Uncategorized – Latest News

General Motors and Ford Lay Off 500 Workers Amidst Ongoing UAW Strike

admindarian — Mon, 02 Oct 2023 23:10:57 +0000

General Motors (GM) and Ford Motor have announced the layoff of an additional 500 workers at four Midwestern plants due to the ongoing strike by the United Auto Workers (UAW). The strike, now in its 18th day, has impacted the operations of these facilities. In response, the UAW presented a new contract offer to GM, which is currently being reviewed. However, significant gaps still remain between the two parties.

Ford has also decided to furlough a total of 330 workers at its Chicago Stamping and Lima, Ohio Engine plants. Meanwhile, GM’s layoffs include 130 employees at its Parma, Ohio Metal Center and 34 at its Marion, Indiana Metal Center. The strike has already affected GM’s production at various locations, including the idling of its Fairfax, Kansas plant, resulting in 2,000 indefinite layoffs. Ford also temporarily laid off around 600 workers at a Michigan auto plant due to the strike, while Stellantis furloughed nearly 370 workers in Ohio and Indiana.

UAW President Shawn Fain recently expanded the strike to include a GM plant in Lansing, Michigan, and a Ford assembly plant in Chicago. However, Stellantis was spared after last-minute concessions. On a positive note, the UAW reached a new labor agreement with Volvo Group’s Mack Trucks, covering 4,000 workers, just before the deadline. The tentative agreement includes significant wage increases but still requires ratification.

JPMorgan estimates that the strike has cost GM approximately $191 million and Ford $145 million. However, there are reports suggesting that the two sides are getting closer on pay and benefits, providing some optimism for a potential deal. Despite the CEOs of GM and Ford criticizing the UAW, the union responded on social media, stating that neither CEO had participated in the bargaining talks.

According to Anderson Economic Group, the first two weeks of the strike have resulted in total losses of $3.9 billion. This includes $325 million in wages, $1.12 billion in losses for the Detroit Three, $1.29 billion for suppliers, and $1.2 billion in dealer and customer losses.

As negotiations continue between the UAW and automakers, the impact of the strike on the industry and the affected workers remains a significant concern. Both sides are working towards finding a resolution that addresses the needs of the workers while ensuring the sustainability of the companies involved.

ManpowerGroup to Announce 3rd Quarter 2023 Earnings Results

admindarian — Mon, 02 Oct 2023 23:10:22 +0000

ManpowerGroup, the world leader in innovative workforce solutions, has announced its plans to release its 3rd quarter earnings results on Thursday, October 19, 2023. The company will unveil the financial results before the market opens, followed by a live webcast at 7:30 a.m. Central Time (8:30 a.m. Eastern Time) where management will discuss the findings.

As a leading global workforce solutions company, ManpowerGroup helps organizations adapt and thrive in the rapidly changing world of work. With a focus on sourcing, assessing, developing, and managing talent, the company enables organizations to achieve success. Every year, ManpowerGroup provides innovative solutions to hundreds of thousands of organizations, connecting them with skilled talent and creating meaningful employment opportunities for millions of individuals across various industries and skill sets.

The live webcast of the earnings results discussion will be available on the company’s website, allowing stakeholders and interested parties to gain insights into ManpowerGroup’s performance. For those unable to attend the webcast, a replay will be accessible on the same URL starting from 10:30 a.m. Central Time (11:30 a.m. Eastern Time) on October 19, 2023, and will remain available for 30 days.

Supplemental financial information referenced in the webcast and the text of the 3rd quarter press release will be published on the company’s website under the “Financial Information” section after 7:30 a.m. Central Time on October 19, 2023.

ManpowerGroup’s commitment to diversity and ethical practices has earned it recognition as a best place to work for Women, Inclusion, Equality, and Disability. In 2023, the company was named one of the World’s Most Ethical Companies for the 14th time, solidifying its position as the preferred brand for in-demand talent.

For more information about ManpowerGroup and its workforce solutions, visit their website at www.manpowergroup.com. Stay tuned for the release of the 3rd quarter earnings results, which will provide valuable insights into the company’s performance and its impact on the global workforce landscape.

Kimco Realty Announces Pricing of $500 Million Public Offering of Notes

admindarian — Mon, 02 Oct 2023 23:09:45 +0000

Kimco Realty Corporation, a leading real estate investment trust (REIT) specializing in open-air, grocery-anchored shopping centers, has announced the pricing of a public offering of $500 million aggregate principal amount of 6.400% notes due 2034. The notes, which will mature on March 1, 2034, have an effective yield of 6.456%. The offering is expected to settle on October 12, 2023, subject to customary closing conditions.

The net proceeds from the offering will be used for general corporate purposes, including funding suitable investments and redevelopment opportunities, as well as the repayment of outstanding indebtedness.

The offering was managed by a group of joint book-running managers, including Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, BofA Securities, Inc., Mizuho Securities USA LLC, and Scotia Capital (USA) Inc. Several other firms served as senior co-managers and co-managers in connection with the offering.

Kimco Realty, headquartered in Jericho, N.Y., is the largest publicly traded owner and operator of open-air, grocery-anchored shopping centers in North America. The company’s portfolio is primarily concentrated in the first-ring suburbs of major metropolitan markets, with a tenant mix focused on essential, necessity-based goods and services. Kimco Realty is also committed to environmental, social, and governance (ESG) issues and is recognized as an industry leader in these areas.

For more information about Kimco Realty, please visit their website at www.kimcorealty.com.

DigitalBridge Group Announces Participation in Upcoming Investor and Industry Events

admindarian — Mon, 02 Oct 2023 23:09:10 +0000

DigitalBridge Group, Inc., a leading global alternative asset manager specializing in digital infrastructure investments, has revealed that senior executives from the company and its portfolio companies will be participating in several upcoming investor and industry events.

The events will provide an opportunity for DigitalBridge and its executives to engage with investors, industry experts, and peers, fostering collaboration and knowledge sharing within the digital infrastructure space. By actively participating in these events, DigitalBridge aims to further strengthen its position as a key player in the industry.

As a dedicated investor in digital infrastructure, DigitalBridge manages over $70 billion of infrastructure assets on behalf of its limited partners and shareholders. The company’s portfolio includes investments in cell towers, data centers, fiber, small cells, and edge infrastructure. With a heritage of more than 25 years in the digital ecosystem, DigitalBridge brings a wealth of experience and expertise to its investments.

Headquartered in Boca Raton, DigitalBridge operates globally with key offices in New York, Los Angeles, London, Luxembourg, and Singapore. This extensive presence allows the company to effectively identify and capitalize on investment opportunities in various regions.

DigitalBridge’s commitment to investing in digital infrastructure aligns with the growing demand for reliable and scalable digital networks. As the world becomes increasingly interconnected, the need for robust digital infrastructure continues to rise. By actively participating in investor and industry events, DigitalBridge aims to contribute to the advancement of digital infrastructure globally.

For more information about DigitalBridge and its investments in digital infrastructure, please visit their website at www.digitalbridge.com.

Source:
[Link to the source press release]

JLM Couture Announces Plans for Restructuring to Safeguard Operations and Assets

admindarian — Mon, 02 Oct 2023 23:08:37 +0000

JLM Couture, Inc., a renowned wedding gown design and manufacturing company, has made the strategic decision to file for restructuring in order to protect its valued operations and assets. The company, which specializes in upscale, multi-label wedding gowns, aims to navigate external challenges and ensure its continued presence in the industry.

The primary factors influencing this decision include the actions of Hayley Paige Gutman, as well as pressure from legacy creditors and potential liability arising from New York City landlord-tenant issues exacerbated by the pandemic. In response to these challenges, JLM Couture has determined that filing for reorganization under Subchapter V of Chapter 11 of the United States Bankruptcy Code is the most suitable course of action.

Throughout the court-supervised process, JLM Couture will continue its operations as usual, prioritizing customer satisfaction and meeting their expectations. The company is actively working on a restructuring plan with its trade vendors and professional creditors, aiming to safeguard its position in the wedding gown industry.

Despite the need for restructuring, JLM Couture is confident in its ability to deliver top-tier designs to its clientele. With no significant bank debt and a commitment to quality, the company remains optimistic that this restructuring will strengthen its position and enable it to regain its prominence in the industry.

For the past 30 years, JLM Couture, Inc. has been a leader in the wedding gown industry, renowned for its innovative designs and unwavering dedication to quality. For further information, please visit the company’s website or contact their media relations department.

Please note that all product names, logos, and brands mentioned in this article are the property of their respective owners.

Source: [BusinessWire](https://www.businesswire.com/news/home/20231002757961/en/)

BlackRock Closed-End Funds Announce Distributions to Align with Earnings

admindarian — Mon, 02 Oct 2023 23:07:42 +0000

BlackRock closed-end funds have announced their distributions for the current period, with some funds increasing their monthly distribution rates while others decreasing them. The changes were made to align the distribution rates with the funds’ current and projected earnings levels.

BlackRock Limited Duration Income Trust (BLW) has announced an increase in its monthly distribution rate, while BlackRock Municipal 2030 Target Term Trust (BTT) has announced a decrease in its monthly distribution rate. These adjustments aim to better align the funds’ distribution rates with their earnings.

Additionally, BlackRock Science and Technology Term Trust (BSTZ), BlackRock Health Sciences Term Trust (BMEZ), and BlackRock Innovation and Growth Term Trust (BIGZ) will now pay monthly distributions to shareholders at an annual rate of 6% of the fund’s 12-month rolling average daily net asset value. The October 2023 distribution was calculated based on the average net asset value from September 23, 2022, to September 22, 2023.

BlackRock 2037 Municipal Target Term Trust (BMN) has declared a special distribution to meet its December 31, 2022 distribution requirement. BlackRock Enhanced Equity Dividend Trust (BDJ) has declared its November and December distributions early to fulfill the fund’s remaining distribution requirements for December 31, 2022.

The distributions for the various BlackRock municipal, taxable fixed income, equity, and multi-asset funds have been detailed in the press release. Each fund aims to distribute all available investment income to shareholders, consistent with its investment objectives and tax requirements.

Investors are encouraged to review the fund’s Section 19 notice for information regarding the source and tax characteristics of the distributions. The final determination of the distributions’ source and tax characteristics for 2023 will be made after the end of the year.

These distribution changes reflect BlackRock’s commitment to providing consistent and competitive returns to its shareholders while aligning with the funds’ earnings and investment objectives.

WeWork Withholds Interest Payments to Improve Capital Structure

admindarian — Mon, 02 Oct 2023 22:46:39 +0000

WeWork Inc, the flexible workspace provider backed by SoftBank, has announced its decision to withhold interest payments of approximately $95 million related to some of its notes. The move comes as the company aims to improve its capital structure amidst ongoing financial challenges.

WeWork’s plans to go public in 2019 fell through, leading to investor concerns over its substantial losses and doubts about its business model. The company leases office spaces on a long-term basis and rents them out for shorter durations. As a result, it has faced significant setbacks and has been working to regain stability.

According to a regulatory filing, WeWork has a 30-day grace period to make the interest payments before it would be considered an “event of default.” The company clarified that it has the liquidity to fulfill the payments and may choose to do so in the future.

The interest payments withheld include approximately $37.3 million payable in cash and $57.9 million in payment-in-kind (PIK) notes. WeWork has been taking strategic measures to implement its plans and is currently focused on rationalizing its real estate footprint.

Earlier this year, the company raised concerns about its ability to continue operations and underwent a one-for-forty reverse stock split to maintain its listing on the New York Stock Exchange. Despite its previous status as a start-up success story, WeWork is currently facing financial challenges.

Shares of WeWork were down around 2% in after-hours trading following the announcement. The company remains committed to its strategic plan and is actively working towards a more sustainable future.

Visa Launches $100 Million Venture Fund for Generative AI Startups

admindarian — Mon, 02 Oct 2023 22:46:01 +0000

Payments processor Visa has announced the launch of a $100 million venture fund dedicated to supporting generative artificial intelligence (AI) startups. This move by Visa comes as numerous investors have shown great interest in the AI sector throughout the year. Notable names such as Microsoft and Alphabet’s Google have already backed the AI space, following the surge in popularity of chatbot ChatGPT.

Visa’s chief product and strategy officer, Jack Forestell, highlighted the potential impact of generative AI on commerce. While the technology has primarily focused on tasks and content creation, Forestell believes it will bring about meaningful changes in the world of commerce that need to be understood.

Generative AI is a cutting-edge technology that leverages past data to generate entirely new content. With this venture fund, Visa aims to support startups working on innovative applications of generative AI. By investing in these startups, Visa hopes to stay at the forefront of technological advancements and drive positive change in the payments industry.

As the AI sector continues to evolve rapidly, Visa’s venture fund demonstrates the company’s commitment to fostering innovation and exploring the potential of generative AI. With the support of this fund, startups in the AI space will have the opportunity to develop groundbreaking solutions that could reshape various industries.

Visa’s move to invest in generative AI startups further solidifies the growing interest and investment in this transformative technology. As the AI landscape continues to expand, it is expected that more companies will follow suit and invest in the development of AI-driven solutions.

Blue Origin Restructures Partnership for Commercial Space Station

admindarian — Mon, 02 Oct 2023 22:45:27 +0000

Blue Origin, the aerospace company founded by billionaire Jeff Bezos, is undergoing significant changes in its corporate partnership to build a commercial space station. The company has reassigned a majority of its employees working on the Orbital Reef project, a commercial space station planned in collaboration with Sierra Space. This move comes as Blue Origin adapts to more pressing priorities, such as its moon lander contract with NASA and an in-space mobility project.

The shakeup within the Orbital Reef team highlights the challenges faced by the industry in developing a private replacement for the International Space Station (ISS). The ISS, a collaborative effort among multiple government space agencies, has incurred a cost of over $100 billion. The uncertain future of the partnership between Blue Origin and Sierra Space raises questions about the viability of constructing a private space station.

As part of the restructuring, Brent Sherwood, the head of Blue Origin’s Advanced Development Programs overseeing Orbital Reef, is expected to leave the company by the end of the year. Blue Origin has not publicly disclosed these changes, but it has confirmed that Sierra Space will remain a partner in the Orbital Reef project, without specifying the nature of their continued involvement.

Blue Origin, under the leadership of Jeff Bezos, aims to inject a sense of urgency into the company’s operations. The grounding of its suborbital tourist rocket, New Shepard, for over a year following an accident in 2022, and delays in the development of its larger rocket, New Glenn, have prompted the need for strategic adjustments.

The partnership between Blue Origin and Sierra Space was announced in 2021, envisioning the creation of a “business park in space” known as Orbital Reef. This space station would serve as a microgravity science laboratory, catering to companies, government agencies, and tourists. However, recent disagreements and management conflicts have strained the partnership.

Blue Origin employees previously assigned to Orbital Reef have been reassigned to other projects, including a secretive “space mobility” program focused on maneuverable satellites and the development of the Blue Moon astronaut moon lander. Blue Origin secured a $3.4 billion contract from NASA for the moon lander as part of the agency’s Artemis program.

With the ISS expected to retire around 2030, NASA is funding Orbital Reef and three other early proposals. However, the tight deadline and concerns about China’s national space station potentially dominating the low-Earth orbit market have added pressure to the development of private space stations.

While Blue Origin intends to continue working on its own version of a space station without Sierra Space, specific plans have not been disclosed. Blue Origin has not yet informed NASA of any changes in the partnership, as required by their contract.

The restructuring of Blue Origin’s partnership underscores the challenges and complexities involved in building a private space station. As the company adapts to evolving priorities, the future of Orbital Reef and the commercial space station landscape remain uncertain.

Atlas Energy Solutions Completes Corporate Reorganization, Simplifies Structure

admindarian — Mon, 02 Oct 2023 22:44:53 +0000

Atlas Energy Solutions Inc. (NYSE:AESI) has successfully concluded its corporate reorganization transaction, known as the Up-C Simplification. The company will begin trading under the same ticker (NYSE:AESI) and name (Atlas Energy Solutions Inc.) but with a new single class of common stock. This move eliminates the previous dual class structure.

Bud Brigham, Chairman & CEO of Atlas, expressed his optimism about the simplified corporate structure, stating that it will enable the company to broaden its investor base. The reorganization is seen as an important step for Atlas, positioning it for future growth and efficiency.

Atlas Energy Solutions is a leading proppant and proppant logistics provider in the Permian Basin, serving customers in the active oil and natural gas producing regions of West Texas and New Mexico. The company’s strategic facilities in Kermit, TX and Monahans, TX are designed to ensure reliable supply and product quality. Additionally, Atlas aims to drive significant logistics efficiencies through its deployment of trucking assets and the Dune Express.

With a focus on generating strong cash flow and allocating capital resources efficiently, Atlas Energy Solutions aims to provide a regular and durable return of capital to its investors. The company also emphasizes its commitment to being a good steward of the environment and the communities in which it operates.

While forward-looking statements were included in the press release, cautionary language was used to highlight the inherent uncertainties and risks associated with such statements. Atlas Energy Solutions acknowledges that factors beyond its control could impact its future operations and financial performance.

In summary, the completion of the Up-C Simplification marks a significant milestone for Atlas Energy Solutions. The company’s simplified structure is expected to enhance its ability to attract investors and further establish its position as a leader in the proppant and proppant logistics industry.