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ST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/en
PLAINS, Ga. (AP) — Newly married and sworn as a Naval officer, Jimmy Carter left his tiny hometown in 1946 hoping to climb the ranks and see the world. Less than a decade later, the death of his father and namesake, a merchant farmer and local politician who went by “Mr. Earl,” prompted the submariner and his wife, Rosalynn, to return to the rural life of Plains, Georgia, they thought they’d escaped. The lieutenant never would be an admiral. Instead, he became commander in chief. Years after his presidency ended in humbling defeat, he would add a Nobel Peace Prize, awarded not for his White House accomplishments but “for his decades of untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” The life of James Earl Carter Jr., the 39th and longest-lived U.S. president, ended Sunday at the age of 100 where it began: Plains, the town of 600 that fueled his political rise, welcomed him after his fall and sustained him during 40 years of service that redefined what it means to be a former president. With the stubborn confidence of an engineer and an optimism rooted in his Baptist faith, Carter described his motivations in politics and beyond in the same way: an almost missionary zeal to solve problems and improve lives. Carter was raised amid racism, abject poverty and hard rural living — realities that shaped both his deliberate politics and emphasis on human rights. “He always felt a responsibility to help people,” said Jill Stuckey, a longtime friend of Carter's in Plains. “And when he couldn’t make change wherever he was, he decided he had to go higher.” Defying expectations Carter's path, a mix of happenstance and calculation , pitted moral imperatives against political pragmatism; and it defied typical labels of American politics, especially caricatures of one-term presidents as failures. “We shouldn’t judge presidents by how popular they are in their day. That's a very narrow way of assessing them," Carter biographer Jonathan Alter told the Associated Press. “We should judge them by how they changed the country and the world for the better. On that score, Jimmy Carter is not in the first rank of American presidents, but he stands up quite well.” Later in life, Carter conceded that many Americans, even those too young to remember his tenure, judged him ineffective for failing to contain inflation or interest rates, end the energy crisis or quickly bring home American hostages in Iran. He gained admirers instead for his work at The Carter Center — advocating globally for public health, human rights and democracy since 1982 — and the decades he and Rosalynn wore hardhats and swung hammers with Habitat for Humanity. Yet the common view that he was better after the Oval Office than in it annoyed Carter, and his allies relished him living long enough to see historians reassess his presidency. “He doesn’t quite fit in today’s terms” of a left-right, red-blue scoreboard, said U.S. Transportation Secretary Pete Buttigieg, who visited the former president multiple times during his own White House bid. At various points in his political career, Carter labeled himself “progressive” or “conservative” — sometimes both at once. His most ambitious health care bill failed — perhaps one of his biggest legislative disappointments — because it didn’t go far enough to suit liberals. Republicans, especially after his 1980 defeat, cast him as a left-wing cartoon. It would be easiest to classify Carter as a centrist, Buttigieg said, “but there’s also something radical about the depth of his commitment to looking after those who are left out of society and out of the economy.” ‘Country come to town’ Indeed, Carter’s legacy is stitched with complexities, contradictions and evolutions — personal and political. The self-styled peacemaker was a war-trained Naval Academy graduate who promised Democratic challenger Ted Kennedy that he’d “kick his ass.” But he campaigned with a call to treat everyone with “respect and compassion and with love.” Carter vowed to restore America’s virtue after the shame of Vietnam and Watergate, and his technocratic, good-government approach didn't suit Republicans who tagged government itself as the problem. It also sometimes put Carter at odds with fellow Democrats. The result still was a notable legislative record, with wins on the environment, education, and mental health care. He dramatically expanded federally protected lands, began deregulating air travel, railroads and trucking, and he put human rights at the center of U.S. foreign policy. As a fiscal hawk, Carter added a relative pittance to the national debt, unlike successors from both parties. Carter nonetheless struggled to make his achievements resonate with the electorate he charmed in 1976. Quoting Bob Dylan and grinning enthusiastically, he had promised voters he would “never tell a lie.” Once in Washington, though, he led like a joyless engineer, insisting his ideas would become reality and he'd be rewarded politically if only he could convince enough people with facts and logic. This served him well at Camp David, where he brokered peace between Israel’s Menachem Begin and Epypt’s Anwar Sadat, an experience that later sparked the idea of The Carter Center in Atlanta. Carter's tenacity helped the center grow to a global force that monitored elections across five continents, enabled his freelance diplomacy and sent public health experts across the developing world. The center’s wins were personal for Carter, who hoped to outlive the last Guinea worm parasite, and nearly did. As president, though, the approach fell short when he urged consumers beleaguered by energy costs to turn down their thermostats. Or when he tried to be the nation’s cheerleader, beseeching Americans to overcome a collective “crisis of confidence.” Republican Ronald Reagan exploited Carter's lecturing tone with a belittling quip in their lone 1980 debate. “There you go again,” the former Hollywood actor said in response to a wonky answer from the sitting president. “The Great Communicator” outpaced Carter in all but six states. Carter later suggested he “tried to do too much, too soon” and mused that he was incompatible with Washington culture: media figures, lobbyists and Georgetown social elites who looked down on the Georgians and their inner circle as “country come to town.” A ‘leader of conscience’ on race and class Carter carefully navigated divides on race and class on his way to the Oval Office. Born Oct. 1, 1924 , Carter was raised in the mostly Black community of Archery, just outside Plains, by a progressive mother and white supremacist father. Their home had no running water or electricity but the future president still grew up with the relative advantages of a locally prominent, land-owning family in a system of Jim Crow segregation. He wrote of President Franklin Roosevelt’s towering presence and his family’s Democratic Party roots, but his father soured on FDR, and Jimmy Carter never campaigned or governed as a New Deal liberal. He offered himself as a small-town peanut farmer with an understated style, carrying his own luggage, bunking with supporters during his first presidential campaign and always using his nickname. And he began his political career in a whites-only Democratic Party. As private citizens, he and Rosalynn supported integration as early as the 1950s and believed it inevitable. Carter refused to join the White Citizens Council in Plains and spoke out in his Baptist church against denying Black people access to worship services. “This is not my house; this is not your house,” he said in a churchwide meeting, reminding fellow parishioners their sanctuary belonged to God. Yet as the appointed chairman of Sumter County schools he never pushed to desegregate, thinking it impractical after the Supreme Court’s 1954 Brown v. Board decision. And while presidential candidate Carter would hail the 1965 Voting Rights Act, signed by fellow Democrat Lyndon Johnson when Carter was a state senator, there is no record of Carter publicly supporting it at the time. Carter overcame a ballot-stuffing opponent to win his legislative seat, then lost the 1966 governor's race to an arch-segregationist. He won four years later by avoiding explicit mentions of race and campaigning to the right of his rival, who he mocked as “Cufflinks Carl” — the insult of an ascendant politician who never saw himself as part the establishment. Carter’s rural and small-town coalition in 1970 would match any victorious Republican electoral map in 2024. Once elected, though, Carter shocked his white conservative supporters — and landed on the cover of Time magazine — by declaring that “the time for racial discrimination is over.” Before making the jump to Washington, Carter befriended the family of slain civil rights leader Martin Luther King Jr., whom he’d never sought out as he eyed the governor’s office. Carter lamented his foot-dragging on school integration as a “mistake.” But he also met, conspicuously, with Alabama's segregationist Gov. George Wallace to accept his primary rival's endorsement ahead of the 1976 Democratic convention. “He very shrewdly took advantage of his own Southerness,” said Amber Roessner, a University of Tennessee professor and expert on Carter’s campaigns. A coalition of Black voters and white moderate Democrats ultimately made Carter the last Democratic presidential nominee to sweep the Deep South. Then, just as he did in Georgia, he used his power in office to appoint more non-whites than all his predecessors had, combined. He once acknowledged “the secret shame” of white Americans who didn’t fight segregation. But he also told Alter that doing more would have sacrificed his political viability – and thus everything he accomplished in office and after. King's daughter, Bernice King, described Carter as wisely “strategic” in winning higher offices to enact change. “He was a leader of conscience,” she said in an interview. Rosalynn was Carter's closest advisor Rosalynn Carter, who died on Nov. 19 at the age of 96, was identified by both husband and wife as the “more political” of the pair; she sat in on Cabinet meetings and urged him to postpone certain priorities, like pressing the Senate to relinquish control of the Panama Canal. “Let that go until the second term,” she would sometimes say. The president, recalled her former aide Kathy Cade, retorted that he was “going to do what’s right” even if “it might cut short the time I have.” Rosalynn held firm, Cade said: “She’d remind him you have to win to govern.” Carter also was the first president to appoint multiple women as Cabinet officers. Yet by his own telling, his career sprouted from chauvinism in the Carters' early marriage: He did not consult Rosalynn when deciding to move back to Plains in 1953 or before launching his state Senate bid a decade later. Many years later, he called it “inconceivable” that he didn’t confer with the woman he described as his “full partner,” at home, in government and at The Carter Center. “We developed a partnership when we were working in the farm supply business, and it continued when Jimmy got involved in politics,” Rosalynn Carter told AP in 2021. So deep was their trust that when Carter remained tethered to the White House in 1980 as 52 Americans were held hostage in Tehran, it was Rosalynn who campaigned on her husband’s behalf. “I just loved it,” she said, despite the bitterness of defeat. Reevaluating his legacy Fair or not, the label of a disastrous presidency had leading Democrats keep their distance, at least publicly, for many years, but Carter managed to remain relevant, writing books and weighing in on societal challenges. He lamented widening wealth gaps and the influence of money in politics. He voted for democratic socialist Bernie Sanders over Hillary Clinton in 2016, and later declared that America had devolved from fully functioning democracy to “oligarchy.” Yet looking ahead to 2020, with Sanders running again, Carter warned Democrats not to “move to a very liberal program,” lest they help re-elect President Donald Trump. Carter scolded the Republican for his serial lies and threats to democracy, and chided the U.S. establishment for misunderstanding Trump’s populist appeal. He delighted in yearly convocations with Emory University freshmen, often asking them to guess how much he’d raised in his two general election campaigns. “Zero,” he’d gesture with a smile, explaining the public financing system candidates now avoid so they can raise billions. Carter still remained quite practical in partnering with wealthy corporations and foundations to advance Carter Center programs. Carter recognized that economic woes and the Iran crisis doomed his presidency, but offered no apologies for appointing Paul Volcker as the Federal Reserve chairman whose interest rate hikes would not curb inflation until Reagan's presidency. He was proud of getting all the hostages home without starting a shooting war, even though Tehran would not free them until Reagan's Inauguration Day. “Carter didn’t look at it” as a failure, Alter emphasized. “He said, ‘They came home safely.’ And that’s what he wanted.” Well into their 90s, the Carters greeted visitors at Plains’ Maranatha Baptist Church, where he taught Sunday School and where he will have his last funeral before being buried on family property alongside Rosalynn . Carter, who made the congregation’s collection plates in his woodworking shop, still garnered headlines there, calling for women’s rights within religious institutions, many of which, he said, “subjugate” women in church and society. Carter was not one to dwell on regrets. “I am at peace with the accomplishments, regret the unrealized goals and utilize my former political position to enhance everything we do,” he wrote around his 90th birthday. Pilgrimages to Plains The politician who had supposedly hated Washington politics also enjoyed hosting Democratic presidential contenders as public pilgrimages to Plains became advantageous again. Carter sat with Buttigieg for the final time March 1, 2020, hours before the Indiana mayor ended his campaign and endorsed eventual winner Joe Biden. “He asked me how I thought the campaign was going,” Buttigieg said, recalling that Carter flashed his signature grin and nodded along as the young candidate, born a year after Carter left office, “put the best face” on the walloping he endured the day before in South Carolina. Never breaking his smile, the 95-year-old host fired back, “I think you ought to drop out.” “So matter of fact,” Buttigieg said with a laugh. “It was somehow encouraging.” Carter had lived enough, won plenty and lost enough to take the long view. “He talked a lot about coming from nowhere,” Buttigieg said, not just to attain the presidency but to leverage “all of the instruments you have in life” and “make the world more peaceful.” In his farewell address as president, Carter said as much to the country that had embraced and rejected him. “The struggle for human rights overrides all differences of color, nation or language,” he declared. “Those who hunger for freedom, who thirst for human dignity and who suffer for the sake of justice — they are the patriots of this cause.” Carter pledged to remain engaged with and for them as he returned “home to the South where I was born and raised,” home to Plains, where that young lieutenant had indeed become “a fellow citizen of the world.” —- Bill Barrow, based in Atlanta, has covered national politics including multiple presidential campaigns for the AP since 2012.
Hundreds of people showed up outside Queens Park Saturday afternoon to push back against the Ford government's controversial bike lane bill that would remove certain Toronto bike lanes to help address congestion. The Progressive Conservative government has been fast-tracking legislation that would require Ontario municipalities to ask the province for permission to install bike lanes when they would remove a lane of vehicle traffic. The bill also goes a step further and would remove three major bike lanes in Toronto on Bloor Street, Yonge Street and University Avenue. Fight for Bikes co-founder Eva Stanger Ross, which organized Saturday's rally, said she uses the Bloor Street bike lanes almost every day. "They are always packed, so it's targeting the most important bike lanes in the city. It makes absolutely no sense." Zev Godfrey (left) and Eva Stanger-Ross are co-founders of Fight for Bikes, a group that is fighting against the Ontario government's proposed Bill 212. (CBC) Without those protected bike lanes, Stanger-Ross said drivers often don't think about the cyclists around them. "They don't think of them as a hazard that they have to watch out for, and it's way more likely that you'll be hit." The rally comes days after new amendments were introduced to the bill, one of which would protect the province from potential lawsuits if cyclists are hurt or killed after lanes are removed. Injured cyclists can't sue province under amendment to new Ontario bike lane bill, NDP says Ontario transport minister not offering estimate of Toronto bike lane removal cost Stanger-Ross said it suggests the government knows removing the lanes will make roads less safe for cyclists. "To me, it shows that the government knows that they're going to be putting civilians in harm's way and they know that people will be killed or injured," she said. "And instead of doing something about it, instead of keeping the bike lanes, instead of addressing it, they're just covering themselves up." Cyclists listen to a speech during a rally Saturday at Queens Park in Toronto against the Ontario government's proposed Bill 212. (CBC ) Those safety concerns have kept Leah Jaunzem from cycling around the city for nearly a year — and motivated her to show up to Saturday's rally. "It's so straightforward and it's so simple: we need to protect cyclists. We have such a problem in this city with pedestrians and cyclists getting injured," she said. "Like, stop with the politicking. This is actual people's lives. There's some things that are beyond politics, and this is one of them." Secondary roads not the answer, cyclists say Some cyclists at Saturday's rally also rejected the government's stance that bike lanes should instead be on secondary roads. "Toronto is not a perfect grid and most of the time there aren't streets that run alongside the primary streets for very long," said Zev Godfrey, another co-founder of Fight for Bikes. Godfrey said he thinks cyclists will continue to use the same major routes but be unprotected from vehicle traffic. "Cyclists likes primary streets for the exact same reason that car drivers like primary streets," he said. "They go for a long time, they are less interrupted and also the destinations that you're going to are often on those primary streets." Hundreds of cyclists attended Saturday's rally at Queen's Park in Toronto. (CBC) Asked about the protest, a spokesperson for Ontario's transportation minister repeated government talking points that bike lanes contribute to gridlock in Canada's largest city. "We are doing everything we can to fight congestion and keep major arterial roads moving," said Dakota Brasier. "We support a common-sense approach to bike lanes, and encourage the city to listen to the thousands of drivers to help clear our major roads and get people out of traffic." Toronto city council to formally oppose Ford's plan to remove bike lanes Removing bike lanes will cost at least $48M: city staff report Last week, Toronto city council passed a motion to formally oppose Premier Doug Ford's plans, following a report showing it would cost at least $48 million to remove bike lanes. Mayor Olivia Chow said Friday she knows first-hand how dangerous cycling without a bike lane can be. "I've been doored on Bloor Street without a bike lane. Now I ride on Bloor Street with a bike lane, I feel very secure. That is because of the bike lane there," she said at a news conference. Chow said she hopes the city and province can "find the middle ground" when it comes addressing traffic congestion.Greene Jr. runs for 3 TDs, Matthews adds 134 yards and a score to lead Towson over Campbell 45-23Caprock Group LLC lessened its holdings in shares of Vipshop Holdings Limited ( NYSE:VIPS – Free Report ) by 40.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,536 shares of the technology company’s stock after selling 21,037 shares during the period. Caprock Group LLC’s holdings in Vipshop were worth $480,000 as of its most recent SEC filing. Other hedge funds and other institutional investors have also recently modified their holdings of the company. Krane Funds Advisors LLC boosted its stake in Vipshop by 20.3% during the second quarter. Krane Funds Advisors LLC now owns 15,737,381 shares of the technology company’s stock worth $204,901,000 after acquiring an additional 2,659,117 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Vipshop by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 13,762,669 shares of the technology company’s stock worth $227,772,000 after purchasing an additional 248,743 shares in the last quarter. First Beijing Investment Ltd purchased a new stake in shares of Vipshop in the 3rd quarter worth approximately $120,182,000. Dimensional Fund Advisors LP increased its position in Vipshop by 5.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,739,378 shares of the technology company’s stock valued at $87,771,000 after buying an additional 343,739 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Vipshop by 2.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 6,559,051 shares of the technology company’s stock valued at $85,399,000 after buying an additional 184,000 shares during the last quarter. 48.82% of the stock is owned by hedge funds and other institutional investors. Analyst Upgrades and Downgrades VIPS has been the subject of several analyst reports. Morgan Stanley reduced their price target on Vipshop from $16.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, August 20th. StockNews.com cut shares of Vipshop from a “buy” rating to a “hold” rating in a report on Wednesday. CLSA cut Vipshop from an “outperform” rating to a “hold” rating and lowered their price objective for the company from $15.80 to $12.00 in a research report on Wednesday, August 21st. UBS Group downgraded shares of Vipshop from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $12.50 in a report on Wednesday, August 21st. Finally, Citigroup dropped their price target on Vipshop from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.50. Vipshop Price Performance NYSE:VIPS opened at $13.24 on Friday. The business has a fifty day moving average price of $14.65 and a 200-day moving average price of $14.42. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 1.49 and a beta of 0.34. Vipshop Holdings Limited has a one year low of $11.50 and a one year high of $20.19. Vipshop ( NYSE:VIPS – Get Free Report ) last released its earnings results on Tuesday, August 20th. The technology company reported $3.91 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $3.43. The company had revenue of $25.08 billion for the quarter, compared to analysts’ expectations of $26.61 billion. Vipshop had a net margin of 7.50% and a return on equity of 21.04%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 EPS. On average, equities research analysts expect that Vipshop Holdings Limited will post 1.97 earnings per share for the current fiscal year. Vipshop Profile ( Free Report ) Vipshop Holdings Limited operates online platforms in the People's Republic of China. It operates in Vip.com, Shan Shan Outlets, and Others segments. The company offers womenswear, menswear, sportswear and sporting goods, shoes and bags, accessories, baby and children products, skincare and cosmetics, home goods and other lifestyle products, and supermarket products. See Also Want to see what other hedge funds are holding VIPS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vipshop Holdings Limited ( NYSE:VIPS – Free Report ). Receive News & Ratings for Vipshop Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vipshop and related companies with MarketBeat.com's FREE daily email newsletter .
At Israel's Ben Gurion International Airport, more than a year of war has taken its toll. Global airlines have canceled flights, gates are empty and pictures of hostages still held in the Gaza Strip guide the few arriving passengers to baggage claim. But one check-in desk remains flush with travelers: the one serving flights to the United Arab Emirates, which have kept up a bridge for Israelis to the outside world throughout the war. The Emirati flights, in addition to bolstering airlines' bottom lines, have shined a light on the countries' burgeoning ties — which have survived the wars raging across the Middle East and could be further strengthened as U.S. President-elect Donald Trump prepares to return to office. "It's a political and economic statement," said Joshua Teitelbaum, a professor of Middle Eastern studies at Israel's BarIlan University. "They are the main foreign airlines that continue to fly." Since the wars began with Hamas' initial Oct. 7, 2023, attack on Israel, many international airlines have halted, restarted and halted again their flights into Israel's main gateway to the rest of the world. The concern is real for the carriers, who remember the downing of Malaysia Airlines Flight 17 over Ukraine 10 years ago and Iran shooting down Ukraine International Airlines Flight 752 after takeoff from Tehran in 2020. But FlyDubai, the sister airline to the long-haul carrier Emirates, has kept up multiple flights daily and kept Israel connected to the wider world even as its other low-cost competitors have stopped flights. Abu Dhabi's Etihad has continued its flights as well. While maintaining the flight schedule remains politically important for the UAE after its 2020 diplomatic recognition of Israel, it also provided a further shot in the arm for revenues — particularly for FlyDubai. Since the Israeli's wars against Hamas in Gaza and Hezbollah in Lebanon started, international carriers such as Atlanta-based Delta Air Lines, Germany's Lufthansa and other major airlines halted their flights. Some resumed, only to stop again after Iran's Oct. 1 ballistic missile attack on Israel and Israel's Oct. 26 retaliatory strike on the Islamic Republic. Tehran has threatened to strike Israel again. That's brought major business to Israel's national carrier El Al, which had struggled in the coronavirus pandemic and prior years. The airline posted its bestever half-year results this year, recording a $227 million profit as compared to $58 million profit in the same period last year. El Al stock has risen by as much 200% over the past year, as compared to a 29% rise in the wider Tel Aviv 125 stock market index. El Al, however, lacks the routes and connections of major international carriers. Low-cost carriers as well have stopped flying into Israel during periods of the war, sending the price of El Al tickets ever higher. Passenger numbers through Ben Gurion halved compared to the same period the year before, El Al said in its second-quarter financial results. However, FlyDubai has kept flying. The carrier has operated more than 1,800 flights to Israel since October 2023, cancelling only 77 flights overall, according to Cirium, an aviation analytics company. In September alone, it flew more than 200 flights. As a line snaked toward the FlyDubai check-in counters at Ben Gurion Airport, UAE-bound Motti Eis said the flights were "a symbol that the Emirates countries decided to keep the peace." FlyDubai declined to answer questions from The Associated Press about the flights. Etihad, the flag carrier for Abu Dhabi, has kept flying into Tel Aviv, but the number of its flights has been dwarfed by FlyDubai. FlyDubai had 3.6% market share at Ben Gurion, compared to El Al's 43.2% in the second half of 2024. However, at least two of the foreign low-cost airlines with greater market, Wizz Air and Blue Bird, stopped flying for extended periods this year. Etihad said it maintains a close watch on the situation in the region, but continues its daily flights to and from Tel Aviv. "Ben Gurion International Airport remains open, employing best practices in safety and security practices, enabling Etihad and other airlines to provide essential air connectivity as long as it is secure to do so," the airline said in a statement. Beyond the financial impact, the decision also takes root in the UAE's decision to recognize Israel in 2020 under agreements brokered by President Donald Trump known as the Abraham Accords. While Abu Dhabi has repeatedly expressed concern and outrage at Israel's conduct during the wars, Israel's consulate in Dubai and embassy remain open in the country. And while Dubai, broadly speaking, remains focused on business in the country, Abu Dhabi's focus long has been on its geopolitical aims — which since the 2011 Arab Spring have been squarely focused on challenging Islamist movements and those who back them in the wider region. The UAE, a hereditary autocracy, long has viewed those groups as serious challenges to its power. Get local news delivered to your inbox!
BEIJING , Nov. 23, 2024 /PRNewswire/ -- A news report from chinadaily.com.cn : Representatives discuss hot topics faced by countries in digitalization China's forward-looking vision on the future development of the internet offers a glimpse into how cooperation can narrow the digital divide across the world, at a time when an economic slowdown and impeded globalization have stunted growth worldwide, said government officials and industry experts on Friday. They made the remarks at the 2024 World Internet Conference Wuzhen Summit that ended in Wuzhen, Zhejiang province on Friday. They also sought more global cooperation to advance the development of the internet in less-developed economies and enhance digital competence for all. Ren Xianliang, secretary-general of the WIC, said at a news conference, "More efforts should be made to help make the internet a new frontier for all parties to cooperate and continue to create more convergence of interests, growth points of cooperation and new highlights of win-win scenarios in cyberspace." "All parties around the world are expected to join hands to build a cyber world where human beings coexist, jointly create a digital future of win-win cooperation and make cyberspace better for all peoples of the world," he said. More than 1,800 representatives from governments, international organizations, industry associations, internet enterprises, universities and think tanks from over 130 countries and regions attended this year's summit, addressing some of the hottest topics faced by countries in digitalization. Teo Nie Ching , deputy minister of communications of Malaysia , said at the conference that digital transformation is not solely about technological advancement, but also a reflection of human values and actions. "As technology progresses, we must uphold a core principle of people-centered and holistic development to ensure that technological applications truly serve the common good and promote share to the progress," Teo said. A United Nations report found that 2.6 billion individuals globally still lack internet access and a sharp digital divide can also be observed among economies, among industries and between urban and rural areas. Although many less technologically advanced regions, such as Africa , possess a strong willingness to build an inclusive and equitable digital world, the rapid advancement of technologies often poses a huge challenge to developing countries — how to actively participate and keep pace with this growth, said Nii Narku Quaynor , chairman of Ghana Dot Com. Against this backdrop, reinforcing open access to internet channels, digital content and technologies can greatly benefit emerging economies in the digital world, he said. Eyeing a higher-level of inclusiveness, connectivity and cooperation in the internet sector, a statement on global digital cooperation was released by a sub-forum of the WIC. The statement highlighted the importance of advancing international cooperation on data exchange, enhancing cross-border data connectivity, and narrowing gaps in data circulation, as well as more initiatives to build an open and mutually beneficial international framework for data collaboration. Intensified efforts should also be made to deepen international exchanges on technology standards, ethical guidelines and legal frameworks, advancing a widely accepted global AI governance system, said the statement. It also called for human-centered and ethically sound approaches to cutting-edge technologies such as AI, encouraging safe, reliable, fair and transparent research and development as well as applications of AI. At the opening ceremony of WIC, Chinese Vice-Premier Ding Xuexiang also stressed the need for the international community to jointly deal with problems such as the digital divide and a grave cybersecurity situation to build a better digital future. The digital divide continues to widen, and the situation of cybersecurity has become more severe, Ding said, adding that the international community is in greater need than ever of jointly advancing a community with a shared future in cyberspace. China has been sharing the opportunities of modernization with countries around the world and injecting strong impetus into global modernization, Ding said. View original content to download multimedia: https://www.prnewswire.com/news-releases/china-set-to-narrow-digital-divide-302314740.html SOURCE chinadaily.com.cnSri Lanka recently played host to four Australian-based social media influencers in a groundbreaking digital marketing initiative aimed at rejuvenating the country’s tourism industry. This carefully curated campaign, organized by the Sri Lanka Tourism Promotion Bureau (SLTPB), concluded successfully on December 16th, 2024, as the influencers returned to their home countries, leaving a trail of mesmerizing content that has already garnered global attention. During their 12-day journey, these influencers explored Sri Lanka’s breathtaking landscapes, vibrant culture, and warm hospitality. From the golden beaches of Mirissa to the ancient majesty of Sigiriya, and from the tranquil hills of Nuwara Eliya to the wildlife spectacle at Yala National Park, their content vividly captured the island’s rich diversity. Real-time updates, immersive stories, and high-quality imagery flooded social media, offering their millions of followers a virtual taste of Sri Lanka. This campaign’s impact has been extraordinary, particularly in positioning Sri Lanka as a prime travel destination for Australian tourists. The combined reach of the influencers—over 1.5 million followers on Instagram and TikTok—has sparked a wave of engagement, with potential travelers expressing keen interest in visiting the island. Posts featuring Sri Lanka’s iconic landmarks and unique experiences have already accumulated hundreds of thousands of likes, comments, and shares, amplifying the nation’s visibility across global travel communities. Luana Soares Ostling, with over 1 million Instagram followers, showcased Sri Lanka as a hub for luxury and leisure, while Simran Gulati’s content resonated with wellness and lifestyle enthusiasts. David Yiu Wai Chin’s artistic photography emphasized the country’s natural beauty and cultural richness, while Dylan Mahoney’s TikTok videos offered a fun, adventurous perspective, particularly appealing to younger audiences. The success of this initiative was made possible through the collaboration of local tourism stakeholders who provided complimentary services to support the campaign. Their contributions reflect a collective commitment to revitalizing Sri Lanka’s tourism sector, showcasing the country as a destination that caters to diverse traveler interests. As Sri Lanka looks to capitalize on this momentum, the ripple effects of this campaign are expected to fuel a resurgence in international arrivals. By leveraging the global reach of these influencers, Sri Lanka has not only attracted immediate attention but has also planted the seeds for sustainable growth in its tourism industry. The journey may have ended, but the story of Sri Lanka continues to inspire the world.
Greene Jr. runs for 3 TDs, Matthews adds 134 yards and a score to lead Towson over Campbell 45-23SpaceCraft - Official Reveal Trailer | PC Games Show: Most WantedStewart cooked critics with Superwoman strength
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The spectacular light festival has returned to the Salford Quays this winter. For it's 11th year running, Lightwaves Salford is showcasing 14 breath-taking art installations created by local and international artists. This year's event showcases five brand new commissions which are hosting their world premieres in the city. The popular light art festival runs from Thursday, December 5 to Sunday, December 8, between 4pm and 10pm, with visitors promised 'an unforgettable experience' from a variety of different works using light, sound and technology. One of this year's works - Monad by Anastasia Isachsen - will remain at the Quays for a tad bit longer, until December 22. At 30m wide, the giant projection-based artwork will be seen across the water from MediaCity. It incorporates video projection using a mist of water as a screen and is accompanied by 'a deeply emotional' musical composition by the renowned jazz composer Arve Henriksen. Scroll down for a look at some of her work and the other installation on show at this year's festival.
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Mark Wahlberg’s decades-long dedication to his body is well known. He’s letting everyone in on his secret for staying ripped into his fifties. The actor recently announced plans to open an expansive Las Vegas fitness facility combining serious conditioning and high-end luxury. According to the Las Vegas Review Journal, Wahlberg will partner with EoS Fitness for his new Municipal Gym, signing the lease on Nov. 1 for the 32,064-square-foot space previously occupied by Bed, Bath and Beyond. The facility is planned to open in 2026. It will take a year to prepare the space because the finished product promises to be unlike any other fitness facility, featuring cryotherapy and cold plunges, compression therapy, infrared saunas, eucalyptus steam rooms and red light therapy, among other luxury offerings. In addition, there will be retail and apparel stores, juice bars and cafes and vitamins and supplements available for purchase. Don't Miss: These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today. “Together, with Mark, we’re building a first-of-its-kind, state-of-the-art facility,” said Municipal Gym Co-Chairman, President and CEO Manzo Hodge. “With the best equipment in the world, created with a singular mission: to inspire and equip people to be unstoppable.” A $400 Million Fortune Wahlberg, who, according to Celebrity Net Worth, has a $400 million fortune, moved to Vegas in 2022 and wasted no time in putting his business footprint on the city, opening a new restaurant in Town Square, Flecha Cantina and reportedly being a driving force behind the proposed Sony Entertainment film studio in Summerlin . Wahlberg also flipped a personal residence in Vegas, which, according to People, he purchased for $14.5 million to enable his children to attend school after leaving Los Angeles and sold it for $16.6 million barely a year later, moving into another Vegas home. That, however, is a small change compared to the other deals Wahlberg has done. See Also: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever. $40+ Million Real Estate Profit In 2009, Wahlberg purchased a parcel of land in North Beverly Park, an exclusive gated Los Angeles community, for $8.25 million. Five years later, he completed construction on his chateau-style dream home and sold it in 2023 for $55 million. Before that, he lived in a home in Beverly Hills, which he purchased for $5 million in 2001 and sold for $13 million in 2013. Wahlberg has consistently been one of the highest-paid actors in Hollywood with hit movies, including the Transformers franchise, Ted and Planet of the Apes. He also has his own production and distribution company, Closest to the Hole Productions, which has produced many of his films, such as Deepwater Horizon, Patriots Day, Spenser Confidential and Mile 22. He has also executive produced TV shows such as HBO’s Ballers, Boardwalk Empire and Entourage. Wahlberg has leveraged his star power in many different business ventures outside the movie industry. These include: Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever. Fitness and Nutrition Municipal isn’t the actor’s only foray into fitness . According to a 2022 Reuters article, he is a 1.73% investor in the F45 Training chain of gyms, which had 1,700 studios and 3,300 franchises in 67 countries and went public in 2021 with a valuation of about $1.4 billion. Since then, the brand has been through a few ups and downs, closed some locations and opened others, got a new CEO, Tom Dowd and, according to athletechnews.com, plans to move into HIIT training, Pilates and ancillary services like recovery, nutrition and weight loss, including some of the sectors that Wahlberg is targeting with his Municipal Gym in Vegas such as infrared sauna and cold plunge stations. Wahlberg also invested in Aquahydrate, a brand of electrolyte water, with the currently embattled Sean “Diddy” Combs in 2019. According to Forbes, they both invested $20 million. There is no word on whether the actor is still associated with the brand. He has also been associated with the sports nutrition company Performance Inspired and still appears on the company website as a cofounder. The company sells products such as protein powders and supplements. Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things. Car Dealership Wahlberg owns several car dealerships under the moniker Mark Wahlberg Chevrolet in Ohio with business partner/car dealer Jay Feldman. “I’ve had a love for all makes of cars, especially American-made cars,” Wahlberg, who worked in an auto body shop as a teen, told autobodynews.com of his Chevrolet endorsements. Fast Food Mark owns the Wahlburgers fast food chain with his brothers, actor/singer Donnie and chef Paul. The chain currently has 90 branches worldwide. Clothing Wahlberg founded the clothing line Municipal in 2020 alongside his manager, Stephen Levinson and golf industry guru Harry Arnett. The name also ties in with the name of his Vegas gym. When the brand was launched, he told Rolling Stone, “We wanted to create stuff that looked cool, that fit and felt great, stuff that you could wear to work, you could wear to work out and wear out at night. We wanted to create something that was a great value proposition to the every guy and gal who’s out there working hard to be the best version of themselves, you know?” It’s a wonder Wahlberg still gets time to make movies, given all his business ventures. However, according to screenrant.com, he has a full slate of upcoming releases in 2025, including Flight Risk, Play Dirty, The Six Billion Dollar Man, Balls Up and Unchartered 2. Read Next: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today! During market downturns, investors are learning that unlike equities, these high-yield real estate notes that pay 7.5% – 9% are protected by resilient assets, buffering against losses. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Happy Holidays! As we’ve done the past few years here at Smart Money , we’re going to look “forward” to the next year by looking back at what we’ve talked about this year. But before we get to that, I wanted to deliver a holiday gift to you... a special report featuring my Top 7 Stocks for 2025 that’s free to you just for being an important Smart Money follower. Each one of these stocks capitalizes on one of the powerful megatrends we talk about here. I hope you’ll check that out . And this year, we’ve talked about a technology so powerful that its existence could either herald the end of the world – or, at the very least, the world as we know it – or usher in the beginning of an unprecedented utopia. That development is artificial general intelligence, or AGI. As we’ve only just begun traveling down the path toward AGI, I’d like the revisit a past Smart Money from this year where I answered your most pressing questions. Updates will be provided as needed. This article is from August of this year, titled Answering Your Biggest AGI Questions ... Let’s jump right in... Scientists and other bright minds have put forth a few different timelines as to when they believe AGI will be developed. For example... The truth is that we really don’t know when AGI will become a part of our lives. However, the common denominator here is that the technology is developing fast... and will be upon us soon. AGI is going to impact several industries in ways many folks — including those on Wall Street — have never even considered. They are industries that I also believe everyone should consider investing their capital in right now. I’m talking about data centers, raw materials and metals, energy, software, semiconductor chips, robotics, and healthcare. As AI infiltrates the medical field, the U.S. healthcare industry is on track to grow faster than any other sector in the U.S. economy. Companies are converging with AI to bring about massive amounts of innovation in the healthcare industry. In the biotech sector, for example, AI could revolutionize the economics of drug discovery. First, it could boost the success rates of new therapies by prequalifying potential drug candidates more expertly than traditional trial-and-error processes could. Second, it could reduce the average expense and timeline of advancing these candidates through clinical trials by shortening the drug-development time frame. Today, without AI, it can take more than a decade and over $1 billion to bring a new drug to market. AI could impart a game-changing efficiency to the drug-development process, and thereby shower pharmaceutical companies, in particular, with a pixie dust of enormous prosperity. Collectively, the pharmaceutical industry seems to be banking on the pixie-dust scenario. For example, all 10 of the top holdings in the iShares Biotechnology ETF ( IBB ) are actively integrating some facet of AI into their drug-development processes. Many of the biggest pharmaceutical companies in the world are paying tens of billions of dollars to snap up promising biotech companies. You could call it a biotech gold rush. The volume of merger-and-acquisition deals in the global healthcare sector surged about 22% last year, according to data provider Dealogic, even though M&A activity across all industries dropped about 23%. I believe that the pharmaceutical industry, in aggregate, will reap handsome rewards from the expansion of AI in healthcare, especially as AGI continues to advance. Overall, I expect AGI to impart fantastic benefits to the healthcare industry. When I say “stealth AI,” I’m usually talking non-tech companies that will adopt and apply AI with the goal of reaping huge gains in efficiency, productivity, and profits. In many old-school industries, like shipping or travel, new AI- and AGI-enabled processes could boost efficiency and fatten profit margins. I consider industries like these to be future-proof, meaning they’re not going anywhere, despite whatever AI and AGI do. And when you put stealth AI to work inside a future-proof industry, you have the potential for both reliable and outsized gains. Artificial intelligence has added a powerful tailwind to platinum demand... a tailwind that AGI will kick in to high gear. At present, electronics and technology end-uses account for only 3% of total platinum demand. However, thanks to AI, the tech sector’s platinum consumption could grow by double digits for several years in a row. According to research from Metals Focus, a boom in demand for AI applications will create an echo boom in demand for the high-specification semiconductors and sensors that enable AI technologies to operate optimally. Much of this next-gen hardware contains platinum. As the World Platinum Investment Council explains... The performance of the myriad of miniature transistors and capacitors embedded into an integrated circuit is enhanced by the deposition of thin platinum films onto semiconductor wafers... These platinum films are created using a technology known as sputtering, where platinum particles are ejected and deposited onto a surface, creating a thin (only a few atomic or molecular layers thick) platinum layer. AI-driven platinum demand could add an additional kicker to any new bull market that emerges. The rise of AGI is also boosting demand for copper, because data centers use enormous amounts of copper for power and cooling systems. Even moderately sized data centers can require several thousand tons of the metal. All this makes copper a very attractive business to be in – for mining companies and investors alike. There were great questions, folks. As AGI develops, the future that lies ahead is not simply a continuation of what has been... it is a complete departure from anything we have ever known. So, I hope you’ve found these answers to your most pressing AGI questions helpful. In fact, we could be months, weeks, or even mere days away from achieving AGI. After that happens, we may reach a point of no return. And I’m tracking this information closely. In fact, you will hear more about my 1,000 day countdown to AGI soon after the new year. It’s a comprehensive look at the most important technological revolution of our lifetime. Finally, one last thing before I go... Regarding the Top 7 Stocks for 2025 free report I shared with you up top... sometimes knowing when buy a stock is just as important as knowing which stock to buy. And my colleagues at TradeSmith have developed a new way potentially double your money, by foreseeing the biggest jumps on 5,000 stocks, to the day , with 83% back-tested accuracy. And on January 8, at 10 a.m., they’ll be unveiling this financial breakthrough during a special free presentation. You can sign up for that here. In short, we’ve developed a breakthrough way to pinpoint dates of the calendar when certain stocks – like the ones in my new report – shoot up – year after year, producing one winning trade after another. Essentially, it tells you what each stock’s “green day” is. On January 8, they’ll explain exactly how this works. And if you sign up to join the guest list for that special event , you’ll receive instant free access to their system. You can try it yourself right now to see the “green day” for 5,000 different stocks. Regards, Eric Fry
Pathstone Holdings LLC Has $5.51 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)
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The 39-year-old takes charge for the first time in Sunday’s Premier League trip to promoted Ipswich having been confirmed as Erik ten Hag’s successor at the beginning of November. Amorim has made a positive impression since starting work at the United in an international fortnight that ended with an impressive first appearance in front of the media. 🆚 Ipswich Town.🏟️ Portman Road.⏰ 16:30 GMT. 🫡 We will be there. #MUFC pic.twitter.com/0eHCSDYmhE — Manchester United (@ManUtd) November 21, 2024 The Portuguese was gregarious, engaging and smiley throughout Friday’s press conference but that warmth comes with a ruthlessness edge if players do not adhere to his approach. “You can be the same person,” head coach Amorim said. “Be a positive person that can understand this is one place to be, then there is the dressing room, there are some places to have fun, there are some places to work hard. “So, I can be ruthless when I have to be. If you think as a team, I will be the nicest guy you have ever seen. If there is someone just thinking about himself, I will be a different person. “I’m not that type of guy that wants to show that he is the boss. “They will feel it in the small details, that I can be the smiling one but then when we have a job to do I will be a different person, and they understand that.” ‘The Smiling One’ follows ‘the Special One’ as United’s second Portuguese manager, with Jose Mourinho one of five managers to try and fail to reach the heights scaled by Sir Alex Ferguson. The Scot retired as a Premier League champion in 2013 and the Red Devils have failed to launch a sustained title bid since adding that 20th top-flight crown. Asked about whether he will lean on Ferguson to understand the history of United and whether he has met him, Amorim said: “No, not yet. I didn’t have that opportunity. “It’s hard to copy someone, so I have to be me. Of course I’m not the best person in here to show the history of Manchester United. “It should be the club first and also me because I’m always paying attention on those details and try to focus our players in the history of the club, not the recent history. “You have to be very demanding. This is a club that needs to win, has to win, so we have to show that to our players but it’s a different time. “I cannot be the same guy that Sir Alex Ferguson was. It’s a different time. “I have to have a different approach, but I can also be demanding with a different approach, so that is my focus.” Like Ferguson in 1986, Amorim starts life at United in the November of a season that started with a paltry points tally. The 39-year-old acknowledges the timing makes “it’s so much harder” for him to imprint his style at a club whose youth foundations look in safe hands. “It’s the project of Manchester United,” Amorim said. “Nowadays, you need young guys, guys from the academy for everything. “To bring that history of the club because they feel the club in a different way. “And also because you have all these rules with financial fair play, when a player from our academy is so much different to the players that we bought and then we sell. “So, everything is connected. I will try to help all the players, especially the young ones.” Amorim’s first match will be a fascinating watch for onlookers, who have kept a particularly close eye on his work during his farewell to Sporting Lisbon. The Portuguese managed three final matches after being confirmed as United head coach, including a 4-1 Champions League win against Manchester City. Pep Guardiola’s side have dominated English football in recent years and the City boss this week signed a new deal until 2027. “I think it’s a problem for everybody here, but we have so much to do, we cannot focus on anyone,” Amorim said. “We just have to focus on our club, improve our club and not focus on the other clubs, so let’s focus on Manchester United. “It’s amazing (the test) – if you can beat that team it’s a good sign but, like I said, we are focused on Manchester United.”
Poilievre lambastes Trudeau after violent Montreal protests
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