Arsenal score five to demolish Sporting in Lisbon
Major retailers in UK and Ireland pull products associated with Conor McGregor
Adams' 25 help CSU Northridge down Utah Tech 89-79Stoli vodka files for bankruptcy in the United StatesKGYY-15 is under clinical development by Op-T-Mune and currently in Phase I for Type 1 Diabetes (Juvenile Diabetes). According to GlobalData, Phase I drugs for Type 1 Diabetes (Juvenile Diabetes) have a 69% phase transition success rate (PTSR) indication benchmark for progressing into Phase II. GlobalData tracks drug-specific phase transition and likelihood of approval scores, in addition to indication benchmarks based off 18 years of historical drug development data. Attributes of the drug, company and its clinical trials play a fundamental role in drug-specific PTSR and likelihood of approval. KGYY-15 overview KGYY-15 is under development for the treatment of multiple sclerosis, type 1 diabetes and community acquired pneumonia (CAP) with sepsis. KGYY-15 is peptide which targets CD40, CD154 interaction. CD40 is a member of the tumour necrosis factor (TNF) receptor superfamily. It is administered through intravenous route. Op-T-Mune overview Op-T-Mune is developing drugs for the treatment of autoimmune diseases and inflammation. The company is headquartered in Aurora, Colorado, the US. For a complete picture of KGYY-15’s drug-specific PTSR and LoA scores, This content was updated on 12 April 2024 From Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors. , the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article. GlobalData’s Likelihood of Approval analytics tool dynamically assesses and predicts how likely a drug will move to the next stage in clinical development (PTSR), as well as how likely the drug will be approved (LoA). This is based on a combination of machine learning and a proprietary algorithm to process data points from various databases found on GlobalData’s .
The decision by Tesco, Musgrave and the BWG Group came after a woman who said Mr McGregor raped her won a civil claim for damages against him. Nikita Hand, who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a case at the High Court in the Irish capital. In a statement, a spokesman for Musgrave said: “Musgrave can confirm these products are no longer available to our store network.” The network includes SuperValu, Centra, Daybreak and Mace. A Tesco spokesperson said: “We can confirm that we are removing Proper No Twelve Whiskey from sale in Tesco stores and online.” A spokesperson for BWG Group said: “The products are no longer listed for distribution across our network of Spar, Eurospar, Mace, Londis and XL stores, including Appleby Westward which operates over 300 Spar stores in the south west of England.” It is understood that other retail outlets including Costcutter and Carry Out will also stop stocking products linked to Mr McGregor. He and some of his business partners sold their majority stake in the Proper Number Twelve Irish whiskey brand. He was reported to have been paid more than £103 million from the sale to Proximo Spirits in 2021. On Monday, a popular video game developer decided to pull content featuring the MMA fighter. The Irish athlete has featured in multiple video games, including voice-acting a character bearing his likeness in additional downloadable content in the Hitman series. Mr McGregor’s character featured as a target for the player-controlled assassin in the game. IO Interactive, the Danish developer and publisher of Hitman, said in a statement: “In light of the recent court ruling regarding Conor McGregor, IO Interactive has made the decision to cease its collaboration with the athlete, effective immediately. “We take this matter very seriously and cannot ignore its implications. “Consequently, we will begin removing all content featuring Mr McGregor from our storefronts starting today.” Last Friday, the High Court jury awarded damages amounting to 248,603.60 euros (around £206,000) to Ms Hand. Mr McGregor made no comment as he left court but later posted on social media that he intended to appeal against the decision.
SAND SPRINGS, Okla. , Dec. 2, 2024 /PRNewswire/ -- Webco Industries, Inc. (OTC: WEBC) today reported results for our first quarter of fiscal year 2025, which ended October 31, 2024 . For our first quarter of fiscal year 2025, we had a net loss of $0.1 million , or a loss of $0.13 per diluted share, while in our first quarter of fiscal year 2024, we had net income of $5.1 million , or $6.25 per diluted share. Net sales for the first quarter of fiscal 2025 were $141.4 million , a 10.4 percent decrease from the $157.8 million of sales in the first quarter of fiscal year 2024. Dana S. Weber , Chief Executive Officer and Board Chair, stated, "The domestic manufacturing economy has been worsening over the past year. Further, we have certain markets that are being adversely impacted by foreign imports. We continue to focus on positioning Webco for various economic environments and opportunities by maintaining a strong balance sheet and good liquidity and making compelling investments in our business. Our total cash, short-term investments and available credit on our revolver were $89.0 million at October 31, 2024 , which we believe to be a competitive advantage." In the first quarter of fiscal year 2025, we had income from operations of $1.1 million after depreciation of $4.7 million . The first fiscal quarter of the prior year generated income from operations of $8.0 million after depreciation of $3.7 million . Gross profit for the first quarter of fiscal 2025 was $13.6 million , or 9.7 percent of net sales, compared to $21.6 million , or 13.7 percent of net sales, for the first quarter of fiscal year 2024. Selling, general and administrative expenses were $12.6 million in the first quarter of fiscal 2025 and $13.6 million in the first quarter of fiscal 2024. SG&A expenses in the first quarter of fiscal year 2025 reflect a decrease in costs related to lower profitability, such as company-wide incentive compensation and variable pay programs, offset by inflation we have experienced in wages and other expenses. Interest expense was $1.2 million in the first quarter of fiscal year 2025 and $1.3 million in the same quarter of fiscal year 2024. Average construction-based investments decreased in fiscal year 2025 and, as a result, capitalized interest decreased $0.2 million when compared to the first quarter of fiscal year 2024. Capitalized interest decreases net interest expense in the consolidated statement of operations. Notwithstanding capitalized interest, the impact of increased interest rates was more than offset by lower average debt balances. Capital expenditures incurred amounted to $5.1 million in the first quarter of fiscal year 2025, down from $10.1 in the first quarter of fiscal year 2024. Included in our capital spending for the first quarter of fiscal year 2024 was construction of our F. William Weber Leadership Campus, which houses our Tech Center and corporate headquarters. The Tech Center, which is the tip of the spear that leads Webco's trusted and technical brand throughout our industry, was completed in the fourth quarter of fiscal year 2024. As of October 31, 2024 , we had $18.6 million in cash and short-term investments, in addition to $70.4 million of available borrowing under our $220 million senior revolving credit facility. Availability on the revolver, which had $44.0 million drawn at October 31, 2024 , was subject to advance rates on eligible accounts receivable and inventories. Our term loan and revolver mature in September 2027. Accounting rules require asset-based debt agreements like our revolver to be classified as a current liability, despite its fiscal year 2028 maturity. Webco's stock repurchase program authorizes the purchase of our outstanding common stock in private or open market transactions. In September 2023 , the Company's Board of Directors refreshed the repurchase program with a new limit of up to $40 million and extended the program's expiration until July 31 , 2026. We purchased 2,850 shares of our stock during the first quarter of fiscal year 2025. Including the current fiscal year, Webco has purchased approximately 158,000 shares over the course of the last five fiscal years. The repurchase plan may be extended, suspended or discontinued at any time, without notice, at the Board's discretion. Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma , Illinois , Michigan , Pennsylvania and Texas , serving customers globally. Our F. William Weber Leadership Campus is in Sand Springs, Oklahoma and houses our corporate offices and our Webco TechCenterTM, providing a state-of-the-art laboratory and R & D facility to lead and develop technical solutions. Risk Factors and Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words "anticipates," "appears," "believes," "estimates," "expects," "forever," "hopes," "intends," "plans," "projects," "pursue," "should," "will," "wishes," or similar words may constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including any global economic downturn; government policy or low hydrocarbon prices that stifle domestic investment in energy; competition from foreign imports, including any impacts associated with dumping or the strength of the U.S. dollar; political or social environments that are unfriendly to industrial or energy-related businesses; changes in manufacturing technology; the banking environment, including availability of adequate financing; worldwide and domestic monetary policy; changes in tax rates and regulation; regulatory and permitting requirements, including, but not limited to, environmental, workforce, healthcare, safety and national security; availability and cost of adequate qualified and competent personnel; changes in import / export tariff or restrictions; volatility in raw material cost and availability for the Company, its customers and vendors; the cost and availability, including time for delivery, of parts and services necessary to maintain equipment essential to the Company's manufacturing activities; the cost and availability of manufacturing supplies, including process gases; volatility in oil, natural gas and power cost and availability; world-wide or national transition from hydrocarbon sources of energy that adversely impact demand for our products; problems associated with product development efforts; significant shifts in product demand away from internal combustion engine automobiles; appraised values of inventories that can impact available borrowing under the Company's credit facility; declaration of material adverse change by a lender; industry capacity; domestic competition; loss of, or reductions in, purchases by significant customers and customer work stoppages; work stoppages by critical suppliers; labor unrest; conditions, including acts of God, that require more costly transportation of raw materials; accidents, equipment failures and insured or uninsured casualties; third-party product liability claims; flood, tornado, winter storms and other natural disasters; customer or supplier bankruptcy; customer or supplier declarations of force majeure; customer or supplier breach of contract; insurance cost and availability; lack of insurance coverage for floods; the cost associated with providing healthcare benefits to employees; customer claims; supplier quality or delivery problems; technical and data processing capabilities; cyberattack on our information technology infrastructure; world, domestic or regional health crises; vaccine mandates or related governmental policy that would cause significant portions of our workforce, or that of our customers or vendors, to leave their current employment; global or regional wars and conflicts; our inability or unwillingness to comply with rules required to maintain the quotation of our shares on any market place; and our inability to repurchase the Company's stock. The Company assumes no obligation to publicly update any such forward-looking statements. No assurance is provided that current results are indicative of those that will be realized in the future. - TABLES FOLLOW - SOURCE Webco Industries, Inc.Trump names billionaire investment banker Warren Stephens as his envoy to BritainThe Africa Military Games has started in the capital of Nigeria, Abuja, with the various armies representing their countries West African heavyweights Ghana and Nigeria rekindle their agel-long rivalry at the competition in Boxing The competition is expected to foster unity among the 54 countries in Africa following the second edition of the multi-sport event Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now! The Africa Military Games in Abuja produced several thrilling encounters between the various countries participating in the competitions. It was also an opportunity for Ghanaians and Nigerians to take their rivalry to a new frontier. From Algeria to Zimbabwe, athletes in the military converged in Abuja last week for the exciting event. In a video that has since gone viral on social media , a Ghanaian army boxer engaged his Nigerian counterpart. In the short clip, the Nigerian, who was in an all-red attire could not stand the early punches as he got dazed by the Ghanaian. Read also Davido boldly slams TVC for criticising his remarks on foreign investors and Nigeria: “E no allow u sleep" PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! Ghanaians took to social media to react @RichieGonzalex posted : No be small punches the Alata man Dey chop @Benzema_DeGoat wrote : This blow dem dey call am “K) fie k) wu” @ComradeGaffar added: Lights over darkness be this @iamMCT7 posted: The Ghanaian was really too much on his strength. No defense. He will get exposed against a real threat @nanaezze tweeted: All the Eba still couldn't save my Naija Boxer @LampOil09 added: Look at the number of young boxers we have in Bukom and other areas, but because they can’t pay their way into the armed forces look at how dbee soldier dey throw punches like ebi roadside women fight... results of monetisation and politisation of institutions Nigerian artists thrill military at AMGA Several top Nigerian artists, including Olamide , performed at the competition's opening ceremony in Abuja. Read also Igbo man graduates from UK university, teaches Oyinbo lecturer cultural handshake on graduation day Also joining him were legendary musician D'Banj and Afronbeats singer Yemi Alade. The musician thrilled fans before the games began last week. Nigeria beat Ghana to win WAFU Earlier, Legit.ng reported that the Flying Eagles of Nigeria have defeated the Black Satellites of Ghana to win the WAFU Zone B U20 Championship in Lomé, Togo. A first-half brace from Kparobo Arierhi was enough for Nigeria to lift the trophy despite a second-half consolation from Ghana's Jerry Afriyie. Both teams went into the finals, and their place at next year's Africa U20 Cup of Nations was secured. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: YEN.com.gh
CALGARY, Alberta – Minnesota Wild goalie Marc-Andre Fleury bounded down the tunnel and onto the ice for his 1,000th NHL start and what was presumably the final start of his career in the home rink of the Edmonton Oilers — a team he’d beaten 16 times previously in his career. ADVERTISEMENT He corralled one of the dozens of pucks strewn around the ice and fired toward the cage he would soon be guarding. But his attempt at an empty-net goal was foiled when the puck he had shot hit another puck at the top of the crease and both slid to the corners of the rink. It was just the first thing that would go wrong for the guy teammates lovingly call “Flower” on this night. Less than 30 seconds into the game, he swung at a puck bouncing in his direction all the way from the red line. He missed, and the Oilers led 1-0 on a fluke that had the Rogers Place crowd roaring and smiling. After the initial shock wore off, Fleury was smiling too. “I haven’t played in so long, I wanted to do well and help the team, and at the beginning to let that one in, I was mad for a little bit and then I just laughed. It was so stupid,” he said following Minnesota’s 5-3 win, which gave him a 4-0-1 record for the season. “The guys came by and they gave me a tap, and they laughed and kind of made it a little lighter. And they battled well, nobody sat back.” ADVERTISEMENT Just under 60 minutes of game time later, Flower was the one grinning in the Wild locker room as Minnesota won its ninth road game in a dozen opportunities. Fleury finished with 28 saves, and the other two Edmonton goals both went off the skates of Wild defenders. In the first period, he made a sprawling poke-check save to thwart Oilers star Connor McDavid’s rush to the net that had the Edmonton crowd primed to explode again. It was the 1,030th appearance in an NHL game for Fleury, moving him past Patrick Roy into third in the NHL record books for most games played by a goalie. He will turn 40 on Thanksgiving Day and has been in the league since 2003, after the Penguins made him the first-overall pick in that summer’s draft. But with Filip Gustavsson off to a fantastic start as the Wild’s mainstay in the crease, and Jesper Wallstedt waiting in the wings (in Iowa) presumably as the franchise’s goalie of the future, Fleury finds himself in a new role: backup goalie. Perhaps the only time his ever-present smile seemed forced following the win in Edmonton was when Fleury pointed out, on two occasions, that it was his first start in three weeks, since a win at San Jose on Nov. 7. ADVERTISEMENT Minnesota coach John Hynes reiterated on Friday afternoon that there was, for a brief moment, a thought that the Wild would carry three goalies — Gustavsson, Fleury and Wallstedt — for a time in October, meaning there would be two backups, or a rotation plus a third stringer. It didn’t work out that way. “Gus and Flower played well. Wally played well. But based on contracts and things like that and where everyone’s at in their career, Wally went down and played (in Iowa) and he’s doing a good job now and has found his game,” Hynes said. “But Flower’s playing really well and Gus is playing really well. So, it hasn’t been that he’s...the understudy. It’s just, here’s what we need to do everyday and then we’ll try to let you know when we’re going to start. Sometimes, it might be in advance. Sometimes, it might be a little closer to the game.” Fleury has made it clear that this will be the final season of his career, so like a rare flower that only blooms once in a while, seeing one of his remaining starts is worth seeking out. Of course, with the Wild defying expectations, the team’s fanbase is clearly hoping this flower keeps blooming well into May or even June. ADVERTISEMENT ______________________________________________________ This story was written by one of our partner news agencies. Forum Communications Company uses content from agencies such as Reuters, Kaiser Health News, Tribune News Service and others to provide a wider range of news to our readers. Learn more about the news services FCC uses here .NEW YORK , Dec. 2, 2024 /PRNewswire/ -- Tannenbaum Helpern is pleased to announce that Anne-Mette Elkjær Andersen has joined the Firm as partner in the Firm's Corporate practice. Anne-Mette is a highly qualified corporate attorney focusing on cross border and U.S. mergers and acquisitions, international business transactions, and corporate transactions and corporate compliance for engineering & architecture firms. Her decades of experience include advising clients on strategic purchases and sales in many sectors, including engineering, architecture, and other licensed professional design professions; defense; software; renewable energy; oil and gas; technology; retail and manufacturing; service; aviation; and shipping and rail, among others. Anne-Mette comes to Tannenbaum Helpern from the New York office of Holland & Knight, where she counseled clients on international M&A, financing and securities, performed regulatory and licensing work for professional design corporations, and assisted startup and emerging growth companies enter the U.S. market. Her clients include U.S. and foreign established privately and publicly held corporations and emerging companies on stock and asset sales, joint ventures, and SPAC matters, among others. Her experience also includes advising foreign bank clients on loan and financing agreements involving U.S.-based subsidiaries of foreign clients. Anne-Mette's primary experience is with private strategic buyers and sellers, and she also has experience in public and private securities offerings and initial public offerings (IPOs), including simultaneous offerings both in the U.S. and internationally. Anne-Mette began her career in Denmark as a lawyer with the Danish Ministry of Justice. She also spent four years with the Danish law firm Reumert & Partners (now Kromann Reumert), primarily in the areas of general corporate law, M&A and insolvency law. While practicing in Denmark , Anne-Mette represented, among others, U.S., Canadian, and Danish corporations in M&A transactions and other corporate matters. Managing Partner Andrew W. Singer commented, "Anne-Mette will expand our Corporate and M&A practices, facilitate increased opportunities for our clients and increase our ability to pursue new client relationships, especially in overseas markets and the professional design professions. Welcome, Anne-Mette!" "Anne-Mette is a welcome addition to Tannenbaum Helpern . Her capabilities and international reach add to our existing platform and relationships, both in the U.S. and globally," said Drew Jaglom , Chair of Tannenbaum Helpern's Corporate practice. Regarding her arrival, Anne-Mette added, "It's my privilege to join Tannenbaum Helpern . I'm excited to be a part of such a talented team of attorneys, and a Firm that is focused on the future!" About Tannenbaum Helpern Since 1978, Tannenbaum Helpern Syracuse & Hirschtritt LLP has combined a powerful mix of insight, creativity, industry knowledge, legal talent and experience to successfully guide clients through periods of challenge and opportunity. Our mission is to deliver the highest quality legal services in a practical and efficient manner and to provide the judgment, common sense and legal acumen of well trained, business minded lawyers, all within a culture that fosters an inclusive and respectful workplace. Through our commitment to exceptional service and driven by a focus on results, Tannenbaum Helpern continues to earn the loyalty of our clients and a reputation for excellence. For more information, visit www.thsh.com . Jennifer Papantonio Chief Marketing & Business Development Officer papantonio@thsh.com 212.702.3147 View original content to download multimedia: https://www.prnewswire.com/news-releases/anne-mette-elkjaer-andersen-joins-tannenbaum-helpern-as-partner-in-the-firms-corporate-practice-group-302320136.html SOURCE Tannenbaum Helpern Syracuse & Hirschtritt LLP
Bhopal (Madhya Pradesh): Different from Central government funded Housing for All (HAF) Scheme, Bhopal Collector has begun Slum Rehabilitation Programme to make Bhopal slum free. On Thursday, a meeting was held under the chairmanship of Collector Kaushelendra Vikram Singh on Thursday. Bhopal Municipal Corporation (BMC) is continuing with HAF already in Bhopal for houses to EWS and other categories. Pucca houses will be provided to slum dwellers under the Slum Rehabilitation Programme. It will be developed at encroached land on PPP mode. Collector Kaushelendra Vikram Singh instructed SDMs to prepare a detailed plan to make Bhopal district slum-free and take action quickly. The BMC was also instructed to complete the tender process within a week and present it before the authoritative committee. The collector has also given instructions to do social profiling in the survey work so that the concerned person can continue his livelihood along with the house. Initially, construction work will begin in about 17-18 acres. For which DPR design, planning policy, estimate and tender conditions and all preparations will be completed within a week. Marking and survey work of slums has begun on a priority basis. Bhopal Municipal Corporation (BMC) has planned to mark the slums of the city and divide the district into 9 clusters for survey work. In the first phase, the survey of slums around Vallabh Bhawan has been completed. Survey work is underway in other clusters. SDM Deepak Pandey said, ‘The residents of these slums will be provided pucca houses under PPP model. Along with this, malls, commercial complexes and prime development works will also be done in residential projects under Suraj Abhiyan and Residency Policy. Along with this, parking space, community hall, shops will also be developed as Habibganj Railway station has been developed by private party and a piece of land has been given to it for its commercial use. So government will get money instead of spending on it.’
Lewandowski joins Ronaldo and Messi in Champions League 100-goal club. Haaland nets 2 but City draws
Arsenal put on one of the best performances of the Champions League so far to thrash Portuguese side Sporting 5-1 away from home. ( More Football News ) Gabriel Martinelli put Mikel Arteta's side ahead after just seven minutes and they hardly looked back from that point. Kai Havertz and Gabriel Magalhaes added a second and third respectively before half-time as the visitors did their best to kill the game as a contest. BY Stats Perform Things got a little more competitive when Goncalo Inacio pulled one back for the hosts within two minutes of the restart, but a Bukayo Saka penalty in the 65th minute soon quelled any chance of a comeback. Leandro Trossard got the fifth eight minutes from time after coming off the bench to help Arsenal move above Sporting into seventh place in the 36-team league. Sporting, meanwhile, are one place back on goal difference. With his assist for Kai Havertz tonight, Bukayo Saka is already on 14 goal involvements for the season (all comps). Havertz (9) is second for Arsenal in 2024-25. pic.twitter.com/Xf99Qctdca Data debrief: Arsenal wow in Lisbon Arsenal's 5-1 victory away to Sporting was their biggest away win in the Champions League for 21 years. The result matched that of the scoreline they managed against Inter Milan in 2003. It is a result that is made more impressive given that it is Sporting's first defeat at their own ground in 14 matches in all competitions, and the only home game they have failed to win this season.Ministers target prisoners to fill UK’s labour shortagesWASHINGTON — Donald Trump threatened the United States's closest neighbours with big tariffs this week, in a move that has reminded many of the unpredictable tactics the president-elect deployed during his first tenure in the White House. Trump said Monday he would use an executive order to impose 25 per cent tariffs on all goods coming from Canada and Mexico until the two countries stop drugs and migrants from illegally crossing the U.S. border. The announcement, made on Truth Social, brought swift responses from officials and industry in both countries who are bracing for chaos during Trump's second tenure. He has long used the threat of import taxes to pressure other countries to do his bidding, saying this summer that "the most beautiful word in the dictionary is 'tariff.'" It's unlikely the move would violate the Canada-U.S.-Mexico Agreement, which was negotiated during the first Trump administration. Laura Dawson, an expert on Canada-U. S. relations and the executive director of the Future Borders Coalition, said the president can impose tariffs under his national security powers. This type of duty has a time limit and can only be made permanent through Congressional approval, but for Trump, national security powers are like a "get out of jail free card," Dawson said. "This is exactly what happened in the last Trump administration," Dawson said. "Everyone said, 'Well, that is ridiculous. Canada is the U.S.'s best security partner. What do you mean our steel and aluminum imports are somehow a source of insecurity?'" But within the global trade system, she said, no country challenges another's right to define their own national security imperatives. Trump's first administration demonstrated how vulnerable Canada is to America's whims when the former president scrapped the North American Free Trade Agreement. The U.S. is Canada's closest neighbour and largest trading partner. More than 77 per cent of Canadian exports go to the U.S. Negotiation of CUSMA, commonly dubbed "the new NAFTA," was a key test for Ottawa following Trump's first victory. The trilateral agreement is up for review in 2026 and experts suspect this week's tariff announcement is a negotiating tactic. Scott Bessent, Trump's pick for treasury secretary, said in a recent op-ed that tariffs are "a useful tool for achieving the president's foreign policy objectives." "Whether it is getting allies to spend more on their own defence, opening foreign markets to U.S. exports, securing co-operation on ending illegal immigration and interdicting fentanyl trafficking, or deterring military aggression, tariffs can play a central role." During the initial CUSMA negotiations in 2018, Trump floated the idea of a 25 per cent tariff on the Canadian auto sector — something that would have been crippling for the industry on both sides of the border. It was never implemented. At the time, he did use his national security powers to impose a 25 per cent tariff on steel and 10 per cent tariff on aluminum imports, casting fear of an all-out trade war that would threaten the global economy. The day after announcing those levies, Trump posted on social media "trade wars are good, and easy to win." Former U.S. trade representative Robert Lighthizer recounted in his book that the duties sent an "unmistakable signal that business as usual was over." "The Trump administration was willing to ruffle diplomatic feathers to advance its trade agenda." It led to a legendary clash between Prime Minister Justin Trudeau and Trump at the G7 in Quebec. Trudeau said Canada would impose retaliatory measures, saying the argument that tariffs on steel and aluminum were a matter of national security was "kind of insulting." Trump took to social media, where, in a flurry of posts he called Trudeau "very dishonest and weak." Canada and other countries brought their own duties against the U.S. in response. They targeted products for political, rather than economic, reasons. Canada hit yogurt with a 10 per cent duty. Most of the product impacted came from one plant in Wisconsin, the home state of then-Republican House Speaker Paul Ryan. The European Union, Mexico and Canada all targeted U.S. whiskey products with tariffs, in a clear signal to then Republican Senate Majority Leader Mitch McConnell and his home state of Kentucky’s bourbon industry. Ultimately, Canada and Mexico were able to negotiate exemptions. Carlo Dade, the director of trade and trade infrastructure at the Canada West Foundation, said Trump is returning to the White House with more experience and a plan. But he suspects Americans will not like the blow to their bank accounts. Trump’s new across-the-board tariff strategy would not only disrupt global supply chains, it would also cause a major shakeup to the American economy. It's unclear if Trump will go through with them, or for how long, after campaigning on making life more affordable and increasing the energy market. "I think it will be short-term," Dade said. "The U.S. can only inflict damage on itself for so long." This report by The Canadian Press was first published Nov. 26, 2024. — With files from The Associated Press Kelly Geraldine Malone, The Canadian PressOpenAI is allowing employees to sell roughly $1.5 billion worth of shares in a new tender offer to SoftBank, CNBC has learned. SoftBank's latest investment adds to OpenAI's recent $6.6 billion funding round at a $157 billion valuation. The deal was spurred by SoftBank billionaire founder and CEO Masayoshi Son, who was persistent in asking for a larger stake in the company, a person familiar with the matter said. OpenAI is allowing employees to sell roughly $1.5 billion worth of shares in a new tender offer to SoftBank, CNBC has learned. 24/7 San Diego news stream: Watch NBC 7 free wherever you are The new financing will allow the Japanese tech conglomerate to get an even larger slice of the AI startup, and it will allow current and former OpenAI employees to cash out their shares, two people familiar with the matter told CNBC. Employees will have until Dec. 24 to decide if they want to participate in the new tender offer, which has not previously been reported, one of the people said. The deal was spurred by SoftBank billionaire founder and CEO Masayoshi Son, who was persistent in asking for a larger stake in the startup after putting $500 million into OpenAI's last funding round, one of the people said. The tender offer is not related to OpenAI's potential plans to restructure the firm to a for-profit business , one of the people said. OpenAI and SoftBank declined to comment. The news underscores Son's interest in the AI space and in backing the most valuable private players. SoftBank was an early investor in Arm, and Son said at a recent conference that he's saving "tens of billions of dollars" to make the "next big move" in artificial intelligence. He had previously invested in Apple, Qualcomm and Alibaba. Money Report Samsung Electronics appoints co-CEO in leadership shuffle focused on chip divisions; shares drop Donald Trump selects Kevin Hassett to lead National Economic Council SoftBank's Vision Fund 2 recently invested in AI startups Glean, Perplexity and Poolside. SoftBank has about 470 portfolio companies and $160 billion in assets across its two vision funds. The OpenAI investment matches SoftBank's eagerness to deploy cash, with a capital-intensive business model, a person close to Son told CNBC. Even without SoftBank's deep pockets, OpenAI has had no trouble raising billions in cash. Its valuation has climbed to $157 billion in the two years since launching ChatGPT. OpenAI has raised roughly $13 billion from Microsoft , and it closed its latest $6.6 billion round in October , led by Thrive Capital and including participation from chipmaker Nvidia , SoftBank and others. The company also received a $4 billion revolving line of credit , bringing its total liquidity to more than $10 billion. OpenAI expects about $5 billion in losses on $3.7 billion in revenue this year, CNBC confirmed in September with a person familiar with the situation. The tender offer will be open to current and former employees who had been granted restricted stock units at least two years ago and have held the shares for at least that long, one of the people said. The unit price of $210 will align with the company's most recent funding round. Tender offers have become crucial for tech employees amid a dormant IPO market and skyrocketing company valuations. Private companies rely on such deals to keep employees happy and reduce the pressure to list on public markets. Since OpenAI has no initial public offering immediately on the horizon and a price tag that makes the company prohibitively expensive for would-be acquirers, secondary stock sales are the only way in the near future for shareholders to pocket a portion of their paper wealth. Databricks is another private company raising money to allow employees to cash out and avoid public markets pressure, CNBC reported this week. OpenAI took a more restrictive approach to tender offers in the past, with rules allowing the company to determine who gets to participate in stock sales, CNBC reported in June . Current and former OpenAI employees previously told CNBC that there was growing concern about access to liquidity after reports that the company had the power to claw back vested equity. But the company reversed its policies toward secondary share sales this summer, and it now allows current and former employees to participate equally in annual tender offers. The company expects to allow more of these secondary sales, and it will need to tap private markets again in the future based on demand from investors and the capital-intensive nature of the business, according to a person familiar with this week's tender offer. OpenAI has faced increasing competition from startups like Anthropic and tech giants like Google. The generative AI market is predicted to top $1 trillion in revenue within a decade, and business spending on generative AI surged 500% this year , according to recent data from Menlo Ventures. Last month OpenAI launched a search feature within ChatGPT, its viral chatbot, that positions the high-powered AI startup to better compete with search engines like Google , Microsoft's Bing and Perplexity . WATCH: OpenAI is the definitive consumer brand for AI at this point, says Bedrock Capital's Geoff Lewis Also on CNBC Workday stock slips on light quarterly forecast Dell shares fall on light forecast despite growing AI sales This startup makes thrifting furniture far easier, even for big retailers like Pottery Barn
AWS doubles down on ASEAN with cloud and AI investmentsBitcoin's post-election boomWASHINGTON (AP) — has named billionaire investment banker Warren Stephens as his envoy to Britain, a prestigious posting for the Republican donor whose contributions this year included $2 million to a Trump-backing super PAC. Trump, in a post on his Truth Social site Monday evening, announced he was selecting Stephens to be the U.S. ambassador to the Court of Saint James. The Senate is required to confirm the choice. “Warren has always dreamed of serving the United States full time. I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies,” Trump said in in his post. Stephens is the chairman, president and CEO of Little Rock, Arkansas-based financial services firm Stephens Inc., having taken over the firm from his father. Trump has already named many of his and high-profile diplomatic posts, assembling a roster of staunch loyalists. Over the weekend, Trump announced he intends to nominate , father of Trump’s son-in-law Jared Kushner, to serve as ambassador to France. During his first term, Trump selected Robert “Woody” Johnson, a contributor to his campaign and the owner of the New York Jets football team, as his representative to the United Kingdom.SAND SPRINGS, Okla. , Dec. 2, 2024 /PRNewswire/ -- Webco Industries, Inc. (OTC: WEBC) today reported results for our first quarter of fiscal year 2025, which ended October 31, 2024 . For our first quarter of fiscal year 2025, we had a net loss of $0.1 million , or a loss of $0.13 per diluted share, while in our first quarter of fiscal year 2024, we had net income of $5.1 million , or $6.25 per diluted share. Net sales for the first quarter of fiscal 2025 were $141.4 million , a 10.4 percent decrease from the $157.8 million of sales in the first quarter of fiscal year 2024. Dana S. Weber , Chief Executive Officer and Board Chair, stated, "The domestic manufacturing economy has been worsening over the past year. Further, we have certain markets that are being adversely impacted by foreign imports. We continue to focus on positioning Webco for various economic environments and opportunities by maintaining a strong balance sheet and good liquidity and making compelling investments in our business. Our total cash, short-term investments and available credit on our revolver were $89.0 million at October 31, 2024 , which we believe to be a competitive advantage." In the first quarter of fiscal year 2025, we had income from operations of $1.1 million after depreciation of $4.7 million . The first fiscal quarter of the prior year generated income from operations of $8.0 million after depreciation of $3.7 million . Gross profit for the first quarter of fiscal 2025 was $13.6 million , or 9.7 percent of net sales, compared to $21.6 million , or 13.7 percent of net sales, for the first quarter of fiscal year 2024. Selling, general and administrative expenses were $12.6 million in the first quarter of fiscal 2025 and $13.6 million in the first quarter of fiscal 2024. SG&A expenses in the first quarter of fiscal year 2025 reflect a decrease in costs related to lower profitability, such as company-wide incentive compensation and variable pay programs, offset by inflation we have experienced in wages and other expenses. Interest expense was $1.2 million in the first quarter of fiscal year 2025 and $1.3 million in the same quarter of fiscal year 2024. Average construction-based investments decreased in fiscal year 2025 and, as a result, capitalized interest decreased $0.2 million when compared to the first quarter of fiscal year 2024. Capitalized interest decreases net interest expense in the consolidated statement of operations. Notwithstanding capitalized interest, the impact of increased interest rates was more than offset by lower average debt balances. Capital expenditures incurred amounted to $5.1 million in the first quarter of fiscal year 2025, down from $10.1 in the first quarter of fiscal year 2024. Included in our capital spending for the first quarter of fiscal year 2024 was construction of our F. William Weber Leadership Campus, which houses our Tech Center and corporate headquarters. The Tech Center, which is the tip of the spear that leads Webco's trusted and technical brand throughout our industry, was completed in the fourth quarter of fiscal year 2024. As of October 31, 2024 , we had $18.6 million in cash and short-term investments, in addition to $70.4 million of available borrowing under our $220 million senior revolving credit facility. Availability on the revolver, which had $44.0 million drawn at October 31, 2024 , was subject to advance rates on eligible accounts receivable and inventories. Our term loan and revolver mature in September 2027. Accounting rules require asset-based debt agreements like our revolver to be classified as a current liability, despite its fiscal year 2028 maturity. Webco's stock repurchase program authorizes the purchase of our outstanding common stock in private or open market transactions. In September 2023 , the Company's Board of Directors refreshed the repurchase program with a new limit of up to $40 million and extended the program's expiration until July 31 , 2026. We purchased 2,850 shares of our stock during the first quarter of fiscal year 2025. Including the current fiscal year, Webco has purchased approximately 158,000 shares over the course of the last five fiscal years. The repurchase plan may be extended, suspended or discontinued at any time, without notice, at the Board's discretion. Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma , Illinois , Michigan , Pennsylvania and Texas , serving customers globally. Our F. William Weber Leadership Campus is in Sand Springs, Oklahoma and houses our corporate offices and our Webco TechCenterTM, providing a state-of-the-art laboratory and R & D facility to lead and develop technical solutions. Risk Factors and Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words "anticipates," "appears," "believes," "estimates," "expects," "forever," "hopes," "intends," "plans," "projects," "pursue," "should," "will," "wishes," or similar words may constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including any global economic downturn; government policy or low hydrocarbon prices that stifle domestic investment in energy; competition from foreign imports, including any impacts associated with dumping or the strength of the U.S. dollar; political or social environments that are unfriendly to industrial or energy-related businesses; changes in manufacturing technology; the banking environment, including availability of adequate financing; worldwide and domestic monetary policy; changes in tax rates and regulation; regulatory and permitting requirements, including, but not limited to, environmental, workforce, healthcare, safety and national security; availability and cost of adequate qualified and competent personnel; changes in import / export tariff or restrictions; volatility in raw material cost and availability for the Company, its customers and vendors; the cost and availability, including time for delivery, of parts and services necessary to maintain equipment essential to the Company's manufacturing activities; the cost and availability of manufacturing supplies, including process gases; volatility in oil, natural gas and power cost and availability; world-wide or national transition from hydrocarbon sources of energy that adversely impact demand for our products; problems associated with product development efforts; significant shifts in product demand away from internal combustion engine automobiles; appraised values of inventories that can impact available borrowing under the Company's credit facility; declaration of material adverse change by a lender; industry capacity; domestic competition; loss of, or reductions in, purchases by significant customers and customer work stoppages; work stoppages by critical suppliers; labor unrest; conditions, including acts of God, that require more costly transportation of raw materials; accidents, equipment failures and insured or uninsured casualties; third-party product liability claims; flood, tornado, winter storms and other natural disasters; customer or supplier bankruptcy; customer or supplier declarations of force majeure; customer or supplier breach of contract; insurance cost and availability; lack of insurance coverage for floods; the cost associated with providing healthcare benefits to employees; customer claims; supplier quality or delivery problems; technical and data processing capabilities; cyberattack on our information technology infrastructure; world, domestic or regional health crises; vaccine mandates or related governmental policy that would cause significant portions of our workforce, or that of our customers or vendors, to leave their current employment; global or regional wars and conflicts; our inability or unwillingness to comply with rules required to maintain the quotation of our shares on any market place; and our inability to repurchase the Company's stock. The Company assumes no obligation to publicly update any such forward-looking statements. No assurance is provided that current results are indicative of those that will be realized in the future. - TABLES FOLLOW - WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data - Unaudited) Three Months Ended October 31, 2024 2023 Net sales $ 141,386 $ 157,837 Cost of sales 127,740 136,231 Gross profit 13,646 21,606 Selling, general & administrative expenses 12,564 13,629 Income (loss) from operations 1,082 7,977 Interest expense 1,151 1,293 Pretax income (loss) (69) 6,684 Provision for (benefit from) income taxes 37 1,600 Net income (loss) $ (106) $ 5,084 Net income (loss) per share: Basic $ (0.13) $ 6.43 Diluted $ (0.13) $ 6.25 Weighted average common shares outstanding: Basic 798,000 790,000 Diluted 798,000 814,000 CASH FLOW DATA (Dollars in thousands - Unaudited) Three Months Ended October 31, 2024 2023 Net cash provided by (used in) operating activities $ 13,851 $ 18,050 Depreciation and amortization $ 4,694 $ 3,696 Cash paid for capital expenditures $ 5,551 $ 12,588 Notes: Amounts may not sum due to rounding. WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands - Unaudited) October 31, July 31, 2024 2024 Current assets: Cash $ 2,485 $ 1,171 U.S. Treasury Bonds 16,103 15,903 Accounts receivable 58,668 70,249 Inventories, net 174,673 169,513 Prepaid expenses 9,303 9,530 Total current assets 261,233 266,366 Property, plant and equipment, net 168,748 168,186 Right of use, finance leases, net 954 1,043 Right of use, operating leases, net 21,891 21,879 Other long-term assets 15,696 15,611 Total assets $ 468,522 $ 473,085 Current liabilities: Accounts payable $ 30,230 $ 28,109 Accrued liabilities 32,706 33,066 Current portion of long-term debt, net 43,799 49,115 Current portion of finance lease liabilities 427 429 Current portion of operating lease liabilities 5,178 5,063 Total current liabilities 112,340 115,782 Long-term debt, net of current portion 20,000 20,000 Finance lease liabilities, net of current portion 574 657 Operating lease liabilities, net of current portion 16,577 16,653 Deferred tax liability 39 886 Stockholders' equity: Common stock 9 9 Additional paid-in capital 54,545 54,256 Retained earnings 264,437 264,842 Total stockholders' equity 318,991 319,107 Total liabilities and stockholders' equity $ 468,522 $ 473,085 Notes: Amounts may not sum due to rounding. CONTACT: Mike Howard Chief Financial Officer (918) 241-1094 mhoward@webcotube.com View original content: https://www.prnewswire.com/news-releases/webco-industries-inc-reports-fiscal-2025-first-quarter-results-302320142.html SOURCE Webco Industries, Inc.