CHARLOTTE, N.C. , Dec. 2, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) announced the signing of a strategic agreement with Bombardier, a global leader in aviation and manufacturer of world-class business jets, to provide advanced technology for current and future Bombardier aircraft in avionics, propulsion and satellite communications technologies. The collaboration will advance new technology to enable a host of high-value upgrades for the installed Bombardier operator base, as well as lay innovative foundations for future aircraft. Honeywell estimates the value of this partnership to the company at $17 billion over its life. "This is a tremendous opportunity to co-innovate and advance next generation technologies, including Anthem avionics and engines," said Vimal Kapur , Chairman and CEO of Honeywell. "Growing our long-term collaborative relationship with Bombardier is directly connected to Honeywell's focus on compelling megatrends -- automation, the future of aviation, and energy transition." "This new partnership creates unprecedented opportunities for Bombardier," said Eric Martel , President and Chief Executive Officer of Bombardier. "Honeywell's differentiated technology is the key reason we decided to collaboratively build a bright future with them." Honeywell and Bombardier will collaborate on the development of Honeywell avionics to provide unparalleled adaptability to specific mission requirements, enabling exceptional situational awareness and enhanced safety. In addition, the collaboration's propulsion-based workstreams will focus on evolutions of power, reliability and maintainability, led by the next-generation model of Honeywell's HTF7K engine. "Working together, we will generate significant value for Bombardier's operator base by providing the latest technologies to enable safe and efficient flight," said Jim Currier , President and CEO of Honeywell Aerospace Technologies. "We are committed to investing in these key technologies with Bombardier, which will not only drive substantial growth for Honeywell, but lead the industry further into the future of aviation." As part of the partnership, Bombardier and Honeywell will work together to certify and offer JetWave X for the Bombardier Global and Challenger families of aircraft for both new production and aftermarket installations. Bombardier will also have access to Honeywell's full suite of next generation L-Band satellite communications products and antennas that will provide future safety services capabilities. Additionally, all legacy pending litigation between the companies has been resolved. Honeywell Updates 2024 Outlook While the commercial agreement impacts near-term Honeywell financials, the company is confident it will lead to long-term value creation for Honeywell shareowners. Given the required investments associated with this agreement, Honeywell has updated its full-year sales, segment margin 2 , adjusted earnings per share 2,3 , and free cash flow guidance 1 . A summary is provided in the table below. TABLE 1: FULL-YEAR 2024 GUIDANCE Previous Guidance Impact of Agreement Updated Guidance Sales $38.6B - $38.8B ($0.4B) $38.2B - $38.4B Organic 1 Growth 3% - 4% ~(1%) ~2% Segment Margin 2 23.4% - 23.5% (0.8 %) 22.6% - 22.7% Expansion 2 Down 10 - Flat bps (80 bps) Down 90 - 80 bps Adjusted Earnings Per Share 2,3 $10.15 - $10.25 ($0.47) $9.68 - $9.78 Adjusted Earnings Growth 2,3 7% - 8% (5 %) 2% - 3% Operating Cash Flow $6.2B - $6.5B ($0.4B) $5.8B - $6.1B Free Cash Flow 1 $5.1B - $5.4B ($0.5B) $4.6B - $4.9B TABLE 2: FOURTH QUARTER 2024 GUIDANCE Previous Guidance Impact of Agreement Updated Guidance Sales $10.2B - $10.4B ($0.4B) $9.8B - $10.0B Organic 1 Growth 2% - 4% (4 %) (2%) - Flat Segment Margin 2 23.8% - 24.2% (2.9 %) 20.9% - 21.3% Expansion 2 Down 60 - 20 bps (290 bps) Down 350 - 310 bps Adjusted Earnings Per Share 2,3 $2.73 - $2.83 ($0.47) $2.26 - $2.36 Adjusted Earnings Growth 2,3 1% - 5% (17 %) (16%) - (12%) 1 See additional information at the end of this release regarding non-GAAP financial measures. 2 Segment margin and adjusted EPS are non-GAAP financial measures. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from certain items excluded from segment margin or adjusted EPS. We therefore, do not present a guidance range, or a reconciliation to, the nearest GAAP financial measures of operating margin or EPS. 3 Adjusted EPS and adjusted EPS V% guidance excludes items identified in the non-GAAP reconciliation of adjusted EPS at the end of this release, including the impact of amortization expense for acquisition-related intangible assets and other acquisition-related costs, and any potential future items that we cannot reliably predict or estimate such as pension mark-to-market. Bombardier, Global and Challenger are trademarks of Bombardier Inc. or its subsidiaries. Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends - automation, the future of aviation, and energy transition - underpinned by our Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations that help make the world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom . Honeywell uses our Investor Relations website, www.honeywell.com/investor , as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future and include statements related to the proposed spin-off of the Company's Advanced Materials business into a stand-alone, publicly traded company. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. This release contains financial measures presented on a non-GAAP basis. Honeywell's non-GAAP financial measures used in this release are as follows: Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. Appendix Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. Management believes the change to adjust for amortization of acquisition-related intangibles and certain acquisition- and divestiture-related costs provides investors with a more meaningful measure of its performance period to period, aligns the measure to how management will evaluate performance internally, and makes it easier for investors to compare our performance to peers. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell's business. Honeywell International Inc. Definition of Organic Sales Percent Change We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for forward-looking measures of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change. Honeywell International Inc. Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income and Segment Profit Margins (Unaudited) (Dollars in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2023 Operating income $ 1,583 $ 7,084 Stock compensation expense 1 54 202 Repositioning, Other 2,3 569 952 Pension and other postretirement service costs 3 17 66 Amortization of acquisition-related intangibles 76 292 Acquisition-related costs 4 1 2 Segment profit $ 2,300 $ 8,598 Operating income $ 1,583 $ 7,084 ÷ Net sales $ 9,440 $ 36,662 Operating income margin % 16.8 % 19.3 % Segment profit $ 2,300 $ 8,598 ÷ Net sales $ 9,440 $ 36,662 Segment profit margin % 24.4 % 23.5 % 1 Included in Selling, general and administrative expenses. 2 Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges. 3 Included in Cost of products and services sold and Selling, general and administrative expenses. 4 Includes acquisition-related fair value adjustments to inventory. We define operating income as net sales less total cost of products and services sold, research and development expenses, impairment of assets held for sale, and selling, general and administrative expenses. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle, and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. Honeywell International Inc. Reconciliation of Earnings per Share to Adjusted Earnings per Share (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2024(E) 2023 2024(E) Earnings per share of common stock - diluted 1 $ 1.91 $2.03 - $2.13 $ 8.47 $8.76 - $8.86 Pension mark-to-market expense 2 0.19 No Forecast 0.19 No Forecast Amortization of acquisition-related intangibles 3 0.09 0.17 0.35 0.50 Acquisition-related costs 4 — 0.02 0.01 0.10 Divestiture-related costs 5 — 0.04 — 0.04 Russian-related charges 6 — — — 0.03 Net expense related to the NARCO Buyout and HWI Sale 7 — — 0.01 — Adjustment to estimated future Bendix liability 8 0.49 — 0.49 — Indefinite-lived intangible asset impairment 9 — — — 0.06 Impairment of assets held for sale 10 — — — 0.19 Adjusted earnings per share of common stock - diluted $ 2.69 $2.26 - $2.36 $ 9.52 $9.68 - $9.78 1 For the three months ended December 31, 2023, adjusted earnings per share utilizes weighted average shares of approximately 660.9 million. For the twelve months ended December 31, 2023, adjusted earnings per share utilizes weighted average shares of approximately 668.2 million. For the three and twelve months ended December 31, 2024, expected earnings per share utilizes weighted average shares of approximately 653 million and 655 million, respectively. 2 Pension mark-to-market expense uses a blended tax rate of 18%, net of tax benefit of $27 million, for 2023. 3 For the three and twelve months ended December 31, 2023, acquisition-related intangibles amortization includes $62 million and $231 million, net of tax benefit of approximately $14 million and $61 million, respectively. For the three and twelve months ended December 31, 2024, expected acquisition-related intangibles amortization includes approximately $110 million and $330 million, net of tax benefit of approximately $30 million and $85 million, respectively. 4 For the three and twelve months ended December 31, 2023, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $2 million and $7 million, net of tax benefit of approximately $0 million and $2 million, respectively. For the three and twelve months ended December 31, 2024, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $20 million and $65 million, net of tax benefit of approximately $5 million and $15 million, respectively. 5 For the three and twelve months ended December 31, 2024, the expected adjustment for divestiture-related costs, which is principally comprised of third-party transaction costs, is approximately $25 million, net of tax benefit of approximately $5 million. 6 For the three and twelve months ended December 31, 2023, the adjustments were a benefit of $2 million and $3 million, without tax expense, respectively. For the twelve months ended December 31, 2024, the expected adjustment is a $17 million expense, without tax benefit, due to the settlement of a contractual dispute with a Russian entity associated with the Company's suspension and wind down activities in Russia. 7 For the the twelve months ended December 31, 2023, the adjustment was $8 million, net of tax benefit of $3 million, due to the net expense related to the NARCO Buyout and HWI Sale. 8 Bendix Friction Materials ("Bendix") is a business no longer owned by the Company. In 2023, the Company changed its valuation methodology for calculating legacy Bendix liabilities. For the three and twelve months ended December 31, 2023, the adjustment was $330 million, net of tax benefit of $104 million, (or $434 million pre-tax) due to a change in the estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims. The Company experienced fluctuations in average resolution values year-over-year in each of the past five years with no well-established trends in either direction. In 2023, the Company observed two consecutive years of increasing average resolution values (2023 and 2022), with more volatility in the earlier years of the five-year period (2019 through 2021). Based on these observations, the Company, during its annual review in the fourth quarter of 2023, reevaluated its valuation methodology and elected to give more weight to the two most recent years by shortening the look-back period from five years to two years (2023 and 2022). The Company believes that the average resolution values in the last two consecutive years are likely more representative of expected resolution values in future periods. The $434 million pre-tax amount was attributable primarily to shortening the look-back period to the two most recent years, and to a lesser extent to increasing expected resolution values for a subset of asserted claims to adjust for higher claim values in that subset than in the modelled two-year data set. It is not possible to predict whether such resolution values will increase, decrease, or stabilize in the future, given recent litigation trends within the tort system and the inherent uncertainty in predicting the outcome of such trends. The Company will continue to monitor Bendix claim resolution values and other trends within the tort system to assess the appropriate look-back period for determining average resolution values going forward. 9 For the twelve months ended December 31, 2024, the expected impairment charge of indefinite-lived intangible assets associated with the personal protective equipment business is $37 million, net of tax benefit of $11 million. 10 For the twelve months ended December 31, 2024, the expected impairment charge of assets held for sale is $125 million, with no tax benefit. Note: Amounts may not foot due to rounding. We define adjusted earnings per share as diluted earnings per share adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. We therefore do not include an estimate for the pension mark-to-market expense. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. Honeywell International Inc. Reconciliation of Expected Cash Provided by Operating Activities to Expected Free Cash Flow (Unaudited) Twelve Months Ended December 31, 2024(E) ($B) Cash provided by operating activities ~$5.8 - $6.1 Capital expenditures ~(1.2) Free cash flow ~$4.6 - $4.9 We define free cash flow as cash provided by operating activities less cash for capital expenditures. We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity. Contacts: Media Investor Relations Stacey Jones Sean Meakim (980) 378-6258 (704) 627-6200 stacey.jones@honeywell.com sean.meakim@honeywell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/honeywell-and-bombardier-sign-landmark-agreement-to-deliver-the-next-generation-of-aviation-technology-honeywell-updates-2024-outlook-302320054.html SOURCE Honeywell
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Opinion editor’s note: Strib Voices publishes a mix of guest commentaries online and in print each day. To contribute, click here . ••• As the fall semester concluded at the University of Minnesota, a different kind of buzz than the usual holiday excitement filled the air: the rush of new artificial intelligence tools. New products launched by Google, OpenAI and other tech giants beg the question: Are we witnessing a genuine educational revolution or simply the latest tech hype cycle? Since ChatGPT’s arrival nearly two years ago, the educational technology world has been saturated with claims that AI will transform learning. But history reminds us: These promises don’t always deliver. As a researcher of learning technologies over the past two decades, I’ve studied the use of technology in education and witnessed cycles of unbridled optimism. Educational radio and TV fell short of their lofty goals. Ιn 2012, Massive Open Online Courses (MOOCs) were hailed as the solution to democratize higher education, but two studies published in one of the world’s most rigorous scientific journals revealed that they disproportionately benefited those who were already more affluent. In 2015, the Chan Zuckerberg Initiative pledged to revolutionize K-12 learning with personalized approaches. Despite considerable investment, these initiatives have also failed to shift K-12 student outcomes in fundamental ways. Education has evolved, but no single technology has delivered the radical transformation it promised. Today, AI is championed as the latest game-changer in education, with advocates arguing that its unique capabilities can make education more effective, efficient and engaging. Proponents suggest AI can provide all kinds of benefits, ranging anywhere from offering one-to-one tutoring to addressing teacher burnout. However, a 2023 UNESCO report warns that AI may exacerbate existing disparities by privileging schools and students with access to high-quality digital infrastructure, leaving others behind. The enthusiasm for improving education is commendable, and our education systems are in desperate need of innovation. But a myopic focus on AI hinders innovation because it sidelines alternative solutions and the scope of conversation among educators, entrepreneurs and policymakers. If AI is so compelling and all-encompassing, why should we look elsewhere for solutions to the challenges that schools and universities are facing? To be sure, AI can be a valuable tool in the service of education. For example, it can help students learn more effectively by tutoring them using scientifically validated methods of studying. Or, it can help them explore possible ways forward when they are stuck, such as when they’re facing writer’s block. What higher education truly needs is a portfolio of solutions. AI can’t do it all. AI can’t fix broken policies, study on behalf of stressed learners or provide financial aid. Initiatives like policy changes, flexible learning opportunities, expanding mental health services on campuses, and offering online options are some of the ways that we can address such problems. These are just a few of the many possibilities for genuine transformation. By taking an expansive approach – one that isn’t limited to AI – we can build a better future for education in Minnesota and beyond. George Veletsianos is professor of Learning Technologies at the University of Minnesota, where he holds the Bonnie Westby Huebner Chair in Education and Technology. He can be reached at georgev@umn.edu and is on BlueSky: @veletsianos.bsky.socialCONAKRY, Guinea -- Chaos erupted at a soccer game in Guinea after fans protested a referee's call and thousands of panicked spectators tried to flee the stadium, leaving at least 56 people dead in the West African nation, officials and witnesses said Monday. Amid the confusion, security forces used tear gas, local news website Media Guinea reported. Many of the dead were crushed as they tried to escape through the stadium gates, a journalist covering the game for a local sports website told The Associated Press. "The gates, that's where the stampede happened," said Cissé Lancine, who got away by climbing over one of the stadium walls. "I was saved because I did not rush towards the exit." The world's latest sports crowd disaster unfurled Sunday in the second-largest city in a military-run nation where information is sparse and government-controlled at the best of times. It was not immediately clear how much the death toll could grow. Lancine said between 20,000 and 30,000 people were present at the Third of April stadium to watch the local Labe and Nzerekore teams compete in the final of the first national tournament honoring military leader Mamadi Doumbouya. Checkpoints were set up Monday throughout Nzerekore, a city of about 200,000 that was at a standstill as soldiers guarded the hospital where victims were being treated. Most shops were closed. Video, apparently from the scene, showed shouting fans protesting the refereeing. People ran as they tried to escape the stadium, many of them jumping the high fence. "Supporters threw stones. This is why the security services used tear gas," reported Media Guinea, which also wrote that several of the dead were children and some of the injured were in critical condition. The footage showed people lying on the floor of a hospital as members of a crowd helped the wounded. Enock Loua, a resident of Nzerekore, learned over the phone that his niece Aline Olivier had been killed. "We have a hard time realizing what happened to us, it is as if the sky has fallen on our heads," Loua told The Associated Press. Authorities are trying to establish who was responsible, Prime Minister Amadou Oury Bah said on national television. The National Alliance for Alternation and Democracy opposition coalition said the tournament was organized to drum up support for Doumbouya's "illegal and inappropriate" political ambitions. Doumbouya, who ousted then-President Alpha Conde in 2021, has been eyeing a possible run for the presidential election, for which the date has not been set. The transition charter put in place by his own regime does not allow him to run. Guinea is one of a number of West African countries - including Mali, Niger and Burkina Faso - where the military has taken power and delayed a return to civilian rule. Doumbouya said he was preventing the country from slipping into chaos and chastised the previous government for broken promises. He has, however, been criticized for not meeting the expectations that he raised. Guinea's leader announced three days of national mourning starting on Tuesday, in a presidential decree read on national television.
SAN SALVADOR, El Salvador (AP) — As bitcoin reached historic highs, surpassing $100,000 for the first tim e, El Salvador’s President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency. The adoption of bitcoin — which has been legal tender in the Central American nation since 2021 — never quite matched the president’s enthusiasm, but the value of the government’s reported investment now stands at more than $600 million. Bitcoin has rallied mightily since Donald Trump’s election victory last month, exceeding the $100,000 mark on Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission. Just two years ago, bitcoin’s volatile value fell below $17,000. Bitcoin fell back below the $100,000 by Thursday afternoon, sitting just above $99,000 by 3 p.m. E.T. Bukele on Thursday blamed his beleaguered political opposition for causing many Salvadorans to miss out on the bonanza. There were street protests when the Congress made bitcoin legal tender in June 2021, though that move was not the only motivation for the protesters. The tiny Central American country has long used the dollar as currency, but Bukele promised bitcoin would provide new opportunities for El Salvador’s unbanked and cut out money transfer services from the remittances Salvadorans abroad send home. The government offered $30 in bitcoin to those who signed up for digital wallets. Many did so, but quickly cashed out the cryptocurrency. “It’s important to emphasize that not only did the opposition err resoundingly with bitcoin, but rather, differently from other issues (where they have also been wrong), this time their opposition affected many,” Bukele wrote on Facebook. Bukele drew an “impressive” comment from Elon Musk on the social media platform X Thursday. El Salvador’s former Central Bank President Carlos Acevedo pointed out on Thursday that while there has been a gain, it remains an unrealized one until the government’s bitcoin is sold. That said, he credited Bukele’s administration with doing well on the bitcoin move, especially in light of Trump’s election. Acevedo said “the markets’ optimism that a Trump administration will be friendly with the markets and particularly with bitcoin” explained its sustained rally over the past month. But the cryptocurrency’s volatility was a persistent risk, he said. “The average Salvadoran doesn’t use bitcoin, but obviously there are Salvadorans with economic resources who even before had already invested in bitcoin, but it is a small group,” Acevedo said. Esteban Escamilla, a worker in a clothing store in Santa Tecla, outside the capital San Salvador, said he had cashed out the original $30 of bitcoin offered in 2021. “I don’t use bitcoin because I don’t have (money) to invest and speculate with, but I know it has gone up a lot,” he said, recognizing that he would have more money now if he had kept it in bitcoin. Josefa Torres, 45, said as she was doing her grocery shopping that she didn’t have any bitcoin either. “I took out the money and used it for household expenses,” she said. At the conclusion of meetings between the International Monetary Fund and El Salvador’s government in August, the IMF issued a statement that mentioned the country’s bitcoin holdings. “While many of the risks have not yet materialized, there is joint recognition that further efforts are needed to enhance transparency and mitigate potential fiscal and financial stability risks from the Bitcoin project,” the IMf said.Accenture (NYSE:ACN) Shares Down 0.3% – What’s Next?
Angang Steel Company Limited ( OTCMKTS:ANGGF – Get Free Report ) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 10,564,300 shares, an increase of 60.4% from the October 31st total of 6,586,300 shares. Based on an average daily trading volume, of 0 shares, the days-to-cover ratio is currently ∞ days. Angang Steel Stock Performance Angang Steel stock opened at $0.19 on Friday. The firm’s 50 day moving average price is $0.18 and its 200-day moving average price is $0.18. Angang Steel has a 1 year low of $0.14 and a 1 year high of $0.19. About Angang Steel ( Get Free Report ) Read More Receive News & Ratings for Angang Steel Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Angang Steel and related companies with MarketBeat.com's FREE daily email newsletter .None
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10-man Botafogo wins its first Copa Libertadores titleCentral Connecticut State football comes up short, loses playoff opener at Rhode Island, 21-17
TORONTO, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Timbercreek Alternatives LP, a subsidiary of Timbercreek Capital, and Aspen Properties today announced the closing of the previously announced acquisition of the 1 Palliser Square Office Building in Calgary, Alberta for the purpose of converting approximately 418,000 square feet of office into 418 residential units and amenities. 1 Palliser Square is a 27-storey, vacant B-class office building centrally located next to the Calgary Tower, with direct access to residential amenities, entertainment and transit. The project is part of the City of Calgary’s Downtown Development Incentive Program designed to transform vacant office space into new rental housing stock. 1 Palliser Office-to-Residential Project Highlights: The acquisition was completed though a joint venture called 1 Palliser Square LP (the “LP”). As part of the acquisition, the LP completed a private placement offering of units for total proceeds of approximately $21.6 million. Raymond James Ltd. and Canaccord Genuity Corp. acted as co-lead agents and joint bookrunners on behalf of a syndicate of agents, which included, Richardson Wealth Limited, Wellington-Altus Financial Inc. and iA Private Wealth Inc. About Timbercreek Founded in 2000, Timbercreek is one of Canada’s leading alternative asset class investment managers, focused on debt and equity investments in high-quality, value-add commercial real estate in Canada, the United States and Europe. Through active and direct investment, Timbercreek employs a thematic approach to deliver compelling risk-adjusted returns for their investors and partners, leveraging the diversified expertise and relationships of their highly experienced team to invest capital across a wide range of asset classes. Timbercreek’s team of 50+ investment professionals have extensive domain expertise in these markets and combine an entrepreneurial growth focus with institutional risk management. Since 2000, the Timbercreek team has deployed more than $18 billion in equity and debt investments focused on value-add real estate, on behalf of their broad range of capital partners. Timbercreek has offices in Toronto, Vancouver, Montreal, New York, Dallas and Dublin. About Aspen Aspen Properties is a fully integrated and privately held boutique real estate company with over 25 years of experience in owning and managing real estate in downtown Calgary and Edmonton. Driven by an entrepreneurial spirit, Aspen is committed to creating and delivering inspiring amenity-rich real estate with innovative technology and processes that help people thrive and contribute to the development and sustainability of the communities they serve. Together with their investment partners, Aspen Properties owns and manages approximately 4.25 million square feet of office space and nearly 3,800 parking spaces in downtown Calgary and Edmonton. Aspen’s portfolio is comprised of 15 buildings—eleven in Calgary, three in Edmonton and a development site in Calgary. For more information: Timbercreek Alternatives Fraser McEwen President fmcewenf@timbercreek.com www.timbercreek.com Aspen Properties Scott Hutcheson Executive Chair of the Board rsh@aspenproperties.ca www.aspenproperties.ca