he’s spending more locally. He and his family are going out to local restaurants and checking out neighborhoods and businesses he would have been too burned out to try back in the days when he was always on the road. He hopes this will lead to a resurgence of stores on Main Street, the type of places that business travelers might not have deigned to visit. “Normally, I travel so much that by the time I get home, I want to eat at home,” he says. “Now, I’m home plenty. So eating out can be fun again.”    .....»»

Category: topSource: timeOct 20th, 2021