The U.S. Securities and Exchange Commission has given Elon Musk until Monday to respond to an offer to resolve a probe into the billionaire's $44-billion takeover of Twitter in 2022, Reuters reported quoting a source. The development, which signals the investigation may be nearing a conclusion, is the latest salvo in a year-long public feud between the top U.S. markets regulator and the world's richest man, as per a Reuters report. Musk on Thursday posted on X a copy of a letter sent by his lawyer to SEC Chair Gary Gensler saying the agency had given Musk 48 hours to agree to pay a penalty to settle the probe or face civil charges, and demanding to know whether Gensler was personally behind the development. Elon Musk's Twitter Venture The SEC has been investigating whether Musk broke securities laws in 2022 when he bought stock in Twitter, which Musk subsequently renamed X, as well as statements and filings he made in relation to the deal, previous disclosures show. According to the source, the agency has been probing Musk's SEC filing disclosing his Twitter share purchases, which was at least 10 days late, and whether he intended to benefit from that delay, which some academics have estimated saved Musk over $140 million. As part of the probe, the agency had asked a federal court to compel Musk to testify after the billionaire failed to show up to agreed depositions. Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Advanced C++ Mastery: OOPs and Template Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Advanced Java Mastery: Object-Oriented Programming Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Entrepreneurship Boosting Startup Revenue with 6 AI-Powered Sales Automation Techniques By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Data Analysis Learn Power BI with Microsoft Fabric: Complete Course By - Prince Patni, Software Developer (BI, Data Science) View Program Web Development Master RESTful APIs with Python and Django REST Framework: Web API Development By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program Entrepreneurship Marketing & Sales Strategies for Startups: From Concept to Conversion By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Entrepreneurship Crafting a Powerful Startup Value Proposition By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Web Development C++ Fundamentals for Absolute Beginners By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Excel Essentials to Expert: Your Complete Guide By - Study At Home, Quality Education Anytime, Anywhere View Program Artificial Intelligence(AI) Learn InVideo AI: Create Videos from Text Easily By - Prince Patni, Software Developer (BI, Data Science) View Program Finance Financial Literacy i.e Lets Crack the Billionaire Code By - CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator View Program Entrepreneurship Validating Your Startup Idea: Steps to Ensure Market Fit By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Finance A2Z Of Finance: Finance Beginner Course By - elearnmarkets, Financial Education by StockEdge View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Artificial Intelligence(AI) Tabnine AI Masterclass: Optimize Your Coding Efficiency By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program On Tuesday, the SEC sent Musk a settlement offer seeking a response in 48 hours, but extended the deadline to Monday after a request for more time, the source said, speaking on the condition of anonymity to discuss confidential enforcement matters. A spokesperson with the SEC's public affairs office declined to comment. Musk's lawyer did not respond immediately to calls for comment. 48-Hour Deadline The SEC commonly tries to resolve probes through settlements rather than suing a defendant, but the initial 48-hour deadline was unusually tight, legal experts told Reuters. If Musk fails to respond, the SEC will likely proceed through a "Wells" notification process, a formal step in which the SEC outlines potential charges and allows Musk to respond, the source said. The Thursday letter Musk shared on X, which was signed by his attorney Alex Spiro, said the SEC has also reopened an investigation into Musk's brain-chip startup Neuralink. Neuralink did not respond to requests for comment. The nature of that inquiry is not clear, but U.S. lawmakers and animal-rights advocates have pressed the SEC to scrutinize comments Musk has made about the safety of Neuralink's implants. SEC After Elon Musk Since 2018 The SEC first sued Musk in 2018 during President-elect Donald Trump's first term, accusing him of breaking the law when he posted on social media that he had "funding secured" to take his electric carmaker Tesla private when the SEC found he had not. Despite ultimately settling and agreeing to an unusual arrangement requiring some of his posts to be vetted by an attorney, Musk subsequently disputed the SEC's findings in that case and has over the years accused the agency of harassment - claims Spiro reiterated in his Thursday letter. A major backer of Trump, Musk in the new administration will co-lead the new Department of Government Efficiency tasked with cutting government costs, potentially giving him some power over the SEC's workings. In his letter, Spiro intimated the SEC's bid to advance the probe may have been politically motivated. "We demand to know who directed these actions - whether it was you or the White House," Spiro wrote in the letter. But the source argued that failing to pursue what the SEC believes is a securities violation by Musk would in fact be the political move. FAQs What is new name of Twitter? New name of Twitter is 'X'. Who is owner of 'X'? Elon Musk is owner of 'X'. (You can now subscribe to our Economic Times WhatsApp channel )
Lululemon Athletica Inc.'s chief executive is confident his company is well on its way to addressing some of the concerns customers and analysts had earlier in the year about a lack of newness in the brand's product assortment. After reorganizing the retailer's product team and introducing a new reporting structure, Calvin McDonald said Lululemon is on track to reach historical levels of newness by the first quarter of its fiscal 2025. "I feel good about the quality and quantity of newness the teams have planned and I believe we are well positioned for spring," he said on a Thursday call with analysts. Newness — how fresh a brand's products and styles appear to consumers — is one of the key ways retailers draw in customers. To give the impression of newness, apparel companies often experiment with colours, prints, patterns and silhouettes. Some also partner with celebrities or other brands to launch product lines that attract shoppers. Lululemon's efforts to boost newness have so far focused on new detailing applied to some of its Define jackets and the release of its velvet Scuba hoodies, satin running tights and shorts and waffle knit apparel. "The guest is responding very well to that," McDonald said. In August, he conceded that Lululemon's womenswear division had struggled with “reduced newness,” which impacted conversion rates — typically the percentage of people who visit a store and make a purchase before leaving. Lululemon's product assortment this year has focused largely on its staples — yoga pants, scuba hoodies and sports bras — while the company also saw continued success with its belt bags. However, there were some missteps. When Lululemon outfitted Team Canada at the Olympic Games in Paris, the uniform was criticized for resembling uncooked bacon or looking like it had been blood-spattered. Lululemon also paused sales of its Breezethrough product line of tights and other activewear in June. Many of the line’s pieces featured a long V-shaped waistband in the front and Y-shaped seam in the back that some consumers complained was unattractive and produced a “whale tail” look. Neil Saunders, managing director of GlobalData, said in a note to investors that he feels many of the newness issues "have largely been corrected." "Across the third quarter the women’s range felt fresh and interesting and there was more than enough to grab the attention of shoppers," he said, adding it had improved the company's conversation rate and average basket size, a measure of how much consumers spend. "In our view, Lululemon deserves praise for the quick course correction." Some of that correction was reflected in Lululemon's third-quarter results, which were released Thursday and showed the brand earned US$351.9 million in its latest quarter as its revenue rose nine per cent. The Vancouver-based retailer, which keeps its books in U.S. dollars, said its third-quarter net income compared with US$248.7 million a year prior. Its diluted earnings per share for the period ended Oct. 27 amounted to US$2.87 compared with US$1.96. Lululemon's third-quarter revenue totalled US$2.4 billion, compared with US$2.2 billion a year ago. McDonald said the results "exceeded our expectations" and reflected strength the company has seen in its shorts, skirts and leggings in seasonal colours. Saunders felt it was a "solid quarter," in part because Lululemon's comparable sales increased by four per cent overall and its international revenue increased by "a stellar" 33 per cent in overall terms. McDonald said that the company will enter Italy next year using a company-owned model, but will also expand to Denmark, Belgium, Turkey and the Czech Republic under a franchise model. In the latest quarter, however, there was weakness in the Americas, where Lululemon's comparable sales fell by two per cent. "There is much more competition in the US market and our data clearly show that even relatively loyal Lululemon consumers are shopping around more widely," Saunders said. "This problem isn’t going to disappear over time, if anything it is going to intensify." Shoppers, he said, had become "more constrained and pickier" because of inflation and high interest rates. "While most Lululemon shoppers are far from being hard-pressed, they are still impacted by inflation and have modestly reduced the volume of things they buy," Saunders said. He felt Lululemon should respond by leaning into categories like menswear, which Lululemon has increasingly been expanding through new styles and even partnerships with NHL teams. In more recent months, the company also introduced a range of Disney apparel. This report by The Canadian Press was first published Dec. 5, 2024. Tara Deschamps, The Canadian Press
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MONCTON, New Brunswick, Dec. 05, 2024 (GLOBE NEWSWIRE) — Major Drilling Group International Inc. (“Major Drilling” or the “Company”) (TSX: MDI), a leading provider of specialized drilling services to the mining sector, today reported results for the second quarter of fiscal 2025, ended October 31, 2024. “For Q2 of fiscal 2025, Major Drilling’s globally diversified operations and reputation as the driller-of-choice enabled us to maintain our revenue run rate relative to fiscal Q1, despite challenging conditions in certain markets,” commented Mr. Denis Larocque, President & CEO of Major Drilling. “We were pleased once again by our Australasian and Chilean operations, which continue to offset lower activity levels in North America, primarily driven by lower junior exploration expenditures.” “The Company delivered solid financial results for the quarter, supported by an adjusted gross margin of 30.5%. This represented an increase from 28.9% in fiscal Q1 and is in line with the 31.0% achieved over the same period last year as the Company remains focused on profitable operations and our best-in-class specialized drilling services,” commented Ian Ross, CFO of Major Drilling. “As previously disclosed, our 2021 McKay acquisition successfully met all of the EBITDA milestones in the earnout period, with the final contingent payment of $9.1 million made during the quarter. We also continue to modernize our drill fleet, having spent $20.1 million in capex, which includes the addition of 5 new drills and support equipment, while disposing of 4 older, less efficient rigs, bringing Major Drilling’s total fleet to 610 drills. Given another strong operational performance, our net cash position increased to $100.4 million at quarter end, while we continue to retain an industry leading balance sheet, enabling the acquisition of Explomin in early fiscal Q3,” concluded Mr. Ross. “With McKay continuing to demonstrate strong results in Australasia since its acquisition in 2021, our focus now turns to the integration of Explomin – a leading South American driller with operations in Peru, Colombia, the Dominican Republic and Spain. I am excited to welcome Explomin and its employees to the Major Drilling team. Their long-standing reputation, strong base of senior mining customers, and focus on specialized drilling, with its well-maintained fleet of rigs, complement our existing operations and offer further potential growth opportunities in South America,” said Mr. Larocque. “As Peru has been on our radar for quite some time given its status as the second largest copper producer, Explomin solidifies our South American presence, supplementing our existing operations in Brazil, Chile, Argentina, and throughout the Guyana Shield.” “Looking ahead to our seasonally slower third quarter of fiscal 2025, we are expecting programs in North America to pause for the holiday period slightly earlier than in prior years, although this is expected to be partially offset by ongoing strength in Australia and Chile. While we will be adding revenue from the Explomin operations, we expect them to have the same usual seasonality as the rest of our South American operations. Demand from senior customers for calendar 2025 is expected to remain robust, while we are optimistic regarding the activity levels of juniors following a slight increase in financing activity. The combination of elevated commodity prices, translating to increased free cash flow generation for mining companies, coupled with depleted reserve bases, should lead to increases in demand for drilling services over the years to come.” “Our well-maintained fleet ensures that we retain utilization capacity which, combined with our optimal inventory levels and experienced crews, puts us in an excellent position to capitalize on these increased levels of demand for our drilling services. Our core strategy is to remain the leader in specialized drilling as new discoveries are made in increasingly challenging and remote locations. Our solid foundation, supplemented by ongoing technological innovation, puts us in an ideal position to take on these new and exciting challenges.” “I’m extremely proud to announce that our Canadian team was recently awarded the Safe Day Every Day Gold Award by the Association for Mineral Exploration, Prospectors & Developers Association of Canada, and Canadian Diamond Drilling Association. Our Canadian team achieved over 1,146,000 hours without a lost time injury, an achievement that demonstrates our ongoing dedication to maintaining high safety standards across all projects around the world,” concluded Mr. Larocque. Finally, Major Drilling announces the resignation of Mr. Robert Krcmarov from the Board of Directors effective December 5, 2024, to focus on his new role as Chief Executive Officer of Hecla Mining Company. Kim Keating, Chair of the Board, commented: “On behalf of the Board and the leadership team at Major Drilling, I would like to congratulate Rob on this appointment, and thank him for his significant contributions during his tenure on the Board. Rob’s experience and insights were of great benefit to Major Drilling’s Board and leadership team. He was instrumental in the development of Major Drilling’s Decarbonization Action Plan and in strengthening the Company’s health and safety program, as well as his timely advice regarding the most recent acquisition of Explomin Perforaciones earlier this month. We thank Rob for his invaluable advice and wish him all the best in his new role leading Hecla Mining Company.” Total revenue for the quarter was $189.3 million, down 8.6% from revenue of $207.0 million recorded in the same quarter last year. The foreign exchange translation impact on revenue and earnings, when comparing to the effective rates for the previous year, was minimal. Revenue for the quarter from Canada – U.S. drilling operations decreased by 20.0% to $85.4 million, compared to the same period last year. While senior and intermediate activity levels increased slightly, this only partially offset the decline in demand from juniors relative to the same period last year as they continued to face challenging financing opportunities. South and Central American revenue decreased by 6.5% to $49.1 million for the quarter, compared to the same quarter last year. While operations in Chile remain robust, this was offset by slowdowns in other parts of the region. Australasian and African revenue increased by 14.4% to $54.7 million, compared to the same period last year as demand for specialized drilling services in Australia and Mongolia continue to drive growth in the region. Gross margin percentage for the quarter was 23.4%, compared to 25.3% for the same period last year. Depreciation expense totaling $13.4 million is included in direct costs for the current quarter, versus $11.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 30.5% for the quarter, compared to 31.0% for the same period last year. Adjusted gross margin remained relatively unchanged as the Company remains disciplined with respect to pricing. General and administrative costs were $18.4 million, an increase of $0.8 million compared to the same quarter last year. This increase primarily relates to inflationary wage adjustments. Other expenses were $2.5 million, down from $3.2 million in the same quarter last year due primarily to lower incentive compensation expenses given the decreased profitability. Foreign exchange gain was $0.5 million, compared to a loss of $0.9 million for the same quarter last year. While the Company’s reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to various other currencies. The income tax provision for the quarter was an expense of $6.5 million, compared to an expense of $7.4 million for the prior year period. The decrease from the prior year was driven by reduced profitability. Net earnings were $18.2 million or $0.22 per share ($0.22 per share diluted) for the quarter, compared to net earnings of $23.7 million or $0.29 per share ($0.29 per share diluted) for the prior year quarter. The Company’s financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company’s management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company’s financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company’s operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management’s expectations regarding the Company’s objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company’s services; competitive pressures; global and local political and economic environments and conditions; the level of funding for the Company’s clients (particularly for junior mining companies); the Company’s dependence on key customers; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; efficient management of the Company’s growth; exposure to currency movements (which can affect the Company’s revenue in Canadian dollars); currency restrictions; safety of the Company’s workforce; risks and uncertainties relating to climate change and natural disaster; the geographic distribution of the Company’s operations; the impact of operational changes; changes in jurisdictions in which the Company operates (including changes in regulation); failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under “General Risks and Uncertainties” in the Company’s MD&A for the year ended April 30, 2024, available on the SEDAR+ website at . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. Major Drilling Group International Inc. is the world’s leading provider of specialized drilling services primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team. The Company maintains field operations and offices in North America, South America, Australia, Asia, Africa, and Europe. Major Drilling provides a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, a variety of mine services, and ongoing development of data-driven, high-tech drillside solutions. Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Friday, December 6, 2024 at 8:00 AM (EST). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling’s website at www.majordrilling.com and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 4769038# and ask for Major Drilling’s Second Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Monday, January 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 1708283#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at www.majordrilling.com. Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 Fax: (506) 857-9211 (in thousands of Canadian dollars, except per share information) Major Drilling Group International Inc. (the “Company”) is incorporated under the Canada Business Corporations Act and has its head office at 111 St. George Street, Moncton, NB, Canada. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”). The principal source of revenue consists of contract drilling for companies primarily involved in mining and mineral exploration. The Company has operations in North America, South America, Australia, Asia, and Africa. These Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies as outlined in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. On December 5, 2024, the Board of Directors authorized the financial statements for issue. These Interim Condensed Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of subsidiaries acquired or disposed of during the period are included in the Consolidated Statements of Operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. Intercompany transactions, balances, income and expenses are eliminated on consolidation, where appropriate. These Interim Condensed Consolidated Financial Statements have been prepared based on the historical cost basis, except for certain financial instruments that are measured at fair value, using the same accounting policies and methods of computation, with the exception of those detailed in note 4 below, as presented in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. The Company has not applied the following IASB standard amendment and standard that have been issued, but are not yet effective: The Company is currently in the process of assessing the impact the adoption of the above amendment and standard will have on the Consolidated Financial Statements. With the exception of the policy detailed below, all accounting policies and methods of computation remain the same as those presented in the Company’s annual Consolidation Financial Statements for the year ended April 30, 2024. Associates are companies that the Company has significant influence over and are accounted for under the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Significant influence is presumed when the Company has an ownership interest greater than 20%, unless certain qualitative factors overcome this assumption. In assessing significant influence and the ownership interest, potential voting or other rights that are currently exercisable are taken into consideration. Investments in associates are accounted for using the equity method and are initially recognized at cost, inclusive of transaction costs. The Interim Condensed Consolidated Financial Statements include the Company’s share of the income or loss and equity movement of equity accounted associates. The Company does not recognize losses exceeding the carrying value of its interest in the associate. The preparation of financial statements, in conformity with IFRS, requires management to make judgments, estimates and assumptions that are not readily apparent from other sources, which affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Significant areas requiring the use of management estimates relate to the useful lives of property, plant and equipment for depreciation purposes, inventory valuation, determination of income and other taxes, recoverability of deferred income tax assets, assumptions used in compilation of share-based payments, provisions, contingent considerations, impairment testing of goodwill and intangible assets and long-lived assets. The Company applied judgment in determining the functional currency of the Company and its subsidiaries, the determination of cash-generating units (“CGUs”), the degree of componentization of property, plant and equipment, the recognition of provisions, the determination of the probability that deferred income tax assets will be realized from future taxable earnings, and the determination of whether the Company exerts significant influence with respect to its investment in associate under the equity accounting method. The third quarter (November to January) is normally the Company’s weakest quarter due to the shutdown of mining and exploration activities, often for extended periods over the holiday season. Capital expenditures for the three and six months ended October 31, 2024 were $20,073 (2023 – $17,443) and $41,324 (2023 – $33,717). The Company did not obtain direct financing for the three and six months ended October 31, 2024 or 2023. On July 22, 2024, the Company purchased shares in DGI Geoscience Inc. (“DGI”) for $15,000 in cash consideration, a 39.8% equity interest (that provides the Company with 42.3% of the voting rights). DGI and its subsidiaries are privately held entities, headquartered in Canada, focused on downhole survey and imaging services as well as using artificial intelligence for logging scanned rock samples. In addition to the equity interest, Major Drilling’s representation on the DGI Board of Directors gives the Company significant influence over DGI. While there are special approval rights granted to the Company as part of the investment, these are more protective in nature and therefore, would not result in control, or joint control of DGI. As a result, the Company concluded that the equity method of accounting is appropriate for its investment in DGI. During the prior quarter, the Company incurred costs of $205 for this investment, relating to external legal fees and due diligence costs. These amounts have been recorded as part of the cost of the investment in associate in the Interim Condensed Consolidated Balance Sheets. In the current quarter, the Company’s earnings from investment in associate is $27. During the prior year, for the three and six months ended October 31, 2023, the Company repurchased 875,268 and 1,020,568 common shares, respectively, at an average price of $8.31 and $8.40, respectively, under its Normal Course Issuer Bid. Direct costs by nature are as follows: General and administrative expenses by nature are as follows: The income tax provision for the periods can be reconciled to accounting earnings before income tax as follows: The Company periodically assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. For those matters where it is probable that an adjustment will be made, the Company records its best estimate of these tax liabilities, including related interest charges. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax laws. While management believes they have adequately provided for the probable outcome of these matters, future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made, or resolved, or when the statutes of limitations lapse. All of the Company’s earnings are attributable to common shares, therefore, net earnings are used in determining earnings per share. The calculation of diluted earnings per share for the three and six months ended October 31, 2024 excludes the effect of 200,000 options for both periods (2023 – 297,000 and 205,000, respectively) as they were not in-the-money. The total number of shares outstanding on October 31, 2024 was 81,842,086 (2023 – 82,093,486). The Company’s operations are divided into the following three geographic segments, corresponding to its management structure: Canada – U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general corporate expenses and income taxes. Data relating to each of the Company’s reportable segments is presented as follows: *Canada – U.S. includes revenue of $25,695 and $34,074 for Canadian operations for the three months ended October 31, 2024 and 2023, respectively and $57,543 and $70,762 for the six months ended October 31, 2024 and 2023, respectively. **General and corporate expenses include expenses for corporate offices and stock-based compensation. *Canada – U.S. includes property, plant and equipment as at October 31, 2024 of $64,041 (April 30, 2024 – $62,991) for Canadian operations. The carrying values of cash, trade and other receivables, demand credit facilities and trade and other payables approximate their fair value due to the relatively short period to maturity of the instruments. The carrying value of contingent consideration and long-term debt approximates their fair value as the interest applicable is reflective of fair market rates. Financial assets and liabilities measured at fair value are classified and disclosed in one of the following categories: The Company enters into certain derivative financial instruments to manage its exposure to market risks, comprised of share-price forward contracts with a combined notional amount of $8,654, maturing at varying dates through June 2027. The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The Company’s derivatives, with fair values as follows, are classified as level 2 financial instruments and recorded in trade and other receivables (payables) in the Interim Condensed Consolidated Balance Sheets. There were no transfers of amounts between level 1, level 2 and level 3 financial instruments for the three and six months ended October 31, 2024. As at October 31, 2024, 96.1% (April 30, 2024 – 95.9%) of the Company’s trade receivables were aged as current and 3.5% (April 30, 2024 – 3.5%) of the trade receivables were impaired. The movements in the allowance for impairment of trade receivables during the periods were as follows: As at October 31, 2024, the most significant carrying amounts of net monetary assets and/or liabilities (which may include intercompany balances with other subsidiaries) that: (i) are denominated in currencies other than the functional currency of the respective Company subsidiary; and (ii) cause foreign exchange rate exposure, including the impact on earnings before income taxes (“EBIT”), if the corresponding rate changes by 10%, are as follows (in $000s CAD): The following table details contractual maturities for the Company’s financial liabilities: On November 5, 2024, the Company completed the purchase of all of the issued and outstanding shares of Explomin Perforaciones (“Explomin”), a leading specialty drilling contractor based in Lima, Peru. This acquisition provides Major Drilling with increased exposure to the copper market as Explomin is one of the largest South American drilling contractors, with the majority of their operations in Peru, while also servicing markets in Colombia, Dominican Republic, and Spain. The purchase price for the acquisition is valued at an amount up to US$85 million, consisting of: (i) a cash payment of US$63 million payable on closing, subject to working capital adjustments; and (ii) an earnout of up to US$22 million payable in cash over the next three years, based on the achievement of certain milestones. The cash portion of the purchase price has been funded from Major Drilling’s cash and existing debt facilities.
Oklahoma residents on Sunday mourned the death of former Democratic U.S. Sen. Fred Harris , a trailblazer in progressive politics in the state who ran an unsuccessful presidential bid in 1976. Harris died on Saturday at 94. Democratic Party members across Oklahoma remembered Harris for his commitment to economic and social justice during the 1960s — a period of historical turbulence. Harris chaired the Democratic National Committee from 1969 to 1970 and helped unify the party after its tumultuous national convention in 1968 when protesters and police clashed in Chicago.
UTAH TECH (1-5) Ariyibi 4-6 6-7 14, Bieker 1-4 2-2 5, Byrd 5-8 9-9 23, Gonsalves 5-11 2-2 15, Riley 1-7 4-5 6, Rainwater 1-2 2-2 4, Berrett 4-10 0-0 10, Misic 0-0 0-0 0, Hutchings 1-2 0-0 2, Schenck 0-0 0-0 0. Totals 22-50 25-27 79. CS NORTHRIDGE (4-1) Fofana 2-3 2-4 6, Jones 8-15 5-10 23, Lewis 1-3 0-0 2, Fuller 0-0 0-0 0, Washington 7-14 2-2 19, Adams 11-16 2-3 25, Brinson 0-2 0-1 0, Beard 2-4 0-0 4, Martindale 2-3 0-0 5, Barbee 2-2 0-0 5, Cain 0-1 0-0 0. Totals 35-63 11-20 89. Halftime_Utah Tech 50-40. 3-Point Goals_Utah Tech 10-27 (Byrd 4-5, Gonsalves 3-9, Berrett 2-7, Bieker 1-4, Riley 0-2), CS Northridge 8-17 (Washington 3-6, Jones 2-2, Barbee 1-1, Martindale 1-2, Adams 1-3, Beard 0-1, Brinson 0-1, Cain 0-1). Rebounds_Utah Tech 22 (Riley 5), CS Northridge 31 (Jones 9). Assists_Utah Tech 16 (Rainwater 4), CS Northridge 15 (Beard 4). Total Fouls_Utah Tech 17, CS Northridge 17. A_138 (7,321).GALWAY , Ireland , Dec. 5, 2024 /PRNewswire/ -- The board of directors of Medtronic plc (NYSE: MDT) on Thursday, December 5, 2024, approved the company's cash dividend for the third quarter of fiscal year 2025 of $0 .70 per ordinary share. This quarterly declaration is consistent with the dividend increase announcement made by the company in May 2024. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 47 consecutive years. The dividend is payable on January 10, 2025 , to shareholders of record at the close of business on December 27, 2024 . About Medtronic Bold thinking. Bolder actions. We are Medtronic . Medtronic plc , headquartered in Galway , Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic , visit www.Medtronic.com and follow Medtronic on LinkedIn . Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. Contacts: Erika Winkels Ryan Weispfenning Public Relations Investor Relations +1-763-526-8478 +1-763-505-4626 View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-announces-cash-dividend-for-third-quarter-of-fiscal-year-2025-302324330.html SOURCE Medtronic plc
COLORADO SPRINGS, Colo. (AP) — Ethan Taylor's 21 points helped Air Force defeat Mercyhurst 82-48 on Sunday night. Taylor added 10 rebounds for the Falcons (2-4). Wesley Celichowski scored 14 points, going 6 of 11 and 2 of 3 from the free-throw line. Luke Kearney had 12 points and shot 4 for 5 from beyond the arc. The Lakers (4-3) were led by Aidan Reichert, who posted 11 points. Jeff Planutis added 10 points for Mercyhurst. Mykolas Ivanauskas also had seven points, six rebounds and three blocks. Story continues below video Air Force took the lead with 15:21 left in the first half and never looked back. The score was 31-24 at halftime, with Taylor racking up nine points. Air Force extended its lead to 45-26 during the second half, fueled by a 14-0 scoring run. Taylor scored a team-high 12 points in the second half as Air Force closed out the win. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Storm Bert is set to hit Northern Ireland this evening The Department of Agriculture, Environment and Rural Affairs (DAERA) has advised the public not to visit any country parks or forests due to weather warnings as a result of Storm Bert. The Met Office has issued a major update for people across the UK as a new storm is set to strike, with a yellow weather warning in place for Northern Ireland across Saturday for rain and snow. In a post on social media DAERA said: “In line with current @metofficeNI weather warning for high winds, we are advising the public not to visit affected forests, country parks & nature reserves on Sat 23 & Sun 24 Nov in affected areas until the high winds subside.” Traffic Watch NI has also warned of travel delays and disruption due to the weather and warned some ferry, air and rail journeys may be delayed. “A period of strong southeasterly winds is likely for a time on Saturday, with peak gusts of 50-60 mph in many parts of the warning area, but 60-70 mph in some coastal areas and also locally to the lee (northwest) of high ground, and perhaps in excess of 70 mph along some exposed coasts of Northern Ireland and western Scotland,” they said. "Outbreaks of rain on Friday night and into Saturday morning may be preceded by a spell of snow for a time, especially on high ground in northern and western areas. "Exactly where snow falls will depend quite heavily on both elevation and the intensity of precipitation, with any snow accumulations at low levels likely small and fairly short-lived. “However, there is the chance of temporary accumulations of 5-10 cm on ground typically above 150m and perhaps as much as 10-20 cm over mountain tops. "Any snow will quickly revert to rain on Saturday morning, with rain accumulations of 20-30 mm likely fairly widely, and perhaps as much as 40-60 mm on more exposed hills. “This, in conjunction with a rapid thaw of any lying snow, may cause some surface water and river flooding.” Salting of roads across Northern Ireland is also planned for Friday evening and for Saturday morning. Road users are advised to exercise caution when travelling, particularly when driving on untreated roads. Earlier today, Northern Ireland Water confirmed Silent Valley will be closed on both Saturday and Sunday and is scheduled to reopen on Monday due to the weather. Police have also warned drivers commuting to “drive to suit conditions” as a new warning is set to come into place due to the storm on Saturday. Translink have warned rural service routes such as Ballyclare, Larne, Cookstown, Ballymena and Magherafelt have all been impacted. Services from Belfast, Newcastle and Omagh did not run on this morning. The Met Office noted a risk of flooding power outages and delays as heavy rain, snow strong winds are expected ahead of further challenging conditions.If you’re sitting on a pile of travel or credit card rewards with no immediate travel plans, donating them to a charity is an easy way to have a positive impact. And it's a popular way to give: In 2021, Alaska Airlines Mileage Plan members donated around 94 million miles to charities at an approximate cash value of $2.6 million, according to the airline. Beyond the social benefits, miles donations also qualify as activity on your loyalty account and can prevent the rest of your rewards from expiring . But if you’re in the habit of maximizing points and miles, you might also want to stretch the value of your charitable donations as far as possible. And by that measure, some methods of donating points and miles fall short. Here’s what to consider before donating your miles and points . Many loyalty programs make it easy to redeem your points and miles for a donation directly through their rewards portals. But some portals — especially those from airline and hotel programs — don’t publish the cash value a charity will receive for your miles or points. That means the charity may receive less value for your donation than you’d think, while also making it hard to compare the value of a donation with the value of other options for redeeming your points. Best Western Rewards is one of the few loyalty programs that publishes a cash value for charitable points donations. The charity will receive $2 for every 500 points you donate, for a point a value of 0.4 cent each. NerdWallet values Best Western points at 0.6 cent apiece, so you would receive 33% less value for your donation relative to using them for a hotel stay. Generally, the Internal Revenue Service (IRS) doesn’t count points and miles as a source of income, so if you donate them, you can't deduct the cash value of your gift. This lack of favorable tax treatment for the consumer combined with the uncertain value you’ll often receive for miles and points donations should have you at least consider other avenues for your philanthropic endeavors. Keep in mind that this drawback only matters for taxpayers who itemize deductions on their income tax returns. If you're like most people and take the standard deduction instead of itemizing, you wouldn't be able to get a charitable tax deduction from any donation. Some rewards programs have a minimum donation amount for select charities. For example, you’d have to donate at least 2,000 Southwest Rapid Rewards points for a donation to the Make-A-Wish Foundation. That minimum amount makes it tougher to donate points that may be collecting dust in your loyalty account. To maximize the value of your donation, consider a charity that books travel directly with your miles or points rather than donating directly through your loyalty program's portal. For example, Miles4Migrants uses donated airline miles and credit card points to directly book award travel for refugees and asylum seekers. “Instead of maximizing points and miles to book a dream trip, we do it to help refugees reach safe new beginnings,” said Patrick Stouffer, partnerships manager at Miles4Migrants, in an email. Miles4Migrants has redeemed over 775 million donated miles in pursuit of their mission, with a cash value of over $17 million. That expertise allows them to get more value out of every donation. “Our team has the specialized knowledge necessary to stretch the value of every point or mile, ensuring donations go as far as possible,” Stouffer said. “Even if you aren’t able to reap any tax advantages of donating your points, at least you’ll know they made the largest possible impact.” Direct cash donations help avoid the downsides of donating miles and points. If you have a credit card that earns cash back , or if you earn cash rewards through a shopping portal like TopCashBack or Rakuten , consider cashing out and donating those rewards instead of your miles and points. With a cash donation, you’ll know the exact value a charity will receive from your donation and likely qualify for a potential itemized deduction on your taxes. Some rewards programs make this process simple and transparent. Travel rewards programs sometimes incentivize charitable giving by offering bonus points for your cash donations. For example, American Airlines offers 10 AAdvantage miles for every dollar members contribute to the charity Stand Up To Cancer. That extra incentive can be an individual boon for your charitable donation. Just be aware that any points or miles you receive from such promotions will reduce the tax deductibility of your contribution. American Airlines values those bonus miles you receive through donations at 3 cents each. So if you donate $100 and receive 1,000 AAdvantage miles, American values those miles at $30. You’ll receive a tax form declaring those rewards as $30 in income, giving you a qualifying tax deduction of $70. When you donate cash and receive bonus points, the charity still receives your full donation and you get a slug of points. While you'll have to pay taxes on those points, it can still be a big win for your future travel plans. More From NerdWallet Craig Joseph writes for NerdWallet. Email: cjoseph@nerdwallet.com . The article Should You Donate Your Points and Miles to Charity? originally appeared on NerdWallet.SAINT CHARLES, Mo. (AP) — Jaylon McDaniel's 22 points helped Lindenwood defeat IU Indianapolis 81-63 on Saturday night. McDaniel shot 9 of 12 from the field and 4 of 6 from the free-throw line for the Lions (5-6). Markeith Browning II scored 18 points while going 8 of 19 (1 for 3 from 3-point range) and added seven rebounds, five assists, and three steals. Reggie Bass shot 3 for 6 (2 for 5 from 3-point range) and 6 of 7 from the free-throw line to finish with 14 points, while adding seven rebounds and six assists. Paul Zilinskas finished with 18 points for the Jaguars (5-8). IU Indianapolis also got 13 points and two steals from Jarvis Walker. Alec Millender also recorded 11 points and five assists. NEXT UP Lindenwood's next game is Thursday against Tennessee Tech at home, and IU Indianapolis visits Florida International on Saturday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .