Vail Resorts Reports Mixed Q4 Results, Announces $100 Million Transformation Plan
Vail Resorts, Inc. MTN reported its fourth-quarter financial results after Thursday’s closing bell. Here’s a look at the details from the report.
The Details: Vail Resorts reported quarterly losses of $4.67 per share, which missed the analyst consensus estimate for losses of $4.25. Quarterly revenue clocked in at $265.39 million, which beat the analyst consensus estimate of $264.54 million.
“Our overall results for the year highlight the stability and resilience of our advance commitment strategy,” said Vail Resorts CEO Kirsten Lynch.
“Skier visitation declined 9.5% compared to the prior year, driven by unfavorable conditions across our resorts in North America and Australia, combined with the impact of broader industry normalization post-COVID following record visitation in North America during the 2022/2023 ski season,” Lynch noted.
“In North America, snowfall across our western resorts was down 28% from the prior year and our eastern U.S. resorts experienced limited natural snow and variable temperatures,” she added.
Read Next: Expect Healthy Online Spending This Holiday Season, Says Analyst: What To Know
The company also announced a $100 million transformation plan which includes position eliminations impacting less than 2% of the company’s total workforce. The workforce reduction includes 14% of its corporate workforce and less than 1% of the company’s operations workforce, with a 0.2% impact on frontline roles.
“We believe this is a natural progression and next step for our company, that builds upon our success and paves the way for the next phase of growth,” said Lynch. “Our mission: to create an Experience of a Lifetime for our employees and our guests, galvanizes our company, as does our commitment to reinvesting for growth.”
Outlook: Vail Resorts sees fiscal year 2025 revenue of $3.03 billion, versus the $3.01 billion estimate.
MTN Price Action: According to Benzinga Pro, Vail Resorts shares are down 0.77% after-hours at $186.50 at the time of publication Thursday.
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Starwood Property Trust Announces Private Offering of Sustainability Bonds
GREENWICH, Conn., Sept. 26, 2024 /PRNewswire/ — Starwood Property Trust, Inc. STWD (the “Company”) today announced that, subject to market and other conditions, it is offering $400 million aggregate principal amount of its unsecured senior notes due 2030 (the “Notes”) in a private offering.
The Company intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, recently completed or future eligible green and/or social projects. Net proceeds allocated to previously incurred costs associated with eligible green and/or social projects will be available for the repayment of indebtedness previously incurred. Pending full allocation of an amount equal to the net proceeds to eligible green and/or social projects, the Company intends to use the net proceeds for general corporate purposes, including the repayment of outstanding indebtedness under the Company’s repurchase facilities.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will not initially be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. STWD, an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2024, the Company has successfully deployed over $98 billion of capital since inception and manages a portfolio of $26 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets.
Forward-Looking Statements
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with respect to the anticipated offering and the use of proceeds. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include: (i) factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, including those set forth under the captions “Risk Factors”, “Business”, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; (ii) defaults by borrowers in paying debt service on outstanding indebtedness; (iii) impairment in the value of real estate property securing the Company’s loans or in which the Company invests; (iv) availability of mortgage origination and acquisition opportunities acceptable to the Company; (v) potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements; (vi) the Company’s ability to achieve the benefits that it anticipates from the prior acquisition of the project finance origination, underwriting and capital markets business of GE Capital Global Holdings, LLC; (vii) national and local economic and business conditions, including as a result of the impact of public health emergencies; (viii) the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states) that affect the normal and peaceful course of international relations; (ix) general and local commercial and residential real estate property conditions; (x) changes in federal government policies; (xi) changes in federal, state and local governmental laws and regulations; (xii) increased competition from entities engaged in mortgage lending and securities investing activities; (xiii) changes in interest rates; and (xiv) the availability of, and costs associated with, sources of liquidity.
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-announces-private-offering-of-sustainability-bonds-302259948.html
SOURCE Starwood Property Trust, Inc.
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Optical Ground Wire (OPGW) Market to Reach $1.3 Billion, Globally, by 2033 at 4.7% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Optical Ground Wire (OPGW) Market by Type (Loose Tube Structure and Tight Tube Structure), Material Type (Metallic and Non-metallic), and Application (Renewable Energy, Telecommunications, Energy and Utilities, Oil and Gas, Mining, Infrastructure and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the optical ground wire (OPGW) market was valued at $0.9 billion in 2023, and is estimated to reach $1.3 billion by 2033, growing at a CAGR of 4.7% from 2024 to 2033.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A34007
Prime determinants of growth
The global optical ground wire (OPGW) market is experiencing growth due to several factors such as government initiatives to improve power infrastructure and growing urban infrastructure development. However, competition from alternative technologies hinder market growth to some extent. Moreover, advancements in optical fiber technology and increase in investments in smart grid technologies offer remunerative opportunities for the expansion of the global optical ground wire (OPGW) market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.9 billion |
| Market Size in 2033 | $1.3 billion |
| CAGR | 4.7% |
| No. of Pages in Report | 270 |
| Segments Covered | Type, Material Type, Application, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint |
|
The Loose Tube Structure segment is expected to dominate the market throughout the forecast period
The loose tube design offers excellent protection against physical stresses and environmental factors such as temperature fluctuations and moisture. In addition, its ease of installation and maintenance compared to tight tube structures makes it cost-effective and efficient for utility and telecommunication companies, further driving its widespread adoption in the OPGW market.
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The Non-metallic segment is expected to dominate the market throughout the forecast period
Non-metallic sodium hyaluronate, derived primarily from bio fermentation or animal sources, is favored for its biocompatibility, non-immunogenic nature, and effectiveness in medical and cosmetic applications. Its ability to retain moisture and promote tissue hydration makes it indispensable in skincare, ophthalmology, and orthopedics. The increase in demand for natural and bio-compatible ingredients in these industries further solidifies the dominance of the non-metallic segment in the market.
The Energy & Utilities segment is expected to dominate the market throughout the forecast period
OPGW is extensively used in electrical transmission lines to ensure grounding and communication, making it crucial for utility companies managing high-voltage power networks. The growing emphasis on grid modernization and integration of renewable energy sources further boost demand in this segment, driving its prominence in the OPGW market.
The Asia-Pacific region is expected to dominate the market during the forecast period
Asia-Pacific is a dominating region in the global optical ground wire (OPGW) market, driven by countries such as China, Japan, and India. Surge in investments in smart grids, renewable energy integration, and telecommunications infrastructure are driving the demand for OPGW in the region, making it a key growth hub for the market. The region benefits from a large population, rise in disposable income, and rapid urbanization, leading to greater demand for optical ground wire (OPGW) products and services.
For Purchase Inquiry: https://www.alliedmarketresearch.com/optical-ground-wire-market/purchase-options
Players: –
- Prysmian Group
- ZTT International
- Fujikura Cable Corporation
- Furukawa Electric Co., Ltd.
- Elsewedy Electric
- Sumitomo Electric Industries Ltd.
- LS Cable & System
- Sterlite Technologies Ltd.
- Bancor
- AFL
The report provides a detailed analysis of these key players in the global optical ground wire (OPGW) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Delaware 19801 USA.
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Insider Activity Update: Kiernan Daniel J Executes Options Exercise, Resulting In $2.09M At Darden Restaurants
A significant insider transaction involving the exercise of company stock options was reported on September 25, by Kiernan Daniel J, President at Darden Restaurants DRI, as per the latest SEC filing.
What Happened: Disclosed in a Form 4 filing on Wednesday with the U.S. Securities and Exchange Commission, J, President at Darden Restaurants, executed a strategic derivative sale. This involved exercising stock options for 20,665 shares of DRI, resulting in a transaction value of $2,092,159.
Currently, Darden Restaurants shares are trading up 0.45%, priced at $168.87 during Thursday’s morning. This values J’s 20,665 shares at $2,092,159.
All You Need to Know About Darden Restaurants
Darden Restaurants is the largest restaurant operator in the us full-service space, with consolidated revenue of $11.4 billion in fiscal 2024 resulting in 3%-4% full-service market share (per NRA data and our calculations). The company maintains a portfolio of 10 restaurant brands: Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Ruth’s Chris, Yard House, The Capital Grille, Seasons 52, Eddie V’s, Bahama Breeze, and The Capital Burger. Darden generates revenue almost exclusively from company-owned restaurants, though a small network of franchised restaurants and consumer-packaged goods sales through the traditional grocery channel contribute modestly. As of the end of its fiscal 2024, the company operated 2,031 restaurants in the us.
Understanding the Numbers: Darden Restaurants’s Finances
Negative Revenue Trend: Examining Darden Restaurants’s financials over 3 months reveals challenges. As of 31 August, 2024, the company experienced a decline of approximately -6.77% in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Consumer Discretionary sector.
Profitability Metrics: Unlocking Value
-
Gross Margin: With a low gross margin of 20.41%, the company exhibits below-average profitability, signaling potential struggles in cost efficiency compared to its industry peers.
-
Earnings per Share (EPS): Darden Restaurants’s EPS is notably higher than the industry average. The company achieved a positive bottom-line trend with a current EPS of 1.75.
Debt Management: Darden Restaurants’s debt-to-equity ratio is below the industry average. With a ratio of 2.48, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
Valuation Metrics:
-
Price to Earnings (P/E) Ratio: Darden Restaurants’s P/E ratio of 19.39 is below the industry average, suggesting the stock may be undervalued.
-
Price to Sales (P/S) Ratio: The current P/S ratio of 1.77 is below industry norms, suggesting potential undervaluation and presenting an investment opportunity for those considering sales performance.
-
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): Darden Restaurants’s EV/EBITDA ratio, lower than industry averages at 13.88, indicates attractively priced shares.
Market Capitalization Analysis: The company’s market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
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The Importance of Insider Transactions
Insider transactions shouldn’t be used primarily to make an investing decision, however an insider transaction can be an important factor in the investing decision.
In the realm of legality, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities under Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are required to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Notably, when a company insider makes a new purchase, it is considered an indicator of their positive expectations for the stock.
Conversely, insider sells may not necessarily signal a bearish stance on the stock and can be motivated by various factors.
Deciphering Transaction Codes in Insider Filings
In the domain of transactions, investors frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Darden Restaurants’s Insider Trades.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Underground Cable Accessories Market to Reach $35.4 Billion, Globally, by 2032 at 7.5% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Underground Cable Accessories Market by Voltage (Low, Medium and High), Installation (New Installation and Repair), and End User (Industrial and Renewable): Global Opportunity Analysis and Industry Forecast, 2024-2032”. According to the report, the underground cable accessories market was valued at $18.4 billion in 2023, and is estimated to reach $35.4 billion by 2032, growing at a CAGR of 7.5% from 2024 to 2032.
Prime determinants of growth
Growth of the global underground cable accessories market is driven by rise in demand for electricity from various end-use industries including oil & gas, construction, and manufacturing. However, the high cost associated with underground cables and delay in implementation of power projects are the key factors that hamper growth of the market. On the contrary, technological advancements in development of smart grids and R&D initiatives toward improving quality of cable accessories are anticipated to provide lucrative growth opportunities for key players to maintain the position in the global market in the upcoming years.
Download Sample Copy @ https://www.alliedmarketresearch.com/request-sample/A129644
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $18.43 billion |
| Market Size in 2032 | $35.33 billion |
| CAGR | 7.5% |
| No. of Pages in Report | 207 |
| Segments Covered | Voltage, Installation, End User, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint | High initial cost |
Segmental overview
High voltage segment held the highest market share in 2023
By voltage, the high voltage segment held the highest market share in 2023 owing to rise in demand for high voltage cables from various industries including oil & gas, power generation, HVDC network, building & construction, and manufacturing. However, the low and medium segments are anticipated to grow with a higher CAGR during the forecast period. As the number of households is rising, the demand for low and medium voltage is rising to cater to the low-capacity needs of the homeowners.
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New installation segment held the highest market share in 2023
By installation, the new installation segment held the highest market share in 2023. This is attributed to underground cable laying is not popular in remote areas, especially in developing countries. Thus, there is a high demand for the installation of new cables. However, the repair segment is expected to grow with a higher CAGR during the forecast period. As the cables and its accessories gets old that demand for repairs and other services tend to rise.
Renewable segment held the highest market share in 2023
By end user, the renewable segment held the highest market share in 2023. The growing popularity of sustainable development and rising concerns of ever-increasing pollution are major factors behind the high share of renewable energy segment. The same segment is also projected to manifest the highest CAGR during the forecast period.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2023. The rapid urbanization in countries, such as China and India, has led to the establishment and expansion of manufacturing facilities, buildings, utility lines, minerals, and others. These industries heavily demand Underground Cable Accessories.
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Players
- Furukawa Electric Co., Ltd.
- Sumitomo Electric Industries, Ltd.
The report provides a detailed analysis of these key players in the global Underground Cable Accessories market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” Allied Market Research has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
This 6.5%-Yielding Stock Has Paid Dividends for Nearly 70 Years and Has Plenty of Fuel to Continue Paying Them
Enbridge (NYSE: ENB) is one of the most durable dividend stocks in the energy sector. The Canadian pipeline and utility company has paid dividends to its investors for more than 69 years. It has increased its payment for the last 29 years in a row. That’s impressive, considering all the volatility in the energy sector over the years.
The energy company has plenty of fuel to continue paying dividends. With a dividend yield above 6.5% and more growth ahead, it’s an excellent option for those seeking a very bankable income stream.
Built to be reliable
Enbridge has four core franchises: liquids pipelines, making up 50% of its adjusted EBITDA; gas transmission and midstream, 25%; gas distribution and storage, 22%; and renewable power, 3%. They provide the company with very predictable earnings backed by cost-of-service agreements and long-term contracts, accounting in total for 98% of its EBITDA. That predictability has been on full display over the last 18 years. Enbridge has achieved its financial guidance each year despite two major recessions and two additional periods of oil market turbulence.
The pipeline and utility company pays out 60% to 70% of its stable cash flow in dividends each year. That’s a conservative payout ratio for a company with such stable cash flow. It gives Enbridge ample room for error while enabling the company to retain meaningful cash flow to fund expansion projects and bolt-on acquisitions.
Enbridge also has a rock-solid financial foundation. Thanks to its strategy of using long-term, fixed-rate debt and keeping its leverage ratio low, it has an investment-grade credit rating. It ended the second quarter with a 4.7 leverage ratio, which was in the middle of its 4.5-to-5.0 target range. It sees its leverage ratio trending toward the lower end of that range next year as it captures the full benefits of its recent natural gas utility acquisitions and maintains its current capital spending range.
These features put Enbridge’s high-yielding dividend on a very sustainable foundation. It generates enough post-dividend free cash flow to fund a significant portion of its secured capital program. Meanwhile, it has the balance sheet capacity to fund the remainder with room to spare. That provides additional flexibility to capitalize on future growth opportunities as they emerge.
The fuel to grow
Enbridge ended the second quarter with $24 billion Canadian ($17.8 billion) of secured capital projects in its backlog. Those projects include oil terminal expansions, new gas pipelines, natural gas utility expansions, and renewable energy projects. The company expects these projects to enter commercial service through 2028. That provides Enbridge with tremendous visibility into its future growth.
Those secured capital projects should grow the company’s EBITDA by around 3% per year through 2026. Meanwhile, cost savings and optimizations will add another 1% to 2% to its bottom line each year. On top of that, Enbridge has meaningful additional investment capacity it could deploy to add another 1%-plus to its annual earnings growth rate. It sees the potential to continue growing its earnings by around 5% annually after 2026, given the capital projects it has under construction and in development.
The company’s visible earnings growth drives its view that it should have ample fuel to continue increasing its dividend. It could raise its payment by up to 5% annually over the medium term.
Plenty of power to continue paying dividends
Enbridge has been one of the most reliable dividend stocks in the energy sector over the decades. That trend should continue in the future. The company has a very low-risk business model and visible growth prospects, so it should have no trouble paying dividends in the future, with its payout likely to continue rising for the next several years. That makes it a great stock to buy for those seeking a very sustainable stream of dividend income.
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This 6.5%-Yielding Stock Has Paid Dividends for Nearly 70 Years and Has Plenty of Fuel to Continue Paying Them was originally published by The Motley Fool
Payfare and DoorDash to Not Renew Agreement
TORONTO, Sept. 26, 2024 /PRNewswire/ – Payfare Inc. PAY PYFRF, a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, today announced that its core services agreement related to DoorDash, Inc.’s DasherDirect card program will not be renewed beyond the current term in early 2025.
DasherDirect is currently Payfare’s largest program, and the revenue derived from the program has been a substantial proportion of Payfare’s total revenues. As such, Payfare is withdrawing its previously issued 2024 financial guidance for revenue and earnings, as the Company and DoorDash establish a transition plan to begin in the fourth quarter of 2024. Both parties are expected to work collaboratively during the remainder of the term.
Payfare has over $100 million in cash, cash equivalents, and guaranteed investment certificates and is well capitalized to fund its new strategic initiatives.
Payfare continues to see high growth with its other client programs and is working on securing new, large-scale EWA programs in both the gig economy and employee verticals. The Company believes the aggregate Gross Dollar Value (“GDV”) from these opportunities could mitigate the impact of the DoorDash non-renewal.
Board of Directors Update
Following receipt of his resignation to be effective on September 26, 2024, Mr. Hugo Chan will no longer serve as a director of the Company. Mr. Chan, who has served on the Board during the prior two years has since moved to become a resident in Asia and has resigned for personal reasons. The Company thanks Mr. Chan for his expertise and support over the years.
About Payfare PAYPYFRF
Payfare is a leading, international Earned Wage Access company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms and employers to provide financial security and inclusion for all workers.
Cautionary Statement Regarding Forward Looking Information
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Payfare’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation: the actual timing for the non-renewal and eventual termination of the Company’s services agreement with DoorDash, the anticipated material impact on future revenues and earnings, winning new EWA programs in both the gig economy and employee verticals and aggregate potential new GDV opportunities being able to mitigate the impact of the non-renewal of the Agreement with DoorDash. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such risks include the factors discussed from time to time in Payfare’s filings with the Canadian Securities Authorities, copies of which can be found under Payfare’s profile on the SEDAR+ website at www.sedarplus.ca. In addition, there is risk that the non-renewal of the Agreement with DoorDash is either expedited or delayed in comparison to current expectations, or that new client opportunities will take longer to execute on and therefore delay the mitigation impacts sought by the Company. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Payfare undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
View original content:https://www.prnewswire.com/news-releases/payfare-and-doordash-to-not-renew-agreement-302260513.html
SOURCE Payfare Inc.
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The $85 Million Penthouse Nobody Wanted – Except Former British Prime Minister Tony Blair
The convicted Chinese fraudster Guo Wengui, who used the aliases Ho Wan Kwok and Miles Kwok, is trying to sell his Manhattan penthouse again.
It’s listed for $24 million – way down from the original $86 million asking price.
Guo was once accepted into the super exclusive co-op board at the Sherry-Netherland on Fifth Avenue. It’s rumored that a glowing letter from former British Prime Minister Tony Blair, who had even dined in the apartment, helped him get in.
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Guo paid $67.5 million for the penthouse, where he lived in 2015 while waiting for political asylum that never materialized.
Guo quickly became the co-op board’s worst nightmare. In 2015, he lived in the penthouse he paid $67.5 million for while waiting for political asylum that never materialized.
A mysterious fire broke out while agents were still at the penthouse. Although the penthouse is stunning, the fire left it in poor condition, which, according to the Post’s sources, is one of the reasons the price dropped so dramatically.
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Guo tried to sell the home for $86 million the same year he bought it but couldn’t find a buyer. The late Gilbert Haroche, a co-founder of Liberty Travel, assembled the 15-room apartment.
The full-floor penthouse, spanning 7,000 square feet, has six bedrooms, 100 feet of frontage overlooking Central Park, and panoramic views of the Manhattan skyline. The apartment also features three large terraces with city views. According to the listing, the fire damage has been repaired, creating a clean, white space.
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In a 2018 interview with Gimme Shelter, Guo portrayed himself as a civic-minded billionaire determined to destroy the Chinese Communist Party (CCP). But his story is complex.
Guo made his fortune in real estate in China, thanks partly to his relationship with top Chinese intelligence official Ma Jian.
He has bragged about owning 60 custom-made Brioni suits and handmade Louis Vuitton shoes but said he doesn’t care about “things” because he’s a Buddhist.
“But the CCP wanted to take everything away from me – my wealth, my freedom and my dignity,” he said. “All of this helps show that they can’t.”
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Inflation Data 'Will Be Watched Like A Hawk' Friday After Fed's Interest Rate Cuts
Friday’s Personal Consumption Expenditure (PCE) price index report could validate the recent decision to cut interest rates and foreshadow the size of future cuts.
PCE Report: The monthly PCE report is scheduled for release at 8:30 a.m. ET Friday. The data will be closely monitored by investors and the Federal Reserve.
The PCE is the Fed’s preferred inflation gauge and the latest report on August’s inflation trends could help validate the recent rate cut and be used by economists and market analysts to predict if the Fed will cut interest rates another 25 or 50 basis points in November.
Market experts predict headline PCE inflation will fall from 2.5% in July to 2.3% in August. This would mark the lowest inflation rate since February 2021.
The headline figure is expected to rise 0.1% on a month-over-month basis, marking a slowdown from last month’s 0.2% increase.
Core PCE inflation, which excludes food and energy, is expected to rise from 2.6% year-over-year in July to 2.7% for August.
What Experts Are Saying: As the first PCE report since the Federal Reserve cut interest rates, the report could be important to show if the decision was correct.
“Headline and core Personal Consumption Expenditures Price Indices – the Fed’s preferred inflation gauges – probably increased modestly in August, validating the Fed’s rate cuts last week,” Comerica Bank Chief Economist Bill Adams said.
Adams predicts that the report will show higher average hourly earnings and a rise in personal incomes, with personal spending likely rising at a lower rate.
Freedom Capital Markets Chief Global Strategist Jay Woods stressed the importance of Friday’s PCE report after the recent rate cut.
“This number will not be impacted by last week’s rate decrease, but will be watched like a hawk for those looking to critique the Fed’s latest moves,” Woods said in a weekly newsletter.
Woods said an upward surprise could provide justification for the 50-basis point decision, while a cooler number could have experts question why a 50-basis point cut was done.
“Either way the impact should be minimal on the market.”
SPY Price Action: The SPDR S&P 500 ETF Trust SPY hit new 52-week highs of $574.71 on Thursday ahead of the PCE report. At the time of writing, the SPY is trading at $571.58.
The SPY traded higher after the June and July PCE reports and will be closely followed to see how the market reacts to the latest report.
The SPDR S&P 500 ETF Trust is up 20.8% year-to-date in 2024.
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Oil falls more than 2% on report Saudi Arabia vows to bring barrels back even if prices fall
Oil prices sank more than 2% on Thursday after the Financial Times reported Saudi Arabia is determined to start unwinding voluntary production cuts starting Dec. 1, even if it leads to a “prolonged period” of lower crude prices.
The report, which cited people familiar with Saudi Arabia’s thinking, said the country is ready to abandon its unofficial price target of $100 a barrel for crude in order to regain market share.
On Thursday, West Texas Intermediate (CL=F) fell more than 2% to trade below $68 per barrel. Brent (BZ=F), the international benchmark price, also dropped as much as 3% to hover around $71 per barrel.
“I am not surprised by the reaction in the market because the OPEC ‘put’ has been protecting downside since they have kept barrels off the market,” Rebecca Babin, CIBC Private Wealth senior energy trader, told Yahoo Finance on Thursday.
While the Organization of the Petroleum Exporting Countries, which is comprised of 12 of the world’s major oil-exporting nations including Saudi Arabia, has been cutting output since 2022, the US and other oil-producing nations have been increasing theirs. Last year, the US produced record amounts of oil and gas.
However, Babin questions whether OPEC is ready to do a full pivot to regain market share, since despite the group’s pledges, some member countries have produced above their quotas this year.
“I think this decision is more about recalibrating who is carrying the burden of OPEC production cuts,” said Babin.
“My sense is the OPEC wants the countries that have been overproducing to compensate for overproduction while allowing those who have complied ability to bring barrels back,” she added.
Earlier this month, OPEC+, which includes OPEC members and non-members like Russia, Kazakhstan, and Sudan, delayed the unwinding of some of its voluntary cuts scheduled for October as oil prices fell.
Wall Street analysts had already been lowering their price target for Brent based on the expectation of growing supply and weak demand.
In September, Morgan Stanley cut its Brent (BZ=F) forecast for the second time in a month, citing recent price declines that signal the risk of “considerable demand weakness.”
The analysts predict Brent will average $75 per barrel in the fourth quarter of this year, $5 lower than the prior downwardly revised forecast of $80 issued in late August.
JPMorgan recently cut its fourth quarter forecast from $85 to $80 per barrel, citing “oil’s large underperformance” in August.
Earlier in September, oil dropped to its lowest level since 2021, but it rallied last week off those lows.
Year to date, WTI is down 3%, while Brent is down roughly 4%.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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