Businesses
News releases, reports, statements and associated documents from U.S. and international businesses.
Featured Stories
Verizon Announces Accepted Amounts and Pricing Terms of Its Tender Offers for Debt Securities
NEW YORK, Nov. 23 -- Verizon, a communications and technology solutions company, issued the following news release on Nov, 22, 2024:
Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced the accepted amounts as of the Original Early Participation Date (as defined in the Early Results Press Release (as defined below)) and pricing terms of its previously announced six separate offers to purchase for cash, the outstanding series of debt securities (each a "Security" and collectively, the "Securities") listed in the table below, on the terms and subject to the conditions set forth
... Show Full Article
NEW YORK, Nov. 23 -- Verizon, a communications and technology solutions company, issued the following news release on Nov, 22, 2024:
Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced the accepted amounts as of the Original Early Participation Date (as defined in the Early Results Press Release (as defined below)) and pricing terms of its previously announced six separate offers to purchase for cash, the outstanding series of debt securities (each a "Security" and collectively, the "Securities") listed in the table below, on the terms and subject to the conditions set forthin the offer to purchase dated November 7, 2024 (as amended by Verizon's press release dated today, November 22, 2024, relating to the early results and extension of the early participation date of the Offers (the "Early Results Press Release"), the "Offer to Purchase").
Verizon refers to each offer to purchase a Security for cash as an "Offer" and all the offers to purchase the Securities, collectively as the "Offers."
Verizon's obligation to accept Securities tendered in the Offers is subject to the terms and conditions described in the Offer to Purchase, including, among other things, the Acceptance Priority Procedures (as defined in the Offer to Purchase).
Withdrawal rights for the Offers expired at 5:00 p.m. (Eastern time) on November 21, 2024. The Extended Early Participation Date (as defined in the Early Results Press Release) is 5:00 p.m. (Eastern time) on December 9, 2024, at which time the Offers will also expire (the "Expiration Date"), unless the Expiration Date is extended or earlier terminated by Verizon.
As previously announced all conditions applicable to the Offers as of the Original Early Participation Date were deemed satisfied by Verizon, or were timely waived by Verizon.
The Securities tendered and not validly withdrawn at or prior to the Original Early Participation Date that have been accepted for purchase are indicated in the table below. Verizon will settle all Securities validly tendered and not validly withdrawn at or prior to the Original Early Participation Date and accepted for purchase, on November 26, 2024 (the "Early Settlement Date").
The table below indicates, among other things, with respect to each series of Securities validly tendered at or prior to the Original Early Participation Date and accepted for purchase, (1) the aggregate principal amount of the Securities of each series tendered in each Offer, (2) the aggregate principal amount of the Securities of each series accepted in each Offer, (3) the Offer Yield (as defined below), as applicable and (4) the total consideration for each $1,000 principal amount of each series of Securities (the "Total Consideration"), as calculated at 10:00 a.m. (Eastern time) today, November 22, 2024 (the "Price Determination Date") in accordance with the terms of the Offer to Purchase:
* * *
Acceptance Priority Level ... CUSIP/ISIN Number(s) ... Title of Security ... Principal Amount Outstanding ... Principal Amount Tendered as of the Original Early Participation Date ... Principal Amount Accepted for Purchase ... Offer Yield(1) ... Total Consideration(2)
1 ... 92343VEN0 / 92343VEB6 / U9221AAY4 ... 3.376% notes due 2025 ... $1,287,477,000 ... $490,854,000 ... $490,854,000 ... 4.602% ... $997.24
2 ... 92343VEP5 ... Floating Rate notes due 2025 ... $873,918,000 ... $373,004,000 ... $373,004,000 ... N/A ... $1,010.00
3 ... 92343VFS8 ... 0.850% notes due 2025 ... $1,232,569,000 ... $542,142,000 ... $542,142,000 ... 4.374% ... $966.44
4 ... 92343VGG3 ... 1.450% notes due 2026 ... $1,653,140,000 ... $803,974,000 ... $803,974,000 ... 4.333% ... $963.47
5 ... 92343VGE8 ... Floating Rate notes due 2026 ... $493,127,000 ... $252,796,000 ... $252,796,000 ... N/A ... $1,012.50
6 ... 92343VDD3 ... 2.625% notes due 2026 ... $1,776,821,000 ... $771,770,000 ... $771,770,000 ... 4.286% ... $972.71
* * *
(1) The "Offer Yield" is equal to the sum of (a) the applicable reference yield, as calculated by the lead dealer managers, that equates to the bid-side price of the applicable Reference U.S. Treasury Security (specified in the Offer to Purchase for such series of Securities) as quoted on the applicable Bloomberg reference page (specified in the Offer to Purchase for such series of Securities) as of 10:00 a.m. (Eastern time) today, plus (b) the Fixed Spread (as defined in the Launch Press Release) for the applicable series of Securities.
(2) Payable per each $1,000 principal amount of each specified series of Securities validly tendered at or prior to the Extended Early Participation Date and accepted for purchase.
* * *
Because the aggregate Total Consideration of Securities validly tendered at or prior to the Original Early Participation Date and accepted for purchase did not exceed the Waterfall Cap (as defined in the Offer to Purchase), Verizon will, until the Expiration Date, continue to accept for purchase all Securities validly tendered after the Original Early Participation Date, subject to all conditions having been satisfied or waived by Verizon with respect to the Offers. The Final Settlement Date (as defined in the Offer to Purchase) is expected to be the second business day after the applicable Expiration Date, unless extended with respect to any Offer.
The applicable Total Consideration that will be paid to holders of Securities (each, a "Holder" and collectively, "Holders") on the relevant settlement date for each series of Securities accepted for purchase includes an early participation payment of $50 per $1,000 principal amount of Securities, but does not include the applicable accrued but unpaid interest on each such series of Securities to, but not including, the relevant settlement date (the "Accrued Coupon Payment"), which will be paid, in cash, in addition to the applicable Total Consideration.
Verizon has retained BofA Securities, Inc., Santander US Capital Markets LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC to act as lead dealer managers for the Offers and Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Academy Securities, Inc. and R. Seelaus & Co., LLC to act as co-dealer managers for the Offers. Questions regarding terms and conditions of the Offers should be directed to BofA Securities, Inc. at (980) 387-3907 (Collect) or (888) 292-0070 (Toll-Free), Santander US Capital Markets LLC at (212) 350-0660 (Collect) or (855) 404-3636 (Toll Free), SMBC Nikko Securities America, Inc. at (212) 224-5163 (Collect) or (888) 284-9760 (Toll Free), or TD Securities (USA) LLC at (212) 827-2842 (Collect) or (866) 584-2096 (Toll-Free).
Global Bondholder Services Corporation is acting as the tender agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation at (855) 654-2015 (toll free) or (212) 430-3774 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Securities. The Offers are being made solely pursuant to the Offer to Purchase. The Offers are not being made to Holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of Verizon by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This communication and any other documents or materials relating to the Offers have not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000, as amended (the "FSMA"). Accordingly, this announcement is not being distributed to, and must not be passed on to, persons within the United Kingdom save in circumstances where section 21(1) of the FSMA does not apply. Accordingly, this communication is only addressed to and directed at (i) persons who are outside the United Kingdom, or (ii) persons falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order")), or (iii) within Article 43 of the Financial Promotion Order, or (iv) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Financial Promotion Order (such persons together being "relevant persons"). Any person who is not a relevant person should not act or rely on any document relating to the Offers or any of their contents.
This communication and any other documents or materials relating to the Offers are only addressed to and directed at persons in member states of the European Economic Area (the "EEA"), who are "Qualified Investors" within the meaning of Article 2(1)(e) of Regulation (EU) 2017/1129. The Offers are only available to Qualified Investors. None of the information in the Offer to Purchase and any other documents and materials relating to the Offers should be acted upon or relied upon in any member state of the EEA by persons who are not Qualified Investors.
Each Holder participating in the Offers has given certain representations in respect of the jurisdictions referred to above and generally as set out herein. Any tender of Securities for purchase pursuant to the Offers from a Holder that is unable to make these representations is not valid. Each of Verizon, the dealer managers and the tender agent reserves the right, in its absolute discretion, to investigate, in relation to any tender of Securities for purchase pursuant to the Offers, whether any such representation given by a Holder is correct and, if such investigation is undertaken and as a result Verizon determines (for any reason) that such representation is not correct, such tender is not valid.
* * *
Cautionary statement regarding forward-looking statements
In this communication Verizon has made forward-looking statements. These forward-looking statements are not historical facts, but only predictions and generally can be identified by use of statements that include phrases such as "will," "may," "should," "continue," "anticipate," "believe," "expect," "plan," "appear," "project," "estimate," "hope," "intend," "target," "forecast," or other words or phrases of similar import. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those currently anticipated, including those discussed in the Offer to Purchase under the heading "Risk Factors" and under similar headings in other documents that are incorporated by reference in the Offer to Purchase. Holders are urged to consider these risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and Verizon undertakes no obligation to update publicly these forward-looking statements to reflect new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events might or might not occur. Verizon cannot assure you that projected results or events will be achieved.
* * *
Original text here: https://www.verizon.com/about/news/verizon-accepted-amounts-pricing-terms-tender-offers-debt-securities
[Category: BizTelecommunications]
U.S. Air Force Again Selects Gulfstream for Fleet Support
SAVANNAH, Georgia, Nov. 23 -- Gulfstream Aerospace, a subsidiary of General Dynamics, issued the following news release:
* * *
Gulfstream Special Missions Awarded Significant Contract to Service U.S. Military Aircraft
* * *
Gulfstream Aerospace Corp., a business unit of General Dynamics (NYSE:GD), has been awarded a contractor logistics support services (CLS) contract from the U.S. Air Force Life Cycle Management Center for C-20 and C-37 fleets. This contract extends over a seven-year period and provides services to the U.S. Air Force, U.S. Navy, U.S. Marine Corps, U.S. Army and U.S. Coast
... Show Full Article
SAVANNAH, Georgia, Nov. 23 -- Gulfstream Aerospace, a subsidiary of General Dynamics, issued the following news release:
* * *
Gulfstream Special Missions Awarded Significant Contract to Service U.S. Military Aircraft
* * *
Gulfstream Aerospace Corp., a business unit of General Dynamics (NYSE:GD), has been awarded a contractor logistics support services (CLS) contract from the U.S. Air Force Life Cycle Management Center for C-20 and C-37 fleets. This contract extends over a seven-year period and provides services to the U.S. Air Force, U.S. Navy, U.S. Marine Corps, U.S. Army and U.S. CoastGuard.
"For nearly 60 years, Gulfstream has been a trusted partner to governments and military organizations worldwide, and we are honored that the U.S. Air Force has once again selected our company to support the U.S. military's fleet," said Mark Burns, president, Gulfstream. "This demonstrates the strength of our world-class Customer Support network and its ability to support all of our customers' missions. Gulfstream's Special Missions business delivers cutting-edge aircraft expertly engineered for a wide range of critical operations and is currently experiencing unprecedented activity with customers around the world."
The latest CLS contract is valued at $991 million and includes a wide variety of support such as global maintenance, component overhaul, repair and modification services. Gulfstream Customer Support will perform the work at Joint Base Andrews, Maryland; Joint Base Pearl Harbor-Hickam, Hawaii; Ramstein Air Base, Germany; Marine Corps Base Hawaii, Kaneohe Bay; and Naval Base Ventura County, California.
To date, Gulfstream has delivered more than 200 special missions aircraft to over 40 countries, including all branches of the U.S. military and key U.S. government agencies.
* * *
NOTE TO EDITORS
Inspired by the belief that aviation could fuel business growth, Gulfstream Aerospace Corp. invented the first purpose-built business aircraft, the Gulfstream I, which first flew in 1958. Today, more than 3,200 aircraft are in service around the world. Together with parent company General Dynamics, Gulfstream consistently invests in the future, dedicating resources to researching and developing innovative new aircraft, technologies and services. With a fleet that includes the super-midsize Gulfstream G280, the record-setting Gulfstream G650 and Gulfstream G650ER, and a next-generation family of aircraft including the category-leading Gulfstream G400, the award-winning Gulfstream G500 and Gulfstream G600, the ultralarge-cabin Gulfstream G700 and the ultralong-range Gulfstream G800, Gulfstream offers an aircraft for every mission. All are backed by the worldwide Gulfstream Customer Support network. Learn more at gulfstream.com.
* * *
Original text here: https://www.gulfstreamnews.com/en/news/?id=a1b403b7-5ad4-410e-831e-0a44b65c8c7c
[Category: BizAerospace]
Sage and Artis Trade Join Forces to Accelerate Document Automation and Drive Efficiency in Secured Finance
ATLANTA, Georgia, Nov. 23 -- Sage Group, a provider of cloud business management solutions, issued the following news release:
Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses (SMBs), announce a landmark partnership with Artis Trade Systems "Artis", to automate document data entry and accelerate financial and document workflows for Secured Finance Lenders, Transportation and Commercial Companies.
Artis is a technology company that provides performance tools for Secured Finance Lenders to increase efficiency, reduce costs, generate new sources
... Show Full Article
ATLANTA, Georgia, Nov. 23 -- Sage Group, a provider of cloud business management solutions, issued the following news release:
Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses (SMBs), announce a landmark partnership with Artis Trade Systems "Artis", to automate document data entry and accelerate financial and document workflows for Secured Finance Lenders, Transportation and Commercial Companies.
Artis is a technology company that provides performance tools for Secured Finance Lenders to increase efficiency, reduce costs, generate new sourcesof revenue and reduce credit risk. Artis also serves transportation, manufacturing, construction and other companies that are looking to reduce costs and improve their efficiency through document management and offering early payments at a discount.
Through Sage's AI Document Services, Artis' customers will benefit from faster, more efficient and accurate processing of critical financial documents, reducing manual work and enhancing speed in Factoring, Asset-Based Lending and Supply Chain Financing.
This collaboration marks the first time Sage is delivering AI services to a partner's platform, highlighting its strategy to extend the reach of its proven AI capabilities beyond its own product ecosystem.
Known for empowering SMBs with innovative technology, Sage is now making its AI solutions available to a broader partner ecosystem, including Financial Technology companies, Independent Software Vendors (ISVs), and banks. By partnering with companies like Artis, Sage enables these organizations to drive operational efficiency, improve accuracy, and create new revenue streams by integrating AI into their platforms. This partnership represents a significant step in Sage's broader innovation strategy, with plans to introduce additional AI services, such as fraud detection and generative AI, in the near future.
"Our partnership with Artis is an exciting step forward in bringing our AI innovations to new markets. These AI capabilities are already embedded within Sage's products and are trusted by our SMB customers to save them hundreds of hours annually. By automating document processing for Artis, we're not only delivering faster, more efficient workflows for their customers but also enabling significant time savings and greater accuracy. This partnership shows how reliable and effective our AI has become through the work we've done in our own products," said David Dickson, SVP of Sage AI.
Sage's AI document processing solution is a key component of its strategy to make AI capabilities more accessible to its partner ecosystem. By leveraging Sage's trusted technology, partners can quickly integrate sophisticated AI into their own platforms, streamlining operations without the need for costly in-house development. Sage goes beyond offering basic Optical Character Recognition (OCR) by providing a comprehensive solution that includes built-in security, privacy safeguards, and dedicated ongoing support.
By collaborating with Sage, partners can integrate AI services faster and more efficiently, solving critical customer challenges while reducing the complexities and risks associated with adopting advanced technologies. Sage's long-term commitment to innovation ensures partners have access to reliable, cutting-edge solutions that drive growth and enhance competitiveness.
The implementation of Sage's Document Extraction and Document Split services will enable Artis to automate the reading, extraction, and classification of data from various document types. This innovation eliminates manual data entry, streamlines financial workflows, and provides access to new data that can further refine AI performance.
"Partnering with Sage will empower us to enhance our customers' overall experience by providing best-in-class document scanning, accounting, and fraud detection. By embedding Sage's proven AI solutions within ArtisPro, we will enable our clients to process documents more efficiently with fewer errors, make better real-time credit decisions, and help them combat fraud. We're excited to collaborate with Sage, a trusted leader in tech innovation, and see significant potential in this partnership to drive even more impactful solutions for the secured finance industry and their customers," said Jamie Clemons, CEO, Artis.
Key Benefits of the Partnership for Customers:
Time Savings: Automating manual data entry reduces processing times, enabling customers to focus on more value-added tasks.
Increased Efficiency: Document Extraction and Document Split services ensure that critical financial documents are processed quickly and accurately, minimizing delays in financial workflows.
Improved Accuracy: By reducing human error in document handling, customers benefit from more accurate data processing, which is essential in supply chain financing.
Scalability: With Sage's proven AI technology, businesses can scale their operations without the burden of increasing manual processing tasks.
Data-Driven Insights: Access to new data sets through automated processing can help customers refine decision-making and improve AI service outcomes.
The potential of Sage's AI technology through the Artis platform is very promising. Automating document handling has the capacity to significantly reduce manual processes, improve accuracy, and speed up our operational workflows. We're excited to explore how this innovation can streamline AR processes for us and our customers," said Erin Kennah, VP Lending Operations, TAB Bank.
* * *
*For more information on Sage's AI Document Services see: https://developer.sage.com/ai/
* * *
About Sage
Sage exists to knock down barriers so everyone can thrive, starting with the millions of Small and Mid-Sized Businesses served by us, our partners and accountants. Customers trust our finance, HR and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology and experience to tackle digital inequality, economic inequality and the climate crisis.
* * *
About Artis
Artis's mission is to equip Secured Lenders--such as Factors, Asset-Based Lenders, and Supply Chain Finance providers--and their customers with tools that improve efficiency, reduce labor costs, generate additional revenue streams, and minimize credit risk. Our clients range from large publicly traded banks to owner-operated transportation companies, all of whom rely on our software to manage their client relationships, credit risk, documents, collateral, invoices, and day-to-day operations. Artis represents the next generation of technology and solutions for Secured Lenders and their customers.
* * *
Original text here: https://www.sage.com/en-us/news/press-releases/2024/10/sage-and-artis-trade-join-forces-to-accelerate-document-automation-and-drive-efficiency/
[Category: BizComputer Technology]
Northwestern Medicine: New Research Shows Younger and Middle-Aged Adults Have Worse Long COVID Symptoms Than Older Adults
CHICAGO, Illinois, Nov. 23 (TNSres) -- Northwestern Medicine issued the following news release:
* * *
New study from Northwestern Medicine finds symptoms occurred regardless of mild or severe COVID-19 infection
* * *
Since older adults have been more severely affected by acute COVID-19, researchers have hypothesized that older adults may have worse long COVID symptoms as well. But according to new research published in the Annals of Neurology, an official journal of the American Neurological Association, Northwestern Medicine researchers found on an average of 10 months after COVID-19 onset,
... Show Full Article
CHICAGO, Illinois, Nov. 23 (TNSres) -- Northwestern Medicine issued the following news release:
* * *
New study from Northwestern Medicine finds symptoms occurred regardless of mild or severe COVID-19 infection
* * *
Since older adults have been more severely affected by acute COVID-19, researchers have hypothesized that older adults may have worse long COVID symptoms as well. But according to new research published in the Annals of Neurology, an official journal of the American Neurological Association, Northwestern Medicine researchers found on an average of 10 months after COVID-19 onset,younger (ages 18-44) and middle-aged (ages 45-64) adults had worse neurologic symptoms of long COVID than adults 65 and older. Symptoms included headache, numbness and tingling, problems with smell and taste, blurred vision, depression, anxiety, insomnia, fatigue and a decrease in cognitive function. These symptoms occurred regardless of if the patient had mild or severe COVID-19 infections.
"While deaths from COVID-19 continue to decrease, people still get repetitive infections with the virus and may develop long COVID along the way," said Igor Koralnik, MD, chief of neuroinfectious diseases and global neurology at Northwestern Medicine, who oversees the Neuro COVID-19 Clinic and is the co-director of the Northwestern Medicine Comprehensive COVID-19 Center. "Long COVID is causing an alteration in patients' quality of life. Despite vaccinations and boosters, about 30 percent of COVID patients develop some long COVID symptoms. These findings have an immense public health impact, given that long COVID significantly contributes to the leading global burden of disability and disease caused by the neurological disorders."
STUDY HIGHLIGHTS
* The study included the first 1,300 patients at the Northwestern Medicine Neuro COVID-19 Clinic with neurologic long COVID symptoms between May 2020 and March 2023.
* Among those patients, 200 had been previously hospitalized for severe COVID-19 pneumonia while the rest had mild initial COVID-19 symptoms and never required hospitalization.
* The study is a first-of-its-kind to look at the neurologic symptoms of long COVID over an adult lifespan.
* The goal was to determine if the neurologic symptoms of long COVID affect adults differently based on their age group.
"The impact of long COVID is causing disproportionate morbidity and disability in younger adults in their prime who provide much of the workforce, productivity and innovation in our society," Dr. Koralnik said. "This may have a negative impact on the economy and cause additional burden on the health care system. This study highlights the importance that people of all ages suffering from Long COVID should be provided with the necessary treatment and rehabilitation services to alleviate their symptoms and improve their quality of life."
To date, the Neuro COVID-19 Clinic has treated more than 2800 long-haulers from 44 states. For more information, visit nm.org and to schedule an appointment, please call 312/695-7950.
* * *
JOURNAL: Annals of Neurology https://doi.org/10.1002/ana.27128
* * *
Original text here: https://news.nm.org/new-research-shows-younger-and-middle-aged-adults-have-worse-long-covid-symptoms-than-older-adults/
[Category: BizHospital]
Holiday Shopping Trends Altered by Deal Distraction on Heels of Election Disruption, Reports Circana
CHICAGO, Illinois, Nov. 23 (TNSres) -- Circana, a company that says it is a leading advisor on the complexity of consumer behavior, issued the following news release:
* * *
Consumers are still waiting to get into peak holiday shopping mode, despite early Black Friday promotions
* * *
Retail distraction materialized in discretionary spending the week before the U.S. presidential election and remained in the week ending November 9, 2024, resulting in two consecutive weeks of 9% revenue declines. These early November declines marked the weakest general merchandise sales performance in the last
... Show Full Article
CHICAGO, Illinois, Nov. 23 (TNSres) -- Circana, a company that says it is a leading advisor on the complexity of consumer behavior, issued the following news release:
* * *
Consumers are still waiting to get into peak holiday shopping mode, despite early Black Friday promotions
* * *
Retail distraction materialized in discretionary spending the week before the U.S. presidential election and remained in the week ending November 9, 2024, resulting in two consecutive weeks of 9% revenue declines. These early November declines marked the weakest general merchandise sales performance in the last52 weeks and spanned almost the full list of industries tracked, according to Circana, a leading advisor on the complexity of consumer behavior. Prior to this disruption, discretionary general merchandise performance in October had remained consistent with recent performance.
"Now that some of the election uncertainty has passed, consumers can focus on holiday shopping, but that comes with another set of distractions," said Marshal Cohen, chief retail industry advisor for Circana. "While pent-up demand will help to fuel some post-election rebound in the coming weeks, consumers now face the distraction of early and endless promotions that will dilute their focus and alter the pace of holiday shopping."
Despite overall negative discretionary performance, promotional activity lifted some of the distraction fog for prestige beauty the week ending November 9, 2024. Promotion-driven growth signals that consumers are willing to shop when presented with deals. As revealed in Circana's annual Holiday Purchase Intentions (https://www.circana.com/intelligence/reports/2024/holiday-2024-see-consumers-purchasing-intentions-in-the-u-s/) study, consumers identified Black Friday as the time when they thought they would get the best deals this holiday shopping season. But, despite the early introduction of the Black Friday deals consumers have been waiting for, general merchandise unit demand during the week ending November 16, 2024 remains lackluster at 3% below last year's results, with a 4% decline in sales revenue.
Circana notes that while there will be some similarities to last year, this holiday shopping season will look and feel different. The differences will relate to the pace of consumers' response to deals and what's behind their response. Some will act on early deals for fear that the item they want won't be available if they wait. Others will be committed to waiting as long as possible for the best deal. The unique deal and value mindset of today's consumer poses implications for this holiday season's outcome and how it is measured.
"The competition for the consumer's attention keeps expanding. Toys now compete with beauty, tangible gifts compete with experiences, and top shopping days compete with other activities, like football, on Black Friday," added Cohen. "Not only do marketers need to break through the distraction and capture consumers' attention with the best deals, but they also need to convince them of the value they are getting, and then hold to it."
* * *
About Circana
Circana is a leading advisor on the complexity of consumer behavior. Through superior technology, advanced analytics, cross-industry data, and deep expertise, we provide clarity that helps almost 7,000 of the world's leading brands and retailers take action and unlock business growth. We understand more about the complete consumer, the complete store, and the complete wallet so our clients can go beyond the data to apply insights, ignite innovation, meet consumer demand, and outpace the competition. Learn more at http://www.circana.com.
* * *
Original text here: https://www.circana.com/intelligence/press-releases/2024/holiday-shopping-trends-altered-by-deal-distraction-on-heels-of-election-disruption-reports-circana/
[Category: BizConsulting]
Ghana's President Commissions Early Power LTD's Bridge Power Plant Expected to Boost Thermal Generation Capacity by 7% With GE Vernova's Advanced Technology
CAMBRIDGE, Massachusetts, Nov. 23 -- G.E. Vernova, an energy company, issued the following news release:
* * *
- The commissioning of the plant underscores the country's focus on enhancing energy security, reliability, and accessibility for all Ghanaians
- 200 Megawatts (MW) Bridge Power plant, powered by five GE Vernova TM2500 aeroderivative gas turbines, is expected to be one of the most operationally flexible combined cycle plants in Ghana.
- Project marks the first-time a GE Vernova's trailer mounted aeroderivative gas turbines are used in a combined cycle configuration globally.
* * *
Accra,
... Show Full Article
CAMBRIDGE, Massachusetts, Nov. 23 -- G.E. Vernova, an energy company, issued the following news release:
* * *
- The commissioning of the plant underscores the country's focus on enhancing energy security, reliability, and accessibility for all Ghanaians
- 200 Megawatts (MW) Bridge Power plant, powered by five GE Vernova TM2500 aeroderivative gas turbines, is expected to be one of the most operationally flexible combined cycle plants in Ghana.
- Project marks the first-time a GE Vernova's trailer mounted aeroderivative gas turbines are used in a combined cycle configuration globally.
* * *
Accra,Ghana (November 21, 2024) - In a major advancement for Ghana's energy infrastructure, the President of the Republic commissioned the Ghana Bridge Power Project yesterday Nov. 19 2024. This modern facility represents a significant milestone in Ghana's commitment to expanding its power generation capacity while improving fuel efficiency and environmental sustainability. The project is to construct an up to 515MW power plant with a projected cost of $1.2 billion at Kpone, in the Heavy Industrial Area of Ghana.
Bridge Power Project is expected to meet a significant portion of Ghana's power needs by contributing more than 7% of the nation's dependable thermal generating capacity. This significant addition to Ghana's energy mix can play a crucial role in meeting the increasing demand for power across the nation, supporting both residential needs and industrial growth.
This combined cycle power plant features a first-of-its-kind configuration that uses GE Vernova's trailer mounted aeroderivative gas turbines, a steam turbine and a Heat Recovery Steam Generator (HRSG) to generate up to 40% more electricity from the same amount of fuel compared to traditional single-cycle plants. By converting what would otherwise be lost as waste heat, this plant improves fuel efficiency while significantly reducing emissions, making it an important step in Ghana's journey toward energy solutions that generate less carbon emissions.
The celebration of the start of operation of Bridge Power Station marks a first of this kind globally. Five GE Vernova trailer mounted TM2500/* aeroderivative gas turbine solutions, and a steam turbine installed at the plant in a combined cycle configuration mark the first-time trailer mounted aeroderivative gas turbines are used in a combined cycle configuration globally.
Powered by natural gas as primary fuel, the Bridge Power Station can deliver up to 200 Megawatts and it is engineered to be one of the most operationally flexible combined cycle plants in Ghana.
It is owned and developed by Endeavor Energy, a leading US independent power producer focused on Africa and Andaris Energy Limited, a wholly owned Ghanaian energy investment company (collectively, the Sponsors). Endeavor Energy was founded in 2013 to work with host Governments on Just Energy Transition programs to meet baseload energy demands in West African countries. Endeavor is owned by Denham Capital, Fund VI, an energy and natural resources-focused global private equity fund. Endeavor Energy and its co-sponsors have invested a total of $1.2 billion in Ghana's energy sector, including the 200MW Amandi TCE Power Plant at Aboadze in Takoradi. The Stage 1 project cost of $611 million was wholly funded by the sponsors and lenders.
The project will sell power to the Electricity Company of Ghana (ECG) under a 25-year Power Purchase Agreement (PPA) backed by a Put Call Option Agreement (PCOA) with the Government of Ghana (GoG). The PPA and PCOA agreements were approved by the Ghanaian Parliament and executed in September 2016, with financial close occurring on November 22, 2018. Under the PCOA, the GoG guarantees certain obligations of ECG in the event of a termination of the PPA by either party. This is the first time this innovative financing arrangement was used in Ghana. Under the PPA, the Project is to deliver power in stages:
- Stage 1, a 200MW combined cycle gas turbine (CCGT) power plant comprises five (5) GE Vernova TM 2500 gas turbines , five (5) once through steam generators (OTSGs), one (1) steam turbine unit, an air-cooled condenser (ACC) and associated balance of plant. Construction was started in December 2018 by the EPC Contractor, Metlen, formerly Power Projects Sanayi Insaat Ticaret Limited Sirketi (Metka). It was completed and delivered to ECG for commercial operations on 18th July 2024.
- Stage 2, also a CCGT power plant, has a Target Effective Date of September 2025 and a 48-month construction schedule, commercial operations date (COD) is estimated for September 2029. Stage 2 output will be up to 315MW.
GE Vernova's scope also includes a 25-year service agreement, and Asset Performance Management (APM) software running in the cloud, helping ensure the long-term availability and reliability of the power plant's gas turbines to support Ghana's increasing energy demands. APM is a suite of software and services engineered to help optimize asset performance and O&M efficiency across equipment, the plant, and the entire fleet. The portfolio's application for Reliability, powered by Predictive Analytics, is expected to improve asset productivity to help address the long-term energy security needs in the country.
* * *
Notes to editors
*/ Trademark of GE Vernova and/or its affiliates
**/ The exhaust is net-zero with respect to CO2; the only CO2 present is from ambient air.
* * *
Forward Looking Statements:
This document contains forward-looking statements - that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova's expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company's business operations, financial results and financial position and on the global supply chain and world economy.
* * *
About GE Vernova:
GE Vernova (NYSE: GEV) is purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world's challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company's purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. GE Vernova's Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry's largest installed base of approximately 7,000 gas turbines.
GE Vernova's mission is embedded in its name - it retains its legacy, "GE," as an enduring and hard-earned badge of quality and ingenuity. "Ver" / "verde" signal Earth's verdant and lush ecosystems. "Nova," from the Latin "novus," nods to a new, innovative era of lower carbon energy. Learn more: GE Vernova (https://www.gevernova.com/) and LinkedIn (https://www.linkedin.com/company/gevernova/).
2024 GE Vernova and/or its affiliates. All rights reserved.
GE and the GE Monogram are trademarks of General Electric Company used under trademark license.
* * *
Original text here: https://www.gevernova.com/news/press-releases/ghanas-president-commissions-early-power-ltds-bridge-power-plant-expected-boost
[Category: BizEnergy]
DTCC Comments on SEC Action on FICC Rule Filings
NEW YORK, Nov. 23 -- The Depository Trust and Clearing Corp., a provider of clearing and settlement services to the financial markets, issued the following agency statement on Nov. 22, 2024:
* * *
The Depository Trust & Clearing Corporation (DTCC) issued the following statement:
"We are pleased that the SEC took action to approve FICC's rule filings related to access models and segregated accounts & margin. With these approvals, we are now ready to advance our implementation efforts with the industry, in preparation for next year's deadlines.
We're also appreciative of all of the comments and
... Show Full Article
NEW YORK, Nov. 23 -- The Depository Trust and Clearing Corp., a provider of clearing and settlement services to the financial markets, issued the following agency statement on Nov. 22, 2024:
* * *
The Depository Trust & Clearing Corporation (DTCC) issued the following statement:
"We are pleased that the SEC took action to approve FICC's rule filings related to access models and segregated accounts & margin. With these approvals, we are now ready to advance our implementation efforts with the industry, in preparation for next year's deadlines.
We're also appreciative of all of the comments andperspectives that the industry has shared with us on a range of matters, including default management, done away and porting. Additional work remains as we get ready for implementation, and we are committed to ensuring we deliver the best solutions with the best value for the industry.
The expansion of US Treasury clearing is a significant industry-wide effort that promises to deliver critical benefits to the industry, including increased transparency and reduced risk. We will continue to work closely with our clients and key stakeholders on ensuring safe, smooth and successful implementations in 2025 and 2026."
* * *
Background - Links to SEC Approvals:
Segregated Accounts & Margin: https://www.sec.gov/files/rules/sro/ficc/2024/34-101695.pdf
Access Models: 34-101694.pdf (sec.gov)
* * *
About DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2023, DTCC's subsidiaries processed securities transactions valued at U.S. $3 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $85 trillion. DTCC's Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 20 billion messages annually. To learn more, please visit us at http://www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook, and Instagram.
* * *
Original text here: https://www.dtcc.com/news/2024/november/22/dtcc-comments-on-sec-action-on-ficc-rule-filings
[Category: BizFinancial Services]
