VANCOUVER , Dec. 13, 2024 /PRNewswire/ -- City Office REIT, Inc. CIO ("City Office," "CIO" or the "Company") announced today that its Board of Directors has authorized a quarterly dividend amount of $0.10 per share of common stock and common unit of partnership interest for the fourth quarter of 2024. Additionally, the Board of Directors authorized a regular quarterly dividend of $0.4140625 per share of the Company's 6.625% Series A Cumulative Redeemable Preferred Stock. The dividends will be payable on January 23, 2025 to all stockholders, preferred stockholders and operating partnership unitholders, as applicable, of record as of the close of business on January 9, 2025 . About City Office REIT, Inc. City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 5.6 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Forward-looking Statements This press release contains both historical and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "approximately," "anticipate," "assume," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "target," "will" and similar expressions, and variations or negatives of these words. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include, among other things, changes to CIO's expected liquidity position and the risk factors set forth in CIO's Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the Securities and Exchange Commission. The statements made herein speak only as of the date of this press release, and, except as required by law, CIO does not undertake any obligation to publicly update or revise any forward-looking statements. Contact City Office REIT, Inc. Anthony Maretic , CFO +1-604-806-3366 investorrelations@cityofficereit.com View original content to download multimedia: https://www.prnewswire.com/news-releases/city-office-reit-announces-dividends-for-fourth-quarter-2024-302329536.html SOURCE City Office REIT, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.By Kemberley Washington, CPA, Bankrate.com The IRS Direct File program, which lets taxpayers file their federal income tax return directly with the IRS for free, is doubling its reach to 24 states for the 2025 tax season, up from 12 states in 2024, the program’s pilot year. The Direct File program will also accept more types of tax situations for the 2025 tax season. While taxpayers who used the system in 2024 could claim a handful of tax credits, including the earned income tax credit and the child tax credit , that list is expanding in 2025 to include the child and dependent care credit , among others. An estimated 30 million taxpayers will qualify for the Direct File program in 2025, the IRS says. More than 140,000 taxpayers filed their federal tax returns through the Direct File program in 2024. About 90% of users said their experience was excellent or above average, according to a survey of about 11,000 Direct File users in 2024, conducted by the General Services Administration. “We’re excited about the improvements to Direct File and the millions more taxpayers who will be eligible to use the service this year,” said Danny Werfel, the IRS commissioner, in a statement. “Our goal is to improve the experience of tax filing itself and help taxpayers meet their obligations quickly and easily.” The IRS says that taxpayers can use Direct File when the 2025 tax season kicks off in January, and it will be available until Oct. 15, 2025. But the program’s future is somewhat unclear: In December, 29 Republican lawmakers sent a letter to President-elect Donald Trump, calling for him to end the Direct File program on his first day in office. Lawmakers in the U.S. House of Representatives also introduced legislation in July to end the Direct File program. For now, here’s what you need to know about how the IRS Direct File program works, and how to qualify for it. The Direct File program is a new initiative, about to enter its second year, that allows taxpayers to file their federal tax returns electronically with the IRS. The no-cost tool guides taxpayers through every part of their federal income tax return. Taxpayers can file using a smartphone, computer or tablet. One of the program’s advantages is that, if you have questions as you’re working on your return, you can get live support directly from the IRS via chat or phone. IRS representatives can answer basic tax questions and help with technical issues in English and Spanish. The Direct File program has income limits, as well as limits on the types of income, deductions and credits you can enter on your tax return. For the 2025 tax season: To be eligible for Direct File, your income can come from the following sources: But if you’re self-employed, or have business or rental income, you can’t use Direct File . Same goes for IRA contributions or distributions: If you have either, you can’t use Direct File. You can use the IRS Direct File program only if you claim the standard deduction — the program isn’t available to people who itemize. But you can claim certain above-the-line deductions: student loan interest , educator expenses and health savings account contributions . You can’t use Direct File if you want to deduct your IRA contributions. The Direct File program allows for the following tax credits in 2025: However, if you want to claim education credits , credits for energy efficient home upgrades or the adoption expense credit , you can’t use the Direct File program. More taxpayers will have access to the IRS Direct File program in 2025. In 2024, the IRS kicked off the program with only 12 states; that number has expanded to 24 states for the 2025 tax season. For some of the states that participate in the IRS Direct File program, your federal return information will be transferred automatically to the state tax website, but in some cases you’ll have to re-enter your information. Visit this IRS Direct File page to get the details for your state. Here is a list of the participating states: If you don’t qualify for the IRS Direct File program, you may have other options to file your tax return for free. In addition to Direct File, the IRS offers the Free File program, in which it partners with online tax software providers to provide free federal income tax return filing. Some providers also allow you to file a state income tax return. For the 2024 tax season, your adjusted gross income had to be less than $79,000 to qualify for the Free File program. That dollar threshold is likely to rise slightly for the 2025 tax season. The IRS also offers the Volunteer Income Tax Assistance (VITA) program, which provides certified volunteers to prepare basic tax returns if you earn less than $67,000 a year, are disabled, or speak limited English. You can find a site near you by visiting this IRS page . ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.
While iPads are incredibly useful on their own, it's easy to run into plenty of minor inconveniences while using them. Touch screens aren't always as precise as many people would like them to be, and trying to keep such a large device protected from the elements can be difficult at times. While there are some essential accessories every iPad user should have , there are plenty of other additions that can be an immense help on their own. Even if not all of those items were designed for Apple devices, a couple of extra purchases can significantly improve your experience. Among the most useful iPad accessories in 2024 are the previously mentioned essentials, but there are many different brands making these accessories. Even the options provided directly by Apple might not be the best choices in the long run, as more affordable or even higher-quality options can be found elsewhere. This is something to consider when deciding on what you need for your iPad, especially if you don't want your current woes to come back to you in the future. The Apple Pencil is probably one of the first accessories you should consider for an iPad. The Pro and USB-C versions are available directly from Apple, though older models — like the 2nd gen Pencil — can be found through other sellers like Amazon . Buying directly from Apple will allow you to engrave the pencil as well, giving it a personal touch so everyone knows it belongs solely to you. While this feature isn't technically useful, it's a nice bonus on top of the Pencil's existing capabilities. While it might seem like a glorified stylus at first, the Apple Pencil is specially designed for enhanced usability. On top of great control in art-focused applications, learning the tips every new Apple Pencil user should know can help you control many apps and features with much less effort. It even makes browsing the internet easier by showing a preview of where you're hovering, so that you can avoid clicking malicious or incorrect links. Despite initial impressions, the Apple Pencil is an all-around excellent accessory for any iPad owner. An iPad is technically a computer on its own, which means it's possible to connect keyboards to it. This includes extra-cheap third-party keyboards with Bluetooth, letting you connect to the iPad without needing to deal with any wires. Alternatively, you could go a step further and buy the specialized Magic Keyboard designed for the iPad Pro. While it's quite a bit more expensive in comparison, its full capabilities are far beyond standard alternatives. Our Apple Magic Keyboard for iPad Pro review took note of the many benefits this accessory was able to grant. On top of how it allows for more tactile feedback when typing and even provides its own cursor, the Magic Keyboard attaches directly to the iPad itself, allowing you to keep track of both items with great ease. It even provides an extra USB port specifically for charging. Especially if your touch screen is facing issues, getting an extra keyboard for your iPad is far from a bad idea. Other than keyboards, mice can also be useful input devices for the iPad. While you can get the Magic Mouse directly from Apple, it doesn't offer much more functionality than cheaper third-party alternatives like a simple Amazon Basics mouse . Pairing these accessories with an iPad might seem challenging at first, but the right adapters will let you plug them in directly. It's not as smooth of a fit as the Magic Keyboard, but it's a great alternative if you need more precision. If you happen to play a lot of games on your iPad, you could also rely on controllers as another input device. Apple offers the SteelSeries Nimbus+ as one such option, which provides all the essentials a controller could need — including control sticks and a home button. Other Bluetooth controllers should work just fine, including those taken from dedicated gaming consoles such as the PlayStation or Switch. This will be especially helpful for more competitive titles that require quick movements and reactions, as relying on a touch screen won't do you many favors in those scenarios. Like iPhones, iPads have a wide variety of cases you can choose from. However, iPads, in particular, have a different form of protective shelling known as a Folio . These covers attach directly to the iPad and cover the screen, protecting it from dust and debris when not in use. They even automatically shut down and turn on the iPad's screen depending on whether it's being used or not. For such a simple design, it's incredibly helpful in ways traditional cases usually aren't. Of course, the iPad does have various options for more traditional cases. Many of the best iPad cases that are both tough and trendy come in Folio-style designs, but there are plenty that simply cover the outer shell of the device just like they do with phones. These might be a better choice if you don't care for the extra capabilities of Folio covers and want to save a few extra bucks. After all, while it's a very useful accessory, not everyone will agree on it being worth around $80. While iPads are very lightweight and thin, they often don't offer much in the way of extra connections. This is especially problematic if you don't have the chance to use wireless connections for other accessories like keyboards and mice. Luckily, companies like Anker provide specialized USB hubs that you can attach to an iPad using a direct USB-C connection. In some cases, these hubs allow the device to have more connectivity than some laptops. While Apple doesn't supply these USB hubs, you can find multiple versions to suit your needs. For example, the Satechi iPad Pro USB-C Hub sticks to basics for those who don't need so many connections. These specially designed hubs connect directly to the iPad, but you can use other wired hubs instead if you don't mind losing out on the portability. Regardless, getting this accessory will open up many more options if you plan on getting other accessories alongside it. While some iPad accessories, such as the Magic Keyboard and Folio, allow the device to stay upright on its own, a dedicated stand might be a better choice for some users. Many portable stands are much cheaper in the long run, and the ones that aren't can often be adjusted to a much greater degree. The Twelve South Hoverbar is particularly noteworthy, as it allows the iPad to stay in your line of sight even if you're working out or otherwise occupied. These are far more versatile than the little flap-stands you'll find on most other iPad accessories. Interestingly, while accessories like the Folio include their own stand, stands themselves aren't exempt from including their own bonuses. Satechi once again makes a name for itself with its iPad Pro dock, which turns the tablet into a mini-iMac thanks to a built-in USB hub. These combined accessories can go a long way in making your iPad feel more like a replacement for your computer, which can be a big help if you find yourself using the tablet as your main device anyway. When it comes to portability, keeping track of your belongings can be a great concern. With the help of the Apple AirTag , this becomes less of a concern as you can use your Apple device to track lost or missing items. While it's best used with an iPhone, it's possible to pair your iPad with the trackers easily enough, so you won't be restricted from finding what's most important to you. Just make sure you don't lose the iPad itself unless you pair it with Apple's "Find My" network alongside the AirTags. Our Apple AirTag review noted how effective these trackers were, which should help you keep an eye on more robust accessories like stands or mice. It's mostly convenient for iPad users who are constantly on the go, prone to putting their items down in public places before picking them back up. As long as you keep the tablet itself close to you at all times, there isn't much need to worry about losing sight of your valuables. If you're often out and about, keeping your iPad charged is likely one of the many other concerns you'll have. This is where power banks come into play, acting as a powerful portable charger for your tablet. In a sense, it's basically a portable battery, giving you more time on your iPad than you might even need in the first place. Of course, the power bank needs to be charged as well, but you can always keep both devices plugged in overnight to make sure they're ready to go during the day. Apple offers the mophie powerstation as one of its options, coming in various capacities and having plugs available for multiple devices at once. Other brands like Belkin offer more lightweight options that can magnetically attach to your iPad, making them less cumbersome if you're already packed to the brim with countless other accessories. Whether you need that extra portability or not, having a fully charged power bank will absolutely help you during long trips away from other charging ports. Considering the tablet's size, it shouldn't be too surprising that the iPad won't provide the best listening experience on its own. For that, you're better off getting separate headphones or earbuds like the Apple AirPods . These can connect to the tablet just as easily as any other device, helping you get immersed when watching movies or listening to music. Extra features like noise canceling are especially useful when traveling, particularly if you're walking down busy roads or through crowded streets. If you're looking for something a bit less personal, external speakers are a perfectly viable alternative. Wireless Bluetooth accessories like the Beats Pill are also able to connect to the iPad, so you can share music or important videos with anyone else in the room. Some of these speakers are small and portable, making them easy to carry around. It's far from the worst choice for those who have the iPad as their primary device, especially if they want to share videos or music with friends who don't have a tablet of their own. Depending on the specific iPad you get, you could have as much storage as you'll ever need ... or you'll be left with very little space after just a couple of weeks. Thanks to the tablet's USB-C connection, though, external storage like the Samsung T7 Shield SSD can make up for pretty much all of that missing space. An iPad Pro with 2 TB storage costs $1,000 more than the version with just 256 GB, but an external SSD with that space will hardly cost more than a couple of hundred bucks. Considering the massive extra value you get, it's hard not to recommend investing in external storage for your iPad. Of course, there are plenty of different storage-focused companies out there. It might not be a bad idea to look at major SSD brands ranked worst to best before going all-in on something subpar that will make you wish you just spent more money on internal storage. You should also be wary of how these external options are only going to be connected through USB, so any accidental disconnects could result in some data loss. Even so, regardless of using an iPad or any other device, more storage options will always be helpful.
Putin apologizes for 'tragic incident' but stops short of saying Azerbaijani plane was shot down MOSCOW (AP) — Russian President Vladimir Putin has apologized to his Azerbaijani counterpart for what he called a “tragic incident” following the crash of an Azerbaijani airliner in Kazakhstan that killed 38 people. He stopped short of acknowledging that Moscow was responsible. The Kremlin said that air defense systems were firing near Grozny, the regional capital of the Russian republic of Chechnya, to deflect a Ukrainian drone strike as the plane attempted to land on Wednesday. Putin apologized to Azerbaijani President Ilham Aliyev “for the fact that the tragic incident occurred in Russian airspace.” The Kremlin also says Russia, Azerbaijan and Kazakhstan are jointly investigating the crash site near the city of Aktau in Kazakhstan. Israel detains the director of one of northern Gaza's last functioning hospitals during a raid DEIR AL BALAH, Gaza Strip (AP) — Gaza's Health Ministry says Israel’s army has detained the director of one of northern Gaza's last functioning hospitals. The announcement on Saturday came after health officials said Israeli troops stormed the hospital and forced many staff and patients outside and told them to strip in winter weather. Israel’s military alleges the hospital director is a suspected Hamas operative and says it detained over 240 others. It acknowledges it ordered people outside and that special forces entered the hospital. It says it “eliminated” militants who fired at its forces. Kamal Adwan officials have denied that Hamas operates in the hospital. Abortions are up in the US. It's a complicated picture as women turn to pills, travel Even with abortion bans in place in most Republican-controlled states, the number of people obtaining them has grown slightly. That's part of a complicated picture of the impacts of the U.S. Supreme Court's decision to overturn Roe v. Wade two and a half years ago. Abortion pills are more common now. So is traveling to other states for care, often on journeys hundreds of miles long. Public support for the right to abortion has also increased since before the ruling. That's been reflected in most ballot measures to add the right to abortion to state constitutions being adopted. Drought, fires and deforestation battered Amazon rainforest in 2024 BOGOTA, Colombia (AP) — The Amazon rainforest staggered through another difficult year in 2024. A second year of record drought contributed to wildfires that worsened deforestation across the massive forest, which spans Brazil, Peru, Colombia and other Latin American nations and is a critical counterweight to climate change. There were some bright spots. Both Brazil and Colombia reported lower levels of deforestation compared to prior years. Experts say Amazon countries need to do more to strengthen cross-border collaboration and that the global community who reap the benefits of commodities from the rainforest also need to pitch in. Bloodied Ukrainian troops risk losing more hard-won land in Kursk to Russia KYIV, Ukraine (AP) — Five months after their shock offensive into Russia, Ukrainian troops are bloodied by daily combat losses and demoralized by the rising risk of defeat in Kursk. Some want to stay in the region at all costs. Others question the value of having gone in at all. Battles are so intense that commanders are unable to evacuate their dead. Lags in communication and poorly timed operations have cost lives and commanders say they have little way to counterattack. The overstretched Ukrainians have lost more than 40% of the territory they won in the lightning incursion that seized much of Kursk in August. Afghan forces target Pakistan in retaliation for deadly airstrikes Afghanistan's Defense Ministry says its forces hit several points inside Pakistan in retaliation for deadly airstrikes. Pakistan last Tuesday launched an operation to destroy a training facility and kill insurgents in Afghanistan's eastern Paktika province. The strikes killed dozens of people. The ministry said Saturday that its forces hit points “serving as centers and hideouts for malicious elements and their supporters who organized and coordinated attacks in Afghanistan.” Pakistan accuses the Taliban of not doing enough to combat cross-border militant activity, a charge the Taliban government denies. Former Indian Prime Minister Manmohan Singh, who instituted economic reforms, cremated in New Delhi NEW DELHI (AP) — Manmohan Singh, the former Indian prime minister widely regarded as the architect of the country’s economic reform program, has been cremated after a state funeral. The veteran leader, who was also credited for a landmark nuclear deal with the United States, died late Thursday at age 92. Singh’s body was taken Saturday to the headquarters of his Congress party in New Delhi, where party leaders and activists paid tributes to him and chanted “Manmohan Singh lives forever.” Later, his body was transported to a crematorium ground for his last rites as soldiers beat drums. A mild-mannered technocrat, Singh was prime minister for 10 years until 2014. Sweden embarks on a sober search for more cemetery space in case of war GOTHENBURG, Sweden (AP) — Burial associations in Sweden are looking to acquire enough land for something they hope they’ll never have to do. And that's to bury thousands of people in the event of war. The search follows new crisis preparedness guidelines from the country's civil defense agency and the military. The issue is seen in a new light after Russia's invasion of Ukraine led formerly neutral Sweden to join NATO. Sweden and Finland sent out updated civil preparedness guides in November with instructions on how to survive in war. The guides are similar to those in Denmark and Norway, though they don't mention Russia by name. Olivia Hussey, star of the 1968 film 'Romeo and Juliet,' dies at 73 LONDON (AP) — Olivia Hussey, the actor who starred as a teenage Juliet in the 1968 film “Romeo and Juliet,” has died, her family said on social media. She was 73. Hussey died on Friday, “peacefully at home surrounded by her loved ones,” a statement posted to her Instagram account said. Hussey was 15 when director Franco Zeffirelli cast her in his adaptation of the William Shakespeare tragedy. “Romeo and Juliet” won two Oscars and Hussey won a Golden Globe for best new actress for her part as Juliet, opposite British actor Leonard Whiting. Decades later, the pair brought a lawsuit against Paramount Pictures over nude scenes in the film they said they were coerced to perform. The case was dismissed by a Los Angeles County judge in 2023. Winning ticket for $1.22 billion lottery jackpot sold in California, Mega Millions says At least one Mega Millions player has plenty of dough to ring in the New Year after drawing the winning number. After three months without anyone winning the top prize in the lottery, a ticket worth an estimated $1.22 billion was sold in California for the drawing Friday night. The California Lottery said the winning ticket was sold at Circle K (Sunshine Food and Gas) on Rhonda Rd. in Cottonwood. The winning ticket matched the white balls 3, 7, 37, 49, 55 and the gold Mega Ball 6. The identity of the winner or winners was not immediately known. The estimated jackpot was the fifth-highest ever for Mega Millions.
Alas! Tougher sanctions loom for airport troublemakers
AI data centers, due to their insatiable demand for electricity and more importantly, due to the vast financial resources of their owners, threaten to upend the operations, regulation and financial basis of the electric utility networks. That is not hyperbole. A new administration that distrusts regulation and is heavily influenced by a Silicon Valley that advocates breaking things, may speed the process. Let’s step back. Five years ago we wrote a paper which said that electricity sales growth would resume, that the electricity industry was not prepared, and that the incumbent electricity industry might not benefit from the rise in demand — somebody else might. if(window.innerWidthADVERTISEMENTfreestar.config.enabled_slots.push({ placementName: "oilprice_medrec_atf", slotId: "oilprice_medrec_atf" });';document.write(write_html);} Next, back to basics. Regulation of public utilities involves an implied two step process: 1) the city or state grants the utility a monopoly or franchise and 2) in return the utility corporation agrees to service levels, capital controls, and other measures to prevent customer abuse. The prospective AI power plant developer, as a free agent has no legal obligation to the utility or the utility's customers. And we think it is almost inevitable that the data centers and utilities will end up in a big legal squabble. We expect the AI folks, as large power generators, will try to shift costs over to the utility and its customers, in what we call cross-subsidization. The AI-led power plants represent an enormous incremental base load addition that has to be physically accommodated up and down the transmission and distribution system. Someone will have to pay for all these utility upgrades. Should small residential and commercial customers pay higher utility bills simply because an AI facility is located in their service area and requires extremely expensive system upgrades? Related: Indian Oil Probes Allegations of Albemarle Bribes to State Firm’s Officials The utility-regulatory model is a scarcity model (which presumes investment capital is scarce or expensive). Regulators allocate resources and expenses among competing customer classes—all of whom want cheap electricity. The AI/data center trend upends these traditional relationships between government, corporations, and customers for several reasons: 1) their margins are high enough that, unlike typical industrial customers, they are relatively price insensitive, 2) they have the size and sophistication to own and operate multiple generating stations, 3) and they have large balance sheets, with cost of capital advantages, and virtually unlimited access to capital. And it is this last point gives them an enormous competitive advantage. Tech giants can finance their new generating plants, assuming 100% debt financing, for less than half of what it would cost an investor owned utility. Competitive disadvantages of that magnitude are literally insurmountable. The disparities are mind-boggling. The top five AI players have sales of $1.76 trillion, net profit of $0.384 trillion, cash balance of $ 0.433 trillion, and free cash flow of $0.345 trillion. That is three times the sales, six times the profit and twenty times the cash balance of the entire electric industry. (No point making a free cash flow comparison because the electric industry does not generate any free cash flow. Assuming a new power plant costs $3 billion, about 20% of total construction expense is typically dedicated to capital costs—assuming a utility’s cost structure or $600 million. Financing at half the utility’s cost of capital would save $300 million in prospective financing costs. Utilities are at an enormous cost of capital disadvantage here relative to large technology companies like Microsoft which, for example, could finance a large power generating station with 100% debt at a cost of 5% (their 25 year corporate bonds due 2050 yield 5.1%). And from a credit quality perspective, their balance sheet is pristine and their corporate bonds are rated AAA, the highest possible rating. Utilities typically carry a far weaker BBB fixed income credit rating, though still solidly investment grade. The question then becomes, why don’t the technology companies finance these power assets on their own balance sheet for literally less than one half the cost? In order to believe in a perpetuation of the utility finance status quo here, one has to believe that capital cost differentials of the magnitude indicated here will make no difference to large prospective power purchasers, which we frankly find hard to believe. if(window.innerWidth ADVERTISEMENTfreestar.config.enabled_slots.push({ placementName: "oilprice_medrec_btf", slotId: "oilprice_medrec_btf" });`;document.write(write_html);} And if these power plants do get built by technology companies, and not utilities, what happens to utility growth prospects? Hard to construct this as a positive. A related question is whether this triggers a new wave of mergers and acquisitions with technology companies actually purchasing entire utilities. Maybe there are interesting synergies to be realized on both sides of the meter. It is also possible that the data centers end up overbuilding power generating plants perhaps hoping their new plants find lucrative power markets even if that means competing with local utilities. This could be another source of financial exposure for regulated utilities. Having a large parallel network of generating stations owned and operated by sophisticated technology corporations has to be viewed as some type of competitive threat. In a funny way this continues a long term industry trend. The first power plant builders to break away from the regulated utility model under President Jimmy Carter were called IPPs, independent power producers. They were independent of the obligation to serve a particular service area, like most other utilities of the time. Now with data centers poised to procure power generating plants independently of the local utility, the utility industry now faces the prospect of “independent power consumers”, who will also produce for self consumption. It’s not like they won’t have a relationship with the local utility. They’ll still be part of the grid. But the potentially most lucrative part of this utility-data center relationship, the ownership and operation of the power generating station, is likely to be lost to the incumbent utility for the reasons cited above. The utility industry has never been in this position before. They have always been the elephant or the 800 pound gorilla in the room so to speak, dictating policy to regulators and politicians alike. Now much bigger and more formidable elephants and gorillas from the world of technology—companies thirty times their size—are in the room as well. Microsoft for example has a market capitalization of $3.3 trillion vs Southern Company-a very large utility-- with a market cap of only about $91 billion. Today’s US electric utilities are puny compared to large technology firms, with far more leverage, and that has placed them at a significant competitive disadvantage where it matters most, relative borrowing costs. The best the US utility industry can hope for is that they get ignored by the technology corporations, the way a shark ignores a sardine while hoping for bigger prey. If our present utility industry survives more or less in its present form it is likely to be because Microsoft, Apple, Meta, or whomever is currently scrambling to buy power plants chooses to ignore the regulated utility’s other non-generating assets. And we think this is unlikely. The technology industry has developed all manner of intrusive consumer products under the rubric of “smart” devices. Do we really think they wouldn’t continue to tinker at least with the thermostat, a device that could be in almost every room in a home or office? The near term competitive threat to utility growth, which will likely shake the markets, has to do with who actually builds and profits from new power generating assets. But, longer term, we don't think the regulatory process itself can mediate between technology companies and utilities—there is no bright line here— once it is no longer clear where the public's interest lies. As long as electricity prices remain affordable, the PSC’s will likely lapse into the position of referees and just let the big dogs fight. Then if power prices get out of hand, it’ll may be too late for the PSCs to do much. By Leonard Hyman and William Tilles for Oilprice.com More Top Reads From Oilprice.comLetter: Foul ball
The fifth season Smog isn’t merely 'environmental' issue anymore, it is public health emergency, socioeconomic burden Every winter, a thick layer of smog engulfs the Land of Five Rivers transforming our vibrant metropolises into a grey, choking haze. This annual catastrophe reminds us of the true cost of inaction – millions of lives, trillions of rupees, and around 7.0 per cent of Pakistan’s GDP lost to particulate matter. While it is most visible in the winter, its roots run deep, intertwined with longstanding deficiencies in urban planning, industrial regulation, and agricultural practices. Temperature inversions, trap pollutants close to the ground, creating a deadly cocktail of toxins that silently lingers in the air. Smog isn’t merely an ‘environmental’ issue anymore; it is a public health emergency, a socioeconomic burden, and a human security issue. In Punjab, over 11 million children endure life in one of the most polluted regions on earth, exposed to air quality index (AQI) levels as high as 1,900 – nearly 100 times the safe limits. Nasa’s satellites tell a similar story, with the OMPS Aerosol Index hitting as high as 4.5, with the maximum being 5, signaling an existential crisis. Despite being a public good, clean air remains a classic case of the tragedy of the commons – a shared resource exploited without accountability. Smog is Pakistan’s ‘fifth season’ the ultimate equalizer that spares no one and graciously infiltrates lungs rich and poor alike. It levels the playing field, indiscriminating, uniting us all under this thick choking layer of soot and dust. Yet, we have failed to truly measure, assess, and manage the true cost of smog, a public health crisis. The true cost of smog is vast and multifaceted, impacting health, the economy, society, and the environment. Health-wise, smog leads to respiratory and cardiovascular diseases, premature deaths, and cognitive impairments, overwhelming the healthcare system and reducing life expectancy. Economically, it damages crops, reduces worker productivity, disrupts tourism, and strains energy systems, costing billions annually. Socially, smog exacerbates inequalities, disrupts education, and stifles human development by limiting mobility and well-being. Environmentally, it accelerates biodiversity loss, pollutes soil and water, and intensifies climate change. These interrelated costs are just a glimpse of what is at stake, with estimates, or rather underestimates, incurring between $22 billion and $48 billion of air pollution-related costs to the Pakistan economy annually. Yet, authorities continue to downplay the crisis, reflecting this cognitive decay, a systemic failure of governance of the highest order. What do we need to survive the smog crisis? A good lung capacity, sheer willpower, and, if one is lucky, a cup of chai to chase down that particulate matter. Rationally, a bankrupt nation under a green lockdown surely cannot afford such stopgap measures like cloud seeding, water sprinkling, smog-free towers, and air purifiers - all of which stand devoid of any long-lasting impact. Achieving clean air demands a transformative, sustained set of actions rather than superficial fixes. These include holding industries accountable through penalties for emissions and incentivising cleaner practices to internalise environmental costs. A cleaner transportation future can be realised through improved public transit, cleaner fuels, and infrastructure for carpooling and biking. Educating 240 million people on the fundamentals of smog, air quality, and climate is imperative. A combination of green tech accelerators that enable youth to develop innovative solutions, air quality research centres that generate critical data and insights, and early warning systems could also play a pivotal role. Scaling up affordable and sustainable alternatives to stubble burning, such as Happy Seeders, along with the widespread adoption of zigzag technology in brick kilns across Pakistan, can enhance productivity while reducing emissions. Urban and industrial reforms – such as promoting urban forestry, transitioning to low-carbon energy, and improving waste management – can also significantly decrease the volatile organic compounds in the atmosphere. Regionally, Pakistan should lead efforts for a South Asian Air Quality pact, a charter of clean air quality, while forming synergies to decarbonise our economies at an unprecedented scale. Nationally, strong governance, backed by technocratic leadership and an adequate share for nature in the national budget, is essential to turn these transmission channels into a cleaner, healthier reality for all. It took Pakistan seven decades to register the devastating impacts of toxic air, and we surely cannot afford another seven to manage it. A staggering 98.3 per cent of the population now lives in areas where air quality exceeds the national standard of 15 g/m3. Alas, we now exist in a society where clean air has become a luxury, rather a basic right. It is evident that we have reached a tipping point, and must deliver, as the cost of inaction is too high, time too less, and impacts too grave. The writer is an environmental economist and can be reached at: hashimzaman1@gmail.com
How the New DCU Should Reintroduce Wonder Woman and the AmazonsBy David E. Sanger and Lisa Friedman, New York Times Service Over the past two days, President-elect Donald Trump has made clear that he has designs for American territorial expansion, declaring that the United States has both security concerns and commercial interests that can best be addressed by bringing the Panama Canal and Greenland under American control or outright ownership. Trump’s tone has had none of the trolling jocularity that surrounded his repeated suggestions in recent weeks that Canada should become America’s “51st state,” including his social media references to the country’s beleaguered prime minister as “Governor Justin Trudeau.” Instead, while naming a new ambassador to Denmark — which controls Greenland’s foreign and defense affairs — Trump made clear on Sunday that his first-term offer to buy the landmass could, in the coming term, become a deal the Danes cannot refuse. He appears to covet Greenland both for its strategic location at a time when the melting of Arctic ice is opening new commercial and naval competition and for its reserves of rare earth minerals needed for advanced technology. “For purposes of National Security and Freedom throughout the World,” Trump wrote on social media, “the United States of America feels that the ownership and control of Greenland is an absolute necessity.” On Saturday evening, he had accused Panama of price-gouging American ships traversing the canal, and suggested that unless that changed, he would abandon the Jimmy Carter-era treaty that returned all control of the canal zone to Panama. “The fees being charged by Panama are ridiculous,” he wrote, just before an increase in the charges scheduled for Jan. 1. “This complete ‘rip-off’ of our country will immediately stop.” He went on to express worry that the canal could fall into the “wrong hands,” an apparent reference to China, the second-largest user of the canal. A Hong Kong-based firm controls two ports near the canal, but China has no control over the canal itself. Not surprisingly, the government of Greenland immediately rejected Trump’s demands, as it did in 2019, when he first floated the idea. “Greenland is ours,” Prime Minister Mute B. Egede said in a statement. “We are not for sale and will never be for sale. We must not lose our long struggle for freedom.” The Danish prime minister’s office was more circumspect, writing in a statement that the government was “looking forward to working with the new administration” and offering no further comment on Trump’s remarks. After Trump brought up the Panama Canal again in a speech on Sunday, Panama’s president, José Raúl Mulino, said in a video that “every square meter of the Panama Canal and its adjacent zones is part of Panama, and it will continue to be.” He added: “Our country’s sovereignty and independence are not negotiable.” But the president-elect’s statements — and the not-so-subtle threats behind them — were another reminder that his version of “America First” is not an isolationist creed. His aggressive interpretation of the phrase evokes the expansionism, or colonialism, of President Theodore Roosevelt, who cemented control of the Philippines after the Spanish-American War. And it reflects the instincts of a real estate developer who suddenly has the power of the world’s largest military to back up his negotiating strategy. Trump has often suggested that he does not always see the sovereignty of other nations’ borders as sacrosanct. When Russia invaded Ukraine, his first response was not a condemnation of the blatant land grab, but rather the observation that President Vladimir Putin’s move was an act of “genius.” Even now, as Trump seeks a deal to end the war in Ukraine, he has never said that the country’s borders must be restored, a key demand of the United States and NATO — he has only promised a “deal” to end the fighting. In the cases of Greenland and Panama, both commercial and national security interests are at play. Trump’s desire for Greenland was made explicit in the first term, when a wealthy New York friend of his, Ronald S. Lauder, the New York cosmetics heir, put the idea in his head. In the Trump White House in 2019, the National Security Council was suddenly delving into the details of how the United States would pull off a land acquisition of that size. Trump kept pressing the point with Denmark, which consistently rebuffed him. Trump was not the first president to make the case: Harry S. Truman wanted to buy Greenland after World War II, as part of a Cold War strategy for boxing out Soviet forces. Trump can make a parallel argument, especially as Russia, China and the United States jockey for control of Arctic routes for commercial shipping and naval assets. Arctic experts did not dismiss Trump’s Greenland bid as a joke. “Not that many people are laughing about it now,” said Marc Jacobsen, an associate professor at the Royal Danish Defense College in Denmark who focuses on Arctic security. Jacobsen noted that the reaction in Denmark to Trump’s latest bid had been one of fury (one Danish politician called it “an unusually strange way to be an ally”). But, he said, Greenlanders — who have long sought independence — may seek to use Trump’s interest as an opportunity to further strengthen economic ties with the United States. Since 2009, Greenland has had the right to declare its independence, but the vast territory of about 56,000 people is still heavily dependent on Denmark and has never chosen to pursue that path. Trump’s interest could give Greenland an opening for more U.S. investments, including in tourism or rare earth mining, he said. “Was it crazy when the U.S. acquired Alaska? Was it crazy when the U.S. built the Panama Canal?” asked Sherri Goodman, a former Pentagon official and a senior fellow with the Wilson Center Polar Institute, a Washington-based think tank. Goodman, whose book “Threat Multiplier: Climate, Military Leadership, and the Fight for Global Security” centers in part on the Arctic, said the United States did have a strong interest in ensuring that China in particular does not develop a strong presence in Greenland. China’s ambitions in the Arctic have grown, and in 2018 it laid out plans to build infrastructure and develop shipping lanes opened by climate change. Goodman said the United States should continue to prevent China from gaining a foothold in the doorstep to North America, but said Greenlanders must decide their own fate. “We want to have all those territories proximate to our own mainland territory to protect us and also to prevent an adversary from using it to our strategic disadvantage,” Goodman said. “On the other hand, there is international law and international order and sovereignty, and Greenland is still a part of Denmark.” When it comes to Panama, Trump may also hold a distant personal grudge. In 2018, Panamanian police officers ousted the Trump Organization from the Trump International Hotel in Panama City after a protracted legal battle between the president-elect’s family and the majority owner of the property. The Trump name subsequently came down. The company had held a contract to manage the property. David L. Goldwyn, who served at the State Department under Presidents Bill Clinton and Barack Obama, noted that Greenland has tremendous undeveloped natural resources, including more than 43 of the 50 so-called critical rare earth elements used to make electric vehicles, wind turbines and other clean technology. “Certainly if Greenland chose to develop these resources, it would provide a significant alternative to China, although it is China’s capacity to process those minerals which gives it its current advantage,” he said. But Goldwyn said that in addition to Denmark’s sovereignty, Trump might find that Greenland’s Indigenous communities do not want mining and resource extraction as much as he does. “It is highly unlikely resource extraction could be forced on an unwilling population,” he said. “A more fruitful path might be to collaborate with the Danish government and Greenland’s population on ways to safely and sustainably develop those resources.” This article originally appeared in The New York Times . Extra News Alerts Get breaking updates as they happen. Be civil. Be kind.
APC, PDP, five others to field candidates in Ondo local council electionOne Bio Secures $27 Million in Series A Funding to Revolutionize Nutrition with Launch of Breakthrough Technology Making High-Dose, Anti-Inflammatory Plant Fiber Imperceptible in Food and Beverage for the First TimeJPMorgan Chase & Co. lessened its stake in Becton, Dickinson and Company ( NYSE:BDX – Free Report ) by 10.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,018,211 shares of the medical instruments supplier’s stock after selling 468,767 shares during the quarter. JPMorgan Chase & Co. owned 1.39% of Becton, Dickinson and Company worth $968,791,000 at the end of the most recent quarter. Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Livelsberger Financial Advisory purchased a new position in shares of Becton, Dickinson and Company in the third quarter valued at $26,000. Ashton Thomas Securities LLC purchased a new position in Becton, Dickinson and Company during the 3rd quarter valued at about $33,000. Tompkins Financial Corp lifted its holdings in shares of Becton, Dickinson and Company by 44.2% in the third quarter. Tompkins Financial Corp now owns 150 shares of the medical instruments supplier’s stock valued at $36,000 after purchasing an additional 46 shares in the last quarter. Sound Income Strategies LLC grew its position in shares of Becton, Dickinson and Company by 35.8% in the third quarter. Sound Income Strategies LLC now owns 167 shares of the medical instruments supplier’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Finally, Abound Wealth Management increased its stake in shares of Becton, Dickinson and Company by 96.0% during the 2nd quarter. Abound Wealth Management now owns 196 shares of the medical instruments supplier’s stock worth $46,000 after purchasing an additional 96 shares in the last quarter. Institutional investors and hedge funds own 86.97% of the company’s stock. Becton, Dickinson and Company Stock Performance Becton, Dickinson and Company stock opened at $228.49 on Friday. The stock has a fifty day moving average price of $228.50 and a 200 day moving average price of $232.79. Becton, Dickinson and Company has a 52 week low of $218.75 and a 52 week high of $249.89. The firm has a market capitalization of $66.26 billion, a P/E ratio of 38.47, a PEG ratio of 1.64 and a beta of 0.41. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.69. Becton, Dickinson and Company Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 9th will be paid a dividend of $1.04 per share. The ex-dividend date is Monday, December 9th. This is a boost from Becton, Dickinson and Company’s previous quarterly dividend of $0.95. This represents a $4.16 annualized dividend and a dividend yield of 1.82%. Becton, Dickinson and Company’s payout ratio is currently 70.03%. Insider Transactions at Becton, Dickinson and Company In related news, EVP Michael David Garrison sold 2,838 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $223.33, for a total transaction of $633,810.54. Following the completion of the sale, the executive vice president now directly owns 6,141 shares of the company’s stock, valued at approximately $1,371,469.53. This represents a 31.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website . Also, EVP Roland Goette sold 4,483 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $221.01, for a total value of $990,787.83. Following the completion of the sale, the executive vice president now owns 24,345 shares of the company’s stock, valued at approximately $5,380,488.45. This represents a 15.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Insiders sold a total of 7,959 shares of company stock worth $1,764,340 in the last ninety days. Insiders own 0.36% of the company’s stock. Analysts Set New Price Targets A number of equities research analysts recently issued reports on the company. StockNews.com lowered Becton, Dickinson and Company from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Citigroup upgraded Becton, Dickinson and Company from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $255.00 to $275.00 in a research report on Tuesday, October 1st. Finally, Evercore ISI upped their target price on shares of Becton, Dickinson and Company from $286.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Becton, Dickinson and Company currently has a consensus rating of “Moderate Buy” and an average price target of $283.50. Check Out Our Latest Stock Report on Becton, Dickinson and Company Becton, Dickinson and Company Profile ( Free Report ) Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company operates in three segments: BD Medical, BD Life Sciences, and BD Interventional. Read More Receive News & Ratings for Becton Dickinson and Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Becton Dickinson and Company and related companies with MarketBeat.com's FREE daily email newsletter .