NORFOLK, Va. , Dec. 18, 2024 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, announced today that Adrian Butler has been elected as an independent director of the company, effective January 1, 2025 . Foot Locker Chief Technology Officer Adrian Butler has been elected to the PRA Group Board of Directors, effective January 1, 2025. In addition to serving on boards such as Potbelly Corporation and Grambling University Foundation, his alma mater, Butler is the recipient of numerous awards and recognitions, including Los Angeles Business Journal's CIO of the Year, CIO Magazine's CIO 100, Computerworld's Premier 100 IT Leaders, Board Prospects' 50 Military Veteran Board Members Making a Difference and the 500 Most Powerful Business Leaders in Dallas-Fort Worth . "We are thrilled to welcome Adrian to the Board," said Steve Fredrickson, PRA Group Board chairman. "Adrian is an experienced public company board member and business leader with demonstrated success driving technology innovations to transform large global organizations across multiple industries after serving as captain in the United States Air Force. His business and technology insights and expertise will be invaluable to the Board and management as we continue to advance our IT strategy and preparedness in support of initiatives that drive profitable growth." "I am honored to join the talented Board at PRA Group as a strategic business partner and contribute my experience to support its continued growth and success around the globe," said Butler. About PRA Group As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia . With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com . News Media Contact: Elizabeth Kersey Senior Vice President, Communications and Public Policy (757) 641-0558 [email protected] Investor Contact: Najim Mostamand , CFA Vice President, Investor Relations (757) 431-7913 [email protected]
In a span of about 20 hours, SpaceX could manage three rocket launches and one landing of a Dragon spacecraft. It flew a Department of Defense mission from Cape Canaveral on Monday night and on Tuesday knocked out a National Reconnaissance Office mission from California and the landing of the latest cargo Dragon spacecraft off the coast of Florida. The topper will be a launch from Kennedy Space Center that would mark 90 spaceflight missions among all providers on the Space Coast in 2024. That launch would see a Falcon 9 on the mPower-E mission launching from KSC’s Launch Pad 39-A during a one-hour, 27-minute window that opens at 3:59 p.m. EST with backup during same window on Dec. 18. The payload is a pair of satellites for Luxembourg-based communications company SES headed to medium-Earth orbit. With one hour before the opening of the window, the countdown was paused for weather, and a new T-0 is pending. Space Launch Delta 45’s weather squadron forecasts a 55% chance for good launch conditions, that would improve to 65% in the event of a 24-hour delay. High winds at the launch site and concerns for booster recovery delayed launch attempts for both Space Coast missions over the weekend. When it does fly, this would be the first launch of the first-stage booster that will aim for a recovery landing downrange on the droneship Just Read the Instructions in the Atlantic. Already on Tuesday, a SpaceX cargo Dragon spacecraft made a successful splashdown off the coast of Florida to complete the CRS-31 mission. The Dragon arrived to the International Space Station with 6,000 pounds of resupply payloads back on Nov. 5 after launching from the Space Coast, and returned with thousands of pounds of supplies and science experiments. Earlier Tuesday, the company flew the NROL-149, a National Space Security Launch mission, from California’s Vandenberg Space Force Base. The busy schedule began on Monday night, with what had been a secretive mission leading up to launch. That one was a Falcon 9 that lifted off on the RRT-1 mission from Cape Canaveral Space Force Station’s Space Launch Complex 40 at 7:52 p.m. This was the fourth launch of the first-stage booster, which made a recovery landing on the droneship A Shortfall of Gravitas. After launch, the Space Force revealed in a press release the RRT stood for “Rapid Response Trailblazer,” and its payload was a GPS III satellite flying under a National Security Space Launch contract that had switched from United Launch Alliance to SpaceX. It touted the launch as “a new level of readiness and resilience” for its Space Systems Command and Space Operations Command, as it took less than five months to turn around the mission from its inception to launch. Normally this sort of NSSL mission would take 24 months to execute. The prelaunch processing timeline was also sped up from a normal six-month turnaround to only three months. It took an existing satellite manufactured by Lockheed Martin from storage, sped up its integration and readiness for launch. The mission was originally tapped to fly on a ULA Vulcan rocket, but had been delayed because Vulcan has yet to be certified by the Space Force. “This launch was a remarkable achievement that highlights the Space Force’s ability to execute high priority launches of major space systems on a significantly reduced timescale,” said Col. Jim Horne, senior materiel leader of Launch Execution for the Space Force’s Assured Access to Space program. “As an added benefit, it also demonstrates flexibility to adjust our manifest to minimize the impact of Vulcan delays.” The GPS satellite, which was nicknamed “Sally Ride,” joins 31 others already active in orbit, along with seven backup satellites and three more awaiting launch. “Over six billion people use GPS on a daily basis, and we are always eager to update the global capability we provide by getting some new technology on orbit,” said Col. Andrew Menschner, Space Force Delta 31 mission commander, which acted as the space vehicle lead for the first time. -------- ©2024 Orlando Sentinel. Visit at orlandosentinel.com . Distributed by Tribune Content Agency, LLC.
AP Business SummaryBrief at 6:15 p.m. EST
Retail Don't miss out on the headlines from Retail. Followed categories will be added to My News. Millions of Aussies are set to take advantage of the biggest sales of the year by spending an extra $7.5 billion as Black Friday deals hit new heights this weekend. The latest Finder research revealed one in three Australians have already scooped up a deal or plan to take advantage of the Black Friday sales on November 29, while 13 per cent of shoppers are holding out in hope of finding a bargain on Cyber Monday on December 2. Millions of Aussies are taking advantage of Black Friday sales. Picture: NewsWire / Gaye Gerard Black Friday sales kicked off early this year as many retailers launched special deals throughout November. And shoppers snapped up plenty of bargains having each spent on average $607 – or the equivalent to $6.3 billion nationally – across the sales, according to Finder. It’s expected as Black Friday and other sales roll out before Christmas, shoppers will each spend a further $722 on average on – or $7.5bn nationally – before the end of the year. Clothes and shoes top of the list of must buys for many shoppers, with 62 per cent of those surveyed stating they were hoping to grab a bargain. Electronics and gadgets came in second with 41 per cent, while beauty, skincare, and makeup was also a high sale priority with 33 per cent shoppers looking to purchase these items on sale. The Black Friday Sales give shoppers a chance to get some bargains before Christmas. Picture: NewsWire / Gaye Gerard Food and alcohol and accessories bargains were also on people’s shopping list (29 per cent each), while only 26 per cent of shoppers were looking to buy toys on sale. According to news.com.au’s shopping expert Kara Byers, the most sought after items this year include big household purchases such as robot vacuums, Dyson stick vacuums, air fryers , mattresses, as well as pricey tech and electronics such as headphones, laptops and TVs. “We’re seeing a lot of interest in beauty products, COSRX snail mucin, K18 hair mask and the much-coveted Dyson Airstrait are really popular,” Ms Byers said. “When it comes to tech, there’s always interest in headphones, especially Apple AirPods . Samsung devices – like the new Galaxy ring and tablet are selling quickly and, as we get closer to Christmas, TVs and projectors are being snapped up”. “We are finding most brands and retailers will drop their biggest and best discounts during Black Friday and this year, brands are offering up some incredible deals earlier than the actual November 29 start date. So if you see an item you want, we recommend snapping it up,” she said. Meanwhile, the latest Roy Morgan data estimated Australians will spend $6.7bn in the four days between Black Friday and Cyber Monday, which will see an increase by 5.5 per cent in spending compared to the same period last year. Australian Retail Association chief industry affairs officer Fleur Brown said the healthy increase in spending is a positive outcome for retailers after a difficult year marred by tighter consumer budgets. “Shoppers are being savvier than ever with their dollars, which is why they are flocking to sales events like the Black Friday/Cyber Monday weekend to stock up on gifts and personal items,” Ms Brown said. “The full peak season period is predicted to see a more modest 2.7 per cent increase in spending, highlighting not only the growing popularity of Black Friday/Cyber Monday but also the role it is playing in this year’s cost of living challenges. “It’s clear that shoppers still want to enjoy the little luxuries while being wallet-conscious during the cost-of-living crisis.” Ms Brown said shoppers are using sale periods like Black Friday as an opportunity to save big on their Christmas shopping. “Shopping habits are shifting, with more people looking to sales events and buying their Christmas presents earlier than ever,” she said. “Retailers are hopeful this spending boost will hold them in good stead for the New Year.” Australians are also expected to spend $28 billion on food, marking an increase of 4.2 per cent from 2023, according to Roy Morgan. Small businesses will benefit from consumer spending throughout Black Friday and Cyber Monday. Picture: NewsWire / David Mariuz CommBank Small Business Banking executive general manager Rebecca Warren said small businesses are also set to take advantage of the sales. “Black Friday and Cyber Monday mark the start of a busy season for Australian small businesses as we head into the last month of the year,” Ms Warren said. “As consumer demand for a good deal reigns and more competition enters the market, it’s not too late for small businesses to take advantage of tent pole moments like these major shopping events. “Our data shows the top five best performing industries by spend during the 2023 festive season were restaurants and bars, beauty and barber shops, clothing and department stores, homewares and travel. “While these industries continue to perform well, the festive season generates gains for the broader small business community, driving revenue into supporting sectors like marketing and advertising, printing, courier and delivery services.” More Coverage Huge fine to stop supermarket price gouging Jessica Wang Pleas to RBA to ignore Black Friday boom Cameron Micallef Originally published as Aussies set to spend $7.5bn during Black Friday sales More related stories Retail Major Aussie food company collapses A major Australian food company will end production this week, leaving farmers who are owed millions in the lurch. Read more Retail Huge fine to stop supermarket price gouging Australia’s major supermarkets could face at least a $10m fine if they are sprung breaching a new mandatory code in a bid to make things fairer for farmers and families. Read more
Oil company Phillips 66 faces federal charges related to alleged Clean Water Act violations LOS ANGELES (AP) — Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California. The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease. The U.S. Department of Justice announced the indictment on Thursday. Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. An arraignment date has not been set. A spokesperson for the company said it was cooperating with prosecutors. US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple’s iPhone and other devices. What you need to know about the proposed measures designed to curb Google's search monopoly U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled that Google maintained an illegal monopoly. The sweeping set of recommendations filed late Wednesday could radically alter Google’s business. Regulators want Google to sell off its industry-leading Chrome web browser. They outlined a range of behavioral measures such as prohibiting Google from using search results to favor its own services such as YouTube, and forcing it to license search index data to its rivals. They're not going as far as to demand Google spin off Android, but are leaving that door open if the remedies don't work. SEC Chair Gary Gensler, who led US crackdown on cryptocurrencies, to step down Securities and Exchange Commission Chair Gary Gensler will step down from his post on January 20. Since taking the lead at the SEC, the commission has been aggressive in its oversight of cryptocurrencies and other regulatory issues. President-elect Donald Trump had promised during his campaign that he would remove Gensler, who has led the U.S. government’s crackdown on the crypto industry and repeatedly called for more oversight. But Gensler on Thursday announced that he would be stepping down from his post on the day that Trump is inaugurated. Bitcoin has jumped 40% since Trump’s victory. US intelligence warns defense companies of Russian sabotage threat WASHINGTON (AP) — U.S. intelligence officials are warning American defense companies to increase their security after a wave of sabotage in Europe blamed on Russia. The National Counterintelligence and Security Center issued a public bulletin Thursday advising companies that work in the defense industry that Russia may seek to carry out acts of sabotage as part of its effort to undercut Ukraine's allies and their ability to support Ukraine in its defense against Russia. Western authorities say they believe Russian intelligence is behind several recent acts of sabotage targeting European defense companies. Russia has denied the allegations. Elon Musk's budget crusade could cause a constitutional clash in Trump's second term WASHINGTON (AP) — Donald Trump has put Elon Musk and Vivek Ramaswamy in charge of finding ways to cut government spending and regulations. It's possible that their efforts will lead to a constitutional clash. This week, Musk and Ramaswamy said they would encourage the Republican president-elect to refuse to spend money allocated by Congress, which would conflict with a 1974 law that's intended to prevent presidents from blocking funds. If Trump takes such a step, it would quickly become one of the most closely watched legal battles of his second administration. Musk and Ramaswamy also aim to dramatically reduce the size of the federal workforce. Bitcoin is at the doorstep of $100,000 as post-election rally rolls on NEW YORK (AP) — Bitcoin is jumping again, rising above $98,000 for the first time Thursday. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly.” Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks. Cutting in line? American Airlines' new boarding tech might stop you at now over 100 airports NEW YORK (AP) — Sneaking a little ahead of line to get on that plane faster? American Airlines might stop you. In an apparent effort to reduce the headaches caused airport line cutting, American has rolled out boarding technology that alerts gate agents with an audible sound if a passenger tries to scan a ticket ahead of their assigned group. This new software won’t accept a boarding pass before the group it’s assigned to is called, so customers who get to the gate prematurely will be asked to go back and wait their turn. As of Wednesday, the airline announced, this technology is now being used in more than 100 U.S. airports that American flies out of. The official expansion arrives after successful tests in three of these locations. Stock market today: Wall Street rises with Nvidia as bitcoin bursts above $99,000 NEW YORK (AP) — U.S. stocks climbed after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher Thursday after flipping between modest gains and losses several times in the morning. The Dow Jones Industrial Average jumped 1.1%, and the Nasdaq composite edged up by less than 0.1%. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. Treasury yields inched higher in the bond market. What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News? Two television networks with “NBC” in their names — MSNBC and CNBC — will no longer have any corporate connection to NBC News once a spinoff formally takes effect in about a year. Comcast is cutting loose several of its cable companies into a separate company in order to improve its bottom line. It leaves several questions, particularly for MSNBC. Will the news network geared to liberal viewers continue to use NBC News personnel? Will it have to leave its offices and studios at the NBC News headquarters in New York's Rockefeller Center? Will they even keep the same names?
CORVALLIS, Ore. — Everett Hayes kicked a 55-yard field goal with 20 seconds left and Oregon State snapped a five-game losing streak with a 41-38 victory Saturday night against No. 25 Washington State in what was essentially this season's Pac-12 championship. Ben Gulbranson, who missed last week's shutout loss at Air Force, threw for 294 yards and two touchdowns to lead the Beavers (5-6). Trent Walker Jr. caught 12 passes for 136 yards. It was the second straight loss for the Cougars (8-3), who were coming off a 38-35 setback last weekend to New Mexico that dashed the Cougars’ hopes of possibly earning an at-large bid to the 12-team College Football Playoff. Washington State was as high as No. 18 in the CFP rankings before the loss. The Beavers and the Cougars were the two teams remaining in the Pac-12 this season after realignment last year. While the two teams had a scheduling agreement with the Mountain West for this season, they did not figure into that league’s standings. With Oregon State in front 31-24 at the start of the fourth quarter, Cougars quarterback John Mateer ran for a 4-yard touchdown to tie the game. On Oregon State's next series, Taariq Al-Uqdah picked off Gulbranson and ran it back 26 yards for a touchdown to put the Cougars in front. The Beavers' subsequent drive ended with Darrius Clemons' 4-yard touchdown reception to tie it at 38 with 2:50 left. Oregon State got the ball back on the Cougars' series when Exodus Ayers recovered Kyle Williams' fumble on the Washington State 47. The Beavers went for it on fourth-and-6 to extend their final drive and Hayes nailed the winning field goal. Oregon State tight end Jermaine Terry II (84) pulls Washington State defensive back Kapena Gushiken after a catch during the first half of an NCAA college football game Saturday, Nov. 23, 2024, in Corvallis, Ore. Credit: AP/Mark Ylen Mateer passed for 250 yards and two touchdowns, and ran for 85 yards and two more scores for Washington State. Oregon State opened the scoring with stand-in quarterback Gabarri Johnson's 15-yard keeper. The Cougars answered on the next drive with Mateer's 28-yard scoring pass to Carlos Hernandez. Washington State's Dean Janikowski added a 33-yard field goal in the second quarter. Salahadin Allah had a 1-yard touchdown run to put the Beavers in front 14-10. Mateer scored on a 3-yard keeper to give the Cougars the lead, but the touchdown was marred when left tackle Esa Pole spiked the ball for an unsportsmanlike conduct penalty. Washington State quarterback John Mateer (10) throws a pass against Oregon State during the first half of an NCAA college football game Saturday, Nov. 23, 2024, in Corvallis, Ore. Credit: AP/Mark Ylen Oregon State finished the half ahead 21-17 on Gulbranson's 1-yard TD dive with 13 seconds left. The Beavers opened the second half with Hayes' 46-yard field goal. Williams had a 57-yard catch-and-run touchdown from Mateer that tied the game at 24. But before the end of the third quarter, Gulbranson hit Jermaine Terry II with for 43-yard TD. Since the Pac-12’s collapse, the Beavers and the Cougs have worked together to rebuild the conference. In 2026, five Mountain West teams — as well as Gonzaga for basketball only — will join a new Pac-12. The scheduling agreement with the Mountain West was not renewed for next season, so Washington State and Oregon State put together independent schedules with a twist — they will play each other twice, once in Corvallis and once in Pullman. In 2026, Boise State, Fresno State, San Diego State, Colorado State and Utah State with join the Pac-12. Gonzaga, which does not field a football team, has also joined. The new conference must still add another football member to be recognized by the NCAA. The takeaway Washington State: Going into the game, Mateer had 26 passing touchdowns (tied for fourth in the nation) and he’d rushed for 12 more, a Washington State single-season record for a quarterback. Oregon State: Gulbranson, who missed the Beavers’ loss last weekend at Air Force, started. But the Beavers also used QB Gabarri Johnson situationally — including on Oregon State’s first touchdown of the game Up next Washington State: Hosts Wyoming next Saturday. Oregon State: Visits Boise State on Friday.
Alberta takes aim at GHG emissions cap, proposes rules on trespass and data gatheringMiddle East latest: Ceasefire between Israel and Hezbollah in Lebanon is set to begin at 4 amManchester City’s crisis deepened as they surrendered a three-goal lead late in the game to draw 3-3 against Feyenoord in the Champions League. Pep Guardiola’s side avoided the indignity of a sixth successive defeat in all competitions and looked on course for a welcome victory thanks to a double from Erling Haaland – the first from the penalty spot – and a deflected effort from Ilkay Gundogan. Yet Guardiola was left with his head in hands as Feyenoord roared back in the last 15 minutes with goals from Anis Hadj Moussa, Sergio Gimenez and David Hancko, two of them after Josko Gvardiol errors. FULL-TIME | A point apiece. 🩵 3-3 ⚫️ | — Manchester City (@ManCity) Arsenal delivered the statement Champions League win Mikel Arteta had demanded as they swept aside Sporting Lisbon 5-1. Arteta wanted his team to prove their European credentials, and goals from Gabriel Martinelli, Kai Havertz, Gabriel, Bukayo Saka and Leandro Trossard got their continental campaign back on track in style following the 1-0 defeat at Inter Milan last time out. A memorable victory also ended Sporting’s unbeaten start to the season, a streak of 17 wins and one draw, the vast majority of which prompted Manchester United to prise away head coach Ruben Amorim. Putting on a show at Sporting 🌟 — Arsenal (@Arsenal) Paris St Germain were left in serious of danger of failing to progress in the Champions League as they fell to a 1-0 defeat to Bayern Munich at the Allianz Arena. Kim Min-jae’s header late in the first half was enough to send PSG to a third defeat in the competition this season, leaving them six points off the automatic qualification places for the last 16 with three games to play. Luis Enrique’s side, who had Ousmane Dembele sent off, were deservedly beaten by Bayern who dominated chances and possession. 🔔 FULL TIME – Victory at home! +3 in the 👏❤️ | — FC Bayern (@FCBayernEN) Elsewhere, Atletico Madrid were 6-0 winners away to Sparta Prague, Julian Alvarez and Angel Correa each scoring twice whilst there were also goals from Marcos Llorente and Antoine Griezmann. Barcelona ended tournament debutants Brest’s unbeaten start with a 3-0 victory courtesy of two goals from Robert Lewandowski – one a penalty – and Dani Olmo. Lewandowski’s first was his 100th Champions League goal, only the third man to reach the mark after Cristiano Ronaldo and Lionel Messi. A Castello Lukeba own goal saw Inter Milan go top of the standings with a narrow 1-0 win over RB Leipzig at San Siro, whilst Bayer Leverkusen were emphatic victors against Red Bull Salzburg, Florian Wirtz scoring twice to move Xabi Alonso’s side into the automatic qualification places. Atalanta continued their strong start, albeit whilst conceding a first goal in Europe this season in a 6-1 win away to Young Boys, whilst Tammy Abraham scored the decisive goal as AC Milan beat Slovan Bratislava 3-2.
AP Business SummaryBrief at 1:33 p.m. ESTCcc intelligent solutions exec Mary Jo Prigge sells $1.25m in stockEx Napoli Star Not Hiding Inter Milan Ambitions After Going Top Of Champions League: ‘We Want To Go All The Way In All Competitions’
BOSSCATTM Home Services and Technologies Wins IMN 2024 Contractor of the Year Award at Third Annual Industry Award Ceremony
F-35 vs. J-35A: Breaking down the features and specs of top fifth-generation jetsLetter: Political humor
A proposed development that would see 68 townhomes built in Stratford east end was referred back to staff due to questions about the number of affordable units and environmental initiatives in the homes. During Monday night meeting, council heard a presentation from planner Julia von Westerholt, a consultant presenting on behalf of the applicant, Paradize Properties Development Ltd. According to von Westerholt, the constraints of the subject lands, which are located between Douro Street and County Road 111, limited the number of possible designs for building housing on the land The proposed medium density with a special provision designation would permit a maximum of four storeys and a maximum density of 65 units per hectare. To achieve the goal of 25 per cent affordable housing, the plan presented to council called for 40 per cent of the units to be in forms other than single-detached dwellings. However, the question about whether or not this affordability aspect would be a requirement was called into question Monday, notably by Coun. Lesley Biehn. While Adam Betteridge, the city’s director of building and planning, explained the 2016 official plan calls for 25 per cent of all new housing developments to be affordable, it’s not reflective of today’s current needs. Coun. Geza Wordorfa asked how much the homes would sell for, but Punya Sagar of Municipal Development & Planning Services, who was answering questions on behalf of Paradize, was unable to provide an answer since the actual design for the homes has not progressed very far. Also discussed during the presentation was environmental concerns posed by the new development. Resident Mike Sullivan, who said he was speaking on behalf of local advocacy group Climate Momentum, noted the planning report made no mention about energy conservation, climate change or greenhouse gas avoidance. Sullivan, who pointed out the city has committed to reducing greenhouse gas emissions by 30 per cent of 2017 levels in the next six years, said buildings in the city will no longer be able to use natural gas by 2050. If this new development employs natural gas, the homes will have to be converted, he said. “There is nothing preventing the city from making demands of these builders, these developers, that they build without natural gas heating or hot water. The technology for heat pumps is now on par in terms of cost with gas furnaces and hot water. (It’s) no longer more expensive to build a home with a heat pump than it is to build with a natural gas furnace,” he said. Sullivan found sympathetic ears in Coun. Larry McCabe, who asked if the developer would consider heat pumps, and in Jo-Dee Burbach, who asked of staff if there was a way to restrict natural gas developments. Betteridge, though, told the councillors there was no way to impose these restrictions if the homes meeting the province’s building code. Because there were questions that staff and Sagar were unable to answer, Betteridge suggested council could make a motion to defer the decision until staff could provide more information on affordability and climate design. The motion passed with only Wordofa in opposition. Coun. Brad Beatty was absent from the meeting.
The J. M. Smucker Company Announces Pricing for Cash Tender OffersAfter Trump's Project 2025 denials, he is tapping its authors and influencers for key roles
Ruby's Beers Bikes and Brats in downtown Davenport to close next weekOpenAI is allowing employees to sell roughly $1.5 billion worth of shares in a new tender offer to SoftBank, CNBC has learned. SoftBank's latest investment adds to OpenAI's recent $6.6 billion funding round at a $157 billion valuation. The deal was spurred by SoftBank billionaire founder and CEO Masayoshi Son, who was persistent in asking for a larger stake in the company, a person familiar with the matter said. OpenAI is allowing employees to sell roughly $1.5 billion worth of shares in a new tender offer to SoftBank, CNBC has learned. The new financing will allow the Japanese tech conglomerate to get an even larger slice of the AI startup, and it will allow current and former OpenAI employees to cash out their shares, two people familiar with the matter told CNBC. Employees will have until Dec. 24 to decide if they want to participate in the new tender offer, which has not previously been reported, one of the people said. The deal was spurred by SoftBank billionaire founder and CEO Masayoshi Son, who was persistent in asking for a larger stake in the startup after putting $500 million into OpenAI's last funding round, one of the people said. The tender offer is not related to OpenAI's potential plans to restructure the firm to a for-profit business , one of the people said. OpenAI and SoftBank declined to comment. The news underscores Son's interest in the AI space and in backing the most valuable private players. SoftBank was an early investor in Arm, and Son said at a recent conference that he's saving "tens of billions of dollars" to make the "next big move" in artificial intelligence. He had previously invested in Apple, Qualcomm and Alibaba. SoftBank's Vision Fund 2 recently invested in AI startups Glean, Perplexity and Poolside. SoftBank has about 470 portfolio companies and $160 billion in assets across its two vision funds. The OpenAI investment matches SoftBank's eagerness to deploy cash, with a capital-intensive business model, a person close to Son told CNBC. Even without SoftBank's deep pockets, OpenAI has had no trouble raising billions in cash. Its valuation has climbed to $157 billion in the two years since launching ChatGPT. OpenAI has raised roughly $13 billion from Microsoft , and it closed its latest $6.6 billion round in October , led by Thrive Capital and including participation from chipmaker Nvidia , SoftBank and others. The company also received a $4 billion revolving line of credit , bringing its total liquidity to more than $10 billion. OpenAI expects about $5 billion in losses on $3.7 billion in revenue this year, CNBC confirmed in September with a person familiar with the situation. The tender offer will be open to current and former employees who had been granted restricted stock units at least two years ago and have held the shares for at least that long, one of the people said. The unit price of $210 will align with the company's most recent funding round. Tender offers have become crucial for tech employees amid a dormant IPO market and skyrocketing company valuations. Private companies rely on such deals to keep employees happy and reduce the pressure to list on public markets. Since OpenAI has no initial public offering immediately on the horizon and a price tag that makes the company prohibitively expensive for would-be acquirers, secondary stock sales are the only way in the near future for shareholders to pocket a portion of their paper wealth. Databricks is another private company raising money to allow employees to cash out and avoid public markets pressure, CNBC reported this week. OpenAI took a more restrictive approach to tender offers in the past, with rules allowing the company to determine who gets to participate in stock sales, CNBC reported in June . Current and former OpenAI employees previously told CNBC that there was growing concern about access to liquidity after reports that the company had the power to claw back vested equity. But the company reversed its policies toward secondary share sales this summer, and it now allows current and former employees to participate equally in annual tender offers. The company expects to allow more of these secondary sales, and it will need to tap private markets again in the future based on demand from investors and the capital-intensive nature of the business, according to a person familiar with this week's tender offer. OpenAI has faced increasing competition from startups like Anthropic and tech giants like Google. The generative AI market is predicted to top $1 trillion in revenue within a decade, and business spending on generative AI surged 500% this year , according to recent data from Menlo Ventures. Last month OpenAI launched a search feature within ChatGPT, its viral chatbot, that positions the high-powered AI startup to better compete with search engines like Google , Microsoft's Bing and Perplexity . WATCH: OpenAI is the definitive consumer brand for AI at this point, says Bedrock Capital's Geoff Lewis
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