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JEDDAH, Saudi Arabia (AP) — “My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia's decades-long cinema ban. Eight years later, the landscape for film in the kingdom looks much different — and the star of “My Driver and I” now has an award. Roula Dakheelallah was named the winner of the Chopard Emerging Saudi Talent award at the Red Sea International Film Festival on Thursday. The award — and the glitzy festival itself — is a sign of Saudi Arabia's commitment to shaping a new film industry. “My heart is attached to cinema and art; I have always dreamed of a moment like this,” Dakheelallah, who still works a 9-5 job, told The Associated Press before the awards ceremony. “I used to work in voluntary films and help my friends in the field, but this is my first big role in a film.” The reopening of cinemas in 2018 marked a cultural turning point for Saudi Arabia, an absolute monarchy that had instituted the ban 35 years before, under the influence of ultraconservative religious authorities. It has since invested heavily in a native film industry by building theaters and launching programs to support local filmmakers through grants and training. The Red Sea International Film Festival was launched just a year later, part of an attempt to expand Saudi influence into films, gaming, sports and other cultural fields. Activists have decried the investments as whitewashing the kingdom’s human rights record as it tightly controls speech and remains one of the world’s top executioners. With FIFA awarding the 2034 World Cup to Saudi Arabia this week, Lina al-Hathloul, a Saudi activist with the London-based rights group ALQST, said Crown Prince Mohammad bin Salman “has really managed to create this bubble where people only see entertainment and they don’t see the reality on the ground.” These efforts are part of Vision 2030, an ambitious reform plan unveiled in 2016 to ease the economy's dependence on oil. As part of it, Saudi Arabia plans to construct 350 cinemas with over 2,500 movie screens — by this past April, across 22 cities, it already had 66 cinemas showing movies from the local film industry, as well as Hollywood and Bollywood. (The Red Sea International Film Festival attracts a host of talent from the latter industries, with Viola Davis and Priyanka Chopra Jonas also picking up awards Thursday.) The country's General Entertainment Authority last month opened Al Hisn Studios on the outskirts of Riyadh. As one of the largest such production hubs in the Middle East, it not only includes several film studios but also a production village with workshops for carpentry, blacksmithing and fashion tailoring. “These facilities, when they exist, will stimulate filmmakers,” said Saudi actor Mohammed Elshehri. “Today, no writer or director has an excuse to imagine and say, ‘I cannot implement my imagination.’” The facilities are one part of the equation — the content itself is another. One of the major players in transforming Saudi filmmaking has been Telfaz11, a media company founded in 2011 that began as a YouTube channel and quickly became a trailblazer. Producing high-quality digital content such as short films, comedy sketches and series, Telfaz11 offered fresh perspectives on Saudi and regional issues. In 2020, Telfaz11 signed a partnership with Netflix to produce original content for the streaming giant. The result has been movies that demonstrate an evolution on the storytelling level, tackling topics that were once off-limits and sensitive to the public like secret nightlife in “Mandoob” (“Night Courier”) and changing social norms in “Naga.” “I think we tell our stories in a very simple way, and that’s what reaches the world,” Elshehri says of the changing shift. “When you tell your story in a natural way without any affectation, it will reach every person.” But the films were not without their critics, drawing mixed reaction. Social media discoursed ranged from pleasure that Saudi film were tackling such topics to anger over how the films reflected conservative society. As Hana Al-Omair, a Saudi writer and director, points out, there are still many stories left untold. “We certainly have a long time ahead of us before we can tell the Saudi narrative as it should be,” she said, acknowledging that there are still barriers and rampant censorship. “The Goat Life,” a Malayalam-language movie about an Indian man forced to work without pay in Saudi Arabia, is not available on Netflix's platform in the country. Movies that explore political topics or LGBTQ+ stories are essentially out of the question. Even “My Driver and I,” featured at the Red Sea festival alongside 11 other Saudi feature-length films, was initially too controversial. It centers on a Sudanese man in Jeddah, living away from his own daughter, who feels responsible for the girl he drives as her parents are absent. It was initially blocked from being made because of the relationship between the girl and the driver, filmmaker Ahd Kamel has said, even though it's not a romantic relationship. Now in 2024, the film is a success story — a symbol of the Saudi film industry's evolution as well as the growing role of women like Kamel behind the camera and Dakheelallah in front of it. “I see the change in Saudi cinema, a very beautiful change and it is moving at a wonderful speed. In my opinion, we do not need to rush,” Dakheelallah said. “We need to guide the truth of the artistic movement that is happening in Saudi Arabia.” Baraa Anwer, The Associated PressVice President Kamala Harris made her first public appearance Thursday since her concession speech at Howard University, in Washington, on the morning of November 6. Harris was at the National Black Caucus of State Legislators (NBCSL) 48th Annual Legislative Conference. The VP made a brief address at the meeting and wished Merry Christmas. Meanwhile, just like in the days of the campaign, a fake-accent debate was started on social media, with allegations that the 60-year-old was again improvising her accent to appeal to a particular group of people. Her speech was criticised for allegedly having a fake accent: "Kamala briefly emerged from hiding today at the National Black Caucus of State Legislators conference. She also brought back the fake accent," one user wrote. The video sparked a range of reactions, with some calling the VP drunk to some wondering if she has already been indulging in holiday cheer. "Daaaaamn she drunk," one user wrote. "Clearly she's already been indulging in the holiday cheer," said another. "She is so fake. 🤦♂️" said one. "Who funds this bullshit conference? Why do they need to persist with segregating our government legislature?" added one. "So fake. Everyone saw through it," wrote another. "So now she's showing up at organizations 80% of the people in the country have never heard of maybe 90%," wrote another. Get Latest News Live on Times Now along with Breaking News and Top Headlines from US News, World and around the world.
SAO PAULO (AP) — Brazil’s federal police on Thursday formally accused former President Jair Bolsonaro and 36 other people of attempting a coup to keep him in office after his defeat in the 2022 elections. Police said their sealed findings were being delivered Thursday to Brazil’s Supreme Court, which will refer them to Prosecutor-General Paulo Gonet, who decides either to formally charge Bolsonaro and put him on trial, or toss the investigation. Bolsonaro told the website Metropoles that he was waiting for his lawyer to review the accusation, reportedly about 700 pages long. But he said he would fight the case and dismissed the investigation as being the result of “creativity.” The former right-wing president has denied all claims he tried to stay in office after his narrow electoral defeat in 2022 to his rival, leftist President Luiz Inácio Lula da Silva. Bolsonaro has faced a series of legal threats since then. Police said in a brief statement that the Supreme Court had agreed to reveal the names of all 37 people who were accused “to avoid the dissemination of incorrect news.” Dozens of former and current Bolsonaro aides also were accused, including Gen. Walter Braga Netto, who was his running mate in the 2022 campaign; former Army commander Gen. Paulo Sérgio Nogueira de Oliveira; Valdemar Costa Neto, the chairman of Bolsonaro’s Liberal Party; and his veteran former adviser, Gen. Augusto Heleno. Other investigations produced formal accusations of Bolsonaro’s roles in smuggling diamond jewelry into Brazil without properly declaring them and in directing a subordinate to falsify his and others’ COVID-19 vaccination statuses. Bolsonaro has denied any involvement in either. Another probe found that he had abused his authority to cast doubt on the country’s voting system, and judges barred him from running again until 2030. Still, he has insisted that he will run in 2026, and many in his orbit were heartened by the recent U.S. election win of Donald Trump, despite his own swirling legal threats. But the far-reaching investigations already have weakened Bolsonaro’s status as a leader of Brazil’s right wing, said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Bolsonaro is already barred from running in the 2026 elections,” Melo told the The Associated Press. “And if he is convicted he could also be jailed by then. To avoid being behind bars, he will have to convince Supreme Court justices that he has nothing to do with a plot that involves dozens of his aides. That’s a very tall order,” Melo said. A formal accusation of an attempted coup means the investigation has gathered indications of “a crime and its author,” said Eloísa Machado de Almeida, a law professor at Getulio Vargas Foundation, a university in Sao Paulo. She said she believed there was enough legal grounds for the prosecutor-general to file charges. Bolsonaro’s allies in Congress have been negotiating a bill to pardon individuals who stormed the Brazilian capital and rioted on Jan. 8, 2023 in a failed attempt to keep the former president in power. Analysts have speculated that lawmakers want to extend the legislation to cover the former president himself. However, efforts to push a broad amnesty bill may be “politically challenging” given recent attacks on the judiciary and details emerging in investigations, Machado said. On Tuesday, Federal Police arrested four military and a Federal Police officer, accused of plotting to assassinate Lula and Supreme Court Justice Alexandre de Moraes as a means to overthrow the government following the 2022 elections. And last week, a man carried out a bomb attack in the capital Brasilia . He attempted to enter the Supreme Court and threw explosives outside, killing himself.
MeridianLink's Timothy Nguyen sells $1.12 million in stockStocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts’ estimates. EchoStar fell after DirecTV called off its purchase of that company’s Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks rose on Wall Street in afternoon trading Friday, keeping the market on track for its fifth straight gain. The S&P 500 was up 0.2% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 333 points, or 0.8%, and the Nasdaq composite was essentially flat with a gain of less than 0.1% as of 3:07 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 1.5% after raising its earnings forecast for the year. EchoStar fell 2.4% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.3%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.
Prince Andrew, pictured in 2022, has been repeatedly criticized for his links to wealthy foreigners, raising concerns that those individuals are trying to buy access to the royal family. Kirsty Wigglesworth/The Associated Press A suspected Chinese spy with business ties to Prince Andrew has been barred from the U.K. because of concerns he poses a threat to national security. A British immigration tribunal upheld the decision on Thursday in a ruling that revealed the Chinese national had developed such a close relationship with Andrew that he was invited to the prince’s birthday party. Government officials were concerned the man could have misused his influence because the prince was under “considerable pressure” at the time, according to the ruling. British authorities believe the Chinese national, whose name wasn’t released, was working on behalf of the United Front Work Department, an arm of the Chinese Communist Party that is used to influence foreign entities. The government determined that the businessman “was in a position to generate relationships between senior Chinese officials and prominent U.K. figures which could be leveraged for political interference purposes by the Chinese State,” according to the tribunal’s decision. In a statement from his office, Andrew, also known as the Duke of York, said he accepted government advice and ceased all contact with the Chinese national as soon as concerns were raised. “The Duke met the individual through official channels with nothing of a sensitive nature ever discussed,′′ his office said. “He is unable to comment further on matters relating to national security.” Prince Andrew, the younger brother of King Charles III, has been repeatedly criticized for his links to wealthy foreigners, raising concerns that those individuals are trying to buy access to the royal family. Andrew’s finances have been squeezed in recent years after he was forced to step away from royal duties and give up public funding amid concerns about his relationship with Jeffrey Epstein, the American financier and convicted pedophile who committed suicide in prison in 2019. British intelligence chiefs have become increasingly concerned about China’s efforts to influence U.K. government policy. In 2022, Britain’s domestic intelligence service, known as MI5, warned politicians that a British-Chinese lawyer had been seeking to improperly influence members of Parliament for years. A parliamentary researcher was arrested in 2023 on suspicion of providing sensitive information to China. The 50-year-old Chinese national covered by this week’s ruling was described as a man who worked as a junior civil servant in China before he came to the U.K. as a student in 2002. He earned a master’s degree in public administration and public policy at the University of York before starting a business that advises U.K.-based companies on their operations in China. He was granted the right to live and work in the U.K. for an indefinite period in 2013. Although he didn’t make Britain his permanent home, the man told authorities that he spent one to two weeks a month in the country and considered it his “second home.” He was stopped while entering the U.K. on Nov. 6, 2021, and ordered to surrender his mobile phone and other digital devices on which authorities found a letter from a senior adviser to Andrew confirming that he was authorized to act on behalf of the prince in relation to potential partners and investors in China. The letter and other documents highlighted the strength of the relationship between Andrew, his adviser and the Chinese national. “I also hope that it is clear to you where you sit with my principal and indeed his family,” the adviser wrote. “You should never underestimate the strength of that relationship. Outside of his closest internal confidants, you sit at the very top of a tree that many, many people would like to be on.” The letter went on to describe how they had found a way to work around former private secretaries to the prince and other people who weren’t completely trusted. “Under your guidance, we found a way to get the relevant people unnoticed in and out of the house in Windsor,” the adviser wrote. Andrew lives at the Royal Lodge, a historic country estate near Windsor Castle, west of London.
Published 5:00 pm Friday, December 13, 2024 by Thomas Howard Residents and visitors walking downtown will notice stars bearing the names of famous Mississippians embedded in the sidewalk. The Queen City has long been known for its recognition of the arts, and the stars are one of several projects paying homage to those whose efforts put the Magnolia State on the map. A number of events this past week, however, suggest significantly more stars will be needed in the near future. Events put on by both Meridian and Lauderdale County school districts highlighted the immense talent developing among our next generation of leaders and celebrated the effort students put into honing their craft. Email newsletter signup On Monday, Meridian High School students performed “Blue Christmas,” with both choir and band students participating in the concert. On Tuesday, Northwest Middle School held its annual Christmas concert, while at The Mississippi Arts + Entertainment Experience, Lauderdale County School District held its Holiday Showcase highlighting musical, artistic, dance and stage acting talent from students at each of the district’s four campuses. Thursday, MPSD’s youth choir helped set a festive mood as they opened for Mississippi trio Chapel Hart, which brought its Hartfelt Family Christmas Tour at the Temple Theater. The arts are a vital part of Meridian’s community, but even if that were not the case, arts education would remain a critical part of students’ education. According to the University of Florida, arts education is linked to improved academic outcomes, better mental health, increased engagement, reduced disciplinary actions and more. While many students will likely go on to pursue careers other than art, the skills developed by the arts, such as critical thinking and social skills, are highly valued among employers across the board. Thank you to the teachers, administrators, parents, volunteers, sponsoring businesses and all others who had a hand in making this week’s events come to fruition. Let’s continue to celebrate our young artists and the positive impact they have and will have on Meridian. Gulfport among cities with least sustainable credit card debts Congressional politics of disaster funding revisited in the wake of Helene, Milton Carswell puts Center for Public Policy in attack mode Letter to the Editor: We have much to be thankful for
Old Dominion Freight Line Inc. stock underperforms Thursday when compared to competitors
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NOVI, Mich.--(BUSINESS WIRE)--Nov 21, 2024-- Lineage, Inc. (NASDAQ: LINE) (the “Company”), the world’s largest global temperature-controlled warehouse REIT, today announced the release of Economist Impact’s “Feeding the Future” report . Supported by Lineage, the new body of research explores the connection between food infrastructure and economic development in hard-to-reach geographies, calling for global collaboration toward building a food supply chain better equipped for feeding the world. Enough food is produced to feed the global population of 8 billion people daily , yet around 733 million people still go hungry , 3.1 billion cannot afford a healthy diet and 24% of the world’s calories go uneaten due to food loss and waste . Providing everyone with access to safe, nourishing food while eliminating waste and driving socioeconomic progress will require robust infrastructure – from warehousing and cold storage to transportation networks – that spans the entire global supply chain. “We are proud to partner with Economist Impact to shed light on the critical role that cold chain infrastructure plays in creating long-term solutions to hunger, boosting agricultural productivity, empowering communities and reducing waste globally,” said Greg Lehmkuhl, President and CEO of Lineage. “This research speaks to the enduring quality of our purpose at Lineage to transform the world’s food supply chain to eliminate waste and help feed the world, and why it informs every decision we make across our global team.” The “Feeding the Future” report was conducted with Lineage’s support as part of Economist Impact’s Food Imperative . The Food Imperative initiative is designed to arm decision-makers with the data, insights and tools they need to develop more sustainable and secure solutions in their commitment to transform global food systems for the future. As part of this initiative, Economist Impact has also published a short, animated film illustrating how temperature-controlled supply chains enable global access to nutritious food from farm to fork, along with an article on the cold chain's role in feeding the world and transformative trends and technologies in the space. "At Economist Impact, our mission is to drive progress on the world's biggest issues with world-class policy research and global media amplification. With the Food Imperative initiative and Feeding the Future report, we’re bringing critical attention to the need for sustainable, resilient food systems,” said Pratima Singh, Principal and The Food Imperative Lead at Economist Impact. Economist Impact works with governments, corporations, foundations, and NGOs to create change and progress on topics like sustainability, health, and globalization. To view the full report and accompanying content, please visit impact.economist.com/sustainability/feeding-the-future . For more information about what Lineage is doing to advance a smarter, more sustainable and efficient food supply chain, visit onelineage.com . About Lineage Lineage, Inc. (NASDAQ: LINE) is the world’s largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84 million square feet and approximately 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world’s largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world. Learn more at onelineage.com and join us on LinkedIn , Facebook , Instagram , and X . About Economist Impact Economist Impact combines the rigour of a think-tank with the creativity of a media brand to engage a globally influential audience. We believe that evidence-based insights can open debate, broaden perspectives and catalyse progress. The services offered by Economist Impact previously existed within The Economist Group as separate entities, including EIU Thought Leadership, EIU Public Policy, Economist Events and SignalNoise. Our track record spans 75 years across 205 countries. Along with creative storytelling, events expertise, design-thinking solutions and market-leading media products, we produce framework design, benchmarking, economic and social impact analysis, forecasting and scenario modelling, making Economist Impact's offering unique in the marketplace. Visit www.economistimpact.com for more information. Forward Looking Statements Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Lineage intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by Lineage’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of Lineage’s performance in future periods. Except as required by law, Lineage does not undertake any obligation to update or revise any forward-looking statements contained in this release. View source version on businesswire.com : https://www.businesswire.com/news/home/20241121268511/en/ CONTACT: Media Contact Rory Swikle Senior Vice President, MikeWorldWide rswikle@mww.com KEYWORD: MICHIGAN UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY TRANSPORT REIT THOUGHT LEADERSHIP PROFESSIONAL SERVICES FOOD/BEVERAGE LOGISTICS/SUPPLY CHAIN MANAGEMENT SUPPLY CHAIN MANAGEMENT RETAIL SOURCE: Lineage, Inc. Copyright Business Wire 2024. PUB: 11/21/2024 04:45 PM/DISC: 11/21/2024 04:45 PM http://www.businesswire.com/news/home/20241121268511/enNone
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( ) recently gave back some of its 2024 gains. Investors who missed the rally this year are wondering if Fortis stock is now again and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on and total returns. Fortis stock price Fortis trades near $60 per share at the time of writing. The stock was as low as $51 in April this year and recently ran as high as $63.75, nearly recovering the drop from the $65 it reached in 2022 before interest rate hikes in Canada and the United States put pressure on utility stocks. Fortis operates utility businesses in Canada, the United States, and the Caribbean. These include power-generation facilities, electricity transmission networks, and natural gas distribution utilities. Investors like these rate-regulated assets for their reliable and predictable cash flow to cover dividend payments and provide funding for capital projects. Growth Fortis grows through a combination of strategic acquisitions and organic developments. The company hasn’t made a large purchase for several years but is working on a $26 billion capital program that is expected to raise the rate base from $38.8 billion in 2024 to $53 billion in 2029. Fortis has other projects under consideration that could be added to the development plan. In addition, a decline in interest rates could spark a new wave of consolidation in the utility sector. Dividends As new assets are completed and go into service, the rise in revenue and cash flow should support steady dividend growth over the next five years. Fortis intends to boost the distribution by 4-6% through 2029. Investors should feel comfortable with the guidance. Fortis increased the dividend in each of the past 51 years. At the time of writing, Fortis provides a dividend yield of 4.1%. Risks The slide in the share price in 2022 and 2023 occurred in step with rising interest rates in Canada and the United States. Fortis uses debt to fund part of its growth program. A jump in borrowing costs puts pressure on profits and cuts into cash that can be used for dividends or debt reduction. The central banks stopped raising interest rates late last year and began to cut rates in the second half of 2024. This is why Fortis investors saw the share price rebound in recent months. Looking ahead, the outlook for interest rates is different in Canada and the United States. The Bank of Canada will likely continue cutting interest rates to support the economy. Unemployment is creeping up, and inflation remains near the central bank’s 2% target. In the United States, however, the story is more complicated. The American economy remains in good shape, and unemployment is very low. At the same time, inflation has increased in the past two months. The Federal Reserve just cut interest rates by another 0.25%, but additional cuts in 2024 might not occur if inflation continues to rise. Donald Trump’s plan to implement new tariffs on all goods entering the United States could create a surge in prices. In the event that the Federal Reserve puts rate cuts on hold or is forced to raise rates again, utility stocks could come under new pressure. Is Fortis a buy now? Income investors should be comfortable owning Fortis at this level. That being said, there could be a better entry point in the coming months, so it might make sense to take a half position and look to add on any additional weakness.
