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Zscaler’s post-earnings stock drop further bucks 2024’s rally by software sector
By Tom Hals and Jonathan Stempel WILMINGTON, Delaware (Reuters) -A Delaware judge ruled on Monday that Tesla CEO Elon Musk still is not entitled to receive a $56 billion compensation package despite shareholders of the electric vehicle company voting to reinstate it. The ruling by the judge, Chancellor Kathaleen McCormick of the Court of Chancery, follows her January decision that called the pay package excessive and rescinded it, surprising investors, and cast uncertainty over Musk's future at the world's most valuable carmaker. Musk did not immediately respond to an emailed request for comment. Tesla has said in court filings that the judge should recognize a subsequent June vote by its shareholders in favor of the pay package for Musk, the company's driving force who is responsible for many of its advances, and reinstate his compensation. McCormick said Tesla’s board was not entitled to hit “reset” to restore Musk’s pay package. “Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable,” she said in her 101-page opinion. She also said Tesla made multiple material misstatements in its proxy statement regarding the vote, and could not claim the vote was a “cure-all” to justify restoring Musk’s pay. “Taken together,” the problems with Tesla’s arguments “pack a powerful punch,” she wrote. Tesla shares fell 1.4% in after hours trade, after the ruling. McCormick also ordered Tesla to pay the attorneys who brought the case $345 million, well short of the $6 billion they initially requested. She said the fee could be paid in cash or Tesla stock. “We are pleased with Chancellor McCormick’s ruling, which declined Tesla’s invitation to inject continued uncertainty into Court proceedings," said a statement from Bernstein Litowitz Berger & Grossmann, one of the three law firms for the plaintiff. The law firm also said it looked forward to defending the court's opinion if Musk and Tesla appealed. Musk and Tesla can appeal to the Delaware Supreme Court as soon as McCormick enters a final order, which could come as soon as this week. The appeal could take a year to play out. After the January ruling, Tesla shareholders flooded the court with thousands of letters arguing that rescinding Musk's pay increased the possibility he would leave Tesla or develop some products like artificial intelligence at ventures other than Tesla. Attorneys for shareholder Richard Tornetta, who sued in 2018 to challenge Musk's compensation package, had argued that Delaware law does not permit a company to use a ratification vote to essentially overturn the ruling from a trial. McCormick in January found that Musk improperly controlled the 2018 board process to negotiate the pay package. The board had said that Musk deserved the package because he hit all the ambitious targets on market value, revenue and profitability. But the judge criticized Tesla's board as "beholden" to Musk, saying the compensation plan was proposed by a board whose members had conflicts of interest due to close personal and financial ties to him. After the January ruling, Musk criticized the judge on his social media platform X and encouraged other companies to follow the lead of Tesla and reincorporate in Texas from Delaware, although it is unclear if any companies did so. The judge in her January ruling called the pay package the "biggest compensation plan ever - an unfathomable sum." It was 33 times larger than the next biggest executive compensation package, which was Musk's 2012 pay plan. As of Monday, the pay package was worth $101.4 billion, according to Equilar, a compensation consulting firm. Musk's 2018 pay package gave him stock grants worth around 1% of Tesla's equity each time the company achieved one of 12 tranches of escalating operational and financial goals. Musk did not receive any guaranteed salary. Tornetta argued that shareholders were not told how easily the goals would be achieved when they voted on the package. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Bill Berkrot)NoneSaudi Gazette report RIYADH — The opening day of the International MICE Summit (IMS24) witnessed the signing of 19 agreements and memoranda of understanding (MoUs) that are aimed to reshape the future of the global exhibitions and conventions sector, and make the Kingdom a major international destination for this vital sector. The three-day International Meetings, Incentives, Conferences and Exhibitions (MICE) Summit is organized by the Saudi Conventions and Exhibitions General Authority. The first edition of the summit is being held at the Prince Mohammed bin Salman Nonprofit City (MiSK), with the participation of more than 1,000 global leaders of the exhibitions and conferences sector from 73 countries, with the aim of reshaping the future of the sector. Addressing the summit, Fahd Al-Rasheed, chairman of the Board of Directors of the authority, said that the opening day of the summit witnessed great success, after three of the 10 largest international companies, specialized in organizing exhibitions, announced the opening of their offices in the Kingdom and the launch of 12 new events. "This is in addition to the signing of 4 memoranda of understanding (MoUs), which enhances the Kingdom's position as one of the leading destinations for the exhibitions and conferences sector worldwide," he said. Al-Rasheed said that these announcements confirm the importance of the exhibitions and conventions sector, and its pivotal role as a catalyst for transformation. "This contributes to introducing the unprecedented size of opportunities provided by the Kingdom in pursuit of achieving the goals of the Kingdom’s Vision 2030, and the role of the sector in exploring innovative ideas, finding investment opportunities, and strengthening new partnerships across various sectors of the economy. IMS24 is showcasing the unprecedented investment opportunities that Saudi Arabia offers the global MICE industry, alongside the latest technologies and innovations that will drive the industry forward over the coming decades," Al-Rasheed said. The summit witnessed the signing of 4 MoUs with the Ministry of Human Resources and Social Development, the Saudi Tourism Authority, the Events Investment Fund, and the National Events Center. The list of keynote speakers on the first day of the summit included Minister of Tourism Ahmed Al-Khateeb, and former heads of government from the United Kingdom, Bulgaria, Italy, and Greece, in addition to leaders of the Global Association of the Exhibition Industry. (UFI), the International Congress and Convention Association (ICCA), the Global Sustainable Tourism Council (GSTC), and a number of executives from companies. Organized around six thematic pillars, the summit will explore trends and opportunities in areas including talent and skill development, the economic impacts of MICE business models, borderless events, and MICE sustainability practices. It focuses on efforts to stimulate investment in the exhibitions and conferences sector, create innovative and future event spaces, and address global sustainability issues in the sector. < Previous Page Next Page >
TORONTO (AP) — Prime Minister Justin Trudeau told Donald Trump that Americans would also suffer if the president-elect follows through on a plan to impose sweeping tariffs on Canadian products , a Canadian minister who attended their recent dinner said Monday. Trump threatened to impose tariffs on products from Canada and Mexico if they don’t stop what he called the flow of drugs and migrants across their borders with the United States. He said on social media last week that he would impose a 25% tax on all products entering the U.S. from Canada and Mexico as one of his first executive orders. Canadian Public Safety Minister Dominic LeBlanc, whose responsibilities include border security, attended a dinner with Trump and Trudeau at Trump’s Mar-a-Lago club on Friday. Trudeau requested the meeting in a bid to avoid the tariffs by convincing Trump that the northern border is nothing like the U.S. southern border with Mexico . "The prime minister of course spoke about the importance of protecting the Canadian economy and Canadian workers from tariffs, but we also discussed with our American friends the negative impact that those tariffs could have on their economy, on affordability in the United States as well," LeBlanc said in Parliament. If Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, alcohol and other goods. The Produce Distributors Association, a Washington trade group, said last week that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when the countries retaliate. Canada is already examining possible retaliatory tariffs on certain items from the U.S. should Trump follow through on the threat. After his dinner with Trump, Trudeau returned home without assurances the president-elect will back away from threatened tariffs on all products from the major American trading partner. Trump called the talks “productive” but signaled no retreat from a pledge that Canada says unfairly lumps it in with Mexico over the flow of drugs and migrants into the United States. “The idea that we came back empty handed is completely false,” LeBlanc said. “We had a very productive discussion with Mr. Trump and his future Cabinet secretaries. ... The commitment from Mr. Trump to continue to work with us was far from empty handed.” Joining Trump and Trudeau at dinner were Howard Lutnick, Trump’s nominee for commerce secretary, North Dakota Gov. Doug Burgum, Trump’s pick to lead the Interior Department, and Mike Waltz, Trump’s choice to be his national security adviser. Canada’s ambassador to the U.S., Kirsten Hillman, told The Associated Press on Sunday that “the message that our border is so vastly different than the Mexican border was really understood.” Hillman, who sat at an adjacent table to Trudeau and Trump, said Canada is not the problem when it comes to drugs and migrants. On Monday, Mexico’s president rejected those comments. “Mexico must be respected, especially by its trading partners,” President Claudia Sheinbaum said. She said Canada had its own problems with fentanyl consumption and “could only wish they had the cultural riches Mexico has.” Flows of migrants and seizures of drugs at the two countries’ border are vastly different. U.S. customs agents seized 43 pounds of fentanyl at the Canadian border during the last fiscal year, compared with 21,100 pounds at the Mexican border. Most of the fentanyl reaching the U.S. — where it causes about 70,000 overdose deaths annually — is made by Mexican drug cartels using precursor chemicals smuggled from Asia. On immigration, the U.S. Border Patrol reported 1.53 million encounters with migrants at the southwest border with Mexico between October 2023 and September 2024. That compares to 23,721 encounters at the Canadian border during that time. Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border each day. About 60% of U.S. crude oil imports are from Canada, and 85% of U.S. electricity imports as well. Canada is also the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon is eager for and investing for national security.Cementing its position as an industry leader in sustainability and innovation TABUK, Saudi Arabia , Dec. 15, 2024 /PRNewswire/ -- Abdullah Abdin Ready-Mix Concrete is proud to announce its achievement of the Concrete Sustainability Council (CSC) certification, a milestone that establishes it as a leader in sustainable construction in the MENA region. This recognition makes Abdullah Abdin Ready-Mix Concrete the first ready-mix concrete company in the MENA region—and the first outside Europe , South America , and Turkey—to receive this esteemed certification. The CSC certification highlights Abdullah Abdin's dedication to implementing advanced sustainability practices and setting a higher standard for environmental and social responsibility, reflecting its commitment to Saudi Arabia's Vision 2030 and reinforcing its position as a forward-thinking leader in the construction sector. Launched in 2017 as a global initiative to support the Sustainable Development Goals (SDGs) in the concrete sector, the Concrete Sustainability Council (CSC) is the only globally applicable certification system for ready-mixed and precast concrete. With 1,288 active certified plants in 25 countries, CSC certification is recognized by leading green building labels such as LEED and BREEAM. To celebrate the achievement, an award ceremony took place today at the company's premises in Sharma, NEOM, where notable attendees from the industry and the company's partners gathered to mark this significant accomplishment, which is expected to inspire similar efforts across the region. "This milestone demonstrates our commitment to advancing Saudi Arabia's leadership in sustainable development," said Tariq Abdullah Abdin , CEO of Abdullah Abdin Ready-Mix Concrete. "As the first company in the region to achieve this certification, we aim to set the standard for environmentally responsible construction while contributing to the Kingdom's ambitious Vision 2030 goals and fulfilling the aspirations of our partners, particularly in Giga projects with NEOM leading the way." Cynthia Imesch , Coordinator and Sustainability Manager at the Concrete Sustainability Council, remarked: " Abdullah Abdin's achievement represents a significant step forward for the region's construction industry. By integrating sustainability into their operations, they exemplify the transformative role businesses can play in achieving global climate objectives. Their leadership paves the way for broader industry adoption of these critical standards." Rabih Fakih , Managing Director at Grey Matters, the regional system operator for CSC, added: "We are proud to support Abdullah Abdin in achieving this certification as it reflects the growing momentum for sustainable construction in the Middle East . This milestone not only highlights their leadership but also serves as an inspiration for other companies to adopt practices that align with the environmental aspirations of Vision 2030 and NEOM." In addition to achieving CSC certification, Abdullah Abdin recently signed a Memorandum of Understanding (MOU) with MENA region Cryo and CarbonCure Technologies. This collaboration focuses on deploying carbon capture and utilization technologies across its facilities, aiming to reduce greenhouse gas emissions and enhance the sustainability of concrete production. By leveraging innovative solutions such as injecting captured CO2 into concrete mixes, the partnership aligns with Abdullah Abdin's broader mission to lead in eco-friendly construction practices and actively contribute to the Kingdom's decarbonization goals. For more information about Abdullah Abdin and its sustainability initiatives, please visit https://aabdin-sa.com/ . About Abdullah Abdin Ready Mix Concrete Founded in 1981 in the Tabuk region, Abdullah Abdin Ready-Mix Concrete has become a trusted name in construction materials, known for its quality, innovation, and sustainability. The company's contributions to major projects across Saudi Arabia underscore its reputation as a leader in building the Kingdom's future. Photo - https://mma.prnewswire.com/media/2581568/Abdullah_Abdin%C2%A0Ready_Mix_Concrete.jpg
St. John's 58, Stony Brook 34Less than a month after winning the World Series, the Los Angeles Dodgers are spending big again to add one of baseball's best pitchers to their star-studded roster. Blake Snell and the Dodgers agreed to a $182 million, five-year contract, according to a person with direct knowledge of the negotiations. The person spoke to The Associated Press on condition of anonymity Tuesday night because the deal is subject to a successful physical. The two-time Cy Young Award winner broke the news personally by posting a photo of himself on social media in a Dodgers uniform — No. 7. Snell gets a $52 million signing bonus, payable on Jan. 20, and annual salaries of $26 million, of which $13 million each year will be deferred. Because Snell is a Washington state resident, the signing bonus will not be subject to California income tax. Snell would join two-way star Shohei Ohtani and fellow Japanese right-hander Yoshinobu Yamamoto atop Los Angeles' rotation, giving the Dodgers the first megadeal this offseason following Ohtani's $700 million, 10-year contract and Yamamoto's $325 million, 12-year agreement last offseason. Ohtani didn't pitch this year while recovering from right elbow surgery but is expected back on the mound in 2025. He won his third MVP award — first in the National League — following a huge season at the plate exclusively as a designated hitter. Yamamoto went 7-2 with a 3.00 ERA in 18 starts as a rookie, then won twice in four October outings. Down to three healthy starting pitchers during the postseason, Los Angeles overcame a string of injuries to its projected rotation in winning the franchise's second World Series title in five years. Right-handers Jack Flaherty and Walker Buehler then became free agents this fall, creating more voids on the staff. But the addition of Snell would fill a large one at the top with a legitimate ace. Snell's $36.4 million average salary would rank as the fifth-highest among active deals next year behind Ohtani ($70 million), Philadelphia pitcher Zack Wheeler ($42 million), New York Yankees outfielder Aaron Judge ($40 million) and Texas pitcher Jacob deGrom ($37 million). Among expired contracts, it also was exceeded by pitchers Max Scherzer and Justin Verlander (both $43.33 million) under deals they agreed to with the New York Mets. ESPN first reported the details of Snell's contract. Earlier this month, Snell opted out of his deal with San Francisco to become a free agent for the second consecutive offseason after he was slowed by injuries during his lone year with the Giants. The left-hander agreed in March to a $62 million, two-year contract that included a $17 million signing bonus payable on Jan. 15, 2026, a $15 million salary for 2024 and a $30 million salary for 2025, of which $15 million would have been deferred and payable on July 1, 2027. Snell, who turns 32 next week, went 5-3 with a 3.12 ERA in 20 starts this year, throwing a no-hitter at Cincinnati on Aug. 2 for one of only 16 individual shutouts in the major leagues this season. He struck out 145 and walked 44 in 104 innings. He was sidelined between April 19 and May 22 by a strained left adductor and between June 2 and July 9 by a strained left groin. Snell won Cy Young Awards in 2018 with Tampa Bay and 2023 with San Diego. He is 76-58 with a 3.19 ERA in nine seasons with the Rays (2016-20), Padres (2021-23) and Giants. Because he turned down a qualifying offer from San Diego last November, the Giants were not eligible to give Snell another one and won’t receive draft-pick compensation. Los Angeles expects All-Star right-hander Tyler Glasnow and three-time Cy Young Award winner Clayton Kershaw back in the rotation next year. Other starting candidates if healthy include right-handers Dustin May, Tony Gonsolin and Bobby Miller. Ohtani is coming off right elbow surgery in September 2023 and left shoulder surgery on Nov. 5. Glasnow didn’t pitch after Aug. 11 because of right elbow tendinitis. Kershaw, who turns 37 in March, had foot and knee surgeries on Nov. 7. He declined a $10 million player option in favor of free agency, but is expected to return to Los Angeles. May is coming back from Tommy John surgery in July 2023 and from an operation this past July to repair a tear in his esophagus. Gonsolin spent 2024 rehabbing from Tommy John surgery. Miller, an 11-game winner as a rookie in 2023, was sidelined early this season by shoulder inflammation. He struggled to a 2-4 record with an 8.52 ERA in 13 big league starts and ended the regular season in the minors. Yamamoto was sidelined by right triceps tightness between June 15 and Sept. 10, then returned and went 2-0 with a 3.86 ERA in four postseason starts.The Nigeria Labour Congress, NLC, has described 2024 as the most challenging for workers in the country. Joe Ajaero, the NLC President, said this at the 2024 “Harmattan School” on Monday in Abuja, with theme “Trade unions and the Quest for a New Social Contract”. The Harmattan School, an annual event organised by the NLC, serves as a platform for capacity-building, knowledge sharing, and strategic planning. He said that 2024 for workers in the country was filled with harrowing hardship. “I welcome you a year that we have witnessed one of the greatest turbulence in our history as a movement. “It was a period where we were invaded, ransacked, and subjected to the highest level of threats, intimidation,” he said. Ajaero charged workers participating in the harmattan school to actively engage in the training which according to him, was aimed at preparing workers for the engagement and negotiation for the new social contract. According to him, this year’s harmattan school affords the opportunity to dissect all that has happened to the NLC during the year, assess their dynamics, and initiate actionable steps to make ourselves stronger and better. “We believe that in those events, we have emerged stronger, more resilient and better position to deliver on the expectations of Nigerian workers and people,” he said. He said that those events were attempts to weaken and undermine the capacity of the NLC as a movement to deliver on the job to its primary and secondary constituencies. “The articulation and protection of workers rights is our primary responsibility, and anything we do that does not approximate to that amounts to failure. “We are, therefore, left with no other choice than to focus with greater determination and zeal on this mission of making our working places and our nation, to yield better results,,’”he said. Dr Vanessa Phala, the International Labour Organisation (ILO) Country Director to Nigeria, charged trade unions to unite and engage governments to find solutions to some of the harrowing challenges workers were grappling with. She said that the ILO expected a new social contract based on rebuilding trust in institutions. “It must be inclusive, and it must protect and ensure participation of all those that are involved. “We know that inspite of the newly negotiated minimum wage that was approved, the rising cost of goods and services is really not making it to have the impact that we want to see. “I charge the conversation in the harmattan school to focus on identifying the kind of social contract that will take Nigeria forward,” she said. She said that the concept of social contract was important, adding that it gives opportunity to take stock. “I expect that the conclusion of this school will identify the priorities of the NLC and how it will engage on policy discussions with the leadership of the country,”she said. NAN