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JLL completes six leases at Tower 45 in Midtown Manhattan

JLL has completed six leases for a total of 39,471 square feet of space at Tower 45, located at 120 West 45th Street in Manhattan, on behalf of owner Kamber Management Company. The Dearie Law Firm leased the entire 13,969 square feet 16th floor for 10 years, and Lipsky Goodkin... The post JLL completes six leases at Tower 45 in Midtown Manhattan appeared first on Real Estate Weekly. JLL has completed six leases for a total of 39,471 square feet of space at Tower 45, located at 120 West 45th Street in Manhattan, on behalf of owner Kamber Management Company. The Dearie Law Firm leased the entire 13,969 square feet 16th floor for 10 years, and Lipsky Goodkin & Co., P.C. signed a 10-year renewal for 10,093 square feet across the entire seventh floor. Also at Tower 45, Critical Trading, LLC renewed its lease of 2,674 square feet on the second floor for five years; The McPherson Firm, PC renewed for three years with 4,750 square feet on the partial 28th floor; Berg & Androphy renewed for 3,084 square feet for 18 months for the partial 38th floor; and Stan Johnson Company leased 4,901 square feet on the 26th floor for five years. JLL was selected as exclusive leasing agent for Tower 45 by Kamber Management Company in December 2019. The JLL professionals representing the owner include Paul N. Glickman, vice chairman; Diana Biasotti, senior vice president; Kyle Young and Kip Orban, vice presidents; and Kate Roush, associate. Tenants Critical Trading, LLC and The McPherson Firm, PC, were represented in-house. The Dearie Law Firm was represented by Gary Ceder, managing director with Cushman & Wakefield; Lipsky Goodkin & Co. was represented by Savills executive managing directors Erik Schmall and Scott Weiss; Berg & Androphy was represented by Arash Sadighi, co-founder of Venture Capital; and Stan Johnson Company was represented by Gregory Albert, assistant director with Savills. The Class-A, 458,446-square-foot office tower is undergoing a multimillion-dollar capital improvementprogram to create a dynamic contemporary destination. The improvement program includes a thoroughrejuvenation of the lobby and atrium, and the addition of a new amenity center focused around addressing tenant health and wellness. The lobby renovations were designed by Pei Cobb Freed &Partners and the amenity center is being designed by MKDA New York. Construction has already begunon the amenity center and atrium and Kamber is finalizing construction on the lobby renovation project. The 40-story building was designed by Swanke Hayden Connell Architects and constructed in 1988. Thebuilding features AtmosAir, the world-class air purification system, along with a tenant-controlledcooling system for individual rooms, state-of-the-art security management and expertly trainedprofessionals. “Kamber Management Company is forward-thinking property owner that has positioned this building tosupport tenants in employee attraction and retention,” said Young. “The leasing momentum in theproperty confirms that tenants are responding to high-quality spaces with significant amenity packages.” “The new amenity center at Tower 45 is designed to offer safe, private areas for calls, meetings and reflection,” said Biasotti. “The building prioritizes tenant health while offering easy access to neighborhood amenities such as restaurants, shops and entertainment.” Steven Levy, President of Kamber Management Company commented, “We have new art and sculpturecoming to the Atrium and Lobby this spring to enhance our tenants’ experience and the overall beauty ofthe entrance. Our flexible, efficient floor plates with plenty of light and the cleanest air, provide creative space solutions for a better, healthier workplace. The entire Kamber team is excited to offer our tenantsthe best in New York City work environments.” JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the mostrecognized industry experts offering brokerage, capital markets, property/facilities management,consulting, and project and development services. The post JLL completes six leases at Tower 45 in Midtown Manhattan appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly1 hr. 39 min. ago Related News

Rickards: "We Are On The Precipice"

Rickards: "We Are On The Precipice" Authored by James Rickards via DailyReckoning.com, I don’t believe many people grasp the enormity of the global food crisis we’ll be facing in the months ahead. But the world could be on the verge of a massive humanitarian crisis. Let’s dive in… The supply chain collapse preceded the war in Ukraine, but the war has only intensified the problems. You can see it with your own eyes when you walk into a supermarket and find long stretches of empty shelves in stores that used to be chock-full of food and other merchandise. Even goods that are available such as gasoline are being sold at much higher prices. Prices for gasoline (and diesel, which is critical for goods transportation) have more than doubled in the past nine months. All of this is clear. The question is will it get worse from here? Unfortunately, the answer is yes. Bob Unanue is the CEO of Goya Foods, which is one of the largest food distributors in the world. Few people are better positioned to assess the global food situation than Unanue, who deals with raw food deliveries on the one hand and retail customers on the other. Unanue is now warning, “We are on the precipice of a global food crisis.” Other experts are quoted making a similar point. That’s not hyperbole or fearmongering, but a serious analysis. Here’s why… 29% of All Wheat Exports in Jeopardy In the Northern Hemisphere, the planting season for 2022 is well underway. Crops were planted (or not) in March and April. Based on that, you can already form estimates of output next September and October during the harvest season (subject to some variability based on weather and other factors). Plantings have been far below normal in 2022, either due to a lack of fertilizer or to much higher costs for fertilizer where farmers simply chose to plant less. This predictable shortage is in addition to the much greater shortages due to the fact that Russian output is sanctioned and Ukrainian output is nonexistent because it’s at war. Russia and Ukraine together account for 29% of global wheat and 19% of global corn exports. Russia and Ukraine together produce 29% of all the wheat exports in the world. That doesn’t mean they grow 29% of the wheat in the world. It means they grow 29% of the wheat exports. The U.S., Australia, Canada and others grow a lot of wheat but consume most of it themselves. They export relatively little. Importantly, they don’t simply eat it. They feed it to their farm animals. People don’t often make the connection between grain and animal products, but it’s critical. Many countries get 70–100% of their grains from either Russia or Ukraine or both. Lebanon gets 100%. Egypt is over 70%. Kenya, Sudan, Somalia, many central African countries and Jordan and other Middle Eastern countries receive much of their grain from Russia or Ukraine. No Planting, No Crops But it’s worse than that because not only are many Ukrainian exports shut down now, but the planting season is nearly over. And you’re not going to get any grain in October if you didn’t plant it in April or May. And they didn’t for obvious reasons. What that means is you project ahead to October, November, December of this year, those countries I mentioned are not going to be able to get their grain supplies. There simply aren’t going to be any, or they’ll be greatly reduced. The combined population of countries that get between 70% and 100% of their imports from Russia or Ukraine is 700 million people. That’s 10% of the global population. So you’re looking at mass starvation. You’re looking at a humanitarian crisis of unprecedented proportions, probably the worst since the Black Death of the 14th century. That’s coming down the road, even if most people can’t see it coming or fully fathom the depths of the coming crisis. In short, we know enough now to predict much higher prices, empty shelves and, in some cases, mass starvation in the fourth quarter of this year and beyond. Beyond the humanitarian aspect of the coming food shortages, there are also potentially serious social and geopolitical ramifications. Another Arab Spring? You remember the “Arab Spring” starting in 2010. It started in Tunisia and spread from there. Well, it was triggered by a food crisis. There was a shortage of wheat, which triggered the protests. There were underlying problems in these societies, but a food crisis was the catalyst for the protests. Now, many poorer countries in the Middle East and Africa are facing a much greater crisis as the impact of shortages manifests itself later this year and into next year. Will we see even more social unrest than in 2011? It’s very possible, and it could be even more destabilizing than the Arab Spring. We could also see waves of mass migration from Africa and the Middle East as desperate and hungry people flee their homelands. Europe endured a wave of mass immigration in 2015. Many migrants were attempting to flee the war in Syria, but there were great amounts of people who weren’t affected by the war. They were just seeking better lives in the welfare states of Europe. Mass starvation could trigger an even greater migration, which would present Europe with enormous challenges. The United States could also witness another wave of migration at the southern border, which is currently being inundated by migrants. A global food crisis could send the numbers spiraling to uncontrollable limits. What if the War Drags On? And what if the war in Ukraine drags on well into next year? Next year’s growing season would also be disrupted and the shortages could extend into late 2023 and beyond. Well, maybe some would argue that other nations could pick up the slack and grow additional grain. That’s nice in theory, but it’s not that simple. Russia is the largest exporter of fertilizer, and sanctions are cutting off supplies. Many farmers cannot get fertilizer at all, and those who can are paying between twice and three times last year’s price. That means that crops actually produced will have much higher prices because of the higher price of inputs such as fertilizer, and the higher transportation costs due to higher prices for diesel and gasoline. Like I said earlier, we’re looking at a humanitarian crisis of unprecedented proportions, probably the worst since the black death of the 14th century. And we’re not prepared to handle it. Tyler Durden Thu, 05/19/2022 - 21:20.....»»

Category: dealsSource: nyt2 hr. 8 min. ago Related News

Videos show Russian soldiers leading a group of Ukrainian captives at gunpoint moments before they were executed in Bucha, report says

A New York Times investigation included video that showed Ukrainian captives being marched in a single file while flanked by armed Russian troops. A Ukrainian serviceman walks amid destroyed Russian tanks in Bucha, on the outskirts of Kyiv, Ukraine, April 6, 2022.AP Photo/Felipe Dana, File A photo taken in Bucha in April showed a group of Ukrainian men who appeared to have been executed. A NYT investigation showed the men were in custody of Russian troops before apparently being killed. A video showed the Ukrainian captives being marched in a single file and flanked by Russian troops. Videos from Bucha, Ukraine, appeared to show a group of Ukrainian captives being led at gunpoint by Russian troops moments before they were executed.The videos, obtained and verified by The New York Times, were taken on March 4 by a security camera and a civilian who witnessed the ordeal.The security camera footage showed a group of nine Ukrainians hunched over, holding the pants of the person in front of them and some with their hands placed over their heads, crossing a street in a single file. Two Russian soldiers with guns can be seen at the front and back of the group, directing the line.Eight witnesses told The Times the captives were then taken behind an office building, gunshots were heard, and the group did not reappear. Additional drone footage obtained by The Times confirmed the witness accounts, showing the groups' bodies beside an office building as Russian soldiers stood over them.The videos were not independently verified by Insider.The group of apparently executed men from the videos were also seen in a photo taken April 3. The Times said its investigation, published Thursday, uncovered the "clearest evidence yet" that Russian forces intentionally executed the group, "directly implicating these forces in a likely war crime."Reports of atrocities and executions poured out of Bucha, a suburb of Kyiv, after Russian forces began retreating in late March. Stories and images from Bucha fueled international calls for a war crimes trial against Russia.Russian officials have repeatedly dismissed reports of atrocities committed in Bucha, calling them "fake."Read the original article on Business Insider.....»»

Category: topSource: businessinsider2 hr. 24 min. ago Related News

Kellyanne Conway says her husband was "cheating by tweeting" his disdain for former President Trump in her new memoir

While both conservative, Kellyanne and George Conway have had contrasting opinions of former President Donald Trump. Samuel Corum/Stringer/Getty Images Kellyanne and George Conway have famously been at odds with former President Donald Trump. The former Trump advisor wrote in her new memoir that it impacted their marriage. She wrote his "daily deluge of insults-by-tweet against my boss ... violated" their marriage vows. Conservative political consultant Kellyanne Conway and her husband, George Conway, have vastly contrasting opinions of former President Donald Trump – and the differences made their way into the couple's marriage.In her new memoir, "Here's the Deal," the former Trump advisor wrote about the strain of her husband's blatant disapproval of her boss, according to an excerpt published in People Magazine. The two have remained married despite the turmoil of their relationship and the public attention from statements their daughter, Claudia made about them on social media.Kellyanne, 55, said in her book — which is set to be released on May 24 — that her husband, an attorney, spent long periods of time in New York for work while she and the kids were in DC."During this time, the frequency and ferocity of his tweets accelerated. Clearly, he was cheating by tweeting," she wrote. "I was having a hard time competing with his new fling."George Conway, 58, frequently used his platform to criticize Trump, who he'd introduced to Kellyanne Conway before later disapproving of his political stances and actions. "Don't assume that the things he says and does are part of a rational plan or strategy, because they seldom are," George Conway tweeted once in 2019. "Consider them as a product of his pathologies, and they make perfect sense."Trump, now banned from Twitter, responded: "George Conway, often referred to as Mr. Kellyanne Conway by those who know him, is VERY jealous of his wife's success & angry that I, with her help, didn't give him the job he so desperately wanted."Kellyanne Conway said Trump only mentioned George Conway to her a "handful" of times, three of which were in frustration.Her memoir continued: "I had already said publicly what I'd said privately to George: that his daily deluge of insults-by-tweet against my boss — or, as he put it sometimes, 'the people in the White House' — violated our marriage vows to 'love, honor, and cherish each other."George Conway had even written a 3,500-word essay countering Trump's claim that Robert S. Mueller III's Russia investigation was unconstitutional in 2018."On one side was my marriage and my husband. On the other was my job and my boss," Kellyanne Conway wrote. "George was mixing the two of them in a highly combustible manner. I was able to keep these things separate and in perspective. George should have, too, but it seemed the flood of reaction and attention he was receiving was magnetic and irresistible."She added that Ivanka, Trump's daughter, had a similar issue with her husband, Jared Kushner. Ivanka recommended that the Conway couple try therapy, though Kellyanne Conway said her husband wasn't a fan of the idea. They never went."I feel there's a part of him that thinks I chose Donald Trump over him," Kellyanne Conway told The Washington Post. "Which is ridiculous. One is my work and one is my marriage."The Post went on to describe their marriage as "emblematic" of the controversy around Trump — especially within the Republican party."Whoop-de-do, George!" Kellyanne Conway wrote that she told George Conway once, according to her book. "You are one of millions of people who don't like the president. Congrats." Neither George nor Kellyanne immediately responded to Insider's request for comment.Read the original article on Business Insider.....»»

Category: topSource: businessinsider2 hr. 41 min. ago Related News

Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway

 Columbia Property Trust announced today that it has signed a lease with Wellington Management for four full floors at 799 Broadway, its newly completed ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. One of the world’s largest independent investment management firms, Wellington manages over US$1.3 trillion for clients... The post Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway appeared first on Real Estate Weekly.  Columbia Property Trust announced today that it has signed a lease with Wellington Management for four full floors at 799 Broadway, its newly completed ground-up office development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. One of the world’s largest independent investment management firms, Wellington manages over US$1.3 trillion for clients in more than 60 countries. Under the 16.5-year lease, Wellington will become the largest occupant at 799 Broadway, with 71,000 square feet of office space across four full floors in the 182,000-square foot building. Wellington’s new office, the first New York location for the Boston-based firm, will feature 15-foot ceiling heights, five private terraces totaling 7,600 square feet, and floor-to-ceiling windows with views of Greenwich Village, Union Square, and the steeple of Grace Church. Wellington is the fourth prominent firm to commit to 799 Broadway. Just before the end of 2021, leading investment firm Bain Capital Ventures signed a full-floor, 9,000-square-foot lease, and national mortgage lending and servicing organization New Residential Investment Corporation signed a two-floor, 25,000-square-foot lease. An undisclosed tenant took two additional floors in January. Columbia has now signed leases for nine of the 12 floors at 799 Broadway and is currently marketing one full floor; one high-end, 9,300-square-foot pre-built suite; and 18,000 square feet of some of the most desirable retail space in Midtown South. “We are very pleased to welcome Wellington Management to 799 Broadway,” said Dave Cheikin, Executive Vice President – East Coast for Columbia. “We built 799 Broadway to provide the highly attractive environment necessary to enable high-growth, forward-leaning companies, like Wellington, to engage and motivate superior talent in today’s environment.” “We are excited to expand our North American footprint by committing to 799 Broadway as an investment in our future of work,” said Ed Steinborn, Chief Financial Officer, Wellington Management. “We take pride in creating magnetic office space for our employees and believe 799 Broadway’s state-of-the-art facility will offer both New York-based and global employees an accessible, sustainable office space for colleagues to connect and collaborate in. New York remains a hub for talented, diverse financial professionals, and we look forward to continuing to support the growth of Wellington’s strategic initiatives by expanding in New York City.” Designed specifically to promote talent retention, 799 Broadway sets the standard for sustainable new construction by emphasizing occupant health and wellness. The brand-new, LEED Gold-certified building features state-of-the-art building materials and efficient systems and touchless access throughout. The building’s unique design allows for more than 17,000 square feet of outdoor space, including access to private outdoor terraces on almost every floor and a courtyard garden off the main lobby that will soon feature an original work by Cameroonian artist Moustapha Baidi Oumarou. A luxury fitness center, spa-inspired locker rooms, cellar lounge, and well-appointed bike room will also enhance the workday for occupants. Moreover, with UV light sanitation and bipolar ionization systems installed throughout the building and in elevator cabs, 799 Broadway exceeds the highest standards of indoor air quality and air purification. The building has been designed to meet the rigorous health and wellness criteria of the highly respected WELL Building certification program, which verifies that the building has followed best practices for facility operations and management to reduce the risk of contracting COVID-19 and other viruses. 799 Broadway was also awarded a coveted Fitwel® 2-Star Rating for its incorporation of evidence-based design and operations strategies to support the physical, mental, and social health of occupants. Adding to the attractive wellness benefits, the building provides abundant light with 15’ ceiling heights and floor-to-ceiling glass windows, which offer striking views of Greenwich Village and across Broadway to the Gothic beauty of New York’s historic Grace Church. Columbia continues to entertain strong interest and tour activity for the limited remaining available space at 799 Broadway. Columbia was represented in the negotiations with Wellington by Mitchell Konsker, Benjamin Bass, and Sam Seiler of JLL. Steven Rotter, Randy Abend, Gabrielle Harvey, Brendan Callahan, and Lauren Calandriello of JLL represented Wellington. To learn about the final opportunities available at 799 Broadway, please visit 799broadwaynyc.com. The post Wellington Management Signs 71,000-Square-Foot Lease at Columbia Property Trust’s 799 Broadway appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly3 hr. 41 min. ago Related News

Bell Works Chicagoland Announces Heritage-Crystal Clean as Latest Office Tenant 39,000-SF Office Lease

Bell Works Chicagoland, the former AT&T corporate campus and Chicagoland’s first ‘metroburb’ —  a self-contained metropolis in suburbia — today announced it has signed an 11-year lease with Heritage-Crystal Clean (HCC), Inc. (Nasdaq: HCCI), marking the company as the building’s largest tenant to date.  Bell Works Chicagoland will become home... The post Bell Works Chicagoland Announces Heritage-Crystal Clean as Latest Office Tenant 39,000-SF Office Lease appeared first on Real Estate Weekly. Bell Works Chicagoland, the former AT&T corporate campus and Chicagoland’s first ‘metroburb’ —  a self-contained metropolis in suburbia — today announced it has signed an 11-year lease with Heritage-Crystal Clean (HCC), Inc. (Nasdaq: HCCI), marking the company as the building’s largest tenant to date.  Bell Works Chicagoland will become home to HCC’s national headquarters in August 2022. The publicly-traded environmental products and services company will occupy one full quadrant on the building’s third floor, consisting of 32,000 square feet, plus an additional 7,000 square feet of space on an adjacent quadrant. Its offices will be designed by NELSON Worldwide. “The continued interest we’re seeing for our thoughtfully designed spaces is a testament to the needs and priorities of today’s workforce,” said Ralph Zucker, President of Somerset Development, the developer behind Bell Works Chicagoland. “Companies are proactively seeking environments that not only enable their teams to flourish, work collaboratively, and think creatively, but also reflect the core values of their business. Like us, HCC is a company with a deep passion for sustainability and innovation, and we’re excited to welcome them as the newest tenant at our growing metroburb.” Founded with just 12 employees in 1999,  HCC will bring its team of 180 workers from its longtime home in Elgin, Illinois, to the metroburb. The space will support the core functions of the company while simultaneously encompassing HCC’s sustainability-driven mission and the natural surroundings of Bell Works Chicagoland, which includes reclaimed wetlands. Notable features of the headquarters include four custom branding areas, two of which showcase HCC logos made completely out of recycled materials, a testament to HCC’s brand, while the remaining two represent HCC’s vision, mission, values, and customer experience. The floor plan and interior design were thoughtfully prepared to integrate the workspace with the concept of nature and walking through a wooded path, offering employees access to daylight with ergonomic sit/stand desks and chairs placed along the exterior of the layout. A large cafe for gathering and entertainment will be equipped with a ping pong table, TV, and multiple seating arrangements. There will also be built-in cupboards for recycling glass, plastic, paper, and batteries throughout, keeping sustainability a priority on all levels. Customized meeting areas from individual niches to medium-sized conference rooms and a large-scale boardroom will promote flexibility and collaboration throughout the space. “As a National Environmental Services Company dedicated to sustainability and corporate social responsibility, Bell Works Chicagoland was a natural fit when deciding where to relocate our headquarters,” said Brian Recatto, President and CEO at HCC. “The metroburb encompasses all of the priorities and preferences of our team — from highly collaborative, open spaces to flourishing natural light and the surrounding nature-filled landscape. Located just a short distance from our original headquarters, the space will be conveniently located for our staff and set us up for continued long-term success.” Founded in 1999, HCC is a leading provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling and field services primarily focused on small and mid-sized customers. Today, the company has approximately 1,400 employees nationwide, with 120 locations and 91 branches across 47 states.  In 2021, Bell Works announced Platinum Home Mortgage (‘PHMC’) signed a long-term lease to join the office community at Bell Works Chicagoland. The company now occupies 22,000 square feet spread across three dedicated office spaces at the metroburb. Headline Solar also recently joined Bell Works’ growing list of office tenants, and occupies 15,690 square feet with another 15,000 square feet available for potential expansion. Other occupants include CPA Advisors Group, a boutique full-service accounting firm; Mosquito Hunters, a locally-owned residential and commercial mosquito control company; and The Next Unicorn, an equity crowdfunding firm. Recently, Bell Works Chicagoland also celebrated the grand opening of coLab, the official coworking membership experience at the property. Spread across 15,000 square feet, the new coworking facility offers flexible lease terms and workspaces, including access to dedicated conference and meeting rooms, lounges, and state-of-the-art amenities. coLab was designed by Paola Zamudio and her team at NPZ Style & Decor, who also led the transformation of the interior at the metroburb.   The metroburb additionally features 60,000 square feet of ground-floor retail and restaurant space, which provides both members and visitors alike with an eclectic mix of dining and entertainment options. Local Chicago favorite Fairgrounds Craft Coffee and Tea also opened at the campus earlier this year.  Sven Sykes, Executive Vice President at Colliers International, represented HCC in the transaction. Steve Kling, Principal at Colliers International, represented Bell Works Chicagoland in the transaction.  For office leasing inquiries at Bell Works Chicagoland please contact Steve Kling at Steve.Kling@colliers.com or Tara Keating at keating@garibaldi.com. To learn more about Bell Works Chicagoland, visit bell.works/chicagoland. The post Bell Works Chicagoland Announces Heritage-Crystal Clean as Latest Office Tenant 39,000-SF Office Lease appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly4 hr. 7 min. ago Related News

Pennsylvania County Bans Ballot Drop Boxes

Pennsylvania County Bans Ballot Drop Boxes Authored by Beth Brelje via The Epoch Times (emphasis ours), A standing room-only crowd made up mostly of organized, left-leaning, political activists shouted, “Shame! Shame!” when commissioners in Pennsylvania’s Lancaster County voted to remove a ballot drop box placed at the county building on Monday, the day before the primary election. Ballot drop box before it was removed from the Lancaster County building in Penn. on May 16, 2022. (Beth Brelje/The Epoch Times) Now, instead of placing absentee ballots in the drop box located just three steps inside the door of the county building, voters will have to walk about 30 steps into the building, from the same door, to get to the Board of Elections office where they will hand their ballot directly to one of the workers. Anyone entering the building beyond the drop box must go through a metal detector manned by the sheriff department. Opponents say this makes voting “too difficult and complex” for voters. At the time of the commissioners’ vote on Monday, the county’s lone drop box had only been in place since Friday. Around the nation, the use of unmanned drop boxes has met with scrutiny amid evidence of suspected fraud. The Dinesh D’Souza film “2000 Mules” features government surveillance footage showing people stuffing drop boxes with multiple ballots in multiple locations in numerous states. Another investigation by Pennsylvania’s Lehigh County District Attorney’s Office, in which detectives reviewed hours of video of the county’s drop boxes for the October 2021 elections, found hundreds of people putting multiple ballots into unmanned drop boxes. Pennsylvania law requires a voter to send an absentee ballot by mail or deliver it personally. Yet, Gov. Tom Wolf’s wife, Frances Wolf, broke this law in the October 2021 election, when she deposited her own ballot along with her husband’s ballot in a York County ballot drop box. The governor later called it an honest mistake. Lancaster County had not intended to provide a drop box for the primary election, but the county was sued last week by the American Civil Liberties Union, claiming that it had failed to meet in the sunshine to decide not to use drop boxes. But a judge ruled on May 13 that the decision not to used drop boxes was administrative and did not need to be discussed in a public meeting, Lancaster County Commissioner Ray D’Agostino told The Epoch Times. The judge ordered the county to return to status quo, which he considered to be with drop boxes. He also allowed for the commissioners to meet on Monday and vote on the use of ballot boxes in the county. Lancaster County Commissioners in Penn. vote to ban ballot drop boxes on May 16, 2022. (Beth Brelje/The Epoch Times) With one commissioner out of town, two of the three commissioners met at 11 a.m. on May 16 and passed a resolution banning ballot drop boxes from being used in Lancaster County for this primary or any future election, unless compelled by Pennsylvania statute or by an official legal authority. Before the vote, commissioners took about an hour of public comment. In a group email, Duncan Hopkins, an organizer with the advocacy group Lancaster Stands Up, rallied Democrats to attend the meeting. In the email, he alleged that commissioners “are working so hard to confuse voters and make it more difficult for many to cast a ballot so close to an election.” Representatives from the NAACP, League of Women Voters, Lancaster Democratic Party, Lancaster City Democrats, Pennsylvania CASA, and Lancaster Stands Up implored the commissioners to expand drop boxes to every community in the county instead of removing the county’s only drop box. “It is a sense of privilege to say everyone can get here to vote,” said one woman, whose mother is 96 and uses oxygen. Often, activists would snap fingers in unison or murmur support when one of their group spoke. “I don’t understand why you want to make it harder to vote,” another person told the commissioners. LaRock Hudson, political action chair for the local NAACP, challenged commissioners to provide data proving that drop boxes cause voter fraud, as preventing possible fraud was a reason mentioned in the resolution for banning drop boxes. The introduction of drop boxes was a decision made in response to the COVID-19 pandemic. Lancaster County used a drop box in 2020 and 2021 for COVID-19 mitigation. The drop box was placed near sheriffs handling security for the building, they had an election person watching the box at all times, and it was surveilled by camera. “Things have changed, COVID is no longer such an issue, we are short staffed,” D’Agostino said. “We can’t have sheriffs doing a job of election staff, and election staff have better things to do than sitting at a box when people aren’t there. They could be sitting at their desk and as people come in, take the ballot. But when they’re not taking ballots, they can be doing other work, so there’s no need, quite frankly, to have that box there anymore.” Several people spoke in favor of removing the drop box. Kirk Radanovic, chairman of the Lancaster County Republican Club, said he was representing the 176,000 Republicans of Lancaster County who expect the commissioners to remove the ballot drop boxes to keep election integrity safe. Another speaker said our parents and forefathers managed to get to the polls to vote, even when they worked or lived far away from the polls, and they expected to get election results on election day. She reminded attendees that verified absentee ballots have always been available for those who are too sick to get to the polls. Dan Medbury, a Lancaster County resident and member of the John Birch Society, said the difficulty of voting is not in getting to the polls, but investing the time as a voter to research the positions of candidates. “Too many people want extreme ease when they don’t take time to study the issues,” Medbury said. After the resolution was passed, the ballot drop box was removed from the front door. The nearby election office will remain open until 8 p.m. until election day to receive any hand delivered ballots. Tyler Durden Thu, 05/19/2022 - 18:40.....»»

Category: dealsSource: nyt4 hr. 41 min. ago Related News

Palo Alto Networks Reports Fiscal Third Quarter 2022 Financial Results

Fiscal third quarter revenue grew 29% year over year to $1.4 billion Fiscal third quarter billings grew 40% year over year to $1.8 billion Remaining performance obligation grew 40% year over year to $6.9 billion SANTA CLARA, Calif., May 19, 2022 /PRNewswire/ -- Palo Alto Networks (NASDAQ:PANW), the global cybersecurity leader, announced today financial results for its fiscal third quarter 2022, ended April 30, 2022. Total revenue for the fiscal third quarter 2022 grew 29% year over year to $1.4 billion, compared with total revenue of $1.1 billion for the fiscal third quarter 2021. GAAP net loss for the fiscal third quarter 2022 was $73.2 million, or $0.74 per diluted share, compared with GAAP net loss of $145.1 million, or $1.50 per diluted share, for the fiscal third quarter 2021. Non-GAAP net income for the fiscal third quarter 2022 was $193.1 million, or $1.79 per diluted share, compared with non-GAAP net income of $139.5 million, or $1.38 per diluted share, for the fiscal third quarter 2021. A reconciliation between GAAP and non-GAAP information is contained in the tables below. "We saw strong top-line growth in Q3, which is a testament to our teams' consistent execution in capitalizing on the strong cybersecurity demand trends," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "On the back of this strength across our portfolio, we are again raising our guidance for the year across revenue, billings and earnings per share." "Our drive to deliver strong total shareholder return in Q3 was headlined by our revenue growth, while we also balanced operating margin expansion and free cash flow conversion," said Dipak Golechha, chief financial officer of Palo Alto Networks. "We look forward to continuing this balance as we close out the year and look to FY23." Financial Outlook Palo Alto Networks provides guidance based on current market conditions and expectations. For the fiscal fourth quarter 2022, we expect: Total billings in the range of $2.32 billion to $2.35 billion, representing year over year growth of between 24% and 26%. Total revenue in the range of $1.53 billion to $1.55 billion, representing year over year growth of between 25% and 27%. Diluted non-GAAP net income per share in the range of $2.26 to $2.29, using 106 million to 108 million shares outstanding. For the fiscal year 2022, we are broadly raising guidance and expect: Total billings in the range of $7.106 billion to $7.136 billion, representing year over year growth of between 30% and 31%. Total revenue in the range of $5.481 billion to $5.501 billion, representing year over year growth of approximately 29%. Diluted non-GAAP net income per share in the range of $7.43 to $7.46, using 106 million to 107 million shares. Adjusted free cash flow margin in the range of 32% to 33%. Guidance for non-GAAP financial measures excludes share-based compensation-related charges (including share-based payroll tax expense), acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements,  non-cash charges related to convertible notes, and related foreign currency gains (losses) and income and other tax effects associated with these items, along with certain non-recurring expenses and certain non-recurring cash flows. We have not reconciled diluted non-GAAP net income per share guidance to GAAP net income (loss) per diluted share or adjusted free cash flow margin guidance to GAAP net cash from operating activities because we do not provide guidance on GAAP net income (loss) or net cash from operating activities and would not be able to present the various reconciling cash and non-cash items between GAAP and non-GAAP financial measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted, including share-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items will have a significant impact on the company's GAAP net income (loss) per diluted share and GAAP net cash from operating activities. Earnings Call Information Palo Alto Networks will host a video webcast for analysts and investors to discuss the company's fiscal third quarter 2022 results as well as the outlook for its fiscal fourth quarter 2022 today at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Open to the public, investors may access the webcast, supplemental financial information and earnings slides from the "Investors" section of the company's website at investors.paloaltonetworks.com. A replay will be available three hours after the conclusion of the webcast and archived for one year. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our ability to balance future revenue growth with operating margin expansion and free cash flow, and our financial outlook for the fiscal fourth quarter 2022 and fiscal year 2022. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: developments and changes in general market, political, economic, and business conditions; the duration and global impact of COVID-19; risks associated with managing our growth; risks associated with new products and subscription and support offerings, including the discovery of software bugs; shifts in priorities or delays in the development or release of new subscription offerings, or the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support offerings; rapidly evolving technological developments in the market for security products and subscription and support offerings; our customers' purchasing decisions and the length of sales cycles; our competition; our ability to attract and retain new customers; our ability as an organization to acquire and integrate other companies, products, or technologies in a successful manner; the effects of supply chain constraints and the global chip and component shortages and other factors affecting the manufacture, delivery, and cost of certain of our products; our ability to obtain adequate supply of our products from our third-party manufacturing partners; our debt repayment obligations; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed with the SEC on February 22, 2022, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Non-GAAP Financial Measures and Other Key Metrics Palo Alto Networks has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The company uses these non-GAAP financial measures and other key metrics internally in analyzing its financial results and believes that the use of these non-GAAP financial measures and key metrics are useful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company's financial results with other companies in its industry, many of which present similar non-GAAP financial measures or key metrics. The presentation of these non-GAAP financial measures and key metrics are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. Non-GAAP net income and net income per share, diluted. Palo Alto Networks defines non-GAAP net income as net income (loss) plus share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, gains (losses) related to facility exit, and non-cash charges related to convertible notes. The company also excludes from non-GAAP net income the foreign currency gains (losses) and tax effects associated with these items in order to provide a complete picture of the company's recurring core business operating results. The company defines non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average diluted shares outstanding, which includes the potentially dilutive effect of the company's employee equity incentive plan awards and the company's convertible senior notes outstanding and related warrants, after giving effect to the anti-dilutive impact of the company's note hedge agreements, which reduces the potential economic dilution that otherwise would occur upon conversion of the company's convertible senior notes. Under GAAP, the anti-dilutive impact of the note hedge is not reflected in diluted shares outstanding. The company believes that excluding these items from non-GAAP net income and net income per share, diluted, provides management and investors with greater visibility into the underlying performance of the company's core business operating results, meaning its operating performance excluding these items and, from time to time, other discrete charges that are infrequent in nature, over multiple periods. Billings. Palo Alto Networks defines billings as total revenue plus the change in total deferred revenue, net of acquired deferred revenue, during the period. The company considers billings to be a key metric used by management to manage the company's business and believes billings provides investors with an important indicator of the health and visibility of the company's business because it includes subscription and support revenue, which is recognized ratably over the contractual service period, and product revenue, which is recognized at the time of shipment, provided that all other conditions for revenue recognition have been met. The company considers billings to be a useful metric for management and investors, particularly if sales of subscriptions continue to increase and the company experiences strong renewal rates for subscriptions and support. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. In particular, the billings metric reported by the company includes amounts that have not yet been recognized as revenue. Additionally, many of the adjustments to the company's GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in the company's financial results for the foreseeable future, such as share-based compensation, which is an important part of Palo Alto Networks employees' compensation and impacts their performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that Palo Alto Networks excludes in its calculation of non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP results of operations. Palo Alto Networks compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, the company may also exclude non-recurring expenses and other expenses that do not reflect the company's core business operating results. About Palo Alto Networks Palo Alto Networks, the global cybersecurity leader, is shaping the cloud-centric future with technology that is transforming the way people and organizations operate. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. We help address the world's greatest security challenges with continuous innovation that seizes the latest breakthroughs in artificial intelligence, analytics, automation, and orchestration. By delivering an integrated platform and empowering a growing ecosystem of partners, we are at the forefront of protecting tens of thousands of organizations across clouds, networks, and mobile devices. Our vision is a world where each day is safer and more secure than the one before. For more information, visit www.paloaltonetworks.com. Palo Alto Networks and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.   Palo Alto Networks, Inc. Preliminary Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended April 30, April 30, 2022 2021 2022 2021.....»»

Category: earningsSource: benzinga6 hr. 41 min. ago Related News

FLOWERS FOODS, INC. REPORTS FIRST QUARTER 2022 RESULTS

THOMASVILLE, Ga., May 19, 2022 /PRNewswire/ -- Flowers Foods, Inc. (NYSE:FLO), producer of Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, today reported financial results for the company's 16-week first quarter ended April 23, 2022. First Quarter Summary: Compared to the prior year first quarter where applicable Sales increased 10.3% to a quarter-record $1.436 billion. Net income increased 19.4% to $85.6 million. Adjusted net income increased 6.3% to $93.1 million. Adjusted EBITDA(1) increased 2.4% to a quarter-record $165.5 million, representing 11.5% of sales, a 90-basis point decrease. Diluted EPS increased $0.06 to $0.40. Adjusted diluted EPS(1) increased $0.03 to a quarter-record $0.44.  (1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.   CEO's Remarks: "We delivered another quarter of record results, reflecting outstanding top line growth and disciplined execution on costs," said Ryals McMullian, president and CEO of Flowers Foods. "Focused implementation of our portfolio strategy drove market share gains for our leading brands, as consumers continued to gravitate to these differentiated products despite widespread inflation. To sustain this robust momentum, we intend to invest in marketing and advertising, introduce new and innovative products, and expand production capacity. "We are adjusting our outlook for fiscal 2022 to account for improved pricing, higher-than-expected inflation, and supply chain disruptions," he continued. "To mitigate resource shortages and volatile commodity prices, which increased beyond our initial expectations, we continue to execute on efficiency initiatives and we have implemented a price increase that will become effective in the second quarter. The resulting price lag, combined with the supply chain disruptions, is expected to impact EPS by a total of five cents in the second and third quarters. We are encouraged by the strong underlying fundamentals of our business, and our industry-leading team remains dedicated to enhancing long-term shareholder value." For the 52-week Fiscal 2022, the Company Expects: Sales in the range of approximately $4.764 billion to $4.850 billion, representing an increase of approximately 10.0% to 12.0% compared to the prior year period. Prior guidance called for sales of $4.660 billion to $4.695 billion, representing an increase of approximately 7.6% to 8.4% compared to the prior year period. Adjusted EPS(1) in the range of approximately $1.20 to $1.30, compared to prior guidance of $1.25 to $1.35. The company's outlook is based on the following assumptions: Depreciation and amortization in the range of $135 million to $145 million Net interest expense of approximately $7 million An effective tax rate in the range of 24.0% to 24.5% Weighted average diluted share count for the year of approximately 213.5 million shares Capital expenditures in the range of $150 million to $160 million, with $60 million to $70 million related to our ERP upgrade   Matters Affecting Comparability: Reconciliation of Earnings per Share to Adjusted Earnings per Share For the 16-Week Period Ended For the 16-Week Period Ended April 23, 2022 April 24, 2021 Net income per diluted common share $ 0.40 $ 0.34 Loss on inferior ingredients — NM Business process improvement consulting costs 0.03 0.02 Impairment of assets NM — Loss on extinguishment of debt — 0.06 Adjusted net income per diluted common share $ 0.44 $ 0.41 NM - not meaningful. Certain amounts may not add due to rounding.   Consolidated First Quarter Operating Highlights Compared to the prior year first quarter where applicable Sales increased 10.3% to $1.436 billion, surpassing the previous record first quarter results in 2020 that were influenced by the pandemic. Percentage point change in sales attributed to: Pricing/mix: 13.5% Volume: -3.2% Branded retail sales increased $94.4 million or 11.0% to $956.1 million, store branded retail sales increased $11.1 million or 6.9% to $173.6 million, while non-retail and other sales increased $28.2 million or 10.2% to $306.2 million. Branded retail sales increased primarily due to higher prices intended to offset inflationary pressures, and improved promotional efficiency, partially offset by volume declines in branded cake items partly due to supply constraints. Store branded retail sales increased primarily due to higher prices intended to offset inflationary pressures, partially offset by volume declines as consumer purchasing continued to shift to branded retail products. Non-retail and other sales increased primarily due to higher prices intended to offset inflationary pressures, partially offset by volume declines in fast food and co-manufactured items, supply chain disruptions, and targeted sales rationalization to improve profitability. Materials, supplies, labor, and other production costs (exclusive of depreciation and amortization) were 50.5% of sales, a 110-basis point increase. These costs increased as a percentage of sales due to higher ingredient and packaging costs, partly offset by higher sales and reduced outside purchases. Selling, distribution and administrative (SD&A) expenses were 38.6% of sales, a 10-basis point increase, impacted by incremental consulting costs and transportation cost inflation, largely offset by favorable price/mix, lower workforce-related costs, and increased scrap dough income. Excluding matters affecting comparability, adjusted SD&A expenses were 38.0% of sales, a 20-basis point decrease from the prior year period. Depreciation and amortization (D&A) expenses were $43.4 million, or 3.0% of sales, a 20-basis point decrease. Net income increased 19.4% to $85.6 million. Adjusted net income increased 6.3% to $93.1 million, helped by a discrete tax benefit and lower interest expense. Adjusted EBITDA increased 2.4% to a quarter-record $165.5 million, representing 11.5% of sales, a 90-basis point decrease. Cash Flow, Capital Allocation, and Capital Return For the first quarter of fiscal 2022, cash flow from operating activities increased by $26.2 million to $124.2 million, capital expenditures increased $23.2 million to $50.5 million, and dividends paid to shareholders increased $4.2 million to $46.7 million. Cash and cash equivalents were $205.1 million at the end of the first quarter of fiscal 2022. There are 5.4 million shares that remain authorized for repurchase under the company's current share repurchase plan. The company expects to continue to execute share repurchases from time to time under this plan. Pre-Recorded Management Remarks and Question and Answer Webcast In conjunction with this release, pre-recorded management remarks and a supporting slide presentation will be posted to the Flowers Foods website. The company will host a live question and answer webcast at 8:30 a.m. (Eastern) on May 20, 2022. The pre-recorded remarks and the webcast can be accessed at flowersfoods.com/investors, where it will be archived. About Flowers Foods Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:FLO) is one of the largest producers of packaged bakery foods in the United States with 2021 sales of $4.3 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, and Tastykake. Learn more at www.flowersfoods.com. FLO-CORP   FLO-IR Forward-Looking Statements Statements contained in this filing and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the "company", "Flowers Foods", "Flowers", "us", "we", or "our") and its representatives that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to current expectations regarding our future financial condition and results of operations and the ultimate impact of the novel strain of coronavirus ("COVID-19") on our business, results of operations and financial condition and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based upon assumptions we believe are reasonable. Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in our Annual Report on Form 10-K (the "Form 10-K") and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC') and may include, but are not limited to, (a) unexpected changes in any of the following: (1) general economic and business conditions; (2) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (3) interest rates and other terms available to us on our borrowings; (4) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (5) relationships with or increased costs related to our employees and third-party service providers; (6) laws and regulations (including environmental and health-related issues); and (7) accounting standards or tax rates in the markets in which we operate, (b) the ultimate impact of the COVID-19 pandemic and future responses and/or measures taken in response thereto, including, but not limited to, new and emerging variants of the virus and the efficacy and distribution of vaccines, which are highly uncertain and are difficult to predict, (c) our ability to manage the demand, supply and operational challenges with the actual or perceived effects of the COVID-19 pandemic; (d) the loss or financial instability of any significant customer(s), including as a result of product recalls or safety concerns related to our products, (e) changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store branded products, (f) the level of success we achieve in developing and introducing new products and entering new markets, (g) our ability to implement new technology and customer requirements as required, (h) our ability to operate existing, and any new, manufacturing lines according to schedule, (i) our ability to implement and achieve our environmental, social, and governance ("ESG") goals in accordance with suppliers, regulations, and customers; (j) our ability to execute our business strategies which may involve, among other things, (1) the ability to realize the intended benefits of planned or contemplated acquisitions, dispositions or joint ventures, (2) the deployment of new systems (e.g., our enterprise resource planning ("ERP") system), distribution channels and technology, and (3) an enhanced organizational structure, (k) consolidation within the baking industry and related industries, (l) changes in pricing, customer and consumer reaction to pricing actions (including decreased volumes), and the pricing environment among competitors within the industry, (m) our ability to adjust pricing to offset, or partially offset, inflationary pressure on the cost of our products; (n) disruptions in our direct-store-delivery distribution model, including litigation or an adverse ruling by a court or regulatory or governmental body, or other regulatory developments, that could affect the independent contractor classifications of the independent distributor partners, (n) increasing legal complexity and legal proceedings that we are or may become subject to, (p) labor shortages and turnover or increases in employee and employee-related costs, (q) the credit, business, and legal risks associated with independent distributor partners and customers, which operate in the highly competitive retail food and foodservice industries, (r) any business disruptions due to political instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine), incidents of terrorism, natural disasters, labor strikes or work stoppages, technological breakdowns, product contamination, product recalls or safety concerns related to our products, or the responses to or repercussions from any of these or similar events or conditions and our ability to insure against such events, (s) the failure of our information technology ("IT") systems to perform adequately, including any interruptions, intrusions, cyber-attacks or security breaches of such systems or risks associated with the planned implementation of the upgrade of our ERP system; and (t) the potential impact of climate change on the company, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the company (such as in our other filings with the SEC or in company press releases) for other factors that may cause actual results to differ materially from those projected by the company. Refer to Part I, Item 1A., Risk Factors, of the Form 10-K, Part II, Item 1A., Risk Factors of the Form 10-Q for the quarter ended April 23, 2022 and subsequent filing with the SEC for additional information regarding factors that could affect the company's results of operations, financial condition and liquidity. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. You are advised, however, to consult any further public disclosures by the company (such as in our filings with the SEC or in company press releases) on related subjects. Information Regarding Non-GAAP Financial Measures The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, from time to time, the company may present in its public statements, press releases and SEC filings, non-GAAP financial measures such as, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted income tax expense, adjusted selling, distribution and administrative expenses (SD&A), gross margin excluding depreciation and amortization, free cash flow, and the ratio of net debt to adjusted EBITDA. The reconciliations attached provide reconciliations of the non-GAAP measures used in this presentation or release to the most comparable GAAP financial measure. The company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Earnings are net income. The company believes that EBITDA is a useful tool for managing the operations of its business and is an indicator of the company's ability to incur and service indebtedness and generate free cash flow. EBITDA is used as the primary performance measure in the company's 2014 Omnibus Equity and Incentive Compensation Plan. Furthermore, pursuant to the terms of our credit facility, EBITDA is used to determine the company's compliance with certain financial covenants. The company also believes that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because EBITDA measures assist in comparing performance on a consistent basis without regard to depreciation or amortization, which can vary significantly depending upon accounting methods and non-operating factors (such as historical cost). EBITDA is also a widely-accepted financial indicator of a company's ability to incur and service indebtedness. EBITDA should not be considered an alternative to (a) income from operations or net income (loss) as a measure of operating performance; (b) cash flows provided by operating, investing and financing activities (as determined in accordance with GAAP) as a measure of the company's ability to meet its cash needs; or (c) any other indicator of performance or liquidity that has been determined in accordance with GAAP. The company defines adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted income tax expense and adjusted SD&A, respectively, excluding the impact of asset impairment charges, Project Centennial consulting costs, business process improvement costs, lease terminations, legal settlements, acquisition-related costs, and pension plan settlements. The company believes that these measures, when considered together with its GAAP financial results, provides management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges. The company defines free cash flow as operating cash flow minus capital expenditures. The company believes that free cash flow provides investors a better understanding of the company's liquidity position. The company defines net debt as total debt less cash and cash equivalents. Net debt to EBITDA is used as a measure of financial leverage employed by the company. Gross margin excluding depreciation and amortization is used as a performance measure to provide additional transparent information regarding our results of operations on a consolidated and segment basis. Changes in depreciation and amortization are separately discussed and include depreciation and amortization for materials, supplies, labor and other production costs and operating activities. Presentation of gross margin includes depreciation and amortization in the materials, supplies, labor and other production costs according to GAAP. Our method of presenting gross margin excludes the depreciation and amortization components, as discussed above. The reconciliations attached provide reconciliations of the non-GAAP measures used in this presentation or release to the most comparable GAAP financial measure.   Flowers Foods, Inc.  Condensed Consolidated Balance Sheets (000's omitted) April 23, 2022 January 1, 2022 Assets      Cash and cash equivalents $ 205,147 $ 185,871      Other current assets 586,276 531,154      Property, plant and equipment, net 816,466 798,728      Right-of-use leases, net 294,111.....»»

Category: earningsSource: benzinga6 hr. 41 min. ago Related News

January 6 committee requests testimony from a Republican lawmaker who led a tour of the Capitol complex the day before the attack

The committee said they have evidence contradicting previous Republican claims that there were "no tours, no large groups, no one with MAGA hats on." Republican Rep. Barry Loudermilk of Georgia.Bill Clark/CQ-Roll Call via Getty Images The Jan. 6 committee asked Rep. Barry Loudermilk to testify about a tour he gave a day before the Capitol attack. The committee said it has evidence contradicting Republican claims that no such tours took place. Loudermilk had previously filed an ethics complaint against Democrats who had raised the issue. The House select committee investigating the January 6, 2021, Capitol siege has summoned Republican Rep. Barry Loudermilk to testify about a tour he allegedly gave the day before the attack took place.In the days following the attack, Democratic Rep. Mikie Sherill of New Jersey and more than 30 of her colleagues sent a letter to Capitol Police asking for an investigation into "suspicious behavior and access given to visitors" the day before the attack. She cited a seeming resemblance between the visitors and the rioters who attacked the complex the following day."The visitors encountered by some of the Members of Congress on this letter appeared to be associated with the rally at the White House the following day," Sherill wrote on January 12, 2021. "Members of the group that attacked the Capitol seemed to have an unusually detailed knowledge of the layout of the Capitol Complex."Sherill had described the tours as being for the purposes of "reconnaissance" during a Facebook Live event the day before.Republicans on the Committee on House Administration later said they had reviewed security camera footage covering the Capitol complex in the days before the attack, and denied that there had been any tours."There were no tours, no large groups, no one with MAGA hats on," a Republican aide anonymously told The Hill. "There's nothing in there remotely fitting the depiction in Mikie Sherrill's letter."And Loudermilk led an ethics complaint against the Democrats who had signed onto Sherill's letter, calling the allegations "morally reprehensible and a stain on this institution." But the committee now says they've uncovered new evidence that Loudermilk led such a tour, and are asking him to testify before the committee next week."If it would be preferable to hold this meeting with you in your home district, we would also be glad to explore travel arrangements to facilitate that option," wrote Democratic Rep. Bennie Thompson of Mississippi and Republican Re. Liz Cheney of Wyoming in the letter to Loudermilk.—January 6th Committee (@January6thCmte) May 19, 2022 Loudermilk's office did not immediately respond to Insider's request for comment.The letter comes after the committee issued subpoenas to five other Republican members of Congress, including House Minority Leader Kevin McCarthy. Loudermilk could also face a subpoena — which would compel him to testify — should he reject the committee's request to voluntarily testify.Read the original article on Business Insider.....»»

Category: topSource: businessinsider6 hr. 42 min. ago Related News

Milwaukee"s Socialeads reaches new industry with Marathon Laundry partnership

Imagine posting on Twitter about your broken washing machine and then receiving ads about a new, all-in-one washing and drying machine. That's the approach Milwaukee-based startup Marathon Laundry Machines is taking by using technology built by Socialeads Inc., another local startup that leverages artificial intelligence to mine social media channels to find high-quality sales leads. Socialeads got its start in the insurance and financial services industries with early backing from Northwestern….....»»

Category: topSource: bizjournals6 hr. 42 min. ago Related News

Finnish President Pledges "We"ll Commit To Turkey"s Security" In Biden Meeting

Finnish President Pledges "We'll Commit To Turkey's Security" In Biden Meeting On Thursday Finnish President Sauli Niinisto and Swedish Prime Minister Magdalena Andersson met Joe Biden at the White House, where the US President hailed the "momentous" NATO applications of the once-neutral countries. "Today I’m proud to welcome and offer the strong support in the United States for the applications of two great democracies, and two close, highly capable partners to join the strongest, most powerful defensive alliance in the history of the world," Biden said while standing alongside the two leaders in the Rose Garden. Swedish PM Magdalena Andersson and Finish President Sauli Niinisto met with President Biden Thursday. Getty Images "They meet every NATO requirement and then some," Biden emphasized, adding "having two new NATO members in the high north will enhance the security of our alliance." The visit came as Turkey's Erdogan is still pledging to resist their path to membership. "We have told our relevant friends we would say 'no' to Finland and Sweden’s entry into NATO, and we will continue on our path like this," Erdogan stressed in fresh Thursday remarks. President Niinisto used the occasion of the Biden meeting as an attempt at calming Turkey's concerns. "Finland has always had proud and good bilateral relations with Turkey. As NATO allies, we will commit to Turkey's security, just as Turkey will commit to our security," Niinisto stressed. "We take terrorism seriously. We condemn terrorism in all its forms and we are actively engaged in combating it. We are open to discussing all the concerns Turkey may have concerning our membership in an open and constructive manner," he added, countering Turkey's assertions. Andersson, for her part, said that the Stockholm government is "right now having a dialogue with all NATO member countries, including Turkey, on different levels to sort out any issues at hand." President Biden had also in the press conference addressed Moscow's anger over Finland, which shares a lengthy border with Russia. "New members joining NATO is not a threat to any nation," Biden said. "It never has been.” Meanwhile NATO Secretary-General Jens Stoltenberg chimed in from Copenhagen, saying, "We are addressing the concerns that Turkey has expressed." He added: "Because when an ally, an important ally as Turkey, raises security concerns, raised these issues, then, of course, the only way to do that is to sit down and find ways to find a common ground and an agreement on how to move forward." Thus far Erdogan and top Turkish officials have said that Finnish and Swedish delegations shouldn't even bother coming to Turkey if they remain unwilling to stop 'supporting' the PKK and others that Ankara sees as terrorists. At the same time, we wonder what Putin might be offering the Turkish leader to entice him to maintain his veto over the 30-member alliance, which needs consensus if it hopes to admit the new members. Tyler Durden Thu, 05/19/2022 - 15:40.....»»

Category: smallbizSource: nyt7 hr. 8 min. ago Related News

Leasing Activity Heats up at The Gateway at Wynwood

As Miami continues to experience a post-pandemic boom, The Gateway at Wynwood – the newest office building in the Wynwood area – announces tech start-up OpenStore’s expansion and the growth of its impressive roster of tenants with the addition of two new leases.   Aron Rosenberg, the developer behind The Gateway at Wynwood, has... The post Leasing Activity Heats up at The Gateway at Wynwood appeared first on Real Estate Weekly. As Miami continues to experience a post-pandemic boom, The Gateway at Wynwood – the newest office building in the Wynwood area – announces tech start-up OpenStore’s expansion and the growth of its impressive roster of tenants with the addition of two new leases.   Aron Rosenberg, the developer behind The Gateway at Wynwood, has signed a lease with OpenStore for an approximately 26,000-square-foot expansion, bringing the company’s total footprint in the building to over 40,000 square feet. At the same time, The Gateway at Wynwood signed a new lease with Baseline, a vertically integrated platform investment company, for 5,000 square feet of office space. It also signed a lease with Mediterranean-Asian-Fusion Steakhouse concept DALIYAH and MIZU Rooftop Garden for approximately 6,000 square feet of ground-floor restaurant space plus the nearly 3,000-square-foot rooftop area.  The Gateway at Wynwood was represented by Colliers’ Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer and Director Tyler de la Pena in the office lease transactions. CBRE’s Alex Cesar, First Vice President of Retail Advisory and Transaction Services, and Drew Schaul, Senior Vice President of Advisory and Transaction Services, represented The Gateway at Wynwood in the retail lease.  “Leasing activity has ramped up since the building’s opening, and we are excited to welcome these new tenants and see a current tenant expand so fast at The Gateway at Wynwood,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “Our building continues to remain a hub for new-to-market tenants, expansions and relocations to Wynwood, the ‘place-to-be’ for companies looking for a live-work-play environment. We are proud of the role we have played in the transformation of this community into one of Miami’s hottest neighborhoods.” The Gateway at Wynwood, which opened in 2022 as the first tenant took occupancy in January, recently achieved LEED Gold Certification. The building implemented practical and measurable strategies and solutions in areas including sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. Green buildings allow companies to operate more sustainably and give the people inside them a healthier, more comfortable space to work. OpenStore, the building’s first tenant to officially move in, is a platform that allows entrepreneurs with Shopify businesses to sell their companies and receive liquidity for what they’ve built. Founded by Keith Rabois of Founders Fund, Jack Abraham of Atomic, and Michael Rubenstein, the former President of AppNexus, OpenStore connects merchants and customers into a single unified shopping experience through access to data, information, and capital. The company announced in July that it raised $30 million in Series A funding, with a valuation of $250 million. OpenStore’s goal is to offer instant liquidity for eCommerce entrepreneurs. Baseline is focused on developing and operating short and long-term single-family rentals. Baseline’s principals have delivered over 4,000 market-leading vacation rentals and 20,000 single-family homes with an aggregate value of over $7 billion. This will be the Orlando-based company’s first Miami office. DALIYAH and MIZU Rooftop Garden’s concept was created by DZYNE Hospitality and OPSO Group, which are partnering with Canada’s A5 Hospitality. DZYNE Hospitality, led by Derrick Orosa, aka “DZYNE,” is working with OPSO Group, the company behind some of Miami’s trendiest restaurants, including Midtown’s MAÜ MIAMI and KAVO MIAMI, on the new concept. Founded by Alexandre Besnard and Patrick Hétu, A5 Hospitality has been a leading player in Montreal’s hospitality industry for 15 years. A5 has a varied yet targeted offering, ranging from high-end Japanese dining to large-scale entertainment projects, specializing in the development and operation of restaurants and bars. MIZU Rooftop Garden is set to open first, in time for Art Basel 2022, with the downstairs restaurant, opening by Summer of 2023. “Our Rooftop Garden has the most amazing views of the entire Miami Skyline, South Beach, Brickell, Downtown, Midtown, Design District and of course, Wynwood”, said DZYNE of DZYNE Hospitality. “Our high-end Mediterranean Japanese Steakhouse will be situated in between all the action of Wynwood, making it the ideal destination location, where you can have amazing Japanese cuisine with disco, retro and high energy music playing throughout the restaurant or take our private elevator directly to the Rooftop Garden and lay back for some specialty cocktails, bottle service, Japanese Krudos, fresh sushi and cold Japanese dishes, as well as Wagyu and Kobe BBQ.”   The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. The Gateway at Wynwood announced the building’s first office lease with biotech company Veru Inc in the summer of 2021. The eight-year, 12,155-square-foot lease will serve as the company’s global headquarters and triple Veru’s current office space.  The post Leasing Activity Heats up at The Gateway at Wynwood appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly7 hr. 23 min. ago Related News

Millennials and Gen Z Invested When It Was Fun. Now They’re Riding Out a Crash

Young investors have been taking big swings on high-risk, high-return trades. What's next? “Being open to crypto astrology might literally change your life,” says Maren Altman. She’s a 23-year-old astrology influencer with over 1.2 million TikTok followers, and she believes the study of celestial bodies can be a valuable tool for making sense of cryptocurrency. “I’m tracking planetary cycles,” she says. “So I look at the positions of the planets at a given moment and then other times in history.” Altman emphasizes that you don’t have to be an expert trader to take advantage of this approach to investing. Just learn the signs that the market is about to get worse and “put some money aside to buy in if it dips.” [time-brightcove not-tgx=”true”] Crypto astrology is just one unusual example of how younger generations are doing away with traditional investing methods in favor of less time-tested approaches, from meme stocks to crypto to NFTs. Fueled by the economic volatility of the COVID-19 pandemic, millennial and Gen Z investors have been taking big swings on high-risk, high-return trades rather than letting investments simmer. They’re also weathering a punishing crash. On May 14, Altman posted a reassuring message for everyone who lost money in the recent debacle. The market, she said, would stabilize—especially since Luna was “eclipsed under a lunar eclipse.” She was talking about the near-total collapse of the crypto token Luna, which accompanied the fall of its sister stablecoin TerraUSD (UST) and plunged the broader crypto market into freefall last week. The crash wiped out more than $400 billion in crypto market capitalization in a matter of days and bankrupted many investors. It’s been a “cryptocurrency bloodbath,” says Glauber Contessoto, a 34-year-old crypto enthusiast better known as the “Dogecoin Millionaire.” Contessoto made a name for himself in the crypto world last year by exceeding $1 million in Dogecoin holdings just over two months after investing his life savings of around $180,000 in the meme coin in 2021. And while he says that creating a dollar-pegged stablecoin like UST that can’t stay stable “takes all of the trust out of what everyone’s trying to do with crypto,” he’s committed to staying the course. “Whether you’re looking at Bitcoin or Dogecoin or Cardano or Ethereum… all of them have seen fluctuations,” he says. “The issue with newer coins is it’s harder to gauge if they’re going to recover or not, because we haven’t seen the data to prove that.” Crypto’s decline is reflective of a wider retreat from risky assets like tech stocks that’s been triggered in recent months by inflation, rising interest rates, and economic uncertainty brought on by Russia’s invasion of Ukraine. But crypto’s downturn has been notably sharper than the drop in the stock market. While the S&P 500 has slumped by roughly 18% so far this year, Bitcoin’s price has plummeted by nearly 40% in the same timeframe. Even with Dogecoin falling by over 50% this year, Contessoto’s faith in crypto’s long-term viability hasn’t waned. “All of this is temporary,” he says. “If you look at the history of Bitcoin, it’s still the most incredible investment you could have made in the last decade. We’ve seen drops in Bitcoin of 80%, 90% over the years and it never gets easier. But you stand firm because you know that crypto is the future and you know that everything will pan out eventually and slowly rise.” Why young people got so into investing Before crypto and NFTs began spiking in popularity, meme stock mania set in amongst young people. It was January 2021, and users of Reddit’s WallStreetBets subreddit banded together to intentionally inflate GameStop’s stock in order to force a short squeeze. That made the market more volatile. It was a fateful moment in time for retail investors. More than 10 million Americans opened new brokerage accounts in 2020, according to a 2021 report by consulting firm Deloitte. Encouraged by pandemic-induced shocks that led to record highs and lows, this new class of individual investors was responsible for 20% of all stock trading less than a year after the pandemic’s onset and has continued to grow more empowered as time has gone on. Most of these new investors are from younger generations. Survey data from brokerage firm Charles Schwab suggests that roughly two-thirds are millennials and Gen Zers, meaning young people are enjoying an unprecedented level of market power. They’re also wielding it in unprecedented ways. Research conducted by global data intelligence company Morning Consult indicates that 13% of Gen Zers and 11% of millennials are willing to take substantial financial risks in expectation of earning substantial rewards as compared to 3% of Boomers. The possibility of getting rich quick is what appeals to many younger people about the crypto and NFT markets, says 33-year-old Shane Martz, a crypto influencer known on social media as the Jolly Green Investor. “The time to take risks on investments is when you’re young,” he says. “And right now, crypto and NFTs are that scene. They offer you the opportunity of getting back 10x or 100x on your investment within a few months or even weeks.” A November report published by Pew Research Center showed that roughly 31% of 18-29-year-old Americans have invested in, traded, or used a cryptocurrency, compared with smaller shares of adults in older age groups. Altman attributes this trend to the rise of easily accessible investing advice online. “The internet opens access to information that might have previously been gate-kept or intentionally just not advertised to the public,” she says. “When I was taking business school classes, I felt like there were certain words for things that were—I don’t want to say pretentious—but intended to keep people out. It doesn’t need to be that complicated. Online, people can cut through that easier.” That’s even how Contessoto got his start. He says he first began looking into crypto after the popular commission-free investing app Robinhood took steps to curb the trading of GameStop stock and other heavily shorted securities in early 2021—and ultimately learned about Dogecoin on a Reddit thread “I had some money invested in GameStop and then after Robinhood pulled what they did, it became apparent that style of investing was no longer working for me” he says. “I started looking at alternative ways of investing and that’s how I came across crypto.There were a lot of people in my shoes who lost a lot of money and started switching over.” What now? As the past week has shown, putting your faith in more volatile assets doesn’t always pan out. Newbie investors are often on the lookout for an investing opportunity that has the potential to change their fortune overnight because of success stories they’ve seen online, says Martz. But those types of gains aren’t the norm. “Social media is the reason everyone really wants to get involved in these newer trends because it makes them seem so easy and glamorous,” he says. “Everyone’s always chasing the next shiny thing. They’re seeing people driving around in Lambos on TikTok and Instagram saying, ‘I work two hours a day from anywhere in the world,’ or, ‘I just turned $1,000 into $500,000.’ But the reality is that successful investing takes a lot of work and dedication.” Even after his unprecedented success investing in Dogecoin, Contessoto says that he still cautions less-experienced investors against wild speculation. “People ask me questions all the time like, ‘How do I do what you did?’ But I consider Dogecoin this once-in-a-lifetime, perfect-storm scenario. I couldn’t even do it again.” Instead, he advises those just getting into the crypto space to stick to “blue-chip cryptocurrencies” like Bitcoin and Ethereum. “If you look at their track records, those two are the powerhouses. Obviously, it’ll be a slower grind with a slower growth rate. But it’s like, you can either play it safe or you can try your hand at a bunch of speculation plays and maybe lose all your money.” Still, Contessoto realizes it might seem disingenuous to give others advice that he didn’t take himself. “It’s hard to tell people to do something that you didn’t,” he says. “You know, I’m saying, ‘Hey, play it safe—buy Bitcoin and Ethereum.’ But I was over here YOLO-ing into Dogecoin and it happened to work out great for me.” Martz says that crypto’s current debacle illustrates how the crypto market can be manipulated just like the stock market. “We’ve seen over the past week that there’s large entities buying and selling to drive the price up and down. And unfortunately, it’s the whales that win the game every time. The retail investors always lose,” he says. “So the best thing you can do is educate yourself and try to take advantage of the trends.” But that doesn’t mean that a return to traditional investing is seen as the way forward for those who have made the switch. While some critics view crypto as a Ponzi scheme, Contessoto says they’re missing the big picture. “A lot of these old-school investing guys look at crypto as something that doesn’t create anything and is only worth more because more people are buying into it,” he says. “But we’re talking about a new form of money that didn’t exist a little over 10 years ago. It’s something more people should research and try to understand how it can be beneficial.” For those who are looking to the stars for an answer, Altman predicted on TikTok that prices will somewhat restabilize and improve over the summer. “Once eclipse season ends, I expect a lot of this insanity to end,” she said......»»

Category: topSource: time8 hr. 7 min. ago Related News

How businesses can use escape rooms, phishing tests, and other creative tactics to fend off common cyberattacks, according to experts from Mastercard and the US government

Mastercard's Jon Brickey and the Department of Education's Steven Hernandez explain how companies can educate the workforce on cyberattacks. Panelists from Cisco's third Cybersecurity Trends SessionInsider Last year, businesses and government agencies experienced a spike in cyberattacks.  Security technology has advanced, but cybercriminals still exploit a big weakness: people. Two experts tell Insider how organizations can educate the workforce and protect against attacks. The conversation was part of Insider's virtual event "Cybersecurity Trends: Prepare For A More Secure Future," presented by Cisco, which took place on Thursday, May 12, 2022. Click here to watch a full recording of the event. 2021 was a good year for cybercriminals.A record 66% of organizations were hit by ransomware attacks in 2021, up 78% from 2020, according to a report by tech security firm Sophos. Criminals holding computer systems hostage via ransomware can lead to loss of data and reputational harm. Despite innovations in security, this paints a grim picture for private companies and government organizations.Unknowing employees remain the weakest link and easiest target for cybercriminals, according to Steven Hernandez, chief information security officer at the US Department of Education, who spoke at the cybersecurity panel on Thursday called "Cybersecurity Trends: Prepare For A More Secure Future," presented by Cisco. The solution isn't simply to add more training to help skill up employees on security practices, but to build a culture of awareness rooted in creativity, sensitivity, and engagement, he said."Frankly, the human has become the softest, easiest target in the equation for our attacker to go after," Hernandez said.Creating a culture of awareness means having more honest and open conversations with staff that keep them on alert. Prevention starts with employee education and the best person to spearhead that effort is someone who's excited about the cause, Jon Brickey, senior VP at Mastercard, said at the panel."You really need to identify somebody who's creative and engaging and likes to do this kind of thing," Brickey said. "You have to make it engaging."This can take many different forms, like leading efforts on creating speaker series on cybersecurity and presenting on types of threat, according to Brickey. At Mastercard, the security department created online escape rooms and modules presented in virtual reality to encourage robust year-round engagement.When deciding how to keep employees engaged, the cybersecurity department can get inspiration from reality. The Department of Education recycles and repackages actual attacks in hopes of educating staff on what cybercriminal attempts look like, Hernandez said.But employee engagement has its limits. By impersonating cybercriminals and recreating their attempts to deceive employees into giving up personal information, known as phishing, organizations can run the risk of alienating or frustrating their employees, according to Hernandez.Recreating some of the schemes that play on employees' emotions, like pretending to be a family member, can cause employees to disengage altogether. That could set back a cybersecurity program by weeks or months, Hernandez said.Cybersecurity leadership should also be respectful around the timing of the trainings and evaluations to be sure it doesn't coincide with performance reviews or annual bonuses, according to Brickey."We don't want to create friction where it's not needed," Brickey said.Communicating with leadership across the organization can help gauge how employees will respond to the tests, according to Hernandez. And employees should have the capability to test out certain modules to build goodwill and confidence among the workforce, he said.Removing barriers to cyber secure behavior is also important for the security department to prioritize, Hernandez said. For example, the Department of Education built a tool into its email server that allows staff to submit a suspicious email directly to the security team to remove any obstacles to reporting.Hernandez also urges building positive relationships between security departments and employees by calling employees and recognizing them when they've done well in training.But critically, companies need to realize that there isn't a one-size-fits-all approach to working with employees to better educate them. Threat actors vary depending on the business and industry, according to Hernandez."There will always be a human element to this," Hernandez said. "As long as there's a human in the mix, they can always be targeted."Read the original article on Business Insider.....»»

Category: topSource: businessinsider8 hr. 9 min. ago Related News

"My Patience Is Wearing Thin": Citadel"s Ken Griffin Is At His Breaking Point With Chicago

"My Patience Is Wearing Thin": Citadel's Ken Griffin Is At His Breaking Point With Chicago Hedge funds are running out of U.S. cities to defect to - just ask Ken Griffin. He is among the many managers contemplating leaving his home city due to crime.  Griffin is getting close to leaving Chicago, where he has been threatening to leave for a while, a mid-day Thursday report from Bloomberg noted. Instead of leaving, Griffin had previously donated millions of dollars toward policing efforts.  “We’re getting to the point that if things don’t change, we’re gone. Things aren't changing," he said this week. Currently, his hedge fund and market making businesses are headquartered on South Dearborn Street, blocks from the Willis Tower.  Griffin has long said that he would consider leaving due to rising violence and inept political leadership in the city. He even announced a $25 million donation to help fund the University of Chicago Crime Lab’s new program on policing and public safety training, Bloomberg noted.  But the city's rising crime over the last few years, which worsened during social unrest related to the George Floyd incident and during Covid, has become an issue that Mayor Lori Lightfoot isn't competent enough to solve.  We have documented extensively how many former city residents have felt the urge to leave Chicago - a scene that has also played out in major American cities like New York and San Francisco.  One resident said of Lightfoot back in 2020: "She hasn't done her job. Her job is to protect me and protect the city. And I just don't see that she's doing it. I can't go out at nighttime anymore. I'm afraid to. That's not normal, that's not the way Americans are supposed to live." Griffin has also donated millions to Illinois’ Republican gubernatorial candidate Richard Irvin, who is seeking to beat current Governor J.B. Pritzker.  He has called the violence in the city "senseless" while his firm seeks additional office space in Manhattan.  “My patience is wearing thin,” Griffin said. Maybe if Mayor Lightfoot spent more time fighting crime and less time dressing up as someone who is fighting Covid, Griffin wouldn't be having this problem Tyler Durden Thu, 05/19/2022 - 15:20.....»»

Category: dealsSource: nyt8 hr. 23 min. ago Related News

Madison Cawthorn foes who published a damaging nude video launch campaign to "fire" Lauren Boebert

The first tweet by @FireBoebert says, "Hi @RepBoebert - Ask @RepCawthorn about us. We look forwarding to getting to know you." In this July 29, 2021, file photo, Rep. Lauren Boebert, R-Colo., speaks at a news conference held by members of the House Freedom Caucus on Capitol Hill in Washington.Andrew Harnik/AP The group that posted a viral nude video of Rep. Madison Cawthorn is now targeting Rep. Lauren Boebert. The American Muckrackers PAC has "interesting information" about Boebert financial matters, a co-founder told Insider. The group launched "FireBoebert.com" on Thursday. The group that posted a viral sexually explicit video of a nude Rep. Madison Cawthorn with another man in bed is now focusing on Colorado Rep. Lauren Boebert for its next takedown, Insider has learned."I think we're gonna go after Lauren Boebert in Colorado in a similar way," David B. Wheeler, cofounder of the American Muckrakers PAC, told Insider on Wednesday. "I think we're gonna engage in that race pretty quickly."The group on Thursday launched a "fireboebert.com" website, seeking tips on information, pictures, videos, or documents on Boebert or her associates. The first tweet by @FireBoebert read, "Hi @RepBoebert - Ask @RepCawthorn about us. We look forwarding to getting to know you." Their logo: a Dumpster fire emblazoned with "FIRE BOEBERT."While Wheeler is a Democrat, his co-founder is unaffiliated, and the group counts some Republicans among its advisors. Wheeler told Insider on Wednesday he's already received "interesting information" about the Republican firebrand, whose primary against GOP state Sen. Don Coram is on June 28. The information is "certainly not as salacious as some of the Cawthorn stuff." It deals, instead, with financial matters, he said, declining to disclose more details.A spokesperson for Boebert did not immediately respond to a request for comment.Last year, the Associated Press reported that the freshman lawmaker failed to disclose her husband's income during her campaign, in violation of ethics and campaign finance laws. She revealed that her husband made nearly $1 million over 2019 and 2020 as a consultant for an energy firm. Former President Donald Trump endorsed Boebert in December as "a fearless leader, a defender of the America First Agenda, and a fighter against the Loser RINOs and Radical Democrats," shortly after she was rebuked for making Islamaphobic comments about Democratic Rep. Ilhan Omar of Minnesota.Wheeler's PAC, also known as FireMadison.com, played a key role in exposing damaging information about Cawthorn, who lost his Republican primary in North Carolina to state Sen. Chuck Edwards on Tuesday. The group revealed Cawthorn's attempt to take a gun through the Asheville Regional Airport last year. It also filed a complaint accusing Cawthorn of violating US House ethics rules by allegedly providing free housing and gifts to a staff member.Cawthorn responded to the nude video released by the PAC, saying "I was being crass with a friend, trying to be funny. We were acting foolish, and joking. That's it."In Colorado, where Boebert is running for re-election, unaffiliated voters can participate in either the Republican or Democratic primary. Wheeler said he plans to focus on targeted messages through texting and social media at unaffiliated women."We helped fire Madison Cawthorn. Now it's Lauren Boebert's turn," the fireboebert.com webiste says.Read the original article on Business Insider.....»»

Category: topSource: businessinsider9 hr. 23 min. ago Related News

NATO beer with "taste of security" and "hint of freedom" released in Finland to mark move to join alliance

Finland and Sweden formally applied to join NATO this week. The moves were prompted by Russia's unprovoked war in Ukraine. Olaf Brewing Company in Savonlinna, eastern Finland, has brewed a special beer in honor of the Nordic country's NATO aspirations.Soila Puurtinen/Getty Images A Finnish brewery just released a NATO-themed beer to mark the country's moves to join the alliance. The brewery's CEO told the AP that the beer has "a taste of security, with a hint of freedom." Russia's war in Ukraine prompted Finland and Sweden to apply to join NATO.  A brewery in Finland has released a NATO-themed beer in celebration of the Scandinavian country's move to join the alliance, the Associated Press reported.The beer, brewed by Olaf Brewing Company, is called the OTAN lager. The name plays off of a Finnish expression for "I'll have a beer" and the French abbreviation for NATO ("OTAN"), the AP said. CEO Petteri Vanttinen told the AP that the beer has "a taste of security, with a hint of freedom," and that he was inspired to brew it by "worries over the war in Ukraine." The beer's can depicts a medieval night holding a beer and wearing armor that features the NATO symbol.Nato-branded OTAN beer cans produced by the Olaf Brewing Company are pictured in Savonlinna, eastern Finland, on May 17, 2022Photo by SOILA PUURTINEN/LEHTIKUVA/AFP via Getty ImagesFinland and its next-door neighbor Sweden formally applied for NATO membership on Wednesday, marking a historic break from decades of neutrality. The leaders of both Nordic countries have said that Russia's unprovoked invasion of Ukraine prompted their rapid, dramatic shift toward joining the 73-year-old alliance.President Joe Biden endorsed Finland and Sweden's NATO bids at the White House on Thursday as he hosted Finnish President Sauli Niinistö and Swedish Prime Minister Magdalena Andersson."In the face of aggression, NATO has not grown weaker or more divided. It has grown stronger, more united," Biden said from the Rose Garden alongside the two leaders, adding, "With Finland and Sweden's decision to request membership in NATO, it'll be enhanced for all time."Russian President Vladimir Putin has railed against NATO expansion for years, and in the lead-up to the war, he demanded that the West agree to ban Ukraine from ever joining the alliance. But NATO remained adamant that its open-door policy was non-negotiable. Instead of weakening NATO and preventing further expansion, Putin's war in Ukraine is poised to see the alliance bolster its ranks. The impending additions of Finland, which shares an 830-mile border with Russia, and neighboring Sweden to NATO is one of the many ways in which the conflict has backfired on the Kremlin. NATO enlargement requires unanimous agreement from all current members. Turkish President Recep Tayyip Erdogan has expressed opposition to Finland and Sweden joining, but he has also hinted that he wants concessions on certain issues in order to offer his support.Finland's president addressed Turkey's concerns in remarks at the White House on Thursday. "Finland has always had proud and good bilateral relations to Turkey," Niinistö said. "As NATO allies, we will commit to Turkey's security, just as Turkey will commit to our security.""We are open to discussing all the concerns Turkey may have concerning our membership in an open and constructive manner," the Finnish leader went on to say.National security advisor Jake Sullivan on Wednesday told reporters that the White House is "confident that at the end of the day, Finland and Sweden will have an effective and efficient accession process." Sullivan said that Turkey's "concerns can be addressed."NATO chief Jens Stoltenberg on Thursday also expressed confidence Finland and Sweden would be welcomed into the alliance, despite Turkey's objections. "We are in close contact with Finland, Sweden and Turkey. We are addressing the concerns that Turkey has expressed," Stoltenberg told reporters during a visit to Copenhagen, per Reuters. Read the original article on Business Insider.....»»

Category: topSource: businessinsider9 hr. 23 min. ago Related News

Twitter jumps after the company tells employees its deal with Elon Musk is still on and that it won"t renegotiate the $54.20 takeover price

There is "no such thing as a deal being on hold," Twitter's top lawyer Vijaya Gadde told employees during the meeting. In this photo illustration, the Twitter logo is displayed on the screen of the phone, with Elon Musk's Twitter account in the background. (Sheldon Cooper/SOPA Images/LightRocket via Getty ImagesTwitter stock jumped 3% on Thursday after the company told employees that its deal with Elon Musk is not on hold.Bloomberg also reported that the social media company would not renegotiate its deal price of $54.20 per share.Musk recently tweeted that his deal to buy Twitter was "on hold" as he gets to the bottom of how many fake accounts are on the platform.Twitter stock spiked as much as 3% on Thursday after Bloomberg reported that the social media company told employees its deal to be acquired by Elon Musk is moving forward as planned.That's despite several tweets from Musk over the past week saying he put the deal "on hold" as he assessed how many fake bot accounts are on the platform. Twitter says about 5% of its accounts are fake, while Musk believes that number is closer to 20%.There is "no such thing as a deal being on hold," Twitter's top lawyer Vijaya Gadde told employees during the meeting, according to Bloomberg. Additionally, Twitter said that it wouldn't renegotiate on the deal price, which currently stands at $54.20 per share, or about $44 billion.Musk could be getting cold feet to purchase Twitter, or he may want to lower the purchase price given that Tesla has erased more than $400 billion in market value amid the ongoing market slump. Musk has planned to put up more than $10 billion of his Tesla stake as collateral to obtain financing to buy Twitter.If Musk walks away from the deal, which could be difficult because he signed a contract, he would owe Twitter $1 billion in breakup fees. Musk could be trying to avoid paying that breakup fee by arguing that Twitter has more bots on its platform than it had originally said.But Twitter seems firm in its stance that Musk is set to buy the company at its agreed upon price. Twitter CFO Ned Segal told employees during the meeting that Twitter executives are still engaging with Musk and his team, working with them "regularly" to close the deal, according to the report. While Twitter hasn't wavered in its goal to seal the deal, the stock market doesn't think it will happen, based on the large spread between the agreed upon purchase price and what Twitter stock currently trades for. On Thursday, shares were 30% below the $54.20 deal price.Read the original article on Business Insider.....»»

Category: topSource: businessinsider9 hr. 23 min. ago Related News

Hunter Biden Took In $11 Million Over 5 Years According To NBC Analysis

Hunter Biden Took In $11 Million Over 5 Years According To NBC Analysis Hunter Biden and his company brought in around $11 million over a five-year span, most of which was while his father was Vice President of the United States, according to an analysis by of his abandoned laptop by NBC News obtained through Rudy Giuliani. Perhaps most interesting is the harsh tone NBC takes with the first son... "Biden and his company brought in about $11 million via his roles as an attorney and a board member with a Ukrainian firm accused of bribery and his work with a Chinese businessman now accused of fraud." The documents and the analysis, which don’t show what he did to earn millions from his Chinese partners, raise questions about national security, business ethics and potential legal exposure. In December 2020, Biden acknowledged in a statement that he was the subject of a federal investigation into his taxes. NBC News was first to report that an ex-business partner had warned Biden he should amend his tax returns to disclose $400,000 in income from the Ukrainian firm, Burisma. GOP congressional sources also say that if Republicans take back the House this fall, they’ll demand more documents and probe whether any of Biden’s income went to his father, President Joe Biden. -NBC News $5.8 million of Biden's income - more than half his total earnings over the five years - came from two deals with Chinese business interests. The most lucrative of the two was a consulting relationship with a powerful (and now missing) CCP-linked Chinese businessman, Ye Jianming, who's company, CEFC, paid $4,790,375.25 to Biden's Owasco PC over the course of about one year. Jianming was accused by Chinese prosecutors of "economic crimes" in 2018, and hasn't been seen in public since he was detained. Ye Jianming "No government ethics rules apply to him," said Walter Shaub, a former director of the U.S. Office of Government Ethics who is now an ethics expert with the Project on Government Oversight, who added that "it’s imperative that no one at DOJ and no one at the White House interfere with the criminal investigation in Delaware." Shaub has previously raised questions over Hunter's lucrative 'art' sales being a method for laundering influence. And according to the FBI's former assistant director for counterintelligence, Frank Figliuzzi, there's a national security risk when the CCP can get close to people like Biden. "It’s all about access and influence, and if you can compromise someone with both access and influence, that’s even better," he said, adding "Better still if that target has already compromised himself." An analysis of Hunter's expenses reveal over $200,000 per month from October 2017 through February 2018 on everything from Porsche payments, dental work, cash withdrawals and luxury hotel rooms - which Biden has admitted he used on drugs and partying with strangers who often stole from him. Hunter also struggled to keep current on multiple mortgages, alimony, and child support payments to his ex-wife. Things got so bad that Hollywood attorney Kevin Morris, who began advising Hunter in 2020, arranged to pay off around $2 million owed to the IRS (which legal experts say doesn't let Hunter off the hook for criminal liability, or necessarily erase his debts). NBC News analyst Chuck Rosenberg, a former Justice Department official, said that Biden’s paying what he owes could even be seen as an admission of criminal violations. Not paying taxes for many years, rather than one or two, Rosenberg said, helps establish intent, which can otherwise be a struggle for prosecutors in white-collar cases. Paying the bill, Rosenberg said, might help Biden if he faced sentencing and “mitigate some of the damage, but it doesn’t undo the crime. That would be like returning money to a bank that you robbed. You still robbed the bank.” -NBC News According to a Senate GOP report on Hunter's finances, CEFC was one of three firms involved in certain transactions that were "among those identified as potential efforts to layer funds." The U.S. Treasury Financial Crimes Enforcement Network describes the layering of funds as “separating the illegally obtained money from its criminal source by layering it through a series of financial transactions, which makes it difficult to trace the money back to its original source.” But the report doesn’t say whether or not Hunter Biden was personally involved in any transactions that were suggested to involve “layering.” -NBC News Hunter also worked for Jianming associate Patrick Ho, who was convicted in US federal court of bribery in relations to oil deals in Chad and Uganda starting in September 2014. A jury found that Ho - while employed by CEFC - bribed or attempted to bribe officials to the tune of $2 million, and was sentenced to three years in prison on March 2019. Biden has denied any illegal activity and says he's "cooperating completely" with a federal investigation in Delaware. "And I’m absolutely certain, 100 percent certain," said Hunter, "that at the end of the investigation, I will be cleared of any wrongdoing." Tyler Durden Thu, 05/19/2022 - 13:41.....»»

Category: smallbizSource: nyt9 hr. 56 min. ago Related News