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By Marisa Taylor and Joey Roulette WASHINGTON (Reuters) -A September power outage at a California facility of SpaceX, the space venture of billionaire entrepreneur Elon Musk, caused a loss of ground control for at least an hour during a mission that included the first private spacewalk in history, according to three people familiar with the problem. The spacewalk, part of SpaceX's five-day Polaris Dawn mission, was carried out by private astronauts including Jared Isaacman, a fellow billionaire and longtime Musk partner who is now nominated by incoming President Donald Trump to be administrator of the National Aeronautics and Space Administration, or NASA. The outage, which has not previously been reported, meant that SpaceX mission control was briefly unable to command its Dragon spacecraft in orbit, these people said. The vessel, which carried Isaacman and three other SpaceX astronauts, remained safe during the outage and maintained some communication with the ground through the company's Starlink satellite network. "Not having command and control is a big deal," one of the people familiar with the problem told Reuters. "The whole point of having mission operators on the ground is to have the ability to quickly respond if something happens." SpaceX and Musk didn't respond to questions from Reuters about the incident. The outage raises questions about the disclosure of mishaps by private space companies and whether conflicts of interest could mar the ability of NASA and regulators to weigh their significance at a time when key figures from the sector, including Musk and Isaacman, are poised for prominent positions in the upcoming Trump administration. In their proposed roles – Isaacman running NASA, Musk at the helm of a government efficiency commission – both men could have significant sway over agencies that regulate and transact with SpaceX and other private space operators. Reuters couldn't determine whether SpaceX notified the Federal Aviation Administration, which licenses space launches, about the outage. A second person familiar with the incident said SpaceX did notify NASA, particularly because the same type of spacecraft was to be used weeks later in a mission involving NASA astronauts. SpaceX, the person said, told the agency the problem had been resolved quickly and wouldn't be an issue in future missions. NASA officials have said they maintain close contact with SpaceX about its missions because of the agency's frequent work with the company. Spokespeople at NASA didn't respond to Reuters' questions for this story. The FAA in a statement to Reuters did not respond to questions about whether it was notified about the incident, saying it "does not have oversight authority for in-space activities generally nor for commercial human spaceflight." At present, safety standards for private space missions aren't regulated by U.S. law and private operators aren't required to disclose mishaps in orbit because of a moratorium approved by Congress in 2004. The moratorium, designed to protect business interests in the highly competitive sector and renewed periodically by Congress, is criticized by some experts because it limits the ability of regulators to investigate problems that could have implications for the safety and operability of the entire industry. Disclosure is needed "so companies throughout the industry can know what's going on and mitigate or prevent a similar incident," said Douglas Ligor, a senior social scientist at the RAND Corporation, a California-based think tank hired by Congress last year to study the moratorium. Congress is expected to renew the moratorium before its current extension expires in January. The September outage, the people familiar with the problem told Reuters, occurred when a leak in a cooling system atop a SpaceX facility in Hawthorne, California, triggered a power surge. The surge knocked out mission headquarters, disabling the ability of operators to send commands or perform controls that would normally be standard during a spacecraft's mission. The outage also hit servers that host procedures meant to overcome such an outage and hindered SpaceX's ability to transfer mission control to a backup facility in Florida, the people said. Company officials had no paper copies of backup procedures, one of the people added, leaving them unable to respond until power was restored. Reuters couldn't determine the precise timing or duration of the outage. Two of the people familiar with the problem said it happened sometime before the Sept. 12 spacewalk and that at least one hour passed before power was restored. Had mission control remained offline, they said, the astronauts had enough training to control the spacecraft themselves. A month before the Polaris Dawn launch, Musk responded to an Isaacman post about the mission on X, Musk's social media platform. "This is an historic mission," Musk wrote. "Everything possible must be done to ensure astronaut safety." After the spacewalk, the first conducted by astronauts not part of a national space program, the feat was widely hailed as a milestone in commercial space exploration. Since then, Musk has grown increasingly outspoken about government interference in the private sector and touted his plans, as the head of Trump's planned efficiency commission, to slash federal regulations. Reuters reported earlier this week that Trump's transition team wants to scrap car-crash reporting requirements opposed by Tesla, Musk's electric-vehicle company. The efficiency commission's decisions could impact NASA and the FAA, a regulator frequently criticized by Musk and SpaceX as a hindrance. Isaacman, for his part, as NASA administrator would be running an agency that has awarded more than $15 billion in contracts to SpaceX, a company with whom he has had extensive business dealings. In addition to funding two missions in which he has participated as a SpaceX astronaut, Isaacman is the chief executive and controlling shareholder in Shift4 Payments, a technology firm he founded that in turn owns shares in SpaceX, according to regulatory filings. The size of Shift4 Payments' stake in SpaceX at present isn't clear because the Musk venture is privately held and doesn't disclose financial or ownership details. In its 2021 annual report, Shift4 Payments said it had invested more than $27 million by then in SpaceX. Shift4 Payments has also said SpaceX is a client. Shift4 Payments and Isaacman didn't respond to Reuters' requests for comment. In a public statement after Trump announced his NASA nomination earlier this month, Isaacman said he would step down as Shift4 Payments' chief executive if his appointment, which must be confirmed by the Senate, succeeds. He said he would retain most of his company stock, "subject to ethics obligations," but reduce his voting power as a shareholder, according to a copy of the statement filed with the Securities and Exchange Commission. Even if confirmed for the NASA job, Isaacman's extensive links to SpaceX could remain a source of concern for some. If he retains those ties, it "could pose conflicts of interest including with respect to safety," said Cary Coglianese, an expert on public administration and law at the University of Pennsylvania. (Reporting by Marisa Taylor and Joey Roulette; Additional reporting by David French; Editing by Paulo Prada)
Demand at Edmonton's Food Bank is reaching levels never seen before, and the need is causing so much strain that the food bank will soon put limits on how often clients can use its services. Executive director Marjorie Bencz said about 45,000 people a month are now being served through the food bank's hamper program, roughly 10,000 more compared to this time two years ago . "We're running at capacity all the time," Bencz said in an interview. "This is not sustainable over time." The food bank started reducing the size of its hampers in January 2023 to accommodate growing demand. Among other pressures, the city's population has increased by nearly 13 per cent in the past five years, according to provincial data. Marjorie Bencz is the executive director of Edmonton's Food Bank. (Samuel Martin/CBC) Currently, there are no restrictions on the number of hampers a client can receive. But starting as early as February, the food bank will have to limit the number of times that people can use it, Bencz said. Decisions will soon be made on restricting the number of visits, though details still need to be ironed out over whether there would be monthly or yearly constraints. "It's a rough situation for us because, of course, we don't want people going hungry in our community. At the same time, we have to be able to serve as many people as we can," she said. Food bank use is widening and more people are accessing them for the first time, local providers say As demand surges, food banks in Lloydminster can't grow quickly enough Click and go: Calgary Food Bank now offering customized food hampers Food banks across Canada are facing big challenges as demand soars, thanks in part to the high cost of living and inflation. According to the 2024 HungerCount report , 56 per cent of food banks across Canada either reduced frequency of service or gave out less food; in 2021, it was 20 per cent. Calgary's Muslim Food Bank has no plans to introduce similar limits, according to operations assistant Mariam Wajhi, but it is seeing the pressure. The food bank, which offers halal options but is open to everyone, distributed hampers to 30 families when it opened in 2022, she said. Calgary's Muslim Food Bank opened its doors in April 2022. (Justin Pennell/CBC) Now, it is at capacity with 300 families registered to receive monthly hampers and another 200 families on the waitlist. "I have heard that some families, they said that 'We go to other food banks and they're at their full capacity so we looked up online and we saw you guys,'" Wajhi said. "Every day, we have 10 to 12 walk-in families." While there is some concern that the organization might not be able to keep up with growing demand, she said it will continue to rely on support and donations from the community. Food bank a lifeline for some The Veterans Association in Edmonton, which provides monthly food hampers to military members, is also seeing exponential growth in demand. Outreach lead Chris Casey, left, speaks with a volunteer inside a warehouse for Veterans Association food bank. (Julia Wong/CBC) Roughly three years ago, the Veterans Association food bank was filling 55 hampers a month; now, it expects to surpass 300 hampers in December. "It's almost scary just trying to keep up with it. Fortunately we're able to get some very, very good donations that come in to help us," said outreach lead Chris Casey. "But at the same time, you have to worry about a society where we have that many people in that kind of trouble." Casey said growth is expected to continue into the new year and the organization is hoping to keep up by leaning on donations. Eric Monahan and his family have been relying on food hampers from the Veterans Association for roughly two years. (Samuel Martin/CBC News) Eric Monahan and his large family started using the Veterans Association food bank about two years ago. Monahan retired from the Royal Canadian Navy in 2019. What he thought was a one-off for a Christmas hamper ended up becoming a monthly routine. He said that some months, it was the difference between succeeding and failing. "I'm the breadwinner and our incomes aren't really ... they're barely making it," he said. Shelves inside the Veterans Association in Edmonton are stocked with non-perishable items destined for food hampers. (Julia Wong/CBC News) Monahan has an 11-person household to support and said it is "consistently frustrating" to try and stretch the family's income. "Every time I seem to go out, the prices are consistently going higher," he said. Monahan said that without the hampers, his family would have to make difficult decisions and he is grateful for the support. "When we first got this assistance, my pride was [getting] the better of me, that there's other people that are more unfortunate that would need this help," he said. "But it has become our lifeline."
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ARA gasoline stocks rise 7.5% w/w, Insights Global data showsUPDATED with sentence: Carlos Watson , the founder and former CEO of Ozy Media , was sentenced to 116 months, or nearly ten years, in prison for conspiracy to commit securities fraud, conspiracy to commit wire fraud and aggravated identity theft in an unusual case that briefly captivated the media world. Watson launched the digital lifestyle and news site in 2012. The term was handed down this week by United States District Judge Eric R. Komitee in federal court in Brooklyn following Watson’s conviction in July after an eight-week trial. While hefty, it was well below the 17 years that prosecutors had requested. Additional penalties of forfeiture and restitution from Ozy Media will be imposed at a later date. The trial showed that between 2018 and 2021 Watson and Ozy Media co-conspirators orchestrated a scheme to defraud investors out of tens of millions of dollars through fraudulent misrepresentations and omissions about Ozy’s financial performance, including revenue, cash on hand and profit, ongoing business relationships with celebrities, acquisition prospects from high- profile technology and media corporations, contract negotiations and other corporate metrics. Court filing showed that Watson and his co-conspirators, who were being tried separately, lied to prospective investors about who else might be investing in Ozy, the existence and size of acquisition offers received by Ozy, the existence and timing of financing rounds, and the existence and terms of Ozy’s business contracts, directing Ozy employees to create fake contracts with forged signatures to provide in due diligence. One of the strangest claims was that on multiple occasions, when faced with questions from lenders or potential investors, Watson and his co-conspirators assumed the identities of and impersonated actual media company executives to cover up their prior fraudulent misrepresentations. In particular, Ozy co-founder and chief operating officer Samir Rao had misrepresented himself on a call with Goldman Sachs by pretending to be a YouTube executive, Alex Piper. The idea was to put Ozy in a positive light as it sought an investment from the bank. “Watson’s scheme caused actual investor losses in excess of $60 million and intended to deprive potential investors of hundreds of millions more on the basis of his and his co-conspirators’ lies and misrepresentations,” said the U.S. Attorney for the Eastern District of New York in a statement, announcing the sentence. “Carlos Watson orchestrated a years-long, audacious scheme to defraud investors and lenders,” it said. “His incessant and deliberate lies demonstrated not only a brazen disregard for the rule of law, but also a contempt for the values of honesty and fairness that should underlie American entrepreneurship. On far too many occasions, Watson chose deceit over candor, grasping for the illusion of business success and personal acclaim at any cost.” PREVIOUSLY: A jury in federal court in Brooklyn on Tuesday found Ozy Media founder and CEO Carlos Watson guilty of securities fraud, identity fraud and other charges that carry a penalty of up to 37 years in prison. Sentencing is in November. The verdict marks the end of a two-month trial for Watson, who founded the digital news and lifestyle startup in 2012. It seemed to be doing fairly well, a façade that exploded in 2021, when an article in the New York Times revealed that Ozy co-founder and chief operating officer Samir Rao had misrepresented himself on a call with Goldman Sachs by pretending to be a YouTube executive, Alex Piper. The idea was to put Ozy in a positive light as it sought an investment from the bank. The executives lied to Goldman Sachs, saying giant YouTube wanted to buy the rights to The Carlos Watson Show . Watson was also charged with misrepresenting the company’s finances and audience numbers to backers and investors. The revelations were followed by a criminal indictment and Watson’s arrest in February 2023. The site, which had been up and down after the NYT story, shuttered after that. “We decided that I would fake the reference call and pretend to be Alex,” Rao said on the stand, according to news reports today. Rao and former chief of staff Suzee Han both pleaded guilty to charges last year and are cooperating with the government. They were named alongside Watson in a separate SEC lawsuit.Starmer's box office moment fell flat but he'll be judged on his delivery
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Lea Miller-Tooley hopped off a call to welcome the Baylor women’s basketball team to the Atlantis resort in the Bahamas, where 80-degree temperatures made it easy for the Bears to settle in on Paradise Island a week before Thanksgiving. About 5,000 miles west of the Caribbean nation, similar climes awaited Maui Invitational men's teams in Hawaii. They’ve often been greeted with leis, the traditional Hawaiian welcome of friendship. College basketball teams and fans look forward to this time of the year. The holiday week tournaments feature buzzworthy matchups and all-day TV coverage, sure, but there is a familiarity about them as they help ward off the November chill. For four decades, these sandy-beach getaways filled with basketball have become a beloved mainstay of the sport itself. “When you see (ESPN’s) ‘Feast Week’ of college basketball on TV, when you see the Battle 4 Atlantis on TV, you know college basketball is back,” said Miller-Tooley, the founder and organizer of the Battle 4 Atlantis men's and women's tournaments. “Because it’s a saturated time of the year with the NFL, college football and the NBA. But when you see these gorgeous events in these beautiful places, you realize, ‘Wow, hoops are back, let’s get excited.’” MTE Madness The Great Alaska Shootout was the trend-setting multiple-team event (MTE) nearly five decades ago. The brainchild of late Alaska-Anchorage coach Bob Rachal sought to raise his program’s profile by bringing in national-power programs, which could take advantage of NCAA rules allowing them to exceed the maximum allotment of regular-season games if they played the three-game tournament outside the contiguous 48 states. The first edition, named the Sea Wolf Classic, saw N.C. State beat Louisville 72-66 for the title on Nov. 26, 1978. The Maui Invitational followed in November 1984, borne from the buzz of NAIA program Chaminade’s shocking upset of top-ranked Virginia and 7-foot-4 star Ralph Sampson in Hawaii two years earlier. Events kept coming, with warm-weather locales getting in on the action. The Paradise Jam in the U.S. Virgin Islands. The Cancun Challenge in Mexico. The Cayman Islands Classic. The Jamaica Classic. The Myrtle Beach Invitational joining the Charleston Classic in South Carolina. Numerous tournaments in Florida. Some events have faded away like the Puerto Rico Tipoff and the Great Alaska Shootout, the latter in 2017 amid event competition and schools opting for warm-weather locales. Notre Dame takes on Chaminade during the first half of a 2017 game in Lahaina, Hawaii. Atlantis rising Miller-Tooley’s push to build an MTE for Atlantis began as a December 2010 doubleheader with Georgia Tech beating Richmond and Virginia Tech beating Mississippi State in a prove-it moment for a tournament’s viability. It also required changing NCAA legislation to permit MTEs in the Bahamas. Approval came in March 2011; the first eight-team Atlantis men’s tournament followed in November. That tournament quickly earned marquee status with big-name fields, with Atlantis champions Villanova (2017) and Virginia (2018) later winning that season’s NCAA title. Games run in a ballroom-turned-arena at the resort, where players also check out massive swimming pools, water slides and inner-tube rapids surrounded by palm trees and the Atlantic Ocean. “It’s just the value of getting your passport stamped, that will never get old,” Miller-Tooley said. “Watching some of these kids, this may be their first and last time – and staff and families – that they ever travel outside the United States. ... You can see through these kids’ eyes that it’s really an unbelievable experience.” ACC Network analyst Luke Hancock knows that firsthand. His Louisville team finished second at Atlantis in 2012 and won that year’s later-vacated NCAA title, with Hancock as the Final Four's most outstanding player. “I remember (then-coach Rick Pitino) saying something to the effect of: ‘Some of you guys might never get this opportunity again. We’re staying in this unbelievable place, you’re doing it with people you love,’” Hancock said. “It was a business trip for us there at Thanksgiving, but he definitely had a tone of ‘We’ve got to enjoy this as well.’” Popular demand Maui offers similar vibes, though 2024 could be a little different as Lahaina recovers from deadly 2023 wildfires that forced the event's relocation last year. North Carolina assistant coach Sean May played for the Tar Heels’ Maui winner in 2004 and was part of UNC’s staff for the 2016 champion, with both teams later winning the NCAA title. May said “you just feel the peacefulness” of the area — even while focusing on games — and savors memories of the team taking a boat out on the Pacific Ocean after title runs under now-retired Hall of Famer Roy Williams. “Teams like us, Dukes, UConns – you want to go to places that are very well-run,” May said. “Maui, Lea Miller with her group at the Battle 4 Atlantis, that’s what drives teams to come back because you know you’re going to get standard A-quality of not only the preparation but the tournament with the way it’s run. Everything is top-notch. And I think that brings guys back year after year.” That’s why Colorado coach Tad Boyle is so excited for the Buffaloes’ first Maui appearance since 2009. “We’ve been trying to get in the tournament since I got here,” said Boyle, now in his 15th season. And of course, that warm-weather setting sure doesn’t hurt. “If you talk about the Marquettes of the world, St. John’s, Providence – they don’t want that cold weather,” said NBA and college TV analyst Terrence Oglesby, who played for Clemson in the 2007 San Juan Invitational in Puerto Rico. “They’re going to have to deal with that all January and February. You might as well get a taste of what the sun feels like.” Michigan State head coach Tom Izzo argues a call during the first half of a Nov. 16 game against Bowling Green in East Lansing, Michigan. Mi zzo is making his fourth trip to Maui. Packed schedule The men’s Baha Mar Championship in Nassau, Bahamas, got things rolling last week with No. 11 Tennessee routing No. 13 Baylor for the title. The week ahead could boast matchups befitting the Final Four, with teams having two weeks of action since any opening-night hiccups. “It’s a special kickoff to the college basketball season,” Oglesby said. “It’s just without the rust.” On the women’s side, Atlantis began its fourth eight-team women’s tournament Saturday with No. 16 North Carolina and No. 18 Baylor, while the nearby Baha Mar resort follows with two four-team women’s brackets that include No. 2 UConn, No. 7 LSU, No. 17 Mississippi and No. 20 N.C. State. Then come the men’s headliners. The Maui Invitational turns 40 as it opens Monday back in Lahaina. It features second-ranked and two-time reigning national champion UConn, No. 4 Auburn, No. 5 Iowa State and No. 10 North Carolina. The Battle 4 Atlantis opens its 13th men’s tournament Wednesday, topped by No. 3 Gonzaga, No. 16 Indiana and No. 17 Arizona. Michigan State Hall of Famer Tom Izzo is making his fourth trip to Maui, where he debuted as Jud Heathcote’s successor at the 1995 tournament. Izzo's Spartans have twice competed at Atlantis, last in 2021. “They’re important because they give you something in November or December that is exciting,” Izzo said. Any drawbacks? “It’s a 10-hour flight,” he said of Hawaii. Mike Tyson, left, slaps Jake Paul during a weigh-in ahead of their heavyweight bout, Thursday, Nov. 14, 2024, in Irving, Texas. (AP Photo/Julio Cortez) In this image taken with a slow shutter speed, Spain's tennis player Rafael Nadal serves during a training session at the Martin Carpena Sports Hall, in Malaga, southern Spain, on Friday, Nov. 15, 2024. (AP Photo/Manu Fernandez) A fan takes a picture of the moon prior to a qualifying soccer match for the FIFA World Cup 2026 between Uruguay and Colombia in Montevideo, Uruguay, Friday, Nov. 15, 2024. (AP Photo/Santiago Mazzarovich) Rasmus Højgaard of Denmark reacts after missing a shot on the 18th hole in the final round of World Tour Golf Championship in Dubai, United Arab Emirates, Sunday, Nov. 17, 2024. (AP Photo/Altaf Qadri) Taylor Fritz of the United States reacts during the final match of the ATP World Tour Finals against Italy's Jannik Sinner at the Inalpi Arena, in Turin, Italy, Sunday, Nov. 17, 2024. (AP Photo/Antonio Calanni) Dallas Cowboys wide receiver Jalen Tolbert (1) fails to pull in a pass against Atlanta Falcons cornerback Dee Alford (20) during the second half of an NFL football game, Sunday, Nov. 3, 2024, in Atlanta. (AP Photo/ Brynn Anderson) Green Bay Packers quarterback Jordan Love, top right, scores a touchdown during the second half of an NFL football game against the Chicago Bears in Chicago, Sunday, Nov. 17, 2024. (AP Photo/Nam Y. Huh) India's Tilak Varma jumps in the air as he celebrates after scoring a century during the third T20 International cricket match between South Africa and India, at Centurion Park in Centurion, South Africa, Wednesday, Nov. 13, 2024. (AP Photo/Themba Hadebe) Columbus Blue Jackets defenseman Zach Werenski warms up before facing the Seattle Kraken in an NHL hockey game Tuesday, Nov. 12, 2024, in Seattle. (AP Photo/Lindsey Wasson) Kansas State players run onto the field before an NCAA college football game against Arizona State Saturday, Nov. 16, 2024, in Manhattan, Kan. (AP Photo/Charlie Riedel) A fan rapped in an Uruguay flag arrives to the stands for a qualifying soccer match against Colombia for the FIFA World Cup 2026 in Montevideo, Uruguay, Friday, Nov. 15, 2024. (AP Photo/Matilde Campodonico) People practice folding a giant United States flag before an NFL football game between the Buffalo Bills and the Kansas City Chiefs, Sunday, Nov. 17, 2024, in Orchard Park, N.Y. (AP Photo/Julia Demaree Nikhinson) Brazil's Marquinhos attempts to stop the sprinklers that were turned on during a FIFA World Cup 2026 qualifying soccer match against Venezuela at Monumental stadium in Maturin, Venezuela, Thursday, Nov. 14, 2024. (AP Photo/Ariana Cubillos) Georgia's Georges Mikautadze celebrates after scoring his side's first goal during the UEFA Nations League, group B1 soccer match between Georgia and Ukraine at the AdjaraBet Arena in Batumi, Georgia, Saturday, Nov. 16, 2024. (AP Photo/Tamuna Kulumbegashvili) Dallas Stars center Mavrik Bourque, right, attempts to score while Minnesota Wild right wing Ryan Hartman (38) and Wild goaltender Filip Gustavsson (32) keep the puck out of the net during the second period of an NHL hockey game, Saturday, Nov. 16, 2024, in St. Paul, Minn. (AP Photo/Ellen Schmidt) Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez) Italy goalkeeper Guglielmo Vicario misses the third goal during the Nations League soccer match between Italy and France, at the San Siro stadium in Milan, Italy, Sunday, Nov. 17, 2024. (AP Photo/Luca Bruno) Cincinnati Bengals tight end Mike Gesicki (88) celebrates after scoring a touchdown against the Las Vegas Raiders during the second half of an NFL football game in Cincinnati, Sunday, Nov. 3, 2024. (AP Photo/Carolyn Kaster) President-elect Donald Trump attends UFC 309 at Madison Square Garden, Saturday, Nov. 16, 2024, in New York. (AP Photo/Evan Vucci) Fans argue in stands during the UEFA Nations League soccer match between France and Israel at the Stade de France stadium in Saint-Denis, outside Paris, Thursday Nov. 14, 2024. (AP Photo/Thibault Camus) Slovakia's Rebecca Sramkova hits a return against Danielle Collins, of the United States, during a tennis match at the Billie Jean King Cup Finals at the Martin Carpena Sports Hall, Thursday, Nov. 14, 2024, in Malaga, southern Spain. (AP Photo/Manu Fernandez) St. John's guard RJ Luis Jr. (12) falls after driving to the basket during the second half of an NCAA college basketball game against New Mexico, Sunday, Nov. 17, 2024, in New York. (AP Photo/Pamela Smith) England's Anthony Gordon celebrates after scoring his side's second goal during the UEFA Nations League soccer match between England and the Republic of Ireland at Wembley stadium in London, Sunday, Nov. 17, 2024. (AP Photo/Kin Cheung) Katie Taylor, left, lands a right to Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez) Las Vegas Raiders wide receiver DJ Turner, right, tackles Miami Dolphins wide receiver Malik Washington, left, on a punt return during the second half of an NFL football game, Sunday, Nov. 17, 2024, in Miami Gardens, Fla. (AP Photo/Lynne Sladky) UConn's Paige Bueckers (5) battles North Carolina's Laila Hull, right, for a loose ball during the second half of an NCAA college basketball game in Greensboro, N.C., Friday, Nov. 15, 2024. (AP Photo/Ben McKeown) Be the first to know Get local news delivered to your inbox!NASSAU, Bahamas (AP) — Alyssa Ustby and Lexi Donarski scored 14 points apiece, and Ustby added 14 rebounds to lead No. 16 North Carolina to a 53-36 victory over Villanova in a semifinal game at the Women's Battle 4 Atlantis on Sunday. The Tar Heels (5-1) play Indiana in the championship game on Monday. The Hoosiers upset No. 18 Baylor 73-65 in Sunday's first semifinal. Javascript is required for you to be able to read premium content.
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Lucid Group ( LCID 14.83% ) is an emerging company in the electric vehicle (EV) space that has caught the attention of investors since its merger with a special purpose acquisition company (SPAC) three years ago. Its luxury EVs boast an impressive driving range, and the company is looking to take on industry giants like Tesla . While Lucid stands to gain from the growing long-term demand for electric vehicles, its journey to production hasn't been without hurdles. After reaching a peak of $57.75 per share in late 2021, Lucid's stock has seen a steep decline of 95%, currently trading under $3 per share. If you're thinking of scooping up shares of this promising electric vehicle company, consider the following. Lucid looks to claim its stake in the EV market Lucid Group focuses on manufacturing luxury EVs in pursuit of a more affluent customer base. The company aims to position itself as a premium brand in the competitive automotive industry with its commitment to delivering a high-quality driving experience. One distinguishing feature of Lucid's vehicles is their impressive range. The flagship Lucid Air Pure, priced at $69,900, offers an exceptional range of 420 miles and boasts 430 horsepower. For those seeking even more performance, the Ground Touring model, priced at $110,900, has 819 horsepower and an impressive driving range of 512 miles. In addition to its impressive range, Lucid's fast-charging technology allows drivers to gain 200 miles of range in just 12 minutes, making it an appealing choice for long-distance travel. One thing Lucid doesn't lack is support. Since 2018, the Public Investment Fund (PIF) of Saudi Arabia has invested billions in the luxury EV maker. At the end of the third quarter, Lucid had over $5 billion in liquidity, providing it with enough funding through 2026. The company also launched its long-awaited SUV model, the Lucid Gravity Grand Touring, in early November and is taking orders for the EV SUV, priced at $94,900. The company began production of this vehicle in December, which boasts an impressive driving range of 450 miles. Lucid has solid backing from the Public Investment Fund and is making progress as it rolls out new vehicles, which could make it an appealing buy. However, investors will want to consider the company's financial situation before investing. Lucid has tapped investors for money numerous times It's been a difficult journey for the automaker, and things haven't quite gone according to plan. When Lucid first went public in 2021, Lucid management projected it would produce and deliver 49,000 vehicles by 2023 and 90,000 by this year . Last year, the company manufactured 8,428 vehicles and delivered 6,001. This year, Lucid has delivered 7,142 vehicles, including 2,781 in the third quarter, a 91% increase from one year ago. The company says it is on track for 9,000 vehicles this year. Lucid has had a slow ramp-up in production, and another pressing concern that investors should be mindful of is its cash burn rate. The company's revenue through the first three quarters of the year is up 31%, to $573 million. However, expenses continue to balloon in comparison. This year, expenses have been around $2.9 billion, and Lucid has a staggering operating loss of $2.3 billion . It lost a similar amount of money through the same period last year. For an up-and-coming, pre-profit company like Lucid, funding is crucial for its long-term success. Because it doesn't have any profit to reinvest into the business, it has had to raise capital several times from outside investors to stay afloat. This includes capital raises through public equity offerings and investments from Saudi Arabia's PIF. In October, Lucid raised $719 million in capital by selling 262.5 million shares priced at around $2.66 per share. The PIF invested another $1 billion in Lucid, bringing the PIF's total investment in Lucid since 2018 to $8.9 billion. The move provides Lucid with enough funding for a financial runway through 2026. LCID Revenue (TTM) data by YCharts Since 2022, Lucid's outstanding shares have increased from 1.65 billion to 2.32 billion, or 40%, as it has repeatedly tapped equity markets and watered down investors' positions in the process. Should you buy, hold, or sell Lucid stock? Lucid Group's luxury EVs are pushing the limits of EVs, and the company could benefit from long-term tailwinds for EVs. According to projections from the consulting firm PwC, the number of EVs in the U.S. could reach 27 million by 2030 and 92 million by 2040. If Lucid can gain its footing and generate positive cash flows, it has a real chance to grow rapidly alongside this market. The company is taking steps to rein in costs but has required further investments from equity offerings and the PIF to keep things going. While the company has a cash runway to 2026, I'd like to see it make progress in improving its bottom-line results. Until then, investors should avoid or sell the stock until more tangible positive results are visible.Reid's game-winner lifts South Florida past Wright State, 73-72 at Myrtle Beach Invitational
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NASSAU, Bahamas (AP) — Alyssa Ustby and Lexi Donarski scored 14 points apiece, and Ustby added 14 rebounds to lead No. 16 North Carolina to a 53-36 victory over Villanova in a semifinal game at the Women's Battle 4 Atlantis on Sunday. The Tar Heels (5-1) play Indiana in the championship game on Monday. The Hoosiers upset No. 18 Baylor 73-65 in Sunday's first semifinal.3 Dividend Stocks Up 8%, 16%, and 17% So Far in 2024 to Buy in DecemberCMs, state ministers to join over 100 Indian CEOs in Davos next month
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