IBM, Disney And Other Large Advertisers Return To Elon Musk's X After A Year-Long Boycott: 'We Super Appreciate'
Elon Musk has expressed gratitude as major brands, including IBM IBM, Walt Disney Co. DIS, Comcast CMCSA, and Warner Bros. Discovery WBD, resumed advertising on X, formerly Twitter.
What Happened: On Friday, Musk took to X and expressed his appreciation to companies for recommencing advertising on X following a year-long boycott due to brand safety concerns.
This information was shared by social media personality Mario Nawfal on X.
Musk responded to Nawfal’s post, saying, “Just want to say that we super appreciate major brands resuming advertising on our platform!”
He also expressed his gratitude to X CEO Linda Yaccarino and the entire X team for restoring advertisers’ confidence.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: In September, it was reported that more companies were considering pulling ads from X next year due to concerns that their brands could be harmed by the platform’s content.
A Kantar survey also revealed that 26% more marketers plan to decrease their spending on X ads in 2025, marking the largest recorded decline in ad spending for any major global platform.
However, following the U.S. 2024 Presidential election, it was reported that some advertisers are contemplating a return to X to gain favor with Musk and President-Elect Donald Trump.
This development also comes as Meta Platforms Inc. META plans to introduce ads on its Threads early next year, potentially capitalizing on X’s loss of favor with major brands.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Venterra Named to Great Place To Work® 2024 Best Workplaces in Ontario list
TORONTO, Nov. 15, 2024 /CNW/ — Great Place to Work® Canada has selected Venterra as one of the 2024 Best Workplaces™ in Ontario.
Determined from the pool of Great Place to Work® Certified™ organizations with Ontario-based headquarters, companies that qualified for the recognition achieved employee Great Place To Work Trust Index™ Survey scores that were among the highest in the Canadian province of Ontario.
Venterra is dedicated to building a positive culture by valuing every individual’s contribution and fostering an environment of collaboration and mutual respect. Driven by its Core Values, Venterra focuses on innovation and growth to nurture a team that not only meets business goals but also cultivates a rewarding workplace for all team members. This commitment has led to positive feedback in employee surveys, underscoring the company’s dedication to excellence and satisfaction of its team members.
“Our team members exemplify our Core Values every day,” said Venterra CEO, John Foresi. “We are honored and humbled by their feedback, which consistently speaks highly of our workplace culture. But the truth is, it is our colleagues’ united efforts that have created an environment where everyone feels valued and empowered.”
“While the Best Workplaces™ in Ontario list reflects our Canadian team’s responses, we take pride in the positive sentiment that echoes among our colleagues in the United States,” said Andrew Stewart, Venterra Chairman. “We celebrate and deeply appreciate the countless contributions made by our team members, who have been pivotal in fostering a vibrant culture worthy of recognition organization wide.”
Venterra’s unique culture has been honored by the Great Place To Work® Institute with a variety of awards in the past. Their recent recognitions from the organization include overall 2024 Best Workplaces, 2024 PEOPLE® Companies that Care, Best Workplaces for Women, Best Workplaces for Giving Back, and Best Workplaces in Canada. View all of Venterra’s previous awards from the Great Place To Work® Institute and learn more about their latest survey results from their U.S. company profile and Canadian company profile.
About Venterra:
Venterra Realty is a growing developer, owner, and operator of multifamily apartments with approximately 90 mixed-use and multifamily communities across 21 major US cities. Over 50,000 people and more than 16,000 pets call Venterra “home”! The Venterra Team is focused on achieving excellence in serving its three major stakeholders: residents, employees, and investors. Venterra has enjoyed tremendous growth and financial success over its 23-year history, with approximately $7.5 billion CAD of assets under management. This success has been achieved through the exceptional commitment and dedication of Venterra’s approximately 900 team members. Find out more about Venterra Realty and its award-winning company culture at Venterra.com.
About the Best Workplaces for Ontario
The list is based on direct feedback from employees of the hundreds of Canadian organizations that were surveyed by Great Place to Work®. To be eligible for this list, organizations must be Great Place to Work- Certified™ and have exceptionally high scores from employees on the Great Place To Work Trust Index™ Survey.
About Great Place To Work
Great Place to Work is the global authority on high-trust, high-performance workplace cultures. A global research and consulting firm, Great Place to Work® provides the benchmarks and expertise needed to create, sustain, and recognize outstanding workplace cultures. In Canada, Great Place to Work® produces both industry and demographic specific Best Workplace™ lists, and represents the voices of 500,000 employees across industry. This is part of the world’s largest annual workplace study, recognizing the world’s Best Workplaces in a series of national lists including those published by The Globe & Mail (Canada) and Fortune magazine (USA). Visit us at www.greatplacetowork.ca.
Contact:
Allie Lewnes
Communications Manager & Brand Specialist
Venterramedia@venterraliving.com
SOURCE Venterra Realty
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/15/c7436.html
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Archegos' Bill Hwang deserves 21 years in prison, US says
By Jonathan Stempel
NEW YORK (Reuters) -Bill Hwang, the founder of Archegos Capital Management, should spend 21 years in prison for running a market manipulation scheme that wiped out his $36 billion firm and cost its lenders more than $10 billion, federal prosecutors said on Friday.
In a late night court filing, prosecutors from the U.S. Attorney’s office in Manhattan also asked that Hwang be subjected to a $12.35 billion forfeiture and to pay restitution to victims at his scheduled sentencing on Wednesday.
A 21-year term would be unusually long for a U.S. white-collar crime case, and just four years shorter than FTX cryptocurrency exchange founder Sam Bankman-Fried received in March after being convicted of stealing billions of dollars from customers.
Prosecutors called Hwang an “unrepentant recidivist” who appears to have “judged himself blameless.”
They cited a 2012 guilty plea to wire fraud by Hwang’s former hedge fund Tiger Asia Management, and a Nov. 8 request by Hwang’s lawyers that their 60-year-old client spend no time in prison for his activities at Archegos.
“Bill Hwang used his personal hedge fund to commit a fraud that altered the American stock market and visited billions of dollars in losses on his trading counterparties,” prosecutors said. “He pursued that fraud even after previously being ordered not to commit securities fraud. And even now he has no remorse.”
A significant sentence, prosecutors added, would “signal to even the most hubristic investors that their grand schemes will be met with serious sentences.”
Lawyers for Hwang did not immediately respond to requests for comment outside business hours.
Hwang was convicted in July on 10 criminal charges including securities and wire fraud and racketeering conspiracy.
Prosecutors accused him of lying to banks about Archegos’ portfolio so he could borrow money aggressively and make concentrated bets on media and technology stocks such as ViacomCBS, through so-called total return swaps.
Hwang amassed $160 billion of exposure to stocks but could not meet margin calls as prices began falling.
This led to Archegos’ demise in March 2021 and caused big losses for banks such as Credit Suisse, now part of UBS, and Nomura Holdings as various banks unloaded stocks backing Hwang’s swaps.
Hwang did not testify at his two-month trial. He is expected to appeal his conviction.
In requesting that he serve no prison time, Hwang’s lawyers said prosecutors did not and could not prove that Hwang’s alleged lies caused losses for banks. They said Hwang’s age, cardiovascular disease, philanthropy and low risk of recidivism also weighed against putting him behind bars.
The stock market's Trump honeymoon is turning sour
-
More than half of the stock market’s post-Trump-election rally has been erased.
-
The turning point came Thursday, when Fed Chair Powell said the central bank will take its time cutting rates.
-
That, plus a streak of strong economic data, has investors questioning whether a December cut is necessary.
And just like that, half of the stock market’s euphoric post-Trump-election gain is gone.
Major US indexes sold off sharply on Friday, with the tech-heavy Nasdaq leading the way, as investors came to terms with the fact that they may not get a December rate cut as previously expected.
The turning point came on Thursday, when Federal Reserve Chair Jerome Powell said he and the central bank are in no hurry to cut rates, given the positive signals being sent by the economy.
Stocks turned lower in afternoon trading, and that pressure continued through Friday. The S&P 500 fell as much as 1.6%, and has now given back more than half of its torrid 4% post-election gain. The Nasdaq Composite dropped 2.7% at intraday lows.
The S&P 500 fell 2.2% this week, while the Dow Jones industrial average lost 1.2% and the Nasdaq slid 3.2%.
The losses have come as the odds for a 25-basis-point rate cut in December have fallen. Investors are now pricing in a 58% probability of one at the next meeting, down from around 80% before Powell’s address, according to the CME FedWatch Tool.
The comments from the central-bank head come amid a promising streak of US economic data. On Friday, retail-sales data showed signs of strength, and on Thursday, jobless-claims figures came in surprisingly light.
Stock investors have been grappling with what Trump will ultimately mean for the market now that the dust is settling on a buy-everything rush. Concerns have been raised around whether Trump’s protectionist trade policies will drive inflation higher, possibly necessitating eventual rate hikes.
Until now, investors had seemed content to focus on Trump plan to cut taxes and deregulate. But it now seems that Jerome Powell has given them something else to think — and worry — about.
Here’s where US indexes stood at the 4 p.m. closing bell on Friday:
Here’s what else is going on:
Sustainable Infrastructure Holding Company ("SISCO") Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO“, “TADAWUL: 2190″), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.com/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307349.html
SOURCE SISCO Holding
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
ROSEN, LEADING INVESTOR COUNSEL, Encourages Midnight Hub Investors to Secure Counsel Before Important Deadline in Securities Class Action
NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of ROOMS non-fungible tokens (“NFTs”) and Digital Nomads NFTs issued by Midnight Hub between January 15, 2023 and March 31, 2024, both dates inclusive (the “Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than January 6, 2025.
SO WHAT: If you purchased ROOMS NFTs and Digital Nomads NFTs during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Midnight Hub class action, go to https://rosenlegal.com/submit-form/?case_id=30701 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 6, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants’ statements promoting the NFTs were untrue or misleading statements of material fact. In truth, at the time defendants sold the NFTs, defendants had no plan for developing Midnight Hub’s infrastructure or any of the platform’s decentralized projects such as the Digital Nomads TV. In fact, defendants had no plans for the future of Midnight Hub aside from profiting off the hype and excitement around the project. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Midnight Hub class action, go to https://rosenlegal.com/submit-form/?case_id=30701 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MEDIA ADVISORY – Minister Hajdu to make an important housing announcement in Thunder Bay
THUNDER BAY, ON, Nov. 15, 2024 /CNW/ – Members of the media are invited to an important housing announcement with the Honourable Patty Hajdu, Minister of Indigenous Services, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
Date: Monday, November 18, 2024
Time: 9:30 a.m. (ET)
Where:
North End Community Centre
954 Huron Avenue,
Thunder Bay, Ontario
Follow us on X:
GovCan — Indigenous
(https://twitter.com/GCIndigenous)
SOURCE Indigenous Services Canada
View original content: http://www.newswire.ca/en/releases/archive/November2024/15/c9518.html
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Plant-Based API Market Poised To Hit $52 Billion By 2034, Driven By Psychedelics And Cannabinoids
The global plant-based Active Pharmaceutical Ingredient (API) market is projected to grow at a steady pace, reaching a valuation of $52.1 billion by 2034, according to a new report by Future Market Insights. The industry is expected to expand at a Compound Annual Growth Rate (CAGR) of 5.6%, fueled by rising demand for natural and sustainable pharmaceutical solutions, including psychedelics and cannabis-derived compounds.
Rising Demand For Psychedelic And Cannabis-Based Ingredients
A significant driver of market growth is the increasing use of psychoactive and plant-derived substances in modern pharmacology. Psychedelics like psilocybin and cannabinoids such as CBD and THC are gaining attention for their therapeutic potential in mental health and oncology. The U.S., a key player in the market, is leveraging biotechnological advances like CRISPR and synthetic biology to scale production of these high-demand APIs, contributing to a 4.2% CAGR.
“The global shift toward sustainable, plant-based solutions reflects both consumer interest in natural medicine and the pharmaceutical industry’s focus on alternative therapies,” said Sabyasachi Ghosh, associate VP at Future Market Insights. The market’s rapid expansion underscores the increasing acceptance of psychedelics and cannabis as mainstream pharmaceutical ingredients.
Therapeutic Applications And Key Botanical Sources
Plant-based APIs are harnessed from well-documented medicinal plants such as cannabis, ginseng, turmeric and cinchona. These natural sources contain bioactive compounds like flavonoids, terpenes and alkaloids, offering various therapeutic benefits. Major applications of plant-based APIs include pain management, anti-inflammatory treatments and oncology therapies.
The incorporation of cannabinoids, particularly CBD and THC, into pharmaceutical formulations is reshaping the landscape of pain and anxiety treatments. Similarly, psychoactive compounds from plants like Syrian rue and Psilocybe mushrooms are being explored for treating mental health disorders like depression and PTSD.
Regional Growth And Market Segmentation
The report highlights robust growth in Asian markets, with India leading at an 8.8% CAGR, followed closely by China (8.7%) and South Korea (8.6%). These regions are investing heavily in agricultural biotechnologies and expanding their capabilities in plant-based pharmaceutical production.
The market segments by product type, covering alkaloids, cannabinoids, terpenes, flavonoids and polyphenols. It also includes API forms like extracts, powders and resins from botanicals such as opium poppy, turmeric, ginseng and cannabis.
Competitive Landscape: Psychedelics And Cannabis Companies Lead the Charge
The plant-based API sector is experiencing intense competition, particularly in the cannabis and psychedelics segments. Companies are rapidly scaling production and forming key partnerships to meet the rising demand for plant-based, pharmaceutical-grade ingredients.
Recent developments include Bright Green Corporation’s agreement to supply DEA-approved marijuana extracts and psychedelic compounds to Benuvia Operations. Indena’s authorization from Italian regulators to produce pharmaceutical-grade CBD further illustrates the expanding global footprint of cannabis-derived APIs.
Key players in the industry include the Illinois-based Abbott ABT, New Mexico’s Bright Green Corporation, Indena S.p.A., headquartered in Milan, Italy, Alchem International Pvt. Ltd., based in India, Israeli Teva Pharmaceutical Industries Ltd. TEVA; Roquette Frères, based in Lestrem, France; and Sami-Sabinsa Group, based in New Jersey.
The Future Of Plant-Based APIs: Sustainable And Psychedelic Solutions
The growing demand for sustainable, natural treatments will likely position the plant-based API market at the forefront of global healthcare. As pharmaceutical companies continue to explore the therapeutic potential of bioactive compounds from plants, the integration of psychedelics and cannabis-derived APIs is likely to play a pivotal role in shaping the next decade of medicine.
Cover image made with AI
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.