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Lightspeed Commerce Inc. is slashing jobs for the second time in a year as it continues a strategic review. The latest cut announced Monday culls about 200 jobs from the Montreal-based company known for selling point-of-sale software. The company positioned the layoffs as part of "a strategic reorganization" meant to set it up for further growth and unlock savings. "Since I returned as CEO, Lightspeed has been working harder to deliver on our profitable growth strategy," a statement from Dax Dasilva, Lightspeed's co-founder and chief executive who returned to the company's top job in February, said. "Today's announcement reaffirms our commitment to building an organization that can fulfil its true potential." Savings from the job cuts will be diverted to other areas of Lightspeed's business, said spokesperson Ryan Tessier in an email to The Canadian Press. Those areas will likely be the company's "higher capital efficient growth segments" like North American retail and European hospitality, National Bank analyst Richard Tse hypothesized in a note to investors. Though the company cut staff, Tessier said, "wherever possible, we have shifted roles and responsibilities to minimize disruption." In fact, Lightspeed is currently hiring in the product and technology area of its business and for "go-to-market" roles, which help the company expand its reach. Lightspeed has been working to refocus the company since at least September, when media reports claimed it was exploring a possible sale. Lightspeed eventually admitted it is conducting a review of its operations designed to help it with "realizing its full potential." It said that Monday's cut "does not affect, or inhibit, the ongoing strategic review process." Dasilva has said that review has "no presupposed outcome" and he's "open to every option," whether that be remaining a standalone company or otherwise. "All I can say is that it's business as usual at Lightspeed," he told The Canadian Press last month. But since Dasilva returned to the company, it's been clear change is in the air. Under his leadership, Lightspeed cut roughly 280 jobs in April, which represented about eight per cent of its workforce. The company also shifted its sales summit from an in-person format to a virtual event, reduced how many days staff work from the company's offices in order to decrease bills associated with feeding employees and promised to accelerate software revenue growth and advance the adoption of Lightspeed’s financial services products. "In our view, we see a balanced risk-to-reward profile in Lightspeed," analyst Tse said. Lightspeed expects that the majority of the restructuring charges as a result of Monday's move will be incurred in the third quarter of its 2025 financial year. It also reaffirmed its revenue and adjusted EBITDA financial outlook it released Nov. 7. The news pushed Lightspeed's shares down more than eight per cent, or $2.16, to $24.09 on Monday. This report by The Canadian Press was first published Dec. 2, 2024.
The expanded Big Ten is poised to be a major player in this season's College Football Playoff. The 18-team conference had three of the top-four teams in the AP poll this week — No. 1 Oregon, No. 2 Ohio State and No. 4 Penn State. A one-loss Indiana team is ranked 10th but is still very much a contender to make the playoff, given how many Southeastern Conference teams have three defeats or more. Indiana's rise has been perhaps the Big Ten's biggest story this season. Much of the spotlight was on newcomers Oregon, Southern California, UCLA and Washington, but aside from the top-ranked Ducks, that foursome has struggled to impress. Meanwhile, the Hoosiers won their first 10 games under new coach Curt Cignetti before losing at Ohio State last weekend. Oregon beat Ohio State 32-31 back in October, and if the Buckeyes beat rival Michigan this weekend, they'll earn a rematch with the Ducks for the Big Ten title. And it's entirely possible another matchup between those two teams awaits in the CFP. Dillon Gabriel has quarterbacked Oregon to an unbeaten record, throwing for 3,066 yards and 22 touchdowns in 11 games. But don't overlook Iowa's Kaleb Johnson and his 21 rushing TDs, and quarterback Kurtis Rourke has been a big part of Indiana's improvement. Penn State's Abdul Carter has eight sacks and two forced fumbles and could be one of the top edge rushers drafted this year. Oregon (11-0, 8-0), Ohio State (10-1, 7-1), Penn State (10-1, 7-1), Indiana (10-1, 7-1), Illinois (8-3, 5-3), Iowa (7-4, 5-3), Michigan (6-5, 4-4), Minnesota (6-5, 4-4), Washington (6-5, 4-4), Southern California (6-5, 4-5), Nebraska (6-5, 3-5) and Rutgers (6-5, 3-5) have already reached the six-win mark for bowl eligibility. Michigan State (5-6, 3-5) and Wisconsin (5-6, 3-5) can join them. There may not be many firings in general at the top level of college football. The prospect of sharing revenue with athletes in the future might lead schools to be more judicious about shedding one coach and hiring a new one. Who should be most worried in the Big Ten? Well, Lincoln Riley is struggling to stay above .500 in his third season at USC. Purdue is 1-10, but coach Ryan Walters is only in his second season. Maryland's Mike Locksley has been there six years and his Terrapins are 4-7, but this was his first real step backward after guiding the team to three straight bowl wins. Cignetti has shown it is possible for a coaching change to push a previously moribund program to some impressive heights in a short amount of time — but the improvement has been more incremental at Michigan State following Jonathan Smith's arrival. Sherrone Moore wasn't a completely unknown commodity at Michigan after he won some massive games in place of a suspended Jim Harbaugh last year. But in his first season completely at the helm, the Wolverines have declined significantly following their national title a season ago. The Big Ten is home to one of the most dynamic freshmen in the country in Ohio State receiver Jeremiah Smith. He has 52 catches for 899 yards and nine touchdowns. Highly touted quarterback Dylan Raiola has teamed up with fellow freshman Jacory Barney (49 catches) to lead Nebraska to bowl eligibility. Ohio State is on track to land the Big Ten's top class, according to 247 Sports, but the big news recently was quarterback Bryce Underwood flipping from LSU to Michigan. If the Wolverines do in fact keep Underwood in his home state, that would be a big development for Moore. Get local news delivered to your inbox!TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) confirmed today that it has successfully closed its previously announced private offering (the “Offering”) of debt subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of approximately $129.3 million. The Offering proceeds, less the underwriters’ fee and expenses, are being held in escrow pending the satisfaction or waiver of certain conditions, following which, the Subscription Receipts will convert into Notes, as described below. Mattr intends to use the net proceeds of the Offering to pay a portion of the purchase price for the Company’s previously announced indirect acquisition (the “Acquisition”) of all of the issued and outstanding shares of AmerCable Incorporated. Subject to the satisfaction of certain closing conditions, Mattr expects the closing of the Acquisition to occur during the first quarter of 2025. In order to facilitate an orderly settlement of the Offering, the number of Subscription Receipts issued pursuant to the Offering has been modified to 125,000,000 (from the previously announced 125,000). Holders of the Subscription Receipts will be entitled to receive, upon the satisfaction of certain conditions and without payment of additional consideration or further action, a newly authenticated 7.25% senior unsecured note of the Company due April 2, 2031, in a principal amount of $1,000 (collectively for all Subscription Receipts, the “Notes”) per 1,000 Subscription Receipts held. The Notes issued upon the conversion of the Subscription Receipts shall be issued as “Additional Notes” pursuant to the trust indenture dated April 2, 2024, between TSX Trust Company and the Company, as supplemented by a supplemental indenture, such that, following the issuance thereof, $300 million aggregate principal amount of 7.25% senior unsecured notes of the Company due April 2, 2031, will be outstanding. The Subscription Receipts were offered through TD Securities and National Bank Financial Markets. The Subscription Receipts were offered for sale in Canada to accredited investors on a private placement basis, in accordance with Canadian securities laws. The Subscription Receipts were not registered under the U.S. Securities Act, or any state securities laws, and were offered and sold in the United States to qualified institutional buyers only, pursuant to Rule 144A of the U.S. Securities Act, and outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. About Mattr Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments: Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk. For further information, please contact: Meghan MacEachern VP, External Communications & ESG Telephone: 437.341.1848 Email: meghan.maceachern@mattr.com Website: www.mattr.com Forward Looking Information This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law. Source: Mattr Corp.What Is Thread Rolling and How Does It Work?
Seven new big-name brands joined the popular shopping complex in 2024, including the likes of Nike, Primark, Ninja Warrior, and PureGym. Major construction work has been happening across the park throughout the year, not only for new stores in 2024 but for upcoming brands soon to arrive in the new year. Catherine Furlong, centre director at Teesside Park, told The Northern Echo this week: "What a year 2024 has been for us", "Seven new brands have joined the Teesside Park family as well as the new golf concept in Hollywood Bowl. "We have delivered some amazing community initiatives including our Bright Lights and Young Readers programmes which have supported more than 200 local young people with both employment and education. "There's been so much positive feedback from our visitors and we're super excited about lots more to come next year!" So as the year comes to a close, we've rounded up all the changes at Teesside Park this year, and what shoppers can expect in 2025. Nike Unite Sportswear giant Nike was the first to open its new store at Teesside Park in 2024, taking over the former New Look in February. Nike at Teesside Park (Image: Teesside Park) Nike Unite is a newer concept rolled out by the chain, which aims to better represent the community its branch is located in. Stocking a variety of sportswear for men, women and children, the 11,855 sq ft location offers "everyday essentials" alongside select seasonal items. Hollywood Bowl revamp Hollywood Bowl relaunched in March this year following a huge £2 million makeover. Hollywood Bowl at Teesside Park The site is now home to a 12-hole minigolf course, 31 bowling lanes, a new bar and a refreshed amusement area, after taking over the former Imperial City restaurant next door. It also added a five-lane VIP section for those who wanted to bowl in luxury. Primark Hundreds of shoppers flocked to Teesside Park in May after Primark opened its doors for the first time inside the former Mothercare... Alex O'LearyNone
Arsenal make Mikel Arteta proud after smashing Sporting Lisbon