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Greg LeRoy knows it’s not unusual for companies planning data center developments to include lofty job creation numbers and economic benefit projections in their press releases. How often those projects actually live up to their billing is part of the research performed by LeRoy’s non-profit group, Good Jobs First . Since 1998, the Washington, D.C.-based policy research center has analyzed large-scale development projects across the country to determine if they truly do offer sufficient return on the tax breaks and other public subsidies they receive. Good Jobs First released its first report on data center deals in 2016, finding that the 11 projects included in its review secured public subsidy agreements so rich that they came at a cost to taxpayers of nearly $2 million per job. “That means that taxpayers will never break even,” LeRoy said. “There’s no way an average worker in data centers is going to pay almost $2 million more in state and local taxes than public services they and their families consume over their lifetimes. It really means there’s a transfer of wealth from those states and cities to the shareholders of the cash-rich internet companies.” Data centers continue to spring up across the country amid increasing demand for storage sites in the era of smartphones, AI and other forms of technology. In the race to attract these centers and the jobs that come with them, LeRoy said research shows some states have paid a high cost. Last year in Virginia, for example, LeRoy said the state’s loss of sales tax revenue from data center subsidy agreements increased by 1,000% over a four-year period. In Illinois, he said, similar deals resulted in a 600% increase in sales tax exemption losses from 2022 to 2023. “We’ve noticed in some states that the amount of revenue lost by states has really skyrocketed recently because of the big boom in data center construction right now,” LeRoy said. Last month, the private firm Niagara Falls Redevelopment submitted a Negotiated Planned Development District , also known as a Planned Unit District (PUD), for a proposed $1.5 billion data center campus in the city’s South End. NFR has said that its project would be developed under a partnership with the Toronto-based company Urbacon . The company’s proposal calls for the center to be developed in five phases and to include eight, two-story buildings and one, one-story building covering 1,232,715 square feet of space. At full build-out, NFR says the project would cover about 53 acres of “mostly vacant land” it owns in the area bounded by John B. Daly Boulevard, Falls St., 15th Street, and Buffalo Avenue. Neither NFR nor Urbacon has identified a potential tenant or tenants for the site once it is completed. In press announcements about the project, NFR has claimed the data center would create 5,000 construction jobs and 550 permanent positions while producing a total economic spinoff in excess of $810 million. “The data center at Niagara Digital Campus is real, it is happening, and it will bring jobs and opportunity to the City of Niagara Falls,” said NFR spokesperson James Haggerty in a statement issued in response to questions from the newspaper. “NFR has spent considerable time and expense on this project thus far, and we look forward to continuing our work to bring this development to completion.” But just how realistic are the company’s job projections and economic impact estimates? Kasia Tarczynska , a senior research analyst with Good Jobs First, said it’s not unusual for “hyper-scale” data center projects like the one proposed by NFR to create hundreds of jobs, perhaps even 500 or more. However, she cautioned, it often takes a long time for those data centers to reach such high-end job projections, if they ever do. “Most likely those jobs will be created over several years, if not decades — depending on how many years it will take for the company to do the full buildout,” she said. “And there is a local hiring question: how many of those jobs will go to Niagara Falls residents and if there are enough residents with skills suitable for those jobs.” He noted that several high-profile data centers developed by the likes of high-tech giants like Google and Microsoft have included job projections in the ranges of 200 to 250, making NFR’s permanent job creation number more like an “outlier” that he believes Falls residents should “take with a grain of salt.” NFR has said that the 550 “high-paying, career-building permanent jobs” at its Falls data center would offer annual salaries totaling $29 million. Based on those projections, LeRoy noted that the Falls data center would offer an average salary of $53,000 per job. “That’s an average so the question is what does the distribution look like?” he said. “How many of those are $30,000 security guard jobs versus $80,000 electrical engineering jobs? You are going to have a distribution there but at least that is what your range is.” LeRoy described one of NFR’s other numbers — a projection of 1,700 “ancillary” jobs from the data center — as “facially laughable.” He pointed to a study done by the U.S. Department of Commerce’s Economic Development Administration that suggests, at best, new economic investments produce one to one and a half jobs from every direct job. “It’s just not plausible based on what we know about the ripple effects created by new economic activity,” LeRoy said. “At its most, if you get another job and a half or slightly more than a job and a half on top of the first direct job, that’s about the most you can get. That’s putting an auto plant in a state like Michigan with a lot of auto supplier jobs, for example. This doesn’t have that. You don’t have the big complex inputs upstream. You’ve got electricity. You’ve got services, maintenance and landscaping and security, but saying it’s going to create three more jobs on top of the single direct job? Show me. The literature doesn’t support that at all.” NFR’s spokesperson Haggerty said two other studies — one by the U.S. Chamber of Commerce Technology Engagement Center and the other by the Northern Virginia Technology Council — back up the company’s Falls data center projections which are based on “industry standards for facilities of this size and with this power usage (140 MW), at full build-out.” Haggerty refused to answer the newspaper’s question about how NFR could predict how many permanent jobs would be at the Falls data center since it was the project’s developer, not a tenant that would be offering jobs at the site once construction is completed. “As we are in active discussions with the city over the Negotiated Planned Unit Development submission, we will not be commenting further on the plan or our negotiations. I’m sure the City of Niagara Falls is being equally respectful,” Haggerty said. LeRoy said the biggest question facing the Falls and Niagara County where NFR’s data center plan is concerned should be whether the company intends to seek any incentives. He noted that two of the most common data center subsidies — sales tax exemptions on equipment purchases and credits that reduce taxes paid on utilities — tend to be the most costly for host communities. NFR officials have previously said they do not intend to seek local, state or federal incentives to build their Falls data center. LeRoy said he’d be leery of that claim, especially for a project being pitched in New York where approval of subsidies for projects of this nature are “virtually automatic” because the thresholds for qualifying for them are so low. “We assume that even though the company’s saying they are not going to seek a special deal, based on the incentive code that the state has, which has very low thresholds for qualifying data centers for sales tax exemptions, that they are going claim those exemptions,” he said. “They are not going to pay sales taxes, I assume, on their equipment and fiber-optics and all the guts of the place because they automatically qualify out based on the state code and that would be the biggest state cost probably.” The Falls, with its proximity to the Niagara Power Project in Lewiston , offers ample access to lower-cost electricity, an ingredient coveted by data center developers. If NFR does seek support for its project through the New York Power Authority, LeRoy said it’s important for the community and the state to make sure any incentive agreement offers sufficient return on the public’s investment. “Cheap electricity is a precious commodity and you all are blessed with a lot of it because of hydropower there and it’s not true of very many parts of the United States,” he said. “I would guard that precious commodity and get as much bang for the buck economically as I could and data centers strike me as a poor bargain because they are so energy intensive but so capital intensive and therefore not very labor intensive, that’s the problem.”AP News Summary at 4:09 p.m. EST
Jose Raul Mulino rejects prospect of talks with Donald Trump, who threatened US could retake control of Panama Canal. The Panamanian president has rejected threats by US President-elect Donald Trump that the United States could reassert control over the Panama Canal, saying “there’s nothing to talk about.” President Jose Raul Mulino on Thursday also rejected the possibility of reducing canal tolls for US vessels and denied that China had any influence over the vital waterway connecting the Atlantic and Pacific oceans. “If there is an intention to talk, then there’s nothing to talk about,” Mulino said during a weekly news conference. “The canal is Panamanian and belongs to Panamanians. There’s no possibility of opening any kind of conversation around this reality, which has cost the country blood, sweat and tears.” The president’s comments come days after Trump, who takes office next month, threatened to take back control of the Panama Canal over what he said were “ridiculous” fees being charged by the Panamanian authorities. The US exerted administrative control of the canal for decades before handing it to Panama in 1999. In a series of social media posts over the past week, Trump accused the Central American country, with whom Washington has had diplomatic relations since 1903, of “ripping off” the US on the Panama Canal. “Our Navy and Commerce have been treated in a very unfair and injudicious way,” Trump wrote on his Truth Social platform on Saturday. “The fees being charged by Panama are ridiculous, especially knowing the extraordinary generosity that has been bestowed to Panama by the US. This complete ‘rip-off’ of our Country will immediately stop.” Trump also claimed that Chinese soldiers were “lovingly, but illegally, operating the Panama Canal”. That claim was rejected on Thursday by the Panamanian president, who said China has no role in the administration of the canal. “There are no Chinese soldiers in the canal for the love of God, the world is free to visit the canal,” Mulino told reporters. China does not control or administer the canal, but a subsidiary of Hong Kong-based CK Hutchison Holdings has long managed two ports located on the canal’s Caribbean and Pacific entrances. Meanwhile, Trump on Wednesday named Miami-Dade County Commissioner Kevin Marino Cabrera as his envoy to Panama. Describing Cabrera as “a fierce fighter for America First principles”, Trump said in a social media post that he “will do a FANTASTIC job representing our Nation’s interests in Panama!” Earlier this week, dozens of demonstrators gathered outside the US embassy in Panama City in anger over Trump’s Panama Canal comments. The protesters chanted “Trump, animal, leave the canal alone!” and burned a picture of the incoming US president.Why Architects and Designers Prefer Capron’s Walk Befikre Series for Transforming SpacesTom Fincher is all for a tax break for consumers but implementing the GST tax break announced by the federal government last week at his till will be easier said than done. “We think it's going to be challenging - we'll do it, but, this is being downloaded on us in a hurry, at the busiest time of the year, and that's a real concern,” said Fincher, the owner of Fincher’s in Goderich Ont., a well-known gift shop in the shoreline town. Fincher said simply changing over cash registers and point of sale machines to charge the GST or HST on some items and not others will cost small businesses money. “We had a quote yesterday at $160 an hour - and this company is reputable, and that's what it’s going to cost if we want to update our equipment, and change it over. Now, we've come up with a fix of our own, but other businesses may not be fortunate enough to do that. It could be thousands of dollars and hundreds of hours of work to prepare their cash tills for these two months,” said Fincher. The Federal Government is offering Canadians a break from paying the GST and HST on everything from food and beverages to books and Christmas trees from December 14 to February 15. Small businesses frankly don’t know what to expect. Colin Carmicheal, Huron Chamber of Commerce (L), and Tom Fincher (R), of Fincher’s discuss the new GST holiday for Canadians, and the impact on small business, November 22, 2024 (Scott Miller/CTV News London) “What they've really done here is downloaded the administrative cost of this tax cut onto small business owners - and it's going to cost hundreds, if not thousands of dollars for every business owner to update their systems, make the changes they need to make, and then undo all of that two months later,” said Colin Carmichael, Director of the Huron Chamber of Commerce. Along with not yet knowing exactly what the tax break applies to in his store, Fincher is just worried about the unknown surrounding this short term tax policy, that has landed in his lap, and the lap of most retail business owners in Canada. “Is it going to hurt business going into that time? But then it's going to make things more crazy potentially for us. We don't know, we've never done this. But, if I was a men's clothing store, I would be disappointed that I'm not getting the same treatment for my customers, with this tax break,” he said. “Whatever extra business they're able to generate through this tax break, it’s going to be offset by the administrative costs of implementing it,” believes Carmichael. To learn more about Canada’s temporary GST holiday you can visit the federal website for the program. London Top Stories 'It’s getting dangerous downtown': Rear entrance of London business sprayed with gunfire 'I just knew something was up': London family recounts rushing to their burning home where pet perished Christmas tax break will be 'challenging' for small businesses, says gift shop owner VIDEO | Three of five former junior hockey players in attendance for court proceedings Londoner whose wallet was stolen from their unlocked car serves as cautionary tale Stabbing and robbery being investigated by London police, 3 suspects wanted Fatal crash reported in Huron County Three people in hospital due to collision CTVNews.ca Top Stories 'It's just not fair': Retirees speak out on being excluded from federal rebate cheques Carol Sheaves of Moncton, N.B., says it's not fair that retirees like her won't get the government's newly proposed rebate cheques. Sheaves was among the seniors who expressed their frustrations to CTVNews.ca about not being eligible for the $250 government benefit. Warren Buffett gives away another US$1.1B, announces plans for distributing $147B fortune after death Investor Warren Buffett renewed his Thanksgiving tradition of giving by announcing plans Monday to hand more than US$1.1 billion of Berkshire Hathaway stock to four of his family's foundations, and he offered new details about who will be handing out the rest of his fortune after his death. Premiers seek 'urgent' meeting with Trudeau before Trump returns to White House Canada's premiers are asking Prime Minister Justin Trudeau to hold an urgent first ministers' meeting ahead of the return to office of president-elect Donald Trump. Deer spotted wearing high-visibility safety jacket in Northern B.C. Andrea Arnold is used to having to slow down to let deer cross the road in her Northern B.C. community. But this weekend she saw something that made her pull over and snap a photo. Canada Post says progress 'limited' at negotiating table as strike continues Canada Post says they have made 'limited progress' with the union at the negotiating table 11 days after the strike began. Los Angeles judge postpones hearing on release of Menendez brothers A Los Angeles County judge on Monday postponed a hearing over the possible release of Lyle and Erik Menendez after 35 years in prison for the shotgun murder of their parents, saying he wanted to hear from a new district attorney due to take office on Dec. 3. Canadian Army corporal fined for stolen valour at Remembrance Day ceremony A corporal in the Canadian Army has been fined $2,000 and given a severe reprimand for wearing service medals he didn't earn during a Remembrance Day ceremony in Alberta two years ago. Justin Trudeau defends spending record on military amid fresh criticism Prime Minister Justin Trudeau is defending his government's record on supporting national defence, following fresh criticism that Canada is failing to live up to its NATO defence-spending commitments. CEOs demand changes to Liberals' military spending plan The federal government risks jeopardizing the economy unless it meets its NATO military alliance spending obligations within the next five years, says the Business Council of Canada. Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. 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Quentin Millora-Brown (right) plucks down 19 rebounds for the Finals-bound Maroons, where he has a shot at a UAAP crown in a one-and-done season. —CONTRIBUTED PHOTO . University of the Philippines waited all season long for another shot at redemption. The Fighting Maroons are now just two wins away from that long-awaited goal. The Maroons did not need to fish out their twice-to-beat card to book the first seat in the UAAP Season 87 men’s basketball tournament Finals after disposing of University of Santo Tomas in convincing fashion, 78-69, on Saturday at Smart Araneta Coliseum. “We took to heart what happened to us last season and I believe it all started from the first day of our practice this year,” coach Goldwin Monteverde said. “Our goal was to take it one game at a time, and now we have reached the Finals.” UP has now entered the title bout for the fourth consecutive time, winning the championship in its first try in Season 84 to end a 36-year wait, as the Maroons await a foe as defending champion La Salle and Adamson are playing the other half of the Final Four at press time. The Green Archers have a win-once advantage over the Soaring Falcons. The Fighting Maroons lost the title series to La Salle and now two-time MVP Kevin Quiambao. Before that, UP fell to Ateneo after winning Game 2, and the Maroons will do what it takes this time to be on the winning side. “[Our losses in the past seasons] are fanning the fire inside us,” Harold Alarcon, who shot 14 of his 16 points in the second half when the Fighting Maroons took command, told the Inquirer in Filipino. “We are doing a lot to prepare for the championship again, and I am confident that we can show what we can do as a team and that we can give a good fight in the Finals.” “It’s a best-of-three series so we’re looking forward to preparing to be at our best come the [championship] series,” Monteverde said. “For me, it’s just all about winning, whatever it takes,” Quentin Millora-Brown said after pulling down 19 rebounds and swatting away four Santo Tomas shots. “Everyone needs to step up. Everyone knows that there’s gonna be sacrifices that need to be made and just be ready to do whatever it takes. “It was a hard-fought game for us, coaches prepared us for what we need to do,” the one-and-done big man said. “They said from the start it’s gonna be a war going in there. We have two more games we have to lock in to.” The Growling Tigers managed to keep in pace with their more experienced foes and even led at halftime, 35-33, before the Maroons finally got their bearings back to build cushions of as comfortable as 11 points. Santo Tomas tried gallantly to munch at that deficit, only for Francis Lopez, Alarcon and Reyland Torres to keep the Tigers at bay. Lopez led the Maroons with 16 points and six rebounds, and Torres had 13 points apart from seven rebounds. After shrugging off a shaky first half, Alarcon, who was coming off a career-high 33 points, to lead UP in its last elimination match against University of the East. “I admit that in the first half I was forcing it, so that’s why the game was going to me. So I adjusted in the second half and took what they were giving to me and just found a way,” Alarcon said. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . “I felt they were a bit tense in the first half. Sometimes, it’s like that in our wish to win,” Monteverde explained. “Sometimes you rush it, but then in the second half, I believe they trusted each other more and understood that there will be challenges so we need to play together.”Daily Post Nigeria Nigerian President’s state visit to France: Expectations, Opinions Home News Politics Metro Entertainment Sport Opinion Nigerian President’s state visit to France: Expectations, Opinions Published on November 30, 2024 By Daily Post Staff Nigeria’s President, Bola Ahmed Tinubu, is making a three-day state visit to France that is attracting the attention of both local and international observers. The visit comes against the backdrop of a significant increase in French investment in Nigeria, which has doubled in the last decade to 10 billion euros. However, alongside economic issues, more pressing topics such as security and the presence of a foreign military may also be on the agenda. France and Nigeria continue to develop their economic ties, as demonstrated by recent investments in various sectors including energy, agriculture and infrastructure. However, with growing discontent among Nigerians over living standards and economic hardship, the question of how much this visit is really necessary becomes relevant. Another important aspect of the visit is security. Nigeria, facing threats from terrorist groups and internal conflicts, may look to France for support. However, with some Nigerians expressing concerns about the presence of out-of-control military units on the country’s territory, it is clear that sovereignty and security issues play a key role in the discussions. Nigerians are divided over the President’s visit to France. Some express dissatisfaction, believing that the trip will not be of real benefit to the country. One interviewee stated: « I don’t think it’s necessary because to go to France the president will use Nigeria’s resources to pay for the trip. What can France offer us? Sincerely, nothing ». This position emphasises distrust of foreign partners and a focus on domestic problems. Others point out that the president should focus on addressing urgent problems such as poverty and lack of social services. « What I’m waiting for is for him to come back to Nigeria and sit down with his colleagues to sort out the problems in Nigeria and find solutions that will make Nigerians happy, because the Nigerian people are not happy with what’s going on – says one of the citizens. There was also a viewpoint calling for a «return to the roots»: « You know charity begins at home you can’t just think you can count on international support from people who are there to win with your means. I don’t think we should go ahead and strengthen our ties with France. It would be better to go back to your roots, come back home and solve the problems that are slowly eating away at the country ». Such sentiments point to the growing desire of Nigerians for independence and self-sufficiency. President Bola Tinubu’s visit to France raises many questions about the future of Nigeria’s relations with foreign powers. The people’s views and needs must be taken into account. Perhaps Nigeria should focus on domestic issues before deepening cooperation with foreign partners. Lamine Fofana Related Topics: Nigerian President's state visit to France Don't Miss Arabinrin Aderonke: Zacch Adedeji calls for public support for govt policies You may like Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media LtdQuest Partners LLC bought a new stake in Cinemark Holdings, Inc. ( NYSE:CNK – Free Report ) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,131 shares of the company’s stock, valued at approximately $115,000. A number of other large investors have also added to or reduced their stakes in CNK. Natixis Advisors LLC raised its stake in shares of Cinemark by 2.9% during the third quarter. Natixis Advisors LLC now owns 20,638 shares of the company’s stock worth $575,000 after acquiring an additional 583 shares in the last quarter. Aigen Investment Management LP raised its position in Cinemark by 198.9% in the 3rd quarter. Aigen Investment Management LP now owns 49,400 shares of the company’s stock worth $1,375,000 after purchasing an additional 32,870 shares during the period. GSA Capital Partners LLP purchased a new position in Cinemark in the 3rd quarter worth $572,000. Entropy Technologies LP bought a new stake in Cinemark in the third quarter worth $893,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in Cinemark during the third quarter valued at about $1,960,000. Cinemark Stock Up 1.1 % Shares of NYSE:CNK opened at $34.55 on Friday. Cinemark Holdings, Inc. has a 1 year low of $13.19 and a 1 year high of $34.99. The company has a market cap of $4.23 billion, a PE ratio of 22.29, a P/E/G ratio of 1.71 and a beta of 2.35. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.98 and a quick ratio of 0.96. The stock’s 50-day moving average is $29.89 and its 200 day moving average is $25.19. Insider Buying and Selling at Cinemark In other Cinemark news, insider Valmir Fernandes sold 25,000 shares of Cinemark stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $32.68, for a total transaction of $817,000.00. Following the sale, the insider now directly owns 179,729 shares of the company’s stock, valued at approximately $5,873,543.72. The trade was a 12.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link . Insiders own 2.30% of the company’s stock. Analyst Ratings Changes A number of research firms have recently weighed in on CNK. StockNews.com raised Cinemark from a “sell” rating to a “hold” rating in a research note on Sunday, November 10th. Barrington Research raised Cinemark from a “market perform” rating to an “outperform” rating and set a $36.00 price objective for the company in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their target price on shares of Cinemark from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Wedbush lowered shares of Cinemark from a “strong-buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company increased their price target on shares of Cinemark from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.10. Get Our Latest Stock Analysis on Cinemark Cinemark Profile ( Free Report ) Cinemark Holdings, Inc, together with its subsidiaries, engages in the motion picture exhibition business. As of February 16, 2024, it operated 501 theatres with 5,719 screens in 42 states and 13 countries in South and Central America. Cinemark Holdings, Inc was founded in 1984 and is headquartered in Plano, Texas. Featured Stories Five stocks we like better than Cinemark Most active stocks: Dollar volume vs share volume The Latest 13F Filings Are In: See Where Big Money Is Flowing How to Choose Top Rated Stocks 3 Penny Stocks Ready to Break Out in 2025 About the Markup Calculator FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Receive News & Ratings for Cinemark Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cinemark and related companies with MarketBeat.com's FREE daily email newsletter .I Owe Everything To The Delhi High Court: CJI Sanjiv Khanna
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