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LOS ANGELES--(BUSINESS WIRE)--Nov 21, 2024-- Surf Air Mobility Inc. (NYSE: SRFM) (“the Company”,“Surf Air”), a leading regional air mobility platform, announced last week its four-phase Transformation Plan and a $50 million term loan that positions the Company to achieve profitability in its airline operations. Today, the Company is announcing that it has posted details about its Transformation Plan and a new investor presentation on the Events & Presentations page of the Company’s investor website here . Deanna White, Interim CEO & COO of Surf Air Mobility, said: “We are excited to introduce our four-phase Transformation Plan, which we’re confident positions us on a path to profitability. Securing the $50 million term loan completes the first phase of our Transformation Plan, and we are now entering the Optimization phase. As a result of our optimization initiatives, we expect our airline operations to be profitable in 2025.” About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and the largest commuter airline in the U.S. by scheduled departures as well as the largest passenger operator of Cessna Caravans in the U.S. In addition to its airline operations, Surf Air Mobility is currently developing an AI powered airline software operating system and is working toward certification of electric powertrain technology. Surf Air Mobility plans to offer our technology solutions to the entire regional air mobility industry to improve safety, efficiency, profitability and reduce emissions. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995., including statements regarding the anticipated benefits of the $50 million term loan financing; Surf Air’s implementation of its transformation strategy; Surf Air’s ability to anticipate the future needs of the air mobility market; future trends in the aviation industry, generally; Surf Air’s profitability and future financial results; and Surf Air’s balance sheet and liquidity. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air’s limited operating history and that Surf Air has not yet manufactured any hybrid-electric or fully-electric aircraft; the electrified powertrain technology Surf Air plans to develop does not yet exist; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the inability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air’s development of electrified powertrains and its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air’s growth; the inability of Surf Air’s customers to pay for Surf Air’s services; the inability of Surf Air to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, the risks associated with Surf Air’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov , before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law. View source version on businesswire.com : https://www.businesswire.com/news/home/20241121114985/en/ CONTACT: Surf Air Mobility Contacts Press:press@surfair.com Investors:investors@surfair.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: AUTOMOTIVE AIR EV/ELECTRIC VEHICLES TECHNOLOGY TRANSPORT SOFTWARE ARTIFICIAL INTELLIGENCE SOURCE: Surf Air Mobility Inc. Copyright Business Wire 2024. PUB: 11/21/2024 03:00 PM/DISC: 11/21/2024 03:01 PM http://www.businesswire.com/news/home/20241121114985/en Copyright Business Wire 2024.Trump's threat to impose tariffs could raise prices for consumers, colliding with promise for relief
Since October 2007, Chinese stocks have been in a bear market, as investors have little incentive to return to the market anytime soon. Beijing’s leadership has created an environment that makes it harder for listed companies to behave like capitalist enterprises, enhancing shareholder value. That’s a decline of close to 44 percent and 38 percent, respectively, and almost twice the 20 percent decline that Wall Street considers a typical bear market. The 17-year-long bear market in Chinese stocks coincides with a period when the Chinese economic growth slowed, but remained in the upper single digits, before dropping to below 6 percent in the past five years. Some large-capitalization stocks such as Baidu, PDD Holdings, and Alibaba trade with a forward price-to-earnings (P/E) ratio of around 10, which could make them deeply undervalued compared to their U.S. counterparts. Yet investors do not seem to be in a rush to buy and hold Chinese stocks. Most market rallies over the 17-year bear market were trading rallies rather than a sustained recovery toward the old highs. There are several reasons for the persistence of China’s bear market. One is poor corporate governance, which stems from government ownership of listed company shares through state-owned enterprises (SOEs) or investment entities. As a result, the government is the de facto partner of every listed company, limiting its managerial function of deciding how it will be run and how it will use its free cash flow, if any. Another one is the inability of publicly listed companies to perform their entrepreneurial function and discover and exploit new business opportunities, the ultimate source of top-line growth—something equity analysts monitor closely to determine whether a listed company is a promising investment. This problem stems from the government’s role as regulator, deciding which business publicly traded companies will be and for how long, as the killing of Alibaba’s Ant Group IPO demonstrates. In the fall of 2020, Ant Group planned an initial public offering of $34.4 billion for the Shanghai and Hong Kong exchanges. But regulators killed it, arguing the company had “major” financial technology regulatory issues. At least, that’s the official reason. However, there’s also an unofficial reason: Ant Group’s exponential growth threatens China’s banking system, which is the province of the Chinese government. But killing Ant Group’s IPO killed Alibaba’s growth, too, sending a clear and loud message to equity markets: Publicly listed companies do not exist to maximize shareholder values, as is the case in the United States and other free enterprise economies, but to satisfy the Chinese Communist Party’s agenda. Markets didn’t like this message, sending Alibaba’s share price sharply lower after the Ant IPO’s cancellation, with no recovery in sight. On Nov. 15, its share price closed at $88.59, down from $310 in October 2020. Still, another reason for the bear market is that the government induces excessive competition in sectors it deems critical to competing in world markets, such as the electric vehicle (EV) sector. That isn’t good for Nio’s stockholders, as the stock has dropped from around $63 in 2021 to $4.70 as of midday on Nov. 21. Juscelino F. Colares, associate dean for global legal studies, and Schott-van den Eynden, professor of business law, add another factor to the bear market: the bursting of the bubble in the property sector and developer defaults, which have shaken investor confidence. “China’s stock market has been under significant pressure, primarily driven by a complex mix of economic, regulatory, and geopolitical factors,” Colares told The Epoch Times in an email. “A key driver has been China’s struggling real estate sector, representing a significant portion of its economy. The default risks facing major property developers and the government’s measures to control debt in the sector have created ripple effects across other industries and shaken investor confidence.” In addition, he sees the regulatory clampdowns on the technology and education sectors as aimed at asserting greater state control, contributing to market instability. “These, combined with broader concerns about China’s slowing GDP growth and uncertainty surrounding U.S.–China relations, have intensified bearish sentiment,” he said. Colares believes market valuations are now reaching attractive levels. Still, it’s unclear if the market has hit bottom. “Much will depend on Beijing’s next policy moves and whether it takes more supportive steps to stabilize the economy,” he said. “If the government shows signs of easing restrictions or introduces stimulus measures, we could see a turning point. But for now, caution seems warranted as structural challenges persist.” Michael Ashley Schulman, CFA, partner and chief investment officer at Running Point Capital Advisors, is concerned about the “big picture” of China’s investment environment. He is raising questions about the transparency of government-reported data and the ability to manage local government debt. “Chinese stocks may offer value if government economic data can be believed, but that is a big if, as the equity market sugar-high from initial stimulus announcements may be wearing off and Chinese consumer spending remains tepid,” he told The Epoch Times. “Additionally, the government’s multi-trillion-yuan program to refinance local government debt must be generous enough to impress skeptics.”
Macquarie Downgrades NIO (NYSE:NIO) to Neutral
KyKy Tandy scored a season-high 21 points that included a key 3-pointer in a late second-half surge as Florida Atlantic roared back to beat Oklahoma State 86-78 on Thursday in the opening round of the Charleston Classic in Charleston, S.C. Florida Atlantic (4-2) advances to play Drake in the semifinal round on Friday while the Cowboys square off against Miami in the consolation semifinal contest, also Friday. Oklahoma State led by as many as 10 points in the first half before securing a five-point advantage at halftime. The Owls surged back and moved in front with four and a half minutes to play. It was part of an 11-1 run, capped by a 3-pointer from Tandy that made it 75-68 with 2:41 remaining. Ken Evans added 14 points for Florida Atlantic, with Leland Walker hitting for 13 and Tre Carroll scoring 11. The Owls went 35-of-49 from the free throw line as the teams combined for 56 fouls in the game, 33 by Oklahoma State. Khalil Brantley led Oklahoma State (3-1) with 16 points while Robert Jennings added 14 points and 11 rebounds for the Cowboys, who hit one field goal over a 10-minute stretch of the second half while having three players foul out. The Owls were up by as many as seven points in the early minutes and by 13-10 after a layup by Carroll at the 11:32 mark of the first half. Oklahoma State leapfrogged to the front on Abou Ousmane's layup off a Brantley steal, fell behind again on a 3-pointer by Evans and then responded on a 3-pointer by Jennings to take a 17-16 lead. From there, the Cowboys stoked their advantage to double digits when Jamyron Keller canned a shot from beyond the arc with five minutes to play in the half. Florida Atlantic got a layup and a monster dunk from Matas Vokietaitis and a pair of free throws from Walker in a 6-2 run to end the half to pull within 39-34 at the break. Jennings and Ousmane tallied seven points apiece for Oklahoma State over the first 20 minutes, as the Cowboys led despite shooting just 33.3 percent from the floor in the half. Carroll and Vokietaitis scored seven points apiece to pace the Owls, who committed 11 turnovers that translated to seven points for Oklahoma State before halftime. --Field Level Media
Apple products are undeniably impressive, but their premium price tags often make them feel out of reach for many. If a tablet has been on your wishlist, or you’re searching for a standout last-minute gift, the Apple iPad (10th Gen) , currently discounted, could be the perfect choice. This tablet, which comes in four color options, features a modern, sleek design. You’ll get a 10.9-inch Liquid Retina display that does a great job of bringing your content to life with crisp details and vibrant colors. The edge-to-edge design maximizes screen space and makes the iPad feel sleek and contemporary, which is perfect for both work and play. This 10th-generation Apple iPad is powered by the A14 Bionic chip, which makes multitasking easier than ever. You will be able to do everything from switching between apps, editing high-resolution photos, and even gaming. The all-day battery life is another bonus, which means you won’t have to worry about charging constantly. If creativity is on your mind, pair it with the Apple Pencil (sold separately). This will help you use it for sketching, note-taking, or annotating documents with precision. And with all that creativity and multitasking, you’ll need space to store your work. The 10th-generation iPad offers storage options to fit your needs, starting with 64 GB for everyday tasks. Some other features that deserve a mention are the 12MP Ultra Wide front camera with Center Stage and the fast Wi-Fi 6 connectivity for easy streaming and downloads. The Touch ID feature adds convenience as well, by allowing you to perform actions with just a tap. Grab this Apple iPad (64 GB, Wi-Fi only) for $279 after a 20% discount. Four colors are available at this price: blue, pink, silver, and yellow. The silver model also has an additional $29.01 on-page coupon. Also check out the options for 256 GB and Wi-Fi + Cellular, as well as a bundle with AppleCare+. Apple iPad (10th Gen) Make Tech Easier may earn commission on products purchased through our links, which supports the work we do for our readers. Our latest tutorials delivered straight to your inbox Zainab is an Actuarial Sciences graduate from Pakistan with a passion for technology. When she's not busy writing insightful pieces on Windows and the latest tech trends, you'll find her with her nose buried in a productivity book, always on the lookout for ways to optimize her workflow and stay ahead of the curve.Trump names David Sacks as White House AI and crypto czar
Asia’s fuel oil market held steady to mildly softer on Tuesday, with ample supplies expected into December. Spot premiums for very low sulphur fuel oil (VLSFO) dipped below $4 a metric ton, while backwardation continued to narrow at the prompt months. Refining margin for VLSFO also softened, with December VLSFO-Dubai cracks closing lower at premiums of about $12 a barrel, based on LSEG data. Amid weakness in the low-sulphur market, the hi-5 spread for December FO05-380SGMc1 narrowed further to nearly $102 a metric ton on Tuesday. – The large crude distillation unit was back to normal operation on Monday at Valero Energy Corp’s VLO.N 360,000 barrel-per-day Port Arthur, Texas refinery after completing repairs, said people familiar with plant operations. – Oil prices edged higher on Tuesday as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil’s risk premium. – OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan’s Energy Minister Parviz Shahbazov told Reuters, as the group had already postponed hikes amid demand worries. – Kazakhstan could sharply increase its crude oil exports out of Turkey’s port of Ceyhan, its energy minister said on Monday, in a move that would reduce the more than 80% share of flows it currently sends via Russia. – Donald Trump’s transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas projects and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans. – 180-cst HSFO: No trade – 380-cst HSFO: No trade – 0.5% VLSFO: No trade Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shailesh Kuber)BOSTON--(BUSINESS WIRE)--Dec 19, 2024-- The Internal Revenue Service (IRS) has unveiled the 2025 business mileage standard rate of 70 cents, leveraging data from Motus 1, the leader in vehicle reimbursement and driver risk mitigation solutions. By analyzing key automotive trends from the preceding year, Motus leverages its expertise to provide critical insights that have supported the IRS mileage rate since 1981. The 2025 business mileage standard rate increased to 70 cents from the 2024 rate of 67.0 cents and will go into effect January 1, 2025. Driving costs have changed in 2024 due to some key factors and trends, including: The IRS business mileage standard cents-per-mile (CPM) rate provides a tax-free threshold for reimbursements that U.S. employers can offer to employees, in addition to individual tax deductions. For high-mileage drivers, the IRS Fixed and Variable Rate (FAVR) reimbursement method is a more accurate and equitable solution. FAVR ensures compliance by tailoring reimbursements to localized costs of vehicle ownership and fuel aligned to the company’s standards for what the role requires. Together, FAVR and CPM programs enable companies to provide fair, compliant reimbursement strategies that address the needs of every driver, regardless of their annual business mileage. “So many factors continue to impact driving costs in significant ways,” said Phong Nguyen, CEO of Motus. “It’s essential for business leaders to support their employees who drive as a part of their job - and rely on their vehicles for work - by implementing fair and accurate reimbursement strategies while also optimizing reimbursement spend and mitigating waste and risk.” Motus gives companies visibility and control over their vehicle reimbursement and risks while improving employee satisfaction by offering the broadest range of tax advantaged reimbursement programs. Proactive optimization produces the best results over the life of every program – powered by superior service and support for savings that are IRS compliant. Over 3,000 companies rely on Motus to create optimized vehicle reimbursement strategies to meet their business objectives and to navigate changes that affect their employees. About Motus Motus is the leading expert in vehicle reimbursement and driver risk mitigation, offering platforms that simplify the reimbursement and management of driving costs through personalized calculations. With an unmatched pool of data refined over more than 80 years, Motus is the preferred partner to top Fortune 500 companies and organizations committed to workplace agility. Motus data, captured and analyzed across the world's largest retained pool of drivers, underpins the annual Internal Revenue Service business mileage standard rate. For more information, please visit www.motus.com or connect with us on Twitter, Facebook, Instagram, or LinkedIn. 1 Motus is the parent entity of Runzheimer International View source version on businesswire.com : https://www.businesswire.com/news/home/20241219193381/en/ Brands2Life for Motus:motus@brands2life.com KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TRUCKING WHITE HOUSE/FEDERAL GOVERNMENT TRANSPORT AUTOMOTIVE SOFTWARE FINANCE INTERNET ACCOUNTING DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY PUBLIC POLICY/GOVERNMENT DATA ANALYTICS MARKETING COMMUNICATIONS TRANSPORTATION GENERAL AUTOMOTIVE TRAVEL SOURCE: Motus Copyright Business Wire 2024. PUB: 12/19/2024 03:22 PM/DISC: 12/19/2024 03:22 PM http://www.businesswire.com/news/home/20241219193381/en
5 top tech gifts for the holidaysNo. 16 Cincinnati tests efficient offense vs. Alabama State
And when Murray takes the court against the Toronto Raptors , his mother will be on his mind. After practice on Tuesday, Murray discussed his impending return and disclosed more details about the previously unspecified “personal matters” that caused him to leave the team during the final days of the preseason. His mother had a stroke, he said. “It was tough to leave and go deal with that. As she got better, she wanted me to come play,” Murray said of his last-minute decision to start against Chicago. He added that his hand injury near the end of that game was God's way of telling him, “‘Nah, you need to stay with your mom.’” “I was more concerned about my mother. That was my priority,” Murray continued. “I wasn’t really worried about my recovery.” Murray's mother has recovered well, he said, while he is “healthy and ready to help this team.” “I’m ready to hoop. Play for my mother — she’s going to be watching," Murray said. “I’m ready to compete, bring that winning spirit.” The Pelicans (4-14) certainly could use the help, having lost 14 of 16 games since opening the season with a pair of victories. Injuries have ravaged the roster. At times, all five starters have been out. Star power forward Zion Williamson has missed 12 games this season — one with an illness and 11 with a hamstring injury. Herb Jones has been sidelined by a shoulder strain and Brandon Ingram's status is in doubt after he sat out practice on Tuesday with calf soreness that also sidelined him during a loss on Monday night at Indiana. But at least two starters — Murray and fellow guard CJ McCollum — are expected to play against the Raptors. “I don’t care how many games we’ve lost. I just know every time I step on the floor I feel like we can win games,” said Murray, who had 14 points, 10 assists and eight rebounds in his lone game with the Pelicans. "That’s just my mentality, and I feel like it can carry over to a lot of guys.” AP NBA: https://apnews.com/hub/NBAVanquishing Bears, Thanksgiving losing streak tops Lions' holiday list
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