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Jeremy Edwards/E+ via Getty Images Saul Centers ( NYSE: BFS ) is an old-line shopping center REIT with its properties concentrated in the Washington DC MSA. Despite its tenure, the company never really came across our radar because it consistently traded at a premium FFO multiple. Back in 2015 it traded at 20X while other shopping center REITs were far cheaper. S&P Global Market Intelligence Saul’s multiple dropped to about 11X during the pandemic but even that wasn’t cheap because REITs were so absurdly discounted in 2020 that we were buying other shopping centers at 8X or lower. Today, however, Saul trades at just over 12X FFO and 17X AFFO making it cheaper than the grocery-anchored shopping center averages of 14.6X and 17.8X FFO and AFFO respectively. It is now interesting as a potential way to buy prosperous Washington DC properties at a significant discount to replacement cost. We bought a tiny starter position in BFS and began our due diligence. We shall begin with a company overview of BFS and then follow with our analysis on fundamental outlook, valuation and the multitude of idiosyncratic factors to consider with this somewhat atypical company. Saul Centers Overview Saul Centers is a mid-cap REIT with properties consisting primarily of shopping centers with about a quarter of its portfolio in mixed-use apartment/office. BFS It has a few properties located along most of the East Coast, but the bulk of its assets are in DC. S&P Global Market Intelligence We see this as a great market for shopping centers because DC has higher median household income than any other state, coming in at $106,049. S&P Global Market Intelligence In combination with fairly high population density, Sauls’ shopping centers have access to a high number of affluent customers within their catchment radii. Since the company has been around for a long time, long-term charts of key metrics serve as a means of understanding its track record. FFO/share has grown moderately over time. S&P Global Market Intelligence For most real estate sectors the above growth would be quite slow, but recall that the period from 2007 through 2018 was the dark ages for retail real estate. Shopping centers were overbuilt heading into the Financial Crisis and then the already oversupplied sector had to battle the advent of E-commerce. Thus, while the growth rate was not impressive from a broader standpoint, it is more than adequate given the environment in which it was operating. As we have discussed more thoroughly here , fundamentals of the shopping center sector have improved dramatically. Shopping centers are now undersupplied and strong net absorption is allowing landlords to raise rents materially. Thus, the forward growth rate for shopping centers should be much higher than it was historically. This is showing up in the numbers with Saul achieving greater than 6% same-store NOI growth in the most recent quarter. S&P Global Market Ingelligence Its earnings were fairly typical of retail REITs in 2024 with rental rates getting rolled up upon renewal/re-leasing. Saul is among the more dividend focused shopping center REITs with a current yield of about 6%. Aside from a small cut from the Financial Crisis, Saul’s dividend has been stable to growing. S&P Global Market Intelligence Given the fundamental outlook, we see its forward dividend as quite reliable, making it a reasonable income investment. Growth Potential Occupancy is roughly full with the typical frictional level of vacancy, so most of Saul’s growth potential comes from rental rate growth. Saul’s rent per square foot is about $24 for its retail portfolio, which strikes me as well below market rates, particularly for the DC area. Saul’s leasing strategy is less aggressive than most with a clear preference to renew existing tenants rather than finding new tenants. Doing so allows them to forgo most of the tenant improvement costs and other capex but it likely leaves money on the table with regard to rental rates. 84.7% renewal rate is very high and I would argue a bit too high. BFS That said, the currently well below market rents can be unlocked in the future as rents roll. I would anticipate forward organic growth around 5% annually with some fluctuation based on the percentage of existing leases expiring each year. More expiration would translate to more growth given the magnitude of mark-to-market. Valuation Saul is quite discounted relative to its own history, but a purchase decision today is not based on it being a better buy than it was. The hurdle it must overcome is being better than shopping center peers. For this, we can turn to a relative valuation. As discussed above, Saul trades at a lower multiple than peers, but it also higher leverage than most of the sector. S&P Global Market Intelligence Below we plotted the AFFO multiple of each shopping center REIT on the Y axis against the debt to capital on the X axis. 2MC Those with higher leverage should trade at lower multiples and indeed they do as seen with the trendline. On a leverage neutral basis, Saul trades right in-line with peers. Absolute valuation is also worth considering here and it is perhaps the area where Saul looks more opportunistic. Consensus NAV is $52.50, so its $39.70 price tag represents a substantial discount. S&P Global Market Intelligence Analysts forming the consensus are using a 6.61% cap rate in valuing Saul’s properties and that feels about right given age, location and type. DC shopping centers would typically go for higher prices (maybe a 5.5% cap rate), but Saul’s properties are a bit higher average age which would pull the cap rate back up. Idiosyncratic oddities BFS is a quiet company. It doesn’t raise capital very often, so it operates more like a private company than a public. It doesn’t do quarterly conference calls and rarely puts out investor presentations. We have seen similar levels of quietness among One Liberty Properties ( OLP ) and Urstadt Biddle (UBA) prior to UBA being bought out. Another strange detail is that BFS has extremely high insider ownership. 35.5% of common shares are held by B.F. Saul Real Estate Investment Trust. An additional 3.14% of common shares are held by B. F. Saul Co. S&P Global Market Intelligence Additionally, there are 10 million OP units, many of which are owned by the Saul Family. S&P Global Market Intelligence Per the 10-Q: “As of September 30, 2024, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the “Saul Organization”) held an aggregate 29.0% limited partnership interest in the Operating Partnership represented by approximately 10.0 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers, excluding shares credited to directors’ deferred fee accounts (See Note 8). As of September 30, 2024, approximately 628,000 units could be converted into shares of Saul Centers common stock.” Insider ownership of this magnitude is a double-edged sword. On the positive side, management is financially aligned with shareholders and on the negative side, the Saul family has nearly impenetrable control of the company. It is difficult to say if this is overall positive or negative. Thus far, I have not been able to detect any signs of management abusing their entrenched position. It is merely something to make note of. Buyout potential Among the shopping center REITs a few stand out as the most ripe for getting bought out. Whitestone ( WSR ) has repeatedly been the subject of hostile takeover attempts Slate Grocery ( OTC:SRRTF ) and Saul each trade at steep discounts to NAV Due to its small size, Slate is a highly accretive acquisition target because there would be substantial opex savings. Saul stands out as a potential target due to its property concentration in DC. It is a highly desirable submarket and it would be difficult to otherwise assemble such a portfolio so the prospect of getting that exposure at a discount to NAV could be enticing to peer REITs or private equity. Overall take Saul’s valuation looks about right relative to its peers although I think the entire shopping center sector is opportunistic given the fundamental outlook being stronger than multiples imply. It has a strong property portfolio but some internal oddities which along with high leverage make it slightly riskier than peers. Overall, it is not a slam dunk but potentially a good investment. We will watch it and perhaps buy more if it gets cheaper or there are signs of more imminent M&A. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks. At Portfolio Income Solutions we do ad hoc analysis of special situations as well as full reports on specific stock. If you found this analysis compelling please check out our library of work which you can access at a discounted rate through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic stocks. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of BFS, WSR, SRRTF, KIM, BRX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.OTTAWA, Ontario (AP) — Notre Dame forward Danny Nelson scored twice, Western Michigan’s Hampton Slukynsky made 25 saves and the defending champion United States beat Latvia 5-1 on Saturday in the world junior hockey championship. Read this article for free: Already have an account? To continue reading, please subscribe: * OTTAWA, Ontario (AP) — Notre Dame forward Danny Nelson scored twice, Western Michigan’s Hampton Slukynsky made 25 saves and the defending champion United States beat Latvia 5-1 on Saturday in the world junior hockey championship. Read unlimited articles for free today: Already have an account? OTTAWA, Ontario (AP) — Notre Dame forward Danny Nelson scored twice, Western Michigan’s Hampton Slukynsky made 25 saves and the defending champion United States beat Latvia 5-1 on Saturday in the world junior hockey championship. The United States improved to 2-0 in Group A play, while Latvia dropped to 1-1 a day after stunning Canada with a 3-2 victory in a shootout. Boston College’s Ryan Leonard, Denver’s Zeev Buium and Minnesota Duluth’s Max Plante also scored for the Americans. They will be back in action Sunday at Canadian Tire Centre against Finland, then close group play Tuesday night against Canada. Davids Livsics scored for Latvia. Linards Feldbergs stopped 36 shots after making 55 saves against Canada and stopping all eight attempts in the shootout. In the only other game of the day, Czechia beat Kazakhstan 14-2 at TD Place. Czechia and Sweden are both 2-0 in Group B. Matej Mastalirsky, Vojtech Hradec and Jakub Stancl had hat tricks, with Hradec and Stancl also each assisting on two goals. ___ AP sports: https://apnews.com/sports Advertisement
Liverpool crush sorry Real Madrid as Conor Bradley puts Mbappe in his pocket and Mac Allister shinesSudanese anti-war coalition explores government-in-exile
NoneNoneAmprius technologies CTO Stefan Ionel sells $16,846 in stockMOSCOW — Russian President Vladimir Putin on Saturday apologized to his Azerbaijani counterpart for what he called a "tragic incident" following the crash of an Azerbaijani airliner in Kazakhstan that killed 38 people, but stopped short of acknowledging that Moscow was responsible. Putin's apology came as allegations mounted that Russian air defenses shot down the plane while attempting to deflect a Ukrainian drone strike near Grozny, the regional capital of the Russian republic of Chechnya. Russian President Vladimir Putin chairs a Security Council meeting via videoconference Saturday at the Kremlin in Moscow, Russia. An official Kremlin statement issued Saturday said that air defense systems were firing near Grozny airport as the airliner "repeatedly" attempted to land there on Wednesday. It did not explicitly say one of these hit the plane. The statement said Putin apologized to Azerbaijani President Ilham Aliyev "for the fact that the tragic incident occurred in Russian airspace." The readout said Russia has launched a criminal probe into the incident, and Azerbaijani state prosecutors have arrived in Grozny to participate. The Kremlin also said that "relevant services" from Russia, Azerbaijan and Kazakhstan are jointly investigating the crash site near the city of Aktau in Kazakhstan. The plane was flying from Azerbaijan's capital, Baku, to Grozny when it turned toward Kazakhstan, hundreds of miles across the Caspian Sea from its intended destination, and crashed while attempting to land. There were 29 survivors. According to a readout of the call provided by Aliyev's press office, the Azerbaijani president told Putin that the plane was subject to "external physical and technical interference," though he also stopped short of blaming Russian air defenses. Part of an Azerbaijan Airlines plane lies on the ground Thursday near the airport of Aktau, Kazakhstan. Aliyev noted the plane had holes in its fuselage and the occupants sustained injuries "due to foreign particles penetrating the cabin mid-flight." He said that a team of international experts began a probe of the incident at Azerbaijan's initiative, but provided no details. Earlier this week, the Azerbaijani Prosecutor General's office confirmed that investigators from Azerbaijan are working in Grozny. On Friday, a U.S. official and an Azerbaijani minister made separate statements blaming the crash on an external weapon, echoing those made by aviation experts who blamed the crash on Russian air defense systems responding to a Ukrainian attack. U.S. President Joe Biden, responding Saturday to a reporter asking whether he thought Putin should take responsibility for the crash, said: "Apparently he did but I haven't spoken to him." Biden made the comment after leaving church in St. Croix, U.S. Virgin Islands. Passengers and crew members who survived the crash told Azerbaijani media they heard loud noises on the aircraft as it circled over Grozny. Dmitry Yadrov, head of Russia's civil aviation authority Rosaviatsia, said Friday that as the plane was preparing to land in Grozny in deep fog, Ukrainian drones were targeting the city, prompting authorities to close the area to air traffic. Yadrov said after the captain made two unsuccessful attempts to land, he was offered other airports but decided to fly to Aktau. People attend a funeral Saturday for Mahammadali Eganov, who died in the Azerbaijan Airlines Embraer 190 crash near the Kazakhstan's airport of Aktau at the age of 13, in Baku, Azerbaijan. Earlier this past week, Rosaviatsia cited unspecified early evidence as showing that a bird strike led to an emergency on board. In the days following the crash, Azerbaijan Airlines blamed "physical and technical interference" and announced the suspension of flights to several Russian airports. It didn't say where the interference came from or provide any further details. If proven that the plane crashed after being hit by Russian fire, it would be the second deadly civil aviation accident linked to fighting in Ukraine. Malaysia Airlines Flight 17 was downed with a Russian surface-to-air missile, killing all 298 people aboard, as it flew over the area in eastern Ukraine controlled by Moscow-backed separatists in 2014. Russia denied responsibility but a Dutch court in 2022 convicted two Russians and a pro-Russia Ukrainian man for their role in downing the plane with an air defense system brought into Ukraine from a Russian military base. The grave of Mahammadali Eganov, 13, who died in the Azerbaijan Airlines Embraer 190 crash near the Kazakhstan's Aktau airport, is seen Saturday in Baku, Azerbaijan. Following Wednesday's suspension of flights from Baku to Grozny and nearby Makhachkala, Azerbaijan Airlines announced Friday that it would also halt service to eight more Russian cities. Several other airlines made similar announcements since the crash. Kazakhstan's Qazaq Air on Friday said it would stop flying from Astana to the Russian city of Yekaterinburg in the Ural Mountains for a month. Turkmenistan Airlines, the Central Asian country's flagship carrier, on Saturday halted flights to Moscow for at least a month, citing safety concerns. Earlier this past week, Israel's El Al carrier suspended service from Tel Aviv to the Russian capital, citing "developments in Russia's airspace." Stay up-to-date on the latest in local and national government and political topics with our newsletter.
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A Nevada commissioner has ruled against Rupert Murdoch’s bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times reports, citing a sealed court document. Nevada commissioner Edmund Gorman concluded in a decision filed on Saturday that Rupert Murdoch and Lachlan, who is the head of Fox News parent Fox Corp and News Corp, had acted in “bad faith” in their effort to amend the irrevocable trust, the Times reported. The court docket indicates it issued a recommendation or order Saturday under seal. Know the news with the 7NEWS app: Download today The trust currently would divide control of the company equally among Rupert Murdoch’s four oldest children — Lachlan, James, Elisabeth and Prudence — after his death. Potentially, three of the heirs could out-vote a fourth, setting up a battle over the future of the companies, even as Lachlan Murdoch runs Fox and is sole chair of News Corp. A spokesman for Rupert Murdoch, 93, could not immediately be reached for comment. Rupert Murdoch’s proposed amendment would have blocked any interference by three of Lachlan’s siblings, who are more politically moderate. In his opinion, Gorman said the plan to change the trust was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” inside the empire “regardless of the impacts such control would have over the companies or the beneficiaries” of the family trust, the Times said. A lawyer for Rupert Murdoch, Adam Streisand, said they were disappointed with the ruling and intended to appeal, the Times reported.Elon Musk and Vivek Ramaswamy, the leaders of President-elect Donald Trump's new "Department of Government Efficiency," have found themselves at odds with some of Trump's far-right supporters over their support for H-1B visas, which allow foreign skilled professionals to work in America. The debate was sparked over the Christmas holiday when Laura Loomer , a conservative social media figure who faced criticism when she traveled with Trump on some campaign stops, criticized Trump's appointment of Silicon Valley entrepreneur Sriram Krishnan as his senior policy adviser for artificial intelligence. Criticizing a post from Krishnan where he advocated the removal of country caps for green cards, Loomer called the appointment "deeply disturbing," prompting an online battle between the business leaders who say the work visas are essential to employing high-qualified foreign workers and Trump supporters who argued it was a way for business leaders to have cheap labor rather than provide job opportunities for Americans. Both Ramaswamy and Musk made numerous posts on X claiming H-1B visas are essential because American culture doesn't prioritize success in science and engineering careers compared to other countries. "Our American culture has venerated mediocrity over excellence for way too long (at least since the 90s and likely longer). That doesn't start in college, it starts YOUNG," Ramaswamy posted on X. "A culture that celebrates the prom queen over the math olympiad champ, or the jock over the valedictorian, will not produce the best engineers," he added. MORE: As Trump returns to the border, a closer look at what he's pledging to do on immigration if elected Musk, who has said he once worked in the United States on an H-1B visa, said he has depended on these work visas for the operation of his tech companies and that they are essential due to the number of skilled workers needed to handle the rise of new technologies. "OF COURSE my companies and I would prefer to hire Americans and we DO, as that is MUCH easier than going through the incredibly painful and slow work visa process," he posted. "HOWEVER, there is a dire shortage of extremely talented and motivated engineers in America." Loomer and other far-right conservatives have also argued that the expansions of such programs would go against Trump's immigration crackdown. While she and others have accused Musk and Ramaswamy of hindering Trump's aggressive immigration proposals, the business leaders have argued that any such reforms would not hinder the program's extensive vetting process. "Maybe this is a helpful clarification: I am referring to bringing in via legal immigration the top ~0.1% of engineering talent as being essential for America to keep winning," Musk wrote on X. "This is like bringing in the Jokic's or Wemby's of the world to help your whole team (which is mostly Americans!) win the NBA," he said, referencing two foreign-born basketball stars. Now, the business leaders are being accused of using Trump for their own personal gain. "We are substituting a third world migrant invasion for a third world tech invasion. Same shit," Loomer posted on X. "Except this invasion won't be done by rapist foreigners who look and smell like garbage. It will be done by career leftist tech billionaires who hate Trump deep down inside." MORE: How Democrats are planning to fight Trump's mass deportation plan Further showing a divide among conservatives over the issue, former Republican presidential candidate Nikki Haley also weighed in, pushing back on a post from Ramaswamy and arguing American workers should be prioritized over foreigners . "There is nothing wrong with American workers or American culture," she said. "All you have to do is look at the border and see how many want what we have. We should be investing and prioritizing in Americans, not foreign workers." In an interview with the New York Post on Saturday , Trump called H-1B work visas a "great" program that he has used for employment on his properties. "I’ve always liked the visas," he said. "I have always been in favor of the visas. That’s why we have them. I have many H-1B visas on my properties. I’ve been a believer in H-1B. I have used it many times. It’s a great program." In June, David Sacks, who will be the president-elect's AI and crypto czar, interviewed Trump for his "All In" podcast and asked Trump if he would expand H-1B work visas for tech workers after fixing the border -- to which Trump said "yes." In that same episode, Trump also promised to award all international graduates with green cards, saying, "I want to do, and what I will do, is you graduate from a college, I think you should get, automatically as part of your diploma, a green card to be able to stay in this country. That includes junior colleges, too." His campaign later walked back that promise, saying there would be a vetting process. "He believes, only after such vetting has taken place, we ought to keep the most skilled graduates who can make significant contributions to America," Karoline Leavitt, incoming White House press secretary, said in a statement to ABC News at the time. "This would only apply to the most thoroughly vetted college graduates who would never undercut American wages or workers." ABC News' Zohreen Shah contributed to this report.Sunday, 1 p.m. EST, Fox BetMGM NFL Odds: Saints by 5. Against the spread: Saints 5-7; Giants 3-9. Series record: Giants lead 17-15. Last meeting: Saints beat Giants 24-6 on Dec. 17, 2023, in New Orleans. Last week: Saints lost to Rams 21-14; Giants lost to Cowboys 27-20. Saints: overall (12), rush (10), pass (19), scoring (14) Saints defense: overall (30), rush (26), pass (29), scoring (19) Giants offense: overall (T26), rush (15), pass (31), scoring (32) Giants defense: overall (19), rush (29), pass (6), scoring (18) Turnover differential: Saints plus-2; Giants minus-8. Derek Carr. The quarterback completed 23 of 28 for 218 yards, three touchdowns, and no interceptions in the previous meeting and had a 134.8 quarterback rating. Drew Lock. The veteran quarterback is going to make his second straight start with Tommy DeVito (forearm) hurt. He threw for 178 yards and ran for a career-high 57 yards in the loss to the Dallas. He scored on an 8-yard run and had a 28-yard scramble to set up another. He also made mistakes, throwing a pick-6 and losing a fumble on a scramble. Saints offense vs Giants defense. The Giants defense is banged up. DT Dexter Lawrence (elbow) was put on injured reserve Monday and fellow starter Rakeem Nunez-Roches (neck) missed practice earlier in the week. Leading tackler and ILB Bobby Okereke is dealing with a back issue. Saints: Tight end Taysom Hill's knee injury last week will sideline him the rest of the season. Running back Kendre Miller (hamstring) is eligible to come off injured reserve and could return to the lineup Sunday. Guards Cesar Ruiz (concussion) and Nick Saldiveri (knee) have been held out of practice this week. Center Erik McCoy (groin) , who sat out last week's game, returned to practice early this week on a limited basis. Guard Lucas Patrick (calf) has practiced on a limited basis after sitting out the past three games. Tyrann Mathieu (forearm) has returned to full practice this week after sitting out much of the second half of last week's loss to the Los Angeles Rams. Giants: Lawrence and rookie TE Theo Johnson (foot) were placed on injured reserve and probably are out for the season. ... DeVito (forearm) and LT Jermaine Eluemunor (quad) missed the Dallas game but they are making progress this week. DeVito will back up Lock. ... Eluemunor and RT Evan Neal (hip) may be game-time decisions. ... CB Deonte Banks (ribs), Okereke (back) and Nunez-Roches (neck) are unlikely to play. WR Malik Nabers was added to the report Thursday with a nagging groin issue. The Saints have won two of the past three meetings. The Giants are winless in all six games at MetLife Stadium this season. The Saints are 2-1 under interim coach Darren Rizzi, who was born in New Jersey and grew up a Giants fan. ... Carr ranks sixth among qualified passers with a 103.3 rating in 2024. ... WR Marquez Valdes-Scantling has had TD catches in his past three games. ... TE Juwan Johnson had five catches against the Rams. ... DT Bryan Bresee has a career-high 6 1/2 sacks and is looking for his third straight game with a sack. He had two sacks against New York last season. ... DL Chase Young has two sacks and three tackles for loss against the Giants in December. ... LB Demario Davis had 10 tackles and a sack in the previous meeting. ... CB Alontae Taylor is the only player with at least 10 passes defended and five tackles for loss in each of the past two seasons. ... Mathieu needs five tackles for his eighth straight season of at least 50 tackles. ... Giants: RB Tyrone Tracy ranks second among rookies with 619 yards rushing. He has run for four touchdowns. ... WR Malik Nabers has 75 catches for 740 yards. His reception total is the most by a rookie in his first 10 games. .... Wan'Dale Robinson has career-high 63 catches. ... OLB Brian Burns has a career-high eight passes defended and 10 tackles for loss. ... Okereke needs seven tackles for his fourth straight season of 100 or more tackles. ... S Tyler Nubin leads all rookies and ranks fourth among DBs with 93 tackles. ... The Giants have set an NFL record going 11 straight games without an interception. They have one interception this season. The NFL record for fewest in a season is two by the 2018 San Francisco 49ers. The fewest in a season by the Giants was six in 2022. Look for running back Alvin Kamara to have a big game. He has 894 yards rushing on 206 carries and he has caught 59 passes for 450 yards. He has seven touchdowns, six rushing. The 29-year-old has had eight games of at least 100 yards from scrimmage this season and he is third in the league with 1,344 yards from scrimmage. AP NFL: https://apnews.com/hub/nfl
OSAKA, Japan and MONTREAL , Dec. 5, 2024 /PRNewswire/ -- Ono Pharmaceutical Co., Ltd. (Headquarters: Osaka, Japan ; President: Toichi Takino; "Ono") announced that it has entered into a drug discovery collaboration agreement with Congruence Therapeutics (Headquarters: Montreal, Quebec, Canada ; CEO: Clarissa Desjardins; "Congruence") to generate novel small molecule correctors against multiple protein targets in the oncology area by leveraging Congruence's proprietary drug discovery platform, RevenirTM. Under the terms of the agreement, Congruence will generate small molecule correctors by leveraging Congruence's proprietary drug discovery engine called, RevenirTM. Ono will obtain an exclusive option right to develop, manufacture and commercialize the identified small molecule correctors worldwide. Congruence will be eligible to receive an upfront payment, research expenses, milestone payments based on research and development progress and sales, as well as tiered royalties based on net sales. "We believe that this collaboration with Congruence may help generating novel small molecule correctors for validated targets in the oncology area by leveraging their own technologies in protein dynamics and computational biology, leading to our development pipeline," said Seishi Katsumata , Corporate Officer / Executive Director, Discovery & Research of Ono. "We will be committed to delivering innovative new drugs to cancer patients as soon as possible." "Congruence is thrilled to partner with Ono, which has established itself as a global leader in drug development, particularly in the oncology space. We believe that our RevenirTM platform and capabilities in protein dynamics will accelerate the discovery of novel therapies for compelling targets of interest to both companies," said Sharath Hegde PhD, Chief Scientific Officer of Congruence. About RevenirTM Drug Discovery Platform RevenirTM, Congruence's proprietary computational drug discovery platform, captures the dynamic biophysical changes caused by mutations in proteins, offering unique insights into protein defects and their correction. By examining surface features and a spectrum of biophysical descriptors across an ensemble of protein conformers, RevenirTM predicts small molecule induced correction of the underlying defect. About Congruence Therapeutics Congruence is a computationally-driven biotechnology company building a unique pipeline of transformative small molecule correctors rationally designed to rescue aberrant protein function. Congruence's proprietary scalable platform, RevenirTM, captures the biophysical features of proteins across their conformational ensembles, in order to identify novel allosteric and cryptic pockets which are virtually screened to generate novel chemical matter. For more information, please visit www.congruencetx.com . View original content to download multimedia: https://www.prnewswire.com/news-releases/ono-enters-into-drug-discovery-collaboration-agreement-with-congruence-therapeutics-to-generate-novel-small-molecule-correctors-in-the-oncology-area-302324452.html SOURCE Ono Pharmaceutical co., ltd.Airline seats are too small — what should we do about it?Japan has started devising a strategy to strengthen its defense industry and promote exports of equipment, hoping to lay out medium to long-term goals for a sector that has struggled with small market scale and other challenges, government sources said Friday. The so-called national defense industry strategy may be compiled next year. The planning will involve not only the Defense Ministry but also others such as the Economy, Trade and Industry Ministry, making the process different from the strategy the Defense Ministry came up with in 2014 on defense production and technological bases. The new strategy is expected to encourage collaboration among businesses, government and academia by showing the future direction of the necessary technology and production bases, according to the sources. The move is in line with the 2022 National Security Strategy, which pledged to advance defense production and technology bases, describing them as "defense capabilities themselves." In the document, which was updated amid the security challenges posed by China and North Korea, the government also said the transfer of defense equipment and technology is "a key policy instrument" to create a "desirable" security environment for Japan and to provide assistance to countries facing the fear of the use of force. Based on long-term policy guidelines, Japan has gradually eased its strict rules on defense equipment transfers, which had been maintained under its war-renouncing Constitution. The government's focus on reinvigorating the domestic defense industrial base is a boon for the sector, which has faced low profitability with sales channels limited to the Self-Defense Forces as well as a series of withdrawals from smaller companies. To forge the new national defense industry strategy, the government also plans to set up a panel of experts to look into issues such as which industrial fields and technologies should be maintained and strengthened, and resilient supply chains should be built, according to the sources. The strategy is expected to be revised every five years. Major global powers have renewed their awareness of the importance of the resilience of their defense industries amid Russia's prolonged full-scale invasion of Ukraine, which has underscored the importance of weapons and ammunition supplies. In January, the United States released its first Defense Industrial Strategy, which laid out long-term priorities to shore up its industrial base amid the military buildup seen by its adversaries. The European Union also announced in March its first-ever defense industrial strategy, setting goals such as procuring at least 40 percent of its necessary defense equipment in a "collaborative manner" by 2030.
WASHINGTON — A bid by The Onion satirical news outlet to buy Alex Jones' conspiracy theory platform Infowars is scheduled to return Monday to a Texas courtroom, where a judge will be deciding whether a bankruptcy auction was properly run as Jones alleges collusion and fraud. U.S. Bankruptcy Judge Christopher Lopez in Houston is set to hear testimony about the November auction and how a trustee chose The Onion over the only other bidder — a company affiliated with Jones that offered twice as much money as The Onion. The sale of Infowars is part of Jones' personal bankruptcy case , which he filed in late 2022 after he was ordered to pay nearly $1.5 billion in defamation lawsuits filed by relatives of victims of the Sandy Hook Elementary School shooting in Connecticut. Jones repeatedly called the 2012 shooting that killed 20 children and six educators a hoax staged by actors and aimed at increasing gun control. Most of the proceeds from the sale of Infowars, as well as many of Jones' personal assets, will go to the Sandy Hook families to help satisfy judgments issued by juries and judges in state courts in Connecticut and Texas. Some proceeds will go to Jones' other creditors. The Onion, which wants to turn Infowars' website and social media accounts into parodies , offered $1.75 million for Infowars' assets in the auction, while First United American Companies — which runs a website in Jones’ name that sells nutritional supplements — bid $3.5 million. The Onion's bid also included a pledge by many of the Sandy Hook families to forgo some or all of the auction proceeds due to them, in order to give other creditors a total of $100,000 more than they would receive under other bids. The trustee, Christopher Murray, chose The Onion, saying its proposal was better for creditors because they would receive more money. In court filings, Jones and First United American Companies accused Murray, The Onion and the Sandy Hook families of illegally colluding on the bidding, committing fraud and violating the judge's rules for the auction. Murray, The Onion and the families deny the allegations. In his own court filing, Murray called the allegations “a disappointed bidder’s improper attempt to influence an otherwise fair and open auction process.” Up for sale at the auction were all the equipment and other assets in the Infowars studio in Austin, Texas, as well as its social media accounts, websites, video archive and product trademarks. Jones uses the studio to broadcast his far-right, conspiracy theory-filled shows on the Infowars website, his account on the social platform X and radio stations. Jones has set up another studio, websites and social media accounts in case The Onion wins approval to buy Infowars and kicks him out. Jones has said he could continue using the Infowars platforms if the auction winner is friendly to him. Jones is appealing the $1.5 billion in judgments citing free speech rights but has acknowledged that the school shooting happened .
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Bollywood superstar Shah Rukh Khan returned to the silver screen with a bang in 2023 by delivering three massive hits and once again returned to hiatus this year as he had no movies releasing on the big screen. However, Khan’s life remained eventful on the sporting field since his Kolkata Knight Riders won the coveted Indian Premier League for the third time since the inception of the cash-rich tournament. Despite remaining absent on the big screen, Khan shattered a new record and surpassed his colleague Akshay Kumar or even cricket icon Virat Kohli to become the highest tax-paying celebrity in the country this year. As per a list prepared by Forbes in September, Khan paid Rs 92 crore in taxes. This was expected especially after the success of three back-to-back movies last year. Bollywood’s Mr Dependable could not live up to the expectations since all his releases, except Singham Again, bombed at the Box Office. He began the year by teaming up with Tiger Shroff with his Eid release Bade Miyan Chote Miyan. The action thriller hit the silver screen with higher expectations but opened with negative reviews and ended with a whimper. His other two releases Sarfira and Khel Khel Mein remained impactless and tasted unimpressive run at the Box Office. Akshay made a small appearance in 2024’s biggest hit Stree 2 and was also a part of the other major release of the year Singham Again. The two releases were saving grace. Fans expect Kumar to return as a Box Office rockstar in the coming years. Shraddha Kapoor-Rajkummar Rao-Pankaj Tripathi: The tio-Shraddha Kapoor, Rajkummar Rao and Pankaj Tripathi-joined to deliver one of the biggest hits of the year-Stree 2. Winning hearts with its perfect comic timing and strong acting, the tale of the headless ghost was successful in minting a worldwide gross of Rs 858.4 crore. Shraddha became one of the most sought-after actors in Bollywood following her convincing performance in the horror comedy. The actor spent some tense days in 2024 after he repeatedly received death threats with reports suggesting Lawrence Bishnoi gang was behind it. Earlier this year, shots were even fired by alleged members of the gang outside Khan’s Bandra residence. From playing a robot who romanced Shahid Kapoor to producing his own film, Kriti Sanon continued to impress her fans with her progressive stance every year. She began 2024 with her first release for the year titled Teri Baaton Mein Aisa Uljha Jiya. Starring opposite Shahid Kapoor, Kriti played the unconventional role of a robot in the science-fiction romantic-comedy movie which was released on February 9 ahead of Valentine’s Day. The movie gained mixed reviews in the market from critics and movie lovers alike. In March, just ahead of Holi, Kriti teamed up with two Bollywood beauties- Kareena Kapoor and Tabu- for their haste comedy Crew. The movie, which also featured Bengali actor Saswata Chatterjee, left film lovers happy and the Box Office lit up with its performance. Remaining busy in 2024, Kriti added one more feather to the successful crown when she turned into a producer with the movie Do Patti. The movie featured Kajol, her Dilwale co-star, in the lead role. Speaking about her journey as a producer, Kriti told Variety: “I really enjoyed the whole process of how that film was made. And I felt that I want to eventually also get involved in certain films that I feel passionate about, beyond just being an actor, [to] creatively be there in the whole filmmaking process.” The movie was released on Netflix in November. The Bollywood rumour mill was meanwhile buzzing with her dating news which was further fuelled by her attendance in a family wedding with UK-based businessman Kabir Bahia. She also shared a photo with Kabir Bahia on social media from their Greece vacation. After a fairytale marriage following years of romance, Deepika Padukone and Ranveer Singh became parents when they welcomed their adorable baby girl Dua on September 8, 2024. She had an eventful working career this year when three of her movies- Fighter, Singham Again and Kalki 2898 AD- released on the big screen. From playing Air Force squadron leader Minal “Minni” Rathore in Fighter to a tough cop Shakti Shetty, Deepika Padukone preferred to showcase her dynamism onscreen by playing a bouquet of tough characters. Ranveer Singh returned as Sangram “Simmba” Bhalerao in Singham Again and put up a cracking performance in the Diwali release. Away from movies, Singh became a father to baby girl Dua this year. After playing serious role for years, actor Vicky Kaushal experimented by showcasing a romantic hero in Bad Newz where he fought Ammy Virk onscreen to win the heart of Triptii Dimri in the movie that revolves around the theme of heteropaternal superfecundation, which according to Biomedica is an extremely rare phenomenon that occurs when a second ova released during the same menstrual cycle is additionally fertilized by the sperm cells of a different man in separate sexual intercourse. It is the birth of fraternal twins from two different fathers. Karthik was back as ‘Rooh Baba’ to fight ghosts and spirits in the horror comedy Bhool Bhulaiyaa 3 which stood as one of the major Box Office hits of the year. Karthik’s golden run at the box office continued and he maintained his trend of delivering hits every year. Kathik experimented and played the character of India’s first Paralympics gold medallist Murlikant Petkar in director Kabir Khan’s Chandu Champion. Triptii Dimri: Tripti emerged as one of the most sought-after actors of the Indian film industry after she made her brief appearance in Animal in 2023. Tripti soon became a national crush and a sex symbol. This year, her presence in commercial movies grew stronger and she returned to the big screen with two films- Bad Newz and Bhool Bhulaiyaa 3. Hrithik Roshan romanced Deepika Padukone onscreen for the first time in Fighter and their chemistry left the audience feeling the heat even in the month of January. The high-octane Indian Air Force-based movie remained one of the early hits of the year and the gripping storyline, backed with stellar performance by the actors, left movie lovers amazed. Years back, when Abhishek Bachchan and Aishwarya Rai Bachchan tied the knot, they broke the headlines as India celebrated a fairytale marriage that remained the talk of the town. That was 2007. The couple welcomed their baby girl Aaradhya in 2011. The country followed the power couple of Bollywood over the years until recent developments left fans shocked when rumours buzzed that they were planning to get divorced. Gossip even brewed that Abhishek Bachchan is involved in a relationship with actress Nimrat Kaur. There has been no official statement from the couple but the alleged discontent in their relationship kept followers busy at the fag end of the year. Yami Gautam perhaps delivered one of the best performances onscreen with her real-event-based movie Article 370. The movie moves around the events that led to the abolition of Article 370 in Jammu and Kashmir, a landmark moment in Indian politics. Bollywood beauty Anushka Sharma and her cricketer husband Virat Kohli became parents for the second time when they welcomed their second child- Akaay. The baby boy was born in February. While they spend more time in London where they have a property, it is likely the couple would permanently shift to the UK. Vikrant Massey: Vikrant Massey was slowly marking his name in Bollywood as a thinking actor who played unconventional characters on the silver screen. His performance in 12th Fail earned him fame. His film The Sabarmati Report also made headlines owing to its subject- Godhra train burning on 27 February 2002, an incident that triggered the infamous Gujarat riots. However, leaving his followers shocked, Vikrant announced in December that he is retiring from films. Later it was reported that he is taking a long break, not completely retiring. “The last few years and beyond have been phenomenal. I thank each and everyone of you for your indelible support. But as I move forward, I realise it’s time to recalibrate and go back home. As a Husband, Father & a Son. And also as an Actor,” he wrote on Instagram, announcing his supposed retirement. “So coming 2025, we would meet each other for one last time [sic.]. Until time deems right. Last 2 movies and many a years of memories [sic.]. Thank you again. For everything and everything in between. Forever indebted,” the actor wrote in a note. Man of the Match Actor Ajay Devgn appeared in several movies in 2024 with Shaitaan marking his first release where he competed with R Madhavan to impress his fans in the supernatural drama. The two actors were praised for their performances and Shaitaan was one of the year’s most sought-after movies. Apart from Shaitaan, Ajay was seen in Naam, a movie which was finally released after getting postponed for years, the critically-acclaimed sports drama Maidaan, the romantic tale Auron Mein Kahan Dum Tha and finally Singham Again. The multistarrer saw Ajay once again stepping into the shoes of DCP Bajirao Singham and fighting his way to deliver one of the major hits of 2024.
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