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All People’s Party (APP) presidential candidate Ambrosius Kumbwa has warned that an abuse of power undermines democracy and hinders national progress.Speaking at a rally in the M ... If you are an active subscriber and the article is not showing, please log out and back in. Free access to articles from 12:00.Fruster scores 15, Eastern Illinois beats Blackburn 99-55QUÉBEC — Quebec Finance Minister Eric Girard tabled an economic update on Thursday with $2.1 billion in new spending over five years amid what he described as a stronger-than-expected recovery from last year's economic slowdown. Girard painted a positive picture of the province's finances despite a projected $11-billion deficit that remains unchanged from March's budget. "Quebec is progressing," he told reporters. "The return of inflation to a low and predictable level, combined with the reduction in interest rates, favours economic recovery in Quebec in 2024 and 2025." He said real GDP growth is expected to be 1.2 per cent in 2024, compared with the 0.6 per cent that was expected. However, spending is also up, with Girard pointing to expenses related to record-breaking flooding this summer and increased health and social services costs. The new spending he announced includes more than $250 million for the forestry sector and $1.2 billion for community development, including $880 million for public transit. The government is also setting aside $250 million to assist flood victims and rebuild infrastructure following post-Tropical Storm Debby, and $208 million to promote access to housing. Girard told reporters the government is still reviewing its spending as it moves toward its goal of balancing the budget by the 2029-30 fiscal year, with more details to be provided in next year's budget. As part of the review, the government decided that Quebecers between the ages of 60 and 64 will no longer be eligible for a tax credit that was introduced in 2012 to encourage older workers to stay in the workforce. Girard said Thursday the average age of retirement in Quebec has risen to 64.7 years in 2023 from just over 61 years in 2011. "For people between the ages of 60 and 64 years old, the historic gap that existed with Ontario has practically disappeared," he said. Nearly 200,000 60- to 64-year-olds are expected to lose out on an average of about $1,000 per year due to the changing eligibility. The government is also clawing back the amount of the credit for higher earners who are 65 and over, beginning at $56,500 in net revenue. Those who make over $81,500 will get no tax credit. These changes are expected to save the government about $200 million per year, said Girard, adding that "people expect us to review measures and eliminate those that are no longer justified." This report by The Canadian Press was first published Nov. 21, 2024. — With files from Morgan Lowrie in Montreal Caroline Plante, The Canadian Press
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Tweet Facebook Mail Donald Trump has pushed Russian leader Vladimir Putin to act to reach an immediate cease-fire with Ukraine, describing it as part of his active efforts as US president-elect to end the war despite being weeks from taking office. "Zelensky and Ukraine would like to make a deal," Trump wrote on social media, referring to Ukraine's president, Volodymyr Zelenskyy. In a television interview that aired Sunday, Trump also said he would be open to reducing military aid to Ukraine and pulling the United States out of NATO. Those are two threats that have alarmed Ukraine, NATO allies and many in the US national security community. READ MORE: Syrian government falls, ending 50 years of iron rule by one family French President Emmanuel Macron, centre, poses with US President-elect Donald Trump, left, and Ukraine President Volodymyr Zelenskyy at the Elysee Palace. (AP) Asked on NBC's "Meet the Press" if he were actively working to end the nearly three-year-old Ukraine war, Trump said, "I am." He refused to say if he had spoken to Putin since winning the election in November. "I don't want to say anything about that, because I don't want to do anything that could impede the negotiation," Trump said. Trump's call for an immediate cease-fire went beyond the public policy stands taken by both the Biden administration and Ukraine and drew a cautious response from Zelenskyy. It also marked Trump's wading unusually deeply into efforts before his inauguration on January 20, 2025, to resolve one of the major global crises facing the lame-duck Biden administration. Trump made his proposal after a weekend meeting in Paris with French and Ukrainian leaders in Paris, where many world leaders gathered to celebrate the restoration of Notre Dame cathedral after a devastating fire. Of his advisers that traveled with him, none appeared to have expertise on Ukraine. READ MORE: FBI offers $50k reward in hunt for the gunman who killed UnitedHealthcare CEO Ukraine reacted to Trump's call for a ceasefire with caution. (AP) Kyiv would like to close a deal and "stop the madness," Trump wrote on his social media platform Truth Social. "There should be an immediate ceasefire and negotiations should begin." "I know Vladimir well. This is his time to act. China can help. The World is waiting!" Trump added. He was referring to mediation efforts by China that many in the West have seen as favouring Russia. Zelenskyy described his discussions Saturday with Trump, brought together by French President Emmanuel Macron, as "constructive" but has given no further details. In a post Sunday on the Telegram messaging app, Zelenskyy cautioned that Ukraine needs a "just and robust peace, that Russians will not destroy within a few years." READ MORE: Suspected underground explosion rocks busy Gold Coast street There are fears a ceasefire would favour Vladimir Putin. (AP) "When we talk about an effective peace with Russia, we must talk first of all about effective peace guarantees. Ukrainians want peace more than anyone else. Russia brought war to our land," Zelenskyy said. Kremlin spokesman Dmitry Peskov responded to Trump's post by repeating Moscow's longstanding message that it is open to talks with Ukraine. Peskov referenced a decree by Zelenskyy from October 2022 that formally declared the prospect of any talks "impossible" as long as Putin was Russia's leader. That decree came after Putin proclaimed four occupied regions of Ukraine to be part of Russia, in what Kyiv and the West said was a clear violation of Ukrainian sovereignty. Trump's former national security adviser, retired Lieutenant General HR McMaster, warned there was no such thing as a quick fix to ending Russia's war with Ukraine. "What I'm worried about is this kind of flawed idea that Putin can be placated, right, that Putin will come to some kind of a deal," McMaster told "Fox News Sunday." US President Joe Biden has pushed aid for Ukraine. (Alex Wong/Getty Images) "I think it's really important for President Trump to adhere to his instinct in this connection ... peace through strength," McMaster said, adding, "How about give them what they need to defend themselves, and then saying to Putin, 'You're going to lose this war?'" While Trump has said before that he would like to see a quick cease-fire in Ukraine, his proposal Sunday was framed as a direct appeal to Russia. The quick responses from Ukraine and Russia demonstrated the seriousness with which they regarded the idea from the incoming American president. Both Trump and the Biden administration officials have pointed to Russia's disengagement in Syria, where the Russian military largely moved out of the way in recent days as Syrian rebels overthrew the country's Russian-allied president, as evidence of the way the Ukraine was has sapped Russia's resources. The Biden administration and other supporters of Ukraine have made a point of not being seen to press Ukraine for an immediate truce. Ukraine's allies fear a quick deal would be largely on the terms of its more powerful neighbor, potentially forcing damaging concessions on Ukraine and allowing Russia to resume the war again once it has built back up its military strength. Ukraine defenders 'bending but not breaking' in fierce fighting View Gallery For most of the war, Kyiv's official position has been to call for a full withdrawal of Russian troops from internationally recognised Ukrainian territory, including Crimea, as a condition for peace talks. Moscow, too, has demanded heavy concessions from Ukraine as a condition for even beginning talks. Trump portrays himself as up to making fast deals to resolve conflicts in Ukraine and the Middle East that have frustrated many of the Biden administration's own mediation efforts. There is no prohibition on incoming officials or nominees meeting with foreign officials, and it is common and fine for them to do so — unless those meetings are designed to subvert or otherwise affect current US policy. The Logan Act bars private citizens from trying to intervene in "disputes or controversies" between the United States and foreign powers without government approval. But the 1799 statute has produced just two criminal cases, none since the 1850s and neither resulting in a criminal conviction. In the NBC interview that was taped Friday, Trump renewed his warning to NATO allies that he did not see continued US participation in the Western military alliance as a given during his second term. Trump has long complained that European and the Canadian governments in the mutual-defence bloc are freeloading on military spending by the US, by far the most powerful partner in NATO. NATO and its member governments say a majority of countries in the bloc are now hitting voluntary targets for military spending, due in part to pressure from Trump in his first term. Asked whether he would consider the possibility of pulling out of NATO, Trump indicated that was an open question. "If they're paying their bills, and if I think they're treating us fairly, the answer is absolutely I'd stay with NATO," he said. But if not, he was asked if he would consider pulling the US out of the alliance. Trump responded, "Absolutely. Yeah, absolutely." Trump expressed the same openness when asked if Ukraine should brace for possible cuts in US aid after Trump moves into the White House. "Possibly," he said. US arms and other military support are vital to Ukraine's efforts to fend off invading Russian forces, and Democratic President Joe Biden has been surging assistance to Ukraine ahead of leaving office. Defense Secretary Lloyd Austin on Saturday announced nearly US$1 billion ($1.57 billion) more in longer-term weapons support to Ukraine. DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .
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NoneKolkata: Bharti Airtel has called on the sector regulator to expedite a string of fire-fighting measures such as scrubbing and user verification to counter spam and online fraud perpetrated via over-the-top ( OTT ) platforms such as WhatsApp, Telegram and Signal on telecom networks. In a letter to Telecom Regulatory Authority of India ( Trai ) chairman Anil Kumar Lahoti, Sunil Mittal-led Airtel has warned that there is a "significant risk" that spam will soon move to OTT platforms which are increasingly used for mainline marketing and business communications. The nation's second-largest telco urged Trai to urgently mandate scrubbing for OTT platforms using blockchain-based distributor-ledger technology (DLT) and a stringent business verification exercise modelled on telco KYC processes. Airtel has also suggested that Trai make it mandatory for OTT platforms to share a database of blacklisted spammers with telcos, and mandate OTTs and telcos to jointly create a unified anti-spam ecosystem that prevents spammers from switching between communication platforms. "Spam and fraudulent messages are no longer limited to only SMS and voice. While telecom operators have tightened controls over commercial SMS and voice communication, there is a significant risk that spam will shift to OTT channels, which are not subject to any regulatory oversight, including Trai's Unsolicited Commercial Communications (UCC) Regulations," Airtel's chief regulatory officer Rahul Vatts said in a November 8 letter to the Trai chairman. ET has seen a copy of the letter. 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Scrubbing in this case would mean matching OTT content with a pre-registered template submitted by every entity sending commercial messages to customers over the internet. If the content doesn't match with the pre-registered template, then such unwanted marketing and business communications on OTT channels can be blocked. Airtel has also called on Trai to mandate joint implementation of the Digital Consent Acquisition (DCA) via a common channel by telcos and OTT platforms to ensure mobile users have a single and a centralised channel to give or revoke consent for promotional communications. Such a move will also ensure businesses cannot bypass consent on either platform, the telco wrote in its letter. The operator added that in the present ecosystem, telcos are not playing a significant role despite the growing menace of unsolicited communications, as the messaging is facilitated over the internet rather than through conventional SMS routes. "This gap allows spammers/scammers to exploit these channels. There is also a lack of transparency on enterprises that violate UCC Regulations, unlike telco channels where users have an option to escalate complaints to government channels." Airtel, on its part, has recently launched an AI-enabled spam detection and blocking solution for its customers. Rival Vodafone Idea has also recently launched a similar AI-based feature for its users. Last month, Indian telcos urged the Department of Consumer Affairs (DOCA) to notify guidelines under Section 18 of the Consumer Protection Act, 2019 for ensuring stringent action against those bombarding subscribers with unsolicited and unwarranted business communications (UBC). This was since telcos said the present Telecom Commercial Communication Customer Preference Regulation, 2018 (TCCCPR), formulated under the TRAI Act, 1997, is incomplete and ineffective as there are several entities in the ecosystem responsible for UBC that are outside the telecom regulator's jurisdiction. Nominations for ET MSME Awards are now open. The last day to apply is December 15, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )
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Article content I want Justin Trudeau gone as much as the next sane Canadian, but I don’t want the Governor General messing about in the democratic process just to hasten the prime minister’s departure. To be sure, Trudeau needs to go. For one, our economy is in meltdown. Productivity is declining. Investment is weak. Not only is job creation inadequate to keep up with the flood of immigrants the Liberals have permitted into the country — and still are permitting — but Canada’s unemployment rate has risen nearly two points in the past year-and-a-half because private-sector job creation has been miserable thanks to higher interest rates, inflation, taxes and regulation. Then there’s trade. One-third of our gross domestic product (GDP) is based on exports and three-quarters of our exports are bound for the United States. That means fully one-quarter of the entire national economy — approximately $530 billion a year and perhaps five million jobs — depends on our exports to the U.S. Now, when our largest trading partner is on the verge of swearing in a president who threatens that trade, our self-absorbed prime minister is so preoccupied with trying to save his political skin that he cannot devote enough time to preserving the economic bond that is most vital to Canadians’ standard of living. At a time when clear, competent leadership is needed on the Canada-U.S. file, our prime minister is instead holding the country hostage while he meditates on his future and jet sets from one western ski resort to another. Talk about being a narcissist. If Trudeau decides to stick around until the general election in October, he will only magnify all that economic damage until voters can hand him his inevitable pink slip. Undeniably, the best thing for the country would be for Trudeau to go. Now. So why would it be wrong for Governor General Mary Simon to act on Opposition Leader Pierre Poilievre’s written request of last week that she prevent Trudeau from proroguing (suspending) Parliament when it reconvenes in late January? Trudeau’s motive would be purely selfish. He would dissolve the current Parliament to prevent a vote of confidence that, if it passed, would trigger an election he would certainly lose. Simon could give the Opposition parties a chance to hold their non-confidence vote by telling Trudeau she would not consent to such an egotistical prorogation. Except, if she did that it would set a dangerous precedent for our democracy. We shouldn’t want the current or future, unelected Governor General deciding who gets to be prime minister based on news reports, opinion polls or letters from the opposition leader. Conservative MP John Williamson, chair of the Commons Public Accounts Committee, is seeking to have a non-confidence motion voted on by Parliament as soon as Jan. 30. But he might need Mary Simon’s cooperation because Trudeau could call for a prorogation as early as Jan 27. Williamson is probably correct. In a letter he sent to his committee’s members on Friday, the New Brunswick MP argued, “It is now clear that the Liberal government does not have the confidence of Parliament.” A majority of MPs — Conservative, Bloc and New Democrats — have publicly pledged to vote non-confidence. Couple that with the many Liberals who have stated Trudeau should resign and Williamson makes a pretty convincing case. But the key is that many, particularly the NDP and Liberals, have not yet formally voted to bring down the government. As clear as their disgust for Trudeau is, their public statements are just talk until they cast formal votes. A letter from half or more of MPs calling on Simon to deny Trudeau a prorogation might be enough. A majority vote by the Liberal caucus that Trudeau should resign would also be hard to ignore. But for the Governor General to act on a letter from the leader of the Opposition, or an avalanche of opinion polls and media reports, would be a precedent even Trudeau haters shouldn’t want.Nokia Corporation: Repurchase of own shares on 09.12.2024
SINN Fein councillor Caroline Dwane-Stanley has quit the party — two months after her TD hubby also resigned. The Laois County Council rep declared the party “is not a safe place to be”. Husband Brian Stanley left Sinn Fein in October after his fury over an internal inquiry that he said “resembled a type of kangaroo court”. It took place after a complaint about the Laois- Offaly TD was made to Mary Lou McDonald’s party in July. Mr Stanley strenuously denied any wrongdoing and claimed the process “lacked objectivity” and it was “seriously flawed”. Cllr Dwane-Stanley released a statement on Friday evening, saying she was resigning from the party with immediate effect. She explained: “I have given this careful consideration and reflection over the recent past and decided to resign my membership of Sinn Fein. “Given how the party leadership dealt with the controversy that arose in July and related matters since then, including outright attacks on both me personally and my family, I have come to the conclusion that Laois Sinn Fein is not a safe place to be. “I have decided the time is right for me to draw a line on 2024 and resign, look to the future and embrace what I hope will be a better political future.” Sinn Fein confirmed her departure and said: “This decision was not unexpected.” Cllr Dwane-Stanley will now sit as an Independent. Her hubby was re-elected to the Dail as an Independent earlier this month Back in October, the former Sinn Fein TD resigned from the party weeks ago amid a controversy relating to a complaint made about him. In a statement to Laois Today, Mr Stanley said he has been “encouraged by countless” people to put his name forward to contest the election. Mr Stanley has been a TD for Laois-Offaly since 2011, and was first elected to Laois County Council in 1999. Following his resignation from Sinn Fein, Mr Stanley said that he was subjected to a “character assassination” by a clique within the party and likened its processes to a kangaroo court . A number of reports over the weekend published contents from the party’s draft report into the complaint and counter-allegation made by Mr Stanley. He said: “Having been out around the county over the past three weeks, I have been encouraged by countless people from various backgrounds to put my name forward as an Independent and who have pledged their support. “I have also received commitments of assistance with campaigning from people in all areas, including those who have resigned from Sinn Fein. “I will be standing on a platform of progressive republican policies and if elected will be working to improve public services, protect workers and families, and address the housing crisis. “To the best of my ability, I will use the experience gained over 12 years as a councillor and almost 14 years as a TD, to represent the interests of the people of Laois in the Dail . “I pledge 100 per cent commitment to serving their interests and to campaigning for a fairer society. “I want to sincerely thank the people in Laois and Offaly who have supported me in successive elections and for the many kind messages sent to me and my family over the past few weeks. “In the recent past, there has been a sustained attempt by a micro group, with their own agenda, to carry out a campaign of character assassination against me and damage my reputation. “I am prepared to stand on my record of work of over four decades of political activism and let the good people of Laois judge for themselves whether I should represent them in the 34th Dail.”LASPOTECH Dissolves Governing Council As LASUSTECH Takes Over
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WASHINGTON (AP) — In the history of American politics, there's no shortage of presidents who promised to shake up Washington once they got to the White House. But Donald Trump may prove to be in a class of his own, and he appears more interested in beating the federal government into submission than recalibrating it. In staffing his administration, Trump has shown an inclination to select people who distrust or even disdain the agencies that they've been chosen to lead, setting up a potential war of attrition between the incoming Republican president and American institutions. “There’s been nothing like what Trump is suggesting to do," said Doug Brinkley, a presidential historian. "We’re talking about dismantling the federal government.” Trump's approach will become even clearer this week as Kash Patel, his choice for FBI director , heads to Capitol Hill for an initial round of meetings with senators who will decide whether to confirm him to the post. A former national security official who has branded himself as an eager acolyte of Trump, Patel has talked about shutting down the agency's headquarters, splitting up its responsibilities and targeting Trump's perceived enemies. Greg Brower, a former U.S. attorney who served as the FBI’s top congressional affairs official, said Trump seems to want to make the nation’s law enforcement institutions “part of his political operation run out of the White House.” “That’s a major course change that I’m just not sure a majority of senators are willing to endorse," Brower said. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.NEW HOPE, Pa. (AP) — Dayle Haddon, a Canadian-born actor, activist and trailblazing former “Sports Illustrated” model who pushed back against age discrimination by reentering the industry as a widow, has died in a Pennsylvania home from what authorities believe was carbon monoxide poisoning. Authorities in Bucks County found Haddon, 76, dead in a second-floor bedroom Friday morning after emergency dispatchers were notified about a person unconscious at the Solebury Township home. A 76-year-old man police later identified as Walter J. Blucas of Erie was hospitalized in critical condition. Responders detected a high level of carbon monoxide in the property and township police said Saturday that investigators determined that “a faulty flue and exhaust pipe on a gas heating system caused the carbon monoxide leak.” Two medics were taken to a hospital for carbon monoxide exposure and a police officer was treated at the scene. As a model, Haddon appeared on the covers of Vogue, Cosmopolitan, Elle and Esquire in the 1970s and 1980s, as well as the 1973 Sports Illustrated swimsuit issue. She also appeared in about two dozen films from the 1970s to 1990s, according to IMDb.com, including 1994’s “Bullets Over Broadway,” starring John Cusack. Haddon left modeling after giving birth to her daughter, Ryan, in the mid-1970s, but then had to reenter the workforce after her husband's 1991 death. This time she found the modeling industry far less friendly: “They said to me, ‘At 38, you’re not viable,’” Haddon told The New York Times in 2003. Working a menial job at an advertising agency, Haddon began reaching out to cosmetic companies, telling them there was a growing market to sell beauty products to aging baby boomers. She eventually landed a contract with Clairol, followed by Estée Lauder and then L’Oreal, for which she promoted the company's anti-aging products for more than a decade. She also hosted beauty segments for CBS’s “The Early Show.” "I kept modeling, but in a different way," she told The Times, “I became a spokesperson for my age.” In 2008, Haddon founded WomenOne, an organization aimed at advancing educational opportunities for girls and women in marginalized communities, including Rwanda, Haiti and Jordan.' Haddon was born in Toronto and began modeling as a teenager to pay for ballet classes — she began her career with the Canadian ballet company Les Grands Ballet Canadiens, according to her website . Haddon's daughter, Ryan, said in a social media post that her mother was “everyone’s greatest champion. An inspiration to many.” “A pure heart. A rich inner life. Touching so many lives. A life well lived. Rest in Light, Mom,” she said. The Associated PressBROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights Commenting on the Company's fiscal 2025 first quarter results, Kirsten Lynch , Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season. The quarter's results were driven by winter operations in Australia and summer activities in North America , including sightseeing, dining, retail, lodging, and administrative expenses. "Resort Reported EBITDA was consistent with the prior year, driven by growth in our North American summer business from increased activities spending and lodging results. This growth was offset by a decline in Resort Reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses." Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts continues to make progress on its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. The two-year Resource Efficiency Transformation Plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows globally. Through scaled operations, global shared services, and expanded workforce management, the Company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved." Turning to season pass results, Lynch said, "Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts. Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024/2025 North American ski season, pass product sales through December 3, 2024 decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . This year's results benefited from an 8% price increase, partially offset by unit growth among lower priced Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. For the period between September 21, 2024 and December 3, 2024 , pass product sales trends improved relative to pass product sales through September 20, 2024 , with unit growth of approximately 1% and sales dollars growth of approximately 7% as compared to the period in the prior year from September 23, 2023 through December 4, 2023 , due to expected renewal strength, which we believe reflects delayed decision making. "Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies. For the full selling season, the Company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season. New pass holders come from lapsed guests, prior year lift ticket guests, and new guests to our database. The Company achieved growth from lapsed guests, who previously purchased a pass or lift ticket but did not buy a pass or lift ticket in the previous season. The decline in new pass holders compared to the prior year was driven by fewer guests who purchased lift tickets in the past season and from guests who are completely new to our database, which we believe was impacted by last season's challenging weather and industry normalization. Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits)." Lynch continued, "Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our Company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary back bowls at Vail Mountain opening the earliest since 2018. Our resorts in the East are experiencing typical seasonal variability for this point in the year, with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season, and are on track with our staffing plans and have achieved a strong return rate of our frontline employees from the prior season. Lodging bookings at our U.S. resorts for the upcoming season are consistent with last year. At Whistler Blackcomb, lodging bookings for the full season are lagging prior year levels, which may reflect delayed decision making following challenging conditions in the prior year." Operating Results A more complete discussion of our operating results can be found within the Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company's Form 10-Q for the first fiscal quarter ended October 31, 2024 , which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Lodging Segment Resort - Combination of Mountain and Lodging Segments Real Estate Segment Total Performance Outlook The Company's Resort Reported EBITDA guidance for the year ending July 31, 2025 is unchanged from the prior guidance provided on September 26, 2024 . The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million , up from the prior guidance range of $224 million to $300 million . The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, a transaction that has been recorded as Real Estate Reported EBITDA. Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected Resort Reported EBITDA. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million , including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period. After considering these items, we expect Resort Reported EBITDA to grow from price increases and ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes (1) a continuation of the current economic environment, (2) normal weather conditions for the 2024/2025 North American and European ski season and the 2025 Australian ski season, and (3) the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024 . Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024 of $0.71 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada , $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia , and $1.14 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland were to continue for the remainder of the fiscal year, the Company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for Resort Reported EBITDA. The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2025 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance. Fiscal 2025 Guidance (In thousands) For the Year Ending July 31, 2025 (6) Low End High End Range Range Net income attributable to Vail Resorts, Inc. $ 240,000 $ 316,000 Net income attributable to noncontrolling interests 23,000 17,000 Net income 263,000 333,000 Provision for income taxes (1) 91,000 115,000 Income before income taxes 354,000 448,000 Depreciation and amortization 295,000 279,000 Interest expense, net 174,000 166,000 Other (2) 21,000 13,000 Total Reported EBITDA $ 844,000 $ 906,000 Mountain Reported EBITDA (3) $ 818,000 $ 872,000 Lodging Reported EBITDA (4) 16,000 26,000 Resort Reported EBITDA (5) 838,000 894,000 Real Estate Reported EBITDA 6,000 12,000 Total Reported EBITDA $ 844,000 $ 906,000 (1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. (2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes. (3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation. (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation. (5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. (6) Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.18 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. Liquidity and Return of Capital As of October 31, 2024 , the Company's total liquidity as measured by total cash plus revolver availability was approximately $1,024 million . This includes $404 million of cash on hand, $407 million of U.S. revolver availability under the Vail Holdings Credit Agreement, and $213 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2024 , the Company's Net Debt was 2.8 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock payable on January 9, 2025 to shareholders of record as of December 26 , 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . The Company has 1.6 million shares remaining under its authorization for share repurchases. Commenting on capital allocation, Lynch said, "We will continue to be disciplined stewards of our shareholders' capital, prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders. The Company has a strong balance sheet and remains focused on returning capital to shareholders while always prioritizing the long-term value of our shares." Capital Investments Vail Resorts is committed to enhancing the guest experience and supporting the Company's growth strategies through significant capital investments. For calendar year 2025, the Company plans to invest approximately $198 million to $203 million in core capital, before $45 million of growth capital investments at its European resorts, including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate related capital projects to complete multi-year transformational investments at the key base area portals of Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain. Including European growth capital investments, and real estate related capital, the Company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described herein remain subject to approvals. In calendar year 2025, the Company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. In addition to embarking on two multi-year transformational investment plans, the Company is planning significant investments across the guest experience in calendar year 2025, including: In addition to the investments planned for calendar year 2025, the Company is completing significant investments that will enhance the guest experience for the upcoming 2024/2025 North American and European ski season. As previously announced, the Company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million , excluding $13 million of incremental capital investments in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across North America , $7 million of growth capital investments at Andermatt-Sedrun, $2 million of maintenance and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the Company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million . Earnings Conference Call The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 579-2543 (U.S. and Canada ) or +1 (785) 424-1789 (international). The conference ID is MTNQ125. A replay of the conference call will be available two hours following the conclusion of the conference call through December 16, 2024 , at 11:59 p.m. eastern time . To access the replay, dial (800) 753-9146 (U.S. and Canada ) or +1 (402) 220-2705 (international). The conference call will also be archived at www.vailresorts.com . About Vail Resorts, Inc. (NYSE: MTN) Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge , Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America ; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland ; and Perisher, Hotham, and Falls Creek in Australia . We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America . Learn more about our company at www.VailResorts.com , or discover our resorts and pass options at www.EpicPass.com . Forward-Looking Statements Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our calendar year 2025 capital plan; our expectations regarding our resource efficiency transformation plan; and the payment of dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe , or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024 , which was filed on September 26, 2024 . All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. Statement Concerning Non-GAAP Financial Measures When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance. Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2024 2023 Net revenue: Mountain and Lodging services and other $ 187,050 $ 182,834 Mountain and Lodging retail and dining 73,162 71,442 Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue 260,275 258,565 Segment operating expense: Mountain and Lodging operating expense 266,264 255,576 Mountain and Lodging retail and dining cost of products sold 28,947 31,295 General and administrative 106,857 108,025 Resort operating expense 402,068 394,896 Real Estate operating expense 1,491 5,181 Total segment operating expense 403,559 400,077 Other operating (expense) income: Depreciation and amortization (71,633) (66,728) Gain on sale of real property 16,506 6,285 Change in estimated fair value of contingent consideration (2,079) (3,057) Loss on disposal of fixed assets and other, net (1,529) (2,043) Loss from operations (202,019) (207,055) Mountain equity investment income, net 2,151